Orion Minerals gets excited about its drilling

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Orion Minerals gets excited about its drilling

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Published Date: 2022-01-12 | Source: INCE|Community | Author: The Finance Ghost

Orion Minerals gets excited about its drilling

Orion Minerals has released a detailed update on its drilling program at the Okiep Copper Project in the Northern Cape. It goes into a monumental amount of detail that is way beyond the scope of InceConnect, so any budding geologists and mining engineers should go read the full announcement for a bit of excitement.

For a finance guy like me, seeing a comment like "confirming and exceeding expectations" is where the excitement can be found. The market liked it too, sending the share price up 7.14% on the day.

The maiden drilling program is 55% complete, with a total of 16 diamond holes and 1,900m drilled to date. 26 holes have been planned for the drilling program.

The CEO excitedly noted that the drilling "confirmed our geological hypothesis for a model for intrusive bodies arranged in en-echelon side-stepping lenses" which sounds wonderful and perhaps makes sense to those who studied in a different part of campus to where I attended lectures.

Jokes aside, exploratory mining operations attract passionate CEOs because it must be one of the riskiest industries around. It's difficult to raise funding in the good times and borderline impossible in the bad times. Every cent has to be used so carefully to try and take the opportunity to the next appropriate level.

Think of it like a venture capital environment in a startup, except exploratory mining needs way more money and there aren't any Californians with cash to burn on the next big idea.

Orion's share price is down nearly 12% in the past year. For all the excitement in this SENS announcement, the share price still hasn't done wonderful things at all. Those with the stomach for risky mining projects and the technical ability to properly understand them may want to take a closer look here to see if there's an opportunity.

From my side, I look forward to the next announcement where I get to read even more mining jargon that makes sense to 0.0001% of the population.





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