Osino’s gold hunt fully funded
Canadian explorer raises N$300 million to find more gold near Karibib
Augetto Graig
WINDHOEK
On 14 July, it was announced that Osino Resources had closed its oversubscribed public offering to raise about N$300 million to develop its new gold mine in Namibia.
Osino Resources Corporation is a Canadian gold exploration company focused on the acquisition and development of gold projects in Namibia. It has 23 exclusive prospecting licences located within the central and northern zones of Namibia’s prospective Damara gold belt, mostly in proximity to and along the Navachab (QKR Namibia) and Otjikoto (B2Gold) gold mines.
The historical Onguati copper-gold and Goldkuppe small-scale gold diggings are also included in this range.
Important milestone
“This financing is a very important milestone that substantially de-risks the company and allows us to further expand all of our activities with a view to fast-track the timeline to maiden resource, preliminary economic assessment and further project development of the Twin Hills area of the Karibib Gold Project,” said Heye Daun, Osino's CEO.
In May, the company announced the receipt of positive assays for the initial four holes of the 2020 drill campaign at Twin Hills. Significant intersections were returned in three of the four holes, it said. “The results from these holes increase the strike length of mineralisation at Twin Hills Central to approximately 1 300 metres,” the announcement, signed off by Osino investor relations manager Julia Becker, read.
According to Daun, “Osino is now fully funded for expanded exploration and resource drilling and accelerated development studies for Twin Hills. We are also very pleased to have been able to further diversify and strengthen our shareholder base by attracting a range of highly reputable, long-term institutional investors who share our vision of making further discoveries whilst rapidly growing and advancing Osino's existing Namibian projects".
More to explore
The company plans to use the net proceeds from the public offering to fund the second phase of its exploration work programme for the Karibib Gold Project, expenditure at the company's other mineral properties in Namibia as well as for working capital and general corporate purposes.
Core projects for Osino are favourably located north and north-west of Namibia's capital, Windhoek.
By virtue of their location, the projects benefit significantly from Namibia's well-established infrastructure with paved highways and railways as well as power and water supply in close proximity, according to the gold prospector. “Namibia is mining-friendly and lauded as one of the continent's most politically and socially stable jurisdictions. Osino continues to evaluate new ground with a view to expanding its Namibian portfolio,” its website read.
Science applied
David Underwood is the vice president of exploration for Osino Resources, leading the scientific evidence-based approach the organisation follows to find gold, and has reviewed and approved the scientific and technical information related to geology and exploration Osino relies on. According to him, the structural architecture at Twin Hills Central appears quite similar to B2Gold’s Otjikoto gold deposit further north-east along the Damara Belt, “which is similarly hosted by thrusted greywackes and schists, in an overturned syncline with plunging high grade shoots.
“Early modelling at Twin Hills Central indicates significant resource size potential and the focus will now be to better define the deposit, find and trace additional high-grade shoots, and make new discoveries within the footprint of the Twin Hills gold system and also the remainder of the Karibib trend,” he said in a statement released earlier this year.
In a more recent interview, he said weeks confined by Namibia’s Covid-19 lockdown were very productive for him, assessing and fine-tuning their geological model and understanding of Twin Hill’s structural controls. He said results from four holes drilled before the lockdown demonstrate the strike and downward continuity of the Twin Hills Central mineralisation, which is up to 150 metres wide and 160 metres down-dip from just below the surface.
He said this large volume of shallow mineralisation indicates significant bulk potential.
Osino has three drill rigs going at Twin Hills Central, and at a number of other new targets.
“We will be drilling almost continuously until the end of the year and expect that the planned 20 000 metres of mainly diamond drilling will significantly grow and improve what we already have,” Underwood said.
WINDHOEK
On 14 July, it was announced that Osino Resources had closed its oversubscribed public offering to raise about N$300 million to develop its new gold mine in Namibia.
Osino Resources Corporation is a Canadian gold exploration company focused on the acquisition and development of gold projects in Namibia. It has 23 exclusive prospecting licences located within the central and northern zones of Namibia’s prospective Damara gold belt, mostly in proximity to and along the Navachab (QKR Namibia) and Otjikoto (B2Gold) gold mines.
The historical Onguati copper-gold and Goldkuppe small-scale gold diggings are also included in this range.
Important milestone
“This financing is a very important milestone that substantially de-risks the company and allows us to further expand all of our activities with a view to fast-track the timeline to maiden resource, preliminary economic assessment and further project development of the Twin Hills area of the Karibib Gold Project,” said Heye Daun, Osino's CEO.
In May, the company announced the receipt of positive assays for the initial four holes of the 2020 drill campaign at Twin Hills. Significant intersections were returned in three of the four holes, it said. “The results from these holes increase the strike length of mineralisation at Twin Hills Central to approximately 1 300 metres,” the announcement, signed off by Osino investor relations manager Julia Becker, read.
According to Daun, “Osino is now fully funded for expanded exploration and resource drilling and accelerated development studies for Twin Hills. We are also very pleased to have been able to further diversify and strengthen our shareholder base by attracting a range of highly reputable, long-term institutional investors who share our vision of making further discoveries whilst rapidly growing and advancing Osino's existing Namibian projects".
More to explore
The company plans to use the net proceeds from the public offering to fund the second phase of its exploration work programme for the Karibib Gold Project, expenditure at the company's other mineral properties in Namibia as well as for working capital and general corporate purposes.
Core projects for Osino are favourably located north and north-west of Namibia's capital, Windhoek.
By virtue of their location, the projects benefit significantly from Namibia's well-established infrastructure with paved highways and railways as well as power and water supply in close proximity, according to the gold prospector. “Namibia is mining-friendly and lauded as one of the continent's most politically and socially stable jurisdictions. Osino continues to evaluate new ground with a view to expanding its Namibian portfolio,” its website read.
Science applied
David Underwood is the vice president of exploration for Osino Resources, leading the scientific evidence-based approach the organisation follows to find gold, and has reviewed and approved the scientific and technical information related to geology and exploration Osino relies on. According to him, the structural architecture at Twin Hills Central appears quite similar to B2Gold’s Otjikoto gold deposit further north-east along the Damara Belt, “which is similarly hosted by thrusted greywackes and schists, in an overturned syncline with plunging high grade shoots.
“Early modelling at Twin Hills Central indicates significant resource size potential and the focus will now be to better define the deposit, find and trace additional high-grade shoots, and make new discoveries within the footprint of the Twin Hills gold system and also the remainder of the Karibib trend,” he said in a statement released earlier this year.
In a more recent interview, he said weeks confined by Namibia’s Covid-19 lockdown were very productive for him, assessing and fine-tuning their geological model and understanding of Twin Hill’s structural controls. He said results from four holes drilled before the lockdown demonstrate the strike and downward continuity of the Twin Hills Central mineralisation, which is up to 150 metres wide and 160 metres down-dip from just below the surface.
He said this large volume of shallow mineralisation indicates significant bulk potential.
Osino has three drill rigs going at Twin Hills Central, and at a number of other new targets.
“We will be drilling almost continuously until the end of the year and expect that the planned 20 000 metres of mainly diamond drilling will significantly grow and improve what we already have,” Underwood said.
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