Africa-Press – Namibia. CANADIAN company Osino Resources, which is listed on the Toronto Exchange, has acquired the Ondundu gold exploration property in Namibia for US$15,2 million (N$243,2 million) from B2Gold, in its efforts to become Namibia’s “next gold mining champion”.
Ondundu is an advanced stage gold exploration project located 250 kilometres northwest of Windhoek in Erongo region.
According to Osino’s news release, dated 21 July 2022, the company issued 11 630 628 common shares in Osino to B2Gold, another Canadian company, to satisfy aggregate consideration of US$8 850 000 to acquire all the issued and outstanding shares of the Namibian company, Razorback Gold Mining Company (Pty) Limited.
Razorback owns 100% of the Namibian exclusive prospecting licence 3195 covering 19 969 hectares, about 130km north-west of Osino’s Twin Hills Gold Project in Namibia.
“The remaining US$6 350 000 of the aggregate US$15 200 000 purchase price may also be settled through issuing more shares in lieu of cash,” said the company’s release.
“We are progressing our extensive portfolio of other Namibian prospects with the aim of making further discoveries. Our winning formula is a combination of innovation, drive and technical experience with strong financial backing.”
Heye Daun, Osino’s president and chief executive officer, commented: “We are very pleased to have closed the acquisition of the Ondundu Gold Project.”
He said B2Gold’s partnership in this process and their acceptance of Osino shares instead of cash to purchase the project will enable Osino to comfortably execute their development plans while maintaining a prudent financial position in a challenging market environment.
“We are on track to publish a maiden resource for Ondundu after the publication of the Twin Hills PFS and confirmatory metallurgical test work is ongoing.
“Osino’s vision for Ondundu is to demonstrate a feasible mining and process route involving gravity pre-concentration at Ondundu with subsequent leaching and further processing at Twin Hills. We, therefore, feel confident in the additional value Ondundu brings to our portfolio and look forward to providing further updates in due course,” he said.
Ondundu was first discovered in 1917 and has a long history of mining and exploration. Gold was first noted in the area in 1917 by European explorers and between 1922 and 1964 about 20 000 ounces were recovered by small-scale miners on various mining claims in what is now known as the Ondundu main zone.
“More than 55 000m of RC and diamond drilling has historically been completed on the project, including approximately 36 000m of diamond and RC drilling completed by B2Gold between 2015 and 2020.”
Osino has a large ground position of approximately 6 700 square kilometres located within Namibia’s prospective Damara sedimentary mineral belt, mostly in proximity to and along strike of the producing Navachab and Otjikoto gold mines.
The company is actively exploring a range of gold prospects and targets along the belt utilising a portfolio approach geared towards discovery, targeting gold mineralisation that fits the broad orogenic gold model.
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