Heye Daun, Osino’s CEO, stated the corporate “plans to construct on the wonderful exploration and useful resource growth work which B2Gold has accomplished over the past six years and to shortly advance the mission to compliant useful resource stage.”
B2 Gold, as mission operator, spent $10 million on exploration at Ondundu between 2015 and 2021, together with 48,765 metres of reverse circulation, diamond drill and rotary air blast drilling. Based on Osino, the mission has seen a complete of 73,568 metres of drilling since gold was found in 1917, however “has solely been systematically drilled over the northernmost 1.5 km of a 2.7 km lengthy goal.”
“The Ondundu gold mission has the kind of mineralization with potential to host a major open-pit gold useful resource probably within the order of greater than 1 million oz. of contained gold with the likelihood for co-development with Osino’s Twin Hills gold mission,” Daun acknowledged in a press launch, including that in his view the transaction is “extremely accretive” and “supplies vital further scale, diversification and consolidation of Osino’s Namibian initiatives.” Osino has a big floor place within the nation of about 6,700 sq km inside the Damara sedimentary mineral belt.
The shallow plunging, steeply dipping stratiform deposit at Ondundu has open pit potential, Osino believes, and preliminary metallurgical testwork signifies that the mission is amendable to gravity restoration strategies, based on Osino.
“A doubtlessly possible co-development route thus might entail mining/crushing/milling and gravity pre-concentration at Ondundu with subsequent focus trucking and additional processing at Osino’s Twin Hills gold mission,” an Osino press launch acknowledged.
The corporate’s Twin Hills mission, has a useful resource of 13.5 million indicated tonnes grading 1 gram gold per tonne for 430,000 gold oz. and 42.6 million inferred tonnes of 1.08 grams gold for 1.47 million ounces.
At presstime in Toronto, Osino was buying and selling at C28¢ per share inside a 52-week buying and selling vary of C$1.01 and C$1.61.
(This text first appeared in The Northern Miner)