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Osino Resources consolidates position in Namibia with license acquisitions

The two licenses consist of 696 sq km of prospective ground along and adjacent to the producing Navachab mine

Springbok
Osino is amassing ground in Namibia

Osino Resources Corp (CVE:OSI), the Namibia-focused gold explorer, said it had consolidated ground at its Karibib gold project via the acquisition of two exclusive prospecting licenses.

The two licenses consist of 696 sq km of prospective ground along and adjacent to the producing Navachab mine owned by QKR Namibia and Osino's Karibib Gold Trend.

READ: Osino Resources encouraged by assays at Twin Hill prospect in Namibia ahead of significant drill program this year

They are being acquired from Namibian citizens on an arm's length basis with no finders fees.

"With the completion of these license acquisitions, Osino continues to grow and explore priority parts of the emerging Damara Gold Province and consolidate our land holdings in these areas," said Dave Underwood, Osino’s VP (vice-president) of exploration.

"Osino now holds majority ownership or has access (through earn-in agreements) to approximately 6,700km2 in the prospective Central and Northern Zones of the Damara Belt in Namibia where we have already made a number of significant new discoveries.”

Dome structure

One of the licenses covers a large geological dome structure, which has many similarities with the Karibib and Usakos domes, which are thought to have played an important part of forming the Navachab gold deposit and related satellite deposits.

Another two licenses are also being acquired with no finder's fees from arm's length Namibian citizens, Osino said.

The transfer of these two licenses was granted by the Ministry of Mines and Energy in December last year and Osino will issue shares to the previous license holders for an equivalent value of C$200,000.

Osino has amassed a large amount of ground in Central Namibia - amounting to some 6,000 square kilometers.

The current focus is on developing the Karibib Gold Project and defining new exploration targets in the Otjikoto East area and on its other licenses.

Osino shares were unchanged at $0.33.

Contact Giles at [email protected]

Follow him on Twitter @Gile74

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Price: 0.72 CAD

TSX-V:OSI
Market: TSX-V
Market Cap: $48.51 m
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