New company looking to find Namibia’s next significant gold deposit
Experienced founders want to emulate success of Auryx Gold Corp
Has quality assets and a good jurisdiction in Namibia’s highly prospective Damara gold belt
Seasoned shareholders have long term vision
What Osino Resources does?
Its management has a history of delivering value and its CEO and president are also the co-founders of Auryx Gold, the firm that successfully developed the Otjikoto gold deposit, which was sold to B2 Gold Corp in 2012 and which is now a 150,000 ounce per year producing mine, valued at an impressive US$750 million.
The management team, led by Namibian citizen Heye Daun, has a history of delivering value with successful exits, including being involved with Alteryx Inc (NYSE:AYX) which was sold to B2Gold Corp (TSE:BTO) for C$180 million in 2012.
The firm has a tightly held shareholder base with 70% of the shares already accounted for. On the list includes mining tycoon and major sector investor Ross Beaty, who holds 20%; the company’s own founders and associates own 14%; and Resource Capital funds has 8%.
Osino has amassed a large amount of ground in Central Namibia - amounting to some 6,000 square kilometers.
Its licenses are grouped into three main baskets and 80% of its capital and effort is going into its core assets in one of the baskets, which lies between the producing Navachab and Otjikoto Gold mines, owned by QKR Namibia and B2 Gold respectively.
The main areas are the Karibib gold trend in central Namibia where three targets are earmarked at the Goldkuppe project, which the firm reckons could be a district-scale gold play, and at the Twin Hills project, where drilling has excitingly extended the size of a gold anomaly.
With a significant land package and seasoned investors backing the project, the company is hoping to repeat past success and find the southern African country's next significant gold mine.
How is it doing?
Osino has had much success in 2019 defining the resource and raising capital to advance its Namibian projects.
After consolidating its land package with six new licenses covering a total of 955 square kilometres, the explorer now owns a total of 4,835 square kilometres in the Karibib gold trend.
Recent drilling at its Godlkuppe project revealed gold mineralization very similar to the multimillion-ounce Navachab gold deposit, which lies 30 kilometres southwest.
More recently, Osino unveiled further positive exploration findings from Namibia, including a new large scale, well-defined, drill-ready gold target at its Karibib project.
The latter was found via infill sampling at the Twin Hills gold prospect and has been named the Twin Hills Central target. It is 3,000 metres along strike and 300 metres wide.
In June, the company kicked off a 14,000-metre drill program at its Karibib and Otjikoto East gold projects in Namibia after identifying a number of new targets. Drilling will focus on the Twin Hills Central, Otjikoto East and Otjiwarongo regional targets.
The exploration company’s focus throughout the remainder of 2019 is to continue advancing the Twin Hills and Goldkuppe discoveries, as well as testing the Otjikoto East and Otjiwarongo targets to generate new exploration targets.
Diamond drilling is currently underway at Twin Hills Central and additional shallow percussion drilling will test geochemical and magnetic anomalies.
Drill results, including assay results for the Twin Hills drill core, are expected to start coming back from the laboratory in early August 2019.
What the executive says
“We are encouraged and excited by the growing scale and increasing geological confidence in the Twin Hills Gold Project,” said Dave Underwood, vice president of exploration at Osino.
“The current diamond drill program will give us a much better geological and structural understanding of the central part of the system by delivering high quality, orientated core down to 200 metres.”
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