- Well-funded with drill rigs active
- Mining friendly jurisdiction
- Experienced team and good backers, including Ross Beaty
What Osino Resources does:
Osino Resources Corp (CVE:OSI) is a junior company focused on finding and developing the next major gold deposit in the southern African country of Namibia.
Osino has amassed a large amount of ground in the country, which the CEO calls the "Switzerland of Africa" - amounting to 6,577 square kilometres (km), in which it is advancing a range of gold discoveries, prospects and targets.
Its 23 prospecting licenses lie within Namibia’s prospective Damara mineral belt, mostly in proximity to and along strike of the producing Navachab and Otjikoto Gold mines, which are, respectively, owned by QKR Namibia and B2 Gold (TSE:BTO).
The main areas of interest are the 50km long Karibib gold trend in central Namibia where the focus of late has been on Twin Hills - the firm's breakthrough discovery, which is a 10-15km long gold anomaly in the middle of this trend, and the site of very positive drill results.
Around 10km northeast of Twin Hills is the Goldkuppe project, which Osino reckons could be a district-scale gold play.
Osino's 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 firm has a tightly held shareholder base with 70% of the stock already accounted for. The list includes mining tycoon and major sector investor Ross Beaty, who holds 18%; while the company’s founders and associates own 13%; and Resource Capital funds has 8%.
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's it doing:
In September last year, Osino described as a 'resounding success' the first phase of diamond drilling at its Twin Hills discovery, which extended the strike of gold mineralization to 800 metres at Twin Hills Central, and which remained open to both east and west.
And just last week, the firm went a step better, saying that the latest work has increased the strike length of confirmed gold by 50% to 1,200m, from 800m previously.
Twin Hills has been shown to be a large mineralized system, the firm said. In addition, the new holes showed the best intersection to date, of 92m at 1.40 grammes per tonne (g/t) of gold in one hole. Other highlight assay from Twin Hills Central have included 189m at 0.69 g/t of the yellow metal.
Significantly, the area holds the promise of rapid conversion and bulking up of resource ounces as the next phase of drilling at Twin Hills Central advances to the resource definition stage, Osino told investors.
It now wants to extend the various new high-grade shoots and wide zones of gold further to the east, south and west in its next drill program.
In October last year, the group also started a second phase of drilling, namely 10,000m, at the Twin Hills cluster on the company’s Karibib gold project, hoping to repeat the earlier success at Twin Hills, where it hit mineralization in five out of seven drill holes.
The work will cover a 2,000m strike at Twin Hill Central and test the bedrock anomalies at Twin Hills West, Barking Dog and Clouds, the firm said.
- More exploration success
- A maiden resource
What the boss says:
Hailing the Twin Hills gold discovery for the firm and subsequent drill assays, Osino's chief executive Heye Daun, in September last year, explained to Proactive: "Initially, we started off by discovering a large gold mineralising system that had a lot of promise but that's in the lingo a lot of smoke but no fire. We now have the fire."
He explained that the drill results had shown long intercepts, which underlined the potential scale of the discovery plus the fact, it's high grade so giving potentially good economics.