Assay results outlined a significant extension and thickening of the Karlsbrunn Main
deposit
root
zone
feeder
system
from
surface,
which
remains
open
at
depth
to
the
northeast.
Significant
strike
extension
potential
to
the
north
of
Brockmans
requires
follow-
up.
Intercepts from
latest
drilling
include:
35m @ 0.85% Li
2
O from surface, including 5m @ 1.03% Li
2
O from 1m and 13m @ 1.04% Li
2
O from 12m (Karlsbrunn Main)
18m @ 0.88% Li
2
O from surface and 13m @ 0.79% Li
2
O from 21m (Karlsbrunn Main)
7m
@
0.84%
Li
2
O
from
16m,
including
2m
@
1.46%
Li
2
O
from
16m
and
2m
@
1.21% Li
2
O from 21m (Bergers NE)
Prospect
has now earned a
40%
project
interest and will
proceed
with
the
Phase
2
earn-in
at
Omaruru.
Osino has the option to retain a 49% interest in the project through pro-rata equity contributions and regardless will be carried as a 15% holder in the event of non-funding, until DFS.
VANCOUVER, British Columbia, Sept. 01, 2023 (GLOBE NEWSWIRE) -- Osino Resources Corp. (TSXV:OSI) (NSX:OSN) (FSE:RSR1) (OTCQX:OSIIF) (
"Osino” or “the Company”
) is pleased to report the completion of the phase 1 earn-in (“Phase 1”) on its majority-owned Omaruru Lithium Project (
“Omaruru” or “the Project”)
in Namibia by
Prospect Resources Limited
(ASX:PSC) (FRA:5E8) (
“Prospect”
) and announces that Prospect will proceed with the phase 2 earn-in (“Phase 2”).
Osino entered into an Earn-In and Shareholder Agreement (the
“Agreement”
) with Prospect in Q4 2022 whereby Prospect had the right to earn into a 40% interest in the Project upon completion of Phase 1 and can earn a 51% interest upon completion of Phase 2. Prospect can earn up to 85% interest in the Project with Osino carried until completion of a Definitive Feasibility Study (see Osino press release dated September 30, 2022). Omaruru is located 20km southeast of Osino’s flagship Twin Hills Gold Project.
Heye Daun, Osino’s President and CEO commented:
“
We are encouraged by the results of the Phase 1 program on our Omaruru Lithium Project. Prospect Resources recently completed drilling program has expanded the known lithium mineralisation in the area and identified several drill targets that were previously under cover. The success of the Phase 1 program sets the stage for potential new discoveries during the Phase 2 drilling campaign planned for Omaruru. We look forward to Prospect’s upcoming Phase 2 exploration activities and results as they become available into the next quarter. Osino shareholders will continue to benefit from exploration success at Omaruru while the Company remains focused on fast tracking its flagship Twin Hills Gold Project to production
.”
Project Background
The Omaruru Lithium Project is centred on the village of Wilhelmstal, east of Karibib in Namibia and covers 175 square kilometres (see Figure 1). The tenement is located near several advanced mining projects including Lepidico’s Karibib Lithium Project and Osino’s Twin Hills Gold Project.
Osino undertook an initial evaluation of the lithium potential of the Project from 2019-2021. This work included mapping, rock grab sampling and a 16 hole (1,942m) RC drill program in 2020. Prospect has advanced the Project since entering the Agreement with Osino in 2022, recently announcing a new lithium discovery from phase 1 drilling results (see Osino press release dated March 31, 2023).
Omaruru contains 60 visible outcropping LCT pegmatites, with historical artisanal workings for gemstones common throughout the tenement and considerable prospectivity for the identification of further lithium-enriched deposits occurring below cover in the region (see Figure 2).
The Project offers excellent potential to delineate a maiden lithium Mineral Resource and identify new deposits to build a project of sufficient scale, as well as establishing a strategic position in Namibia, providing an attractive growth pipeline in the battery minerals sector and continued investment in a desirable jurisdiction of sub-Saharan Africa.
Figure 1: Omaruru Lithium Project location relative to the Twin Hills Gold Project, other Osino projects and
mines and deposits in the area.
Follow-Up Phase 1 RC Drilling Program
Prospect completed its follow-up Phase 1 RC drilling programme at Omaruru (focussed on Karlsbrunn, Brockmans and regional prospects) in late June, with 27 holes completed for 1,839 metres. All assay results from this drilling have now been received and are reported in this release.
Karlsbrunn Main
Figure 2 shows the location of the RC drill holes completed at Karlsbrunn Main to date and the surrounding site infrastructure, including surveyed underground adit locations (yellow), outline of the mapped pegmatite for the lithium deposit, the historical surface disturbance and the interpreted strike of the mineralised root zone (the dashed purple line shows strike direction to the northeast).
It also outlines the anomalous lithia intersections returned from the vertical adits (in green text) that were recently reported by Prospect (refer ASX Announcement dated 26 April 2023), which outline the extent of high-grade mineralisation (~1% lithia) over a significant distance at Karlsbrunn Main.
Figure 2: Location map showing completed RC drill holes at Karlsbrunn Main
Five holes for 345m of drilling (OMR045-OMR049) were completed at the deposit as part of the follow-up Phase 1 program (two holes were abandoned). Significant intersections returned include:
35m @ 0.85% Li2O from surface, including 5m @ 1.03% Li2O from 1m, and 13m @ 1.04% Li2O from 12m (OMR046)
18m @ 0.88% Li2O from surface and 13m @ 0.79% Li2O from 21m (OMR045)
The drilling was aimed at extending the deposit’s main root zone feeder system to the northeast. Drillholes OMR045 and 046 indicated a thickening of mineralization in this location and returned excellent widths of higher-grade lithium, with the system still open in that direction. Additional soil geochemical sampling in this corridor to the northeast will be undertaken as part of the Phase 2 exploration program, and drilling will then be employed to target potential buried extensions of the root zone in that region.
The lithium mineralization at Karlsbrunn Main appears zoned either side of an unmineralized quartz core, is dominated by lepidolite and petalite, and is hosted in a folded rock sequence of marbles and calc-silicates.
Bergers
The Bergers deposit is located about 4.5 km to the east of the Karlsbrunn Main deposit and consists of a central area of subdued outcropping lithium mineralization (see Figure 3). On 26 April 2023, Prospect announced the results of a geochemical soil sampling program over Omaruru, which included grids over interpreted, concealed pegmatites at Bergers NE and Bergers SW. The soil sample results were very encouraging and showed strong, cohesive anomalies in LCT pathfinder elements over both the geochemical grids at Bergers.
During the follow-up Phase 1 program, 431m of first-pass exploratory scout drilling was completed in seven (7) holes covering the Bergers NE and Bergers Central areas. The Bergers SW area was found to be too challenging to drill with a conventional RC rig and is planned to be targeted in Phase 2 using a more suitable machine for the hilly terrain.
The maiden drilling program completed over Bergers produced positive results, including 7m @ 0.84% Li2O (OMR032) from only 16m depth (at Bergers NE), where no pegmatite outcrop was visible, but had been inferred from the overlying soil geochemical anomalies (Figure 4).
This downhole intersection included two separate higher-grade zones of lithium mineralization in the form of petalite, that returned 2m @ 1.46% Li2O from 16m and 2m @ 1.21% Li2O from 21m. Further drilling is required down dip of OMR032, to determine continuity and widths of the high grade mineralization.
In addition, drillhole OMR037 at Bergers Central, generated 3m @ 0.71% Li2O from 25m, interpreted to be petalite mineralization. It also remains open at depth and will be targeted during the planned Phase 2 exploration program.
The limited scout drilling program completed for Bergers demonstrates the broader high-grade lithium potential for the Omaruru Project. It also shows that the geological mapping and follow-up soil geochemical sampling completed by the Prospect exploration team here were very effective first-pass lithium exploration techniques for wider use at Omaruru.
Figure
3:
Detailed
map
showing
location
of
mapped
pegmatite
occurrences
at
Omaruru
Figure 4: Regional Map showing encouraging first pass assay results at Bergers
Brockmans
The Brockmans area was targeted by 10 holes for 712m during the follow-up Phase 1 program, with 7 holes positioned close to the previous high-grade intersection in drill hole OMR018 (6m @ 1.30% Li2O from 13m; see Prospect ASX Announcement dated 28 March 2023).
The drilling failed to extend the zone laterally, with only one hole (OMR027) returning an anomalous intercept of 2m @ 0.67% Li2O from 21m. This may indicate that that the higher-grade zone in OMR018 resulted from a thickening or flexure in the pegmatite intrusive there.
There remains a 500m section north of OMR018 at Brockmans that has not been drilled comprehensively to date and this area is considered a lithium target based on the thick pegmatite mapped in that locality.
The other three holes completed at Brockmans did not intersect anomalous grades of lithium, although holes OMR024 and 025, completed to test a geochemical soil anomaly at Brockmans SW, cannot yet be considered a definitive test of the prospectivity given the anomaly stretches over at least 200m of strike.
Karlsbrunn NE
Four short RC holes for 270m targeted a diffuse geochemical soil anomaly at this prospect, with two holes collared into the hanging wall marble host rock and two clipping the edge of the soil anomaly producing low-grade results.
The Karlsbrunn NE soil grid is planned to be extended in Phase 2 to better define that anomaly (for future drilling), which is located just over a 1 km northeast of Karlsbrunn Main (see Figure 5).
During the Phase 2 program, the area adjacent and southeast of Karlsbrunn Main is set to be geologically mapped and sampled in more detail, with early reconnaissance and satellite imagery over that region indicating the presence of numerous pegmatite swarms with potential petalite mineralization present (target location is delineated in Figure 5).
Geochemical Soil Sampling
Prospect completed detailed soil geochemical sampling at Omaruru over eight separate grids in January (results were reported in Prospect ASX Announcement dated 26 April 2023).
Follow-up drilling of lithium targets delineated from that work has proved that this early-stage exploration technique has been effective for Omaruru, using the LCT pathfinder elements analyzed.
The identification of “blind”, concealed lithium mineralization as petalite at Bergers NE and Bergers Central during the current drilling campaign is testament to its value being more widely employed at the Omaruru Project.
As such, the upcoming Phase 2 exploration work is set to expand and infill soil sample grids northeast and south of Karlsbrunn Main, and northeast of the original Spirit SW grid, where it adjoins the historical Spirit mine workings and has previously generated an intercept of 6m @ 0.72% Li2O (KBR010) in RC drilling completed by Osino Resources Corp. (see Prospect ASX Announcement dated 29 September 2022). A 700m section of intermittent pegmatite strikes NE-SW in this region and surface lithium mineralization is prevalent.
The new soil sampling work planned adjacent to Spirit is aimed at generating new concealed lithium targets in “blind” pegmatite deposits. Locations of the newly proposed soil sampling grids adjacent to Karlsbrunn Main and Spirit are shown on Figure 5 above.
Phase 2 Program
With completion of the Phase 1 earn-in to 40% of the Omaruru Project, the decision to move forward into Phase 2 earn-in has been taken by Prospect.
Planned Phase 2 exploration activities include:
Expand and infill geochemical sample grids at Karlsbrunn NE and Spirit.
Detailed geological mapping and sampling of the prospective region SE of Karlsbrunn Main.
Follow up mixed RC/RAB drilling of targets at Karlsbrunn NE after soil survey extensions.
RAB/light RC drilling infilling and extending anomalous results located at Bergers Central.
RC drilling to the north of Brockmans, where 500m of strike remains lightly tested.
Other drilling targets exist at Karlsbrunn Main to the northeast, where higher-grade lithium was recently identified in a root feeder zone in holes OMR045-046.
Bergers SW is a prospective target, but hilly terrain needs an alternative drilling solution (light RAB). Similarly, Petalite SW was also identified as a target by soil sampling but is yet to be drilled.
The main objective of the Phase 2 exploration program is to continue proving up strike extensions of existing or new, coherent indications of lithium-enriched LCT pegmatite deposits, with a focus on targeting higher grades and potential delineable Mineral Resources across the district within EPL 5533.
Earn-in Agreement Terms
Under the Agreement, Prospect has earned a 40% interest in the Project with a US$1M investment (“Phase 1”) and can earn a further 11% interest through a US$560,000 investment (“Phase 2”), totalling a 51% ownership in the Project.
Upon the completion of Phase 2 and having earned 51%, development funds are to be contributed on a pro-rata basis. If one party fails to contribute their pro rata share, their shareholding will be diluted. The minority shareholder will be diluted down to 15%, at which point their interest shall be free carried until the completion of the DFS.
During phase 3 of the Agreement (“Phase 3"), if Prospect’s spending does not reach a minimum of US$500,000 within the 12-month period following Phase 2, either party will have the option to purchase the other party’s interest for an agreed sum.
Qualified Person’s Statement
David Underwood, BSc. (Hons) is Vice President Exploration of Osino Resources Corp. and has reviewed and approved the scientific and technical information in this news release and is a registered Professional Natural Scientist with the South African Council for Natural Scientific Professions (Pr. Sci. Nat. No.400323/11) and a Qualified Person for the purposes of NI 43-101
About Prospect Resources
Prospect is an ASX listed company focused on the exploration and development of opportunities in battery and electrification metals in the sub-Saharan African region. The team at Prospect has a proven track record of value creation and systematic de-risking of early-stage projects. Prospect successfully advanced its flagship Arcadia Lithium Mine Project in Zimbabwe from exploration through to resource definition, early-stage economic valuation, definitive studies, offtake agreements and strategic project financing process. Arcadia was discovered by Prospect in 2016 and was ultimately sold to Zhejiang Huayou Cobalt in early 2022, for approximately US$378M in cash.
About Osino Resources
Osino is a Canadian gold exploration and development company focused on the fast-tracked development of our wholly owned, Twin Hills Gold Project in central Namibia. Since its grassroots discovery by Osino in August 2019 the Company has completed more than 225,000m of drilling and has completed a suite of specialist technical studies culminating in the recently published Twin Hills Definitive Feasibility Study ("DFS") dated effective June 12, 2023. The DFS describes a technically simple and economically robust open-pit gold operation with a 13-year mine life and average annual gold production of over 169koz per annum.
Osino has a commanding ground position of approximately 8,000km2 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 by utilizing a portfolio approach geared towards discovery, targeting gold mineralization that fits the broad orogenic gold model.
Our core projects are favourably located north and north-west of Namibia's capital city Windhoek. By virtue of their location, the projects benefit significantly from Namibia's well-established infrastructure with paved highways, railway, power and water in close proximity. Namibia is mining-friendly and lauded as one of the continent's most politically and socially stable jurisdictions. Osino continues to evaluate new ground with a view to expanding our Namibian portfolio.
Further details are available on the Company's website at https://osinoresources.com/ and under the Company's profile on SEDAR+ at www.sedarplus.ca.
On Behalf of The Board of Directors
Heye Daun, President & CEO
CONTACT INFORMATION
Osino Resources Corp.
Yaron Conforti, Corporate Development
[email protected]
+1-604-687-2038
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Company's future plans or prospects of the Company, including prospects for economic recoverability of mineral resources. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis which is available on the Company's profile on SEDAR at
www.sedar.com.
The Company does not undertake to update any forward- looking information, except in accordance with applicable securities laws.
Osino Successfully Lists on the Namibian Stock Exchange
Osino Successfully Lists on the Namibian Stock Exchange
Osino Successfully Lists on the Namibian Stock Exchange
Osino has successfully dual-listed on the Namibian Stock Exchange.
TSX Venture Exchange remains primary listing.
Namibian listing facilitates trading of shares by Namibians and Namibian funds, while also accessing empowerment opportunities and local capital market participation.
VANCOUVER, British Columbia, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Osino Resources Corp. (TSXV:OSI)(NSX:OSN)(FSE:RSR1) (OTCQX:OSIIF) (
"Osino” or “the Company”
) is pleased to announce that the Company has successfully dual-listed on the Namibian Stock Exchange
(“NSX”)
under the symbol “
OSN”
. There will be no change to Osino’s listing on the TSX Venture Exchange (
TSXV
) which will remain the primary listing for Osino’s common shares.
Heye Daun, Osino’s Co-Founder and CEO,
and Namibian-born mining engineer, commented
:
“The Twin Hills Gold Project is expected to provide significant economic and social benefits for Namibians. Listing on the NSX is another opportunity for Osino to engage with Namibian stakeholders and provides access to the Namibian capital markets for project development at Twin Hills.”
The announcement of the successful listing falls during a regional roadshow introducing investors to Osino’s exploration and development activities in Namibia. Osino commenced operations in Namibia in 2016 and listed on the TSX Venture Exchange in 2018. The Company’s flagship Twin Hills Gold Project
(the “Project”)
is comprised of 11 exclusive prospecting licenses (“EPLs”) granted by the government of Namibia, which are held over a combined area of 153,206 ha in and around the regional towns and settlements of Usakos, Karibib, Omaruru, and Wilhelmstal in the Erongo Region of Namibia.
Osino was founded by Namibians and the company is led by many of the individuals who were instrumental in the development of the Otjikoto mine in Namibia prior to its acquisition in 2011 by B2Gold Corp. Osino’s Twin Hills Gold Project, which is anticipated to become the next gold mine in Namibia, is expected to be larger than the Otjikoto mine. The Project has been substantially de-risked with the recent release of a Definitive Feasibility Study in July 2023.
Cirrus Capital (Namibia) advised on the NSX listing and anticipates increased exposure and awareness for Osino in Namibian capital markets.
Rowland Brown, Co-Founder at Cirrus Capital commented:
“This is the first real opportunity for Namibian investors to purchase NSX-listed shares in one of Namibia’s largest mines at a relatively early, but highly de-risked stage. This rare opportunity should be converted into a precedent for future mine development in the country, linking Namibians to ownership of local extractive industry opportunities.”
About Osino Resources
Osino is a Canadian gold exploration and development company focused on the fast-tracked development of our wholly owned, Twin Hills Gold Project in central Namibia. Since its grassroots discovery by Osino in August 2019 the Company has completed more than 225,000m of drilling and has completed a suite of specialist technical studies culminating in the recently published Twin Hills Definitive Feasibility Study ("DFS") dated effective June 12, 2023. The DFS describes a technically simple and economically robust open-pit gold operation with a 13-year mine life and average annual gold production of over 169koz per annum.
Osino has a commanding ground position of approximately 8,000km2 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 by utilizing a portfolio approach geared towards discovery, targeting gold mineralization that fits the broad orogenic gold model.
Our core projects are favourably located north and north-west of Namibia's capital city Windhoek. By virtue of their location, the projects benefit significantly from Namibia's well-established infrastructure with paved highways, railway, power and water in close proximity. Namibia is mining-friendly and lauded as one of the continent's most politically and socially stable jurisdictions. Osino continues to evaluate new ground with a view to expanding our Namibian portfolio.
Further details are available on the Company's website at https://osinoresources.com/ and under the Company's profile on SEDAR+ at www.sedarplus.ca.
Further details are available on the Company's website at https://osinoresources.com/
On Behalf of The Board of Directors
Heye Daun, President & CEO
CONTACT INFORMATION
Osino Resources Corp.
Yaron Conforti, Corporate Development
[email protected]
+1-604-687-2038
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Company's future plans or prospects of the Company, including prospects for economic recoverability of mineral resources. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis which is available on the Company's profile on SEDAR+ at
www.sedarplus.ca.
The Company does not undertake to update any forward- looking information, except in accordance with applicable securities laws.
VANCOUVER, British Columbia, Aug. 28, 2023 (GLOBE NEWSWIRE) -- Osino Resources Corp. (TSXV:OSI) (FSE:RSR1) (OTCQX:OSIIF) (
"Osino” or “the Company”
) is pleased to announce that the Company has amended terms of its indenture dated October 28, 2021 for common share purchase warrants (the "Warrants") exercisable at $1.35, extending the expiry date by 9 months from the original expiry date of September 1, 2023 to the new expiry date of June 1, 2024, subject to approval of the Exchange. There are no other changes or amendments to the Warrants.
In addition, the Company also announces that in connection with the Company's previously announced Nebari Credit Facility, the Company has issued 887,964 common share purchase warrants (the "Credit Warrants") to Nebari Gold Fund 1, LP and 295,988 Credit Warrants to Nebari Natural Resources AIV I, LP, totalling 1,183,952 Credit Warrants exercisable at a price of US$1.13 per common share (US equivalent of $1.50 CAD per common share) for a period of 24 months from the date of issuance, subject to the policies of the Exchange.
About Osino Resources
Osino is a Canadian gold exploration and development company focused on the fast-tracked development of our wholly owned, Twin Hills Gold Project in central Namibia. Since its grassroots discovery by Osino in August 2019 the Company has completed more than 225,000m of drilling and has completed a suite of specialist technical studies culminating in the recently published Twin Hills Definitive Feasibility Study ("DFS") dated effective June 12, 2023. The DFS describes a technically simple and economically robust open-pit gold operation with a 13-year mine life and average annual gold production of over 169koz per annum.
Osino has a commanding ground position of approximately 8,000km2 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 by utilizing a portfolio approach geared towards discovery, targeting gold mineralization that fits the broad orogenic gold model.
Our core projects are favourably located north and north-west of Namibia's capital city Windhoek. By virtue of their location, the projects benefit significantly from Namibia's well-established infrastructure with paved highways, railway, power and water in close proximity. Namibia is mining-friendly and lauded as one of the continent's most politically and socially stable jurisdictions. Osino continues to evaluate new ground with a view to expanding our Namibian portfolio.
Further details are available on the Company's website at https://osinoresources.com/ and under the Company's profile on SEDAR+ at www.sedarplus.ca.
Further details are available on the Company's website at https://osinoresources.com/
On Behalf of The Board of Directors
Heye Daun, President & CEO
CONTACT INFORMATION
Osino Resources Corp.
Yaron Conforti, Corporate Development
[email protected]
+1-604-687-2038
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Company's future plans or prospects of the Company, including prospects for economic recoverability of mineral resources. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis which is available on the Company's profile on SEDAR+ at
www.sedarplus.ca
. The Company does not undertake to update any forward- looking information, except in accordance with applicable securities laws.
Osino Announces New High Grade, Greenfields Gold Discovery, Drills 47m @ 5.92 g/t at Eureka Gold Project, Northern Namibia
Osino Announces New High Grade, Greenfields Gold Discovery, Drills 47m @ 5.92 g/t at Eureka Gold Project, Northern Namibia
Osino Announces New High Grade, Greenfields Gold Discovery, Drills 47m @ 5.92 g/t at Eureka Gold Project, Northern Namibia
Highlights
2,535m drilled at Eureka Gold Project, 35km northeast of Osino’s Ondundu deposit.
Eureka is a significant, greenfields gold discovery made by Osino through text-book exploration techniques in a newly evolving gold district in northwestern Namibia.
Assay results received for four RC and seven DD holes to date including:
Assay results for two holes awaited, including hole ORD009 which has visible gold in the core.
Several additional targets at Eureka to be mapped and rock chip sampled during August and September in advance of the next round of drilling.
VANCOUVER, British Columbia, Aug. 09, 2023 (GLOBE NEWSWIRE) --
Osino Resources Corp.
(
TSXV:OSI
) (
FSE:RSR1
) (
OTCQX:OSIIF
) ("
Osino
” or “
the Company
”) is pleased to announce the discovery of significant gold mineralization at the Eureka greenfields exploration project
(“Eureka” or “the Project”)
, approximately 35km northeast of the Company’s Ondundu Gold Project.
Dave Underwood, Osino’s VP Exploration commented:
“The Eureka license was identified in 2019 as part of a regional target generation exercise based on structure and geology. There has been no previous exploration in the area and there are no known local gold deposits. The license was initially explored using soil and rock chip sampling, which produced a gold anomaly at surface. The first two scout holes into the anomaly intersected wide zones of gold, including 29m @ 2.69g/t, from surface. These two holes were quickly followed up with a nine hole, step-out diamond drill program which again intersected gold in several holes including high grade shoots of 47m @ 5.92g/t and 18m @ 4.70g/t.”
He continued
, “This greenfields discovery in an area of no known gold occurrences is testament once again to the target generation ability of the Osino team and the effective, systematic exploration our team is known for. The high-grade shoots intersected in holes ORD004, ORD005 and ORD006 are an exciting surprise, and unusual in the Namibian gold deposit context. The core is spectacular with numerous visible gold grains in a sulphide matrix breccia. We have just scratched the surface of this new gold project; the mineralization is open in all directions and there are several additional targets which remain to be drilled. We are very bullish about Eureka and what it could mean for the development of a new gold district, including Osino’s Ondundu project 35km to the southwest and WIA Gold’s recently discovered Kokoseb deposit a further 50km to the southwest.”
Eureka Greenfields Exploration
An Osino target generation exercise carried out in 2019 identified a significant bend in the Damaran stratigraphy between Ondundu, Khorixas and Outjo as being highly prospective. The most prospective ground was secured, and regional exploration work started in the area during 2020 (see Figure 1).
Figure 1: The Damara Belt in Namibia: Existing Gold Deposits and New Discoveries
In 2022, as part of regional exploration, a 200 x 200m spaced soil sampling program was carried out over the lower Damaran stratigraphy on the Eureka licence, as well as rock chip sampling of surface mineralization. This initial program produced a gold in soil anomaly in the southern part of the Eureka licence, which measures 1000 x 500m – see Figures 1 and 2. Mapping and additional rock chip sampling indicated gold mineralization within sandstones and shales, associated with alteration, quartz veining and gossanous seams at surface.
Drilling
Towards the end of 2022, a scout drill program consisting of four Reverse Circulation (RC) holes was completed over the small area of outcropping mineralization, with all holes drilled towards the east. Two of the four holes intersected significant mineralization as follows:
Holes ORR003 and ORR004 were drilled further to the north and missed the mineralization (indicated in blue collar positions on Figure 2 below).
During the first quarter of 2023, detailed structural mapping and rock chip sampling was carried out around the area of surface mineralization, to determine the potential structural setting and orientation of the mineralization, as well as the relationship between quartz veining and gold.
In May of 2023, a step-out Diamond Drilling (DD) program was initiated to follow the mineralization towards the southwest where it appears to plunge shallowly in that direction.
Figure 2: Eureka – RC and DD Drill Collars on Mapped Geology
A total of nine step-out DD holes were drilled to the west, south and north of the two positive RC holes, at a collar spacing of approximately 100m. The holes were all drilled towards the east at an inclination of -60
0
, planned for a depth of 200m but extended when in mineralization.
A complete set of intersections is provided in Table 1 below. At the date of this press release, assays had been received for seven holes with the remaining two holes expected over the next few weeks.
Mineralization
The gold is associated with massive sulphides (pyrrhotite, pyrite and chalcopyrite) adjacent to quartz veins. The massive sulphides often form the matrix of a breccia where the clasts are made up of fragments of vein quartz and country rock. See core photos in Figures 3 – 6 below.
The gold mineralization appears to be coarse grained and nuggety which has resulted in the assay laboratory experiencing repeatability issues.
Orientation work is currently underway using metallic screen fire assay as an alternative to the standard fire assay, to see if this results in better repeatability and increases the assay grade. Metallic screen analysis uses a much larger assay sample size and screens out the larger fraction for separate assay.
Figure 3: Hole ORD001 – Massive sulphide breccia dominated by pyrrhotire, pyrite and chalcopyrite containing fragments of vein quartz (Note visible gold circled in red, hosted by massive sulphide filling cracks in the quartz veins).
Figure 5: Hole ORD005 – Gold bearing massive sulphide breccia with clasts of shale
Figure 6: Hole ORD006 – Brecciated quartz – carbonate veins in massive sulphide matrix with visible gold
Table 1: Table of Intercepts at Eureka Project – August 2023
Hole
From
To
Width
Grade
X
Y
GM
GM_Class
Location
DIAMOND DRILL HOLES
ORD001
43
81
38
1.67
570058
7737088
65.13
50-100
Eureka
incl.
4
4.41
Eureka
incl.
3
9.43
Eureka
and
150
152
2
39.80
Eureka
ORD002
100
103
3
5.69
569950
7737079
17.07
10-25
Eureka
ORD003
No significant intercept
570013
7737241
0.00
<10
Eureka
ORD004
81
98
17
4.13
570161
7736991
Eureka
incl.
2
11.01
Eureka
and
144
157
13
5.77
75.01
50-100
Eureka
ORD005
97
100
3
1.60
570081
7736982
Eureka
and
144
191
47
5.92
278.24
>100
Eureka
incl.
27
8.69
incl.
3
13
ORD006
194
212
18
4.94
569964
7736981
88.92
50-100
Eureka
incl.
10
5.79
and
229
234
5
3.5
ORD007
144
149
5
1.51
569877
7737084
7.55
<10
Eureka
ORD008
Assays Awaited
570020
7737582
Eureka
ORD009
Assays Awaited
569957
7736883
Eureka
RC DRILL HOLES
ORR001
3
32
29
2.69
570156
7737092
78.01
50-100
Eureka
incl.
19
3.06
Eureka
and
54
64
10
1.46
Eureka
and
104
112
8
0.84
Eureka
ORR002
0
25
25
1.54
570309
7737121
38.50
25-50
Eureka
incl.
12
2.34
Eureka
ORR003
5
6
1
5.07
570120
7737242
5.07
<10
Eureka
ORR004
No significant intercept
570000
7737356
0.00
<10
Eureka
Notes on Drill Assay Reporting:
Total intercepts reported are unconstrained - all combined intercepts above 0.4g/t reported. GM values based on unconstrained intercepts. All reported intercepts are apparent widths rounded to the nearest meter. Included (incl.) intercepts are constrained at 0.4g/t cut-off, minimum 2m wide and no more that 2m internal dilution. True widths are unknown at this stage. Collar positions are in UTM WGS84 surveyed by digital GPS.
The GM number indicated by color coding in Figure 1 is a commonly used short-hand method of representing gold grade (g/t) and unconstrained intercept width (m) as a single metric by multiplying the average intercept grade with the intercept width.
Qualified Person’s Statement
David Underwood, BSc. (Hons) is Vice President Exploration of Osino Resources Corp. and has reviewed and approved the scientific and technical information in this news release and is a registered Professional Natural Scientist with the South African Council for Natural Scientific Professions (Pr. Sci. Nat. No.400323/11) and a Qualified Person for the purposes of National Instrument 43-101.
About Osino Resources
Osino is a Canadian gold exploration and development company focused on the fast-tracked development of our wholly owned, Twin Hills Gold Project in central Namibia. Since its grassroots discovery by Osino in August 2019 the Company has completed more than 225,000m of drilling and has completed a suite of specialist technical studies culminating in the recently published Twin Hills DFS. The DFS describes a technically simple and economically robust open-pit gold operation with a 13-year mine life and average annual gold production of over 169koz per annum.
Osino has a commanding ground position of approximately 8,000km
2
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 by utilizing a portfolio approach geared towards discovery, targeting gold mineralization that fits the broad orogenic gold model.
Our core projects are favourably located north and north-west of Namibia’s capital city Windhoek. By virtue of their location, the projects benefit significantly from Namibia’s well-established infrastructure with paved highways, railway, power and water in close proximity. Namibia is mining-friendly and lauded as one of the continent’s most politically and socially stable jurisdictions. Osino continues to evaluate new ground with a view to expanding our Namibian portfolio.
Further details are available on the Company's website at https://osinoresources.com/
On Behalf of The Board of Directors
Heye Daun, President & CEO
CONTACT INFORMATION
Osino Resources Corp.
Yaron Conforti, Corporate Development
+1-604-687-2038
[email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Company's future plans or prospects of the Company, including prospects for economic recoverability of mineral resources. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis which is available on the Company's profile on SEDAR at
www.sedarplus.ca.
The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Photos accompanying this announcement are available at:
Osino Awards Front-End Engineering Design and Provides Project Implementation Update for the Development-Stage Twin Hills Gold Project, Namibia
Osino Awards Front-End Engineering Design and Provides Project Implementation Update for the Development-Stage Twin Hills Gold Project, Namibia
Highlights
Following an extensive selection process, Osino has appointed Lycopodium Minerals (Canada) Limited (“Lycopodium”) to lead the Front-End Engineering Design (“FEED”) package following the release of the Twin Hills Definitive Feasibility Study (“DFS”) in June 2023.
Lycopodium to lead: Process Plant and most On-Site Infrastructure, optimisation of the DFS process and tailings storage facility design, completion of the earthworks design and advancement of the technical and commercial documentation of long-lead mechanical and electrical items.
Osino to lead: the bulk power supply connection to NamPower’s new Erongo substation, optimisation of supplementary renewable power supply plans, extension of ground and surface water supply models and designs, and detailed design of the access road re-routing.
The Company has commenced a resource infill drill program of up to 12,000m aiming to confirm the short-range resource estimation parameters and to convert a significant portion of the first two years of mining into the Measured Reserve category.
Osino has also commenced a variety of pre-construction activities incl. recruitment of an Owners Project team and formal Operational Readiness (“OR”) planning. All OR activities are directed by Osino.
In parallel to finalising the DFS, Osino has also progressed detailed technical, environmental and social due diligence with a credible mining project financier through their internal approvals process and is aiming to complete legal documentation and achieve financial close later in H2 2023.
VANCOUVER, British Columbia, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Osino Resources Corp. (TSXV:OSI) (FSE:RSR1) (OTCQX:OSIIF) (
"Osino” or “the Company”
) is pleased to provide an update progress with activities in support of the planned development of Osino’s Twin Hills Gold Project (
“Twin Hills” or “the Project”
), following the successful completion of a Definitive Feasibility Study in June 2023.
Heye Daun, Osino’s President and CEO commented:
“The award of this FEED study marks another key milestone for Osino as it moves the Twin Hills Gold Project closer to production. Having worked closely with Lycopodium on successive technical studies over the last few years, we are delighted to have selected them as the engineering lead towards the implementation of the Twin Hills project. Lycopodium is recognized for their gold processing plant design expertise and their world-class track record of on-time and on-budget project delivery in Africa and globally.
At the same time, the Osino team is making great strides in further advancing various studies and activities towards completing bulk power and water supply and towards concluding the permitting process for the project.”
The Twin Hills Gold Project is located within Namibia’s prospective Damara sedimentary mineral belt, in proximity to and along strike of the producing, open-pit Navachab and Otjikoto gold mines. Twin Hills is planned to be a conventional open-pit gold mine with a whole-ore carbon-in-leach (“CIL”) metallurgical processing plant.
Proposed Project Development Plan
The latest mineral resource and reserve estimates, production and financial results and key valuation metrics determined during the DFS were reported in the Company’s press release dated June 12, 2023, and a Technical Report filed on July 13, 2023.
Osino is currently putting in place the necessary service agreements with multiple consultants for a five-to-six-month FEED package and related work. Most consultants being engaged in the Project were actively involved in the preparation of the recently completed DFS.
An Owner’s Project team will coordinate the activities of the main engineering, procurement and construction management (“
EPCM
”) contractor and other consultants, and in addition will be directly responsible for supplementary resource drilling, detailed planning and early implementation of Operational Readiness activities.
The main objectives of the FEED package and related activities include:
Develop plant designs and procurement documents for major long lead equipment items and construction packages to the point of being ready to place orders when project implementation finance is in place.
Compile the overall process plant and infrastructure project master schedule and control budget estimate.
Initiate detailed planning of borehole water supply, access road re-routing and power line design and construction.
Investigate alternative tailings filtration equipment with potential to reduce capital costs, as well as finalising the remainder of the process engineering design for the plant.
Update proposals from preferred vendors to re-validate capital and operating cost estimates.
Optimise the orientation of the TSF to utilise topography on site more effectively.
Test the planned use of calcrete as one element of the composite lining for the tailings storage facility (TSF).
Enhance the mining schedule to reduce or defer waste stripping where possible.
Prepare trade-off studies of Owner vs Contract mining and mine vehicle maintenance strategies.
Update the hydrological and hydrogeological models as well as the flood mitigation plans for the site.
Enhance the geotechnical information and earthworks designs for the process plant.
Continue all work necessary to obtain secondary permits and services for the planned operation.
Investigate use of local building materials and resources for infrastructure design and construction.
Continue investigating the potential to supply most of the Project’s electrical power from renewable energy sources.
Additional resource drilling is expected to improve the definition of the mining reserve, increase the extent of the identified mineral resource, and ensure that the planned process plant site is not underlain by potentially economically recoverable mineralised material. The Operational Readiness activities in this period will be focused on items that Osino needs to put in place on site before construction activities can commence.
In parallel to finalising the DFS, Osino has also progressed detailed technical, environmental and social due diligence with a credible mining project financier through their internal approvals process and is aiming to complete legal documentation and achieve financial close in H2 2023.
Project implementation will commence once permitting has been completed, full project financing is in place and a formal investment decision (“FID”) has been made by Osino’s Board of Directors.
Qualified Person’s Statement
David Underwood, BSc. (Hons) is Vice President Exploration of Osino Resources Corp. and has reviewed and approved the scientific and technical information in this news release and is a registered Professional Natural Scientist with the South African Council for Natural Scientific Professions (Pr. Sci. Nat. No.400323/11) and a Qualified Person for the purposes of National Instrument 43-101.
About Osino Resources
Osino is a Canadian gold exploration and development company focused on the fast-tracked development of our wholly owned, Twin Hills Gold Project (“Twin Hills”) in central Namibia. Since its grassroots discovery by Osino in August 2019 the Company has completed more than 225,000m of drilling and has completed a suite of specialist technical studies culminating in the recently published Twin Hills Definitive Feasibility Study (“
DFS
”). The DFS describes a technically simple and economically robust open-pit gold operation with a 2.15moz gold reserve, 13-year mine life and average annual gold production of over 169koz per annum.
Osino has a commanding ground position of approximately 8,000km
2
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 by utilizing a portfolio approach geared towards discovery, targeting gold mineralization that fits the broad orogenic gold model.
Our core projects are favourably located north and north-west of Namibia’s capital city Windhoek. By virtue of their location, the projects benefit significantly from Namibia’s well-established infrastructure with paved highways, railway, power and water in close proximity. Namibia is mining-friendly and lauded as one of the continent’s most politically and socially stable jurisdictions. Osino continues to evaluate new ground with a view to expanding our Namibian portfolio.
Further details are available on the Company's website at https://osinoresources.com/
On Behalf of The Board of Directors
Heye Daun, President & CEO
CONTACT INFORMATION
Osino Resources Corp.
Yaron Conforti, Corporate Development
[email protected]
+1-604-687-2038
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Company's future plans or prospects of the Company, including prospects for economic recoverability of mineral resources. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis which is available on the Company's profile on SEDAR at
www.sedar.com.
The Company does not undertake to update any forward- looking information, except in accordance with applicable securities laws.
Osino Announces Assay and Metallurgical Test Results From Ondundu Exploration Project, Namibia
Osino Announces Assay and Metallurgical Test Results From Ondundu Exploration Project, Namibia
Osino Announces Assay and Metallurgical Test Results From Ondundu Exploration Project, Namibia
Highlights
A total of 3,148m of Reverse Circulation (RC) drilling was completed in fifteen holes since the publication of the Ondundu maiden mineral resource estimate (“MRE”).
Assays received from RC step-out and infill holes at Ondundu include:
ONRC23-022: 7m @ 2.25g/t (41-48m)
and 69m @ 1.36g/t (129-198m)
incl. 12m @ 2.67g/t, and 6m @ 4.57g/t (211-217m)
Metallurgical testwork samples
were recently tested on
sensor-based optical sorting
machines which returned excellent separation of the gold-bearing quartz veins against the homogenous sediment, indicating very good pre-concentration potential.
Previous metallurgical testwork
indicated gold
recovery in the range of 76-79% from gravity only
(after milling to 80% passing 75 micron), at less than 5% mass pull of the solid feed to the circuit.
In addition to infill and step-out drilling, the objective of the program was to evaluate
alternative assay techniques
more suitable to the
very pronounced gold nugget effect at Ondundu
.
Results from the orientation program will be used to plan a larger infill and resource expansion drill program across the Ondundu deposit.
VANCOUVER, British Columbia, July 20, 2023 (GLOBE NEWSWIRE) --
Osino Resources Corp.
(
TSXV:OSI
) (
FSE:RSR1
) (
OTCQX:OSIIF
) ("
Osino
” or “
the Company
”) is pleased to provide an update on the recently completed infill and orientation drill program at the Ondundu Gold Project (“
Ondundu
” or “
the Project
”).
Osino remains focused on the financing and construction activities for the Twin Hills Gold Project, while progressing its other exploration projects including Ondundu.
The Ondundu drill program was designed to upgrade the mineral resource around the Razorback Main Zone while the orientation program will provide guidance on the optimum drilling, sampling and assay methodologies for future work in the nuggety coarse gold mineralization at Ondundu.
Dave Underwood, Osino’s VP Exploration commented:
“
The short drill program we recently completed at Ondundu has produced some exceptional intercepts including 157m @ 1.50g/t in hole ONRC23-019 and 109m @ 2.30g/t as previously reported in hole ONRC23-017. These results indicate potential to increase the size and grade of the main ore zones with further detailed infill and step-out drilling. In addition, the two holes drilled in a westerly orientation to check for mineralization perpendicular to the main ore shoots, intersected unexpected mineralization to the east of the current resource and indicate potential to define a new zone of mineralization in an area never previously drilled.”
About Ondundu
Ondundu is a sedimentary hosted, structurally controlled orogenic gold deposit located 130km to the north-west of Osino’s Twin Hills gold project, in an area of known gold deposits hosted within the inland arm of the Pan African Neoproterozoic Damara Belt. The main area of gold mineralization stretches about 1.9km from Margarethental in the north to Razorback in the south (the Ondundu Main Zone or OMZ) and occurs on the steep, west-facing limb of a parasitic syncline-anticline pair (previously termed the “Common Limb”) on the eastern limb of the south-eastern part of the Ondundu anticline.
The bulk of the gold at Ondundu is free gold associated with bedding-parallel quartz‐Fe‐carbonate-pyrite veins, commonly with related sericite alteration. These veins occur as extensional and shear veins along the west‐southwest dipping common limb and form as single or in sets of parallel veins which occur in zones up to 1 m wide in outcrop.
The Ondundu Project has a long history of mining and exploration, dating back to the first European to note gold in the area in 1917. Between 1922 and 1964, it was reported that a significant amount of gold was recovered by small scale miners on various mining claims in what is now known as the Ondundu Main Zone (OMZ). Gold was recovered from alluvial, eluvial and shallow oxidised gold bearing rocks. The project has been extensively drilled by various operators, most recently by B2Gold, who completed extensive exploration and drilled 119 diamond drillholes (24,490m) and 3 RC holes (564m) on the OMZ and Margarethental North areas during the period 2015 until 2021.
On July 21, 2022 Osino Resources Corp. completed the acquisition of the 100% owned Ondundu Gold Project from B2Gold. Osino has since completed initial metallurgical testwork which indicates that after milling to 80% passing 75 micron, gold recovery in the range of 76-79% to gravity concentrate (containing less than 5% of the solid feed to the circuit) could be achieved. This suggests that gravity concentration (and potentially optical sorting) on site, with subsequent transport to and further processing at Twin Hills could be a feasible process route for Ondundu material.
As initially announced in its news release dated October 27, 2022, the maiden MRE for the Ondundu Gold Project comprises 26 million tonnes (Mt) at an average grade of 1.13 g/t Au for a total of 0.9 million ounces (Moz) of gold in the Inferred mineral resource category (0.5 g/t cut-off).
Ondundu Orientation Drill Program
Ondundu’s drill program was designed to upgrade the mineral resource around the Razorback main zone and to conduct an orientation program to optimise drilling, sampling and assay techniques with a specific emphasis on capturing the potential upside due to the very pronounced nugget effect at Ondundu.
A total of 3,148m was completed in 15 reverse circulation (RC) holes at Razorback main zone, aimed at step-out drilling and to infill previous drilling carried out by B2Gold in 2016. These holes were drilled towards a 70-degree azimuth with 60-degree inclinations, resulting in a net combined inter-hole spacing of ~16m (refer to Figures 1 and 2).
The RC drill program was also designed as an orientation program to assist in optimising drilling and assay techniques, given that the mineralization at Ondundu displays high nuggety, coarse gold characteristics. The main orientation aspects comprised the following:
Comparison of larger RC sample size with previous diamond drilling by B2Gold, to determine whether there is a statistically meaningful difference in assay results between diamond drilling and RC drilling. This essentially compares the efficiency of the drilling techniques in capturing nugget gold mineralization, but also weighs up the different sampling techniques.
Comparison of three different sample preparation and assay techniques, namely conventional fire assay, metallic screen fire assay and Leachwell bottle roll methods, to test whether a more appropriate analytical method could better account for the nugget effect and thereby improve the overall grade distribution and average grades.
Figure 1: Ondundu Project Overview with recent drill results (ONDD22-225 and ONDD22-226 were reported previously).
Additional Upside Potential at Ondundu
Two diamond scissor holes (ONDD22-226 and ONDD22-225) were drilled into the Margarethental and Razorback mineralized zones in late 2022, in opposite directions (azimuth of 250
0
) to the resource drilling. These results were previously reported and comprise the following:
ONDD22-226 intersected a zone of conformable mineralization between 73 and 89m of 16m @ 2.66g/t and 10m @ 3.89g/t between 105 and 115m, while ONDD22-225 intersected a wide zone of low-grade gold mineralization between 10 and 63m, and higher intercepts between 119 and 189m which is made up of both conformable and extensional quartz veins (see Figure 1).
These holes demonstrated the existence of mineralized extensional quartz veins which are non-parallel to the typical bedding conformable vein sets, which are responsible for bringing about the bulk of the mineralization. These non-bedding parallel vein sets thus represent significant upside potential both in terms of additional ounces, but also in terms of converting previously non-mineralized material into mineralized material within the eastern parts of the current resource model, still within the RPEEE pit.
There are also several prospective brownfields exploration targets within a 5km radius to the Ondundu resource, which warrants further exploration. These targets could eventually also contribute to the total mineral resources at Ondundu .
Ondundu Geology and Mineralization
The main geological feature in the Project area is the low amplitude Ondundu anticline, a major north – south trending fold which plunges approximately 30° to the south. Parasitic folds within the regional anticline have concentrated gold mineralization mainly in conformable (bedding parallel) veins.
The main mineralized zone extends sub-vertically from the surface and trends in a north-south direction, with the conformable mineralization dipping to the west and pinching out to the east and west (see Figures 2 and 3). Mineralized quartz veins within this main zone are also parallel to bedding. The intensity of these veins in this main zone is high compared to other areas of the mineralization. Mineralization is generally hosted by finely interlayered, upward-fining turbiditic sediments belonging to the Kuiseb Formation.
Razorback Mineralized Zone
The style of mineralization depicted within the Razorback mineralized zone in Figures 2 and 3 below is representative of the entire Ondundu main mineralized area, including Razorback and Margarethental.
Most holes from the recently completed drill program intersected the target mineralization which compliments and expands on previous drilling by B2Gold and confirms the robust nature of the main Razorback mineralized zone.
Hole ONRC23-019, was excellent starting in the hanging wall and drilling through the centre of the south plunging main ore shoot with 157m @ 1.50g/t from 55 to 212m. This is a step-out hole that intersected shallow mineralization that will extend the mineralized envelopes in the hanging wall area.
This hole also confirms the main high-grade shoot at depth, which is modelled in a north-south direction in both Razorback and Margarethental zones, see Figure 4. The hole has great potential to improve the overall grade of the MRE and to add extra ounces.
Hole ONRC23-021 is also a step-out in the same area and intersected several new zones of low-grade mineralization that will also contribute positively to the growth of the resource. All indications at this stage are that mineralization keeps going and is open at depth.
ONRC23-013 and ONRC23-014 were very good infill holes which intersected shallow mineralization as expected with 10m @ 2.65g/t (31-41m), and 70m @ 1.02g/t (0-70m), respectively – and with both these holes intersecting good mineralization at depth which will extend some conformable mineralized zones. Holes ONRC23-015 and ONRC23-022 also intersected very good mineralization as expected (see table 1).
Figure 2: Razorback target, showing assay results of recently drilled infill and step-out holes.
All step-out and infill holes drilled to date on the Razorback main zone produced assay results in line with expectations. New zones of mineralization, both high and low grade, have been intersected which show potential for increasing the mineralized envelopes.
Most holes intersected excellent mineralization that confirms the current model and the robust nature of the mineralization at Razorback. Some holes also intersected higher grades than expected which will improve the overall grade and ounces of the MRE.
There is significant scope for the Ondundu MRE to be improved in the next iteration, through better definition and modelling. Additionally, step-out drilling is required to further extend the mineralized zones to the west and east of the current model.
Figure 3: Section one across Razorback Main Zone – looking north
Figure 4: Section two across Razorback Main Zone – looking north
All fire assay results have now been received and are presented in Table 1, including eight holes reported previously in April 2023.
Drill Intercept Table
HOLE
X
Y
FROM
TO
WIDTH (m)
GRADE (g/t)
ONRC23-007
548265
7706892
72
74
2
2.27
and
130
185
55
1.45
incl.
25
1.65
ONRC23-008
548277
7706836
112
182
70
1.24
ONRC23-009
548356
7706840
56
69
13
1.74
ONRC23-010
548333
7706835
3
43
40
1.18
ONRC23-011
548300
7706825
59
114
55
0.88
ONRC23-013
548313
7706905
31
41
10
2.65
and
53
141
88
0.98
incl.
13
1.59
incl.
32
1.05
ONRC23-014
548325
7706860
0
70
70
1.02
incl.
17
2.30
and
99
140
41
0.85
incl.
20
1.29
ONRC23-015
548288
7706869
153
204
51
1.92
incl.
42
2.24
ONRC23-016
548288
7706896
30
43
13
0.59
and
51
68
17
1.17
and
144
182
38
0.68
ONRC23-017
548309
7706881
15
18
3
7.49
and
50
55
5
7.81
and
68
177
109
2.30
ONRC23-018
548299
7706848
21
25
4
3.69
and
42
60
18
2.60
incl.
13
3.54
and
102
195
93
1.24
ONRC23-019
548281
7706814
55
212
157
1.50
incl.
5
7.38
incl.
3
22.21
incl.
54
1.76
ONRC23-020
548258
7706806
144
148
4
0.64
and
170
175
5
2.04
and
184
196
12
0.54
and
230
234
4
0.65
ONRC23-021
548244
7706827
79
93
14
0.62
and
178
198
20
0.55
and
225
240
15
0.66
incl.
5
1.35
ONRC23-022
548262
7706860
41
48
7
2.54
and
129
198
69
1.36
and
211
217
6
4.57
and
240
248
8
0.70
Table 1: Mineralized Intercepts for recently received Ondundu Infill RC Holes
Notes on Drill Assay Reporting:
Total intercepts reported are unconstrained - all combined intercepts above 0.4g/t reported. GM values based on unconstrained intercepts. All reported intercepts are apparent widths rounded to the nearest meter. Included (incl.) intercepts are constrained at 0.4g/t cut-off, minimum 2m wide and no more that 2m internal dilution. True widths are unknown at this stage. Collar positions are in UTM WGS84 surveyed by digital GPS.
The GM number indicated by color coding in Figure 1 and 2 is a commonly used short-hand method of representing gold grade (g/t) and unconstrained intercept width (m) as a single metric by multiplying the average intercept grade with the intercept width.
Qualified Person’s Statement
David Underwood, BSc. (Hons) is Vice President Exploration of Osino Resources Corp. and has reviewed and approved the scientific and technical information in this news release and is a registered Professional Natural Scientist with the South African Council for Natural Scientific Professions (Pr. Sci. Nat. No.400323/11) and a Qualified Person for the purposes of National Instrument 43-101.
About Osino Resources
Osino is a Canadian gold exploration and development company focused on the fast-tracked development of our wholly owned, Twin Hills Gold Project (“Twin Hills”) in central Namibia. Since its grassroots discovery by Osino in August 2019 the Company has completed more than 225,000m of drilling and has completed a suite of specialist technical studies culminating in the recently published Twin Hills Definitive Feasibility Study (“DFS”). The DFS describes a technically simple and economically robust open-pit gold operation with a 2.15moz gold reserve, 13-year mine life and average annual gold production of over 169koz per annum.
Osino has a commanding ground position of approximately 8,000km
2
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 by utilizing a portfolio approach geared towards discovery, targeting gold mineralization that fits the broad orogenic gold model.
Our core projects are favourably located north and north-west of Namibia’s capital city Windhoek. By virtue of their location, the projects benefit significantly from Namibia’s well-established infrastructure with paved highways, railway, power and water in close proximity. Namibia is mining-friendly and lauded as one of the continent’s most politically and socially stable jurisdictions. Osino continues to evaluate new ground with a view to expanding our Namibian portfolio.
Further details are available on the Company's website at https://osinoresources.com/
On Behalf of The Board of Directors
Heye Daun, President & CEO
CONTACT INFORMATION
Osino Resources Corp.
Yaron Conforti, Corporate Development
+1-604-687-2038
[email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Company's future plans or prospects of the Company, including prospects for economic recoverability of mineral resources. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis which is available on the Company's profile on SEDAR at
www.sedar.com.
The Company does not undertake to update any forward- looking information, except in accordance with applicable securities laws.
Osino Announces Filing of Definitive Feasibility Study Technical Report for Twin Hills Gold Project, Namibia
Osino Announces Filing of Definitive Feasibility Study Technical Report for Twin Hills Gold Project, Namibia
VANCOUVER, British Columbia, July 13, 2023 (GLOBE NEWSWIRE) --
Osino Resources Corp.
(
TSXV:OSI
) (
FSE:RSR1
) (
OTCQX:OSIIF
) ("
Osino
” or “
the
Company
”) is pleased to announce that further to the announcement of its Definitive Feasibility Study on June 12, 2023, it has now filed the Technical Report entitled, "Definitive Feasibility Study of the Twin Hills Gold Project, Namibia, NI 43-101 Technical Report" with an effective date of June 12, 2023, signed July 5, 2023 (the "
Technical Report
" or "
DFS
").
The DFS is for the Company's flagship Twin Hills Gold Project ("
Twin Hills
" or the "
Project
"), which is located in central Namibia and is being advanced rapidly through accelerated drilling and fast-tracked development studies.
The DFS was prepared by Lycopodium Minerals Canada Ltd. ("
Lycopodium
") in accordance with National Instrument 43-101—
Standards of Disclosure for Mineral Projects
("
NI 43-101
") and contemplates a low-risk, technically simple, open-pit gold mine utilizing contract mining and a conventional processing plant utilizing three-stage crushing, milling, gravity separation and carbon-in-leach ("
CIL
") at a planned processing capacity of 5 mtpa.
For additional information and the most current technical information, please refer to the Technical Report available on the Osino website (
www.osinoresources.com
) and filed on SEDAR under the Company's profile at
www.sedar.com
.
Qualified Person
Mr. David Underwood, BSc. (Hons) is Vice-President Exploration of Osino and has reviewed and approved the scientific and technical information in this news release. He is a registered Professional Natural Scientist with the South African Council for Natural Scientific Professions (Pr.Sci.Nat. Nr 400323/11) and is a Qualified Person for the purposes of NI 43-101.
Issuance of DSU’s
The Company also announces that is has approved the grant of 35,716 deferred share units ("DSUs") having an aggregate value of $40,000 to independent directors of the Company pursuant to the Company's Omnibus Long-Term Incentive Plan, which was approved by the Company's shareholders at its last shareholder meeting.
About Osino Resources
Osino is a Canadian gold exploration and development company focused on the fast-tracked development of our wholly owned Twin Hills Gold Project (“Twin Hills”) in central Namibia. Since its grassroots discovery by Osino in August 2019 the Company has completed more than 225,000m of drilling and has completed a suite of specialist technical studies culminating in the recently published Twin Hills Definitive Feasibility Study (“DFS”) dated effective June 12, 2023. The DFS describes a technically simple and economically robust open-pit gold operation with a 2.15moz gold reserve, 13-year mine life and average annual gold production of over 169koz per annum.
Osino has a commanding ground position of approximately 8,000km
2
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 by utilizing a portfolio approach geared towards discovery, targeting gold mineralization that fits the broad orogenic gold model.
Our core projects are favourably located north and north-west of Namibia’s capital city Windhoek. By virtue of their location, the projects benefit significantly from Namibia’s well-established infrastructure with paved highways, railway, power and water in close proximity. Namibia is mining-friendly and lauded as one of the continent’s most politically and socially stable jurisdictions. Osino continues to evaluate new ground with a view to expanding our Namibian portfolio.
On Behalf of The Board of Directors
Heye Daun, President & CEO
CONTACT INFORMATION
Osino Resources Corp.
Yaron Conforti, Corporate Development
[email protected]
+1-604-687-2038
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Company's recently completed financings, and the future plans or prospects of the Company, including prospects for economic recoverability of mineral resources. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis which is available on SEDAR at
www.sedar.com
. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
(Not for dissemination in the United States of America.)
Osino Announces Definitive Feasibility Study Results for Twin Hills Gold Project, Namibia US$742m Pre-Tax NPV, 34% IRR, 2.2 Year Payback
Osino will host a webinar to discuss the DFS results, today, June 12, 2023 at 11am ET (8am PT). Register here to participate:
Osino DFS Presentation
.
Osino Announces Definitive Feasibility Study Results for Twin Hills Gold Project, Namibia US$742m Pre-Tax NPV, 34% IRR, 2.2 Year Payback
Osino Announces Definitive Feasibility Study Results for Twin Hills Gold Project, Namibia US$742m Pre-Tax NPV, 34% IRR, 2.2 Year Payback
Highlights:
NPV of US$742m (pre-tax) and IRR of 34% at 5% discount rate and US$1750/oz gold price.
NPV of US$480m (post-tax) and IRR of 28% at 5% discount rate and US$1750/oz gold price.
At spot gold prices (US$1,950/oz) the project generates just under US$1.5bn of net pre-tax cashflows, demonstrating the strong margins, cash generation potential & economics of the project.
Overall capital cost of US$365m (incl. US$34m contingency & US$18m capitalised pre-strip) with a payback period of 2.2 years.
13-year Life-of-Mine ("LOM") and 5.0 million tonnes per annum ("mtpa") design processing capacity.
LOM gold recovery of 92% utilising conventional 3-stage crushing, ball milling, gravity separation, pre-oxidation and CIL circuit plus filtration & dry-stack tailings deposition.
Responsible social and environmental design criteria have been key study elements and have been integral to design and project planning from the outset, contributing considerably to the robustness of the project.
Osino will host a webinar to discuss the DFS results, today, June 12, 2023 at 11am ET (8am PT). Register here to participate:
Osino DFS Presentation
.
VANCOUVER, British Columbia, June 12, 2023 (GLOBE NEWSWIRE) -- Osino Resources Corp. (
TSXV:OSI
) (
FSE:RSR1
) (
OTCQX:OSIIF
) ("
Osino
” or “
the
Company
”) is pleased to announce the results of the definitive feasibility study (“
DFS
”) for Osino’s Twin Hills Gold Project (“
Twin Hills
“ or the “
Project
”), which is located in central Namibia and is being advanced rapidly through accelerated expansion drilling and fast-tracked development studies.
The DFS was prepared by Lycopodium Minerals Canada Ltd. (“
Lycopodium
”) in accordance with National Instrument 43-101—
Standards of Disclosure for Mineral Projects
("
NI 43-101
") and contemplates a low-risk, technically simple open-pit mine utilizing contract mining and feeding a conventional carbon-in-leach (“
CIL
”) metallurgical plant processing 5mtpa of mineralized material.
Heye Daun, Osino’s co-founder, President & CEO commented:
“We are very pleased with the results of this DFS which confirms Twin Hills as a technically simple, long-life and low-cost gold project with very strong economics and plenty of upside. Now that the DFS has been completed, we will immediately commence with detailed engineering and our vision is to reach a fully financed construction decision by the end of 2023. The results of this DFS demonstrate that Twin Hills is a very robust, cash generative project which will deliver outstanding returns to shareholders once it goes into production, hopefully towards the end of 2025 or early 2026.”
The Twin Hills Gold Project is located within Namibia’s prospective Damara mineral belt. Twin Hills is a sedimentary-hosted, structurally controlled gold deposit that fits the broad orogenic model and is amenable to conventional open-pit gold mining and carbon-in-leach metallurgical processing. Twin Hills lies in proximity to and along strike of the producing, open-pit Navachab and Otjikoto gold mines.
DFS Overview and Financial Analysis
The table below summarizes the results and key valuation metrics of the DFS on a pre- and post-tax basis.
Table 1: Feasibility Study Economic Assessment Summary
US$1750/oz
US$1950/oz
Units
Pre-Tax
Post-Tax
Pre-Tax
Post-Tax
NPV
5%
US$m
742
480
1024
656
IRR
5%
%
34
%
28
%
46
%
36
%
Payback
years
2.2
2.2
1.9
1.9
LOM Cashflow
US$m
1108
721
1488
958
The financial model was completed on a 100% project basis not accounting for potential sources of funding which may include debt. Osino’s understanding of current Namibian tax regulations were applied to assess the tax liabilities the model includes a 3% gross royalty (tax deductible) and a 1% export levy to the Namibian government.
The model utilizes a base gold price of US$1750/oz, a ZAR:USD exchange rate of 18.50:1 and a 5% discount rate.
A sensitivity analysis utilizing a range of gold prices and operating variables was completed. The results are tabulated in table 3 on page 4 and 5.
Table 2: Key DFS Operating Assumptions and Economic Parameters
Item
Units
Amount
Life of Mine
Years
13
Gold price (base case)
US$/oz
1,750
Exchange Rate
18.50
Gold Recovery
%
92.0
%
Royalty (tax-deductible)
%
3.0
%
Export Levy
%
1.0
%
Life-of-Mine Production Parameters
Ore Tonnes Mined
Kt
64,513
Ore Grade Mined
g/t
1.04
Contained Metal
Koz
2,151
Waste Tonnes Mined
Kt
299,072
Stripping Ratio
4.64
LOM Gold Production
Koz
1,979
LOM Average Annual Gold Production (years 1-10)
koz annum
162
Average Annual Gold Production (years 1 – 5)
koz annum
176
Life-of-Mine Unit Costs per Tonne Mined/Processed
Refining cost
US$/oz
0.55
Gold transport cost
US$/oz
2.20
Mining Cost (per tonne mined)
US$/t
2.64
Variable Processing Cost (per tonne processed)
US$/t
11.20
Fixed Processing Cost (per tonne processed)
US$/t
2.43
Overall Processing unit Cost (per tonne processed)
US$/t
13.63
Unit Costs per Ounce Produced
LOM Average Operating Costs
1
US$/oz
918
LOM Average Cash Costs
2
US$/oz
991
LOM Average All-in Sustaining Costs
3
US$/oz
1,011
Capital Costs
Construction Capital (Lycopodium Estimate)
US$m
311
Contingency (9.3%)
US$m
34
Capitalised Pre-strip
US$m
18
First Fills (mostly steel balls)
US$m
2
Total Project Capital (incl. contingency)
US$m
365
Sustaining Capital
US$m
41
Notes:
1. Mining, processing plus on-site G&A
2. Operating costs plus selling costs, royalties & levies
3. Cash costs plus sustaining capital (incl. closure costs & salvage value)
A summary of the production schedule in tabulated format and cash flow model with key economic results can be viewed in Figure 11 below.
Sensitivity Analysis
An after-tax sensitivity analysis to the key project variables was carried out which indicates that the project is most sensitive to a change in grade or gold recovery, as indicated by the slope of the blue line in the diagram below.
The breakeven (NPV=0) is at a gold price of US$1,230/oz and implies that the capital investment is repaid plus a 5% return using a 5% discount rate. The nominal breakeven (sum of undiscounted cashflows = 0) gold price is US$1,167/oz.
The project is most sensitive to changes in gold grade, with every 5% change in gold grade resulting in a change in NPV of around 15%. This is indicated by the slope of the blue line graph in the diagram below, which confirms that the project NPV is most sensitive to changes in the average gold grade.
Figure 1: Post-Tax Project NPV Sensitivity to Variations in Key Project Parameters at US$1700/oz
A total of 225,574m of drilling from 1,069 holes (135,980 m of diamond core from 482 holes and 89,594m of reverse circulation from 586 holes) was completed at Twin Hills since 2019.
Diamond drillholes (DD) range from 63m to 555m in depth, while reverse circulation (RC) holes range from 30m to 260m in depth. The average drilled depth for DD and RC holes is 282m and 153m, respectively. DD holes generally targeted deeper mineralization while RC holes targeted shallower mineralization.
Most of the drillholes were oriented at 160° azimuth and 60° dip, except at Oryx and Kudu where the holes were drilled at 340° azimuth and 60° dip. Both the DD and RC holes were sampled at one-meter intervals at the Osino core-yard in Omaruru and the drill rigs respectively. A sub-sampling process using a riffle splitter was used at the RC drill rig to reduce sample mass.
Sulfide-hosted gold mineralization was interpreted and modelled from a combination of structural and assay data for each of the Twin Hills mineralization domains (Figure 1). The primary mineralization, hosted in meta-greywacke, dips between 60° and 80° and ranges from a few meters to 200m in thickness.
The modelled mineralization includes mineralized intersections, with the geometry guided by local structural trends. A 0.4 g/t Au threshold was used to model the mineralized volumes however a 0.3 g/t Au threshold was used for Twin Hills North for continuity purposes. Most modelled mineralization is overlain by a barren calcrete layer. The mineralization at Kudu and Oryx dips in the opposing direction relative to the mineralization at the main targets.
Gold grade was estimated using localized uniform conditioning (LUC) at Bulge, Twin Hills Central, Clouds and Oryx + Kudu (referred to as Twin Hills West) from 2m composites into 60m x 60m x 5m (XYZ) panels and 5m x 5m x 5m selective mining units (SMU). Ordinary kriging was used for grade estimation at Clouds West and Twin Hills North.
Figure 2: Twin Hills Mineralization Domains in Plan View
Bulk density was determined using an Archimedes-type technique on core and assigned to the model based on oxidation/weathering and lithology, such that calcrete was assigned a density of 2.24 t/m
3
, oxide 2.57 t/m
3
, transitional material 2.65 t/m
3
and fresh rock 2.76 t/m
3
.
CIM Definition Standards for Mineral Resources and Mineral Reserves
states that a mineral resource is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction (RPEEE). To satisfy the requirement of RPEEE by open pit mining, reporting pit shells were determined based on conceptual parameters and costs and assuming a gold price of US$1800/oz. gold recovery is planned to be achieved using a conventional crushing, milling, gravity, pre-oxidation and carbon-in-leach (CIL) circuit.
Material within the reporting pit shell was classified according to mineral resource confidence categories defined in
CIM Definition Standards for Mineral Resources and Mineral Reserves
. Data quality and quantity, geological and grade continuity, and confidence in the grade and density estimates were considered when classifying the mineral resource.
Mineral resources were classified as either Inferred, Indicated or Measured.
Measured mineral resources were classified where the modelled mineralization and grade estimates were supported by infill drilling spaced on a 12.5m x 12.5m grid on surface. Indicated mineral resources were generally classified where the mineralization and estimation are supported by infill drilling at a spacing of 35m x 35m on surface. Inferred mineral resources are classified up to a drill spacing of 50m x 50m and no more than 50 m beyond drilling data (Figure 2).
It is reasonable to expect that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued infill drilling.
Figure 3: Twin Hills Mineral Resource Classification in Plan View
Mineral Resource Statement
The database was established by the collection, validation, recording, storing, and processing of data and forms the foundation for the MRE. Standard operating procedures were established to govern the collection of all data, while a rigorous QAQC program is in place to support the database.
The Mineral Resource meets the minimum requirement of reasonable prospects for eventual economic extraction (RPEEE) as defined by “CIM Definition Standards – For Mineral Resources and Mineral Reserves” and it is based on geological premises, facts, interpretations, and technical information, and used appropriate estimation methods, parameters, and criteria for the deposit under consideration.
The Mineral Resource is that material within the US$1800/oz reporting pit shell above a 0.3 g/t Au cut-off grade and the Mineral Resource Estimate has an effective date of 15 March 2023 (Table 5).
Table 5: Mineral Resource for the Twin Hills Gold Project at a 0.3 g/t Au cut-off by domain, as at 15 March 2023
Category
Tonnes
Grade
Troy Ounces
(millions)
(g/t Au)
(millions)
Measured
0.7
1.48
0.03
Indicated
83.6
1.08
2.91
M&I
84.3
1.08
2.94
Inferred
7.0
1.10
0.25
Notes on mineral resource reporting:
Figures have been rounded to the appropriate level of precision for the reporting of mineral resources.
Mineral resources are stated as in situ dry tonnes. All figures are in metric tonnes.
The mineral resource has been classified under the guidelines of the CIM Definition Standards for Mineral Resources and Mineral Reserves and adopted by the CIM Council, and procedures for classifying the reported mineral resources were undertaken within the context of the Canadian Securities Administrators NI 43-101.
The mineral resource is reported within a conceptual pit shell determined using a gold price of US$1,800/oz and conceptual parameters and costs to support assumptions relating to reasonable prospects for eventual economic extraction:
4% royalty (3% government royalty and 1% export levy)
Selling costs of US$2.75/oz
Mining costs of US$2.00/t ore and US$1.85/t waste, with additional cost attributed to depth below surface
Processing and rehandling costs of US$8.15/t run of mine ore
G&A cost of US$4.00/t run of mine ore
Slope angle of 48° in weathered rock and 55° in fresh rock
90% gold recovery from CIL circuit
Mineral resources that are not Mineral Reserves do not have demonstrated economic viability.
Table 6: Mineral Resource Domains for the Twin Hills Gold Project at a 0.3 g/t Au cut-off, as at 15 March 2023
MEASURED & INDICATED
INFERRED
Domain
Tonnes
Grade Above Cut-Off
Troy Ounces
Tonnes
Grade Above Cut-Off
Troy Ounces
(millions)
(g/t Au)
(millions)
(millions)
(g/t Au)
(millions)
Bulge
38.5
0.99
1.22
2.3
1.04
0.08
Twin Hills Central
27.8
1.15
1.03
2.2
1.03
0.07
Clouds
9.9
1.29
0.41
1.8
1.26
0.07
Twin Hills North
0.1
1.37
0.004
0.0
1.20
0.000
Clouds West
0.6
1.23
0.02
0.1
0.65
0.002
Kudu
0.6
0.70
0.01
0.2
0.82
0.004
Oryx
6.8
1.10
0.24
0.6
1.24
0.02
TOTAL
84.3
1.08
2.94
7.0
1.10
0.25
The MRE was carried out by Mr. Anton Geldenhuys (MEng), a registered Professional Natural Scientist (SACNASP, membership number 400313/04) of CSA Global, who is an independent Qualified Person as defined by CIM Definition Standards for Mineral Resources and Mineral Reserves in accordance with NI 43-101.
Mine Design and Production Schedule
The DFS has been conducted using the updated Mineral Resource for the Twin Hills Gold Project prepared by CSA Global Mining Industry Consultants (“CSA”). The study complies with guidelines as defined within NI 43-101 Standards of Disclosure for Mineral Projects for a DFS, a professional code of practice that sets minimum standards for Public Reporting of minerals Exploration Results, Mineral Resources and Ore Reserves and the estimates have been prepared by appropriately experienced and qualified, competent persons with a thorough knowledge of the operation.
Inferred resources were excluded from the pit optimisation runs and the Reserve statement and were classified as waste during the LOM production schedule runs. The deposit is a large, shallow gold deposit amenable to open-pit mining. The orebody will be mined as a conventional shovel and truck operation, with bulk mining augmented by more selective mining in areas with narrow ore zones.
The Whittle pit optimisation was run at a base gold price of $1,700 per ounce of gold and a 5% discount rate and included a 3% gross royalty and 1% export levy to the Namibian government. Stated below in Table 7 are the significant assumptions used to generate the Twin Hills Gold Project DFS Mining Study.
Table 7: Mine Planning and Whittle Pit Optimisation Assumptions
Parameter
Units
Values
Base Currency
US$
Base Date
Q2 2023
Exchange Rate – real
(NAD : US$)
17.50
Discount Rate (for NPV calculation)
(%)
5.00
%
Base Gold (Au) Price – real
(US$/oz)
1700
Government Royalty (3%) + Export Levy (1%)
(%)
4.00
%
Selling Costs – Gold Refining Costs
(US$/oz)
0.55
Selling Costs – Gold Transport Costs
(US$/oz)
2.20
SMU Block Size
X(m) x Y(m) x Z(m)
10 x 5 x 2.5
It was assumed that mining would take place by conventional open pit methods and that the whole mining operation, except for the mine technical services function, would be outsourced to a reputable mining contracting specialist. This includes drilling, blasting, loading and hauling of ore and waste. The mining contractor will supply all materials, equipment, facilities and services, supervision and labour necessary to conduct the mining operations per the contract specifications.
Drilling and blasting will be performed on 5m benches for ore and selective waste material; and 10m benches for bulk waste material. The entire waste benches will be excavated in a bulk mining fashion with excavators on two 5.0 m bench flitches. In contrast, the mineralised benches will be selectively loaded in two 2.5m flitches to minimise dilution. The truck and shovel match on the ore and waste benches have been considered and are planned as follows:
130t hydraulic backhoe excavator to be employed for selective loading purposes.
A 200t hydraulic backhoe excavator will load the bulk waste benches.
100t capacity, off-highway rigid haul trucks and standard open-pit drilling equipment will be required.
Ore and waste will be loaded with hydraulic excavators and hauled by diesel-powered trucks to the primary crusher, ROM pad stockpiles, low-grade stockpiles or waste rock dumps.
The remainder of the mining production fleet consists of support equipment, including graders, track and wheel dozers, front-end loaders, rock breakers, and utility excavators.
The Project is planned as a multi-pit mining operation (Figure 3 below) with seven pushbacks in the main pit (Twin Hills Central & Bulge) three separate satellite pits (Clouds, Clouds West and Twin Hills West) to be mined in different phases throughout the life of mine.
The pit design and scheduling have been undertaken to allow for interim pushbacks, which will be mined early, thereby allowing higher grade to the plant to be maximised in the early years, and waste stripping deferred as far as possible into the future.
Figure 3: Design, Layout and Location of Process Plant, Pit and Waste Rock Dumps
The stockpile strategy is to maintain at least two months of ROM ore on finger stockpiles to allow for flexibility in blending to optimise recovery and plant throughput. The processing plant will continue to process lower-grade stockpiles after open-pit mining ends.
The Twin Hills Gold Project Reserve estimate has been determined and reported under the guidelines provided by NI 43-101 Standards of Disclosure for Mineral Projects. The Ore Reserve, as summarised in Table 8, was determined as of the 31
st
of May 2023 based on an economic gold cut-off grade of 0.45 g/t.
Table 8: Twin Hills Gold Project Reserves as of the 31
st
of May 2023 (economic cut-off grade of 0.45 g/t)
Mine Project
Classification
Tonnes
(Mt)
Grade
(g/t)
Contained Metal (Moz)
Twin Hills Gold Project
Proven
0.87
1.19
0.03
Probable
63.64
1.03
2.12
Total Ore Reserve
64.51
1.04
2.15
The DFS mine production schedule was produced with an average material movement of 33.5mtpa (Figure 4), providing approximately 13 years’ ore supply at 5 Mtpa. The figures below summarise the LOM production schedule and key production metrics.
Figure 4: Key mining production schedule graphs
The pre-strip period is six months, with a total of 6.79 Mt mined from the first two pushbacks. After the pre-strip period, the ore inventory on the grade control and ROM stockpiles is 0.73 Mt. The plant production ramp-up is three months after commissioning, in line with similar gold plants commissioned by Lycopodium.
Table 9: Key mining parameter results
Key mining parameters
Unit
Total / LOM
Operations
Mining pre-strip period
Months
6
Mine production life
Years
12
Processing production life
Years
13
Mining
Ore mined
Mt
64.5
Strip ratio
X
4.6
Waste mined
Mt
299.1
Processing
Ore processed
Mt
64.5
Average gold head grade
g/t
1.04
Average CIL gold recovery
%
92.0
%
Output
Gold production
Moz
1.98
Mining start-up CAPEX
M USD
24.31
Mining Opex (average)
USD/t
2.64
Metallurgical Testwork
Testwork on drill core and composite samples was conducted during the Preliminary Economic Assessment (“
PEA
”) and Preliminary Feasibility Study (“
PFS
”) stages of this project, and the results of these tests were reported in earlier press releases. The most influential of the PFS results are summarised briefly below, with a short description of additional metallurgical tests that have been completed since the PFS and the results thereof also reported here.
The drill core samples were taken from the Twin Hills Central, Bulge, Clouds, Clouds West and Twin Hills West sections of the ore body. Transitional (oxidised) as well as fresh ore samples were collected, the physical location in three dimensions was varied considerably and both low and high-grade samples, in the context of this ore body, were collected.
During the DFS, the following PFS tests and results were used directly to support the DFS process plant design:
Bond Crusher. Rod Mill and Ball Mill Work Indices
Abrasion Index and SMC tests
Head sample analyses for gold and a full suite of other elements including carbon and sulphur
Mineralogical investigation of composite head samples of THC, Bulge, Clouds and Transitional core samples
Diagnostic leach of composite samples, which confirmed that the fresh ore samples typically contained about 5% of gold associated with pyrrhotites and recoverable with pre-oxidation, as well as 5-10% of gold associated with arsenopyrite and about 6% still locked in silicate or other gangue minerals at the target grind size
Confirmation of gold deportment by size fraction
Gravity recoverable gold tests, confirming that between 23% and 32% of gold could be recovered, from fresh ore samples, depending on the specific source of the feed sample to GRG. Gold recovery from transitional ore samples was about 18%.
Grind versus gold recovery tests, to confirm design grind target of 80% passing 63 micron
Cyanide leach tests of gravity tails which confirm the 24 hours retention time of slurry containing 50% solids
Pre-oxidation with oxygen in a two pass shear reactor followed by comparative leach tests, confirming that 4 hours of pre-oxidation was beneficial
Leach tests using site water and tap water and reagent optimisation tests
Tailings settling and filtration tests.
Cyanide detoxification tests
The most important result from this phase of test work is summarised in the table below showing ultimate gold grade of tailings after the tests listed above.
The recovery of gold from individual blocks or from sections of each pit was modelled following the testwork, using the final gold grades to develop recovery versus head grade algorithms for each portion of the resource. Gold recovery from any part of the ore body was proportional to head grade.
Table 10: Overall LOM Average Gold Recovery for Different Pits (Sections of the Ore Body)
Material
Pit
LOM Recovery %
Initial 5 Years % Recovery
Transitional
Bulge
93.4
94.1
TH Central
93.4
94.1
Clouds
93.4
94.1
TH West
89.6
Fresh
Bulge
90.4
90.3
TH Central
93.8
94.0
Clouds
89.1
89.1
TH West
88.7
In the plant design and cash flow models these recoveries were discounted by about 0.7% to take account of gold losses in fine carbon and solution associated with filter cake reporting to the tailings storage facility (TSF).
Variability test work was conducted after completion of the PFS, on core samples from diverse locations in the ore body. The results confirmed the flowsheet tested and developed on composite samples and showed that the recovery algorithms developed during the PFS and DFS were valid for each ore type and over the whole range of head grades constituting economically viable ore.
Successful arsenic precipitation tests were conducted following cyanide detoxification, but the mass balances developed for the plant and long-term geochemical leach tests on tailings samples indicated that this circuit was not required in the Twin Hills metallurgical flowsheet.
Filtration tests carried out on tailings samples showed that moisture content of tailings could be reduced to about 15-16% water, using pressure filtration at 6 bar, and that the filtered tailings could be conveyed to the TSF on belt conveyors and deposited in a stable storage facility.
Plant
Mineral Processing
The mine production schedule developed for the DFS allows for most of the ore to be direct tipped with the remainder being rehandled into the crusher by a front-end loader.
The Twin Hills Gold Project plant design for this definitive feasibility study (DFS) is based on a flowsheet that comprises three stages of crushing and screening followed by milling and size classification, gravity recovery, a carbon-in-leach (CIL) circuit, carbon elution, and a gold recovery circuit. CIL tailings will be treated in a cyanide destruction circuit followed by thickening and pressure filtration.
Tailings filter cake will be transferred on an overland conveyor for stacking at the dry tailings storage facility (TSF). Some mine waste rock will be delivered to the TSF by dump truck and used in the construction of the outer containment berm of the TSF. The TSF will be lined to prevent seepage of any acid or dissolved arsenic generated after deposition from potentially coming into contact with groundwater.
The key criteria for equipment selection for this DFS were suitability for duty, reliability, and ease of maintenance. The plant layout provides ease of access to all equipment for operating and maintenance requirements, whilst in turn maintaining a layout that will facilitate construction progress in multiple areas concurrently.
The key project design features for the plant were consistent with the test work results summarised above, and included:
Nominal throughput of 5.0 Mtpa of ore feed.
A primary gyratory crusher with a crushed coarse ore stockpile providing about 12 hours of surge capacity, secondary and tertiary cone crushing and screening, with an annual utilisation of 6,132 hrs.
A covered fine ore stockpile providing about 12 hours of surge capacity, followed by a ball mill grinding circuit in closed circuit with hydrocyclones, and a downstream processing plant with an annual utilisation of 8,000 hrs. This includes a cyclone underflow gravity concentration and intensive leach circuit, thickening, pre-oxidation and carbon-in-leach (CIL) plant, cyanide detoxification with possible future arsenic precipitation, tailings thickening and gold elution and recovery operations.
The pressure filtration circuit and downstream tailings belt conveying, and deposition circuits have been designed for annual utilisation of 7,008 hrs. The circuit therefore includes agitated slurry storage tanks ahead of filtration, providing about 12 hours of surge capacity for tailings thickener underflow.
Reagent and services make-up, storage and distribution circuits to support all of the processing circuits.
An overall process flow diagram depicting the unit operations incorporated in the selected process flowsheet is presented in Figure 9 in the appendix below.
Capital & Operating Cost Estimate
The overall Project capital cost estimate was compiled by Lycopodium, including the cost estimates for a 5mtpa process plant targeting a grind size of 80% passing 63µm. Additional input was sourced from specialists on the tailing storage facility, open pit mine, power supply and non-process infrastructure and Osino have provided project specific estimates of Owner’s costs.
Table 11: Summary of Capital Cost Estimate
Construction Capital Cost Estimate
Unit
Capital Cost
Treatment Plant Costs
US$m
117.6
Reagents & Plant Services
US$m
23.8
Infrastructure
US$m
65.5
Mining
US$m
8.4
Construction Deliverables
US$m
35.2
Freight
US$m
15.8
EPCM
US$m
23.8
Owners Costs
US$m
22.8
Total capital cost (excl. contingency & pre-strip)
US$m
312.9
Estimated Contingency @ 9.3%
US$m
34.2
Process operating costs have been developed by Lycopodium for the life of mine (LOM) blend of mineralized material blends specified by Osino based on the mining and processing schedules developed by the mine planners.
The processing variable operating costs shown in Table 12 have been developed for a plant with an annual throughput equivalent to 5mtpa of fresh mineralized material plant feed at a grind size of 80% passing 63µm, based on a 24-hour per day operation, 365 days per year.
Table 12: Processing Cost Estimate (blended Life of Mine Estimate)
Plant Ore Feed (t processed per year)
5,000,000
Cost Centre
US$m/year
US$/t ore
Power
16.7
3.34
Operating Consumables
30.4
6.07
Maintenance
2.4
0.48
Laboratory
1.4
0.29
Process Plant Labour
5.1
1.03
Total Variable Processing Cost
56.0
11.20
Mining operating costs were estimated based on the envisaged mining contractor’s selected equipment fleet and organisational structure. The estimate was done from first principles, using the original equipment manufacturers hourly life cycle cost estimates with the simulated production rates for the primary mining equipment.
Administrative costs were developed by other specialist consultants (non-process infrastructure and power supply, tailings storage facility) or by Osino (G&A labour and expenses). In all cases, the estimates were developed from first principles. The unit operating cost estimates thus derived are summarized in Table 13 below:
Table 13: Plant Operating Cost Estimate Summary
Cost Centre
Total Operating Cost
Percentage of
Operating Cost
US$/year
US$/tonne ore
Operating Consumables
Crushing Plant
683 504
0.14
1.0
%
Milling Plant
11 563 726
2.31
16.9
%
Pre-Leach and CIL
10 179 923
2.04
15.0
%
Cyanide Destruction
3 218 971
0.64
4.7
%
Thickening and Filtration
2 425 390
0.49
3.6
%
ADR and Gold Room
2 064 919
0.41
3.0
%
Miscellaneous
232 140
0.05
0.4
%
Subtotal Processing Consumables
30 368 573
6.07
44.5
%
Plant Maintenance
2 394 513
0.48
3.5
%
Laboratory (Plant)
1 431 559
0.29
2.1
%
Solar Power (79.6 GWh per year)
4 776 000
0.96
7.0
%
Grid Power (Plant) 124.4 GWh per year
11 901 954
2.38
17.5
%
Labour (Plant Operations & Maintenance)
5 135 131
1.03
7.6
%
Subtotal Plant Costs
25 639 157
5.13
37.6
%
Total Processing Variable Costs
56 007 739
11.20
82.1
%
General & Administrative Labour
6 525 590
1.31
9.6
%
General & Administrative Power
398 331
0.08
0.6
%
General & Administrative Expenses
1 891 665
0.38
2.8
%
Infrastructure Items transferred from Capex
1 723 304
0.34
2.5
%
Tailings Storage Facility Operating Cost Estimate
1 616 227
0.32
2.3
%
Total Plant G&A including Site Infrastructure & CDF
12 166 117
2.43
17.9
%
Total Processing Cost (excl. Contract Mining)
68 162 846
13.63
100.0
%
Site Location and Infrastructure
The Twin Hills Project is in central Namibia approximately 20km from the local town of Karibib, and 150km from the capital city, Windhoek. The Project area has access to excellent infrastructure by being in close proximity to Namibia’s well-maintained national rail, road and bulk utilities network.
Figure 5: Design, Layout and Location of Process Plant, Pit and Waste Rock Dumps
The Project is located within 5km’s of the sealed national highway network, within 20km’s of a major high tension overhead power line and within 220km’s of the modern seaport of Walvis Bay, to the west of the Project, which is the main logistical port suppling the mining industry in the region. The Project is also within 30km’s of the well-established Navachab gold mine, which has been in consistent production since 1989.
The Project is located in arid shrub land and is characterised by moderate relief with local elevations ranging from 900 m to 1,500 m above sea level. The primary economic activities in the Project area are agricultural (cattle ranching and game farming). Local elevations or hills in the Project area are generally associated with marble outcrops and granitic intrusions.
The anticipated infrastructure for the Project includes mine dry facilities, equipment maintenance workshop, refuelling facilities, explosive magazine, office administration facilities, assay laboratory, and warehouse facilities. As well as access roads, stockpiling areas, storm water handling facilities, water supply, power supply network, diesel generators, sewage treatment plant, and waste management facilities.
Field investigations have informed the optimum site layout for the plant, waste dumps and tailings facility.
Mine Power Supply
The Project average power demand has been estimated at about 23.5 MW, which will be supplied from the Namibian grid by a high-voltage overhead powerline to the site switchyard. The national grid connects to the town of Karibib with a 66kV line, which also supplies the Navachab gold mine. Osino has signed an agreement with the national power utility, NamPower, to connect the planned operation into the high voltage power grid.
In March 2022 Osino signed a power-supply agreement (“PSA”) with Namibia’s parastatal power utility NamPower (Pty) Ltd (“NamPower”). The agreement is to supply a minimum of 16MW through a dedicated 66kV feeder bay and overhead lines from the new Erongo substation at Karibib town, approximately 20km from the project site. The terms of the agreement also stipulate that grid power supply is subject to a 36 to 48-month NamPower procurement and construction lead time and Osino have paid NAD12m capital contribution to NamPower for the connection. The project has subsequently applied to increase maximum demand from the substation to 30MW and intend to fast track the development of the substation and transmission infrastructure in line with the project development timeframe.
In addition to the grid power supply, Osino has engaged a specialist consultancy to assist in designing and procuring a large-scale photovoltaic power supply. The study has undertaken various trade-offs and determined that a 25.5 – 27.1 MWac PV configuration would be the preferred option showing optimum results for a 35% renewable energy share. Inclusion of a solar PV plant is planned to be facilitated through an Independent Power Producer, through a private power purchase agreement, and will yield an energy tariff that is lower than that of the grid connection; this not only reduces the operational cost of the Project, but also provides a certain level of risk mitigation against grid tariff escalation. In addition, it is anticipated that the total greenhouse gas emissions from the Project will be reduced by 19.9kt annually, compared to a 100% coal fired generation system.
Site Water Balance and Mine Water Supply
The site water balance based on a process throughput of 5 million tonnes per annum (Mtpa) has a water demand of approximately 1.1m m
3
/yr. The process design aims to maximise the re-use of water by recycling process solutions wherever possible through filtration systems in the plant.
It is assumed that approximately 85% of the water contained in tailings is recycled at the plant and the remaining water is lost in the filtered tailings cake sent to the tailings storage facility. The water balance assumed that a portion of the demand would be lost at the plant and a further amount used for dust suppression. It assumes full evaporation rates at the open pits at start of operation. The site water balance indicates that the processing cycle is in a water deficit and requires water from external source such as fresh water, groundwater, or other recycled source.
Several options are advanced to supply additional mine make up water to compensate for the water deficit but also to alleviate reliance on a single source supply. The following options are envisaged for water supply to the mine:
The primary water source is from boreholes pumping groundwater from the Karibib marble to supply approximately 3,300m
3
/day, or 1.1m m
3
/yr. This supply strategy is based on sustainable yields tested during the field program and will be supplemented by pit dewatering later on in the LOM.
Khan River sand and river dams with groundwater recharge sites to increase the sustainability of groundwater abstraction on site, with excess seasonal water to be used directly in the plant process.
Okawayo flood mitigation dam and diversion:
Okawayo managed aquifer recharge scheme: Modelling of the potential long-term yield of this option is ongoing and is also likely to increase sustainability of the groundwater on the southern marbles.
Okawayo surface water diversion to Clouds West Pit: This pit will be mined in Year 1, and thereafter water from seasonal flow will be diverted and stored in the completed pit to be used directly in the plant process.
NamWater scheme bulk supply: an investigation into the sustainable yield of the Kranzberg aquifer indicates significant alluvial aquifer potential. The scheme would require installing a 30km long pipeline between Kranzberg and Karibib.
Karibib wastewater scheme supply: This option is being investigated in partnership with the town council and could supply up to approximately 150,000 m
3
/yr at current population estimate to 200,000 m
3
/yr depending on the population growth.
The potential of the Khan and Okawayo managed aquifer recharge schemes sustainable yields are to be further studied and confirmed. These alternative water supply options are envisaged as longer term strategy to lower reliance on national water schemes.
Environmental and Permitting
Environmental Compliance Consultancy (ECC) was contracted by Osino, to undertake an environmental and social impact assessment (ESIA) for the Twin Hills Project Mining Licence 238 (ML 238). The ESIA was undertaken to international IFC lender standards, and completed with an environmental and social management plan (ESMP). The ESIA report detailed the assessment process, legal requirements, baseline studies, design considerations related to environmental, social, and economic aspects of the Project, related impacts of the Project activities on the area, and outlines mitigation strategies to manage those impacts.
The ESIA was prepared to obtain an environmental clearance certificate (ECC) for the project from the Namibian authorities and to supplement technical reports providing environmental, permitting, social and compliance components for the project feasibility study.
Environmental approval was received for the project from the Namibian government on the 3rd November 2022 and remains valid for legal duration of the Namibian environmental approvals which is three years. This clearance is renewable every three-year cycle through demonstration project compliance to the approval granted.
All relevant secondary permits are in the process of being obtained as required by the Namibian authorities. The first application to be submitted is for the Land Clearing Permit which will be required for early works.
Risks & Opportunities
A number of significant project improvement opportunities have been identified as part of this DFS, including the following:
Possible extension of mineral resources along strike and down dip to increase life of mine
Possible further optimization of the process flowsheet and major equipment selection. In particular, tailings filtration and comminution circuit optimization may result in significant capital cost savings
Increase in percentage of renewable power, to reduce power cost and increase supply confidence
Possible increase in gold recovery by modifying the flowsheet to process sulphides more effectively
Possible buy out options for Osino to take over the mining operations, renewable power plant and laboratory. This would result in an increase in capital but also a concomitant reduction in operating costs
Developing the Kranzberg aquifer or Khan River managed aquifer recharge projects would improve water availability for the local community as well as the mine and plant.
The key project risk that have been identified are as follows:
Possible delays in the procurement and construction of the Erongo sub-station, causing a possible delay in the connection to grid power for mine start-up.
Community discontent due to social impact as a result of mine construction (influx of people, pressure on resources, insufficient local employment)
Insufficient ground water available to commence mining operations.
Capital or operating cost increases due to new external supply or logistics factors
Proposed Project Development Plan
Osino’s intention is to continue to fast-track the development of the Twin Hills project. The next steps expected to be completed include the following main activities:
The project execution plan and schedule produced during the DFS will be enhanced.
Front end engineering design (FEED) proposals from two companies have been evaluated and one of these companies will be appointed early in the third quarter of 2023.
In parallel with FEED, prepare a detailed operational readiness plan for the project.
Establish the core project implementation Owner’s and EPCM teams.
Set up the procedures, detailed schedule, control budget estimate and plans for project implementation.
Initiate preparatory earthworks on site as well as access road design and approvals.
The objectives of FEED are:
Optimise the project design criteria to match the latest technical input data.
Extend the DFS designs to include standard basic engineering package deliverables.
Tighten DFS capital and operating cost estimate ranges by conducting enhanced design work and extended discussions with key vendors.
Confirm major equipment vendors, service suppliers and contractors.
Update DFS site and plant layouts as well as material take offs and bills of quantity.
Responsible Mining
Osino’s approach to sustainability is driven by its core philosophy, which is “to build value for all stakeholders”. This is demonstrated through a number of initiatives, highlighting the company’s commitment in real terms. As the project progresses these initiatives will be increasingly developed and expanded upon and they currently serve as a well-considered foundation for future environmental and social programs.
Other key initiatives which are currently underway, include:
Employee housing:
A comprehensive housing plan is near complete. Priorities of the plan are to ensure the availability of decent and affordable housing for employees. This will serve to improve the quality of life for lower-level employees and minimize the social impacts and infrastructure demands, within host communities.
Infrastructure design:
Conceptual plans that are environmentally sensitive have been developed to reduce the impacts of infrastructure during construction and operation. The utilization of local skills and in-situ building materials (such as calcrete, waste marble and sand), in order to maximize local beneficiation for communities during construction, is central to the design and planning approach.
Community development:
The Twin Hills Trust, supported by a growing number of service providers, is expected to significantly expand its development work in its host communities and beyond.
Local hiring and procurement:
A local community hiring and skills development program and a local procurement and supplier identification program is being developed.
Land management:
A management plan that addresses responsible environmental stewardship, land improvement, environmental research and education, community-based conservation and post-mine closure opportunities is currently being developed.
The 2021 Sustainably Report provides more information, and the DFS Report and the 2022 Sustainability Report (currently in production) will provide further details.
Interpretation and Conclusions
Lycopodium’s conclusion was that the Twin Hills Gold Project DFS is a low technical risk conventional open pit mine and carbon-in-leach processing facility with a flowsheet which is based on unit operations that are proven in industry.
An economic analysis of the mine schedule generated from the DFS resource model has shown financial viability of the project at a gold price of US$1750/oz, and the sensitivity analysis has demonstrated continued profitability against changes in key project parameters at different gold prices.
A review of the outcomes of the DFS analysis indicates that the project is robust and has no fatal flaws, and it is therefore recommended that the project is progressed to the FEED.
Figure 7: Twin Hills Gold Project Process Plant Flow Diagram
Figure 8: Twin Hills Gold Project: Process Plant General Arrangement Plan
4
Figure 9: Processing Plant 3D Model and Isometric View
Figure 10: Site Layout
Figure 11: Life of Mine Production Schedule
Qualified Persons & Technical Report
The qualified persons within the meaning of NI 43-101 who will prepare the technical report on the DFS in accordance with the disclosure and reporting requirements of NI 43-101 consists of Robert Armstrong, PrSciNat, SRK Consulting (Pty) Ltd as to mining geotechnical, Paul-Johan Aucamp, MSc, Pr Sci Nat
,
Principal Engineering Geologist, Associate Partner SRK Consulting (Pty) Ltd; Ms. Veronique Daigle, Pr. Eng. Lead Engineer and Director of Knight Piésold Consulting (Pty) Ltd (Namibia), Anton Geldenhuys, MGSSA PrSciNat, Principal Resource Consultant, CSA Global South Africa (Pty) Ltd. as to resource estimates; Ruan Venter, Senior Process Consultant, Lycopodium Minerals Canada Ltd. as to metallurgy; Mr. Werner Moeller, MAusIMM, Director and Principal Mining Engineering Consultant, Qubeka Mining Consultants CC as to mining; Georgi Doundarov, M.Sc., P.Eng., PMP, CCP, Lycopodium Minerals Canada Ltd. as to economic evaluation; Diana Duthe, M.Sc., PrSciNat, Lead Hydrogeologist, Knight Piesold Consulting as to hydrogeology; Mr. Rob Welsh B.Sc., Pr. Eng., SMSAIEE, DRA Projects Pty Ltd as to non-process infrastructure and Mr. Luke Towers, PrSciNat, as to social and environmental. Mr. Aucamp, Mr. Armstrong, Ms. Daigle, Mr. Geldenhuys, Mr. Venter, Mr. Moeller, Mr. Doundarov, Ms. Duthe, Mr. Towers and Mr. Welsh are qualified persons who are independent of Osino under NI 43-101. The scientific and technical information contained in this news release has been reviewed and approved by Mr. Aucamp, Mr. Armstrong, Ms. Daigle, Mr. Geldenhuys, Mr. Towers, Mr. Venter, Mr. Moeller, Mr. Doundarov, Ms. Duthe and Mr. Welsh in their respective areas of expertise.
Robert Armstrong
Mr. Robert Armstrong is a Principal Consultant and Partner of SRK Consulting (South Africa) (Pty) Ltd. and holds a BSc (Hons) in Mining and Exploration Geology from The University of the Witwatersrand (South Africa). He is a Fellow in good standing of the Geological Society of South Africa, a Member in good standing of the South African National Institute of Rock Engineering, a holder of a South African Chamber of Mines Rock Engineering Certificate and a registered Professional Natural Scientist (PrSciNat) with the South African Council for Natural Scientific Professions (SACNASP, membership number 400073/09). He has over 20 years' continuous professional experience in project and operational mining geotechnical studies. He is familiar with NI 43-101 and, by reason of his education, experience and professional registrations, he fulfils the requirements of an independent Qualified Person as defined in NI 43-101.
Paul-Johan Aucamp
Mr. Aucamp is a Principal Consultant and Partner of SRK Consulting (South Africa) (Pty) Ltd (‘SRK Consulting’) and a registered Professional Natural Scientist (PrSciNat) with the South African Council for Natural Scientific Professions (SACNASP, membership number 400422/04). He holds and MSc in Engineering and Environmental Geology from The University of Pretoria. He has over 20 years of continuous consulting experience in the field of engineering and environmental geology. He has no material present or contingent interest in the outcome of this report, nor does he have any pecuniary or other interest that could be reasonably regarded as being capable of affecting his independence in the preparation of this report. SRK Consulting has contributed to this report in return for professional fees based upon agreed commercial rates and the payment of these fees is in no way contingent on the results of this report. No member or employee of SRK Consulting is, or is intended to be, a director, officer, or other direct employee of Osino. No member or employee of SRK Consulting has, or has had, any shareholding in Osino. Furthermore, there is no formal agreement between SRK Consulting and Osino as to Osino providing further work for SRK Consulting.
Veronique Daigle
Ms. Veronique Daigle, Pr. Eng. at Knight Piésold Consulting (Pty) Ltd., is an independent Qualified Person (QP) as defined by CIM Definition Standards for Mineral Resources and Mineral Reserves in accordance with NI 43-101. She is responsible for the tailings storage facility and associated capital costs estimates, as well as operating costs. She is a Lead Engineer and Director of Knight Piésold Consulting (Pty) Ltd (Namibia) and registered member of the Engineering Council of Namibia (license number PE2017-19). She is also member in good standing with the South African Committee on Large Dams, the Canadian Dam Association, and the Ordre des Ingénieurs du Quebec, Canada (member no 143 74). She has visited the Project site prior to the initiation of the Definitive Feasibility Study in November 2022; and is familiar with the general lay of land. She has 17 years of continuous experience in tailings, geotechnical engineering and water management employed at Knight Piésold.
Georgi Doundarov
Mr. Georgi Doundarov is Senior Study Manager of Lycopodium Minerals Canada Ltd. based in Mississauga, Canada. He holds a M.Eng. degree in Infrastructure Management and Metallurgy (2005) from Yokohama National University, a MSc degree in Mineral Processing and Metallurgy (1996) and a BSc degree in Mineral Processing (1995) from University of Mining and Geology in Sofia, Bulgaria. He is a member in good standing with the Professional Engineers Ontario (P.Eng. nr. 100107167), Project Management Institute (Project Management Professional nr. 1218345), and the Association for Advancement of Cost Engineering International (Certified Cost Professional nr. 42319). Mr. Doundarov has practised as an engineer continuously since 1996 and has over 28 years managerial, operations, technical, project, and financial engineering experience globally in mining, mineral processing and metallurgy. He is familiar with Ni 43-101 and, by reason of his education, experience and professional registrations, he fulfils the requirements of a Qualified Person as defined in NI 43-101. He has reviewed and approved the scientific and technical information in this news release related to economic evaluation.
Diana Duthe
Ms. Diana Duthe is Lead Hydrogeologist of Knight Piesold Consulting based in Sandton, South Africa. She holds a BSc (Hons) degree in Geology (1985) from the University of Witwatersrand, South Africa and a MSc degree in Hydrogeology (1991) from the University of Neuchatel, Switzerland. She is a member in good standing of the Professional Registration of South African Council for Natural Scientific Professions (PrSciNat nr. 400091/01) and the Groundwater Section of the South African Geological Society. Ms. Duthe has practised as a scientist continuously since 1985 with over 30 years of consulting experience in the field of geology, geochemistry, and hydrogeology. She is familiar with NI 43-101 and, by reason of her education, experience and professional registrations, she fulfils the requirements of a Qualified Person as defined in NI 43-101. She has reviewed and approved the scientific and technical information in this news release related to hydrogeology.
Anton Geldenhuys
Mr. Anton Geldenhuys is a Principal Consultant of CSA Global South Africa (Pty) Ltd. and holds a BSc (Hons) Geology degree from Rand Afrikaans University (South Africa) and an MEng from the University of the Witwatersrand (South Africa). He is a member in good standing of the Geological Society of South Africa and a registered Professional Natural Scientist (PrSciNat) with the South African Council for Natural Scientific Professions (SACNASP, membership number 400313/04). He has over 20 years' continuous professional experience in exploration, mineral resource development, and evaluation of mining projects. He is familiar with Ni 43-101 and, by reason of his education, experience and professional registrations, he fulfils the requirements of a Qualified Person as defined in NI 43-101. He has reviewed and approved the scientific and technical information in this news release related to mineral resources.
Werner Moeller
Mr. Werner Moeller is a Director and Principal Mining Engineering Consultant of Qubeka Mining Consultants CC based in Windhoek, Namibia. He holds a BEng degree in Mining Engineering and a BEng (Hons) degree in Industrial Engineering from the University of Pretoria (South Africa). He is a Fellow of the Australian Institute of Mining and Metallurgy (membership number 329888) and a Member of the South African Institute of Mining and Metallurgy (membership number 704793). Mr Moeller has been practicing his profession continuously since 2002 and has twenty years of mine planning and operations experience across a range of African projects. He is familiar with NI 43-101 and, by reason of education, experience in exploration, mineral resource development, estimation and reporting of ore reserves, evaluation of mining projects and professional registration, he fulfils the requirements of a Qualified Person as defined in NI 43-101. He has been involved with the Project since September 2020 and has reviewed and approved the scientific and technical information in this news release related to Mining.
Luke Towers
Mr. Luke Towers is an associate of Environmental Compliance Consultancy (ECC) a registered professional member of the South African Council for Natural Scientific Professions (Pr.Sci.Nat. nr 114418) and a member of the Groundwater Division of the Geological Society of South Africa (member nr. 8254). He has no material present or contingent interest in the outcome of this report, nor does he have any pecuniary or other interest that could be reasonably regarded as being capable of affecting their independence in the preparation of this report. Mr. Towers has prepared this report in return for professional fees based upon agreed commercial rates and the payment of these fees is in no way contingent on the results of this report. No member of ECC is or is intended to be, a director, officer, or other direct employee of Osino. No member or employee of ECC has or has had, any shareholding in Osino. Furthermore, there is no formal agreement between ECC and Osino as to Osino providing further work for ECC. He is familiar with NI 43-101 and, by reason of his education, experience, and professional registrations, he fulfils the requirements of an independent Qualified Person as defined in NI 43-101.
Olav Mejia
Mr. Olav Mejia is a Lycopodium Minerals Canada Ltd (‘Lycopodium’) employee who has no material present or contingent interest in the outcome of this report, nor does he have any pecuniary or other interest that could be reasonably regarded as being capable of affecting his independence in the preparation of this report. Lycopodium has contributed to this report in return for professional fees based upon agreed commercial rates and the payment of these fees is in no way contingent on the results of this report. No member or employee of Lycopodium is, or is intended to be, a director, officer, or other direct employee of Osino. No member or employee of Lycopodium has, or has had, any shareholding in Osino. Furthermore, there is no formal agreement between Lycopodium and Osino as to Osino providing further work for Lycopodium. Mr. Mejia graduated from the University of San Marcos with a B.Eng. degree in Chemical Engineering and a graduate of the University of British Columbia with a MASc degree in Mineral Processing, and has 25 years of experience as a chemical engineer and mineral processing engineer since graduation. He is a registered Professional Engineers Ontario (membership number 100602612). He is familiar with NI 43-101 and, by reason of his education, experience, and professional registrations, he fulfils the requirements of an independent Qualified Person as defined in NI 43-101.
Rob Welsh
Mr Rob Welsh is a Senior Project Manager for DRA Projects Pty Ltd of Building 33 Woodlands Office Park, 20 Woodlands Drive, Woodlands, Sandton, 2080, South Africa and 2 Long Street, Cape Town, 8000, South Africa. He holds a BSc Engineering degree in Electrical Engineering from the University of Natal (Durban, South Africa). He is a Senior Member of the Institute of Electrical Engineers (Membership number 5534) and a Professional Engineer in good standing registered with the Engineering Council of South Africa (Registration number 990118). Mr Welsh has been practising his profession continuously since 1991 and has 32 years of experience across a range of African projects. He is familiar with NI 43-101 and, by reason of his education, experience, and professional registrations, he fulfils the requirements of an independent Qualified Person as defined in NI 43-101.
Technical Disclosure
Data verification programs have included review of QA/QC data, re-sampling and sample analysis programs, and database verification. Verification checks have been performed on data, and comprise checks on surveys, collar coordinates and assay data. In the opinion of Mr. Geldenhuys, sufficient verification checks have been undertaken on the databases to provide confidence that the database is virtually error free and appropriate to support resource and reserve estimation.
David Underwood
Mr. David Underwood, BSc. (Hons) is Vice President Exploration of Osino Resources Corp. and has reviewed and approved the scientific and technical information in this news release related to geology and exploration. He is a registered Professional Natural Scientist with the South African Council for Natural Scientific Professions (Pr. Sci. Nat. No.400323/11) and a Qualified Person for the purposes of National Instrument 43-101.
About Lycopodium
Lycopodium is an innovative and value-driven process, engineering and project delivery organisation with extensive African experience. The Company is headquartered in Perth, Western Australia and is listed on the Australian Stock Exchange (ASX: LYL) and with its global offices and international network, Lycopodium is able to offer its clients professional services for Feasibility Studies, Process Development and Optimisation, Engineering and Design, Project Management and Delivery, Project Services, Construction Management, Completions, and Commissioning and Operations Support including Asset Management.
A replay of the presentation will be available following the live webinar.
About Osino Resources
Osino is a Canadian gold exploration and development company focused on the fast-tracked development of our Twin Hills Gold Project (“Twin Hills”) in central Namibia. Twin Hills is at an advanced stage of exploration and development with more than 225,000m of drilling completed on the project since its grassroots discovery by Osino with various advanced development studies underway.
Osino has a commanding ground position of approximately 8,000km
2
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 by utilizing a portfolio approach geared towards discovery, targeting gold mineralization that fits the broad orogenic gold model.
Our core projects are favourably located north and north-west of Namibia’s capital city Windhoek. By virtue of their location, the projects benefit significantly from Namibia’s well-established infrastructure with paved highways, railway, power and water in close proximity. Namibia is mining-friendly and lauded as one of the continent’s most politically and socially stable jurisdictions. Osino continues to evaluate new ground with a view to expanding our Namibian portfolio.
On Behalf of The Board of Directors
Heye Daun
Chief Executive Officer, President, and Director
CONTACT INFORMATION
Osino Resources Corp.
Yaron Conforti
Corporate Development
+1-604-687-2038
[email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Cautionary Statement Regarding Forward-Looking Information
Certain information set forth in this news release contains “forward‐looking statements” and “forward‐looking information” within the meaning of applicable Canadian securities legislation (referred to herein as forward‐looking statements) and in applicated United States securities law. Except for statements of historical fact, certain information contained herein constitutes forward‐looking statements which includes, but is not limited to, statements with respect to: the future financial or operating performance of the Company and its Twin Hills Gold Project; results from work performed to date; the estimation of mineral resources and reserves; the realization of mineral resource and reserve estimates; the development, operational and economic results of the preliminary feasibility study (the “PFS”) for the Twin Hills Gold Project (the “Project”), including cash flows, revenue potential, staged development, capital expenditures, development costs and timing thereof, extraction rates, life of mine projections and cost estimates; timing of completion of a technical report summarizing the results of the PFS; magnitude or quality of mineral deposits; anticipated advancement of the Project mine plan; exploration expenditures, costs and timing of the development of new deposits; costs and timing of future exploration; the completion and timing of future development studies; estimates of metallurgical recovery rates; anticipated advancement of the Project and future exploration prospects; requirements for additional capital; the future price of metals; government regulation of mining operations; environmental risks; the timing and possible outcome of pending regulatory matters; the realization of the expected economics of the Project; future growth potential of the Project; and future development plans. Forward-looking statements are often identified by the use of words such as “may”, “will”, “could”, “would”, “anticipate”, ‘believe”, expect”, “intend”, “potential”, “estimate”, “budget”, “scheduled”, “plans”, “planned”, “forecasts”, “goals” and similar expressions. Forward-looking statements are based on a number of factors and assumptions made by management and considered reasonable at the time such information is provided. Assumptions and factors include: the Company’s ability to complete its planned exploration programs; the absence of adverse conditions at the Project; no unforeseen operational delays; no material delays in obtaining necessary permits; the price of gold remaining at levels that render the Project economic; the Company’s ability to continue raising necessary capital to finance operations; and the ability to realize on the mineral resource and reserve estimates. Forward‐looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward‐looking statements. These risks and uncertainties include, but are not limited to: general business, economic and competitive uncertainties; the actual results of current and future exploration activities; conclusions of economic evaluations; meeting various expected cost estimates; benefits of certain technology usage; changes in project parameters or economic assessments as plans continue to be refined; future prices of metals and foreign exchange rates; possible variations of mineral grade or recovery rates; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); title to properties; the impact of COVID-19 on the timing of exploration and development work and management’s ability to anticipate and manage the foregoing factors and risks. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Readers are advised to study and consider risk factors disclosed in the Company’s most recently filed annual information form or management's discussion and analysis filed on SEDAR under the Company's profile at
www.sedar.com
.
There can be no assurance that forward‐looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward‐looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The forward-looking statements contained herein is presented for the purposes of assisting in understanding the Company’s plan, objectives and goals and may not be appropriate for other purposes. Forward-looking statements are not guarantees of future performance and readers are cautioned not to place undue reliance on forward‐looking statements. This presentation also contains or references certain market, industry and peer group data which is based upon information from independent industry publications, market research, analyst reports and surveys and other publicly available sources. Although the Company believes these sources to be generally reliable, such information is subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other inherent limitations and uncertainties. The Company has not independently verified any of the data from third party sources referred to in this news release and accordingly, the accuracy and completeness of such data is not guaranteed.
(Not for dissemination in the United States of America.)
This website / media webpage is owned, operated and edited by TD Media LLC. Any wording found on this website / media webpage or disclaimer referencing to “I” or “we” or “our” or “TD Media” refers to TD Media LLC. This website / media webpage is a paid advertisement, not a recommendation nor an offer to buy or sell securities. Our business model is to be financially compensated to market and promote small public companies. By reading our website / media webpage you agree to the terms of our disclaimer, which are subject to change at any time. We are not registered or licensed in any jurisdiction whatsoever to provide investing advice or anything of an advisory or consultancy nature and are therefore are unqualified to give investment recommendations. Always do your own research and consult with a licensed investment professional before investing. This communication is never to be used as the basis for making investment decisions and is for entertainment purposes only. At most, this communication should serve only as a starting point to do your own research and consult with a licensed professional regarding the companies profiled and discussed. Conduct your own research. Companies with low price per share are speculative and carry a high degree of risk, so only invest what you can afford to lose. By using our service you agree not to hold our site, its editor’s, owners, or staff liable for any damages, financial or otherwise, that may occur due to any action you may take based on the information contained within our website / media webpage.We do not advise any reader take any specific action. Losses can be larger than expected if the company experiences any problems with liquidity or wide spreads. Our website / media webpage are for entertainment purposes only. Never invest purely based on our alerts. Gains mentioned in our website / media webpage may be based on end-of-day or intraday data. This publication and their owners and affiliates may hold positions in the securities mentioned in our alerts, which we may sell at any time without notice to our subscribers, which may have a negative impact on share prices. If we own any shares we will list the information relevant to the stock and number of shares here. TD Media business model is to receive financial compensation to promote public companies. To conduct investor relations advertising, marketing and publicly disseminate information not limited to our Websites, Email, SMS, Push Notifications, Influencers, Social Media Postings, Ticker Tags, Press Releases, Online Interviews, Podcasts, Videos, Audio Ads, Banner Ads, Native Ads, Responsive Ads. This compensation is a major conflict of interest in our ability to be unbiased regarding. Therefore, this communication should be viewed as a commercial advertisement only. We have not investigated the background of the hiring third party or parties. The third party, profiled company, or their affiliates likely wish to liquidate shares of the profiled company at or near the time you receive this communication, which has the potential to hurt share prices. Any non-compensated alerts are purely for the purpose of expanding our database for the benefit of our future financially compensated investor relations efforts. Frequently companies profiled in our alerts may experience a large increase in volume and share price during the course of investor relations marketing, which may end as soon as the investor relations marketing ceases. Our emails may contain forward-looking statements, which are not guaranteed to materialize due to a variety of factors
We do not guarantee the timeliness, accuracy, or completeness of the information on our website / media webpage. The information in our website / media webpage is believed to be accurate and correct, but has not been independently verified and is not guaranteed to be correct. The information is collected from public sources, such as the profiled company’s website and press releases, but is not researched or verified in any way whatsoever to ensure the publicly available information is correct. Furthermore, TD Media often employs independent contractor writers who may make errors when researching information and preparing these communications regarding profiled companies. Independent writers’ works are double-checked and verified before publication, but it is certainly possible for errors or omissions to take place during editing of independent contractor writer’s communications regarding the profiled company(s). You should assume all information in all of our communications is incorrect until you personally verify the information, and again are encouraged to never invest based on the information contained in our written communications. The information in our disclaimers is subject to change at any time without notice.
