Osino Resources Corp. (TSXV:OSI) has announced a maiden mineral resource estimate (MRE) for Osino’s Ondundu Gold Project in Namibia comprising 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 is 100% owned by Osino and is located approximately 130 km northwest of Osino’s flagship Twin Hills Project in Namibia. Osino completed the acquisition of Ondundu from B2Gold Corp. on July 21, 2022.
“We are very pleased with the completion of this maiden resource estimate at Ondundu, which adds almost a million ounces of gold at 1.13g/t and significantly increases the size potential of our combined Namibian gold portfolio,” President and CEO, Heye Daun, said.
“Ondundu is the oldest known gold deposit in Namibia, with a history of small-scale gold production and historical technical work by a range of operators, including most recently B2Gold.
“These operators recognised Ondundu’s significant potential due to its extremely coarse and nuggety nature of gold mineralisation. Given the nature of the deposit, we believe that there is potential to improve the grade and size of the deposit with additional drilling and using larger sample volumes. This will be tested with a limited RC drill programme which is about to commence. Our vision of delivering a feasible mining and process route involving gravity pre-concentration at Ondundu with subsequent processing at Twin Hills is now one step closer to fruition.”
The mineral resource was estimated from approximately 46,500m of diamond core (“DD”) and reverse circulation (RC) drilling, which was completed by previous operators, but mainly B2Gold between 2015 and 2020 but was never converted into a code-compliant MRE. Drill collars were spaced on various grids from 25m to 100m on surface and inclined at 60° at an azimuth of 70°.
Gold mineralisation occurs along a continuous 2.1km strike length and within a 200m wide corridor, although this width is not necessarily mineralised throughout. Gold mineralisation is modelled to a depth of approximately 320m below surface. The mineral resource has reasonable prospects for eventual economic extraction based on conceptual mining costs and parameters, and a gold price of US$1800/oz.
Ondundu Project Location
The Ondundu Gold Project is located in north-central Namibia approximately 270km northwest of Windhoek and 130km northwest of the Company’s Twin Hills Gold Project. It lies within EPL 3195 which has an area of 10,386.5 hectares.
History
The Ondundu Project area has a long history of mining and exploration since its discovery in 1917. Between 1922 and 1964 approximately 20,000 ounces of gold were recovered by small scale miners.
Systematic exploration commenced in the 1980’s and the first documented drilling was carried out by Tsumeb Corporation Ltd (TCL) (1980-1985), with similar programs by Goldfields Ltd (1985-1990) and Westport Resources Namibia (Pty) Ltd (2005-2010). The first major drilling campaign was conducted by Angus Mining Ltd in 2010 and 2011. B2Gold’s involvement in the project commenced in 2015 and they were responsible for the majority of drilling at the Project until 2021.
For further information please visit: https://osinoresources.com/
