Osino moved mountains in 2022 with Twin Hills Gold Project in Namibia
Osino Resources has moved mountains with their work on developing the Twin Hills Gold Project
The Canadian gold exploration and development company was bold enough to acquire the Ondundu mine from B2Gold.
The government of Namibia granted Osino a 20-year licence for the Twin Hills project for which the company raised US$15m.
There have been great partnerships too, with Prospect Resources Limited Terrafranca Capital Partners Nebari Gold Fund 1, LP and Nebari Natural Resources Credit Fund I, LP, with Nebari Gold Fund 1 and Newmont Corporation.
6 January 2022
Osino Resources announced that it had signed an agreement with B2Gold to buy the Ondundu gold exploration property for US$415,2m in cash, deferred cash and shares in the Razorback Gold Mining Company.
Razorback Gold Mining owned 100% of exclusive prospecting license 3195, which covers 19,969 hectares northwest of Osino’s Twin Hills Gold Project.
8 February 2022
Osino Resources announced that it had received US$9,107,455 from the 8,941,047 previously issued warrants.
The funds received will be used to continue fast-track its flagship Twin Hills Gold Project's development, progress other Namibian exploration and project development initiatives, and for general working capital purposes.
The warrants were issued in conjunction with a private placement financing completed in January 2020. The exercise price of the warrants was $1.05 per warrant and were set to expire on January 30, 2022.
23 February 2022
Osino Resources discovered the highest-grade shoot intersected at the Twin Hills Gold Project. The company said the latest step-out drill holes also intersected previously unknown shallow mineralisation on the northern edge of the Twin Hills Central PEA pit, offering the potential for additional mineralisation and reduced waste stripping in that area.
Osino, vice president for exploration, Dave Underwood, said the latest infill and step-out assays were their best-ever intercepts of 69m @ 2.06g/t, including 34m @ 3.65g/t.
1 March 2022
Osino Resources Corp. updated drill assay results for the resource definition drilling recently completed at Twin Hills West (THW).
THW received 19,186m of Reverse Circulation and DD drilling, which has resulted in delineating a significant zone of potential economic gold mineralization.
THW is structurally complex and has been divided into three distinct lobes of mineralization named Eland, Oryx and Kudu, drilled over a total strike length of approximately 1,500m.
The latest assays showed that the southwestern lobe is consistently above 1g/t and 20-40m in drilled width. The lobe of better mineralization is about 300m in strike length and plunges shallowly to the east.
It was a welcome surprise when our furthest east hole drilled to close off the mineralization came back with one of our best THW intercepts to date with 30m @ 1.20g/t, likely the start of a new mineralized shoot.
The same high-grade feeder zone of 7m @ 7.94 g/t intercepted in the northern step-out at Oryx Central was an additional delightful surprise. Future drilling could identify additional gold mineralization at THW.”
20 April 2022
Osino Resources Corp. said it had progressed with the various development studies underway towards a PFS on the Company’s Twin Hills Gold Project in Namibia.
Osino’s president Heye Daun said, “We have never been more excited about the Twin Hills gold project, and we believe that especially with the recent resource upgrade and the associated project optimization opportunities identified, Twin Hills is on its way to becoming one of Namibia’s most significant gold projects."
29 April 2022
Osino Resources Corp. filed a new technical report for Twin Hills Gold for its increased mineral resource announced in its news release dated 13 April 2022.
28 June 2022
Osino Resources Corp. said B2Gold Corp. agreed to amend the Acquisition Agreement dated 31 December 2021 to acquire the Ondundu gold exploration property in Namibia to allow for payment of a significant portion and up to all of the Purchase Price by the issuance of common shares to B2Gold instead of cash for the acquisition of the Ondundu gold project.
Osino agreed to acquire all of the issued and outstanding shares of Razorback Gold Mining Company which owns 100% of the Namibian exclusive prospecting license 3195 covering 19,969 hectares located approximately 130km northwest of Osino’s Twin Hills, together with all technical information and other books and records in respect thereof for an aggregate purchase price of US$15,2m including a combination of cash, deferred cash and shares.
21 July 2022
Osino Resources Corp. completed its acquisition from B2Gold Corp. of the Ondundu gold exploration property under the Acquisition Agreement dated 31 December 2021, amended on 28 June 2022 and 18 July 2022.
Osino transferred 11,630,628 common shares to B2Gold to satisfy aggregate consideration of US$8,850,000 to acquire all Razorback issued and outstanding shares.
The remaining US$6,350,000 of the aggregate US$15,200,000 purchase price may also be settled through more shares instead of cash.
22 September 2022
Osino Resources Corp. completed the acquisition of the remaining 10% of the shares in the capital of Osino Namibia Minerals Exploration for aggregate consideration of C$870,000, paid by the issuance of 1,000,000 common shares of Ominda Mineral Resources Close Corporation.
Osino owned 90% of Ominda, which held eight exclusive prospecting licenses covering 86,409ha. Osino now owns 100% of Ominda.
Osino also acquired 20% of the shares in Richwing Exploration (Pty) Ltd for aggregate consideration of C$137,931, paid through the issuance of 37,615 shares and a cash payment of C$96,552 to Richroad Investments Close Corporation and South Wing Investments Close Corporation.
Osino owned 80% of Richwing.
Osino also expects to close an additional minority interest acquisition of 3% of the shares in the capital of Osino Gold Exploration and Mining Limited to own 100%.
30 September 2022
Osino Resources Corp. entered into an Earn-In and Shareholder Agreement with Prospect Resources Limited to allow Prospect to earn up to 51% and potentially up to 85% interest in the Omaruru Lithium Project in Namibia.
Richwing Exploration owns the Omaruru Lithium Project, which comprises the exclusive prospecting license 5533 east of Karibib town and spans 175 km2.
Prospect may earn-in to up to 40% interest in the project with a US$1m investment and a further 11% interest through a US$560,000 investment, totalling a 51% ownership.
Phase 1 consists of a US$560,000 cash payment to acquire 20% and a commitment to spend a further US$440,000 on the project within 12 months to earn an additional 20%.
Upon finishing Phase 1, Prospect may commit to a further US$560,000 within 12 months for in-ground exploration to reach 51% ownership.
Upon the completion of Phase 2 and earning 51%, development funds are to be contributed pro-rata. If one party fails to contribute their pro rata share, their shareholding will be diluted.
20 October 2022
Osino Resources Corp. filed its pre-feasibility study technical report based on 2.15 Moz in reserves, outlining a 13-year mine life with an average annual production of 169 koz at all-in sustaining costs of US$930/oz in the first 10 years of operation.
The initial capital cost of the project is estimated at US$375M.
27 October 2022
Osino Resources Corp. said the maiden mineral resource estimate for the Ondundu Gold Project was 26 million tons (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).
Heye Daun said the mineral resource was estimated from approximately 46,500m of diamond core and reverse circulation (drilling, which previous operators completed, but mainly B2Gold between 2015 and 2020 but was never converted into a code-compliant MRE.
31 October 2022
The Namibian government grants Osino Resources a 20-year mining license for the Twin Hills Gold Project subject to:
- Fulfilling an employment quota for certain disadvantaged Namibian groups.
- Making available a 5% carried interest (not free-carried interest) by certain disadvantaged Namibian groups.
- Issuance of the Environmental Clearance Certificate (“ECC”) by the Namibian Ministry of Environment, Fisheries and Tourism (“MEFT”).
- Obtaining the remaining secondary permits to operate the mine.
1 November 2022
Osino Resources Corp. started the project financing process and appointed Terrafranca Capital Partners Ltd, a leading independent financial adviser with a strong track record of arranging to finance for junior mining projects in Africa, to progress the debt financing for the development of its wholly owned Twin Hills Gold Project in Namibia.
Terrafranca is a leading independent financial adviser focused on advising and arranging debt financing in the metals and mining industry, with a strong track record in Africa.
8 November 2022
Osino Resources Corp. agreed with Nebari Gold Fund 1, LP and Nebari Natural Resources Credit Fund I, LP, with Nebari Gold Fund 1, LP as collateral agent and certain Osino subsidiaries as guarantors, for a credit facility of up to US$15m.
The Credit Facility provides for an initial draw of US$5m, with the potential of two additional draws of US$5m each at the election of Osino, and subject to conditions precedent.
Nebari is entitled to receive approximately 26.7% warrant coverage of common share purchase warrants issued only in the event of a draw-down under the Credit Facility priced at a 30% premium to the 10-day Volume Weighted Average Price preceding the draw.
Andre Krol, the Managing Partner with Nebari, commented: “We are extremely excited to partner with Osino as they advance the Twin Hills project. We are impressed with the experience and professionalism of the Osino team and have the utmost confidence in their ability to continue to unlock value at Twin Hills and beyond.”
8 December 2022
Osino Resources Corp. closed its non-brokered private placement of 14,752,500 common shares for gross proceeds of C$11,802,000 at C$0.80 per share.
The Company intended to use the net proceeds of the offering to fund exploration and project development expenditures at the Twin Hills gold project and other exploration projects in Namibia before the commencement of construction and for general working capital purposes.
8 December 2022
Osino Resources Corp. filed its technical report entitled, "Ondundu Gold Project, Namibia, NI 43-101 Technical Report dated effective October 7, 2022, and signed 8 December 2022, for the maiden mineral resource estimate for Ondundu Gold Project.
The maiden MRE for Ondundu Gold Project comprises 26 million tonnes 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).
15 December 2022
Osino Resources Corp. announced that Newmont Corporation completed a geochemical orientation program in October 2022 to test the proprietary Deep Sensing Geochemistry technique over known covered mineralization at Osino’s Twin Hills gold project.
Newmont’s DSG technique was developed to recognise blind mineralization under transported cover or in otherwise challenging surface geochemical environments.
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