‘Very positive results’ from Osino drilling
'Very positive results' from Osino drilling
Osino Resources, owner of the Twin Hills Gold Project in central Namibia, has said its infill drill programme is producing “some very positive results”.The Canadian-based company, which dual-listed on the Namibian Stock Exchange (NSX) in August this year, has completed the drilling of 110 boreholes over a large area representing about one-year-of-open-pit mining at the Bulge pit, majority mineral resource contributor to the Twin Hills Gold Project.
The assay results from 50 out of 110 holes still to have be reported with all results expected this month.
Commenting on the results, Dave Underwood, Osino’s vice president of exploration, said they indicate “some small but very high-grade shoots within the Twin Hills deposit, that could enhance the resource numbers and production gold grade down the line”.
Similar tightly spaced infill drilling at the Clouds and Twin Hills Central pits is ongoing with the objective of converting the first two years of mining from indicated to measured mineral resource category across the Twin Hills project. This drilling is expected to be completed before year-end, Osino said.
“Osino remains focused on the financing and preconstruction activities at Twin Hills, as well as closely spaced infill drilling of the initial starter pits to validate modelling and de-risk initial production,” the company said.
Financing
Osino last month announced that it has closed its previously announced offering through the issuance of 2 770 745 common shares of the company, priced at one Canadian dollar per common share, for gross proceeds of about CAD$2.77 million – more than N$40 million.
The company intends to use the net proceeds of the offering for exploration and development of the Twin Hills project and for working capital and general corporate purposes.
Cirrus Capital acts as Namibian financial advisor to Osino and was engaged to act in connection with the offering.
“The capital raise by Cirrus Capital was conducted in Namibia, increasing Namibian ownership in the company, to comply with the mining permit conditions,” Osino said.
Osino is listed on the Development Capital Board (DevX) of the NSX. It closed at N$12.47 per share on Monday.