Canadian company Osino Resources Corporation is developing its Twin Hills project in central Namibia into an economically robust open-pit gold operation.
The operation will have an expected 13-year mine life and an average annual production of more than 169 kilo ounces per annum, worth an estimated N$6 billion.
This is contained in a feasibility report on the project, which was signed by chief executive officer Heye Daun on 5 July, and gives an estimated reserve of 2,15 million ounces gold for the company’s flagship project.
According the study, the company is contemplating developing a low-risk, technically simple, open-pit gold mine using contract mining, and a conventional processing plant using three-stage crushing, milling, gravity separation and carbon-in-leach at a planned processing capacity of five million tonnes per annum.
“The development of the project is being advanced rapidly through accelerated drilling and fast-tracked development studies,” the report says.
Since the deposits were discovered in August 2019, the company has completed more than 225 000m of drilling and has completed specialist technical studies which have culminated in the ‘Twin Hills Definitive Feasibility Study’, dated 12 June.
The company has also announced approving the granting of 35 716 deferred share units with an aggregate value of US$40 000 (N$750 000) to independent directors pursuant to the its long-term incentive plan.
According to Daun, Osino has an approximately 8 000km2 prospecting area located within Namibia’s prospective Damara sedimentary mineral belt, mostly in proximity to the producing Navachab and Otjikoto gold mines.
“The company is actively exploring a range of gold prospects and targets along the belt by utilising a portfolio approach geared towards discovery, targeting gold mineralisation that fits the broad orogenic gold model,” he says in the statement.
– email: matthew@namibian.com.na
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