B2Gold’s share agreement a vote of confidence for Osino
In a landmark agreement B2Gold Corp has agreed to amend the acquisition agreement with TSX listed Osino Resources for the sale of B2Gold’s Ondundu gold project about 250km northwest of Windhoek in Namibia.
The new agreement allows for the payment of a significant portion of the purchase price through issuing B2Gold with Osino shares instead of cash.
Ondundu is an advanced stage gold exploration project within an exclusive prospecting license. The license has a surface area of about 19,969 hectares and the project is hosted within the Northern Zone of the Neoproterozoic Damara Orogen in north-central Namibia.
First gold was discovered in the area in 1917 by European explorers and between 1922 and 1964 approximately 20,000oz of gold were recovered by small scale miners on various mining claims in what is now known as the Ondundu Main Zone (OMZ). More than 55,000m of Reverse Circulation (RC) and diamond drilling has historically been completed on the project, including approximately 36,000m of diamond and RC drilling completed by B2Gold between 2015 and 2020.
Preserving cash treasury
According to Heye Daun, Osino’s President and CEO, B2Gold’s willingness to accept shares instead of cash is a vote of confidence in Osino and it goes a long way to preserving cash treasury in a challenging market environment.
“We look forward to rapidly creating value from Ondundu with the ongoing exploration and development of the project. We are already working on a maiden mineral resource estimate which is expected to be published well before the end of 2022. We have also commenced with additional metallurgical test work, with the aim of demonstrating a development pathway for the Ondundu project and believe that Ondundu has significant potential,” says Daun.
Developing Twin Hills at advanced stage
Osino’s other project in Namibia, Twin Hill, is at an advanced stage of exploration and development with more than 220,000m of drilling completed on the project since its grassroots discovery by Osino with various advanced development studies underway.
Osino has a large ground position of approximately 6,700km2 located within Namibia’s prospective Damara sedimentary mineral belt, mostly in proximity to and along strike of the producing Navachab and Otjikoto Gold Mines.
According to Daun, 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.
“Our core projects are favorably 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,” says Daun.
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