Osino grows resource at its Twin Hills gold project in Namibia 

In its first updated resource since 2021, Osino Resources (TSXV: OSI; US-OTC: OSIIF) has increased indicated resources for its Twin Hills gold project in central Namibia by more than four times. The additional ounces come from resource expansion in the Twin Hills Central, Bulge and Clouds areas, and delineation of additional resources from new areas.   

The project’s indicated resource estimate now totals 65 million tonnes grading 1 gram gold per tonne for 2.1 million oz. up from the previous estimate of 14 million tonnes grading 0.98 gram gold for 440,000 ounces. The updated inferred resource estimate totals 20.7 million tonnes grading 0.93 gram gold for 620,000 ounces. 

“The mineralization continues to be open at depth and along strike, and at Clouds and Twin Hills Central in particular, it appears to be getting better with depth,” the company’s CEO Heye Daun said in a press release.  

“What is particularly noteworthy is that the pit envelope based on US$1700 per oz. captures the majority of drilled mineralization, suggesting that planned down-dip extensions could add to future open-pit mineral resources,” added Daun.  

Based on a preliminary economic assessment conducted last year the project, based in Erongo, envisages an open pit mine with mine life of 15 years producing an average of 99,000 oz. gold per year. At an 5% discount rate, the project would generate a post-tax net present value of US$377 million and an internal rate of return of 38% using a gold price of US$1,700 per ounce.   

The Bulge and Twin Hills Central are the project’s most dominant domains with indicated resources of 34.5 million tonnes grading 0.91 gram gold for 1 million oz. gold and 23 million tonnes grading 1.08 grams gold for 800,000 oz. Gold, respectively. The Clouds domain, with 7.5 million tonnes, contains the project’s highest grades averaging 1.18 grams gold per tonne.  

The resource estimate was based on about 167,000 metres of drilling conducted since 2019. The drilling included about 98,000 metres of diamond drilling and 69,000 metres of reverse-circulation drilling. The company is currently working to complete a prefeasibility study on the project.  

At press time in Toronto, Osino Resources was trading at $1.28 per share, up 6¢ or 5%, within a 52-week trading range of $1.01 and $1.61.The company has 128.6 million common shares outstanding for a market cap of $167.2 million.