Canadian firm strikes gold in Namibia

Toronto-listed Osino Resources has published a preliminary economic assessment of its Twin Hills gold find in Namibia, and it’s turning heads. What started out as a near hunch has turned into the largest discovery of gold in southern Africa in recent years, with a potential value of $377m. CEO Heye Daun, who is a Namibian national, said they believed if they started prospecting in the vicinity of the Navachab Gold Mine they would find a continuation of an already well-proven gold resource ‘and that’s exactly what we found’. The Navachab mine was sold by AngloGold Ashanti in 2014 to the Canadian producer. Osino’s Twin Hills project is located about 25km from Navachab, and covers an area of about 7 000km2 on the Karibib Fault Line. Moneyweb reports that the project has an expected 15-year life of mine with a 3.5m tons a year processing capacity. The pre-production capital cost of $176m, with an additional $26m for contingencies, allows for the full development of the mine plus processing plant. ‘I think what is special about this project is the ease of access and simplicity of the project, the low technical risk, and consistent geology, which poses no significant problems,’ said Daun.

Full Moneyweb report