Osino buys Ondundu gold property from B2Gold
Canadian gold exploration company, Osino Resources on 5 January 2022 announced its acquisition of B2Gold’s Ondundu gold exploration property, which is situated 250km northwest of Windhoek.
Acquired on 31 December 2021, at approximately N$236 million (US$15,2 million), Ondundu is a sediment-hosted, structurally controlled, mesothermal gold deposit metamorphosed to the greenschist facies.
Under the terms of the acquisition agreement, Osino agreed to purchase all of the issued and outstanding shares of the Namibian company, Razorback Gold Mining Company, which owns 100% of the Namibian exclusive prospecting license, covering 19,969 hectares located approximately 130km northwest of Osino’s Twin Hills Gold Project in Namibia.
Heye Daun, Osino’s President and CEO commented this is a highly accretive transaction for Osino which provides significant additional scale, diversification and consolidation of Osino’s Namibian projects.
Daun said they plan to build on the exploration and resource development work which B2Gold completed over the last 6 years and to quickly advance the project to the compliant resource stage.
“Based on the project’s historical exploration and analysis, we believe the Ondundu Gold Project has the type of mineralization with potential to host a significant open-pit gold resource possibly in the order of more than 1moz of contained gold with the possibility for co-development with Osino’s Twin Hills Gold Project. The consideration payable is partially deferred and upon close will result in B2Gold becoming a strategic shareholder of Osino,” Daun said.