Modern Mining September 2019

MINING News

Osino intersects high-grade gold at Twin Hills

sures have no impact in this area,” he said. “Until the project is funded, the company will only incur development and exploration/ evaluation expenditure where necessary. All costs have been examined, and in most cases reduced, to ensure our cash is put to the very best use during the project financ- ing process.” Through its local subsidiary, ThirdWay has been operating in Mozambique for over five years and has a significant track record in corporate finance, investment advisory and development consulting. Subject to completing project financ- ing, Battery Minerals intends to commence graphite flake concentrate production from Montepuez at an initial rate of 50 000 t/a at an average flake concentrate grade of 96 % Total Graphitic Carbon (TGC).  The Twin Hills project is mostly covered by a thick layer of calcrete and lies on the regional scale Karibib Fault, approximately 25 km along strike from the producing Navachab gold mine (which has approxi- mately 6 Moz in past production and remaining resource). Osino has secured a total length of 70 km of the Karibib Fault Zone under exclusive exploration licence. Osino is managed by Heye Daun, CEO and co-founder, and Alan Friedman, President and co-founder, who were also co-founders of Auryx Gold. In 2010, Auryx acquired the Otjikoto gold deposit – originally an Avmin discovery – from Teal Mining & Exploration, a joint venture between South Africa’s ARM and Brazil’s Vale. After it expanded the resource and completed a PEA on the project, Auryx was sold to B2Gold in 2011. B2Gold subsequently developed Otjikoto into a highly successful gold mine (and only the second in Namibia, after Navachab).  terised by wide, lower grade gold haloes, with higher grade shoots within them. From the limited drill assays we have seen so far, Twin Hills Central appears to be fitting into this model.” Assays from a further three diamond holes at Twin Hills Central are still awaited, as well as the assays results from the deepening of holes OKD001 and OKD002 which ended in mineralisation. Osino is currently planning the next phase of drilling to start as soon possible, focusing on in-fill and step out drilling at Twin Hills Central, as well as fence lines over other identified prospects within the 11 km Twin Hills gold system.

Diamond drilling at Twin Hills Central (photo: Osino Resources).

Osino Resources Corp, listed on the TSX-V, reports that it has intersected a high-grade gold zone in the fourth hole of the seven- hole diamond drill programme at its Twin Hills gold project, located in the Karibib Gold District in Namibia. This news follows the announcement of the Twin Hills Central discovery in August 2019. The hole delivered the best intercepts yet including 65 m at 1,36 g/t Au (including 31 m at 2,2 g/t Au). Extensive mineralisation has now been intersected in four out of seven diamond holes, suggesting a strike

together with an extensive network in key financial centres in the UK, Europe and the Americas, means they are ideally placed to source the funding for Montepuez.” In parallel with the appointment of ThirdWay, Battery Minerals has imple- mented a cost reduction strategy aimed at ensuring it remains funded throughout the project financing process. Sinclair said the cost reduction exer- cise, which commenced in May 2019, has reduced ongoing overheads while not impacting the company’s ability to complete project funding. “We are fully committed to completing funding of Montepuez and therefore we have ensured that the cost reduction mea- length of more than 400 m and widths of up to 200 m, open along strike to the east and west and down dip. The mineralisation seen so far comprises both wide, continu- ous zones of mineralisation and higher grade zones within. “The intersection of this high-grade shoot so early in the drill programme is remarkable and adds to our confidence in the growing scale and grade of the Twin Hills discovery,” comments Dave Underwood, Osino’s VP Exploration. “Sediment-hosted, orogenic gold deposits are often charac-

ThirdWay Africa to assist with Montepuez funding ASX-listed Battery Minerals has announced that it has taken a key step in its revised strategy to develop the Montepuez graphite project in Mozambique by appointing spe- cialist corporate finance and development capital advisor ThirdWay Africa to assist it in securing project funding.

According to Battery Minerals’ Managing Director, Jeremy Sinclair, ThirdWay has extensive experience and networks which would be made available to Battery Minerals as part of the project funding process. “ThirdWay specialises in securing not just traditional capital but also funding from large development organisations and governments,” Sinclair said. “Their under- standing and presence in Mozambique,

16  MODERN MINING  September 2019