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Osino Provides Update on Development Studies at Twin Hills Gold Project, Namibia

Highlights Significant progress made with utilities (power & water), metallurgy and tailings design Offer received from Namibia’s power utility…

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Highlights

  • Significant progress made with utilities (power & water), metallurgy and tailings design

    • Offer received from Namibia’s power utility for high voltage grid power supply
    • Bulk water supply application submitted to Namibia’s water utility
    • Progress made with water supply drilling and groundwater modelling
    • Progress made with dry-stack tailings dam design to reduce water consumption
    • Additional met testwork towards process plant optimization underway
  • Resource definition and exploration drilling on-going with 8 drill rigs
  • 90,000m drilled year-to-date with additional 20,000m planned until December 2021
  • Assay results for ~8,000m of infill and brownfields exploration drilling outstanding

VANCOUVER, B.C., Sept. 09, 2021 (GLOBE NEWSWIRE) -- Osino Resources Corp. (TSXV:OSI) (FSE:RSR1) (OTCQX:OSIIF) ("Osino” or “the Company”) is pleased to provide an update on the technical and development studies which are ongoing at its flagship Twin Hills Gold Project (“Twin Hills” or “the Project”) in Namibia. The Company released a Preliminary Economic Assessment (“PEA”) on Twin Hills earlier in 2021, which described an open-pit gold mine producing an average of 99,000 ounces of gold per annum over a 16-year life-of-mine with 124,000 ounces produced per annum for years two to six (refer to press release dated July 14, 2021).

Osino’s technical team and specialist consultants are presently engaged in optimizing and improving the technical studies with the aim of further improving the annual gold production rate and overall economics of the Twin Hills gold project.

Heye Daun, Osino’s President & CEO comments, “It is very exciting for me to be part of and lead the development of the Twin Hills gold project into Namibia’s next gold mine. Although our recently published PEA demonstrated a robust and technically simple project with compelling economics, we are now focused on delivering the next step-change in Twin Hills growth. We are hopeful that we can convert the extra drilling done in 2021 into more ounces, a better mine plan and a bigger and enhanced processing plant. We hope to demonstrate this in the next technical study which should reflect significant growth in both annual gold production and overall project value.”

Three areas of significant potential growth that have been identified by Osino are as follows:

  • Mineral resource improvement due to extra drilling and enhanced resource estimation
  • Optimized mine plan incorporating higher mining rates, pre-stripping and improved pit slopes
  • Increased processing plant throughput and potentially improved recovery

The Twin Hills project is in an infrastructure-rich part of Namibia, only 25km from the producing Navachab gold mine and the local mining town of Karibib. Navachab is a currently producing open-pit mine with approximately 1.8 million tonnes per annum (“mtpa”) name-plate processing capacity and is supplied with power and water through the national grid.

Power Supply

Osino has appointed George Fainsinger & Associates (“GSFA”), a respected Namibian electrical engineering consultancy and contractor to undertake a trade-off and engineering analysis to define and cost the most feasible power supply options for Twin Hills. This will include an assessment of adding self-generation and possible grid-feed-in via solar-photovoltaic power, as is presently being implemented by GSFA at B2Gold’s Otjikoto gold mine further north in Namibia.

Namibia Power Corporation (Pty) Ltd. (“NamPower”), Namibia’s parastatal electricity supply utility, has provided a formal offer to supply power to Twin Hills via a dedicated 66kV line from the Erongo sub-station, which is under development by NamPower near the local town of Karibib. The offer currently allows for 16MVA to cater for the process plant capacity of 3.5mtpa as envisaged in the current PEA, however the 66kV line would also cater for a likely increase in the metallurgical processing rate at an estimated 20MVA.

Water Supply

As Twin Hills is located in an arid part of Namibia, with limited ground and surface water, the availability of bulk water is considered to be one of the key project risks. Osino is mitigating this risk by evaluating various water supply options, ranging from bulk water supplied by the national grid to sustainable own production of ground water from local aquifers.

Application has been made to Namwater, Namibia’s parastatal water utility, to determine the bulk water supply capacity which may be available from existing sources such as the Swakoppoort storage dam and pipeline which currently supplies Navachab gold mine.

Osino has also commenced with drilling and hydrological modelling to determine the sustainable yield of local groundwater sources. 14 reconnaissance boreholes have been drilled to-date and based on preliminary blow-yields already have the potential to supply a significant portion of the project’s future water demand. Pump-testing of these holes is near completion and hydrological modelling to determine sustainable yield will be undertaken next.

A strategy successfully employed on other Namibian mines, is to store water in sand aquifers contained in dry river courses. A study is currently underway to determine the potential carrying capacity of the Khan River which lies on the project’s northern boundary as a backup supply source of water.

Tailings Storage Facility (“TSF”) Design

Column leach test work was commissioned in July 2021 to determine the whole-rock geochemistry and kinetic properties of the planned waste as well as process plant tailings material. This work will optimize the TSF design with a primary focus on dry stacked tailings through filtering tailings and recycling water in the plant. Dry stacked tailings as a standalone, or potentially as co-disposal with mine waste, will substantially lower the project water consumption.

Metallurgy Testwork

PEA whole ore leach metallurgical tests identified a 53um grind to be optimal and samples have been submitted for confirmation work as well as to determine detailed plant design parameters. Testwork results received since the completion of the PEA also indicated that adding a sulphide flotation component may result in a more optimised process layout (finer grinding of sulphide float concentrate only) and potentially a further improvement in gold recovery. Testwork to quantify this potential gold recovery improvement is underway in conjunction with the whole ore leach program.

Drilling Update

Infill drilling at Bulge, Twin Hills Central and Clouds is nearing completion. All drill and assays results received since the last mineral resource update are in process of being updated and incorporated. Geological modelling and resource estimation is ongoing and will be completed once all drilling is completed and assay results received later in 2021.

Drill spacing over most of the deposit was done on a 25m x 25m offset basis and was designed to convert most of the existing mineral resource to the Indicated status. This drill spacing should also be sufficient to allow for advanced resource estimation techniques, such as multiple indicator kriging (“MIK”) or localized uniform conditioning (“LUC”).

These methods estimate the tonnage and grade of mineralization which can be extracted as small selectively minable blocks from large blocks (panels), whose grade is modelled by Ordinary Kriging (“OK”) and generate a so-called recoverable resource model. In layman’s terms, these techniques allow modelling of selective mining and could potentially result in a higher recoverable resource grade offset by potentially slightly lower total contained ounces.

Approximately 90,000m drilling has been completed year-to-date, comprising 12,000m of resource drilling up to February 2021 (included in the PEA mineral resource), 41,000m (mostly infill) of subsequent resource drilling (not yet included in the mineral resource), 24,000m of brownfields exploration drilling and 13,000m of feasibility drilling (geotech, hydrology, met testwork, grade control and regional exploration).

Assay results for approximately 8,000m of this drilling have not yet been received or reported.

Qualified Person’s Statement

David Underwood, BSc. (Hons) is Vice President Exploration of Osino Resources Corp. and has reviewed and approved the scientific and technical information in this news release and is a registered Professional Natural Scientist with the South African Council for Natural Scientific Professions (Pr. Sci. Nat. No.400323/11) and a Qualified Person for the purposes of National Instrument 43-101.

About Osino Resources

Osino is a Canadian gold exploration and development company focused on its rapidly evolving Twin Hills gold project in central Namibia. Twin Hills was discovered by Osino in 2019 and is currently in the growth and de-risking phase whilst being fast-tracked to production.

Osino is also actively exploring multiple additional gold prospects on its 6,700km2 ground position located in Namibia’s highly prospective Damara sedimentary-tectonic belt. Osino is utilizing a portfolio approach geared towards discovery, targeting gold mineralization that fits the broad orogenic gold model.

Our core projects are favorably located in central and northern Namibia within easy driving distance from the 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.

Further details are available on the Company's website at https://osinoresources.com/.

CONTACT INFORMATION
Osino Resources Corp.
Julia Becker: Investor Relations Manager
Tel: +1 (604) 785 0850
jbecker@osinoresources.com

Cautionary Statement Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Company's recently completed financings, and the future plans or prospects of the Company, including prospects for economic recoverability of mineral resources. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis which is available on SEDAR at www.sedar.com. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

 


Today’s News

GGX Gold Corp Retains 360 Aviation for IR Services

VANCOUVER, BC / ACCESSWIRE / September 23, 2021 / GGX Gold Corp. (TSXV:GGX)(OTCQB:GGXXF)(FRA:3SR2) (the "Company" or "GGX") is pleased to announce that…

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VANCOUVER, BC / ACCESSWIRE / September 23, 2021 / GGX Gold Corp. (TSXV:GGX)(OTCQB:GGXXF)(FRA:3SR2) (the "Company" or "GGX") is pleased to announce that it has retained the services of 360 Aviation Services Inc. (360) for Investor Relation Services.

360 Aviation Service Inc. a B.C. Corporation is an established capital markets advisory firm servicing Canadian small cap companies across the North American markets.

360 will provide strategic marketing, investor relations and capital markets communications services. 360 will arrange and attend meetings with investors, maintain ongoing contact and broaden relationships with the professional investment community on GGX Gold Corp's behalf. The agreement is for a term of six months and GGX Gold will pay a monthly fee of $4,500. The investor relations agreement remains subject to TSX-V approval.

Barry Brown, chief executive officer of GGX Gold, stated: "We continue to focus on unlocking the value at our Gold Drop Property. The potential of a bulk sample at the C.O.D. vein will provide invaluable information to our team as we continue to advance the project."

The Company also announces that it has granted 975,000 stock options at an exercise price of $0.16 to its directors, officers, employees, consultants and investor relations. The options are exercisable for five years and will be cancelled 30 days after cessation of acting as director, officer, employee or consultant of the Company. Options issued for investor relations vest quarterly over a period of 12 months from the date of issuance. The stock options are not transferable and will be subject to a four-month hold period from the date of grant and any applicable regulatory acceptance.

On Behalf of the Board of Directors
Barry Brown, CEO
604-488-3900
Office@GGXgold.com

Forward Looking Statement
This News Release may contain forward-looking statements including but not limited to comments regarding the acquisition of certain mineral claims. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements and Revolver undertakes no obligation to update such statements, except as required by law.

Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates, including that: the current price of and demand for minerals being targeted by the Company will be sustained or will improve; the Company will be able to obtain required exploration licences and other permits; general business and economic conditions will not change in a material adverse manner; financing will be available if and when needed on reasonable terms; the Company will not experience any material accident; and the Company will be able to identify and acquire additional mineral interests on reasonable terms or at all. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: that resource exploration and development is a speculative business; that environmental laws and regulations may become more onerous; that the Company may not be able to raise additional funds when necessary; fluctuations in currency exchange rates; fluctuating prices of commodities; operating hazards and risks; competition; potential inability to find suitable acquisition opportunities and/or complete the same; and other risks and uncertainties listed in the Company's public filings. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking statements and information, which are qualified in their entirety by this cautionary statement. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: GGX Gold Corp.



View source version on accesswire.com:
https://www.accesswire.com/665389/GGX-Gold-Corp-Retains-360-Aviation-for-IR-Services

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Today’s News

Copper Fox Announces 2021 Third Quarter Operating and Financial Results

Calgary, Alberta–(Newsfile Corp. – September 23, 2021) – Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") is pleased…

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Calgary, Alberta--(Newsfile Corp. - September 23, 2021) - Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") is pleased to announce that its unaudited interim consolidated July 31, 2021, financial statements have been filed on SEDAR.

For the nine months ended July 31, 2021, Copper Fox had a net loss of $747,620 (July 31, 2020 - $845,158) which equated to $0.00 loss per share (July 31, 2020 - $0.00 loss per share).

During the nine months ended July 31, 2021, the Company incurred $1,156,194 in expenditures primarily furthering the development of the Van Dyke and Schaft Creek copper projects, and the acquisition costs, the reclamation bond and expenses related to the 2021 exploration program for the Eaglehead copper project. Copies of the financial statements, notes, and related management discussion and analysis may be obtained on SEDAR at www.sedar.com, the Company's web site at www.copperfoxmetals.com or by contacting the Company directly. All references to planned activities and technical information contained in this news release have been previously announced by way of news releases. All amounts are expressed in Canadian dollars unless otherwise stated.

Elmer B. Stewart, President and CEO of Copper Fox stated, "During the Quarter, our primary focus was the Schaft Creek Preliminary Economic Assessment ("PEA") and advancing the Van Dyke copper project. Compilation of the historical data has significantly increased our understanding of the geometry, controls and potential to located additional polymetallic copper mineralization within the Eaglehead project. The large positive chargeability/resistivity anomalies outlined at Mineral Mountain demonstrate a strong correlation to copper-molybdenum mineralization exposed in outcrop and has provided the confidence to move the project to the drilling stage planned for early 2022."

2021 Q3 Highlights

  • Filed a National Instrument 43-101 Technical Report, containing a Mineral Resource Estimate Update for the Schaft Creek Property.
  • Advanced the PEA for the Schaft Creek project.
  • Completed an induced polarization survey on the Mineral Mountain copper project.
  • Compilation, geological modelling and commencement of the 2021 field program on the Eaglehead project.

After the Period End

  • Retained Montgomery & Associates to prepare a data gap analysis and conceptual Hydrogeological Model for the Van Dyke project.
  • Qualified to trade on the OTCQX® Best Market (trading symbol CPFXF) and retained the services of Stonegate Capital Partners, Inc. for an initial period of six months to provide investor relations services in the United States.
  • Announced the results of the PEA for the Schaft Creek project which yielded an after-tax net present value of US$842.1 million (on 100% basis using constant dollars) and internal rate of return of 12.9%, life of mine EBITDA of US$10.81 billion and free cash flow before recovery of initial capital expenditures of US$9.96 billion.

Warrant Exercised

During the nine months ended July 31, 2021, a total of 33,175,667 warrants were exercised for proceeds to the Company of $5,193,404.

Elmer B. Stewart, MSc. P. Geol., President of Copper Fox, is the Company's non-independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed and approves the scientific and technical information disclosed in this news release.

Selected Financial Results

July 31, 2021April 30, 2021January 31, 2021October 31, 2020
3 Months Ended3 Months Ended3 Months Ended3 Months Ended
Loss before taxes$205,040$343,256$199,324$299,017
Net loss205,040343,256199,324(291,983)
Comprehensive (gain) / loss 32,777842,711791,658(453,015)
Comprehensive (gain) / loss per share, basic and diluted0.000.000.00(0.00)
    
July 31, 2020April 30, 2020January 31, 2020October 31, 2019
3 Months Ended3 Months Ended3 Months Ended3 Months Ended
Loss before taxes$248,589$390,982$205,587$289,922
Net loss248,589390,982205,587188,765
Comprehensive (gain) / loss 940,165(406,527)110,398257,746
Comprehensive (gain) / loss per share, basic and diluted0.00(0.00)0.000.00

 

Liquidity

As of July 31, 2021, the Company's cash position was $3,781,225 (October 31, 2020 - $491,933).

About Copper Fox

Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange (TSXV: CUU) focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned Canadian and United States subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia, and the 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona. For more information on Copper Fox's other mineral properties and investments visit the Company's website at www.copperfoxmetals.com.

For additional information please contact:
Lynn Ball at 1-844-464-2820 or 1-403-264-2820 or investor@copperfoxmetals.com

On behalf of the Board of Directors,

Elmer B. Stewart
President and Chief Executive Officer

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

This news release contains forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and forward-looking information within the meaning of the Canadian securities laws (collectively, "forward-looking information"). Forward-looking information in this news release include statements about our Van Dyke, Schaft Creek, Mineral Mountain and Eaglehead projects; filing a NI 43-101 Technical Report, Mineral Resource Estimate Update for the Schaft Creek Property; advancing the PEA for the Schaft Creek project; a data gap analysis and conceptual hydrogeological model for the Van Dyke project; acquisition of the Eaglehead project; compilation of data on the Eaglehead project; the 2021 program for the Eaglehead project and the results of a geophysical survey and planned drill program on the Mineral Mountain project.

In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiaries have made numerous assumptions regarding, among other things: the geological, financial, and economic advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards; that the mineral reserve and resources estimates and the key assumptions and parameters on which such estimates are based are reasonable; the costs and results of planned exploration activities are as anticipated; and the stability of economic and market conditions. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.

Additionally, there are known and unknown risk factors which could cause Copper Fox's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, the PEA on the Schaft Creek project may not be completed as planned or at all; the data gap analysis and conceptual hydrogeological model for the Van Dyke project may not be completed as planned or at all, the 2021 program for the Eaglehead project may not be completed as planned or achieve the desired results; the compilation of Eaglehead exploration results may not be realized; the geophysical survey on the Mineral Mountain project may not result in locating additional mineralization; a drilling program at Mineral Mountain may not be completed as planned or at all; the overall economy may deteriorate; uncertainty as to the availability and terms of future financing; copper prices and demand may fluctuate; currency exchange rates may fluctuate; conditions in the financial markets may deteriorate; trading prices of the Company's common shares may decrease below the exercise price of any outstanding warrants of the Company; and uncertainty as to timely availability of permits and other governmental approvals.

A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Copper Fox disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/97493

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Today’s News

Jayden Completes Continuation to British Columbia

 

Vancouver, B.C. – TheNewswire – September 23, 2021; Jayden Resources Inc., ("Jayden" or the “Company") (TSXV:JDN) announces that at the Company’s…

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Vancouver, B.C. - TheNewswire - September 23, 2021; Jayden Resources Inc., ("Jayden" or the “Company") (TSXV:JDN) announces that at the Company’s annual general and special meeting of shareholders held on July 21, 2021, the Company’s shareholders approved by special resolution the continuation of the Company from the Companies Law (2021 Revision) of the Cayman Islands into the jurisdiction of British Columbia under the Business Corporations Act (British Columbia) (the “Continuation”), and the Company has completed the necessary amendments to the Company’s constating documents to ensure compliance with the Business Corporations Act (British Columbia).

The Continuation is intended to provide management of the Company with increased flexibility, and to reduce administrative costs. There have been no changes to the operations or activities of the Company in connection with the Continuation.

Effective at the market open on September 24, 2021, the common shares of the Company will continue to trade on the TSX Venture Exchange under the name Jayden Resources Inc., under the Company’s existing TSX Venture Exchange stock symbol “JDN”.

Holders of the Company’s current Ordinary Shares are now holders of Common Shares.  The Company’s new CUSIP and ISIN numbers to the Company’s Common Shares are 47208P105 and CA47208P1053 respectively.  A new share certificate for Common shares indicating the Company as a Company continued under the Business Corporations Act (British Columbia) will be issued in the normal course further to share transfers and other share transactions.  In the meantime, holders of existing share certificates that represent Ordinary Shares of the Company will continue to represent Common Shares of the Company.  The existing Ordinary common shareholders do not have to exchange their current share certificates for Common Share certificates with the Company’s transfer agent.

Details of the Continuation is more particularly set out in the Company’s Information Circular dated June 22, 2021 as SEDAR filed on June 22, 2021 in connection with the Company’s July 21, 2021 annual general and special meeting.

For further information about Jayden and this news release please contact Mike Thast at 778-331-2093 or visit Jayden’s website at www.jaydenresources.com.

On Behalf of the Board:

"David Eaton"
President &CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Copyright (c) 2021 TheNewswire - All rights reserved.

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