Osino Resources Corp. has reported the completion of the phase 1 earn-in on its majority-owned Omaruru Lithium Project in Namibia by Prospect Resources Limited and announced that Prospect will proceed with the phase 2 earn-in.
Osino entered into an Earn-In and Shareholder Agreement with Prospect in Q4 2022 whereby Prospect had the right to earn into a 40% interest in the Project upon completion of Phase 1 and can earn a 51% interest upon completion of Phase 2. Prospect can earn up to 85% interest in the Project with Osino carried until completion of a Definitive Feasibility Study. Omaruru is located 20km southeast of Osino’s flagship Twin Hills Gold Project.
Heye Daun, Osino’s President and CEO commented: “We are encouraged by the results of the Phase 1 program on our Omaruru Lithium Project. Prospect Resources recently completed drilling program has expanded the known lithium mineralisation in the area and identified several drill targets that were previously under cover. The success of the Phase 1 program sets the stage for potential new discoveries during the Phase 2 drilling campaign planned for Omaruru. We look forward to Prospect’s upcoming Phase 2 exploration activities and results as they become available into the next quarter. Osino shareholders will continue to benefit from exploration success at Omaruru while the Company remains focused on fast tracking its flagship Twin Hills Gold Project to production.”
The Omaruru Lithium Project is centred on the village of Wilhelmstal, east of Karibib in Namibia and covers 175 square kilometres. The tenement is located near several advanced mining projects including Lepidico’s Karibib Lithium Project and Osino’s Twin Hills Gold Project.
Osino undertook an initial evaluation of the lithium potential of the Project from 2019-2021. This work included mapping, rock grab sampling and a 16 hole (1,942m) RC drill program in 2020. Prospect has advanced the Project since entering the Agreement with Osino in 2022, recently announcing a new lithium discovery from phase 1 drilling results.
Omaruru contains 60 visible outcropping LCT pegmatites, with historical artisanal workings for gemstones common throughout the tenement and considerable prospectivity for the identification of further lithium-enriched deposits occurring below cover in the region.
The Project offers excellent potential to delineate a maiden lithium Mineral Resource and identify new deposits to build a project of sufficient scale, as well as establishing a strategic position in Namibia, providing an attractive growth pipeline in the battery minerals sector and continued investment in a desirable jurisdiction of sub-Saharan Africa.