Osino confirms maiden resource on Namibian project will be published later this year
TSX-V-listed Osino Resources Corporation says a Phase 1 reverse circulation drilling campaign undertaken by partner company ASX-listed Prospect Resources on the Omaruru lithium project, in Namibia, has set the stage for a maiden resource to be delineated later this year.
Particularly, assay results from the drill programme have outlined a new, near-surface shallow dipping discovery of lithium mineralisation in the Southern Brockmans zone and confirmed historical results at the Karlsbrunn deposit.
Highlights from the Phase 1 drilling include 6 m grading 1.3% lithium oxide from 13 m and 8 m grading 0.99% lithium oxide from 6 m.
Osino says drilling at the Brockmans zone indicates significant scope for larger tonnages of higher-grade lithium mineralisation.
Prospect can earn up to a 51% and potentially up to an 85% interest in the project.
Prospect plans to spend $1-million on exploration over 12 months to reach a 40% project interest, while Osino has the option to retain a 49% interest in the project through pro-rata equity contributions and regardless will be carried as a 15% holder in the event of non-funding, until a definitive feasibility study is published.
Omaruru is situated near several historical and current lithium mining operations, including Lepidico's Karibib lithium project located about 10 km to the southwest.
Osino is currently focused on developing the Twin Hills gold project in central Namibia.
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