Phase one of the Omaruru Lithium Project has been successfully completed, Osino Resources Corporation reported this week. The company said Prospect Resources Limited, the majority owner on the project, will now proceed with phase two of the earn-in agreement.
In the fourth quarter of 2022, Osino entered into an Earn-In and Shareholder Agreement with Prospect, granting Prospect the right to acquire a 40% interest in the project upon the completion of phase one and the potential to increase it to 51% upon completion of phase two. Prospect has the opportunity to earn up to an 85% interest in the project, with Osino being carried until the completion of a Definitive Feasibility Study. The Omaruru Lithium Project is situated 20 kilometers southeast of Osino’s flagship Twin Hills Gold Project.
Heye Daun, Osino’s President and CEO, expressed optimism about the results of the Phase 1 program on the Omaruru Lithium Project, and he anticipates Prospect’s Phase 2 exploration activities and forthcoming results in the next quarter. Osino shareholders will continue to benefit from exploration success at Omaruru while the company remains committed to expediting production at its flagship Twin Hills Gold Project.
The Omaruru Lithium Project is located around the village of Wilhelmstal, east of Karibib encompassing an area of 175 square kilometers. It is strategically positioned near other advanced mining projects, including Lepidico’s Karibib Lithium Project and Osino’s Twin Hills Gold Project. Osino initiated an initial assessment of the lithium potential of the Project between 2019 and 2021.
