Prospect Resources Limited says it has acquired the remaining 60% interest in Richwing Exploration (Pty) Ltd (Richwing) from Osino Resources Corp. (Osino), strengthening its hold on the Omaruru Lithium Project in Namibia.
The deal makes Prospect the sole owner of Richwing and consequently, the Omaruru Lithium Project.
Prospect’s Managing Director and CEO Sam Hosack said the agreement for a residual 60% interest in the Omaruru Lithium Project is valued at US$75,000 cash (N$1.4 million).
The agreement for Prospect to purchase Osino’s residual interest in Omaruru has been precipitated by the acquisition of Osino by Yantai Gold, which is focused on Osino’s flagship Twin Hills Gold Project in Namibia.
“We look forward to completing this transaction and moving to 100% ownership of Omaruru, at the same time as we continue to advance our rigorous exploration and evaluation activities at the Project. Owning the asset 100% frees us up from the earn-in joint venture and we can pace exploration to suit our needs,” Hosack said.
Meanwhile, he noted that the second phase of drilling at Omaruru is progressing well, with all assay results expected to be available by late April.
“Prospect is currently undertaking the Phase 2 exploration programme at Omaruru (approx. 4,250m of RAB and RC drilling). This programme has been designed to target prospective geochemical anomalies at Karlsbrunn SE, Karlsbrunn NE and Bergers Central, identified in field programmes conducted through CY2023,” he said.
Results from Phase 2 will define the geometry, depth, and extent of lithium-mineralised pegmatites, informing a detailed RC drilling programme aimed at a potential JORC-reportable lithium Mineral Resource estimate in 2024.
The Omaruru Lithium Project, comprising the EPL 5533 tenement, is centred on the village of Wilhelmstal, east of Karibib in Namibia and covers 131 square kilometres.
The tenement is located near several advanced mining projects, including Yantai Gold’s Twin Hills Gold Project and Lepidico’s Karibib Lithium Project.
EPL 5533 contains 60 visible outcropping LCT pegmatites, with historical artisanal workings for gemstones common throughout the tenement and considerable prospective for the identification of further lithium-enriched deposits occurring below cover in the region.
The CEO said Omaruru offers excellent potential for Prospect to delineate maiden JORC-reportable lithium mineral resource estimates and identify new deposits to build a project of sufficient scale.
