Ongwe Minerals has expanded its Omatjete venture space in Namibia by 42% with the acquisition of further licences.
The Canada-based gold exploration firm secured a 90% stake within the adjoining EPL7400 licence, overlaying 36,600 hectares (ha), and has utilized for the EPL11268 licence, which spans 8,200ha.
Ongwe Minerals, by way of its Namibian subsidiary Belmont Mineral Exploration, has taken a 90% fairness curiosity in Fallout Investments, which holds full possession of EPL7400.
The applying for EPL11268 is pending approval from Namibia’s Ministry of Industries Mines and Power.
The extra licences will enable Ongwe Minerals to manage 50km of strike alongside the Okondeka Fault Zone, which incorporates the Kokoseb deposit and the newly recognized Manga Gold Prospect.
Latest structural evaluation of the Omatjete space has revealed new switch constructions and a parallel fault zone generally known as the Okakongo Fault System. These geological options might function conduits for hydrothermal gold-bearing fluids.
The Okakongo Fault System is positioned inside the Swakop Sedimentary Group, recognized for internet hosting Namibian gold deposits.
In line with Ongwe Minerals, a number of granitic intrusions inside the fault system add to its structural complexity and improve its prospectivity. The setting attracts geological parallels with different vital native gold discoveries such because the Kokoseb deposit, which comprises an estimated 2.9 million ounces of gold.
Ongwe Minerals CEO David Underwood mentioned: “For the reason that preliminary discovery of the Manga Gold Prospect, we’ve got been working laborious behind the scenes to increase the licence package deal and canopy the complete extent of the extremely potential Okondeka Fault Zone.
“We’re completely satisfied to report that this has now been achieved, and we look ahead to continued exploration of this elementary, long-lived construction additional to the east.”
Preliminary floor exploration carried out by Ongwe Minerals has resulted in identification of the Manga Gold Prospect, characterised by a footprint measuring 4.5km × 1km with gold presence in soil samples.
Preliminary drilling has indicated the existence of gold inside the bedrock.
The world holds appreciable potential for enlargement and efforts are beneath technique to additional delineate the extent of Manga’s strike alongside the Okondeka Fault Zone.
Along with Omatjete, Ongwe Minerals is growing two different principal tasks in Namibia. The corporate is claimed to carry a major land place within the promising Northwest Damara Belt.
The primary is the Khorixas Venture, encompassing 154,000ha and that includes the Belmont Prospect. Belmont is an orogenic gold system with a 12km × 6km floor space and high-grade seen gold rock chips on the floor.
