馃嚦馃嚘NamibiaSouthern Africa
Ongwe Minerals raises N$310.5 million for gold exploration in Namibia
via The Namibian1 min read
Canadian-owned Ongwe Minerals has secured N$310.5 million to advance gold exploration at its Khorixas and Omatjete projects in Namibia. The company, which conducts mining activities in the Damara Gold Belt, recently completed a dual listing on the Namibia Securities Exchange NSX. According to Ongwe chief executive Dave Underwood, the offering was upsized due to high demand, allowing a significant allocation of shares to Namibian investors at approximately N$18.63 per share. The raised capital will primarily fund expanded exploration efforts at both gold projects. Reverse circulation drilling has begun at Khorixas, while preparations are underway for a diamond drilling campaign at Omatjete, targeting the Manga and Nguni areas, scheduled to start by the end of July. Ongwe Minerals was previously involved in the Twin Hills and Eureka deposits with Osino Resources and the development of the Otjikoto Gold Mine, which is currently operational.
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This summary was AI-generated from a story originally published by The Namibian.
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