Ongwe Minerals expands Omatjete by 42%, adds fault zone

Executive Summary

• Ongwe Minerals Inc. significantly expanded its Omatjete project in Namibia by acquiring a 90% stake in the adjacent EPL7400 license (36,600 hectares) and submitting an application for EPL11268 (8,200 hectares), increasing the total project area by up to 42%.
• The expansion grants the company control over 50 kilometers of strike along the Okondeka Fault Zone (OFZ), which hosts the Kokoseb deposit and the Manga Gold prospect.
• New structural interpretations have identified a prospective parallel Okakongo fault zone and relay systems within the expanded license area, offering new exploration targets for hydrothermal gold-bearing fluids.

Key Details

• License Acquisition: Acquired 90% equity interest in Fallout Investments Pty. Ltd., which holds 100% interest in EPL7400 (36,600 hectares).
• License Application: Submitted application for EPL11268 (8,200 hectares); status is pending granting by the Ministry of Industries Mines and Energy of Namibia.
• Project Expansion: Omatjete project area increased by up to 42% through the addition of the new licenses.
• Structural Control: Company now controls 50 kilometers of strike on the Okondeka Fault Zone (OFZ).
• New Geological Targets: Reinterpretation of structures identified a prospective relay system and a parallel 25 km long Okakongo fault zone within the new license area.
• Geological Context: The Okakongo fault system sits within the Swakop sedimentary group, the host rock for all Namibian gold deposits, and contains several granitic intrusions increasing structural complexity.
• Ongwe Project Portfolio:
  • Khorixas Project (154,000 ha): Includes the Belmont prospect (12 km x 6 km footprint) with high-grade visible gold rock chips and 18 target areas identified via calcrete and grab sampling.
  • Omatjete Project (151,800 ha): Contains the Manga prospect (4.5 km x 1 km footprint), an orogenic gold system 30 km along strike from the Kokoseb deposit (2.9 million ounces). Early scout drill assays indicate gold in bedrock.
  • Outjo Project (46,000 ha): Located along strike from Osino's Eureka gold discovery, occupying a similar geological setting.
• Management Commentary: CEO David Underwood highlighted the achievement of covering the full extent of the Okondeka fault zone and the identification of the second significant fault system (Okakongo) for exploration.

Notable Quotes

• "Since the initial discovery of the Manga gold prospect, we have been working hard behind the scenes to expand the licence package and cover the full extent of the highly prospective Okondeka fault zone. We are happy to report that this has now been achieved, and we look forward to continued exploration of this fundamental, long-lived structure farther to the east." — David Underwood, CEO
• "A recent in-house reanalysis of the Omatjete structures has identified a prospective relay system and the parallel Okakongo fault zone within the expanded licence package. This now gives us a second, 25 km long, significant fault system to explore." — David Underwood, CEO