Osino Resources Corp. (
TSXV:OSI)
(
FSE:RSR1) (
OTCQX:OSIIF)
("
Osino” or “
the Company”) is
pleased to announce the discovery of new shallow zones of gold
mineralization at Twin Hills West (“
THW”), just
3km from the main mineral resource at Bulge and Twin Hills Central
(“
THC”). After initially drilling twelve diamond
and RC holes in the area in 2019, Osino followed this up with 54
additional holes drilled since March 2021. The program comprised a
first-pass exploration diamond drill campaign and follow-up RC
drilling which is ongoing.
The program identified three new coherent zones
of mineralization. The mineralization is currently being defined at
a 50 x 50m drill spacing with the aim of adding inferred ounces to
the next Twin Hills mineral resource estimate, scheduled to be
released at the end of Q1 2022.
David Underwood, Osino’s VP Exploration
commented: “Gold mineralization at THW has taken quite a
while to reveal itself since the initial bedrock sampling in 2019.
The latest round of diamond drilling has led to the discovery of
mineralization in three steeply dipping parallel zones within
meta-greywacke. The style of mineralization and structural controls
appear similar to those at the rest of Twin Hills and Clouds East
in particular. This latest discovery has the potential to add
significant value to the Twin Hills project, as it lies only 3km
from the main mineral resource and is located along trend to the
west, within the planned Twin Hills mining license boundary.
Additional RC drill rigs have been added to the fleet to ensure
that the areas of best mineralization are drilled out at 50 x 50m
before the year end and the THW ounces added to the next resource
update.”
Figure 1 below depicts the 15km Twin Hills gold
system at district scale, indicating the location of the regional
Karibib fault (discovered through cover by Osino in 2018 using
geophysics), a new subsurface geology map derived from geological
logging of the 2020 and 2021 drilling, and the location of drill
defined, mineralized meta-greywacke horizons.
Figure 1 accompanying this announcement is
available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/2ca6c525-469a-4127-b986-4cc0dcf4bd76
Osino controls a consolidated district-scale
land package which has so far yielded four significant gold
discoveries. Scout drilling at Terminal One, 1,500m to the west of
THW, has also intersected narrow zones of mineralization indicating
the potential in that direction – see Figure 1. The exploration and
resource drilling is ongoing across the district, with the aim of
growing the existing mineral resources and making new
discoveries.
Previous Exploration at THW
THW was first identified in the calcrete
sampling program of 2018 as a low-level anomaly along a secondary
structure south of the Karibib Fault, coincident with a magnetic
anomaly. In 2019, a total of 111 vertical RAB holes in three fence
lines were drilled over THW to sample bedrock beneath the calcrete
cover, which is generally between 15-40m thick in this area.
These bedrock samples produced several anomalous
assays with a best result of 2.68g/t over 1m. In 2019 a total of 12
diamond holes were drilled over the central part of THW with the
best hole returning 16m @ 1.38g/t (OKD037). At that time the
drilling was stopped at THW to focus on the large-scale discoveries
made at Bulge and THC.
A short program of 7 holes was completed at THW
early in 2021 as part of the brownfields exploration initiative
which returned another significant hole from the central portion
(OKD175 – 32m @ 1.06 g/t incl. 12m @ 1.93g/t). Following an updated
structural study and remodeling of the magnetics, it became clear
that THW was divided into three portions, cut by NNW faults which
were later infiltrated by mafic dykes – see Figure 2.
A diamond drill program was initiated in March
2021 to test the three lobes of the THW deposit named Eland, Oryx
and Kudu – see Figure 2. A total of 28 holes for 5,862m were
completed in August and assays indicated two mineralized zones at
Oryx and one at Kudu all striking ENE and plunging to the NE.
Significant results include OKD175 – 32m @
1.06g/t (116-148m) incl. 12m @ 1.93g/t, OKD287 – 32m @ 1.04g/t
(100-134m) incl. 6m @ 2.60g/t and 4m @ 3.28g/t and OKD311 – 44m @
1.07g/t (100-144m) incl. 32m @ 1.15g/t. The Eland lobe has not
produced any anomalous assays to date. A table of intercepts for
all THW drill assays received to date is appended as Table 1.
Geology of THW
THW consists of three lobes of greywacke which
are separated by northwest striking faults resulting in vertical
displacement between the lobes – see Figure 2. The faults were
later infiltrated by narrow mafic dykes which are visible in the
magnetic data.
The Oryx and Kudu lobes are both syncline –
anticline pairs, overturned to the north i.e. in the opposite
direction to Twin Hills general orientation which is overturned to
the south – see sections in Figures 3 and 4.
Figure 2 accompanying this announcement is
available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/b6da495f-463a-4d20-b138-de66239d10e6
The mineralization is located within high strain
zones which have undergone intense flexural slip and local
shearing.
The most extensive zone of mineralization
intersected thus far is within the smaller southern syncline at
Oryx above the southern contact between greywacke and cordierite
schist.
This zone is approximately 500m long and up to
44m drilled width. Gold is associated with arsenopyrite
mineralization in veinlets and dissemination. The sulphide veinlets
generally have an alteration selvage of secondary biotite.
Figure 3 accompanying this announcement is
available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/923006d1-91bc-4d36-a72f-b1acd60755c4
Figure 4 accompanying this announcement is
available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/bfa277af-4761-4833-ba82-91d07923d28b
Mineralization at Oryx is present in two steeply
dipping lobes which subcrop against the calcrete cover.
Initial structural readings from drill core
indicate that the shears and veins hosting the mineralization
strike northeast and plunge in the same direction, somewhat oblique
to the east – west bedding. The mineralized shoots are focused
around parasitic fold noses accompanied by quartz-sulphide veinlets
with secondary biotite selvages.
Resource Definition
Drilling
An RC drill program was initiated in September
2021 to drill out the mineralized areas on a 50 x 50m grid with the
aim of producing an inferred resource for THW, which can be
included in the next resource update scheduled to be released at
the end of Q1 2022. The RC program comprises approximately 9,000m
of drilling and will be completed before the year-end.
Early results for the RC drilling include OKR385
– 35m @ 1.22g/t (124-159m) incl. 12m @ 2.23g/t, OKR387 – 15m @
1.73g/t (94-109m) incl. 5m @ 3.87g/t and OKR251 – 51m @ 0.74g/t
(41-92m) incl. 21m @ 1.01g/t.
Table 1: Intercepts for all Drilling at
Twin Hills West to Date
Hole |
From |
To |
Width |
Grade |
X |
Y |
GM |
GM Class (m x g/t) |
Location |
DIAMOND DRILL HOLES |
|
OKD011 |
130 |
151 |
21 |
0.83 |
597030 |
7583217 |
17.43 |
10-25 |
THW |
incl. |
|
|
11 |
1.16 |
|
|
|
|
THW |
and |
199 |
200 |
1 |
4.13 |
|
|
|
|
THW |
OKD013 |
No significant intercepts |
596988 |
7583311 |
0.00 |
<10 |
THW |
OKD014 |
83 |
90 |
7 |
0.79 |
597069 |
7583123 |
5.53 |
<10 |
THW |
OKD017 |
117 |
131 |
14 |
0.76 |
597025 |
7583218 |
10.64 |
10-25 |
THW |
incl. |
|
|
9 |
0.91 |
|
|
|
|
THW |
and |
154 |
169 |
15 |
0.49 |
|
|
|
|
THW |
OKD019 |
23 |
27 |
4 |
0.75 |
596986 |
7583309 |
|
|
THW |
and |
45 |
56 |
11 |
1.08 |
|
|
11.88 |
10-25 |
THW |
OKD021 |
No significant intercepts |
596949 |
7583404 |
0.00 |
<10 |
THW |
OKD026 |
101 |
106 |
5 |
0.47 |
597252 |
THW |
2.35 |
<10 |
THW |
OKD028 |
No significant intercepts |
597214 |
7583411 |
0.00 |
<10 |
THW |
OKD037 |
169 |
185 |
16 |
1.38 |
597087 |
7583036 |
22.08 |
10-25 |
THW |
and |
269 |
278 |
9 |
0.52 |
|
|
|
|
THW |
OKD040 |
45 |
50 |
5 |
1.30 |
596962 |
7583083 |
6.50 |
<10 |
THW |
OKD043 |
55 |
59 |
4 |
1.96 |
596927 |
7583174 |
7.84 |
<10 |
THW |
OKD045 |
No significant intercepts |
596895 |
7583266 |
0.00 |
<10 |
THW |
OKD171 |
No significant intercepts |
597370 |
7583456 |
0.00 |
<10 |
THW |
OKD175 |
116 |
148 |
32 |
1.06 |
596932 |
7582958 |
37.92 |
25-50 |
THW |
incl. |
|
|
12 |
1.93 |
|
|
|
|
THW |
OKD179 |
205 |
206 |
18 |
0.57 |
597203 |
7583084 |
10.26 |
10-25 |
THW |
incl. |
|
|
10 |
0.78 |
|
|
|
|
THW |
OKD237 |
102 |
112 |
10 |
1.31 |
596838 |
7582928 |
13.10 |
10-25 |
THW |
OKD243 |
111 |
123 |
12 |
0.89 |
597080 |
7583079 |
10.68 |
10-25 |
THW |
and |
133 |
137 |
4 |
0.72 |
|
|
|
|
THW |
and |
150 |
152 |
2 |
2.37 |
|
|
|
|
THW |
and |
158 |
160 |
2 |
0.86 |
|
|
|
|
THW |
OKD245 |
No significant intercepts |
596900 |
7583056 |
0.00 |
<10 |
THW |
OKD246 |
97 |
105 |
8 |
0.87 |
597243 |
7583199 |
|
|
THW |
and |
119 |
143 |
24 |
0.61 |
|
|
14.64 |
10-25 |
THW |
and |
188 |
194 |
6 |
0.66 |
|
|
|
|
THW |
and |
218 |
226 |
8 |
0.62 |
|
|
|
|
THW |
OKD247 |
284 |
287 |
3 |
1.81 |
601076 |
7585080 |
|
|
THW |
and |
314 |
371 |
57 |
0.68 |
|
|
38.76 |
25-50 |
THW |
incl. |
|
|
17 |
1.05 |
|
|
|
|
THW |
OKD253 |
No significant intercepts |
597705 |
7583500 |
0.00 |
<10 |
THW |
OKD255 |
No significant intercepts |
597645 |
7583391 |
0.00 |
<10 |
THW |
OKD258 |
No significant intercepts |
597764 |
7583626 |
0.00 |
<10 |
THW |
OKD260 |
No significant intercepts |
597554 |
7583335 |
0.00 |
<10 |
THW |
OKD264 |
39 |
43 |
4 |
0.64 |
597481 |
THW |
|
|
THW |
and |
53 |
72 |
19 |
0.44 |
|
THW |
|
|
THW |
and |
133 |
148 |
15 |
0.73 |
|
THW |
10.95 |
10-25 |
THW |
OKD269 |
No significant intercepts |
596519 |
7583013 |
0.00 |
<10 |
THW |
OKD270 |
158 |
167 |
9 |
0.45 |
597865 |
THW |
4.05 |
<10 |
THW |
incl. |
|
|
4 |
0.65 |
|
THW |
|
|
THW |
OKD273 |
No significant intercepts |
597723 |
7583446 |
0.00 |
<10 |
THW |
OKD276 |
No significant intercepts |
596589 |
7582821 |
0.00 |
<10 |
THW |
OKD280 |
90 |
92 |
2 |
1.24 |
597673 |
THW |
|
|
THW |
and |
107 |
111 |
4 |
4.98 |
|
THW |
19.92 |
10-25 |
THW |
OKD283 |
No significant intercepts |
596553 |
7582917 |
0.00 |
<10 |
THW |
OKD287 |
46 |
50 |
4 |
1.09 |
597108 |
THW |
|
|
THW |
and |
81 |
83 |
2 |
1.34 |
|
THW |
|
|
THW |
and |
102 |
134 |
32 |
1.04 |
|
THW |
33.28 |
25-50 |
THW |
incl. |
|
|
6 |
2.6 |
|
THW |
|
|
THW |
incl. |
|
|
4 |
3.28 |
|
THW |
|
|
THW |
and |
146 |
152 |
6 |
1.29 |
|
THW |
|
|
THW |
OKD292 |
No significant intercepts |
596477 |
7583103 |
0.00 |
<10 |
THW |
OKD293 |
29 |
33 |
4 |
0.63 |
597071 |
7583344 |
|
|
THW |
and |
53 |
56 |
3 |
0.66 |
|
|
|
|
THW |
and |
68 |
85 |
17 |
0.67 |
|
|
11.39 |
10-25 |
THW |
incl. |
|
|
8 |
0.92 |
|
|
|
|
THW |
OKD296 |
No significant intercepts |
598424 |
7583676 |
0.00 |
<10 |
THW |
OKD297 |
90 |
93 |
3 |
1.12 |
597146 |
7583148 |
|
|
THW |
and |
97 |
106 |
9 |
0.67 |
|
|
6.03 |
<10 |
THW |
and |
125 |
128 |
3 |
1.31 |
|
|
|
|
THW |
and |
138 |
141 |
3 |
0.6 |
|
|
|
|
THW |
and |
160 |
163 |
3 |
0.53 |
|
|
|
|
THW |
OKD299 |
No significant intercepts |
598149 |
7583685 |
0.00 |
<10 |
THW |
OKD303 |
53 |
67 |
14 |
2.09 |
596914 |
THW |
29.25 |
25-50 |
THW |
and |
96 |
100 |
4 |
0.94 |
|
THW |
|
|
THW |
OKD307 |
No significant intercepts |
598395 |
7583769 |
0.00 |
<10 |
THW |
OKD308 |
243 |
255 |
12 |
0.68 |
597609 |
7583464 |
8.14 |
<10 |
THW |
incl. |
|
|
5 |
1.02 |
|
|
|
|
THW |
OKD311 |
100 |
144 |
44 |
1.07 |
596995 |
7583033 |
47.22 |
25-50 |
THW |
incl. |
|
|
32 |
1.15 |
|
|
|
|
THW |
REVERSE CIRCULATION DRILL HOLES |
|
OKR248 |
No significant intercepts |
597540 |
7583649 |
0.00 |
<10 |
THW |
OKR251 |
41 |
92 |
51 |
0.74 |
597577 |
7583559 |
37.74 |
25-50 |
THW |
incl. |
|
|
22 |
1.00 |
|
|
|
|
THW |
OKR377 |
200 |
203 |
3 |
1.12 |
597593 |
7583510 |
3.35 |
<10 |
THW |
OKR378 |
148 |
153 |
5 |
1.34 |
597623 |
7583577 |
6.70 |
<10 |
THW |
OKR379 |
No significant intercepts |
597637 |
7583524 |
0.00 |
<10 |
THW |
OKR380 |
130 |
166 |
36 |
0.55 |
597544 |
7583492 |
19.80 |
10-25 |
THW |
incl. |
|
|
17 |
0.47 |
|
|
|
|
THW |
incl. |
|
|
15 |
0.7 |
|
|
|
|
THW |
OKR382 |
48 |
74 |
26 |
0.62 |
597525 |
7583544 |
16.12 |
10-25 |
THW |
incl. |
|
|
12 |
0.75 |
|
|
|
|
THW |
OKR383 |
107 |
118 |
11 |
0.46 |
597158 |
7583271 |
5.06 |
<10 |
THW |
and |
145 |
162 |
17 |
0.42 |
|
|
|
|
THW |
incl. |
|
|
6 |
0.8 |
|
|
|
|
THW |
OKR384 |
159 |
162 |
3 |
0.98 |
597686 |
7583548 |
2.94 |
<10 |
THW |
and |
170 |
172 |
2 |
0.78 |
|
|
|
|
THW |
OKR385 |
124 |
159 |
35 |
1.22 |
596975 |
7582977 |
42.70 |
25-50 |
THW |
incl. |
|
|
12 |
2.23 |
|
|
|
|
THW |
incl. |
|
|
3 |
2.45 |
|
|
|
|
THW |
OKR386 |
97 |
102 |
5 |
1.24 |
597437 |
7583507 |
|
|
THW |
and |
128 |
134 |
6 |
2.67 |
|
|
16.02 |
10-25 |
THW |
OKR387 |
94 |
109 |
15 |
1.73 |
596887 |
7582938 |
25.95 |
25-50 |
THW |
incl. |
|
|
5 |
3.87 |
|
|
|
|
THW |
incl. |
|
|
4 |
1.43 |
|
|
|
|
THW |
Notes on Drill Assay Reporting:
- Total
intercepts reported are unconstrained - all combined intercepts
above 0.4g/t reported. GM values based on unconstrained intercepts.
All reported intercepts are apparent widths rounded to the nearest
meter. Included (incl.) intercepts are constrained at 0.4g/t
cut-off, minimum 2m wide and no more that 2m internal dilution.
True widths are unknown at this stage. Collar positions are in UTM
WGS84 surveyed by digital GPS.
- The GM number
indicated in column 8 above is a commonly used short-hand method of
representing gold grade (g/t) and unconstrained intercept width (m)
as a single metric by multiplying the average intercept grade with
the intercept width. The borehole collar color-coding in Figure 1
uses the same metric, with different colours according to the GM
Class metric indicated in column 9 above.
Quality Assurance / Quality
Control
All Osino sample assay results have been
independently monitored through a quality assurance / quality
control ("QA/QC") program including the insertion of blind
standards, blanks and duplicate samples. QA/QC samples make up 10%
of all samples submitted. Logging and sampling is completed at
Osino’s secure facility located in Omaruru, Namibia, near the Twin
Hills Gold Project. Drill core is sawn in half on site and half
drill-core samples are securely transported to the Activation
Laboratories Ltd. sample prep facility in Windhoek, Namibia. The
core is dried, crushed to 90% -10mesh, split to 350g and pulverized
to 90% -140mesh. Sample pulps are sent to Activation Laboratories
Ltd. in Ontario, Canada for analysis. Gold analysis is by 30g fire
assay with AA finish and automatically re-analyzed with Gravimetric
finish if Au >5g/t. In addition, pulps undergo 4-Acid digestion
and multi-element analysis by ICP-AES or ICP-MS. RC drill samples
are prepared at Activation Laboratories Ltd. sample prep facility
in Windhoek, Namibia. The RC chips are dried, crushed to 90%
-10mesh, split to 350g and pulverized to 90% -140mesh. Sample pulps
are sent to Activation Laboratories Ltd. in Ontario, Canada for
analysis. Gold analysis is by 30g fire assay with AA finish and
automatically re-analyzed with Gravimetric finish if Au
>5g/t.
Qualified Person’s
Statement
David Underwood, BSc. (Hons) is Vice President
Exploration of Osino Resources Corp. and has reviewed and approved
the scientific and technical information in this news release and
is a registered Professional Natural Scientist with the South
African Council for Natural Scientific Professions (Pr. Sci. Nat.
No.400323/11) and a Qualified Person for the purposes of National
Instrument 43-101.
About Osino Resources
Osino is a Canadian gold exploration and
development company focused on the development of our Twin Hills
gold discovery in central Namibia. The Twin Hills Gold Project is
at an advanced stage of exploration with various advanced
development studies underway with the aim of fast-tracking the
project.
Osino has a large ground position of
approximately 6,700km2 located within Namibia’s prospective Damara
sedimentary mineral belt, mostly in proximity to and along strike
of the producing Navachab and Otjikoto Gold Mines. The Company is
actively advancing a range of gold prospects and targets along the
belt by utilizing a portfolio approach geared towards discovery,
targeting gold mineralization that fits the broad orogenic gold
model.
Our core projects are favorably located north
and north-west of Namibia’s capital city Windhoek. By virtue of
their location, the projects benefit significantly from Namibia’s
well-established infrastructure with paved highways, railway, power
and water in close proximity. Namibia is mining-friendly and lauded
as one of the continent’s most politically and socially stable
jurisdictions.
Osino continues to evaluate new ground with a
view to expanding our Namibian portfolio.
Further details are available on the Company's
website at https://osinoresources.com/
CONTACT INFORMATIONOsino
Resources Corp.Julia Becker: Investor Relations ManagerTel: +1
(604) 785 0850jbecker@osinoresources.com
Cautionary Statement Regarding
Forward-Looking Information
This press release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, without
limitation, statements regarding the use of proceeds from the
Company's recently completed financings, and the future plans or
prospects of the Company, including prospects for economic
recoverability of mineral resources. Generally, forward-looking
information can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". Forward-looking
statements are necessarily based upon a number of assumptions that,
while considered reasonable by management, are inherently subject
to business, market and economic risks, uncertainties and
contingencies that may cause actual results, performance or
achievements to be materially different from those expressed or
implied by forward-looking statements. Although the Company
has attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information. Other
factors which could materially affect such forward-looking
information are described in the risk factors in the Company's most
recent annual management's discussion and analysis which is
available on SEDAR at www.sedar.com. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
The reader is cautioned that any reference to
mineral resources or geological technical information about Osino’s
mineral properties is based on, excerpted from and expressly
qualified by Osino’s current technical report (the “Technical
Report”) which was prepared in accordance with NI 43-101 entitled,
“Twin Hills Gold Project, Namibia, Preliminary Economic Assessment,
National Instrument 43-101 Technical Report” dated effective July
14, 2021 prepared for Osino Resources Corp. Accordingly, Osino
recommends that the reader refer to and read the Technical Report
in its entirety, a copy of which is available on SEDAR
at www.sedar.com under Osino’s issuer profile.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this press release.
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