Osino Resources Corp. (
TSXV:OSI)
(
FSE:RSR1) (
OTCQX:OSIIF)
("
Osino” or “
the Company”) is
pleased to announce an update on infill and step-out drilling at
its Twin Hills Gold Project in the Erongo Region of Namibia.
The Twin Hills maiden resource was released on
April 12th, 2021 including 0.43Moz @ 1.00g/t in the Indicated
category and 1.47Moz at 1.08g/t in the Inferred category at a
cut-off grade of 0.5g/t. The infill and step-out drill programs are
aimed at converting the bulk of the mineralization to the Indicated
category and expanding the total resource.
Heye Daun, Osino’s CEO
commented: “These are another set of excellent results
from Clouds which are particularly significant as they are outside
of the resource envelope and PEA pit design, and thus could have a
significant impact on future resource growth. It is particularly
pleasing that the Clouds high-grade shoot is getting bigger and
better down plunge to the northeast, which should allow us to
deepen the pit in this area. We have planned some immediate
follow-up drilling to better define the Clouds shoot at depth and
hopefully be able to include some of it in the next resource
update, scheduled for April/May 2022. Our Namibian team can be
really proud of themselves after an exceptional drill performance
in 2021, having completed 123,000m of drilling and setting us up to
fast-track the project through the various development and
feasibility studies scheduled for this year.”
Drill Planning & Resource
Update
The infill drill program started in March 2021
with the aim of converting the entire Bulge, THC and Clouds mineral
resource from the Inferred to the Indicated category. The drill
holes are positioned on a staggered 50 x 50m pattern,
resulting in an effective maximum drill spacing of
approximately 32m to 35m.
The drill program was expanded in November after
the discovery of Twin Hills West and again in December to include
the deeper portions of the plunging shoots at Bulge and Clouds East
as well as the shallow, up-dip portions of Bulge, THC and Clouds.
This additional drilling delayed the completion of the resource
drilling, which is now scheduled to be completed by February
2022.
Mineralization and geological modelling is
currently underway and final assay results should be received by
the end of February 2022, which should allow for an updated mineral
resource to be published in April/May 2022.
Figure 1: Twin Hills mineral resource drill collars with
significant recent assay
resultshttps://www.globenewswire.com/NewsRoom/AttachmentNg/a93c74f9-4d71-481b-a04a-ed355bccd2f4
Figure 1 above provides a summary of the most
significant assay results received for all holes expressed as GM
(gram x meter) with annotated selected results received since the
previous update.
Polygons for the preliminary mine layout have
been included for scale and context, although the exact positions
may change slightly once the condemnation drilling and other
studies have been concluded.
Description of Latest Clouds Results
The mineralization at Clouds lies along a north
easterly striking structure hosting the high-grade shoot that has
produced consistently wide intercepts from surface. Recent drilling
at Clouds has focused on chasing this mineralization down plunge to
try and deepen the pit in this area.
The latest two results from the deep drilling at
Clouds are OKD322 – 49m @ 1.50g/t incl. 43m @ 1.66g/t and OKD332 –
84m @ 1.08g/t incl. 14m @ 1.99g/t and 16m @ 1.37g/t. These two
holes take the mineralization down to approximately 300m vertically
below surface and open to depth.
Representative sections through this portion of
the Clouds deposit are depicted in the figures below. The August
2021 PEA pit design is indicated in light brown. A subsequent
conceptual Whittle pit optimization was carried out on an interim
planning model by the Company and is referred to as the Pseudo Pit.
The Pseudo Pit indicates the additional volume of mineral resources
which are expected to be included in the next update of the Clouds
mineral resource. It also demonstrates how the latest step-out
drill results could have a significantly positive impact on the
Clouds mineral resource.
Figure 2: Section through Clouds East showing extension
of high grade shoot in OKD322 and previous pit
shellhttps://www.globenewswire.com/NewsRoom/AttachmentNg/8abbcf9a-3e21-4807-9551-d90a5d102ed5
The mineralized syncline illustrated in blue in
the section above is based on the previous resource update. Recent
drilling results downdip clearly illustrate that the mineralized
unit is much larger than previously thought and becomes more
focused with depth.
The geological models and mineralization
envelopes will all be revised for the next resource update to
reflect the expanded envelope.
Figures 2 and 3 also clearly demonstrate how the
grade and width of mineralization is improving with depth.
Figure 3: Section through Clouds showing
extension and expansion of high-grade shoot in
OKD332https://www.globenewswire.com/NewsRoom/AttachmentNg/90f2ca33-6183-4d61-9642-236428e2c551
Bulge Infill Drilling
The last planned infill holes were recently
completed with the remaining drilling now focused on infilling the
deep step-out drilling (announced in December 14, 2021) to allow
for the upgrading of this mineralization from the Inferred to the
Indicated resource category.
The deep drilling will extend the mineralized
envelope to below 400m vertical from surface and is still open at
depth. This last phase of drilling will be completed by the end of
February 2022.
Drill Program for Q1
After the completion of the infill and step-out
program, the drilling will be cut back for the rest of the quarter
while we wait for assays and the focus will be on completing a
range of smaller drill programs as follows:
- Twin Hills West Infill
- Hydrology
- Pit Geotechnical
- Orientation Grade Control
A link to the complete intercept table is
available here.
Notes on Drill Assay Reporting in the
Intercept Table:
- 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 in the intercept table 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 in intercept table.
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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