Osino Resources Corp. (
TSXV:OSI)
(
FSE:RSR1) (
OTCQX:OSIIF)
(“
Osino” or “
the Company”) is
pleased to announce the discovery of the highest-grade shoot yet
intersected at the Twin Hills Gold Project to date. The latest
step-out drillholes also intersected previously unknown shallow
mineralization on the northern edge of the Twin Hills Central
(“THC”) PEA pit, offering the potential for additional
mineralization and reduced waste stripping in that area.
Dave Underwood, Osino’s VP Exploration
commented: “We received a really nice surprise with the
latest set of infill and step-out assays with one of our best ever
intercepts of 69m @ 2.06g/t including 34m @ 3.65g/t. This hole was
drilled on the far northern side of THC and appears to have hit a
high strain zone in a silicified fold nose, containing the familiar
mineralized sulphide veinlets but in this zone overprinted by
extensional quartz veins. This is not something we have seen at
Twin Hills before, and it demonstrates that Twin Hills can continue
to surprise on the upside. This mineralization is currently below
the PEA pit envelope and thus has the potential to increase the
size of the future pit shell. It is also the first real indication
of future underground potential at Twin Hills. It appears that our
drilling to the north-east may have passed over the top of the
high-grade shoot and the next round of drilling will be focused on
chasing it down plunge to the north-east.”
Osino is now focused on completing an updated
MRE for the pre-feasibility study expected in Q2 2022.
Infill and Step-Out
Drilling
The infill drill and step-out 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.
This drill program has now been completed with a
total of 80,718m drilled, including 54,722m of diamond drilling and
25,996m of RC. Assays are outstanding for 27 holes, results of
which are expected by mid-March. The results reported in this new
release are for two step-out holes (OKD355 and OKD329) located on
the northern margin of THC as indicated in Figure 1 below.
OKD355 intercepted three mineralized zones as
follows:
- 69m @
2.06g/t (322-391m) incl. 34m @ 3.65g/t
- 6m @ 1.18g/t
(234-240m)
- 21m @ 1.10g/t
(289-310m)
This deeper zone is the highest-grade shoot
recorded at the Twin Hills complex to date and is the first
indication of underground potential at depth – see Figure 2. OKD329
drilled 50m to the northeast missed the high-grade shoot but did
intersect previously unknown shallow mineralization (9m @ 1.44g/t
from 11-20m) at the planned pit margin.
Figure 1: Twin Hills mineral resource drill collars with
high grade assays at
THChttps://www.globenewswire.com/NewsRoom/AttachmentNg/dd832de3-bf42-4a8c-8feb-12ec916247c7
Follow-up drilling is planned to chase the high-grade shoot as
well as the shallow mineralization.
Description of Mineralization in Hole
OKD355
The high-grade mineralization in OKD355 occurs
within a silicified interbedded meta-greywacke dipping northwards
at 50 – 60 degrees. The same high-grade zone was intercepted in the
hole above (OKD126 – 28m @ 1.94g/t) but the zone appears to be
improving with depth as indicated in Figure 2 below.
Quartz-biotite-pyrrhotite-arsenopyrite veinlets occur in both
bedding parallel (conformable) and cleavage parallel structural
settings. An overprint of quartz–rich extensional veinlets occurs
perpendicular to the cleavage plain as a result of high strain and
fold lock-up (refer to Photo 1 and 2 below).
This intensity of extensional veining has not
been encountered previously at Twin Hills and is likely the reason
for the elevated grades in this zone. The cleavage veinlets define
the axial plane of the mineralized fold which dips at 35-45 degrees
towards northwest. The plunge of the fold axis is presumed to be
north-east. This will be confirmed by follow-up drilling in the
next phase after the pre-feasibility study.
Figure 2: Section through THC indicating OKD355 and
location of relative to MRE and PEA pit
shellshttps://www.globenewswire.com/NewsRoom/AttachmentNg/5ef2fdfb-e5c1-4de8-a47e-b235ca85fa26
Figure 3: Section through THC, east of high-grade
OKD355, showing near surface mineralization in
OKD329https://www.globenewswire.com/NewsRoom/AttachmentNg/394ca363-051f-4853-acca-11cd535d4f0a
Relationship between bedding and the mineralized
veinlets in the high-grade zone at OKD355.
Photo 1: OKD355 Relationship of bedding and cleavage
parallel
veinshttps://www.globenewswire.com/NewsRoom/AttachmentNg/6125d309-5af3-44b1-8eb6-842806cc9168
Photo 2: Extensional veinlets refracting across
interbedded sandy and mica-rich
unitshttps://www.globenewswire.com/NewsRoom/AttachmentNg/832340e0-2eea-4364-916c-5ba24727de41
New shallow shoot discovered north of THC
At the top of the final step-out hole drilled
along the fence to the east of OKD355, a near-surface shoot of
previously unknown gold mineralization was intercepted from 11m in
hole OKD329 (9m @ 1.44g/t).
This hole is located along the fence line of
drill holes to the east of OKD355. Further down the hole it
intercepted 62m @ 0.95 g/t (358-420m).
This mineralization will likely plunge to the
north-east, similar to the other shoots at Twin Hills, and it will
be followed up with two shallow RC holes to confirm its orientation
and continuity – see Figure 3 below.
The mineralization is similar to the rest of
Twin Hills, i.e. conformable and cleavage parallel veinlets with
interbedded meta-greywacke.
The link to the updated assay intercept table is provided
here.
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 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.
RSU and Stock Options Grant
The Company has granted of an aggregate of
810,538 restricted share units (each, an “RSU”) to certain key
executives, officers and directors of the Company pursuant to the
Company’s RSU Plan, of which 389,373 RSUs vest immediately and
421,165 RSUs vest one-third immediately and one-third each year
thereafter and all RSUs expire five years after the date of
vesting. Each RSU represents the right to receive, once vested, one
common share in the capital of the Company for every RSU held, or
the cash equivalent thereof based on the fair market value of the
shares of the Company calculated in accordance with the terms of
the RSU Plan.
Additionally, the Company has granted stock
options under its Stock Option Plan to purchase an aggregate of
1,470,000 common shares of the Company at an exercise price of
$1.20 per share for a five-year term. The stock options were
granted to directors, officers and consultants of the Company
pursuant to the Osino Stock Option Plan and the policies of the TSX
Venture Exchange (the "Exchange") and vest over two years.
The granting of options and RSUs are subject to
any necessary regulatory approvals and requirements of the
Exchange.
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,
“Amended and Restated 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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