Osino Resources Corp. (
TSXV:OSI)
(
FSE:RSR1) (
OTCQX:OSIIF)
("
Osino” or “
the Company”) is
pleased to provide an update of drill assay results for the
resource definition drilling recently completed at Twin Hills West
(“THW”).
THW is a new satellite discovery (refer to press
release dated December 1, 2021) located approximately 3km west
along strike of Osino’s current Bulge and Twin Hills Central
(“THC”) mineral resource, which comprises the bulk of Osino’s
flagship Twin Hills Gold Project in central Namibia. THW has so far
received 19,186m of Reverse Circulation (“RC”) and DD drilling
which has resulted in the delineation of a significant zone of
potentially economic gold mineralization. THW is structurally
complex and has been divided into three distinct lobes of
mineralization named Eland, Oryx and Kudu, which have so far been
drilled over a total strike length of approximately 1,500m (refer
to Figure 2 below).
Dave Underwood, Osino’s VP Exploration
commented: “We took a decision at the beginning of the
year to push the drilling along at THW so that we could include it
in the next resource update expected during the second quarter. The
latest assays show that the southwestern lobe is consistently above
1g/t and 20-40m in drilled width. The lobe of better mineralization
is about 300m in strike length and plunges shallowly to the east.
It was a welcome surprise when our furthest east hole drilled to
close off the mineralization came back with one of our best THW
intercepts to date with 30m @ 1.20g/t, likely the start of a new
mineralized shoot. The very high-grade feeder zone of 7m @ 7.94 g/t
intercepted in the northern step-out at Oryx Central was an
additional very pleasant surprise. Future drilling could identify
additional gold mineralization at THW.”
The latest results confirm that the southwestern
part of the Oryx lobe at THW is consistent in width and grade and
has a strike length of approximately 300m so far, open to the east
and west. Drilling also intersected a previously unknown shoot of
mineralization on the eastern edge of the Oryx lobe as well as a
very high-grade feeder zone in the central Oryx lobe.
Twin Hills West Drill
Program
The THW mineralization is located approximately
3km along strike, south-west of Bulge – see Figure 1. The
mineralization is similar in style and hosted within the same
meta-greywacke lithologies as at Bulge, THC and Clouds, which make
up the bulk of the Twin Hills Gold Project.
Figure 1: Twin Hills Mining Area, Geology and Main
Mineralized Areas (Bulge, Central, Clouds &
THW) https://www.globenewswire.com/NewsRoom/AttachmentNg/549d1af2-e142-4020-b28d-52c3ececf966
After the discovery of THW was announced in
November 2021, a follow-up drill program was carried out on the
three magnetic lobes at THW (Kudu, Oryx and Eland) to get a better
understanding of the scale and consistency of the mineralization –
see Figure 2.
The Oryx lobe returned the best grade
mineralization located within two zones at the south and center of
the magnetic signature – see cross-section in Figure 3. The
southern lobe is consistently >1g/t over a drilled width of 20 –
40m and a strike length of about 300m to date. The mineralization
is still open to the southwest and assays are awaited from two
step-out holes in this direction – see Figure 2.
The mineralization becomes lower grade and
patchy to the east but the farthest east hole along strike (OKR477)
intercepted what appears to be the start of a new high-grade shoot
in that area with 30m @ 1.20g/t – see Figure 2. Hole OKR461 hit a
narrow zone of very high-grade material (7m @ 7.94g/t) which
indicates a feeder zone to lower grade mineralization in the
central portion of the Oryx lobe.
The mineralization within the Kudu lobe appears
to be patchy and no shoot of significant strike length has been
located to date. Hole OKR388 intercepted a wide zone of
mineralization (56m @ 0.62g/t) in lightly altered interbedded
meta-greywacke. The single line of scout holes across the Eland
lobe did not intersect any significant mineralization and further
work is required here to test the rest of the magnetic anomaly.
Figure 2: Location of THW drill collars and assay
results superimposed on ground magnetic
image https://www.globenewswire.com/NewsRoom/AttachmentNg/bbbff4ef-83e4-4a51-8b3c-c162e6c51aef
Figure 3: Section through THW, showing at least three
zones of
mineralization https://www.globenewswire.com/NewsRoom/AttachmentNg/2885aef7-4b04-41fc-843a-ae5b43a1e8e7
The drillhole data from THW will form part of
the resource update that will accompany the pre-feasibility study
due in the second quarter of 2022. The south lobe of Oryx has been
drilled on 25m fence lines and a staggered 50m hole spacing. The
rest of THW has been drilled at 50 x 50m or wider. It is
anticipated this drill spacing is sufficient for an Inferred
category mineral resource, with potential for some Indicated-level
resources in the more densely drilled area of Oryx south.
Further Work at Twin Hills West
After the completion of the Pre-Feasibility Study further
drilling is planned for THW as follows:
- In-fill and step-out drilling on
the south-eastern margin of Oryx where the new shoot was
intercepted in OKR447 (30m @ 1.20g/t)
- In-fill and step-out at central
Oryx around the high-grade shoot in OKR461 (7m @ 7.94g/t)
- In-fill and step-out on the
southwest margin of Oryx
- Exploration drilling at Eland lobe
and the area between Oryx and Eland
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.
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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