Osino Resources Corp. (
TSXV:OSI)
(
FSE:RSR1) (
OTCQX:OSIIF)
("
Osino” or “
the Company”) is
pleased to provide an update on current infill drilling to convert
Inferred resources to Indicated and a block of grade control
orientation holes at THC.
Twin Hills is an orogenic-style,
sedimentary-hosted, structurally controlled gold project
contemplated as an open pit, which Osino is fast-tracking through
development. Osino recently published an updated resource estimate
dated April 13, 2022, which included 2.1Moz in the Indicated
category and 0.62Moz in the Inferred category. This resource is
contained in three distinct deposits over a strike length of
6km.
Dave Underwood, Osino’s VP Exploration
commented: “The current resource conversion drill program
has produced additional exciting surprises at THC and Clouds with
the discovery of high-grade feeder zones at both deposits. The
existence of feeder zones has been postulated since the early days
of discovery at Twin Hills, but the recent discovery of these two
high-grade zones goes a long way to confirming the model. These
zones indicate the underground potential for narrow high-grade
zones at a later stage of the mine plan and further drilling has
been planned to chase the feeders along strike and down plunge. We
have also just completed an early and proactive grade control
orientation drill program, based on the proposed starter pit at
THC. The assay results from this program will be used to determine
fine scale variability and test various estimation techniques for
selective mining.”
Infill Drilling at THC, Clouds and
Bulge
Since the cut-off date for drill assays used in
the updated mineral resource estimate, a total of 9,887m (6,945m DD
and 2,942m RC) has been drilled at THC, Clouds and Bulge. This
infill drill program is being carried out on a staggered 50m x 50m
pattern resulting in an effective maximum drill spacing of
approximately 32m to 35m. This current round of infill
drilling is being undertaken with a view to converting a
significant portion of the Inferred resource to the Indicated
category.
Figure 1 is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/e5a345cc-dca0-4cb3-a25c-865c568ff4f9
Hole OKD379 at THC (Figure 1) intersected a zone
of high-grade mineralization from 96m (16m @ 3.78g/t) interpreted
to be a feeder zone to the mineralization at THC. The cross section
in Figure 2 indicates two en-echelon shoots of mineralization at
THC with the feeder in OKD379 near the base of the upper (northern)
shoot. This upper shoot pinches out at about 150m depth and the
lower (southern) shoot increases in width from here down dip
(Figure 2).
These high-grade shoots tend to plunge
moderately or steeply, towards the northeast along the intersection
lineation of the bedding and prominent northeast structures. Hole
OKD355 (news release dated Feb 23, 2022) located 500m to the east
of OKD379 intercepted a similar high-grade zone (34m @ 3.65g/t)
interpreted to be the feeder for a separate deeper zone of
mineralization at THC (Figure 1).
Hole OKD322B at Clouds (Figures 1 and 3) also
intersected a high-grade feeder zone (45m @ 2.30g/t incl. 14m @
3.23g/t) similar in width and tenor to the THC shoots. The Clouds
section on Figure 3 also clearly indicates that there are two
en-echelon zones of mineralization here as well, although in this
section they are separated by a small zone of barren ground. It is
also evident that the lower (south) zone is increasing in width
down dip.
Figure 2 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7a2925ff-34e2-48a8-8d48-7fe5cc453516
Figure 3 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/8fe523b3-828d-4869-96df-dfc5a31d8245
The infill drilling at Bulge continues to
produce typical consistent 100 to 200m wide zones of lower grade
mineralization with higher grade internal zones. A high-grade
feeder has not been intercepted yet at Bulge but may be present at
greater depths.
Grade Control Orientation
Drilling
A total of 3,667m from 36 reverse circulation
holes were completed for the grade control exercise within a block
of 50 x 100m (Figure 1). These holes were drilled on 10-12m spacing
and ranged from 50m to 150m in depth. Holes were planned to drill
through the shallow mineralisation and were therefore orientated at
160° azimuth and 60° dip to follow the existing drill pattern
(Figure 1).
The results of this program have now been
received with all holes returning good assays as expected, and also
better defining the boundaries of the ore envelope than with the
wider spaced drilling. From a total of 36 grade control holes
drilled, results of 20 holes contained more than 50 metre x g/t Au
(m x g/t is a common shorthand method of displaying drill results
by multiplying the length of the intercept with its grade).
Detailed variability analysis of this area will be undertaken to
inform the grade continuity of mineralisation and therefore the
drill spacing needed to convert Indicated resources to the Measured
category.
A review of different estimation methods will
also be done on the block model and further verified against
results from within this block. Ordinary Kriging estimation method
is currently being applied to determine the resource at Twin Hills
and can produce smoothed assessments in the results of the
estimated resource. The conventional non-linear estimation method
Uniform Conditioning (UC) estimates the tonnage and grade of
mineralisation that can be recovered using the Selective Mining
Unit (SMU) at the chosen cut-off value.
The Local Uniform Conditioning (LUC) method
enhances the UC approach by calculating the mean grade of the grade
class and assigns these mean grades to the SMU size blocks. These
methods present the results in a more practical format,
particularly for use in mine planning, therefore all these
estimation methods and results need to be investigated.
A link to the updated 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.
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 RelationsTel: +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 the
Company's profile on SEDAR at www.sedar.com. The Company does not
undertake to update any forward- looking information, except in
accordance with applicable securities laws.
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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