Osino Resources Corp. (
TSXV:OSI)
(
FSE:RSR1) (
OTCQX:OSIIF)
("
Osino” or “
the Company”) is
pleased to provide an update on the recently completed infill and
orientation drill program at the Ondundu Gold Project
(“
Ondundu” or “
the Project”).
Osino remains focused on the financing and
construction activities for the Twin Hills Gold Project, while
progressing its other exploration projects including Ondundu.
The Ondundu drill program was designed to
upgrade the mineral resource around the Razorback Main Zone while
the orientation program will provide guidance on the optimum
drilling, sampling and assay methodologies for future work in the
nuggety coarse gold mineralization at Ondundu.
Dave Underwood, Osino’s VP Exploration
commented: “The short drill program we recently completed
at Ondundu has produced some exceptional intercepts including 157m
@ 1.50g/t in hole ONRC23-019 and 109m @ 2.30g/t as previously
reported in hole ONRC23-017. These results indicate potential to
increase the size and grade of the main ore zones with further
detailed infill and step-out drilling. In addition, the two holes
drilled in a westerly orientation to check for mineralization
perpendicular to the main ore shoots, intersected unexpected
mineralization to the east of the current resource and indicate
potential to define a new zone of mineralization in an area never
previously drilled.”
About Ondundu
Ondundu is a sedimentary hosted, structurally
controlled orogenic gold deposit located 130km to the north-west of
Osino’s Twin Hills gold project, in an area of known gold deposits
hosted within the inland arm of the Pan African Neoproterozoic
Damara Belt. The main area of gold mineralization stretches about
1.9km from Margarethental in the north to Razorback in the south
(the Ondundu Main Zone or OMZ) and occurs on the steep, west-facing
limb of a parasitic syncline-anticline pair (previously termed the
“Common Limb”) on the eastern limb of the south-eastern part of the
Ondundu anticline.
The bulk of the gold at Ondundu is free gold
associated with bedding-parallel quartz‐Fe‐carbonate-pyrite veins,
commonly with related sericite alteration. These veins occur as
extensional and shear veins along the west‐southwest dipping common
limb and form as single or in sets of parallel veins which occur in
zones up to 1 m wide in outcrop.
The Ondundu Project has a long history of mining
and exploration, dating back to the first European to note gold in
the area in 1917. Between 1922 and 1964, it was reported that a
significant amount of gold was recovered by small scale miners on
various mining claims in what is now known as the Ondundu Main Zone
(OMZ). Gold was recovered from alluvial, eluvial and shallow
oxidised gold bearing rocks. The project has been extensively
drilled by various operators, most recently by B2Gold, who
completed extensive exploration and drilled 119 diamond drillholes
(24,490m) and 3 RC holes (564m) on the OMZ and Margarethental North
areas during the period 2015 until 2021.
On July 21, 2022 Osino Resources Corp. completed
the acquisition of the 100% owned Ondundu Gold Project from B2Gold.
Osino has since completed initial metallurgical testwork which
indicates that after milling to 80% passing 75 micron, gold
recovery in the range of 76-79% to gravity concentrate (containing
less than 5% of the solid feed to the circuit) could be achieved.
This suggests that gravity concentration (and potentially optical
sorting) on site, with subsequent transport to and further
processing at Twin Hills could be a feasible process route for
Ondundu material.
As initially announced in its news release dated
October 27, 2022, the maiden MRE for the Ondundu Gold Project
comprises 26 million tonnes (Mt) at an average grade of 1.13 g/t Au
for a total of 0.9 million ounces (Moz) of gold in the Inferred
mineral resource category (0.5 g/t cut-off).
Ondundu Orientation Drill
Program
Ondundu’s drill program was designed to upgrade
the mineral resource around the Razorback main zone and to conduct
an orientation program to optimise drilling, sampling and assay
techniques with a specific emphasis on capturing the potential
upside due to the very pronounced nugget effect at Ondundu.
A total of 3,148m was completed in 15 reverse
circulation (RC) holes at Razorback main zone, aimed at step-out
drilling and to infill previous drilling carried out by B2Gold in
2016. These holes were drilled towards a 70-degree azimuth with
60-degree inclinations, resulting in a net combined inter-hole
spacing of ~16m (refer to Figures 1 and 2).
The RC drill program was also designed as an
orientation program to assist in optimising drilling and assay
techniques, given that the mineralization at Ondundu displays high
nuggety, coarse gold characteristics. The main orientation aspects
comprised the following:
- Comparison of larger RC sample size with previous diamond
drilling by B2Gold, to determine whether there is a statistically
meaningful difference in assay results between diamond drilling and
RC drilling. This essentially compares the efficiency of the
drilling techniques in capturing nugget gold mineralization, but
also weighs up the different sampling techniques.
- Comparison of three different sample preparation and assay
techniques, namely conventional fire assay, metallic screen fire
assay and Leachwell bottle roll methods, to test whether a more
appropriate analytical method could better account for the nugget
effect and thereby improve the overall grade distribution and
average grades.
Figure 1: Ondundu Project Overview with recent drill
results (ONDD22-225 and ONDD22-226 were reported
previously).
Additional Upside Potential at
Ondundu
Two diamond scissor holes (ONDD22-226 and
ONDD22-225) were drilled into the Margarethental and Razorback
mineralized zones in late 2022, in opposite directions (azimuth of
2500) to the resource drilling. These results were previously
reported and comprise the following:
ONDD22-226 intersected a zone of conformable
mineralization between 73 and 89m of 16m @ 2.66g/t and 10m @
3.89g/t between 105 and 115m, while ONDD22-225 intersected a wide
zone of low-grade gold mineralization between 10 and 63m, and
higher intercepts between 119 and 189m which is made up of both
conformable and extensional quartz veins (see Figure 1).
These holes demonstrated the existence of
mineralized extensional quartz veins which are non-parallel to the
typical bedding conformable vein sets, which are responsible for
bringing about the bulk of the mineralization. These non-bedding
parallel vein sets thus represent significant upside potential both
in terms of additional ounces, but also in terms of converting
previously non-mineralized material into mineralized material
within the eastern parts of the current resource model, still
within the RPEEE pit.
There are also several prospective brownfields
exploration targets within a 5km radius to the Ondundu resource,
which warrants further exploration. These targets could eventually
also contribute to the total mineral resources at Ondundu .
Ondundu Geology and
Mineralization
The main geological feature in the Project area
is the low amplitude Ondundu anticline, a major north – south
trending fold which plunges approximately 30° to the south.
Parasitic folds within the regional anticline have concentrated
gold mineralization mainly in conformable (bedding parallel)
veins.
The main mineralized zone extends sub-vertically
from the surface and trends in a north-south direction, with the
conformable mineralization dipping to the west and pinching out to
the east and west (see Figures 2 and 3). Mineralized quartz veins
within this main zone are also parallel to bedding. The intensity
of these veins in this main zone is high compared to other areas of
the mineralization. Mineralization is generally hosted by finely
interlayered, upward-fining turbiditic sediments belonging to the
Kuiseb Formation.
Razorback Mineralized Zone
The style of mineralization depicted within the
Razorback mineralized zone in Figures 2 and 3 below is
representative of the entire Ondundu main mineralized area,
including Razorback and Margarethental.
Most holes from the recently completed drill
program intersected the target mineralization which compliments and
expands on previous drilling by B2Gold and confirms the robust
nature of the main Razorback mineralized zone.
Hole ONRC23-019, was excellent starting in the
hanging wall and drilling through the centre of the south plunging
main ore shoot with 157m @ 1.50g/t from 55 to 212m. This is a
step-out hole that intersected shallow mineralization that will
extend the mineralized envelopes in the hanging wall area.
This hole also confirms the main high-grade
shoot at depth, which is modelled in a north-south direction in
both Razorback and Margarethental zones, see Figure 4. The hole has
great potential to improve the overall grade of the MRE and to add
extra ounces.
Hole ONRC23-021 is also a step-out in the same
area and intersected several new zones of low-grade mineralization
that will also contribute positively to the growth of the resource.
All indications at this stage are that mineralization keeps going
and is open at depth.
ONRC23-013 and ONRC23-014 were very good infill
holes which intersected shallow mineralization as expected with 10m
@ 2.65g/t (31-41m), and 70m @ 1.02g/t (0-70m), respectively – and
with both these holes intersecting good mineralization at depth
which will extend some conformable mineralized zones. Holes
ONRC23-015 and ONRC23-022 also intersected very good mineralization
as expected (see table 1).
Figure 2: Razorback target, showing
assay results of recently drilled infill and step-out
holes.
All step-out and infill holes drilled to date on
the Razorback main zone produced assay results in line with
expectations. New zones of mineralization, both high and low grade,
have been intersected which show potential for increasing the
mineralized envelopes.
Most holes intersected excellent mineralization
that confirms the current model and the robust nature of the
mineralization at Razorback. Some holes also intersected higher
grades than expected which will improve the overall grade and
ounces of the MRE.
There is significant scope for the Ondundu MRE
to be improved in the next iteration, through better definition and
modelling. Additionally, step-out drilling is required to further
extend the mineralized zones to the west and east of the current
model.
Figure 3: Section one across Razorback Main Zone –
looking north
Figure 4: Section two across Razorback Main Zone –
looking north
All fire assay results have now been received
and are presented in Table 1, including eight holes reported
previously in April 2023.
Drill Intercept Table
HOLE |
X |
Y |
FROM |
TO |
WIDTH (m) |
GRADE (g/t) |
ONRC23-007 |
548265 |
7706892 |
72 |
74 |
2 |
2.27 |
and |
|
|
130 |
185 |
55 |
1.45 |
incl. |
|
|
|
|
25 |
1.65 |
ONRC23-008 |
548277 |
7706836 |
112 |
182 |
70 |
1.24 |
ONRC23-009 |
548356 |
7706840 |
56 |
69 |
13 |
1.74 |
ONRC23-010 |
548333 |
7706835 |
3 |
43 |
40 |
1.18 |
ONRC23-011 |
548300 |
7706825 |
59 |
114 |
55 |
0.88 |
ONRC23-013 |
548313 |
7706905 |
31 |
41 |
10 |
2.65 |
and |
|
|
53 |
141 |
88 |
0.98 |
incl. |
|
|
|
|
13 |
1.59 |
incl. |
|
|
|
|
32 |
1.05 |
ONRC23-014 |
548325 |
7706860 |
0 |
70 |
70 |
1.02 |
incl. |
|
|
|
|
17 |
2.30 |
and |
|
|
99 |
140 |
41 |
0.85 |
incl. |
|
|
|
|
20 |
1.29 |
ONRC23-015 |
548288 |
7706869 |
153 |
204 |
51 |
1.92 |
incl. |
|
|
|
|
42 |
2.24 |
ONRC23-016 |
548288 |
7706896 |
30 |
43 |
13 |
0.59 |
and |
|
|
51 |
68 |
17 |
1.17 |
and |
|
|
144 |
182 |
38 |
0.68 |
ONRC23-017 |
548309 |
7706881 |
15 |
18 |
3 |
7.49 |
and |
|
|
50 |
55 |
5 |
7.81 |
and |
|
|
68 |
177 |
109 |
2.30 |
ONRC23-018 |
548299 |
7706848 |
21 |
25 |
4 |
3.69 |
and |
|
|
42 |
60 |
18 |
2.60 |
incl. |
|
|
|
|
13 |
3.54 |
and |
|
|
102 |
195 |
93 |
1.24 |
ONRC23-019 |
548281 |
7706814 |
55 |
212 |
157 |
1.50 |
incl. |
|
|
|
|
5 |
7.38 |
incl. |
|
|
|
|
3 |
22.21 |
incl. |
|
|
|
|
54 |
1.76 |
ONRC23-020 |
548258 |
7706806 |
144 |
148 |
4 |
0.64 |
and |
|
|
170 |
175 |
5 |
2.04 |
and |
|
|
184 |
196 |
12 |
0.54 |
and |
|
|
230 |
234 |
4 |
0.65 |
ONRC23-021 |
548244 |
7706827 |
79 |
93 |
14 |
0.62 |
and |
|
|
178 |
198 |
20 |
0.55 |
and |
|
|
225 |
240 |
15 |
0.66 |
incl. |
|
|
|
|
5 |
1.35 |
ONRC23-022 |
548262 |
7706860 |
41 |
48 |
7 |
2.54 |
and |
|
|
129 |
198 |
69 |
1.36 |
and |
|
|
211 |
217 |
6 |
4.57 |
and |
|
|
240 |
248 |
8 |
0.70 |
Table 1:
Mineralized Intercepts for recently received Ondundu Infill RC
Holes
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 by color coding in Figure 1 and 2 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.
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 fast-tracked development of our
wholly owned, Twin Hills Gold Project (“Twin Hills”) in central
Namibia. Since its grassroots discovery by Osino in August 2019 the
Company has completed more than 225,000m of drilling and has
completed a suite of specialist technical studies culminating in
the recently published Twin Hills Definitive Feasibility Study
(“DFS”). The DFS describes a technically simple and economically
robust open-pit gold operation with a 2.15moz gold reserve, 13-year
mine life and average annual gold production of over 169koz per
annum.
Osino has a commanding ground position of
approximately 8,000km2 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 exploring 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 favourably 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/
On Behalf of The Board of DirectorsHeye Daun,
President & CEO
CONTACT INFORMATION
Osino Resources Corp.Yaron Conforti, Corporate
Development +1-604-687-2038 yconforti@osinoresources.com
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.
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 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.
Photos accompanying this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/b48b8bbb-6305-4f2b-9a5a-d1d31d88197d
https://www.globenewswire.com/NewsRoom/AttachmentNg/efe3125d-aa05-4a40-be18-866065d2b29d
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