Osino Resources Corp. (
TSXV:OSI)
(
FSE:RSR1) (
OTCQX:OSIIF)
("
Osino” or “
the Company”) is
pleased to announce the discovery of significant gold
mineralization at the Eureka greenfields exploration project
(“Eureka” or “the Project”), approximately 35km
northeast of the Company’s Ondundu Gold Project.
Dave Underwood, Osino’s VP Exploration
commented: “The Eureka license was identified in 2019 as
part of a regional target generation exercise based on structure
and geology. There has been no previous exploration in the area and
there are no known local gold deposits. The license was initially
explored using soil and rock chip sampling, which produced a gold
anomaly at surface. The first two scout holes into the anomaly
intersected wide zones of gold, including 29m @ 2.69g/t, from
surface. These two holes were quickly followed up with a nine hole,
step-out diamond drill program which again intersected gold in
several holes including high grade shoots of 47m @ 5.92g/t and 18m
@ 4.70g/t.”
He continued, “This greenfields discovery in an
area of no known gold occurrences is testament once again to the
target generation ability of the Osino team and the effective,
systematic exploration our team is known for. The high-grade shoots
intersected in holes ORD004, ORD005 and ORD006 are an exciting
surprise, and unusual in the Namibian gold deposit context. The
core is spectacular with numerous visible gold grains in a sulphide
matrix breccia. We have just scratched the surface of this new gold
project; the mineralization is open in all directions and there are
several additional targets which remain to be drilled. We are very
bullish about Eureka and what it could mean for the development of
a new gold district, including Osino’s Ondundu project 35km to the
southwest and WIA Gold’s recently discovered Kokoseb deposit a
further 50km to the southwest.”
Eureka Greenfields Exploration
An Osino target generation exercise carried out
in 2019 identified a significant bend in the Damaran stratigraphy
between Ondundu, Khorixas and Outjo as being highly prospective.
The most prospective ground was secured, and regional exploration
work started in the area during 2020 (see Figure 1).
Figure 1: The Damara Belt in Namibia: Existing Gold
Deposits and New Discoveries
In 2022, as part of regional exploration, a 200
x 200m spaced soil sampling program was carried out over the lower
Damaran stratigraphy on the Eureka licence, as well as rock chip
sampling of surface mineralization. This initial program produced a
gold in soil anomaly in the southern part of the Eureka licence,
which measures 1000 x 500m – see Figures 1 and 2. Mapping and
additional rock chip sampling indicated gold mineralization within
sandstones and shales, associated with alteration, quartz veining
and gossanous seams at surface.
Drilling
Towards the end of 2022, a scout drill program
consisting of four Reverse Circulation (RC) holes was completed
over the small area of outcropping mineralization, with all holes
drilled towards the east. Two of the four holes intersected
significant mineralization as follows:
- ORR001: 29m @
2.69g/t (3 – 32m) incl. 19m @ 3.06g/t and 10m @ 1.46g/t incl. 3m @
3.96g/t
- ORR002: 25m @
1.54g/t (0 – 25m) incl. 12m @ 2.34g/t
Holes ORR003 and ORR004 were drilled further to
the north and missed the mineralization (indicated in blue collar
positions on Figure 2 below).
During the first quarter of 2023, detailed
structural mapping and rock chip sampling was carried out around
the area of surface mineralization, to determine the potential
structural setting and orientation of the mineralization, as well
as the relationship between quartz veining and gold.
In May of 2023, a step-out Diamond Drilling (DD)
program was initiated to follow the mineralization towards the
southwest where it appears to plunge shallowly in that
direction.
Figure 2: Eureka – RC and DD Drill
Collars on Mapped Geology
A total of nine step-out DD holes were drilled
to the west, south and north of the two positive RC holes, at a
collar spacing of approximately 100m. The holes were all drilled
towards the east at an inclination of -600, planned for a depth of
200m but extended when in mineralization.
A complete set of intersections is provided in
Table 1 below. At the date of this press release, assays had been
received for seven holes with the remaining two holes expected over
the next few weeks.
Mineralization
The gold is associated with massive sulphides
(pyrrhotite, pyrite and chalcopyrite) adjacent to quartz veins. The
massive sulphides often form the matrix of a breccia where the
clasts are made up of fragments of vein quartz and country rock.
See core photos in Figures 3 – 6 below.
The gold mineralization appears to be coarse
grained and nuggety which has resulted in the assay laboratory
experiencing repeatability issues.
Orientation work is currently underway using
metallic screen fire assay as an alternative to the standard fire
assay, to see if this results in better repeatability and increases
the assay grade. Metallic screen analysis uses a much larger assay
sample size and screens out the larger fraction for separate
assay.
Figure 3: Hole ORD001 – Massive sulphide
breccia dominated by pyrrhotire, pyrite and chalcopyrite containing
fragments of vein quartz (Note visible gold circled in red, hosted
by massive sulphide filling cracks in the quartz
veins).
Figure 4: Hole ORD004 – Massive sulphide brecciating
quartz and carbonate veins.
Figure 5: Hole ORD005 – Gold bearing massive sulphide
breccia with clasts of shale
Figure 6: Hole ORD006 – Brecciated quartz – carbonate
veins in massive sulphide matrix with visible gold
Table 1: Table of Intercepts at Eureka Project – August
2023
Hole |
From |
To |
Width |
Grade |
X |
Y |
GM |
GM_Class |
Location |
DIAMOND DRILL HOLES |
ORD001 |
43 |
81 |
38 |
1.67 |
570058 |
7737088 |
65.13 |
50-100 |
Eureka |
incl. |
|
|
4 |
4.41 |
|
|
|
|
Eureka |
incl. |
|
|
3 |
9.43 |
|
|
|
|
Eureka |
and |
150 |
152 |
2 |
39.80 |
|
|
|
|
Eureka |
ORD002 |
100 |
103 |
3 |
5.69 |
569950 |
7737079 |
17.07 |
10-25 |
Eureka |
ORD003 |
No significant intercept |
570013 |
7737241 |
0.00 |
<10 |
Eureka |
ORD004 |
81 |
98 |
17 |
4.13 |
570161 |
7736991 |
|
|
Eureka |
incl. |
|
|
2 |
11.01 |
|
|
|
|
Eureka |
and |
144 |
157 |
13 |
5.77 |
|
|
75.01 |
50-100 |
Eureka |
ORD005 |
97 |
100 |
3 |
1.60 |
570081 |
7736982 |
|
|
Eureka |
and |
144 |
191 |
47 |
5.92 |
|
|
278.24 |
>100 |
Eureka |
incl. |
|
|
27 |
8.69 |
|
|
|
|
|
incl. |
|
|
3 |
13 |
|
|
|
|
|
ORD006 |
194 |
212 |
18 |
4.94 |
569964 |
7736981 |
88.92 |
50-100 |
Eureka |
incl. |
|
|
10 |
5.79 |
|
|
|
|
|
and |
229 |
234 |
5 |
3.5 |
|
|
|
|
|
ORD007 |
144 |
149 |
5 |
1.51 |
569877 |
7737084 |
7.55 |
<10 |
Eureka |
ORD008 |
|
|
Assays Awaited |
570020 |
7737582 |
|
|
Eureka |
ORD009 |
|
|
Assays Awaited |
569957 |
7736883 |
|
|
Eureka |
|
RC DRILL HOLES |
ORR001 |
3 |
32 |
29 |
2.69 |
570156 |
7737092 |
78.01 |
50-100 |
Eureka |
incl. |
|
|
19 |
3.06 |
|
|
|
|
Eureka |
and |
54 |
64 |
10 |
1.46 |
|
|
|
|
Eureka |
and |
104 |
112 |
8 |
0.84 |
|
|
|
|
Eureka |
ORR002 |
0 |
25 |
25 |
1.54 |
570309 |
7737121 |
38.50 |
25-50 |
Eureka |
incl. |
|
|
12 |
2.34 |
|
|
|
|
Eureka |
ORR003 |
5 |
6 |
1 |
5.07 |
570120 |
7737242 |
5.07 |
<10 |
Eureka |
ORR004 |
No significant intercept |
570000 |
7737356 |
0.00 |
<10 |
Eureka |
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 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 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 DFS. The DFS describes a technically simple
and economically robust open-pit gold operation with a 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 +1-604-687-2038yconforti@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.sedarplus.ca. 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/90d64b1e-7465-4d00-a110-95e964d11f52
https://www.globenewswire.com/NewsRoom/AttachmentNg/41a2706c-82cd-4ebe-9fff-c510f5fc9dff
https://www.globenewswire.com/NewsRoom/AttachmentNg/61cb6726-3850-4314-886b-82d24b9fa5e6
https://www.globenewswire.com/NewsRoom/AttachmentNg/e0170109-ee0d-43c5-80aa-f4646674f1d1
https://www.globenewswire.com/NewsRoom/AttachmentNg/d4a6da7a-fa10-4f93-9af4-6ff9fbd32126
https://www.globenewswire.com/NewsRoom/AttachmentNg/379082f5-321e-488c-9622-afc1606c339f
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