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Osino Makes New Gold Discovery at Twin Hills West in Close Proximity to Current Mineral Resource, Twin Hills Gold Project, Namibia

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·14-min read
In this article:
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  • OSIIF

Figure 1

District scale geology map of Osino’s Twin Hills gold system and location of mineral resources/discoveries
District scale geology map of Osino’s Twin Hills gold system and location of mineral resources/discoveries
District scale geology map of Osino’s Twin Hills gold system and location of mineral resources/discoveries

Figure 2

THW drill intercepts, GM Values1,2 and planned RD drill collars. Section lines A-A’ and B-B’ in Figures 3 and 4
THW drill intercepts, GM Values1,2 and planned RD drill collars. Section lines A-A’ and B-B’ in Figures 3 and 4
THW drill intercepts, GM Values1,2 and planned RD drill collars. Section lines A-A’ and B-B’ in Figures 3 and 4

Figure 3

Section A-A’ through Oryx showing syncline – anticline pairs overturned to the north and strong mineralization in southern syncline
Section A-A’ through Oryx showing syncline – anticline pairs overturned to the north and strong mineralization in southern syncline
Section A-A’ through Oryx showing syncline – anticline pairs overturned to the north and strong mineralization in southern syncline

Figure 4

Section B-B’ through Oryx with development of strong shoot of mineralization in northern syncline
Section B-B’ through Oryx with development of strong shoot of mineralization in northern syncline
Section B-B’ through Oryx with development of strong shoot of mineralization in northern syncline

Highlights

  • Diamond and reverse circulation (“RC”) drilling at Twin Hills West (“THW”) delineates significant new gold discovery 3km west of existing mineral resource at Bulge and Twin Hills Central (“THC”).

  • Gold mineralization confirmed in three new zones over >1,000m strike length.

  • 54 diamond and reverse circulation (“RC”) holes for 10,472m completed at THW since March 2021.

  • Some of the best intercepts received to-date include:

    • OKR385 – 35m @ 1.22g/t (124-159m) incl. 12m @ 2.23g/t

    • OKR387 – 15m @ 1.73g/t (94-109m) incl. 5m @ 3.87g/t

    • OKD311 – 44m @ 1.07g/t (100-144m) incl. 32m @ 1.15g/t

    • OKD175 – 32m @ 1.06g/t (116-148m) incl. 12m @ 1.93g/t

    • OKD287 – 32m @ 1.04g/t (100-134m) incl. 6m @ 2.60g/t and 4m @ 3.28g/t

    • OKR251 – 51m @ 0.74g/t (41-92m) incl. 21m @ 1.01g/t

  • A follow-up RC drill program initiated in September 2021 is defining the mineralization at 50 x 50m drill spacing for resource definition as soon as possible.

  • The program consists of approximately 9,000m and will be completed in December 2021.

  • Mineralization at THW is hosted in sheared and altered meta-greywackes, similar to the main mineralized bodies at Bulge and THC.

VANCOUVER, British Columbia, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Osino Resources Corp. (TSXV:OSI) (FSE:RSR1) (OTCQX:OSIIF) ("Osino” or “the Company”) is pleased to announce the discovery of new shallow zones of gold mineralization at Twin Hills West (“THW”), just 3km from the main mineral resource at Bulge and Twin Hills Central (“THC”). After initially drilling twelve diamond and RC holes in the area in 2019, Osino followed this up with 54 additional holes drilled since March 2021. The program comprised a first-pass exploration diamond drill campaign and follow-up RC drilling which is ongoing.

The program identified three new coherent zones of mineralization. The mineralization is currently being defined at a 50 x 50m drill spacing with the aim of adding inferred ounces to the next Twin Hills mineral resource estimate, scheduled to be released at the end of Q1 2022.

David Underwood, Osino’s VP Exploration commented: “Gold mineralization at THW has taken quite a while to reveal itself since the initial bedrock sampling in 2019. The latest round of diamond drilling has led to the discovery of mineralization in three steeply dipping parallel zones within meta-greywacke. The style of mineralization and structural controls appear similar to those at the rest of Twin Hills and Clouds East in particular. This latest discovery has the potential to add significant value to the Twin Hills project, as it lies only 3km from the main mineral resource and is located along trend to the west, within the planned Twin Hills mining license boundary. Additional RC drill rigs have been added to the fleet to ensure that the areas of best mineralization are drilled out at 50 x 50m before the year end and the THW ounces added to the next resource update.”

Figure 1 below depicts the 15km Twin Hills gold system at district scale, indicating the location of the regional Karibib fault (discovered through cover by Osino in 2018 using geophysics), a new subsurface geology map derived from geological logging of the 2020 and 2021 drilling, and the location of drill defined, mineralized meta-greywacke horizons.

Figure 1 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2ca6c525-469a-4127-b986-4cc0dcf4bd76

Osino controls a consolidated district-scale land package which has so far yielded four significant gold discoveries. Scout drilling at Terminal One, 1,500m to the west of THW, has also intersected narrow zones of mineralization indicating the potential in that direction – see Figure 1. The exploration and resource drilling is ongoing across the district, with the aim of growing the existing mineral resources and making new discoveries.

Previous Exploration at THW

THW was first identified in the calcrete sampling program of 2018 as a low-level anomaly along a secondary structure south of the Karibib Fault, coincident with a magnetic anomaly. In 2019, a total of 111 vertical RAB holes in three fence lines were drilled over THW to sample bedrock beneath the calcrete cover, which is generally between 15-40m thick in this area.

These bedrock samples produced several anomalous assays with a best result of 2.68g/t over 1m. In 2019 a total of 12 diamond holes were drilled over the central part of THW with the best hole returning 16m @ 1.38g/t (OKD037). At that time the drilling was stopped at THW to focus on the large-scale discoveries made at Bulge and THC.

A short program of 7 holes was completed at THW early in 2021 as part of the brownfields exploration initiative which returned another significant hole from the central portion (OKD175 – 32m @ 1.06 g/t incl. 12m @ 1.93g/t). Following an updated structural study and remodeling of the magnetics, it became clear that THW was divided into three portions, cut by NNW faults which were later infiltrated by mafic dykes – see Figure 2.

A diamond drill program was initiated in March 2021 to test the three lobes of the THW deposit named Eland, Oryx and Kudu – see Figure 2. A total of 28 holes for 5,862m were completed in August and assays indicated two mineralized zones at Oryx and one at Kudu all striking ENE and plunging to the NE.

Significant results include OKD175 – 32m @ 1.06g/t (116-148m) incl. 12m @ 1.93g/t, OKD287 – 32m @ 1.04g/t (100-134m) incl. 6m @ 2.60g/t and 4m @ 3.28g/t and OKD311 – 44m @ 1.07g/t (100-144m) incl. 32m @ 1.15g/t. The Eland lobe has not produced any anomalous assays to date. A table of intercepts for all THW drill assays received to date is appended as Table 1.

Geology of THW

THW consists of three lobes of greywacke which are separated by northwest striking faults resulting in vertical displacement between the lobes – see Figure 2. The faults were later infiltrated by narrow mafic dykes which are visible in the magnetic data.

The Oryx and Kudu lobes are both syncline – anticline pairs, overturned to the north i.e. in the opposite direction to Twin Hills general orientation which is overturned to the south – see sections in Figures 3 and 4.

Figure 2 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b6da495f-463a-4d20-b138-de66239d10e6

The mineralization is located within high strain zones which have undergone intense flexural slip and local shearing.

The most extensive zone of mineralization intersected thus far is within the smaller southern syncline at Oryx above the southern contact between greywacke and cordierite schist.

This zone is approximately 500m long and up to 44m drilled width. Gold is associated with arsenopyrite mineralization in veinlets and dissemination. The sulphide veinlets generally have an alteration selvage of secondary biotite.

Figure 3 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/923006d1-91bc-4d36-a72f-b1acd60755c4

Figure 4 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bfa277af-4761-4833-ba82-91d07923d28b

Mineralization at Oryx is present in two steeply dipping lobes which subcrop against the calcrete cover.

Initial structural readings from drill core indicate that the shears and veins hosting the mineralization strike northeast and plunge in the same direction, somewhat oblique to the east – west bedding. The mineralized shoots are focused around parasitic fold noses accompanied by quartz-sulphide veinlets with secondary biotite selvages.

Resource Definition Drilling

An RC drill program was initiated in September 2021 to drill out the mineralized areas on a 50 x 50m grid with the aim of producing an inferred resource for THW, which can be included in the next resource update scheduled to be released at the end of Q1 2022. The RC program comprises approximately 9,000m of drilling and will be completed before the year-end.

Early results for the RC drilling include OKR385 – 35m @ 1.22g/t (124-159m) incl. 12m @ 2.23g/t, OKR387 – 15m @ 1.73g/t (94-109m) incl. 5m @ 3.87g/t and OKR251 – 51m @ 0.74g/t (41-92m) incl. 21m @ 1.01g/t.

Table 1: Intercepts for all Drilling at Twin Hills West to Date

Hole

From

To

Width

Grade

X

Y

GM

GM Class
(m x g/t)

Location

DIAMOND DRILL HOLES

OKD011

130

151

21

0.83

597030

7583217

17.43

10-25

THW

incl.

11

1.16

THW

and

199

200

1

4.13

THW

OKD013

No significant intercepts

596988

7583311

0.00

<10

THW

OKD014

83

90

7

0.79

597069

7583123

5.53

<10

THW

OKD017

117

131

14

0.76

597025

7583218

10.64

10-25

THW

incl.

9

0.91

THW

and

154

169

15

0.49

THW

OKD019

23

27

4

0.75

596986

7583309

THW

and

45

56

11

1.08

11.88

10-25

THW

OKD021

No significant intercepts

596949

7583404

0.00

<10

THW

OKD026

101

106

5

0.47

597252

THW

2.35

<10

THW

OKD028

No significant intercepts

597214

7583411

0.00

<10

THW

OKD037

169

185

16

1.38

597087

7583036

22.08

10-25

THW

and

269

278

9

0.52

THW

OKD040

45

50

5

1.30

596962

7583083

6.50

<10

THW

OKD043

55

59

4

1.96

596927

7583174

7.84

<10

THW

OKD045

No significant intercepts

596895

7583266

0.00

<10

THW

OKD171

No significant intercepts

597370

7583456

0.00

<10

THW

OKD175

116

148

32

1.06

596932

7582958

37.92

25-50

THW

incl.

12

1.93

THW

OKD179

205

206

18

0.57

597203

7583084

10.26

10-25

THW

incl.

10

0.78

THW

OKD237

102

112

10

1.31

596838

7582928

13.10

10-25

THW

OKD243

111

123

12

0.89

597080

7583079

10.68

10-25

THW

and

133

137

4

0.72

THW

and

150

152

2

2.37

THW

and

158

160

2

0.86

THW

OKD245

No significant intercepts

596900

7583056

0.00

<10

THW

OKD246

97

105

8

0.87

597243

7583199

THW

and

119

143

24

0.61

14.64

10-25

THW

and

188

194

6

0.66

THW

and

218

226

8

0.62

THW

OKD247

284

287

3

1.81

601076

7585080

THW

and

314

371

57

0.68

38.76

25-50

THW

incl.

17

1.05

THW

OKD253

No significant intercepts

597705

7583500

0.00

<10

THW

OKD255

No significant intercepts

597645

7583391

0.00

<10

THW

OKD258

No significant intercepts

597764

7583626

0.00

<10

THW

OKD260

No significant intercepts

597554

7583335

0.00

<10

THW

OKD264

39

43

4

0.64

597481

THW

THW

and

53

72

19

0.44

THW

THW

and

133

148

15

0.73

THW

10.95

10-25

THW

OKD269

No significant intercepts

596519

7583013

0.00

<10

THW

OKD270

158

167

9

0.45

597865

THW

4.05

<10

THW

incl.

4

0.65

THW

THW

OKD273

No significant intercepts

597723

7583446

0.00

<10

THW

OKD276

No significant intercepts

596589

7582821

0.00

<10

THW

OKD280

90

92

2

1.24

597673

THW

THW

and

107

111

4

4.98

THW

19.92

10-25

THW

OKD283

No significant intercepts

596553

7582917

0.00

<10

THW

OKD287

46

50

4

1.09

597108

THW

THW

and

81

83

2

1.34

THW

THW

and

102

134

32

1.04

THW

33.28

25-50

THW

incl.

6

2.6

THW

THW

incl.

4

3.28

THW

THW

and

146

152

6

1.29

THW

THW

OKD292

No significant intercepts

596477

7583103

0.00

<10

THW

OKD293

29

33

4

0.63

597071

7583344

THW

and

53

56

3

0.66

THW

and

68

85

17

0.67

11.39

10-25

THW

incl.

8

0.92

THW

OKD296

No significant intercepts

598424

7583676

0.00

<10

THW

OKD297

90

93

3

1.12

597146

7583148

THW

and

97

106

9

0.67

6.03

<10

THW

and

125

128

3

1.31

THW

and

138

141

3

0.6

THW

and

160

163

3

0.53

THW

OKD299

No significant intercepts

598149

7583685

0.00

<10

THW

OKD303

53

67

14

2.09

596914

THW

29.25

25-50

THW

and

96

100

4

0.94

THW

THW

OKD307

No significant intercepts

598395

7583769

0.00

<10

THW

OKD308

243

255

12

0.68

597609

7583464

8.14

<10

THW

incl.

5

1.02

THW

OKD311

100

144

44

1.07

596995

7583033

47.22

25-50

THW

incl.

32

1.15

THW

REVERSE CIRCULATION DRILL HOLES

OKR248

No significant intercepts

597540

7583649

0.00

<10

THW

OKR251

41

92

51

0.74

597577

7583559

37.74

25-50

THW

incl.

22

1.00

THW

OKR377

200

203

3

1.12

597593

7583510

3.35

<10

THW

OKR378

148

153

5

1.34

597623

7583577

6.70

<10

THW

OKR379

No significant intercepts

597637

7583524

0.00

<10

THW

OKR380

130

166

36

0.55

597544

7583492

19.80

10-25

THW

incl.

17

0.47

THW

incl.

15

0.7

THW

OKR382

48

74

26

0.62

597525

7583544

16.12

10-25

THW

incl.

12

0.75

THW

OKR383

107

118

11

0.46

597158

7583271

5.06

<10

THW

and

145

162

17

0.42

THW

incl.

6

0.8

THW

OKR384

159

162

3

0.98

597686

7583548

2.94

<10

THW

and

170

172

2

0.78

THW

OKR385

124

159

35

1.22

596975

7582977

42.70

25-50

THW

incl.

12

2.23

THW

incl.

3

2.45

THW

OKR386

97

102

5

1.24

597437

7583507

THW

and

128

134

6

2.67

16.02

10-25

THW

OKR387

94

109

15

1.73

596887

7582938

25.95

25-50

THW

incl.

5

3.87

THW

incl.

4

1.43

THW

Notes on Drill Assay Reporting:

  1. 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.

  2. The GM number indicated in column 8 above 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 above.

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 INFORMATION
Osino Resources Corp.
Julia Becker: Investor Relations Manager
Tel: +1 (604) 785 0850
jbecker@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, “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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