Osino Resources Provides Drilling Update & Final Assay Results for 2019 Drill Program at Twin Hills Gold Project, Namibia

• In addition to the successful Twin Hill Central discovery drilling previously reported, Osino also drilled 16 peripheral exploration boreholes between 4km and 1km along strike to the west and east of Twin Hills Central with the objective of intersecting new satellite zones of gold mineralization within the prospective sedimentary horizon along the Karibib gold corridor, outside of the flagship Twin Hills Central discovery.
• 4 out of 8 holes drilled at Twin Hills West intersected significant gold mineralization including 28m @ 0.83 g/t (incl. 11m @ 1.16 g/t) (OKD011) and 11m @ 1.08 g/t (OKD019) with grade and width of mineralization appearing to increase to the south and west. OKD011 ended in mineralization with last meter containing 4.13 g/t Au.
• Initial 2 holes drilled at the 1200m strike length Clouds target. Southern hole returned a low-grade intercept, albeit in the targeted mineralized greywacke horizon. Further drilling is required along strike and south.
• 6-hole fence line drilled at Barking Dog returned no significant intercepts. Further drilling is required to locate the thick greywacke horizon which is the favourable host lithology for mineralization at Twin Hills Central.
• First pass 3D Leapfrog modelling at Twin Hills Central indicates a large mineralized envelope of at least 1200m in strike, up to 200m in width and open down dip, west and east, with 2 high-grade plunging shoots within the envelope which will be further defined
• A large 20,000m drill program, comprising mainly infill and step-out drilling at Twin Hills Central is planned for the remainder of 2020 with the aim of accelerating the systematic advancement of Twin Hills Central to the maiden resource stage.

VANCOUVER, British Columbia, Feb. 19, 2020 (GLOBE NEWSWIRE) — Osino Resources Corp. (TSXV: OSI) (FSE: RSR1) (“Osino” or “the Company”), is pleased to announce the receipt of all outstanding assay results from the 45-hole 2019 drill campaigns including the final two holes at the Twin Hills Central (“THC”) discovery, as well as initial exploration holes at Twin Hills West, Clouds and Barking Dog.

The results of the drilling announced to date have advanced THC to the pre-resource stage, and work is currently ongoing with the aim of commencing the Phase 3 drill program before the end of Q1 2020. The aim of the program will be primarily resource definition & expansion drilling (infill, step-outs and deeper drilling) with the aim of systematically advancing THC to the maiden resource stage.

In addition Osino is will continue drill-testing the evolving Twin Hills satellite targets (Twin Hills West, Clouds, Barking Dog and Twin Hills East), continue exploring the remainder of the Karibib gold trend and continue advancing our other regional projects (Otjikoto East, Otjiwarongo) with the aim of making additional discoveries.

David Underwood, Osino’s VP Exploration commented: “Now that we have received all assays and have completed the initial logging and interpretation of the Phase 2 drilling at Twin Hills Central, a much clearer geological picture is beginning to emerge. The structural architecture at Twin Hills Central appears quite similar to B2Gold’s Otjikoto gold deposit further northeast along the Damara Belt, which is similarly hosted by thrusted greywackes and schists, in an overturned syncline with plunging high grade shoots. Early modelling at Twin Hills Central indicates significant resource size potential and the focus will now be to better define the deposit, find and trace additional high grade shoots, and make new discoveries within the footprint of the Twin Hills gold system and also the remainder of the Karibib trend.”

The details of this work program, including ~20,000m of drilling, additional geophysics and third-party structural re-assessment will be published shortly.

Preliminary Twin Hills Central Modelling

Initial qualitative 3-D modelling carried out on the Twin Hills data indicates a mineralization outline of at least 1200m in strike to date and open at both ends (refer to Figure 1 below). The mineralization is up to 200m wide (apparent) and open down dip. At least two high grade shoots have been located to date and these will be better defined in the next round of in-fill and step-out drilling.

Figure 1: Twin Hills Central Drill Collars color coded with gram-meter values. Drilled Au mineralization and geology projected to surface is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/afdcdbe2-2662-4e13-b427-1ce34ac4f494

The Twin Hills Central mineralization is hosted by a meta-greywacke unit, which has been tightly folded into a syncline and slightly overturned towards the south. The meta-greywacke core of the syncline is approximately 100m wide but has been thickened to over 200m by thrusting and repetition in the western portion of Twin Hills Central.

The thrusts have developed along axial planar foliation along the southern limb of the syncline. The meta-greywacke is underlain by a thin unit of biotite schists and then by cordierite schists which are unmineralized. The early drilling at Twin Hills West indicates a similar structural and lithological setting.

The presence of magnetic pyrrhotite within the greywacke unit allowed the use of ground magnetics as a targeting tool. However, we now know that the gold mineralization is more closely associated with arsenopyrite than pyrrhotite, and future targeting will include favorable structural settings which are non-magnetic.

The western fence line of drill holes at Twin Hills Central intersected a wide zone of gold mineralization at > 1 g/t which dips to the north parallel to foliation and thrusting (refer to Figure 2 below). This zone will be followed down dip and along strike in the next drill program starting March 2020.

Figure 2: Section 600100 across western drill fence at Twin Hills Central is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6987728b-e740-43c1-8fbf-fea9582abde0

The structural architecture at Twin Hills Central appears quite similar to B2Gold Corp.’s Otjikoto Gold Mine further northeast along the Damara sedimentary belt, which is also hosted by thrusted greywackes and schists, in an overturned syncline with plunging high grade shoots.

Twin Hills West, Clouds and Barking Dog Targets

Twin Hills West is a 1500m gold-in-calcrete anomaly coincident with a magnetic anomaly along an interpreted splay structure. This area is covered by 20 – 40m of calcrete and produced the highest bedrock assay value (2.63 g/t Au) in the initial percussion drill program to date. Eight holes were drilled on two fence lines at Twin Hills West based on the bedrock gold and arsenic assays from the percussion drill program.

The initial Twin Hills West assay results are promising as they provide a clear indication that gold mineralization is present in greywackes similar in style to Twin Hills Central.

Although the initial intersections are of modest grade and width, the system is open and improving to the west and south with the best-looking mineralization in the southernmost hole OKD011 which ended in mineralization at 4.13g/t. Further drilling at Twin Hills West will therefore focus on chasing the mineralized system to the south and west.

Two of the eight holes at Twin Hills West intersected significant mineralization including 28m @ 0.83 g/t (incl. 11m @ 1.16 g/t) (OKD011) and 11m @ 1.08 g/t (OKD019) with grade and width of mineralization appearing to increase to the south and west (refer to Figures 2 and 3). Hole OKD017 on the western fence line also intersected zones of low grade anomalous gold including 9m @ 0.91 g/t and 4m @ 0.78 g/t. The mineralization is open to the south and west with the bottom meter sample of the southernmost hole (OKD011) having a grade of 4.13 g/t Au.

The initial drilling at Twin Hills West indicates that gold mineralization is present in greywackes in a similar structural setting to Twin Hills Central (although the Twin Hills West fault block appears rotated to the north). Further drilling at Twin Hills West is required to determine the extent of the mineralized footprint and explore for high grade shoots.

Figure 3: Section through Twin Hills West fence line. Holes OKD021 and OKD013 not shown is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bd2f3a5c-7059-4fbf-9775-1c439b76b330

Clouds is a covered target approximately 1200m in strike length that was drilled on the strength of its magnetic signature and surface gold anomaly. No bedrock sampling was carried out at Clouds and hence only two speculative holes were drilled in the 2020 campaign. The two holes intersected the greywacke target horizon and it is hoped that Clouds will eventually form an eastern extension to the mineralized Twin Hills Central syncline. Please refer to Refer to Figure 4 below for the location of the Clouds drill holes.

The southern hole at Clouds intersected zones of weak mineralization in greywacke associated with folding and shearing. Only two holes have been drilled at Clouds to date on a geochemical and magnetic anomaly that is 1200m in strike length and step out drilling will be required to adequately test this target.

The fence line of six holes drilled at Barking Dog did not produce any significant gold assays. This is probably related to a change in lithology from the west to the east, and can also be seen at Twin Hills East, even further to the east of Barking Dog, which is dominated by finer grained laminated sediments, as opposed to the massive greywackes which dominate the gold mineralization further to the west.

The gold mineralization at Twin Hills Central for example is all hosted by banded to massive meta-greywacke (a quartz dominated metamorphosed sediment). At Barking Dog, the rock package is dominated by finely laminated biotite schists with lesser quartz content. These finer grained laminated sediments do not seem to act as a good host for gold mineralization.

It appears as if this drilling missed the target horizon. Future drilling at Barking Dog will focus on locating the target greywacke package. Please refer to Figure 4 below for further details of the location of Barking Dog and the drill fence line.

Summary of Twin Hills Central Drilling 2019

The most significant previously reported drill intercepts from the Twin Hills drill campaign to date include:

• 148m @ 0.65 g/t (115 – 263m) incl. 25m @ 1.03 g/t
• 241m @ 0.65 g/t (21 – 262m)
• 92m @ 1.40 g/t (20 – 112m), incl. 35m @ 2.54 g/t Au
• 37m @ 2.58 g/t (163 – 200m), incl. 8m @ 7.50 g/t Au
• 68m @ 0.99 g/t (8 – 76m), incl. 24m @ 2.07 g/t Au
• 54m @ 0.89 g/t (90 – 144m), incl. 13m @ 1.44 g/t and 5m @ 2.03 g/t Au

Figure 4: Collars for all diamond and RC holes drilled during 2020 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/44bd12b3-7e68-4a88-8ca0-d2a6c8df5a80

The next phase of technical work will commence during February and will include further calcrete and bedrock sampling, IP, diamond and RC drilling. The detailed work program will be announced shortly.

The table on the following page summarizes and tabulates all Twin Hills diamond and RC drilling completed during 2019.

Table 1: Summary of all Twin Hills Drill Assays for 2019

¹ Unconstrained intersections
*Drilled in NNW orientation

Notes: All reported intercepts are apparent widths rounded to the nearest meter. True widths are unknown at this stage. Included intercepts are constrained at 0.4g/t cut-off, minimum 2m wide and no more that 2m internal dilution.

Qualified Person

David Underwood, BSc. (Hons) is Vice President Exploration of Osino Resources Corp. and has reviewed and approved the scientific and technical information related to geology and exploration 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.

Quality Assurance

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 near the Twin Hills Project. Drill core is sawn in half on site and half drill-core samples are securely transported to the Actlabs sample prep facility in Windhoek, Namibia. The core is dried, crushed to 95% -10mesh, split to 250g and pulverised to 95% -150mesh. Sample pulps are sent to Actlabs in Ontario, Canada for analysis. Gold analysis is by 30g fire assay with AA finish and automatically re-analysed 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 Actlabs sample prep facility in Windhoek, Namibia. The RC chips are dried, crushed to 95% -10mesh, split to 250g and pulverised to 95% -150mesh. Sample pulps are sent to Actlabs in Ontario, Canada for analysis. Gold analysis is by 30g fire assay with AA finish and automatically re-analysed with Gravimetric finish if Au >5g/t.

About Osino Resources

Osino is a Canadian gold exploration company, focused on the acquisition and development of gold projects in Namibia. Our 23 exclusive prospecting licenses are located within Namibia’s prospective Damara mineral belt, mostly in proximity to and along strike of the producing Navachab and Otjikoto Gold Mines. Osino is targeting gold mineralization that fits the broad orogenic gold model. We are actively advancing a range of gold discoveries, prospects and targets across our 6,577km² ground position by utilizing a portfolio approach geared towards discovery.

Osino’s focus in 2020 is on further advancing the Twin Hills and Goldkuppe discoveries within the developing Karibib Gold District, testing our Otjikoto East and Otjiwarongo targets and generating new ones on our remaining licenses. 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 its Namibian portfolio.

Further details are available on the Company’s website at https://osinoresources.com/

CONTACT INFORMATION
Osino Resources Corp.
Heye Daun: CEO
Tel: +27 (21) 418 2525
[email protected]

Julia Becker: Investor Relations Manager
Tel: +1 (604) 785 0850
[email protected]

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.