Osino Resources Expands Twin Hills Central Strike Length to 1500M and Discovers New High-Grade Shoots, Phase 2 Drilling Progressing Well

Posted on November 12th, 2020 | Filed under Press Releases
  •  118 holes (25,000m) drilled at THC since August 2020; 155 holes (33,300m) drilled to date

  • Highlights from the latest results include:

    • 327m @ 0.76g/t (OKD058: 22 – 349m), incl. 94m @ 1.35g/t
    • 332m @ 0.82g/t (OKD022: 67 – 399m), incl. 57m @ 2.08g/t
    • 149m @ 1.12g/t (OKR032: 40 – 189m), incl. 60m @ 1.70g/t
    • 150m @ 0.89g/t (OKR037: 13 – 163m), incl. 15m @ 2.32g/t
    • 231m @ 0.64g/t (OKD074: 16 – 247m), incl. 20m @ 1.50g/t and 46m @ 1.00g/t
    •    99m @ 0.87g/t (OKR080: 121 – 220m), incl. 8m @ 3.67g/t and 3m @ 5.15g/t
    •    41m @ 1.52g/t (OKR057: 37 – 78m)
  • Significant increase in mineralized strike to 1,500m with depths up to 350m and widths up to 250m
  • Two new zones of high–grade mineralization and down–dip continuity proven to 350m depth
  • Phase 2 drilling re-commenced with 8 drill rigs, comprising ~67 holes for 20,000m to be completed by January 2021

VANCOUVER, British Columbia, Nov. 12, 2020 (GLOBE NEWSWIRE) — Osino Resources Corp. (TSXV: OSI) (FSE: RSR1) (OTCQB: OSIIF) (“Osino” or “the Company”), is pleased to provide an update on the resource drilling and exploration of Osino’s Twin Hills Central (“THC”) gold project in north-central Namibia, where the Company holds a dominant 7,000 km2 land position. THC is part of the large, sedimentary-hosted and structurally controlled Twin Hills gold system which was discovered by Osino in 2019.

Heye Daun, Osino’s President & CEO commented: “The results of this year’s drilling have far exceeded our expectations and have further strengthened our conviction in Twin Hills Central’s growing stature as Namibia’s next major gold deposit. The closely spaced drilling (50x50m collars) demonstrates excellent continuity of mineralization along strike, down dip and towards the north-east where we have discovered an unexpected but welcome, shallower zone of mineralization. Hole OKR080 on the north side is particularly exciting as it intercepted high grade in a new shoot (8m @ 3.67g/t) and ended in another high–grade intercept of 3m @ 5.46g/t. There have also been several mineralized holes in the gap between the western and eastern lobes (including two with shallow higher grade) in an area previously thought to be barren. We are accordingly putting in place the manpower and infrastructure to be able to expand our drilling rate next year beyond the currently used 8 rigs. This will enable us to fast-track the development drilling whilst at the same time expanding brownfields exploration and target testing to make new discoveries.”

Twin Hills Central Resource Drilling

In-fill and step out drilling to define a Maiden Resource Estimate (“MRE”) is underway at THC with five diamond and three RC drill rigs. The first phase of the MRE drilling (33,300m) was completed on October 11th and after a short break the second phase (20,000m) commenced on October 27th, to be completed by February 2021.   As much as possible, but likely not all, of that drilling will be included in the 43.101 compliant resource estimate which Osino plans to publish before the end of Q1 2021.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c6011a60-d32e-4164-b4de-925ffa57d20b

Drilling is being carried out on 50 x 50m drill spacing, covering the entire THC deposit, with drill depths of mostly 200m at 60 degrees inclination towards the south. Two deep holes (OKD058 and OKD022) were drilled towards the NNW (opposite to all the other holes) to test the continuity and down-dip extent of the mineralization and to see if there are other mineralizing structures not picked up in the rest of the holes.

Drilling on the western lobe of THC has defined a very wide, consistently mineralized zone vertically down to 350m and open to depth. Recent drilling indicates that the mineralization continues in a narrower zone along strike to the southwest.

The eastern lobe of THC has grown significantly since the previous news release, dated August 24, 2020. A new zone of high-grade gold to the north of the previously known mineralization was discovered with hole OKR080 (8m @ 3.67g/t). In addition, the eastern lobe has been expanded on strike by about 150m to the east along the strong IP anomaly and west into the gap between the western and eastern lobes, which was previously thought to be barren.

The gap between the east and West Lobes has been greatly diminished with the discovery of shallow high-grade mineralization in hole OKR056 (25m @ 2.00g/t) as well as the expansion of the East Lobe.

West Lobe

Assays received for the West Lobe (or what is sometimes referred to as the “bulge”) have confirmed and extended the unusual width and continuity of mineralization, which is exceptionally wide for an orogenic style deposit. It now has a maximum apparent width of 250m and is continuous down dip to beyond 300m (refer to Figure 2).

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5c6b2eb1-84c8-4b75-a215-4416a818da02

The West Lobe also has a higher-grade core, which plunges towards the northeast and deeper holes confirm that this mineralization keeps going to depth in the northeasterly direction. In addition, recent drilling on the south western edge of this lobe indicates that a narrow zone of gold mineralization continues in this direction as well (refer to Figure 1). Phase 2 drilling will include further deep drilling to test the mineralization at depth and along strike to the west and northwest.

East Lobe

The East Lobe has mineralization up to 100m wide and 300m down dip, potentially going deeper as indicated on Figure 3 below. The grades in the East Lobe are generally higher than in the West Lobe and appear to be focused into narrower zones, although the style of mineralization and host rocks are the same.

The size of the East Lobe has increased substantially and has extended the strike extent of THC by 150m to the east and remains open along strike and depth. Recent drilling indicates that the mineralization continues to the east of the previously reported margin, along a strong IP anomaly which is visible in Figure 1.

Hole OKR080, which is the most northerly hole drilled on the East Lobe to date, intersected a previously unknown zone of high-grade mineralization (8m @ 3.67g/t) and also ended in high grade at 220m (3m @ 5.15g/t). Refer to Figure 4 above.

Additional drill holes have now been added to the north and east of the East Lobe for the Phase 2 drilling to be completed before February 2020.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/efd7ef82-1752-402a-b66d-0699757fae6e

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2730cee0-f168-406d-900e-90ab8bf931e0

The Gap

The area between the West and East Lobes has had significant additional drilling since the previous news release dated August 24, 2020, and a number of mineralized intercepts have been returned including 25m @ 2.00g/t (OKR056) and 96m @ 0.74 incl. 18m @ 1.31g/t (OKR064).

The results to date indicate that the mineralization continues between the West and East lobes as a series of wider spaced zones. This augurs well for the development of a continuous large-scale pit over the entire THC strike length.

Drill Plan and Table of Significant Intercepts

Figure 5 below is a plan of all holes drilled and planned for the THC maiden resource estimate. The collars in blue with black center are completed holes that have assays outstanding. The holes planned for Phase 2 of the MRE drill program are shown as black squares.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7daa4301-8467-435b-a47c-d6fc9f5bca48

Figure 5: Plan of THC MRE drill program. Solid colors – assays received. Blue with black center – assays awaited. Black square – planned for Phase 2 November 2020 – January 2021.

The table on the following pages summarizes the significant intercepts received since the previous news release of drill assays from THC.

Table 1: Significant Intercepts for Drill Holes received since previous news release (August 24)

Hole From To Width Grade X Y
DIAMOND DRILL HOLES
OKD022*1 67 399 332 0.82 601076 7584724
incl.     12 1.66    
and     9 1.69    
and     57 2.08    
and     5 1.16    
and     25 2.12    
OKD0521 6 23 17 0.85 601074 7584723
incl.     3 2.49    
OKD0551 166 246 80 0.85 601010 7584906
incl. 25 53 25 1.70    
OKD058*1 22 349 327 0.76 600137 7584341
incl.     94 1.35    
and     23 1.22    
OKD0641 25 58 33 0.50 601173 7584750
incl.     5 1.57    
OKD066 No significant intercepts 599959 7584534
OKD067 No significant intercepts 601263 7584785
OKD0681 152 257 105 0.70 600943 7584933
incl.     38 1.33    
OKD0701 159 201 42 0.84 601211 7584927
incl.     12 1.13    
and     7 1.21    
and     7 1.44    
OKD0721 118 159 41 0.76 601074 7584878
incl.     14 1.08    
OKD0741 16 247 231 0.64 600043 7584464
incl.     20 1.50    
and     46 1.00    
OKD0751 205 241 36 0.53 600470 7584742
incl.     10 1.01    
OKD0761 29 34 5 0.53 600321 7584577
incl. 38 42 4 0.51    
and 50 57 7 0.69    
and 67 75 8 0.45    
and 82 86 4 0.62    
and 100 123 23 0.65    
and 128 136 8 0.80    
and 161 165 4 0.83    
and 181 187 6 0.60    
and 201 204 3 1.04    
and 252 267 15 0.84    
OKD0771 120 317 197 0.51 600025 7584508
incl.     6 1.18    
and     4 1.21    
and     2 1.63    
and     13 1.53    
and     21 1.09    
OKD0791 78 252 174 0.56 600132 7584499
incl.     58 0.93    
and     18 1.56    
OKD0801 200 233 33 0.96 601105 7584941
incl.     7 2.11    
OKD0811 138 303 165 0.76 600117 7584547
incl.     8 1.13    
and     9 1.17    
and     12 1.44    
and     22 1.56    
OKD0831 183 348 165 0.67 600191 7584633
incl.     27 1.10    
OKD0841 170 204 34 0.77 600598 7584842
OKD0851 246 275 29 1.00 601089 7584987
OKD086 No significant intercepts 601703 7585011
OKD0871 96 139 43 0.63 600376 7584704
incl.     8 1.09    
OKD0881 116 131 15 1.15 600576 7584761
incl. 191 197 6 1.59    
OKD0891 125 131 6 1.03 601152 7584957
incl. 207 224 17 0.52    
and 255 260 5 1.89    
OKD0951 165 167 2 0.84 601196 7584976
and 181 184 3 0.60    
and 232 261 29 0.48    
OKD1001 24 255 231 0.65 600224 7584539
incl.     21 1.12    
and     26 0.95    
and     24 0.93    
and     7 1.23    
and     6 1.03    
        
RC DRILL HOLES
OKR0221 70 79 9 1.15 601106 7584782
OKR0231 43 126 83 0.66 601045 7584813
Incl.     16 1.37    
and     4 1.59    
and     7 1.71    
OKR024 No significant intercept 599962 7584378
OKR0251 79 109 30 0.51 601090 7584831
OKR0261 44 67 23 0.69 599983 7584333
and 93 103 10 0.60    
OKR0271 24 106 82 0.61 600072 7584369
incl.     20 1.35    
and     7 1.07    
OKR0281 80 87 7 0.82 601137 7584844
incl. 101 105 4 1.11    
OKR0291 38 177 139 0.80 600056 7584413
incl.     40 1.04    
and     23 1.45    
and     7 1.75    
OKR0301 8 27 19 0.67 601125 7584738
incl.     3 1.40    
and     3 1.05    
OKR031 11 15 4 1.34 601024 7584695
OKR0321 40 189 149 1.12 600147 7584456
incl.     60 1.70    
OKR0331 10 53 43 0.93 601010 7584744
incl.     12 1.61    
OKR0341 5 129 124 0.63 600991 7584791
incl.     14 1.47    
and     4 2.20    
and     6 1.45    
and     2 3.01    
OKR0351 20 110 90 1.14 600168 7584406
incl.     55 1.37    
OKR0371 13 163 150 0.89 600976 7584836
incl.     15 2.32    
and     13 1.45    
and     23 1.23    
and     5 2.34    
OKR0381 29 55 26 0.97 600231 7584379
OKR039 35 38 3 0.83 600276 7584402
OKR0401 44 96 52 0.59 600260 7584445
incl.     9 1.06    
and     6 1.46    
OKR0411 21 231 209 0.75 600242 7584500
incl.     7 1.97    
and     15 1.15    
and     70 0.91    
OKR0421 61 117 56 1.08 600943 7584776
incl.     10 1.92    
and     15 1.34    
and 132 145 13 0.63    
OKR0431 25 192 167 0.45 600244 7584488
incl.     6 3.20    
OKR0441 12 34 22 0.52 600910 7584700
Incl. 98 101 3 1.45    
OKR0451 12 82 70 0.90 600292 7584517
incl.     7 1.89    
and     4 4.18    
and     7 2.20    
and 92 96 4 0.95    
and 158 162 4 1.29    
and 176 181 5 0.93    
OKR0461 6 92 86 0.70 600896 7584751
incl.     9 1.13    
and     7 2.00    
and     2 4.38    
and     5 1.94    
OKR0471 105 135 30 0.99 600809 7584825
incl.     6 1.93    
and     4 2.19    
OKR048 No significant intercept 600325 7584417
OKR049 No significant intercept 600369 7584437
OKR0501 63 74 11 0.47 600354 7584483
OKR0511 14 128 114 0.54 600877 7584799
incl.     13 1.61    
and     15 0.85    
and     4 1.06    
OKR0521 27 51 24 0.70 600336 7584529
incl.     7 1.16    
and     3 1.66    
and 71 88 17 0.56    
incl.     6 1.07    
OKR053 24 28 4 5.57 600380 7584547
OKR054 26 29 3 1.38 600519 7584607
OKR0551 18 47 29 1.16 600799 7584713
incl.     11 2.24    
OKR0561 27 52 25 2.00 600473 7584591
OKR0571 6 14 8 0.87 600783 7584758
and 37 78 41 1.52    
incl.     15 1.66    
and     13 2.81    
OKR0591 71 78 7 0.86 600413 7584618
and 169 173 4 0.67    
OKR0611 32 43 11 2.15 600426 7584569
OKR0621 61 126 65 0.70 600667 7584787
incl.     7 1.03    
OKR0631 42 60 18 0.70 601252 7584836
incl.     2 2.09    
and 105 111 6 1.37    
OKR0641 54 150 96 0.74 600536 7584714
incl.     5 1.08    
and     18 1.31    
and     10 1.07    
and     3 2.56    
and     3 2.12    
OKR0651 113 211 98 0.7 600650 7584835
incl.     11 1.31    
and     5 1.33    
and     12 1.41    
OKR066 83 85 2 0.80 600629 7584617
OKR0671 155 218 63 0.65 601271 7584947
incl.     15 1.06    
OKR068 87 90 3 1.28 600906 7584867
and 101 107 6 0.56    
and1 155 214 59 0.94    
incl.     9 2.28    
and     11 1.54    
OKR0691 15 39 24 1.29 600701 7584696
incl.     5 3.88    
OKR0701 19 77 58 1.04 600609 7584665
incl.     10 1.62    
and     12 1.41    
and 91 98 7 1.14    
OKR0711 47 58 11 0.72 600859 7584848
and 65 71 6 0.77    
and 116 152 36 1.04    
incl.     7 1.83    
OKR0721 50 156 106 0.54 600749 7584852
incl.     7 1.09    
and     6 1.13    
and     12 1.01    
OKR0731 39 48 9 0.70 600344 7584636
and 61 86 25 0.44    
and 93 102 9 0.57    
and 132 140 8 0.62    
and 159 186 27 0.62    
incl.     5 122    
OKR0751 20 83 62 0.63 600547 7584668
incl.     3 1.41    
and 103 105 2 2.15    
OKR076 134 137 3 1.90 600686 7584882
and1 163 220 57 0.89    
incl.     10 1.68    
OKR077 61 65 4 0.77 600399 7584500
OKR078 35 38 3 1.98 601185 7584862
and1 121 151 30 0.61    
incl.     8 1.13    
OKR0791 74 100 18 1.18 599933 7584314
OKR0801 121 220 99 0.87 600776 7584923
incl.     8 3.67    
and     3 5.15    

* Reverse hole – drilled on azimuth of 340 degrees
1 Unconstrained intersections – all intercepts above 0.4g/t reported
Notes: All reported intercepts are apparent widths rounded to the nearest meter. True widths are unknown at this stage. Total intercepts reported are unconstrained. Included intercepts are at 0.4g/t cut-off, minimum 2m wide and no more that 2m internal dilution. Collar positions are in UTM WGS84 surveyed by digital GPS.

Qualified Person

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.

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 90% -10mesh, split to 350g and pulverised to 90% -140mesh. 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 90% -10mesh, split to 350g and pulverised to 90% -140mesh. 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. Having achieved our initial vision of finding Namibia’s next significant gold deposit, we are now focused on rapidly advancing the exciting Twin Hills gold discovery and to make new discoveries elsewhere along the belt. This we will achieve with Osino’s winning formula of combining innovation & drive with technical experience & strong financial backing.

Our portfolio of exclusive exploration licenses is 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 approximately 7,000km2 ground position by utilizing a portfolio approach geared towards discovery.

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]

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. 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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