Highlights

• 14,428m of drilling completed since prior mineral resource estimate (“MRE”) update, aiming at resource growth and conversion from inferred to indicated. Latest drill assay highlights include:

Twin Hills Central (Step-out and infill)

• OKD485: 66m @ 1.02g/t (420-486m) incl. 20m @ 1.11, incl. 17m @ 1.83g/t
• OKD479: 56m @ 0.88g/t (275-331m) incl. 16m @ 1.73g/t
• OKD471: 11m @ 4.72g/t (259-270m), and 33m @ 0.70g/t (310-343m) incl. 19m @ 1.01g/t

Twin Hills West (Step-out and Infill)

• OKD480: 74m @ 0.63g/t (183-257m) incl. 17m @ 1.05g/t
• OKD482: 38m @ 0.76g/t (92-130m) incl. 19m @ 1.16g/t
• OKD475: 24m @ 1.06g/t (217-241m) incl. 6m @ 1.68g/t, incl. 10m @ 1.48g/t
• OKR566: 12m @ 3.09g/t (105-117m), and 3m @ 1.06g/t (134-137m),

Clouds (Step-out)

• OKD486: 77m @ 0.92g/t (327-404m) incl. 26m @ 1.44g/t
• OKD481: 34m @ 1.17g/t (191-225m) incl. 19m @ 1.78g/t
• OKD477: 22m @ 1.18g/t (216-238m) incl. 10m @ 1.94g/t
• OKD473: 24m @ 0.88g/t (227-251m)

Clouds West (Step-out and Infill)

• OKD062: 10m @ 0.90g/t (157-167m), and 20m @ 1.64g/t (259-279m) (200m step-out)
• OKR577: 24m @ 1.10g/t (123-147m) incl. 17m @ 1.43g/t
• OKR578: 16m @ 0.88g/t (18-34m) incl. 6m @ 1.60g/t
• Step-out drilling at both THC and Clouds confirms that mineralization is present down plunge and tends to coalesce into a single wide shoot at depth providing scope to deepen the pits.
• Assay results of 5,470m still to be reported; these results will be incorporated into an updated MRE which will form the basis for the mid-2023 definitive feasibility study.

Osino Resources Corp. (TSX-V:OSI) (FSE:RSR1) (OTCQX:OSIIF) is pleased to provide an update on the recently completed infill and step-out drill program at the Twin Hills Gold Project. Twin Hills includes five distinct zones of mineralization including Bulge, THC, THW, Clouds and Clouds West (refer to Figure 1 below).

Dave Underwood, Osino’s VP Exploration commented: “The drilling completed over the last few months has focused on the low-hanging fruit, namely growing the indicated resources, particularly at THW and Clouds West through in-fill drilling, with the aim of adding reserve ounces to the upcoming DFS, thereby helping to backfill the production profile. Very pleasingly, we have also been successful in extending the north-easterly plunging higher-grade shoots (refer to Figure 2 below) at THC, Clouds and Clouds West in particular, where we intercepted the main shoot over 20m at 1.64g/t in a step-out hole more than 200m outside of the MRE envelope, demonstrating the potential for significant resource growth down-dip below the previously modelled pit shells. We are currently concluding the resource drilling of this phase of the program, before moving over to brownfields exploration at OJW and Rheinsheim.”

Twin Hills Infill and Step-Out Drill Program

A total of 14,428m of drilling from 74 holes, 9,493m of diamond core and 4,935m of reverse circulation drilling has been completed since the August 2022 MRE. A total of 5,470m of assay results are still pending and will be reported in the next few weeks, once available.

This drilling has mainly focused on infill and step-out drilling on the main deposits of Twin Hills (THC, THW, Clouds and Clouds West) to convert as much of the Inferred resource to Indicated as possible. Drilling was done on a staggered 50m x 50m spacing resulting in an inter-hole distance of 32m x 35m, sufficient to achieve indicated resource confidence level and thereby ability to include this in the upcoming DFS.

Figure 1: Location of Twin Hills drill collars and recent assay results on sub-crop geology and planned mine layout

DD holes range from 63m to 555m in depth, while RC holes range from 40m to 260m in depth. Generally, DD holes are used to target deeper mineralisation with RC used to target shallower mineralisation. On average, the drill depth for DD holes and RC holes is 279m and 153m, respectively.

Holes are oriented at 160° azimuth and 60° dip, except at THW where the holes were drilled at 340° azimuth due to a structural change.

Step-out drilling was focussed on the deeper parts of THC and Clouds where the mineralization tends to coalesce into a single wide shoot at depth. There is scope to deepen the resource and reserve pits in these areas (refer to sections in Figures 4 and 5 which have been plotted down plunge of the high-grade shoots in a north-easterly direction).

OKD485 step-out hole from THC was an excellent hole which produced 3m @ 0.73g/t gold from 60 to 63, and 66m @ 1.02g/t from 420 to 486m, including 20m @ 1.11 and 17m @ 1.83g/t. The top intersection of this hole extends the shallow mineralization recently discovered on the northern pit margin of THC to the east.

Figure 2: Recent assay results at THC, Clouds West and Clouds with ore shoot directions (shown in red).

This mineralization is still open down dip and along strike to the east. The bottom intersection of this hole extends the mineralization further down plunge and it also proves that this directions are prime targets for resource growth through targeted deep drilling – see Figure 4.

OKD479 also produced very good assays and will convert Inferred resources to Indicated and will extend the mineralization down plunge. OKD471 is an excellent infill hole and will convert the resources to Indicated in that area of the pit (Figure 2).

OKD486 drilled at Clouds returned assay results of 77m @ 0.92g/t gold including 26m @ 1.44g/t (refer to Figure 2 and 5 below). This step-out hole will extend the mineralization further down plunge in a north easterly direction, similar to OKD485.

It is evident that the main Clouds shoot is growing with depth. There is another smaller shoot developing to the west of the main Clouds shoot and this is revealed by OKD481, OKD477 and OKD473 which intersected good mineralisation, and which will extend this shoot down-plunge in the same north-easterly direction.

Although assays of one more drill hole is still outstanding from this area, this shoot has the potential of deepening the reserve pit, particularly in this area where the pit bottom could flatten and become smoother. All the high grade shoots are still open down plunge in the north-easterly direction.

OKD062 from Clouds West was drilled in 2020 but was extended by another 100m with the recent drilling and it returned very good assays with 20m @ 1.64g/t gold from 259 to 279m.

Although deep, the intersection gave a good indication that the shoot is still open down plunge and provided confidence to complete additional infill holes closer to surface, aiming to convert a significant portion of Inferred to Indicated.

A few shallow holes such as OKR578 and OKR565 from THC and Clouds respectively were drilled to extend mineralization close to surface thereby adding ounces which will be included in the next MRE which is planned for the second quarter of 2023 and will be the basis of the upcoming DFS.

Figure 3: Recent assay results at Twin Hills West indicating scope for mineral resource growth

THW contains two main ore zones, namely Oryx and Kudu. Recent drilling focussed mainly on Oryx since it has higher potential of adding resources into the reserve pit.

Most of the infill drilling done at Oryx was aimed at increasing the confidence in the modelling of the ore envelopes in the area. Most holes drilled so far for this programme intersected mineralization as expected.

Oryx’s southern lobe has consistent grades, open-ended along strike and down dip and continues to grow with depth with recent holes OKD475 and OKD480 which returned good mineralization of 24m @ 1.06g/t gold and 74m @ 0.63g/t including 17m @ 1.05g/t, respectively.

Mineralization along the northern lobe is more disseminated likely due to flexural slip and shearing, however high-grade zones exist with recent assay results indicating mineralization is not yet closed off along strike to the west (OKR560, 2m @ 0.59g/t and 10m @ 0.78g/t).

Figure 4: THC Section down plunge (refer to arrow on Figure 2) indicating two shoots coalescing at depth

 Figure 5: Clouds Section down plunge (refer to arrow on Figure 2), showing two shoots coalescing at depth

A link to the updated intercept table is provided here:

http://osinoresources.com/wp-content/uploads/2023/02/OSI_Assay-Intercepts-Table_230223.pdf

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 in the intercept table 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 in intercept table.

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 the Twin Hills PFS

Twin Hills’ most recent technical study is a pre-feasibility study dated effective September 6, 2022, signed October 25, 2022 entitled, “Amended and Restated Pre-Feasibility Study of the Twin Hills Gold Project, Namibia, National Instrument 43-101 Technical Report”. It outlines a 13-year open-pit mine life with an average annual gold production of 169koz per annum at all-in sustaining costs of US$930/oz in the first 10 years of operation. The PFS outlined 2.15 Moz in reserves (average Au grade of 1.04 g/t with a cut-off of 0.3 g/t) and was based on a resource estimate released in August 2022 with measured and indicated mineral resources of 81.3 Mt at 1.08 g/t Au for a total of 2.83 Moz and an inferred mineral resources of 7.2 Mt at 1.05 g/t Au for a total of 0.24 Moz.

The PFS was prepared by Anton Geldenhuys, MEng, MGSSA, PrSciNat, Glenn Bezuidenhout, Nat Dip (Ex Met), FSAIMM, Robert Armstrong, B.Sc., FGSSA, COMREC, Pr.Sci.Nat, Peter Theron, Pr.Eng. (ECSA), MSAIMM, Werner Moeller, B.Eng. (Mining), B.Eng. (Industrial), MSAIMM, MAusIMM, MCIM, Georgi Doundarov, M.Sc., P.Eng., PMP, CCP, Diana Duthe, M.Sc., Pr.Sci.Nat., and Luke Towers, MSc. Geohydrology, Pr.Sci.Nat., who are all independent “qualified persons” for the purposes of National Instrument 43-101 and are the authors responsible for the preparation of the PFS.

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 PFS. The PFS 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 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.