Highlights

• Eureka (Phase 2) step-out drill program consisting of seven holes for 1400m nearing completion, focussed on the first of five geophysical and surface targets in the area.
• Latest results received include:
  • ORD011: 61m @ 2.4g/t Au incl. 13m @ 6.2g/t and 13m @ 3.39g/t (from 66m)
  • ORD012: 20m @ 5.60g/t Au (from 75 to 95m)
• Detailed mapping on surface, combined with structural logging of the oriented diamond core, has enabled the team to build a preliminary lithological and structural model.
• Helicopter-borne magnetic and radiometric survey to be completed before end of 2023 designed to better define the remaining four primary geophysical targets for drill testing early in 2024.
• Results from the previous round of Eureka drilling include:
  • ORD005: 47m @ 5.92g/t Au (144 – 191m) incl. 27m @ 8.69g/t Au and 3m @ 13g/t Au
  • ORD006: 18m @ 4.94g/t Au (194 – 212m) and 5m @ 3.5g/t Au
  • ORD004: 17m @ 4.13g/t Au (81 – 98m) and 13m @ 5.77g/t Au
  • ORD001: 38m@ 1.67g/t Au (43 – 81m) incl. 3m @ 9.43g/t Au and 3m @ 6.90g/t Au

Osino Resources Corp. (TSX-V:OSI) (NSX:OSN) (FSE:RSR1) (OTCQX:OSIIF) is pleased to provide an update on the Phase 2 drill program at the Eureka Project. This current drill program is aimed at further definitng and expanding the Eureka godl discovery announced in the news release dated 9^th August 2023.

Dave Underwood, Osino’s VP Exploration commented: “We have now spent considerable time and effort on site doing fine-scale mapping and relogging core to interpret the results at this first Eureka target. The mineralization at Eureka is quite different to the company’s other deposits at Twin Hills and Ondundu, with its much higher gold grades associated with sulphide breccias and skarn alteration. The excitement is building within the team as we come to grips with what Eureka has to offer in terms of grade, scale and the potential for multiple deposits.

The mineralization at Eureka is hosted within a calcareous sedimentary package which has seen at least two and possibly three episodes of complex folding and faulting. We are using oriented diamond core for all holes to try and unravel the geological puzzle and build a coherent lithological and structural model. The first hole in the second phase of drilling appears to have clipped the edge of the mineralization but the second hole (ORD011) went through a wide zone and returned 61m @ 2.40g/t Au from 66m down. The third hole intercepted a very high grade (20m @ 5.60g/t) interval to the north of ORD011, confirming the robustness of the mineralization.

The next two holes drilled to the south and southeast of previous work also show visual indicators of good mineralization including sulphide breccias and visible gold. We expect to receive these results before the end of November. The Eureka deposit is wide open to the east, west and south at this stage and there are strong indications in the magnetic data that there may be a second parallel shoot just 1km to the west.”

Eureka – Phase Two Drill Program

A total of seven holes for 1400m were planned for the Phase 2 Drill Program which commenced in late September 2023. Five holes have been completed to date for a total of 1,133m and it is possible that the drill budget will be extended due to the continuing positive results from step out holes.

Holes ORD010 to ORD014 were drilled on an azimuth of 090, perpendicular to the strike of the parasitic fold mapped on surface (refer to Figure 1 below for hole locations). Holes ORD015 and 016 are planned on an azimuth of 135 degrees perpendicular to the strike of lithologies to the east of the parasitic fold.

These holes will test the continuity of mineralization to the east of the parasitic fold within the gossan and garnet alteration, as well as the marble contact where a recent rock chip sample returned an assay value of 12.1 g/t Au. See Table 1 for full assay results for all drill holes to date.

Figure 1: Drill collars and intercepts to date – see Table 1 for full assay results

Geological and Structural Setting

The mineralization is contained within the Okonguarri Formation of the Damara Supergroup. The Okonguarri Formation is the same host rock to B2Gold Corp’s Otjikoto gold project, which is located approximately 140km’s to the north-east along strike.

The lithology consists of interbedded sands, shales, mudstones, calcareous sands and marble, which have all been metamorphosed to greenschist facies – see Figure 1. The rocks have been subjected to multiple episodes of folding, resulting in complex interference folding and faulting – see Figure 3.

The mineralization currently being drilled appears to be in a south-westerly plunging shoot which has been intersected over an area (projected to surface) of 350 x 150m to date, with an apparent thickness of approximately 20 – 60m and open to the west, south and east.

This shoot is focussed along a fault (or a series of faults) on the axial plane of the overturned F1 recumbent fold – see Figures 2 and 3. The F1 fold has been re-folded along a later F2 fold generation, adding to the deposit complexity while further maturing the fracture system.

Figure 2: West – East Section through Eureka Mineralization – Section line shown on Figure 1

 Figure 3: Interference Folding Interpretation at Eureka

Mineralization

The gold mineralization appears to have occurred in two phases, initially a low-grade pulse associated with bedding parallel, quartz-carbonate veins and subsequently a higher-grade pulse in massive sulphide breccias along axial planar faults – see Figure 2.

The sulphides consist of pyrrhotite and pyrite with minor chalcopyrite. The highest grade intervals are dominated by massive pyrrhotite and intense brecciation. See Photos 1 – 4. Garnet alteration in finely interbedded sands and shales is often associated with high-grade zones, and this is used as an indicator for gold exploration in the area.

Photo 1: ORD014 – Pyrrhotite and Qz flooding Photo 2: Visible gold with pyrrhotite

 Photo 3: ORD014 – Pyrrhotite and Qz-Carb Veining Photo 4: Visible gold and pyrrhotite within a crack in mud Planned Near-term Work Program

The planned work program for the next few months for the Eureka discovery and surrounding area includes the following:

• Complete Phase 2 drilling and assaying, then update the geological and structural model
• Complete a detailed heli-borne magnetic survey (50m line spacing) across the licence, planned for late November 2023. This will better define the five magnetic targets outlined from the regional magnetics to date and hopefully identify further targets. See Figure 4 for location of current magnetic targets.
• Alteration mapping using satellite and airphoto data
• Step out and infill surface geochemistry sampling programs, including recently generated targets in the far north of the license, located within the highly prospective Kuiseb Formation Sediments (host rocks to the Twin Hills, Kokoseb and Ondundu Gold Project).
• Further delineation and step-out drilling – Q1 2024
• Follow-up mapping and rock chip sampling from licence-wide soil program
• Scout drilling of magnetic targets (pyrrhotite dominated mineralization has strong magnetic signature)

Figure 4: District Scale Map of Eureka Property with Magnetic Targets

TABLE 1: Summary of Assay Results for Holes Drilled

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 by colour coding in Figure 1 and 2 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 240,000m of drilling and has completed a suite of specialist technical studies culminating in the recently published Twin Hills Definitive Feasibility Study dated effective June 12, 2023. 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 169,000oz per annum.

Osino has a commanding ground position of over 8,000km² located within Namibia’s prospective Damara sedimentary mineral belt, and 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.