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

 

 

 

 

 

Highlights

  • Diamond and reverse circulation drilling at Twin Hills West delineates significant new gold discovery 3km west of existing mineral resource at Bulge and Twin Hills Central.
  • Gold mineralization confirmed in three new zones over >1,000m strike length.
  • 54 diamond and reverse circulation 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.

 

Osino Resources Corp. (TSX-V:OSI) (FSE:RSR1) (OTCQX:OSIIF) is pleased to announce the discovery of new shallow zones of gold mineralization at Twin Hills West, just 3km from the main mineral resource at Bulge and Twin Hills Central. 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 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.

 

Posted December 1, 2021

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