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Osino Resources Drills 92m at 1.40 G/T and 37m at 2.58 G/T, Increases Strike By 50% at Twin Hills Central Discovery, Karibib Gold Project, Namibia

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Osino Resources Drills 92m at 1.40 G/T and 37m at 2.58 G/T, Increases Strike By 50% at Twin Hills Central Discovery, Karibib Gold Project, Namibia

 

 

 

 

 

Osino Resources Corp. (TSX-V: OSI) (FSE: RSR1) is pleased to announce the receipt of assays for a further 16 holes at its Twin Hills Central discovery including high grades over significant widths contained in structurally controlled shoots.

 

Significant intersections include 92m @ 1.40g/t (OKD024) and 37m @ 2.58g/t (OKD022). The latest results increase the strike length of gold mineralization by 50% to 1200m (open both east and west and at depth). The Company is anticipating receipt of additional results from 2 holes at THC as well as 14 holes at Twin Hills West, Clouds and Barking Dog. Previous results were reported in news releases dated September 26 and November 14, 2019.

 

David Underwood, Osino’s VP Exploration commented: “These new drill results at Twin Hills Central expand the gold mineralization to a strike length of 1200m so far and include our best intersection yet of 92m @ 1.40g/t in hole OKD024. This exceptional intersection is situated at the south west end of the THC drill coverage, approximately 1000m from another exceptional new assay result in OKD022, demonstrating the continuity, scale and economic potential of the growing Twin Hills gold system. We are excited about the prospect of extending the various new high-grade shoots and wide zones of gold mineralization further to the east, south and west in the next drill program. Once we have received the assays from the remaining two drill holes the next steps include updating the geological, structural and mineralization models for THC and planning for the next round of drilling”.

 

Heye Daun, Osino’s CEO commented further: “To put the results of our Twin Hills drill program to date into perspective, we compared the assay results from our initial 31 drill holes with the first 31 exploration holes drilled at B2 Gold’s Otjikoto Gold Project after discovery, between 1999 and 2004. This analysis is based on Osino’s own Twin Hills assay results to date, and the reported borehole intercepts as contained in the Independent Technical Report on the Otjikoto Gold Project, by SRK Consulting in August 2009. Based on this analysis, Twin Hills’ average gold mineralization intercept multiplied by the average unconstrained borehole grade is 51 Gram-Meters (using the commonly used shorthand method of multiplying intersection width with grade). This is about 50% more than Otjikoto’s average intersection width multiplied by average borehole gold grade of 33 Gram-Meters for the initial 31 holes drilled at Otjikoto. What this demonstrates is that the early exploration success at Twin Hills is indeed similar and arguably better than the early exploration success at Otjikoto. It took the previous owners of Otjikoto 4 years from initial discovery in 1999 until the completion of the initial 50 RC & diamond exploration holes, and another 2 years until September 2005 to declare the maiden inferred Otjikoto gold resource of 871,795 ounces at 1.06 g/t, based on drill coverage of 100 x 50m. Since June 2019 Osino has already drilled 33 holes at Twin Hills Central for coverage of about 200 x 100m and we are going to move to 100 x 50m drill spacing later in 2020 in anticipation of a maiden resource at Twin Hills Central. Twin Hills is proving to be a large mineralized system with the strike length, thickness and gold grades which hold the promise of rapid conversion and bulking up of resource ounces as the next phase of drilling at Twin Hills Central advances to the resource definition stage.”

 

Assay Results for Twin Hills Central Drilling

 

Assays have been received to date for a total of 16 reverse circulation and 8 diamond holes from the Phase 2 drill program at Twin Hills Central which ended in early December 2019 – see Figure 1. The Phase 2 program included step out and in-fill drilling to follow-up the successful Phase 1 program reported on September 26, 2019 which consisted of 7 DD holes. All holes at THC were drilled at an azimuth of 160 degrees (SSE) with the exception of OKD022 which was drilled in the opposite direction (340 degrees) in order to check down dip continuity. Significant intersections for the Phase 1 and 2 programs are presented in Table 1.

 

A photo accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/35570b83-ed83-405f-a1cc-6b5fc776047d

 

In the diagram above, borehole collars have been color-coded according to a commonly used shorthand method of ranking gold intercepts: Multiplying intercept average grade (g/t) by width (meters) resulting in a “g/t x meter” intercept measure (combining both average gold grade and intercept width into a single metric known as “Gram-Meter”). On this basis, Osino considers any intercept of more than 50 as very good and any intercept of more than 100 as exceptional.

 

Using this metric, Osino has a total of 9 exceptional and very good intercepts out of 31 holes drilled so far (since June 2018), compared with Otjikoto’s 7 exceptional and very good intercepts achieved out of the initial 31 boreholes drilled between 1999 and 2004.

 

Twin Hills Central remains open along strike towards the east and west, and down dip at depth below 200m.

 

The next phase of drilling at Twin Hills Central will focus on closing off the mineralization towards the south, following the emerging high-grade shoots towards the south west and east as well as ongoing infill drilling.

 

Initial results for Twin Hills West, Clouds and Barking Dog will be reported once the balance of assays have been received. The next phase of drilling at these targets will be planned to follow up all significant assay results.  

 

Following receipt and interpretation of all remaining assay results, Osino will compile and announce the expected 2020 work program. This is expected to be published in January/February 2020, with the next round of drilling to commence late Q1 2019.

 

Table 1: Summary of All Drill Intercepts from Phase 1 and 2 Drilling at Twin Hills Central

 

 

Hole ID From (m) To (m) Width (m) Au (g/t) X UTM 33S Y UTM 33S
RC Drilling            
             
OKR001 22 122 100 0.68 600634 7584745
incl. 67 70 3 1.33    
incl. 88 91 3 1.38    
incl. 117 122 5 2.89    
OKR002 No significant intercepts   600386 7584818
OKR003 179 197 18 0.85 600421 7584729
incl. 196 197 1 5.47    
OKR004 77 83 6 1.78 600455 7584633
  124 131 7 1.02    
OKR005 No significant intercepts   600761 7584968
OKR006 134 166 32 0.60 600794 7584874
incl. 134 138 4 1.28    
incl. 163 166 3 1.57    
OKR007 57 106 49 1.04 600827 7584779
incl. 57 73 16 1.23    
incl. 83 99 16 1.58    
OKR009 145 149 4 1.68 601086 7584986
incl. 145 147 2 2.82    
OKR010 No significant intercepts   599716 7584580
OKR011 148 171 23 1.121 601120 7584891
incl. 155 171 16 1.44    
or 158 166 8 2.03    
OKR012 72 74 2 3.27 599682 7584675
  181 188 7 1.19    
OKR013 68 83 15 0.651 601154 7584798
Incl. 76 78 2 1.68    
OKR017 8 76 68 0.991 600741 7584743
incl. 21 23 2 1.03    
incl. 28 52 24 2.07    
or 46 51 5 3.73    
incl. 63 65 2 1.80    
incl. 72 76 4 1.00    
OKR018 68 70 2 1.02 600698 7584834
  93 151 58 0.781    
incl. 99 101 2 1.03    
incl. 104 107 3 1.08    
incl. 113 120 7 1.00    
incl. 126 131 5 1.22    
incl. 138 140 2 3.01    
incl. 147 151 4 2.08    
OKR019 33 38 5 1.19 600924 7584820
incl. 33 35 2 2.41    
  90 144 54 0.891    
incl. 100 109 9 1.03    
incl. 113 118 5 2.03    
incl. 131 144 13 1.44    
or 136 140 4 3.05    
OKR020 14 31 17 1.141 600960 7584724
incl. 14 17 3 1.90    
incl. 27 30 3 3.39    
  63 67 4 1.91    
incl. 65 67 2 3.33    
  89 93 4 2.12    
OKR021 Assays pending   600890 7584914
 
Diamond Drilling          
OKD001 115 263 148 0.651 600240 7584658
incl. 115 125 10 1.27    
incl. 197 222 25 1.03    
incl. 246 258 12 1.00    
OKD002 21 262 241 0.651 600275 7584559
incl. 106 120 14 1.14    
incl. 190 197 7 1.42    
incl. 205 217 12 1.11    
incl. 231 236 5 1.51    
OKD003 91 169 78 0.641 600616 7584794
incl. 93 116 23 1.01    
OKD004 16 81 65 1.371 600649 7584703
incl. 42 73 31 2.2    
OKD005 178 180 2 2.38 600203 7584746
OKD006 105 106 2 1.53 600991 7584952
  160 168 8 0.80    
OKD007 16 23 7 1.10 601024 7584861
  87 197 110 0.791    
incl. 87 90 3 2.73    
incl. 116 133 17 2.17    
incl. 165 176 11 1.76    
incl. 182 188 6 1.29    
OKD008 83 101 18 0.84 600308 7584471
incl. 86 98 12 1.08    
OKD009 No significant intercepts   600017 7584666
OKD010 96 98 2 1.44 599971 7584803
OKD012 Assays pending   600051 7584577
OKD018 59 64 5 1.15 601060 7584767
  86 89 3 1.22    
OKD020 99 210 111 0.811 600085 7584481
incl. 58 65 7 1.04    
incl. 110 112 2 1.03    
incl. 118 129 11 1.12    
incl. 136 151 15 1.00    
incl. 157 181 24 1.00    
incl. 184 188 4 4.04    
incl. 194 198 4 1.07    
incl. 208 210 2 1.02    
OKD022* 47 49 2 1.17 601076 7584724
  67 79 12 1.66    
incl. 73 79 6 2.63    
  116 125 9 1.69    
incl. 116 122 6 2.38    
  173 200 37 2.58    
incl. 182 190 8 7.5    
OKRD023 53 58 5 1.10 600364 7584588
  72 83 11 0.601    
incl. 72 74 2 1.65    
  131 142 11 0.841    
incl. 131 133 2 1.84    
incl. 137 140 3 1.06    
  179 181 2 2.22    
OKRD024 20 112 92 1.401 600119 7584388
incl. 20 27 7 1.00    
incl. 34 69 35 2.54    
or 34 54 20 3.54    
or 45 54 9 6.99    
incl. 72 83 11 1.12    
incl. 99 108 9 1.04    

1 Unconstrained intersections
*Drilled in NNW orientation (opposite to all other holes) to ascertain continuity

 

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

 

Geology and Structure

 

The Twin Hills Project lies within the Kuiseb Formation, a sequence of turbiditic marine sediments several kilometers thick, which was folded during the Damaran orogen. The gold mineralization at Twin Hills Central is hosted by a meta-greywacke unit which has been tightly folded into an overturned syncline. The mineralization is contained within the southern limb of the syncline in millimeter to centimeter scale quartz-sulphide veins, which are parallel to the steeply NNW dipping foliation.

 

The meta-greywacke unit is underlain by biotite schist and cordierite schist. Sulphide minerals include pyrrhotite, arsenopyrite and pyrite in veinlets and as disseminated alteration. Geochemical data indicates a strong correlation between gold and arsenopyrite within the meta-greywacke unit.

 

The assay results to date clearly indicate the presence of structurally controlled high-grade shoots within the larger mineralized halo. The process of modelling geology, structure and grade in 3-D has now commenced prior to the planning of the next drill program.

 

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 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 2019 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.

 

Posted January 9, 2020

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