Highlights

• Wide, high grade intercepts returned from recent Clouds East discovery including:
  • OKR170 – 98m @ 1.32g/t (65-163m) incl. 34m @ 2.66g/t (best intercept at Clouds to-date)
  • OKR276 – 39m @ 1.00g/t (16-55m)
• Very wide, consistent intercepts from in-fill holes at Twin Hills Central and the Bulge including:
  • OKD137 – 132m @ 1.04g/t (273-405m) incl. 85m @ 1.33g/t
  • OKD133 – 124m @ 0.93g/t (80-204m) incl. 71m @ 1.13g/t
  • OKR215 – 138m @ 0.87g/t (60-198m) incl. 28m @ 2.16g/t and 25m @ 1.32g/t
• 32,893m of the planned 42,000m in-fill drilling has been completed to-date (awaiting assays)
• 17,889m of the planned 25,000m exploration drilling has been completed to-date (awaiting assays)
• Assay results for more than 130 completed infill, expansion & exploration boreholes are outstanding
• Current assay turn-around time is approximately 2 months
• Exploration, infill, expansion and feasibility drilling is ongoing with 9 drill-rigs

Osino Resources Corp. (TSX-V:OSI) (FSE:RSR1) (OTCQB:OSIIF)  is pleased to provide an update on infill drilling at its Twin Hills Gold Project in the Erongo Region of Namibia, including more specifically high-grade intercepts at its recent discovery at Clouds East.

The Twin Hills Gold Project maiden resource was released on April 12^th, 2021 including 0.43Moz @ 1.00g/t in the Indicated category and 1.47Moz at 1.08g/t in the Inferred category with a cut-off grade of 0.5g/t.

The in-fill drill program is aimed at converting the bulk of the mineralization to the Indicated and Measured Categories and includes approximately 42,000m of drilling to be completed by July 2021.

Heye Daun, Osino CEO commented: “We are delighted to have received additional wide, high grade intercepts from our new discovery at Clouds East, including the best intercept drilled to-date. The in-fill drill program has already been completed approximately halfway and we are well on our way to converting the Twin Hills and Clouds resource to majority Indicated and Measured categories. We are also drilling some deeper holes, below the current base of the resource, and a few near-pit step-outs with the aim of adding additional incremental resource ounces. The newly discovered Clouds East deposit has been a great addition to the Twin Hills project and continues to produce some exciting high-grade intercepts which start almost at surface. We have also drilled some deeper and step-out holes outside of the Clouds resource envelope with the aim of growing the Clouds resource base. Further results in this area are expected imminently. While the in-fill program is continuing at full speed, we also continue to drill our portfolio of high priority brownfields targets with the aim of discovering additional resource ounces within a 10km radius of Twin Hills Central.”

Infill Drill Program

The first resource drill program included 69,000m of drilling and was carried out at a collar spacing of 50m x 50m with small areas of denser drilling in zones of geological complexity.

The in-fill drill program commenced in March 2021 and is being carried out on a staggered 50m x 50m pattern, resulting in an effective maximum drill spacing of approximately 32m to 35m.

Figure 1 below indicates assays to date in coloured dots (colour-coding according to gram-metres), assays awaited in white dots and planned holes as black dots. Certain areas may be drilled to a tighter spacing to ensure a minimum Indicated resource classification to be achieved before the end of 2021.

There are currently 4 reverse-circulation rigs drilling the holes of up to 220m in depth around the margins of the modelled pit at THC, Bulge and Clouds and 5 diamond rigs drilling the in-fill holes of greater than 220m in the center of the pits.

Figure 1: Twin Hills Resource Drill Program

https://www.globenewswire.com/NewsRoom/AttachmentNg/e7ecffa7-a2db-4bff-905d-032df91ebb5b

The in-fill program includes a total of approximately 42,000m to be completed by July 2021 with assay results expected around 2 months later.

Clouds Infill

In-fill assays received since March 30, 2021 include the best intercept to date at Clouds (OKR170 – 98m @ 1.32g/t) with most of the other assays still outstanding.

Figure 2 below is a section through the Clouds orebody including OKR170. A wide zone of high-grade mineralization was intersected by four holes (OKR170, OKR092, OKR232 and OKR122) which is contained within the US$1700/oz pit shell.

OKR211 and OKR152 are shallower holes to the south on the same section line, which were completed recently. Assays for these holes are expected to be received shortly.

Additional deeper and lateral step-out holes, outside of the resource envelope, have also been completed in order to test down-dip and strike extensions of the known Clouds orebody.

Bulge and Twin Hills Central Infill

In-fill assays at the Bulge and Twin Hills Central (THC) confirm the consistency and grade of mineralization that was indicated in the first round of drilling with intercepts of up to 186m wide (apparent width).

Figure 2: Section through Clouds East including OKR170

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Deeper in-fill holes (up to and beyond 450m drill depth) at the Bulge and THC are being drilled with diamond rigs as experience to date has shown that RC drilling tends to start deviating significantly at a depth of greater than 220m. A table of in-fill assays received since March 30, 2021 (the cut-off date for MRE) is included below.

Brownfields Exploration

A brownfields exploration program to test 14 high-priority targets was announced on March 25, 2021. The targets include gold-in-calcrete, magnetic and IP anomalies within 10km of THC which are being tested as part of this ongoing drill program.

Of the planned 25,000m of drilling, approximately 17,889m has already been completed to-date with assay results expected to start arriving within the next two weeks.

Table of Significant Intercepts

A selection of previously unreleased intercepts is presented in Table 1 below. The full table of significant intercepts is available on the website here.

Notes on Drill Assay Reporting:

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. True widths are unknown at this stage. Included (incl.) intercepts are constrained 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.

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 colour-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 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 grassroots Twin Hills gold discovery in central Namibia. The Twin Hills project is at an advanced stage of exploration and resource development. Advanced development studies are 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.