- Assays received for 36 exploration drill holes from satellite targets (Clouds, Twin Hills West and Barking Dog) at Twin Hills.
- These targets are brownfields targets along trend and within a 2500m radius from Twin Hills Central.
- Significant new gold discoveries made at Clouds West and East, respectively 500m and 1500m east along strike from Twin Hills Central. Gold mineralization intersected includes:
- 27m @ 1.22g/t (OKD059: 143 – 170), incl. 16m @ 1.74g/t (Clouds West)
- 76m @ 0.75g/t (OKD093: 66 – 142m) incl. 37m @ 0.97g/t (Clouds East)
- 22m @ 1.19g/t (OKD096: 120 – 142m) incl. 9m @ 2.44g/t (Clouds East)
- Both Clouds East and West lie along a prominent, high-intensity IP anomaly along strike from Twin Hills Central, therefore potentially doubling the Twin Hills Central mineralized strike length from 1500 to over 3000m in length.
- Rapid step-out drill program ongoing to define & delineate the resource potential at Clouds East and West, as well as the gaps in between, and Twin Hills Central.
- Additional significant drill intercepts at Twin Hills West and Barking Dog further reinforce the brownfields exploration potential of the overall Twin Hills gold system.
VANCOUVER, British Columbia, Nov. 17, 2020 (GLOBE NEWSWIRE) -- Osino Resources Corp. (T SXV: OSI) (FSE: RSR1) (OTCQB: OSIIF) ("Osino” or “the Company”) , is pleased to provide an update on the brownfields exploration drilling at the Clouds, Twin Hills West and Barking Dog targets adjacent to and along trend from Osino’s Twin Hills Central (“THC”) gold project in north-central Namibia, where the Company holds a dominant 7,000 km 2 land position. THC is part of the large, sedimentary-hosted and structurally controlled Twin Hills gold system which was discovered by Osino in 2019.
Significant assays received at Clouds West and East confirm the discovery of two new zones of gold mineralization, including higher grade shoots up to 1500m from the eastern edge of THC. The Clouds mineralization occurs along a strong IP anomaly, which appears continuous along the entire combined 3100m strike length (Figure 2 below indicates details of the Clouds drilling and coincident IP anomaly).
These new discoveries indicate the potential to double the mineralized strike at THC, thereby also significantly growing THC’s contiguous resource potential. A high intensity drill program has been put in place to drill out the Clouds targets and the gap between THC and Clouds before the end of Q1 2021.
David Underwood, Osino’s Vice President Exploration commented: “ The mineralization drilled at Clouds West and East is a very exciting step forward and provides the first indication that economic mineralization at Twin Hills Central may double in an eastward direction to over 3000m in strike length . These new discoveries provide a glimpse of the substantial growth potential of the overall Twin Hills Central gold deposit and nearby satellite bodies along strike and on parallel trends . We have now dedicated several drill rigs to the entire Clouds target as well as the gap betw een THC and Clouds West . At the same time, resource drilling at Twin Hills Central is continuing on schedule with rigs concentrating on the north ern and east ern extensions as well as the remaining in-fill holes . The positive results at Twin Hills West and Barking Dog are the best holes in these areas to date and will direct further exploration early next year .”
In addition, narrow but significant intercepts have been returned from both Twin Hills West (16m @ 1.38g/t) and Barking Dog (8m @ 1.30g/t) which provide a clear indication of where future drilling should be focused at these targets. The intercept on the south side of Barking Dog is the first positive result in this part of the Twin Hills system and indicates that the mineralization is developing towards the southeast – see Figure 1.
Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/41ccf1e7-731e-407d-bb36-aa427738d67d
To date a total of 36 holes have been drilled at Clouds, Twin Hills West (“THW”) and Barking Dog (See Figure 1 for location of targets and Table 1 for list of drill holes and significant assays) with significant assay results having been received.
Detail ed Results of Exploration Drilling
The Clouds target is a 1200m long gold-in-calcrete, magnetic and IP anomaly that lies 500m on strike to the east of THC. Two holes were drilled on the west side of Clouds in 2019 with a best intercept of 7m @ 0.71g/t in hole OKD025. An additional seven holes were drilled at Clouds West in the current program with a best result of 27m @ 1.22g/t (inc. 16m @ 1.74g/t) in hole OKD059, 180m to the west of OKD025 - see Figure 2. The gold mineralization is steeply dipping to the north and occurs within sheared and altered turbidites, hosting centimeter-scale veinlets of arsenopyrite and pyrrhotite. This mineralization is similar in style to THC.
Two holes were also drilled at Clouds East in 2019 with a best result of 27m @ 0.80g/t (inc. 6m @ 1.25g/t) in OKD057. In the current program three additional step-out holes were drilled at Clouds East with all of the holes intersecting significant mineralization with a best of 76m @ 0.75g/t (inc. 37m @ 0.97g/t) and 19m @ 1.19g/t (inc. 8m @ 1.67g/t) – see Figure 2.
The intercepts at Clouds to date look narrower than at THC but the widest part of the IP anomaly in the center of the Clouds target has yet to be drilled. If the mineralization is continuous from THC to Clouds East, the total strike length of mineralization could potentially be increased to 3100m.
Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8e892c0d-209e-4be8-9ac2-687fc2461428
Twin Hills West
In the 2020 exploration program, four holes were drilled to the south and west of OKD011 (21m @ 0.83g/t) and OKD019 (11m @ 1.08g/t) to follow-up on the results from 2019. The best result from the recent drilling is 16m @ 1.38g/t in the southernmost hole (OKD037) - see Figure 1. This hole appears to have intersected the top of a developing ore shoot and step-out drilling is being planned for early 2021 to follow-up on OKD037 and also to test the strong IP and gold-in-calcrete anomaly at THW to the north of the current drilling.
Eight holes were drilled at THW in 2019 with the initial holes (OKD011 and OKD013) orientated on an azimuth of 160 o as at THC. However, the drill was turned around to 340 o after 50m of the second hole as it became clear that the geology at THW dips steeply to the south, in contrast to the rest of Twin Hills where it dips to the north.
In 2019 six holes were drilled at Barking Dog across magnetic and geochemical anomalies with no significant gold intercepts. A further four holes were drilled during the 2020 program over a prominent IP anomaly to the south of Barking Dog. Hole OKD063 on the east side of the anomaly returned a positive intercept of 8m @ 1.30g/t. This mineralization will be followed-up along strike and down-dip to see if it develops into a wider shoot towards the east – see Figure 1.
These drill results have provided validation of the quality of Osino’s new IP targets and provide impetus to further accelerating Osino’s brownfields exploration program in addition to the ongoing resource drilling.
Table 1: Summary of Drill Intercepts from 2020 Exploration Drilling at Twin Hills Project.
|OKD065||No significant intercepts||601851||7584960|
|OKD082||No significant intercepts||601676||7584941|
|OKD086||No significant intercepts||601703||7585008|
|OKD054||No significant intercepts||602632||7585268|
|Twin Hills West|
|OKD045||No significant intercepts||596894||7583268|
|OKD051||No significant intercepts||604199||7585658|
|OKD060||No significant intercepts||604165||7585752|
|OKD061||No significant intercepts||604551||7585860|
1 Unconstrained intersections
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. All holes in table above drilled on azimuth 160 degrees. Collar positions are in UTM WGS84, surveyed accurately with DGPS .
Q ualified Person
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.Quality Assurance
All Osino sample assay results have been independently monitored through a quality assurance / quality control ("QA/QC") 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 90% -10mesh, split to 350g and pulverised to 90% -140mesh. 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 ICPAES or ICP-MS. RC drill samples are prepared at Actlabs sample prep facility in Windhoek, Namibia. The RC chips are dried, crushed to 90% -10mesh, split to 350g and pulverised to 90% -140mesh. 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. Having achieved our initial vision of finding Namibia’s next significant gold deposit, we are now focused on rapidly advancing the exciting Twin Hills gold discovery and to make new discoveries elsewhere along the belt. This we will achieve with Osino’s winning formula of combining innovation & drive with technical experience & strong financial backing.
Our portfolio of exclusive exploration licenses is 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 approximately 7,000km 2 ground position by utilizing a portfolio approach geared towards discovery.
Osino’s focus in 2020 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.
Further details are available on the Company's website at https://osinoresources.com/
Osino Resources Corp.
Heye Daun: CEO
Tel: +27 (21) 418 2525
Julia Becker: Investor Relations Manager
Tel: +1 (604) 785 0850
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This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Company's recently completed financings, and the future plans or prospects of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis which is available on the Company's profile on SEDAR at www.sedar.com . The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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