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Osino Resources Corp
Symbol OSI
Shares Issued 67,368,495
Close 2020-01-08 C$ 0.78
Recent Sedar Documents

Osino Resources drills 92 m of 1.4 g/t Au at Karibib

2020-01-09 06:38 ET - News Release

Mr. Heye Daun reports

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. has received assays for a further 16 holes at its Twin Hills Central discovery (THC), including high grades over significant widths contained in structurally controlled shoots.

Significant intersections include 92 metres at 1.40 grams per tonne (OKD024) and 37 m at 2.58 g/t (OKD022). The latest results increase the strike length of gold mineralization by 50 per cent to 1,200 m (open both east and west and at depth). The company is anticipating receipt of additional results from two holes at THC as well as 14 holes at Twin Hills West, Clouds and Barking Dog. Previous results were reported in news releases dated Sept. 26 and Nov. 14, 2019.

David Underwood, Osino's vice-president, exploration, commented: "These new drill results at Twin Hills Central expand the gold mineralization to a strike length of 1,200 m so far and include our best intersection yet of 92 m at 1.40 g/t in hole OKD024. This exceptional intersection is situated at the southwest end of the THC drill coverage, approximately 1,000 m 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 chief executive officer, 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 B2Gold'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-metres (using the commonly used shorthand method of multiplying intersection width with grade). This is about 50 per cent more than Otjikoto's average intersection width multiplied by average borehole gold grade of 33 gram-metres 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 four years from initial discovery in 1999 until the completion of the initial 50 RC and diamond exploration holes, and another two 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 by 50 m. Since June, 2019, Osino has already drilled 33 holes at Twin Hills Central for coverage of about 200 by 100 m and we are going to move to 100 by 50 m 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 (RC) and eight diamond (DD) holes from the phase 2 drill program at Twin Hills Central, which ended in early December, 2019. The phase 2 program included stepout and infill drilling to follow up the successful phase 1 program reported on Sept. 26, 2019, which consisted of seven DD holes. All holes at THC were drilled at an azimuth of 160 degrees (south-southeast) with the exception of OKD022, which was drilled in the opposite direction (340 degrees) in order to check downdip continuity. Significant intersections for the phase 1 and 2 programs are presented in the associated table.

In a diagram on the company's website, borehole collars have been colour coded according to a commonly used shorthand method of ranking gold intercepts: multiplying intercept average grade (g/t) by width (metres) resulting in a g/t times m intercept measure (combining both average gold grade and intercept width into a single metric known as gram-metre). 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 nine exceptional and very good intercepts out of 31 holes drilled so far (since June, 2018), compared with Otjikoto's seven exceptional and very good intercepts achieved out of the initial 31 boreholes drilled between 1999 and 2004.

Twin Hills Central remains open along strike toward the east and west, and downdip at depth below 200 m.

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

Initial results for Twin Hills West, Clouds and Barking Dog will be reported once the balance of assays has 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.

                SUMMARY OF ALL DRILL INTERCEPTS FROM PHASE 1 
                    AND 2 DRILLING AT TWIN HILLS CENTRAL
 
Hole ID                     From             To          Width             Au
                             (m)            (m)            (m)          (g/t)
RC drilling
OKR001                        22            122            100           0.68
incl.                         67             70              3           1.33
incl.                         88             91              3           1.38
incl.                        117            122              5           2.89
OKR002                                              no significant intercepts
OKR003                       179            197             18           0.85
incl.                        196            197              1           5.47
OKR004                        77             83              6           1.78
                             124            131              7           1.02
OKR005                                              no significant intercepts
OKR006                       134            166             32           0.60
incl.                        134            138              4           1.28
incl.                        163            166              3           1.57
OKR007                        57            106             49           1.04
incl.                         57             73             16           1.23
incl.                         83             99             16           1.58
OKR009                       145            149              4           1.68
incl.                        145            147              2           2.82
OKR010                                              no significant intercepts
OKR011                       148            171             23       1.12 (1)
incl.                        155            171             16           1.44
or                           158            166              8           2.03
OKR012                        72             74              2           3.27
                             181            188              7           1.19
OKR013                        68             83             15       0.65 (1)
incl.                         76             78              2           1.68
OKR017                         8             76             68       0.99 (1)
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
                              93            151             58       0.78 (1)
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
incl.                         33             35              2           2.41
                              90            144             54       0.89 (1)
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       1.14 (1)
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
Diamond drilling
OKD001                       115            263            148       0.65 (1)
incl.                        115            125             10           1.27
incl.                        197            222             25           1.03
incl.                        246            258             12           1.00
OKD002                        21            262            241       0.65 (1)
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       0.64 (1)
incl.                         93            116             23           1.01
OKD004                        16             81             65       1.37 (1)
incl.                         42             73             31            2.2
OKD005                       178            180              2           2.38
OKD006                       105            106              2           1.53
                             160            168              8           0.80
OKD007                        16             23              7           1.10
                              87            197            110       0.79 (1)
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
incl.                         86             98             12           1.08
OKD009                                              no significant intercepts
OKD010                        96             98              2           1.44
OKD012                                                         assays pending
OKD018                        59             64              5           1.15
                              86             89              3           1.22
OKD020                        99            210            111       0.81 (1)
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
                              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
                              72             83             11       0.60 (1)
incl.                         72             74              2           1.65
                             131            142             11       0.84 (1)
incl.                        131            133              2           1.84
incl.                        137            140              3           1.06
                             179            181              2           2.22
OKRD024                       20            112             92       1.40 (1)
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 north-northwest orientation (opposite to all other holes) to 
ascertain continuity;
Notes: All reported intercepts are apparent widths rounded to the nearest 
metre. 
True widths are unknown at this stage. Included intercepts are at 0.4 g/t 
cut-off, minimum two m wide and no more that two m internal dilution.

 

Geology and structure

The Twin Hills project lies within the Kuiseb formation, a sequence of turbiditic marine sediments several kilometres 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 millimetre- to centimetre-scale quartz-sulphide veins, which are parallel to the steeply north-northwest-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 indicate 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 commenced prior to the planning of the next drill program.

Qualified person

The technical information in this news release has been reviewed and approved by David Underwood, a chartered professional geologist (SACNASP), 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 per cent of all samples submitted. Logging and sampling are 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 per cent minus-10 mesh, split to 250 g and pulverized to 95 per cent minus-150 mesh. Sample pulps are sent to Actlabs in Ontario, Canada, for analysis. Gold analysis is by 30 g fire assay with AA (atomic absorption) finish and automatically reanalyzed with gravimetric finish if Au greater than five g/t. In addition, pulps undergo four-acid digestion and multielement analysis by ICP-AES (inductively coupled plasma atomic emission spectroscopy) or ICP-MS (inductively coupled plasma mass spectrometry). RC drill samples are prepared at Actlabs sample prep facility in Windhoek, Namibia. The RC chips are dried, crushed to 95 per cent minus-10 mesh, split to 250 g and pulverized to 95 per cent minus-150 mesh. Sample pulps are sent to Actlabs in Ontario, Canada, for analysis. Gold analysis is by 30 g fire assay with AA finish and automatically reanalyzed with gravimetric finish if Au greater than five g/t.

About Osino Resources Corp.

Osino is a Canadian gold exploration company, focused on the acquisition and development of gold projects in Namibia. The company's 23 exclusive prospecting licences 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. It is actively advancing a range of gold discoveries, prospects and targets across its 6,577-square-kilometre ground position by utilizing a portfolio approach geared toward discovery.

We seek Safe Harbor.

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