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

VANCOUVER, British Columbia, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Osino Resources Corp. (TSXV:OSI) (FSE:RSR1) (OTCQX:OSIIF) ("Osino” or “the Company”) is pleased to announce the discovery of new shallow zones of gold mineralization at Twin Hills West (“THW”), just 3km from the main mineral resource at Bulge and Twin Hills Central (“THC”). 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

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 ("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, 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.

Further details are available on the Company's website at https://osinoresources.com/

CONTACT INFORMATION
Osino Resources Corp.
Julia Becker: Investor Relations Manager
Tel: +1 (604) 785 0850
jbecker@osinoresources.com 

Cautionary Statement Regarding Forward-Looking Information

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, including prospects for economic recoverability of mineral resources. 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 SEDAR at www.sedar.com. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

The reader is cautioned that any reference to mineral resources or geological technical information about Osino’s mineral properties is based on, excerpted from and expressly qualified by Osino’s current technical report (the “Technical Report”) which was prepared in accordance with NI 43-101 entitled, “Twin Hills Gold Project, Namibia, Preliminary Economic Assessment, National Instrument 43-101 Technical Report” dated effective July 14, 2021 prepared for Osino Resources Corp. Accordingly, Osino recommends that the reader refer to and read the Technical Report in its entirety, a copy of which is available on SEDAR at www.sedar.com under Osino’s issuer profile.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.