Osino Resources Announces Completion of First Phase Shallow Drill Program and Significant Extension of the Twin Hills Prospect on the Karibib Gold Trend, Namibia
VANCOUVER, British Columbia, Dec. 05, 2018 (GLOBE NEWSWIRE) — Osino Resources Corp. (TSXV: OSI) (“Osino” or “the Company”) announces the completion of the shallow drill program previously reported (refer to press release dated September 20, 2018). The drill program tested a surface gold anomaly to the southwest of Osino’s Twin Hills prospect (“Twin Hills”) and extended the collection of samples under sand and younger cover (regolith) along the Karibib fault between Twin Hills and the producing Navachab Gold Mine (Figure 1) in Namibia. Visual results of bedrock samples give a strong indication that gold anomalies at surface within the thick cover are representative of bedrock mineralization.
Re-interpretation of geochemical and structural data in conjunction with the initial results of the shallow drill program has resulted in a significant 3km extension of the Twin Hills gold anomaly from 8km announced in September 2018 to 11km as of November 2018. This illustrates the increasing length of the mineralizing system discovered by Osino which is open to the west and southwest (Figure 1).
Twin Hills is a large-scale gold prospect that was initially discovered by Osino from grassroots exploration during 2017. The prospect is aligned with a series of second and third order structures adjacent to the regional scale Karibib Fault and also coincident with subtle magnetic highs related to the presence of pyrrhotite (a magnetic sulphide mineral) in the mineralized zones. The prospect outcrops in the east for the first 3km and then goes under regolith cover towards the west (Figure 1). To date Osino has conducted soil, regolith and rock-chip sampling, geological mapping, and ground magnetics over Twin Hills but only 1km has been drill tested on the eastern extreme of the prospect.
Dave Underwood, Osino’s VP Exploration commented: “We are excited to have further confirmation of the growing size of the Karibib Gold Trend with its continuation under cover to the southwest of Twin Hills. The drill program just completed has given us some early but encouraging visual confirmation of our ability to see mineralization through thick cover. In addition, the shallow drilling on the remaining portion of the Karibib Gold Trend should generate further targets which will be followed up early in 2019. The Karibib Trend has the potential to become a district-scale gold play.”
Shallow Drill Program to Test Remainder of Karibib Trend
Osino has recently completed the previously announced drill program of shallow, vertical holes consisting of nine fence lines spaced at 2400m between fences and 100m hole spacing (73 holes with a total of 526m) along the remaining untested portion of the Karibib Fault (Figure 1). This drilling is designed to sample the regolith below wind-blown sand cover. Several deeper holes were also drilled to determine the regolith thickness along the Karibib Fault and initial indications are that the thickness increases from Twin Hills towards the southwest. A regolith sample has been submitted for analysis from each hole drilled through wind-blown sand along the Karibib Fault. These assays are expected early in 2019.
Based on the encouraging visual results received so far, Osino has commenced with an in-fill shallow drilling exercise, reducing the drill fence spacing from 2400m (as indicated with green triangles in Figure 1 below) to 800m. This program is expected to be completed at the end of 2019.
Bedrock Drilling on Extension of Twin Hills Gold Anomaly
Two fence lines of drilling were also completed over the gold-in-regolith anomaly 5km to the southwest of Twin Hills (Figure 1). This program included 49 vertical holes at 20m spacing for a total of 931m, with an average depth to bedrock of 19m. The bedrock consists primarily of biotite schist which is altered and contains sulphide veinlets in the mineralized area. The bottom-of-hole samples have been submitted for analysis from each hole and these assays are expected back before the end of Q4 2018.
Figure 1: Bedrock and Regolith Sampling via RAB drilling at Twin Hills and remainder of the Karibib Fault
The drill program indicates that the regolith cover increases noticeably in thickness towards the southwest which causes a reduction in the value of the surface gold anomalies over mineralization. However, the anomaly is still visible at this lower gold value at the western extreme of the sample coverage to date, associated with structures visible in magnetic data (Figure 1).
Osino is planning a significant drill program for 2019, aimed at further drill testing the Twin Hills prospect and any additional targets generated along the rest of the Karibib Trend.
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 field duplicate samples. QA/QC samples make up 10% of all samples submitted. Regolith samples are prepared at Intertek Analysis, Johannesburg, South Africa. Samples are dried, crushed to ~10mm and pulverised (300g up to 1.2kg). A split of 120g is shipped to the Intertek Analysis laboratory in Perth, Australia. Samples (10g) are leached in cyanide for 24 hours and analyzed for gold using ICPMS with an ultra-low detection limit of 0.01ppb. Additional elements analyzed are Ag, Cu and As.
David Underwood, a Chartered Professional Geologist (SACNASP), and a Qualified Person for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects for the Karibib Gold Project has reviewed, verified and approved the contents of this news release.
About Osino Resources
Osino Resources Corp. (TSXV: OSI) is a Canadian company, focused on the acquisition and development of gold projects in Namibia. Osino’s Namibian interests comprise twenty exclusive exploration licenses located within the central and northern zones of Namibia’s prospective Damara belt, mostly in proximity to and along strike of the producing Navachab and Otjikoto Gold Mines. Osino is currently focusing its efforts on developing the Karibib Gold Project and defining new exploration targets in the Otjikoto East area and on our other licenses. The Karibib Gold Project is located approximately 130 km north-west of Namibia’s capital city Windhoek. By virtue of its 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: Manager Investor Relations
Tel: +1 (604) 785 0850
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