Osino Resources Drills Best Intercept To-Date at Clouds Deposit And Provides Update on In-Fill Drilling at Twin Hills Gold Project, Namibia

Osino Resources Drills Best Intercept To-Date at Clouds Deposit And Provides Update on In-Fill Drilling at Twin Hills Gold Project, Namibia

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

VANCOUVER, British Columbia, May 19, 2021 (GLOBE NEWSWIRE) — Osino Resources Corp. (TSXV:OSI) (FSE:RSR1) (OTCQB:OSIIF) (“Osino” or “the Company”) 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 12th, 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 (“RC”) 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
https://www.globenewswire.com/NewsRoom/AttachmentNg/981e4984-b8c3-4cbc-8006-acaa6891ea17

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.

Table 1 – List of Significant Intercepts – In-fill Drill Program since News Release dated April 12, 2021
Hole From To Width (m) Grade
(g/t)
X Y GM GM_Class
(m x g/t)
Location
DIAMOND
OKD128 291 352 61 0.49 600695 7584998 29.9 25-50 THC
OKD130 231 279 47 0.92 600539 7584852 43.2 25-50 THC
incl.     37 1.03         THC
OKD133 80 204 124 0.93 600168 7584487 115.3 >100 THC
incl.     71 1.13         THC
incl.     14 1.35         THC
OKD134 191 254 63 0.42 602499 7585487 26.5 25-50 Clouds
OKD137 273 405 132 1.04 600189 7584698 137.3 >100 THC
incl.     85 1.33         THC
OKD138 245 331 86 0.62 600899 7585026 53.3 50-100 THC
incl.     14 1.39         THC
OKD139 161 171 10 0.4 602358 7585438 4 <10 Clouds
OKD140 198 225 27 0.61 602593 7585520 16.5 25-Oct Clouds
incl.     12 0.78         Clouds
incl.     4 0.95         Clouds
OKD141 215 346 131 0.47 601013 7585016 61.6 50-100 THC
OKD144 253 272 19 0.68 600708 7584887 12.9 25-Oct THC
Reverse Circulation
OKR128 No significant intercepts 602034 7585160 0 <10 Clouds
OKR134 135 161 26 0.41 601827 7585134 10.7 25-Oct Clouds
OKR135 104 106 2 2.64 601970 7585187 5.3 <10 Clouds
OKR163 7 11 4 0.84 602472 7585256 3.4 <10 Clouds
OKR165 No significant intercepts 602818 7585345 0 <10 Clouds
OKR166 68 112 44 0.77 602327 7585371 33.9 25-50 Clouds
OKR169 No significant intercepts 602102 7585126 0 <10 Clouds
OKR170 65 163 98 1.32 602407 7585373 129.4 >100 Clouds
incl.     2 1.27         Clouds
incl.     11 1.2         Clouds
incl.     9 2         Clouds
incl.     34 2.66         Clouds
OKR178 12 83 71 0.72 600704 7584758 51.1 50-100 THC
incl.     2 1.25         THC
incl.     8 1.25         THC
incl.     15 1.40         THC
OKR186 28 174 146 0.72 600608 7584744 105.1 >100 THC
incl.     21 1.00         THC
incl.     5 1.15         THC
incl.     8 1.70         THC
incl.     13 1.20         THC
incl.     8 1.94         THC
OKR187 27 135 108 0.87 600600 7584688 94.0 50-100 THC
incl.     13 1.61         THC
incl.     13 1.47         THC
Hole From To Width (m) Grade
(g/t)
X Y GM GM_Class
(m x g/t)
Location
incl.     10 1.88         THC
incl.     4 4.00         THC
OKR189 47 59 12 1.62 602441 7585279 19.4 25-Oct THC
OKR190 197 203 6 0.92 600398 7584655 5.5 <10 THC
OKR192 24 74 50 0.68 600156 7584375 34 25-50 THC
OKR193 No significant intercepts   600172 7584328 0 <10 THC
OKR194 14 200 186 0.79 600072 7584448 146.5 >100 THC
incl.     7 1.00         THC
incl.     6 1.17         THC
incl.     15 1.04         THC
incl.     41 1.38         THC
incl.     15 1.22         THC
OKR195 No significant intercepts 600188 7584281 0 <10 THC
OKR196 No significant intercepts 600074 7584292 0 <10 THC
OKR197 50 86 36 0.46 601190 7584798 16.6 25-Oct THC
incl.     4 1.21         THC
incl.     2 1.4         THC
OKR200 26 142 116 0.51 600045 7584388 59.2 50-100 THC
incl.     8 0.94         THC
incl.     4 1.22         THC
incl.     28 0.84         THC
incl.     15 0.68         THC
OKR201 20 88 68 1.33 600199 7584390 90.4 50-100 THC
incl.     41 1.67         THC
incl.     8 1.98         THC
OKR202 18 81 63 0.67 600245 7584408 42.2 25-50 THC
incl.     12 1.27         THC
incl.     6 1.37         THC
OKR203 21 208 187 0.59 600023 7584432 110.3 >100 THC
incl.     31 1.05         THC
incl.     7 1.40         THC
incl.     2 1.01         THC
incl.     2 1.25         THC
incl.     9 1.18         THC
OKR204 23 67 44 0.74 600112 7584356 32.6 25-50 THC
incl.     17 1.28         THC
OKR206 23 44 21 1.56 600616 7584639 32.8 25-50 THC
OKR207 No significant intercepts 600283 7583532 0 <10 THC
OKR209 9 13 4 1.11 601017 7584719 4.4   THC
and 37 64 27 0.42     11.3 25-Oct THC
incl.     9 0.54     4.9   THC
OKR210 13 63 49 0.53 600994 7584762 26.0 25-50 THC
incl.     2 1.64         THC
incl.     3 3.26         THC
OKR215 60 198 138 0.87 600962 7584862 120.1 >100 THC
Hole From To Width (m) Grade
(g/t)
X Y GM GM_Class
(m x g/t)
Location
incl.     28 2.16         THC
incl.     25 1.32         THC
OKR216 10 49 39 0.90 600747 7584721 35.1 25-50 THC
incl.     21 1.14     23.9   THC
incl.     5 1.64     8.2   THC
OKR232 12 120 108 0.43 602405 7585316 46.4 25-50 Clouds
incl.     22 1.15         Clouds
incl.     2 1.07         Clouds
incl.     3 1.03         Clouds
OKR276 16 55 39 1.00 602395 7585264 39 25-50 Clouds

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 (“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 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.

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 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.

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.

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