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Osino Resources Reports Maiden Mineral Resource at the Twin Hills Gold Project, Namibia

/EIN News/ -- Highlights

  • 13.5 million tonnes (Mt) at an average grade of 1.00 g/t Au for a total of 0.43 million ounces (Moz) of gold in the Indicated mineral resource category.
  • 42.6 Mt at an average grade of 1.08 g/t Au for a total of 1.47 Moz of gold in the Inferred mineral resource category.
  • The mineral resource is reported within a conceptual pit shell using a gold price of US$1,700 per troy ounce and a cut-off grade of 0.5 g/t Au.
  • The mineral resource includes a higher-grade portion above 0.9 g/t Au of:
    • 7.3 Mt at 1.22 g/t Au for 0.29 Moz in Indicated
    • 24.9 Mt at 1.32 g/t Au for 1.05 Moz in Inferred
  • The mineral resource is estimated from approximately 69,000 m of diamond and reverse circulation drilling completed since the grassroots Twin Hills discovery in August/September 2019.
  • An additional 35,000-40,000 m of infill drilling is planned, and it is expected that most of the Inferred mineral resources could be upgraded to Indicated with this additional drilling.
  • Osino will host a webinar to discuss the maiden resource at 11am ET (8am PT) on April 13, 2021 – details below.

VANCOUVER, British Columbia, April 12, 2021 (GLOBE NEWSWIRE) -- Osino Resources Corp. (TSXV:OSI) (FSE:RSR1) (OTCQB:OSIIF) ("Osino” or “the Company”) is pleased to announce the maiden mineral resource for its Twin Hills Gold Project in the Erongo Region of Namibia. The mineral resource was estimated from approximately 69,000 meters (m) of diamond core (DD) and reverse circulation (RC) drilling, of which approximately 62,000 m was sampled with available assay data. Drill collars were spaced at 50 m x 50 m on surface, with holes inclined at 60°, resulting in an effective data spacing of 50 m along strike and 40 m on section lines.

Some areas were infill drilled at closer spacing and drilling is ongoing with the aim of upgrading the mineral resource to the indicated category by the end of 2021.

Heye Daun, Osino’s President & CEO commented as follows: “The publication of this maiden mineral resource is the culmination of almost five years of hard work, starting in 2016 when Osino commenced greenfield exploration in this area which had seen decades of conventional prospecting by multiple operators and was considered mature by established Namibian geological dogma. Notwithstanding this, Osino entered the area and by deploying innovative techniques, coupled with strong geological experience, sound technical judgement and committed financial support from our early investors, Osino was able to execute an extensive, multi-year exploration program which resulted in the grassroots discovery, below Kalahari sand and calcrete cover, of the Twin Hills Gold Project. This is even more exciting as it occurred only 20 km from the largest gold deposit in southern Africa outside of the Wits basin (Navachab). Having spent less than CAD25m and around 69,000 m of drilling in total reflects an industry-leading unit cost and rate of discovery, which is testament to the ability of our team and the quality of our execution. Nevertheless, we see this as merely the beginning of the journey and we are already engaged in progressing Twin Hills to the next level, both in terms of exploration and resource growth and through the fast-tracked development of the project through feasibility and beyond.”

Geological Data

A total of 69,063 m of drilling (34,957 m of diamond core from 125 holes and 34,105 m of reverse circulation from 214 holes) has been completed at the Twin Hills Gold Project since 2019. In total, 61,975 m has been sampled with available assay data.

Both diamond drill (DD) and reverse circulation (RC) holes were sampled at one-meter intervals at the Osino core-yard in Omaruru and at the drill rigs respectively. A sub-sampling process using a riffle splitter was used at the RC drill rig to reduce sample mass. This process was observed in the field by the responsible qualified person (QP) in accordance with National Instrument 43-101 (“NI 43-101”) and was deemed to be a reasonable and robust method for reducing sample mass and producing a representative sub-sample.

Mineral Resource Estimate

Sulfide-hosted gold mineralization was interpreted and modelled from a combination of structural and assay data for each of the Twin Hills mineral resource areas (Bulge, Twin Hills Central and Clouds) as indicated below (Figure 1). The mineralization, hosted in meta-greywacke, dips between 60° and 80° and ranges from a few meters to 200 m thick.

The modelled mineralized zone includes mineralized intersections, with the outer geometry guided by structural measurements from drill core (green area in Figure 1). Within this zone, a 0.4 g/t Au envelope was interpreted from assay data (red area in Figure 1) and represents continuous higher-grade mineralization in the deposit.

Most modelled mineralization is overlain by a barren calcrete layer (Figure 2 to Figure 4).

Figure 1: Plan view of the Twin Hills mineral resource area, mineralization domains and drill hole collars

https://www.globenewswire.com/NewsRoom/AttachmentNg/a9eb0a1f-edc8-4511-bd6f-e12c9909cab6

Gold grade was estimated by ordinary kriging from 2 m composites into 20 m x 20 m x 5 m (XYZ) blocks within mineralized domains. Bulk density was determined using an Archimedes-type technique on core and assigned to the model based on oxidation and lithology, such that calcrete has a density of 2.24 t/m3, oxide 2.54 t/m3, transitional material 2.67 t/m3 and fresh rock 2.76 t/m3.

Cross Sections

The following cross sections show the geometry of the mineralization, borehole orientation and the reporting pit shells at US$1700/oz for each of the mineralized areas, namely Bulge, Twin Hills Central and Clouds.

Figure 2: Bulge cross section looking east with mineralization domains and drill assays (refer to Figure 1)

https://www.globenewswire.com/NewsRoom/AttachmentNg/38fb41aa-dbbe-4994-b25c-7d1cea7f908a

Figure 3: Twin Hills Central cross section looking east with mineralization domains and drill assays (refer to Figure 1)

https://www.globenewswire.com/NewsRoom/AttachmentNg/a81a620c-b1a6-49fb-a959-33ed43ffd00b

Figure 4: Clouds cross section looking east with mineralization domains and drill assays (refer to Figure 1)

https://www.globenewswire.com/NewsRoom/AttachmentNg/0562b45e-4fb2-44ac-90b0-19d0b6f30e9f

Reasonable Prospects for Eventual Economic Extraction

A mineral resource is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction (RPEEE). To satisfy the requirement of RPEEE by open pit mining, reporting pit shells were determined based on conceptual parameters and costs (Figure 5). Gold recovery will be achieved using a conventional crushing, milling, gravity, pre-oxidation and carbon-in-leach (CIL) circuit. The location of the three main mineralized areas (Bulge, Twin Hills Central and Clouds) and the extent of the reporting pit shells relative to local topographical features is indicated in the diagram below (Figure 5).

Figure 5: Plan view showing material in the reporting pit shells above 0.5 g/t Au (mineral resource reporting cut-off)

https://www.globenewswire.com/NewsRoom/AttachmentNg/19925621-9309-4c4a-9780-1febdf92399f

Mineral Resource Classification

Material within the reporting pit shell was classified according to mineral resource confidence categories defined in CIM Definition Standards for Mineral Resources and Mineral Reserves. Data quality and quantity, geological and grade continuity, and confidence in the grade and density estimates, were considered when classifying the mineral resource.

Mineral resources are classified as either Inferred or Indicated (Figure 6). Indicated mineral resources have generally been classified where the mineralization is wide, suggesting good geological and grade continuity, and drill spacing is less than the 50 m x 40 m grid.

Figure 6: Cross section showing the mineral resource classification

https://www.globenewswire.com/NewsRoom/AttachmentNg/adc314dc-41b5-44c6-8344-b70af5dc410b

The example in Figure 6 shows data spaced at 20-25 m on a section line in the area that supports Indicated mineral resources. Indicated mineral resources are only reported in the Bulge area due to limited infill drilling and the continuous nature of wide mineralization.

It is reasonable to expect that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued infill drilling.

Mineral Resource Statement

The mineral resource estimate is that material within the reporting pit shell above a 0.5 g/t Au cut-off grade. The mineral resource estimate has an effective date of 01 April 2021 (Table 1), and a corresponding technical report disclosing the mineral resource estimate in accordance with NI 43-101 will be prepared by CSA Global (Pty) Ltd. for Osino with Mr. Anton Geldenhuys, BSc (Hon) of CSA Global (PTY) Ltd. as an author of the report, who is responsible for all sections in respect of the mineral resource estimate. Osino will file the technical report on SEDAR under its profile at www.sedar.com within 45 days of this news release.

Table 1: Mineral Resource for the Twin Hills Gold Project at a 0.5 g/t Au cut-off as at 01 April 2021

Category Tonnes Grade Troy Ounces Bulk Density
  (millions) (g/t Au) (millions) (t/m3)
Indicated 13.5 1.00 0.43 2.75
Inferred 42.6 1.08 1.47 2.75
  • Figures have been rounded to the appropriate level of precision for the reporting of mineral resources.
  • Mineral resources are stated as in situ dry tonnes. All figures are in metric tonnes.
  • The mineral resource has been classified under the guidelines of the CIM Definition Standards for mineral resources and Mineral Reserves and adopted by the CIM Council, and procedures for classifying the reported mineral resources were undertaken within the context of the Canadian Securities Administrators NI 43-101.
  • The mineral resource is reported within a conceptual pit shell determined using a gold price of US$1,700/oz and conceptual parameters and costs to support assumptions relating to reasonable prospects for eventual economic extraction:
    • 4% royalty (3% government royalty and 1% export levy)
    • Selling costs of US$2.75/oz
    • Mining costs of US$2.00/t ore and US$1.85/t waste, with additional cost attributed to depth below surface
    • Processing and rehandling costs of US$8.15/t run of mine ore
    • G&A cost of US$4.00/t run of mine ore
    • Slope angle of 48° in weathered rock and 55° in fresh rock
    • 90% gold recovery from CIL circuit
  • Mineral resources that are not Mineral Reserves do not have demonstrated economic viability.
  • The exclusive exploration licenses (“EPL’s”) constituting the Twin Hills Project are owned 80%, 90% and 95% respectively by Osino. As a result, the blended ownership of the total reported gold ounces attributable to Osino is 93.05%.

The estimated block model has been tabulated at various cut-off grades (Table 2). This tabulation does not represent a mineral resource in any way and only serves to illustrate the nature of the mineralization and sensitivity to various cut-offs.

Table 2: Classified block model within the reporting pit shell at various cut-off grades

  INDICATED INFERRED
Cut-Off Grade Tonnes Grade Above Cut-Off Troy Ounces Tonnes Grade Above Cut-Off Troy Ounces
(g/t Au) (millions) (g/t Au) (millions) (millions) (g/t Au) (millions)
0.4 13.7 0.99 0.44 43.8 1.06 1.49
0.5 13.5 1.00 0.43 42.6 1.08 1.47
0.6 12.8 1.02 0.42 40.6 1.10 1.44
0.7 11.2 1.08 0.39 36.2 1.16 1.35
0.8 9.3 1.14 0.34 30.4 1.23 1.21
0.9 7.3 1.22 0.29 24.9 1.32 1.05
1.0 5.4 1.32 0.23 19.7 1.42 0.90

Quality Assurance / Quality Control

All assay data was verified by means of a rigorous QA/QC program which included the insertion of certified reference materials, blanks, and duplicates into sample batches sent for sample preparation and analysis. The results of the QAQC program were constantly monitored by both Osino personnel and the QP. Diamond drill core and reverse circulation samples were dispatched to the Actlabs sample preparation facility in Windhoek. The QP visited this facility and reviewed the receipt of samples and their processing from crushing to milling and packaging. The packaged pulp samples are sent to Actlabs laboratories in either Canada or Colombia, depending on available capacity. Use of the geological data for mineral resource estimation and reporting is approved by the QP.

Qualified Person’s Statement

The mineral resource estimate was carried out by Mr. Anton Geldenhuys (MEng), a registered Professional Natural Scientist (SACNASP, membership number 400313/04) of CSA Global (Pty) Ltd., who is an independent Qualified Person (QP) as defined by CIM Definition Standards for mineral resources and Mineral Reserves in accordance with NI 43-101. Mr. Geldenhuys is a geoscientist and is qualified as a geologist (Honours) and engineer (Masters) and has over 20 years of relevant industry experience. Mr. Geldenhuys is member in good standing of the South African Council for Natural Scientific Professions (SACNASP) and has sufficient experience relevant to the commodity, style of mineralization and activity which he is undertaking to qualify as a QP under NI 43-101. Mr. Geldenhuys has reviewed and approved the scientific and technical information in this news release.

Live Webinar

Investors are invited to participate in a live webinar tomorrow with Osino management to discuss the maiden resource and ask questions.

Date: April 13, 2021 at 11am EST (8am PST)

Conference ID: 7571107
Participant Toll-Free Dial-In Number: +1 (833) 562 0123
Participant International Dial-In Number: +1 (661) 567 1101
Participant link to webinar: https://edge.media-server.com/mmc/p/9bwq3hmk

A presentation will be made available on the Company’s website following the webinar.

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 7,000km2 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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Figure 1

Plan view of the Twin Hills mineral resource area, mineralization domains and drill hole collars
Figure 2

Bulge cross section looking east with mineralization domains and drill assays (refer to Figure 1)
Figure 3

Twin Hills Central cross section looking east with mineralization domains and drill assays (refer to Figure 1)
Figure 4

Clouds cross section looking east with mineralization domains and drill assays (refer to Figure 1)
Figure 5

Plan view showing material in the reporting pit shells above 0.5 g/t Au (mineral resource reporting cut-off)
Figure 6

Cross section showing the mineral resource classification