Osino Resources drills 1.01 g/t gold over 72 metres at Twin Hills, Namibia

Osino Resources Corp. [OSI-TSXV; OSIIF-OTCQB; RSR1-FSE] provided an update on the recently completed infill and step-out drill program at the Twin Hills gold project, part of the 100%-owned Karibib gold project, in the Erongo region of Namibia. Twin Hills now comprises five distinct mineralized zones namely Bulge, Twin Hills Central (THC), Clouds, Twin Hills West (THW) and Clouds West, listed by order of approximate size.

Highlights include 41,368 metres of drilling completed at Twin Hills during 2022 to-date, completing the infill and step-out drilling for the planned PFS and mineral resource update.

Latest drill assays include hole OKD428 that returned 72 metres of 1.01 g/t gold (302-374m), including 30 metres of 1.59 g/t gold (Clouds Step-out). OKR437 returned 60 metres of 1.17 g/t (280-340m), including 29 metres of 1.28 g/t (Clouds Step-out). OKD446 returned 70metres of 0.90 g/t (310-380m), including 14 metres of 1.94 g/t (Clouds Step-out).

OKD432 returned 37 metres of 1.26 g/t gold (149-186m), including 9 metres of 3.83 g/t gold (Clouds Step-out). OKD449 returned 46 metres of 1.11 g/t (415-461m), including 7 metres of 3.67 g/t (Twin Hills Central Step-out). OKD450 returned 12 metres of 6.87 g/t (68-80m), including 1 metre of 78.70 g/t (Twin Hills Central Step-out).

OKD254 returned 43 metres of 0.96 g/t gold (416-459m), including 32 metres of 1.16 g/t gold (Twin Hills Central Step-out). OKR537 returned 8 metres of 4.54 g/t (16-24m) (Clouds West Infill). OKR548 returned 15 metres of 2.24 g/t (64-79m) (Clouds West Infill). OKD455 returned 29 metres of 1.18 g/t (172-201m), including 20 metres of 1.54 g/t (Clouds West Infill).

OKD433 returned 22 metres of 1.03 g/t gold (142-164m) and 8 metres of 3.77 g/t gold (252-260m) (Twin Hills West Infill). OKR501 returned 20 metres of 1.29 g/t (124-144m) and 7 metres of 1.21 g/t (158-165m) (Twin Hills West Infill).

The results for Clouds West well exceeded expectations as grade and width improved with depth and along 300m of strike to-date. The latest drill results will convert most of the previously Inferred resource to the Indicated category and are expected to add significant additional mineral resources.

The Twin Hills Project remains on a fast-tracked timeframe, and the publication of the Twin Hills Pre-feasibility study (PFS) is expected not later than early September 2022. Following that a Definitive Feasibility Study (DFS) is expected to be completed in Q2 2023.

Dave Underwood, VP Exploration, commented: “The resource conversion drill program at Twin Hills is now complete and has been a resounding success. Not only have we achieved much improved geological confidence, but we also significantly extended the mineralized envelopes, discovered new areas of mineralization and intercepted a number of new high-grade shoots. All the assay data has been supplied to CSA Global for the resource update, which will feed into the PFS study due in early September. One of the key take-aways from this exercise is that mineralization at both THC and Clouds improves at depth and becomes more cohesive down plunge. The Clouds West orebody was previously thought to be a very small cigar shaped body of mineralization but has produced higher grades recently and is up to 300m in strike length and open to the northeast. The step out drilling to the north of THC also produced a nice surprise when we intersected 12m @ 6.87g/t near surface in a new zone along the northern margin of the pit.”

Osino has a current mineral resource of 2.1Moz of gold in the Indicated and 0.62Moz in the Inferred category. The 2022 infill and step-out program was aimed at converting the Inferred ounces to Indicated status (thereby enabling Osino to include these ounces in the upcoming PFS), as well as to extend the mineralization down dip below the previously modelled pit shell.

Osino completed has 34,468 metres of infill drilling and 6,900 metres of step-out drilling for a total of 41,368 metres during the year to-date.

The Twin Hills Project team has continued to progress the major specialist studies towards the completion of the PFS, which will be completed by late August and is expected to be published in early September 2022.

In order to ensure sufficient water supply for the project, given the dry location of the project and the generally limited water supply situation in-country, Osino has developed a diversified water supply strategy based primarily on the following 4 sources: