Osino Resources drills 3.21 g/t gold over 61 metres at Twin Hills, Namibia

Osino Resources Corp. [TSXV-OSI; OTCQX-OSIIF; FSE-RSR1] provided an update on the recently completed infill drill program at the 100%-owned Twin Hills gold project, Namibia, including the best hole drilled at the project to date with an intercept of 61 metres at 3.21 g/t gold. Osino remains focused on the financing and preconstruction activities at Twin Hills, as well as closely spaced infill drilling of the initial starter pits to validate modelling and derisk initial production.

Highlights: Completed RC (reverse circulation) drilling of 110 boreholes at tight spacing of 12.5 metres by 12.5 metres over a large area, representing about one year of open-pit mining at the Bulge pit (majority mineral resource contributor to Twin Hills gold project).

Assay results received to date returning better-than-expected grade intercepts, including OKRG0093: 61 m at 3.21 g/t (23 m to 84 m), including 32 m at 4.87 g/t; OKRG0096: 62 m at 1.50 g/t (22 m to 84 m), including seven m at 3.09 g/t; OKRG0076: 67 m at 1.46 g/t (22 m to 89 m), including 29 m at 2.36 g/t; OKRG0092: 83 m at 1.38 g/t (24 m to 107 m), including 44 m at 1.75 g/t; OKRG0081: 66 m at 1.28 g/t (19 m to 85 m), including 13 m at 2.28 g/t; OKRG0094: 74 m at 1.20 g/t (21 m to 95 m), including 13 m at 1.82 g/t; OKRG0106: 91 m at 1.14 g/t (25 m to 116 m), including 16 m at 1.53 g/t and 17 m at 2.19 g/t; and OKRG0100: 90 m at 1.13 g/t (32 m to 122 m), including 22 m at 1.80 g/t gold.

Assay results from 50 out of 110 holes still to be reported, with all results expected within three weeks.

Program results will be used to validate and confirm the Twin Hills mineral resource estimate (MRE) modelling techniques and parameters utilized, and to upgrade the current MRE.

Similar tightly spaced infill drilling at Clouds and Twin Hills Central pits is continuing, with the objective of converting the first two years of mining from indicated to measured mineral resource category across the Twin Hills project. This drilling is expected to be completed before year-end.

Twin Hills is a preconstruction, DFS (definitive feasibility study)-stage open-pit gold project with four satellite pits (Bulge, Twin Hills Central, Clouds and Twin Hills West), which together have a published MRE of 2.94 million ounces (Moz) at 1.08 g/t (indicated and measured) and 250,000 oz at 1.10 g/t (inferred).

Dave Underwood, vice-president of exploration, commented: “The systematic, tightly spaced infill drilling at Bulge is producing some very positive results, with a best so far of 61 metres at 3.21 g/t, including one metre at 106 g/t. This result indicates that there are some small but very-high-grade shoots within the Twin Hills deposit, that could enhance the resource numbers and production gold grade down the line. The drill program is being carried out at grade-control spacing, thus significantly derisking the early production at the Bulge pit and further validates the modelling methodology used to derive the Twin Hills mineral resource numbers.

“A similar exercise at the Twin Hills Central (THC) portion of the pit was successfully completed in 2022, which validated the wider-spaced modelling and resulted in a significant increase in grade over that mineral resource block without a loss in contained metal. We are very pleased to see that this effect seems to be playing out at the Bulge portion of the Twin Hills deposit as well. Once we have received all the outstanding results, we will quantify this data and incorporate it into an updated Twin Hills mine plan.”

Pending the remaining assay results, the program is on track to achieve its ultimate objective of confirming and upgrading the next MRE iteration.

An additional infill drill program has commenced at the Clouds and Twin Hills Central (THC) pits (as indicated in the plan below with blue dots) with the aim of converting the first 2 years of mining from Indicated to Measured category, thereby substantially de-risking the first 2 years of ore mining, which represents the expected finance payback period plus a healthy margin.

This drilling has intentionally been focused on the respective starter pits in the Bulge, THC, and Clouds areas and thereby not only significantly reduces the grade risk in the vital early years of production, but the results received so far functions as early-stage advanced grade control drilling, providing vital information on grade consistency to optimize mine scheduling during the critical ramp-up phase of production and demonstrates the potential for grade improvements across the deposit.

Once the remaining drill result have been received (expected before the end of November), Osino will quantify the effect of this drilling on the mineral resource definition and grade estimation.