Osino Resources drills 5.92 g/t gold over 47 metres at Eureka, Namibia

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Osino Resources Corp. [OSI-TSXV; OSIIF-OTCQX; RSR1-FSE] has discovered significant gold mineralization at the Eureka greenfield exploration project, approximately 35 km northeast of the company’s Ondundu gold project, Namibia.

Highlights: 2,535 metres drilled at Eureka Gold Project, 35km northeast of Osino’s Ondundu deposit. Eureka is a significant, greenfields gold discovery made by Osino through text-book exploration techniques in a newly evolving gold district in northwestern Namibia.

Assay results received for four RC and seven DD holes to date, including drill hole ORD005 that returned 47 metres of 5.92 g/t (144-191m), including 27 metres of 8.69 g/t and 3 metres of 13 g/t gold.

ORD006: 18m of 4.94g/t (194 – 212m) incl. 10m of 5.79g/t and 5m @ 3.5g/t. ORD004: 17m of 4.13g/t (81-98m), including 2m of 11.01g/t and 13m of 5.77g/t.

ORD001: 38m of 1.67g/t (43-81m), including 4m of 4.41g/t, including 3m of 9.43g/t and 2m of 39.8g/t. ORR001: 29m of 2.69g/t (3-32m), including 19m of 3.06g/t and 10m of 1.46g/t, including 3m of 3.96g/t. ORR002: 25m of 1.54g/t (0-25m), including 12m of 2.34g/t.

Assay results for two holes are awaited, including hole ORD009 which has visible gold in the core. Several additional targets at Eureka to be mapped and rock chip sampled during August and September in advance of the next round of drilling.

Dave Underwood, VP Exploration commented: “The Eureka license was identified in 2019 as part of a regional target generation exercise based on structure and geology. There has been no previous exploration in the area and there are no known local gold deposits. The license was initially explored using soil and rock chip sampling, which produced a gold anomaly at surface. The first two scout holes into the anomaly intersected wide zones of gold, including 29m @ 2.69g/t, from surface. These two holes were quickly followed up with a nine hole, step-out diamond drill program which again intersected gold in several holes including high grade shoots of 47 metres of 5.92 g/t and 18 metres of 4.70 g/t gold.”

He continued, “This greenfields discovery in an area of no known gold occurrences is testament once again to the target generation ability of the Osino team and the effective, systematic exploration our team is known for. The high-grade shoots intersected in holes ORD004, ORD005 and ORD006 are an exciting surprise, and unusual in the Namibian gold deposit context. The core is spectacular with numerous visible gold grains in a sulphide matrix breccia. We have just scratched the surface of this new gold project; the mineralization is open in all directions and there are several additional targets which remain to be drilled. We are very bullish about Eureka and what it could mean for the development of a new gold district, including Osino’s Ondundu project 35km to the southwest and WIA Gold’s recently discovered Kokoseb deposit a further 50km to the southwest.”

During the first quarter of 2023, detailed structural mapping and rock chip sampling was carried out around the area of surface mineralization, to determine the potential structural setting and orientation of the mineralization, as well as the relationship between quartz veining and gold.

In May of 2023, a step-out Diamond Drilling (DD) program was initiated to follow the mineralization towards the southwest where it appears to plunge shallowly in that direction.

Osino has a commanding ground position of approximately 8,000 km2 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 core projects are favourably 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.

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