Osino Resources expands Namibia gold discovery
Osino Resources Corp. [OSI-TSXV; RSR1-FSE] has received positive assays for the initial four holes of the 2020 drill campaign at Twin Hills. Significant intersections were returned in three of the four holes including 150 metres at 0.98 g/t gold, including 61 metres of 1.51 g/t in hole OKD031. The results from these holes increase the strike length of mineralization at Twin Hills Central to approximately 1,300 metres, open to the east and west. Hole OKD031 also confirms the down-dip continuity of higher-grade mineralization from surface to 160 metres, open to depth. Some deeper follow-up drilling with hole lengths up to 400 metres are planned to further test the down-dip extension of the mineralization.
A total of at least 20,000 metres of mainly diamond drilling is planned for 2020. The objective of the program is to expand the mineralization and define a maiden resource at Twin Hills Central, as well as drilling of additional targets along strike. Osino is targeting a NI 43-101-compliant maiden resource report on Twin Hills Central in the first half of 2021. The 2020 drill program was started on March 17 but then halted a week later due to the COVID-19 lockdown in Namibia. Drilling restarted on May 8 and three diamond rigs are currently operating at Twin Hills.
David Underwood, Osino’s Vice-President, Exploration, commented: “After having spent the last few weeks in a very productive COVID-19 lockdown, assessing and fine-tuning our geological model, and developing our understanding of Twin Hill’s structural controls, we are pleased to top this off with more exciting drill results.
“These four holes, drilled before the lockdown, demonstrate the strike and down-dip continuity of the Twin Hills Central mineralization, which is up to 150 metres wide and 160 metres down-dip in this area from just below surface. This large volume of shallow mineralization indicates the significant bulk potential of this deposit.”
He continued: “We now have two drill rigs going at Twin Hills Central and a third rig arrived last week to start work on the other targets in the Twin Hills camp including Twin Hills West, Clouds and a number of other new targets generated from geochemistry, magnetics, IP and structural interpretation. We will be drilling almost continuously until the end of the year and expect that the planned 20,000 metres of mainly diamond drilling will significantly grow and improve what we already have.”
Highlights from the latest results include:
• 150 metres of 0.98 g/t (OKD031: 23-173m), incl. 61m @ 1.51g/t
• 77 metres of 0.72g/t (OKD032: 98-175m), incl. 15m @ 1.33g/t and 12m @ 1.36g/t
• 10 metres of 1.23 g/t (OKD030: 25-35m)
The zone of mineralization intersected in holes OKD031 and OKD030 (and previously in holes OKRD024 and OKD020) is between 90 and 150 metres drilled width, unusually wide for an orogenic gold deposit and very promising from a bulk mining perspective. This zone also contains some high-grade intercepts including 35 metres of at 2.54 g/t gold in OKRD024. The mineralized zone subcrops against the bottom of the calcrete cover and continues down-dip for a length of 160 metres so far, open at depth. Deep drilling from farther to the north is planned to intersect this mineralization at depth, with hole OKD033 and previously drilled OKD012 being deepened to 400 metres for this purpose.
Hole OKD030 (10 m at 1.23 g/t) hit the southern edge of the mineralized zone near surface.
Two diamond rigs are currently on site at Twin Hills Central and will continue to extend and define the mineralization as well as the high-grade shoots. A third diamond rig arrived on May 18 and is being used to drill other targets within the Twin Hills cluster as shown in an image on the company’s website including: Twin Hills West, Clouds and Barking Dog South as well as other targets defined by geochemistry, magnetics, IP (induced polarization) and structural interpretation.
Osino’s 23 exclusive prospecting licences are located within Namibia’s prospective Damara mineral belt, mostly in proximity to and along strike of the producing Navachab and Otjikoto gold mines.
In early trading on May 28, shares of Osino Resources gained $0.13, or 13.3%, to $1.11 on a volume of 81.800 shares traded.