Osino Resources Corp. Suite 810 – 789 West Pender St. Vancouver, BC V6C 1H2
OSINO SIGNIFICANTLY INCREASES SIZE OF TOTAL GOLD RESOURCE ADDS 0.9 MOZ INFERRED MINERAL RESOURCE FROM ONDUNDU GOLD PROJECT, NAMIBIA Highlights •
Total Ondundu gold project maiden resource estimate of 26 million tonnes (Mt) at an average grade of 1.13 g/t Au for a total of 0.9 million ounces (Moz) of gold in the Inferred mineral resource category (0.5 g/t cut-off).
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Osino’s total Namibian gold resource inventory now stands at 2.77 Moz (Measured and Indicated) and 1.14 Moz (Inferred).
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Ondundu is Namibia’s oldest known gold deposit with a history of mining and exploration by various operators dating back to German colonial times from 1917.
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The deposit is known for its coarse and nuggety gold mineralization, which gives rise to narrow high grade gold intersections which are complex to model but represent potential upside which Osino aims to demonstrate with larger sample size and infill drilling which will commence shortly.
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Recently completed metallurgical test work confirms excellent amenability to gravity concentration with the potential to produce a low volume, high-grade gravity concentrate with the potential for onward road transportation and processing at Osino’s PFS-stage Twin Hills gold development project, 130 km’s by road to the south east.
Vancouver, British Columbia, October 27, 2022 – Osino Resources Corp. (TSXV:OSI) (FSE:RSR1) (OTCQX:OSIIF) ("Osino” or “the Company”) is pleased to announce a maiden mineral resource estimate (“MRE”) for Osino’s Ondundu Gold Project comprising 26 million tonnes (Mt) at an average grade of 1.13 g/t Au for a total of 0.9 million ounces (Moz) of gold in the Inferred mineral resource category (0.5 g/t cut-off). Ondundu is 100% owned by Osino and is located approximately 130 km northwest of Osino’s flagship Twin Hills Project in Namibia. Osino completed the acquisition of Ondundu from B2Gold Corp. (“B2Gold”) on July 21, 2022. Heye Daun, Osino’s President & CEO commented: “We are very pleased with the completion of this maiden resource estimate at Ondundu, which adds almost a million ounces of gold at 1.13g/t and significantly increases the size potential of our combined Namibian gold portfolio. Ondundu is the oldest known gold deposit in Namibia, with a history of small-scale gold production and historical technical work by a range of operators, including most recently B2Gold. These operators recognized Ondundu’s significant potential due to its extremely coarse and nuggety nature of gold mineralization. Given the nature of the deposit, we believe that there is potential to improve the grade and size of the deposit with additional drilling and using larger sample volumes. This will be tested with a limited RC drill program which is about to commence. Our vision of delivering a feasible mining and process route involving gravity pre-concentration at Ondundu with subsequent processing at Twin Hills is now one step closer to fruition.” The mineral resource was estimated from approximately 46,500m of diamond core (“DD”) and reverse circulation (“RC”) drilling, which was completed by previous operators, but mainly B2Gold between 2015 and 2020 but was never converted into a code-compliant MRE. Drill collars were spaced on various grids from 25m to 100m on surface and inclined at 60° at an azimuth of 70°. Gold mineralization occurs along a continuous 2.1km strike length and within a 200m wide corridor, although this width is not necessarily mineralized throughout. Gold mineralization is modeled to a depth of approximately 320m below surface. The mineral resource has reasonable prospects for eventual economic extraction based on conceptual mining costs and parameters, and a gold price of US$1800/oz.