VANCOUVER, Feb. 27, 2019 /CNW/ - Osino Resources
Corp. (TSXV: OSI) ("Osino" or "the
Company"), is pleased to announce the delineation of three
new gold anomalies and ongoing exploration progress at its Otjikoto
East Project ("Otjikoto East") in northern Namibia. Otjikoto East is comprised of three
contiguous licenses covering a total area of 1538km2. It
includes 120km of prospective strike length of the Otjikoto host
stratigraphy, directly east and along strike from B2Gold Corp's
producing Otjikoto Gold Mine.
Exceptional progress has been made at Otjikoto East since the
last press release dated October 2,
2018. Osino acquired these licenses in 2017 and exploration
activities to date have included systematic regional mapping and
surface geochemical sampling, augmented by a high-resolution
magnetic and radiometric survey. Approximately 60% of the strike
length of prospective stratigraphy has now been covered by surface
geochemical sampling and five coherent gold anomalies have been
discovered by Osino to date.
Figure 1: Otjikoto East: Gold Anomalies and Geological
Interpretation from Airborne Magnetics
The Fairview anomaly is
particularly exciting as two gold-bearing veins were also found
within this sand covered area 30km east of the Otjikoto mine.
Despite this ground being under continuous licence for the last 30
years, this is the first new gold occurrence in the Otavi area
since the discovery of Otjikoto in 1999.
Airborne Magnetic and Radiometric Survey
A geological interpretation was carried out using the detailed
geophysical information collected during the high-resolution
magnetic and radiometric survey flown by Osino in May 2018. Otjikoto East has very limited outcrop
and the interpreted geology is essential to prioritize and direct
activities on the ground. Exploration is focused on large-scale,
fertile structures and prospective stratigraphy, which includes the
area sampled to date as well as the area which will be covered
during H1 2019 (indicated by red polygons on Figure 1).
Gold Anomalies Discovered to Date
- Fairview - A multipoint gold
anomaly in sand adjacent to an interpreted dome structure.
Subsequent pitting and rock chip sampling of limited quartz veins
produced two positive assays of 1.16 and 0.90g/t gold, along with
anomalous silver and copper.
- Omagonde - A low-level gold and silver anomaly within calcrete
in the northwest corner of the farm.
- Gaidaus - An east–west striking gold anomaly in calcrete, along
an interpreted thrust fault between schists and marbles. The
historical Okurusu occurrence listed in the previous press release
is a small copper – gold gossan adjacent to the Gaidaus
anomaly.
- Omahona Fold – A large-scale, low-grade gold anomaly in soils
along the folded contact between schists and marbles.
- Waldorf South - Several gold
anomalies in sand overlying marble layers within schist, adjacent
to major structure (Otjohorongo Lineament)
Future Work Program
Osino's exploration program at Otjikoto East for the next 6-12
months consists of the following phases:
- H1 2019 - Calcrete and sand sampling of remaining priority
areas. Follow-up sampling over anomalies to delineate Rotary Air
Blast (RAB) drill targets.
- H2 2019 - Testing of geochemical anomalies by pitting and RAB
drilling to obtain bedrock samples
- H2 2019/H1 2020 - Testing of bedrock anomalies using
conventional reverse circulation and core drilling
Geological Setting
Osino is exploring for gold in the Northern and Northern Central
Zones of the Neoproterozoic Damara Belt, targeting gold
mineralisation that broadly fits the orogenic gold model. Much of
the historical exploration for gold in Namibia did not take an orogenic approach and
although the project area was previously held by several other
exploration companies, very little grassroots exploration was
carried out.
A large part of Otjikoto East is covered by calcrete (caliche)
which is often also covered by wind-blown sand, disqualifying the
use of conventional soil sampling. The Company has pioneered the
use of calcrete as a sample medium in Namibia and proven its effectiveness on the
Karibib Gold Project (refer to press release dated January 17, 2019).
Calcrete is a hardened, calcium-rich layer in, or on top of, a
soil which is formed as a result of climatic fluctuations in arid
and semiarid regions. Calcite is dissolved in groundwater and,
under drying conditions, is precipitated as the water evaporates at
the surface. Rainwater saturated with carbon dioxide acts as an
acid and dissolves calcite and then redeposits it on the surfaces
of the soil particles; as the spaces between soil particles are
filled, an impermeable crust is formed. This crust can vary from
less than 1m to more than
50m thick.
Quality Assurance
All Osino sample assay results have been independently monitored
through a quality assurance / quality control ("QA/QC")
program including the insertion of blind standards, blanks and
field duplicate samples. QA/QC samples make up 10% of all samples
submitted. Calcrete and sand (anthill) samples are prepared at
Intertek, Johannesburg, South
Africa. Samples are dried, crushed to ~10mm and pulverised
(300g up to 1.2kg). A split of 120g is shipped to the Intertek
Analysis laboratory in Perth,
Australia. Samples (10g) are leached in cyanide for 24 hours
and analyzed for gold using ICP-MS with an ultra-low detection
limit of 0.01ppb. Additional elements analyzed are Ag, Cu and As.
Conventional soil samples are field-sieved (-212 micron) and
prepared at ALS Global in Swakopmund, Namibia. The samples are pulverised to 85%
passing 75 microns. Samples are shipped to ALS Global Laboratory in
Vancouver, Canada. Gold analysis
is by 25g Aqua Regia Digest and ICP-MS finish with a lower
detection limit of 1ppb. 50-element analysis is by ICP-MS.
Qualified Person
David Underwood, a Chartered
Professional Geologist (SACNASP) and a Qualified Person for the
purposes of National Instrument 43-101 Standards of Disclosure
for Mineral Projects for the Karibib Gold Project, has
reviewed, verified and approved the contents of this news
release.
About Osino Resources
Osino Resources Corp. (TSXV: OSI) is a Canadian company, focused
on the acquisition and development of gold projects in Namibia. Osino's Namibian interests comprise
20 exclusive exploration licenses located within the central and
northern zones of Namibia's
prospective Damara belt, mostly in proximity to and along strike of
the producing Navachab and Otjikoto Gold Mines. Osino is currently
focusing its efforts on developing the Karibib Gold Project and
defining new exploration targets in the Otjikoto East area and on
our other licenses. The Karibib Gold Project is located
approximately 130 km north-west of Namibia's capital city Windhoek. By virtue of its location, the
projects benefit significantly from Namibia's well-established infrastructure with
paved highways, railway, power and water in close proximity.
Namibia is mining-friendly and
lauded as one of the continent's most politically and socially
stable jurisdictions. Osino continues to evaluate new ground with a
view to expanding its Namibian portfolio.
Further details are available on the Company's website
at https://osinoresources.com/
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
SOURCE Osino Resources Corp.