The announcement follows Osino’s recent discovery of a new gold zone at the company’s flagship project on the Karibib gold fault in the southern African country.
Shares of Osino rose 2.4% on Tuesday morning to C$0.85 in Toronto.
Drill results from the fourth hole of a seven-hole program revealed an intercept of 65 metres at 1.4 grams per ton (g/t) gold, including 31 metres at 2.2 g/t gold.
The Vancouver-based company told investors that all holes received to date have intersected wide zones of gold mineralization that are open in all directions. All seven holes were drilled to a depth of 200 metres at a 60-degree incline along fence lines 400 metres apart.
Osino’s vice president of exploration Dave Underwood said that the intersection of the high-grade shoot so early in the drill program is “remarkable,” adding to the company’s confidence in the growing scale and grade of the Twin Hills discovery.
Sediment-hosted, orogenic gold deposits are often characterized by wide, lower grade gold haloes, with higher-grade shoots within them, according to Underwood.
“From the limited drill assays we have seen so far, Twin Hills Central appears to be fitting into this model,” Underwood said.
Osino is currently planning the next phase of its drill program to focus on infill and step-out drilling at Twin Hills Central, as well as fence lines over other prospects within the 11 kilometre gold system.
Twin Hills is Osino’s flagship exploration project and lies on the regional scale Karibib Fault, around 25 kilometres along strike from the producing Navachab gold mine. The company has secured a total length of 70 kilometres of the Karibib Fault Zone under exclusive exploration license.
The company expects results from the remaining three holes to be released by the end of September.
--Updated with share price--
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