Osino Resources Corp (CSE:OSI) has reported more positive exploration findings from Namibia where drilling has found bedrock gold at two new prospects.
The drilling late last year, following up from regional exploration a few years ago, was at the Otjikoto East and Etekero licences, which are next to B2Gold’s license areas and respectively 30 km east and 80 km southwest of its (B2Gold's) Otjikoto gold mine.
READ: Osino Resources eying start of Phase 3 drilling at Twin Hills Central discovery before end of this quarter
Two of the five targets drilled, namely Fairview and Etekero, returned anomalous bedrock gold, Osino said, while a gold, copper bedrock anomaly was confirmed at Fairview over a strike length of 1,000 metres (m).
A gold/ arsenic bedrock anomaly was confirmed at Etekero over 900 m of strike.
“The surface gold anomalies previously identified in this emerging gold district were followed up with a small percussion drill program to sample bedrock through sand and calcrete cover under the surface gold anomalies," said Osino's vice-president of exploration Dace Underwood.
"This was successful at two of the five tested anomalies, with bedrock gold having been identified at Fairview and Etekero up to a tenor of 200ppb Au to date.
"This is a strong indication that our pioneering surface sampling techniques are also effective in this challenging, previously unexplored terrain. We are particularly excited about the Fairview gold target, which includes two mineralized quartz veins at surface, and is situated just 30km’s from the producing Otjikoto gold mine."
Osino told investors that follow-up reverse circulation (RC) and/or diamond drilling was planned to test the width and strike of mineralization at Fairview target (part of Otjikoto East project) later in 2020.
Regional surface sampling will also be completed over the remaining prospective parts of the Otjikoto East stratigraphy, particularly some areas identified from airborne data acquired in 2017, it added.
At Etekero, follow-up drilling will be carried out later in the year to drill inclined holes across the bedrock anomaly for width and grade information. Surface sampling is also planned for the 35 km strike length of the fertile Omaruru lineament, to identify further mineralization within the Etekero license, it added.
Osino's 23 exclusive prospecting licenses lie within Namibia’s prospective Damara mineral belt, mostly close to and along strike from the producing Navachab and Otjikoto gold mines.
It says the focus for 2020 is on defining and advancing its Twin Hills project, making new discoveries within the developing Karibib Gold District, and testing the Otjikoto East and Otjiwarongo targets and generating new ones on its remaining licenses.
Shares in Toronto slipped 2.5% to C$0.77 each.
Contact the author at email@example.com