Osino Associate Completes Section 1 Earn-In at Omaruru Lithium Venture, Namibia, Proceeds to Section 2

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Highlights

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VANCOUVER, British Columbia, Sept. 01, 2023 (GLOBE NEWSWIRE) — Osino Assets Corp. (TSXV:OSI) (NSX:OSN) (FSE:RSR1) (OTCQX:OSIIF) (“Osino” or “the Firm”) is happy to report the completion of the part 1 earn-in (“Section 1”) on its majority-owned Omaruru Lithium Venture (“Omaruru” or “the Venture”) in Namibia by Prospect Assets Restricted (ASX:PSC) (FRA:5E8) (“Prospect”) and publicizes that Prospect will proceed with the part 2 earn-in (“Section 2”).

Osino entered into an Earn-In and Shareholder Settlement (the “Settlement”) with Prospect in This autumn 2022 whereby Prospect had the precise to earn right into a 40% curiosity within the Venture upon completion of Section 1 and might earn a 51% curiosity upon completion of Section 2. Prospect can earn as much as 85% curiosity within the Venture with Osino carried till completion of a Definitive Feasibility Research (see Osino press launch dated September 30, 2022). Omaruru is positioned 20km southeast of Osino’s flagship Twin Hills Gold Venture.

Heye Daun, Osino’s President and CEO commented: “We’re inspired by the outcomes of the Section 1 program on our Omaruru Lithium Venture. Prospect Assets lately accomplished drilling program has expanded the recognized lithium mineralisation within the space and recognized a number of drill targets that had been beforehand below cowl. The success of the Section 1 program units the stage for potential new discoveries in the course of the Section 2 drilling marketing campaign deliberate for Omaruru. We look ahead to Prospect’s upcoming Section 2 exploration actions and outcomes as they grow to be obtainable into the subsequent quarter. Osino shareholders will proceed to profit from exploration success at Omaruru whereas the Firm stays centered on quick monitoring its flagship Twin Hills Gold Venture to manufacturing.”

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Venture Background

The Omaruru Lithium Venture is centred on the village of Wilhelmstal, east of Karibib in Namibia and covers 175 sq. kilometres (see Determine 1). The tenement is positioned close to a number of superior mining tasks together with Lepidico’s Karibib Lithium Venture and Osino’s Twin Hills Gold Venture.

Osino undertook an preliminary analysis of the lithium potential of the Venture from 2019-2021. This work included mapping, rock seize sampling and a 16 gap (1,942m) RC drill program in 2020. Prospect has superior the Venture since coming into the Settlement with Osino in 2022, lately asserting a brand new lithium discovery from part 1 drilling outcomes (see Osino press launch dated March 31, 2023).

Omaruru comprises 60 seen outcropping LCT pegmatites, with historic artisanal workings for gem stones frequent all through the tenement and appreciable prospectivity for the identification of additional lithium-enriched deposits occurring under cowl within the area (see Determine 2).

The Venture affords wonderful potential to delineate a maiden lithium Mineral Useful resource and establish new deposits to construct a undertaking of enough scale, in addition to establishing a strategic place in Namibia, offering a beautiful progress pipeline within the battery minerals sector and continued funding in a fascinating jurisdiction of sub-Saharan Africa.

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Determine 1: Omaruru Lithium Venture location relative to the Twin Hills Gold Venture, different Osino tasks and mines and deposits within the space.

Observe-Up Section 1 RC Drilling Program

Prospect accomplished its follow-up Section 1 RC drilling programme at Omaruru (focussed on Karlsbrunn, Brockmans and regional prospects) in late June, with 27 holes accomplished for 1,839 metres. All assay outcomes from this drilling have now been obtained and are reported on this launch.

Karlsbrunn Essential

Determine 2 exhibits the situation of the RC drill holes accomplished at Karlsbrunn Essential up to now and the encircling web site infrastructure, together with surveyed underground adit areas (yellow), define of the mapped pegmatite for the lithium deposit, the historic floor disturbance and the interpreted strike of the mineralised root zone (the dashed purple line exhibits strike path to the northeast).

It additionally outlines the anomalous lithia intersections returned from the vertical adits (in inexperienced textual content) that had been lately reported by Prospect (refer ASX Announcement dated 26 April 2023), which define the extent of high-grade mineralisation (~1% lithia) over a major distance at Karlsbrunn Essential.

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Determine 2: Location map exhibiting accomplished RC drill holes at Karlsbrunn Essential

5 holes for 345m of drilling (OMR045-OMR049) had been accomplished on the deposit as a part of the follow-up Section 1 program (two holes had been deserted).   Important intersections returned embody:

The drilling was aimed toward extending the deposit’s essential root zone feeder system to the northeast. Drillholes OMR045 and 046 indicated a thickening of mineralization on this location and returned wonderful widths of higher-grade lithium, with the system nonetheless open in that path. Further soil geochemical sampling on this hall to the northeast might be undertaken as a part of the Section 2 exploration program, and drilling will then be employed to focus on potential buried extensions of the basis zone in that area.

The lithium mineralization at Karlsbrunn Essential seems zoned both facet of an unmineralized quartz core, is dominated by lepidolite and petalite, and is hosted in a folded rock sequence of marbles and calc-silicates.

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Bergers

The Bergers deposit is positioned about 4.5 km to the east of the Karlsbrunn Essential deposit and consists of a central space of subdued outcropping lithium mineralization (see Determine 3).   On 26 April 2023, Prospect introduced the outcomes of a geochemical soil sampling program over Omaruru, which included grids over interpreted, hid pegmatites at Bergers NE and Bergers SW. The soil pattern outcomes had been very encouraging and confirmed robust, cohesive anomalies in LCT pathfinder components over each the geochemical grids at Bergers.

In the course of the follow-up Section 1 program, 431m of first-pass exploratory scout drilling was accomplished in seven (7) holes overlaying the Bergers NE and Bergers Central areas. The Bergers SW space was discovered to be too difficult to drill with a traditional RC rig and is deliberate to be focused in Section 2 utilizing a extra appropriate machine for the hilly terrain.

The maiden drilling program accomplished over Bergers produced constructive outcomes, together with 7m @ 0.84% Li2O (OMR032) from solely 16m depth (at Bergers NE), the place no pegmatite outcrop was seen, however had been inferred from the overlying soil geochemical anomalies (Determine 4).

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This downhole intersection included two separate higher-grade zones of lithium mineralization within the type of petalite, that returned 2m @ 1.46% Li2O from 16m and 2m @ 1.21% Li2O from 21m. Additional drilling is required down dip of OMR032, to find out continuity and widths of the excessive grade mineralization.

As well as, drillhole OMR037 at Bergers Central, generated 3m @ 0.71% Li2O from 25m, interpreted to be petalite mineralization. It additionally stays open at depth and might be focused in the course of the deliberate Section 2 exploration program.

The restricted scout drilling program accomplished for Bergers demonstrates the broader high-grade lithium potential for the Omaruru Venture. It additionally exhibits that the geological mapping and follow-up soil geochemical sampling accomplished by the Prospect exploration crew right here had been very efficient first-pass lithium exploration methods for wider use at Omaruru.

Determine
3:
Detailed
map
exhibiting
location
of
mapped
pegmatite
occurrences
at
Omaruru

Determine 4: Regional Map exhibiting encouraging first go assay outcomes at Bergers

Brockmans

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The Brockmans space was focused by 10 holes for 712m in the course of the follow-up Section 1 program, with 7 holes positioned near the earlier high-grade intersection in drill gap OMR018 (6m @ 1.30% Li2O from 13m; see Prospect ASX Announcement dated 28 March 2023).

The drilling failed to increase the zone laterally, with just one gap (OMR027) returning an anomalous intercept of 2m @ 0.67% Li2O from 21m. This will likely point out that that the higher-grade zone in OMR018 resulted from a thickening or flexure within the pegmatite intrusive there.

There stays a 500m part north of OMR018 at Brockmans that has not been drilled comprehensively up to now and this space is taken into account a lithium goal based mostly on the thick pegmatite mapped in that locality.

The opposite three holes accomplished at Brockmans didn’t intersect anomalous grades of lithium, though holes OMR024 and 025, accomplished to check a geochemical soil anomaly at Brockmans SW, can not but be thought of a definitive check of the prospectivity given the anomaly stretches over not less than 200m of strike.

Karlsbrunn NE

4 brief RC holes for 270m focused a diffuse geochemical soil anomaly at this prospect, with two holes collared into the hanging wall marble host rock and two clipping the sting of the soil anomaly producing low-grade outcomes.

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The Karlsbrunn NE soil grid is deliberate to be prolonged in Section 2 to raised outline that anomaly (for future drilling), which is positioned simply over a 1 km northeast of Karlsbrunn Essential (see Determine 5).

Determine 5: Regional Map exhibiting current drilling (yellow dots) and proposed Section 2 Exploration

Geological Mapping

In the course of the Section 2 program, the realm adjoining and southeast of Karlsbrunn Essential is about to be geologically mapped and sampled in additional element, with early reconnaissance and satellite tv for pc imagery over that area indicating the presence of quite a few pegmatite swarms with potential petalite mineralization current (goal location is delineated in Determine 5).

Geochemical Soil Sampling

Prospect accomplished detailed soil geochemical sampling at Omaruru over eight separate grids in January (outcomes had been reported in Prospect ASX Announcement dated 26 April 2023).

Observe-up drilling of lithium targets delineated from that work has proved that this early-stage exploration approach has been efficient for Omaruru, utilizing the LCT pathfinder components analyzed.

The identification of “blind”, hid lithium mineralization as petalite at Bergers NE and Bergers Central in the course of the present drilling marketing campaign is testomony to its worth being extra broadly employed on the Omaruru Venture.

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As such, the upcoming Section 2 exploration work is about to broaden and infill soil pattern grids northeast and south of Karlsbrunn Essential, and northeast of the unique Spirit SW grid, the place it adjoins the historic Spirit mine workings and has beforehand generated an intercept of 6m @ 0.72% Li2O (KBR010) in RC drilling accomplished by Osino Assets Corp. (see Prospect ASX Announcement dated 29 September 2022). A 700m part of intermittent pegmatite strikes NE-SW on this area and floor lithium mineralization is prevalent.

The brand new soil sampling work deliberate adjoining to Spirit is aimed toward producing new hid lithium targets in “blind” pegmatite deposits. Areas of the newly proposed soil sampling grids adjoining to Karlsbrunn Essential and Spirit are proven on Determine 5 above.

Section 2 Program

With completion of the Section 1 earn-in to 40% of the Omaruru Venture, the choice to maneuver ahead into Section 2 earn-in has been taken by Prospect.

Deliberate Section 2 exploration actions embody:

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Different drilling targets exist at Karlsbrunn Essential to the northeast, the place higher-grade lithium was lately recognized in a root feeder zone in holes OMR045-046.

Bergers SW is a potential goal, however hilly terrain wants an alternate drilling answer (mild RAB). Equally, Petalite SW was additionally recognized as a goal by soil sampling however is but to be drilled.

The primary goal of the Section 2 exploration program is to proceed proving up strike extensions of present or new, coherent indications of lithium-enriched LCT pegmatite deposits, with a concentrate on focusing on increased grades and potential delineable Mineral Assets throughout the district inside EPL 5533.

Earn-in Settlement Phrases

Underneath the Settlement, Prospect has earned a 40% curiosity within the Venture with a US$1M funding (“Section 1”) and might earn an additional 11% curiosity by means of a US$560,000 funding (“Section 2”), totalling a 51% possession within the Venture.

Upon the completion of Section 2 and having earned 51%, improvement funds are to be contributed on a pro-rata foundation. If one get together fails to contribute their professional rata share, their shareholding might be diluted. The minority shareholder might be diluted down to fifteen%, at which level their curiosity shall be free carried till the completion of the DFS.

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Throughout part 3 of the Settlement (“Section 3″), if Prospect’s spending doesn’t attain a minimal of US$500,000 inside the 12-month interval following Section 2, both get together may have the choice to buy the opposite get together’s curiosity for an agreed sum.

Certified Individual’s Assertion

David Underwood, BSc. (Hons) is Vice President Exploration of Osino Assets Corp. and has reviewed and permitted the scientific and technical data on this information launch and is a registered Skilled Pure Scientist with the South African Council for Pure Scientific Professions (Pr. Sci. Nat. No.400323/11) and a Certified Individual for the needs of NI 43-101

About Prospect Assets

Prospect is an ASX listed firm centered on the exploration and improvement of alternatives in battery and electrification metals within the sub-Saharan African area. The crew at Prospect has a confirmed monitor document of worth creation and systematic de-risking of early-stage tasks. Prospect efficiently superior its flagship Arcadia Lithium Mine Venture in Zimbabwe from exploration by means of to useful resource definition, early-stage financial valuation, definitive research, offtake agreements and strategic undertaking financing course of. Arcadia was found by Prospect in 2016 and was finally offered to Zhejiang Huayou Cobalt in early 2022, for about US$378M in money.

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About Osino Assets

Osino is a Canadian gold exploration and improvement firm centered on the fast-tracked improvement of our wholly owned, Twin Hills Gold Venture in central Namibia. Since its grassroots discovery by Osino in August 2019 the Firm has accomplished greater than 225,000m of drilling and has accomplished a set of specialist technical research culminating within the lately revealed Twin Hills Definitive Feasibility Research (“DFS”) dated efficient June 12, 2023. The DFS describes a technically easy and economically strong open-pit gold operation with a 13-year mine life and common annual gold manufacturing of over 169koz each year.

Osino has a commanding floor place of roughly 8,000km2 positioned inside Namibia’s potential Damara sedimentary mineral belt, largely in proximity to and alongside strike of the manufacturing Navachab and Otjikoto Gold Mines. The Firm is actively exploring a variety of gold prospects and targets alongside the belt by using a portfolio method geared in the direction of discovery, focusing on gold mineralization that matches the broad orogenic gold mannequin.

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Our core tasks are favourably positioned north and north-west of Namibia’s capital metropolis Windhoek. By advantage of their location, the tasks profit considerably from Namibia’s well-established infrastructure with paved highways, railway, energy and water in shut proximity. Namibia is mining-friendly and lauded as one of many continent’s most politically and socially secure jurisdictions. Osino continues to guage new floor with a view to increasing our Namibian portfolio.

Additional particulars can be found on the Firm’s web site at https://osinoresources.com/ and below the Firm’s profile on SEDAR+ at www.sedarplus.ca.

On Behalf of The Board of Administrators
Heye Daun, President & CEO

CONTACT INFORMATION
Osino Assets Corp.
Yaron Conforti, Company Growth
[email protected]
+1-604-687-2038

Neither the TSX Enterprise Change nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Change) accepts accountability for the adequacy or accuracy of this press launch.

Cautionary Assertion Concerning Ahead-Wanting Info

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This press launch comprises “forward-looking data” inside the which means of relevant Canadian securities laws. Ahead-looking data consists of, with out limitation, statements relating to the usage of proceeds from the Firm’s future plans or prospects of the Firm, together with prospects for financial recoverability of mineral sources. Typically, forward-looking data will be recognized by way of forward-looking terminology similar to “plans”, “expects” or “doesn’t count on”, “is anticipated”, “finances”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “doesn’t anticipate”, or “believes”, or variations of such phrases and phrases or state that sure actions, occasions or outcomes “could”, “might”, “would”, “would possibly” or “might be taken”, “happen” or “be achieved”. Ahead-looking statements are essentially based mostly upon quite a lot of assumptions that, whereas thought of cheap by administration, are inherently topic to enterprise, market and financial dangers, uncertainties and contingencies which will trigger precise outcomes, efficiency or achievements to be materially totally different from these expressed or implied by forward-looking statements. Though the Firm has tried to establish necessary elements that might trigger precise outcomes to vary materially from these contained in forward-looking data, there could also be different elements that trigger outcomes to not be as anticipated, estimated or supposed. There will be no assurance that such data will show to be correct, as precise outcomes and future occasions might differ materially from these anticipated in such statements. Accordingly, readers mustn’t place undue reliance on forward-looking data. Different elements which might materially have an effect on such forward-looking data are described within the danger elements within the Firm’s most up-to-date annual administration’s dialogue and evaluation which is accessible on the Firm’s profile on SEDAR at www.sedar.com. The Firm doesn’t undertake to replace any forward- wanting data, besides in accordance with relevant securities legal guidelines.

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