Osino Resources Corp. (TSXV:OSI) (NSX:OSN) (FSE:RSR1) (OTCQX:OSIIF) ('Osino' or 'the Company') is pleased to report the completion of the phase 1 earn-in ('Phase 1') on its majority-owned Omaruru Lithium Project ('Omaruru' or 'the Project') in Namibia by Prospect Resources Limited (ASX:PSC) (FRA:5E8) ('Prospect') and announces that Prospect will proceed with the phase 2 earn-in ('Phase 2').
Osino entered into an Earn-In and Shareholder Agreement (the 'Agreement') with Prospect in Q4 2022 whereby Prospect had the right to earn into a 40% interest in the Project upon completion of Phase 1 and can earn a 51% interest upon completion of Phase 2. Prospect can earn up to 85% interest in the Project with Osino carried until completion of a Definitive Feasibility Study. Omaruru is located 20km southeast of Osino's flagship Twin Hills Gold Project.
Heye Daun, Osino's President and CEO commented: 'We are encouraged by the results of the Phase 1 program on our Omaruru Lithium Project. Prospect Resources recently completed drilling program has expanded the known lithium mineralisation in the area and identified several drill targets that were previously under cover. The success of the Phase 1 program sets the stage for potential new discoveries during the Phase 2 drilling campaign planned for Omaruru. We look forward to Prospect's upcoming Phase 2 exploration activities and results as they become available into the next quarter. Osino shareholders will continue to benefit from exploration success at Omaruru while the Company remains focused on fast tracking its flagship Twin Hills Gold Project to production.'
Project Background
The Omaruru Lithium Project is centred on the village of Wilhelmstal, east of Karibib in Namibia and covers 175 square kilometres. The tenement is located near several advanced mining projects including - 2 - Lepidico's Karibib Lithium Project and Osino's Twin Hills Gold Project. Osino undertook an initial evaluation of the lithium potential of the Project from 2019-2021. This work included mapping, rock grab sampling and a 16 hole (1,942m) RC drill program in 2020. Prospect has advanced the Project since entering the Agreement with Osino in 2022, recently announcing a new lithium discovery from phase 1 drilling results. Omaruru contains 60 visible outcropping LCT pegmatites, with historical artisanal workings for gemstones common throughout the tenement and considerable prospectivity for the identification of further lithiumenriched deposits occurring below cover in the region. The Project offers excellent potential to delineate a maiden lithium Mineral Resource and identify new deposits to build a project of sufficient scale, as well as establishing a strategic position in Namibia, providing an attractive growth pipeline in the battery minerals sector and continued investment in a desirable jurisdiction of subSaharan Africa
The drilling was aimed at extending the deposit's main root zone feeder system to the northeast. Drillholes OMR045 and 046 indicated a thickening of mineralisation in this location and returned excellent widths of higher-grade lithium, with the system still open in that direction. Additional soil geochemical sampling in this corridor to the northeast will be undertaken as part of the Phase 2 exploration program, and drilling will then be employed to target potential buried extensions of the root zone in that region. The lithium mineralisation at Karlsbrunn Main appears zoned either side of an unmineralised quartz core, is dominated by lepidolite and petalite, and is hosted in a folded rock sequence of marbles and calc-silicates.
Bergers The Bergers deposit is located about 4.5 km to the east of the Karlsbrunn Main deposit and consists of a central area of subdued outcropping lithium mineralisation. On 26 April 2023, Prospect announced the results of a geochemical soil sampling program over Omaruru, which included grids over interpreted, concealed - 4 - pegmatites at Bergers NE and Bergers SW. The soil sample results were very encouraging and showed strong, cohesive anomalies in LCT pathfinder elements over both the geochemical grids at Bergers. During the follow-up Phase 1 program, 431m of first-pass exploratory scout drilling was completed in seven (7) holes covering the Bergers NE and Bergers Central areas. The Bergers SW area was found to be too challenging to drill with a conventional RC rig and is planned to be targeted in Phase 2 using a more suitable machine for the hilly terrain. The maiden drilling program completed over Bergers produced positive results, including 7m @ 0.84% Li2O (OMR032) from only 16m depth (at Bergers NE), where no pegmatite outcrop was visible, but had been inferred from the overlying soil geochemical anomalies. This downhole intersection included two separate higher-grade zones of lithium mineralisation in the form of petalite, that returned 2m @ 1.46% Li2O from 16m and 2m @ 1.21% Li2O from 21m. Further drilling is required down dip of OMR032, to determine continuity and widths of the high grade mineralisation. In addition, drillhole OMR037 at Bergers Central, generated 3m @ 0.71% Li2O from 25m, interpreted to be petalite mineralisation. It also remains open at depth and will be targeted during the planned Phase 2 exploration program. The limited scout drilling program completed for Bergers demonstrates the broader high-grade lithium potential for the Omaruru Project. It also shows that the geological mapping and follow-up soil geochemical sampling completed by the Prospect exploration team here were very effective first- pass lithium exploration techniques for wider use at Omaruru.
About Prospect Resources
Prospect is an ASX listed company focused on the exploration and development of opportunities in battery and electrification metals in the sub-Saharan African region. The team at Prospect has a proven track record of value creation and systematic de-risking of early-stage projects. Prospect successfully advanced its flagship Arcadia Lithium Mine Project in Zimbabwe from exploration through to resource definition, early-stage economic valuation, definitive studies, offtake agreements and strategic project financing process. Arcadia was discovered by Prospect in 2016 and was ultimately sold to Zhejiang Huayou Cobalt in early 2022, for approximately US$378M in cash
About Osino
Resources Osino is a Canadian gold exploration and development company focused on the fast-tracked development of our wholly owned, Twin Hills Gold Project in central Namibia. Since its grassroots discovery by Osino in August 2019 the Company has completed more than 225,000m of drilling and has completed a suite of specialist technical studies culminating in the recently published Twin Hills Definitive Feasibility Study ('DFS') dated effective June 12, 2023. The DFS describes a technically simple and economically robust open-pit gold operation with a 13-year mine life and average annual gold production of over 169koz per annum. Osino has a commanding ground position of approximately 8,000km2 located within Namibia's prospective Damara sedimentary mineral belt, mostly in proximity to and along strike of the producing Navachab and Otjikoto Gold Mines. The Company is actively exploring a range of gold prospects and targets along the belt by utilizing a portfolio approach geared towards discovery, targeting gold mineralization that fits the broad orogenic gold model. Our core projects are favourably located north and north-west of Namibia's capital city Windhoek. By virtue of their 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 our Namibian portfolio
Contact:
Tel: +1-604-687-2038
Cautionary Statement Regarding Forward-Looking Information
This press release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Company's future plans or prospects of the Company, including prospects for economic recoverability of mineral resources. Generally, forward-looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forwardlooking information, there may be other factors that cause results not to be as anticipated, estimated or - 9 - intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis which is available on the Company's profile on SEDAR at www.sedar.com. The Company does not undertake to update any forward- looking information, except in accordance with applicable securities laws
OSINO RESOURCES CORP. 
