In an Aug. 11 research note, Echelon Capital Markets analyst Ryan Walker reported Osino Resources Corp.'s (OSI:TSX.V) recent positive expansion and infill drill results from its Twin Hills project in Namibia.
"Today's results highlight the potential for continued resource growth at Twin Hills," Walker wrote.
The analyst presented and discussed the results of 30 holes drilled in three targets: Clouds East, Bulge and Twin Hills Central.
As for Clouds East, drilling extended the high-grade shoot to a depth of about 200 meters (200m). This occurred with hole OKD148, which returned 50m of 1.82 grams per tonne gold (1.82 g/t Au) from 196–246m downhole, including 16m of 3.16 g/t and 4m of 3.94 g/t. The better gold grades and width at depth indicate this shoot could add a material number of ounces to the existing resource.
At Bulge, drilling extended the consistent wide zone of mineralization down to about a 400m depth, where it remains open. This suggests the mining pit planned for Bulge could be deepened. Highlight assays from Bulge include 124m of 1.03g/t Au from 18–142m downhole (hole OKR181) and 169m of 0.89 g/t Au from 184–353m downhole, including 13m of 2.83 g/t Au, 18m of 1.54 g/t and 9m of 1.35 g/t (hole OKD149).
Regarding Twin Hills Center, drilling there "added ounces in areas of uncertainty," Walker noted. Returned intervals were mostly shallow and wide. For instance, hole OKR307 showed 83m of 1.1 g/t Au from 21–104m downhole, including 13m of 3.24 g/t and 8m of 2.1 g/t. Hole OKR319 returned 68m of 1.05 g/t Au from 76–144m downhole, including 15m of 2.08 g/t gold.
The key takeaway from these results, Walker pointed out, is that they suggest Twin Hills could support a bigger operation than that outlined in the recent preliminary economic assessment. This "would help Twin Hills further stand out amongst 100,000/year development assets," he added.
As for what's next for Osino, Walker indicated, it will continue drilling at Twin Hills with 10 rigs, aiming to complete another 45,000m or so by year-end 2021. The next set of results, for 50 infill holes, is expected next month, in September. An updated resource estimate and a feasibility study could be completed by the end of H1/22.
Echelon has a Speculative Buy rating and a CA$2.20 per share target price on Osino Resources, the current share price of which is about CA$1.06.
"We continue to view Osino positively, owing to the project's solid economics and resource base, substantial exploration potential (highlighted by today's results) and large land package in an established (relatively lower cost) mining jurisdiction," Walker wrote.
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Disclosures from Echelon Wealth Partners, Osino Resources Corp., August 11, 2021
I, Ryan Walker, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that I have not, am not, and will not receive, directly or indirectly, compensation in exchange for expressing the specific recommendations or views in this report.
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Echelon Wealth Partners compensates its Research Analysts from a variety of sources. The Research Department is a cost centre and is funded by the business activities of Echelon Wealth Partners including, Institutional Equity Sales and Trading, Retail Sales and Corporate and Investment Banking.
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