Osisko Development Corp. (“
Osisko” or the
“
Company”) (TSX.V-ODV) is pleased to announce
drilling results from the category conversion drill program
campaign at the Cariboo Gold Project (“
Cariboo”)
in central British Columbia.
This news release discusses the assay results
from holes CM-20-064 to CM-20-084 drilled on Cow Mountain and
Valley Zone in 2020 (Figures 1 and 2). Highlights include
8.43 g/t Au over 8.40 meters in hole CM-20-083
including a higher-grade zone of 84.5 g/t Au over 0.5
meter. Hole CM-20-083 was extended to a depth of 538
meters and intersected consistent mineralized veins at depth. A
cross section with CM-20-083 is presented in Figure 3. This
mineralization is not currently within any modelled vein corridors
and extends our known vein corridors in this area by up to 50
meters. Complete assay highlights are presented in Table 1. A total
of nine rigs are currently active on the property, four of which
are at the Valley Zone deposit.
Sean Roosen, CEO of Osisko Development
commented, “The most recent high-grade results from the Valley Zone
certainly go to the character of this project. We are still seeing
many exciting new zones in this project that are within the current
mine plan area. With the recent financings of over 200 million
dollars completed, we will be increasing our rig count and
intensifying our exploration efforts both in the current mine plan
area and on the new targets that have been generated on along the
83km (50 mile) long mineralized trend.”
Further highlights from drilling at Valley are
presented below.
Valley Zone Drilling Highlights:
- CM-20-069: 47.6 g/t Au over 0.90
meter
- CM-20-070: 23.92 g/t Au over 1.75
meters including 59.7 g/t Au over 0.5 meter
- CM-20-070: 12.01 g/t Au over 2.75
meters including 60.2 g/t Au over 0.5 meter
- CM-20-072: 16.30 g/t Au over 2.25
meters including 28.8 g/t Au over 1.15 meters
- CM-20-072: 6.30 g/t Au over 9.15
meters
- CM-20-078: 4.18 g/t Au over 7.70
meters
- CM-20-083: 8.43 g/t Au over 8.40
meters including 84.50 g/t Au over 0.50 meter
- CM-20-083: 34.50 g/t Au over 1.10
meters
- CM-20-083: 10.88 g/t Au over 3.05
meters
Mineralized quartz veins on the Cariboo Gold
Project are overall sub-vertical dip and northeast strike.
Vein corridors are defined as a high-density network of
mineralized quartz veins within the axis of the F3 fold and hosted
within the sandstones. Vein corridors are modelled
at a minimum thickness of 2 meters and individual veins within each
corridor range in width from millimeter to several
meters. The modelled vein corridors for the resource
update includes the internal dilution of the subeconomic sandstone
within these vein corridors. These corridors have been defined from
surface to a vertical depth averaging 300 meters and remain open
for expansion at depth and down plunge. Gold grades are intimately
associated with vein-hosted pyrite as well as pyritic, intensely
silicified wall rock haloes in close proximity to the veins.
True widths are estimated to be 60% to 75% of
reported core length intervals. Intervals not recovered by drilling
were assigned zero grade. Top cuts have not been applied to high
grade assays. Complete assay highlights are presented in Table 1,
drill hole locations are listed in Table 2.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/4687655b-c3a9-4f8c-8f63-6178c7cbabf4https://www.globenewswire.com/NewsRoom/AttachmentNg/9bf30be5-9a76-4f3c-8964-e9d0823f54c3https://www.globenewswire.com/NewsRoom/AttachmentNg/002190e1-8c39-4066-a8e8-4d3ca9acf8ba
Qualified Persons
Per National Instrument 43-101 Standards of
Disclosure for Mineral Projects, Maggie Layman, P.Geo. Vice
President Exploration of Osisko Development Corp., is a Qualified
Person and has prepared, validated and approved the technical and
scientific content of this news release.
Quality Assurance – Quality
Control
Once received from the drill and processed, all
drill core samples are sawn in half, labelled and bagged. The
remaining drill core is subsequently stored on site at a secured
facility in Wells, BC. Numbered security tags are applied to lab
shipments for chain of custody requirements. Quality control (QC)
samples are inserted at regular intervals in the sample stream,
including blanks and reference materials with all sample shipments
to monitor laboratory performance. The QAQC program was designed
and approved by Lynda Bloom, P.Geo. of Analytical Solutions
Ltd.
Drill core samples are submitted to ALS
Geochemistry’s analytical facility in North Vancouver, British
Columbia for preparation and analysis. The ALS facility is
accredited to the ISO/IEC 17025 standard for gold assays and all
analytical methods include quality control materials at set
frequencies with established data acceptance criteria. The entire
sample is crushed, and 250 grams is pulverized. Analysis for gold
is by 50g fire assay fusion with atomic absorption (AAS) finish
with a lower limit of 0.01 ppm and upper limit of 100 ppm. Samples
with gold assays greater than 100 ppm are re-analyzed using a
1,000g screen metallic fire assay. A selected number of samples are
also analyzed using a 48 multi-elemental geochemical package by a
4-acid digestion, followed by Inductively Coupled Plasma Atomic
Emission Spectroscopy (ICP-AES) and Inductively Coupled Plasma Mass
Spectroscopy (ICP-MS).
About Osisko Development Corp.
Osisko Development Corp. is well-capitalized and
uniquely positioned as a premier gold development company in North
America to advance the Cariboo Gold Project and other Canadian and
Mexican properties, with the objective of becoming the next
mid-tier gold producer. The Cariboo Gold Project, located in
central British Columbia, is Osisko Development's flagship asset
with measured and indicated resource of 21.44 Mt at 4.6 Au g/t for
a total of 3.2 million ounces of gold and inferred resource of
21.69 Mt at 3.9 Au g/t for a total of 2.7 million ounces of gold.
The considerable exploration potential at depth and along strike
distinguishes the Cariboo Gold Project relative to other
development assets as does the historically low, all-in discovery
costs of US $19 per ounce. The Cariboo Gold Project is advancing
through permitting as a 4,750 tonnes per day underground operation
with a feasibility study on track for completion in the second half
of 2021. Osisko Development's project pipeline is complemented by
potential near-term production targeted from the San Antonio gold
project, located in Sonora Mexico and early exploration stage
properties including the Coulon Project and James Bay Properties
located in Québec as well as the Guerrero Properties located in
Mexico. Osisko Development will begin trading on the TSX Venture
Exchange under the symbol "ODV" on December 2, 2020.
For further information, please contact
Osisko Development Corp.:
Jean Francois LemondeVP Investors
Relations.jflemonde@osiskodev.com
Forward-looking Statements
Certain statements contained in this press
release may be deemed “forward‐looking statements” within the
meaning of applicable Canadian and U.S. securities laws. These
forward‐looking statements, by their nature, require Osisko to make
certain assumptions and necessarily involve known and unknown risks
and uncertainties that could cause actual results to differ
materially from those expressed or implied in these forward‐looking
statements. Forward‐looking statements are not guarantees of
performance. Words such as “may”, “will”, “would”, “could”,
“expect”, “believe”, “plan”, “anticipate”, “intend”, “estimate”,
“continue”, or the negative or comparable terminology, as well as
terms usually used in the future and the conditional, are intended
to identify forward‐looking statements. Information contained in
forward‐looking statements is based upon certain material
assumptions that were applied in drawing a conclusion or making a
forecast or projection, including management’s perceptions of
historical trends, current conditions and expected future
developments, results of further exploration work to define and
expand mineral resources, expected conclusions of optimization
studies, that vein corridors continue to be defined as a
high-density network of mineralized quartz within the axis of the
F3 fold and hosted within the sandstones and that the deposit
remains open for expansion at depth and down plunge, as well as
other considerations that are believed to be appropriate in the
circumstances. Osisko considers its assumptions to be reasonable
based on information currently available, but cautions the reader
that their assumptions regarding future events, many of which are
beyond the control of Osisko, may ultimately prove to be incorrect
since they are subject to risks and uncertainties that affect
Osisko and its business. Such risks and uncertainties include,
among others, risks relating to the ability of exploration
activities (including drill results) to accurately predict
mineralization; errors in management’s geological modelling; the
ability of to complete further exploration activities, including
drilling; property and royalty interests in the Cariboo gold
deposit; the ability of the Corporation to obtain required
approvals; the results of exploration activities; risks relating to
mining activities; the global economic climate; metal prices;
dilution; environmental risks; and community and non-governmental
actions and the responses of relevant governments to the COVID-19
outbreak and the effectiveness of such responses.
For additional information with respect to these
and other factors and assumptions underlying the forward-looking
statements made in this news release concerning Osisko Development,
see the Filing Statement available electronically on SEDAR
(www.sedar.com) under Osisko Development's issuer profile. The
forward-looking statements set forth herein concerning Osisko
Development reflect management's expectations as at the date of
this news release and are subject to change after such date. Osisko
Development disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, other than as required by
law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release. No stock exchange,
securities commission or other regulatory authority has approved or
disapproved the information contained herein.
Table 1: Cariboo Gold Project 2020
Length Weighted Drill Hole Gold Composites
HOLE ID |
|
FROM (M) |
TO (M) |
LENGTH (M) |
AU (G/T) |
TARGET |
CM-20-064 |
|
45.00 |
45.50 |
0.50 |
8.15 |
VALLEY ZONE |
|
|
93.30 |
93.85 |
0.55 |
5.62 |
|
|
|
98.00 |
98.50 |
0.50 |
3.44 |
|
|
|
175.40 |
176.70 |
1.30 |
4.23 |
|
|
|
259.75 |
260.25 |
0.50 |
18.10 |
|
|
|
276.20 |
276.70 |
0.50 |
8.10 |
|
|
|
325.50 |
327.70 |
2.20 |
6.19 |
|
|
INCLUDING |
327.10 |
327.70 |
0.60 |
19.85 |
|
|
|
332.25 |
332.80 |
0.55 |
3.01 |
|
CM-20-065 |
|
165.00 |
165.50 |
0.50 |
3.47 |
VALLEY ZONE |
CM-20-066 |
|
153.00 |
155.50 |
2.50 |
8.25 |
|
|
INCLUDING |
153.00 |
153.50 |
0.50 |
35.30 |
|
|
|
180.90 |
182.65 |
1.75 |
4.63 |
|
|
|
187.50 |
188.85 |
1.35 |
6.09 |
|
|
|
192.70 |
197.95 |
5.25 |
4.18 |
|
|
INCLUDING |
195.95 |
196.95 |
1.00 |
12.50 |
|
|
AND |
196.95 |
197.95 |
1.00 |
4.83 |
|
CM-20-067 |
|
20.80 |
21.30 |
0.50 |
3.30 |
VALLEY ZONE |
|
|
176.70 |
179.35 |
2.65 |
7.11 |
|
|
|
244.30 |
244.80 |
0.50 |
6.17 |
|
CM-20-068 |
|
157.20 |
160.15 |
2.95 |
6.29 |
VALLEY ZONE |
|
INCLUDING |
157.20 |
158.10 |
0.90 |
9.64 |
|
|
AND |
158.10 |
159.15 |
1.05 |
5.54 |
|
|
|
226.20 |
226.70 |
0.50 |
3.67 |
|
CM-20-069 |
|
125.50 |
127.75 |
2.25 |
3.54 |
VALLEY ZONE |
|
INCLUDING |
125.50 |
126.00 |
0.50 |
7.19 |
|
|
AND |
127.25 |
127.75 |
0.50 |
8.71 |
|
|
|
153.50 |
154.35 |
0.85 |
6.99 |
|
|
|
305.45 |
308.65 |
3.20 |
6.85 |
|
|
INCLUDING |
305.45 |
306.80 |
1.35 |
12.25 |
|
|
AND |
308.15 |
308.65 |
0.50 |
5.04 |
|
|
|
403.30 |
404.00 |
0.70 |
26.00 |
|
|
|
459.30 |
459.80 |
0.50 |
3.60 |
|
|
|
501.20 |
505.85 |
4.65 |
6.08 |
|
|
INCLUDING |
502.00 |
502.50 |
0.50 |
45.80 |
|
|
|
538.35 |
539.25 |
0.90 |
47.60 |
|
CM-20-070 |
|
211.80 |
212.30 |
0.50 |
20.60 |
VALLEY ZONE |
|
|
211.80 |
214.80 |
3.00 |
3.95 |
|
|
INCLUDING |
211.80 |
212.30 |
0.50 |
20.60 |
|
|
|
234.75 |
235.70 |
0.95 |
8.02 |
|
|
|
254.70 |
256.45 |
1.75 |
23.92 |
|
|
INCLUDING |
254.70 |
255.45 |
0.75 |
15.35 |
|
|
AND |
255.95 |
256.45 |
0.50 |
59.70 |
|
|
|
271.75 |
274.50 |
2.75 |
12.01 |
|
|
INCLUDING |
274.00 |
274.50 |
0.50 |
60.20 |
|
|
|
279.45 |
282.00 |
2.55 |
4.17 |
|
|
|
338.15 |
338.65 |
0.50 |
8.07 |
|
Cm-20-071 |
HOLE ABANDONED |
|
|
|
VALLEY ZONE |
CM-20-072 |
|
242.40 |
244.00 |
1.60 |
5.94 |
VALLEY ZONE |
|
INCLUDING |
242.40 |
242.90 |
0.50 |
11.90 |
|
|
|
254.40 |
256.65 |
2.25 |
16.30 |
|
|
INCLUDING |
255.50 |
256.65 |
1.15 |
28.80 |
|
|
|
265.05 |
274.20 |
9.15 |
6.30 |
|
|
INCLUDING |
265.05 |
265.80 |
0.75 |
16.95 |
|
|
AND |
265.80 |
267.00 |
1.20 |
5.83 |
|
|
AND |
271.60 |
272.20 |
0.60 |
38.50 |
|
|
AND |
272.20 |
273.70 |
1.50 |
5.76 |
|
|
|
280.85 |
284.05 |
3.20 |
6.01 |
|
|
INCLUDING |
283.50 |
284.05 |
0.55 |
18.95 |
|
|
|
293.50 |
294.20 |
0.70 |
6.95 |
|
CM-20-073 |
HOLE ABANDONED |
|
|
|
VALLEY ZONE |
CM-20-074 |
|
180.00 |
180.65 |
0.65 |
3.39 |
VALLEY ZONE |
|
|
331.80 |
333.00 |
1.20 |
21.50 |
|
CM-20-075 |
|
33.50 |
35.00 |
1.50 |
8.03 |
VALLEY ZONE |
|
|
40.10 |
40.60 |
0.50 |
20.30 |
|
|
|
46.00 |
47.00 |
1.00 |
3.62 |
|
CM-20-076 |
|
40.70 |
41.20 |
0.50 |
5.33 |
COW MOUNTAIN |
|
|
42.70 |
43.50 |
0.80 |
3.15 |
|
|
|
56.60 |
57.60 |
1.00 |
18.28 |
|
|
INCLUDING |
57.10 |
57.60 |
0.50 |
23.20 |
|
|
|
152.60 |
154.70 |
2.10 |
6.84 |
|
|
INCLUDING |
152.60 |
153.55 |
0.95 |
12.10 |
|
CM-20-077 |
|
265.70 |
266.80 |
1.10 |
3.85 |
VALLEY ZONE |
CM-20-078 |
|
20.05 |
20.70 |
0.65 |
11.25 |
COW MOUNTAIN |
|
|
60.20 |
64.00 |
3.80 |
5.95 |
|
|
INCLUDING |
60.20 |
60.70 |
0.50 |
30.90 |
|
|
AND |
63.00 |
64.00 |
1.00 |
6.32 |
|
|
|
146.60 |
154.30 |
7.70 |
4.18 |
|
|
INCLUDING |
150.15 |
150.70 |
0.55 |
27.80 |
|
|
AND |
152.10 |
152.60 |
0.50 |
5.23 |
|
|
|
167.80 |
168.45 |
0.65 |
3.88 |
|
|
|
177.50 |
181.50 |
4.00 |
4.38 |
|
|
INCLUDING |
179.20 |
180.25 |
1.05 |
15.90 |
|
CM-20-079 |
|
45.30 |
46.00 |
0.70 |
6.28 |
COW MOUNTAIN |
|
|
73.00 |
74.50 |
1.50 |
4.14 |
|
|
|
141.00 |
141.85 |
0.85 |
17.30 |
|
CM-20-080 |
|
149.65 |
150.50 |
0.85 |
5.00 |
VALLEY ZONE |
|
|
279.00 |
279.75 |
0.75 |
3.92 |
|
CM-20-081 |
|
48.75 |
49.25 |
0.50 |
7.09 |
COW MOUNTAIN |
|
|
152.20 |
152.80 |
0.60 |
22.80 |
|
|
|
154.30 |
155.30 |
1.00 |
3.87 |
|
CM-20-082 |
|
16.00 |
16.50 |
0.50 |
26.90 |
COW MOUNTAIN |
|
|
43.85 |
45.05 |
1.20 |
3.10 |
|
|
|
55.20 |
55.70 |
0.50 |
6.00 |
|
CM-20-083 |
|
144.50 |
145.70 |
1.20 |
12.60 |
VALLEY ZONE |
|
|
166.30 |
169.00 |
2.70 |
4.30 |
|
|
INCLUDING |
168.00 |
169.00 |
1.00 |
9.70 |
|
|
|
320.35 |
322.15 |
1.80 |
12.96 |
|
|
INCLUDING |
321.60 |
322.15 |
0.55 |
38.80 |
|
|
|
330.00 |
338.40 |
8.40 |
8.43 |
|
|
INCLUDING |
335.00 |
338.40 |
3.40 |
19.62 |
|
|
INCLUDING |
335.00 |
335.50 |
0.50 |
84.50 |
|
|
AND |
337.80 |
338.40 |
0.60 |
39.20 |
|
|
|
345.10 |
345.80 |
0.70 |
5.26 |
|
|
|
370.20 |
371.30 |
1.10 |
34.50 |
|
|
|
385.50 |
386.50 |
1.00 |
14.90 |
|
|
|
391.25 |
391.80 |
0.55 |
4.21 |
|
|
|
433.00 |
433.50 |
0.50 |
4.35 |
|
|
|
436.50 |
437.00 |
0.50 |
7.37 |
|
|
|
444.20 |
447.25 |
3.05 |
10.88 |
|
|
INCLUDING |
445.00 |
446.00 |
1.00 |
20.50 |
|
|
AND |
446.75 |
447.25 |
0.50 |
13.75 |
|
|
|
450.35 |
452.80 |
2.45 |
4.54 |
|
|
|
462.45 |
463.15 |
0.70 |
5.78 |
|
|
|
464.60 |
465.40 |
0.80 |
4.23 |
|
|
|
467.45 |
468.05 |
0.60 |
5.00 |
|
|
|
478.20 |
479.00 |
0.80 |
4.32 |
|
|
|
495.00 |
495.50 |
0.50 |
3.74 |
|
|
|
497.50 |
498.00 |
0.50 |
3.23 |
|
|
|
504.70 |
505.35 |
0.65 |
3.79 |
|
|
|
506.15 |
506.75 |
0.60 |
2.49 |
|
|
|
509.85 |
510.40 |
0.55 |
2.04 |
|
|
|
517.00 |
528.85 |
11.85 |
2.33 |
|
|
INCLUDING |
523.00 |
524.00 |
1.00 |
12.00 |
|
|
AND |
526.25 |
527.25 |
1.00 |
4.55 |
|
|
AND |
527.95 |
528.85 |
0.90 |
4.01 |
|
|
|
531.90 |
532.40 |
0.50 |
2.73 |
|
|
|
532.40 |
533.25 |
0.85 |
4.17 |
|
CM-20-084 |
|
83.00 |
83.50 |
0.50 |
4.49 |
VALLEY ZONE |
|
|
91.30 |
91.80 |
0.50 |
3.14 |
|
|
|
122.15 |
122.65 |
0.50 |
4.46 |
|
|
|
202.05 |
202.55 |
0.50 |
9.78 |
|
|
|
243.00 |
243.50 |
0.50 |
10.05 |
|
|
|
244.50 |
245.00 |
0.50 |
2.95 |
|
|
|
251.00 |
251.50 |
0.50 |
3.97 |
|
|
|
256.55 |
257.05 |
0.50 |
11.20 |
|
|
|
263.00 |
264.50 |
1.50 |
4.39 |
|
|
|
283.30 |
284.05 |
0.75 |
7.96 |
|
|
|
320.85 |
321.45 |
0.60 |
9.56 |
|
|
|
334.20 |
336.10 |
1.90 |
4.33 |
|
|
|
341.80 |
344.50 |
2.70 |
4.17 |
|
Table 2: Drill Hole Locations and
Orientations
HOLE ID |
EASTING |
NORTHING |
ELEV |
DIP |
AZI |
DEPTH (M) |
CM-20-064 |
595740 |
5883951 |
1250 |
-45 |
308 |
522 |
CM-20-065 |
595662 |
5883960 |
1246 |
-52 |
304 |
222 |
CM-20-066 |
595662 |
5883960 |
1246 |
-54 |
301 |
221 |
CM-20-067 |
595663 |
5883961 |
1245 |
-58 |
306 |
297 |
CM-20-068 |
595687 |
5883896 |
1263 |
-54 |
305 |
336 |
CM-20-069 |
595649 |
5884023 |
1239 |
-45 |
313 |
591 |
CM-20-070 |
595685 |
5883895 |
1264 |
-50 |
311 |
348 |
CM-20-071 |
595687 |
5883895 |
1262 |
-53 |
308 |
63 |
CM-20-072 |
595687 |
5883895 |
1263 |
-52 |
310 |
360 |
CM-20-073 |
595649 |
5884023 |
1239 |
-61 |
312 |
129 |
CM-20-074 |
595649 |
5884023 |
1237 |
-51 |
314 |
351 |
CM-20-075 |
596215 |
5883250 |
1410 |
-55 |
143 |
50 |
CM-20-076 |
596216 |
5883250 |
1410 |
-56 |
138 |
183 |
CM-20-077 |
595649 |
5884023 |
1238 |
-50 |
309 |
339 |
CM-20-078 |
596216 |
5883249 |
1410 |
-55 |
147 |
195 |
CM-20-079 |
596216 |
5883249 |
1410 |
-49 |
143 |
174 |
CM-20-080 |
595648 |
5884023 |
1239 |
-48 |
310 |
312 |
CM-20-081 |
596216 |
5883250 |
1410 |
-53 |
137 |
162 |
CM-20-082 |
596216 |
5883249 |
1410 |
-45 |
148 |
165 |
CM-20-083 |
595649 |
5884024 |
1239 |
-48 |
315 |
540 |
CM-20-084 |
595686 |
5883849 |
1270 |
-47 |
306 |
354 |
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