Osisko Development Corp. (“
Osisko Development” or
the “
Corporation”) (TSX.V-ODV) is pleased to
announce drilling results from the 200,000-meter 2021 exploration
and category conversion drill program campaign at its Cariboo Gold
Project (“
Cariboo”) in central British Columbia. A
total of ten diamond drill rigs are currently at Cariboo.
Island Mountain Overview
- Mosquito Creek and Shaft Zone
deposits are located on Island Mountain.
- To date in 2021, a total of
133 drill holes have been drilled on Island
Mountain, designed to infill and expand known vein
corridors.
- Recent results include holes
IM-21-001 to IM-21-010.
- A total of 124 mineralized
vein corridor solids are modelled on Island Mountain, to
an average depth of 350 meters, to a maximum depth of 700 meters
and remain open.
- Recent drill results show
significant down dip expansion of modelled vein corridors
illustrated in IM-21-009 that intersected 23.32 g/t Au over
15.0 meters.
- Detailed drilling results, a drill
hole location plan map and vertical long section is presented at
the end of this release.
Recent Drilling Highlights:
- 21.94 g/t Au over 2.70 meters in hole
IM-21-003
- 23.48 g/t Au over 2.30 meters in hole
IM-21-004
- 5.24 g/t Au over 10.85 meters in hole
IM-21-004
- 13.39 g/t Au over 4.10 meters in hole
IM-21-005 including
- 41.30 g/t Au over 1.30 meters
- 23.32 g/t Au over 15.00 meters in hole
IM-21-009 including
- 85.80 g/t Au over 1.00 meter and
- 118.50 g/t Au over 1.00 meter
- 16.83 g/t Au over 4.40 meters in hole
IM-21-010 including
- 73.40 g/t Au over 0.80 meter
Chris Lodder, President of Osisko Development
commented, “These first ten infill and expansion drill holes from
the Mosquito Creek Deposit are showing the depth potential at
Mosquito Creek and continuity between the Shaft and Mosquito
deposits”.
Mineralized quartz veins on Cariboo 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 last folding event’s folds and hosted within a brittle
meta-sandstone or calcareous meta-sandstone. Vein corridors are
modelled at a minimum thickness of 2 meters and average about 4.5
meters true width. Individual mineralized veins within these
corridors have widths varying from centimeters to several meters
and strike lengths from a few meters to over 50 meters. These
corridors have been defined from surface to a vertical depth
averaging300 meters and remain open for expansion at depth and
along strike. Gold grades are intimately associated with quartz
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.
Corporate Matters
Following the closing of the reverse takeover
bid transaction by Osisko Gold Royalties Ltd (“Osisko
Gold”) on November 25, 2020 which lead to the launch
of the Corporation and the transfer of certain Osisko Gold
employees to the Corporation on January 1st, 2021, Osisko Gold
and the Corporation mutually agreed that a pro-rata portion of the
outstanding long-term equity incentive compensation awarded by
Osisko Gold to transferred employees in the form of restricted
shares units would be borne by the Corporation.
The Boards of Directors of Osisko Gold and the
Corporation, agreed that Osisko Gold would cancel a pro-rata
portion of the outstanding restricted shares units awarded by
Osisko Gold (“Osisko Gold RSUs”) to transferred employees and the
Corporation would grant to such transferred employees restricted
shares units (“Replacement RSUs”) in an equivalent value as the
value of the Osisko Gold RSU cancelled by Osisko Gold; which values
were determined using a 5-day volume weighted average price of the
respective entity on the exchange at a pre-determined reference
date.
Accordingly, the Corporation is pleased to
announce that its Board of Directors has approved the grant and
404,240 Replacement RSUs were granted to officers who held Osisko
Gold RSUs that were cancelled. The maturity date shall be the same
as the maturity date of the corresponding Osisko Gold RSUs so
cancelled.
Figure 1: Cariboo deposit areas with drill
locations is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/6930c326-9658-462b-a2c9-46cf55043db5
Figure 2: Mosquito Creek detail area with drill
intercept highlights is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/7668eaf1-826b-432d-8f40-536624c22b97
Figure 3: Mosquito Creek drill cross
section is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/7a2046ad-fae3-4501-937f-e1003e4b435f
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 resources 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 (see NI 43-101 Technical Report for resource October 5th,
2020). 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 began 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 Investor
Relationsjflemonde@osiskodev.comTel: 514-299-4926 |
|
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, that vein corridors continue to be
defined as a high-density network of mineralized quartz within the
axis of the last folding event’s folds and hosted within a brittle
meta-sandstone or calcareous meta-sandstone and that the deposit
remains open for expansion at depth, 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 Island Mountain 2021 Length Weighted Drill Hole Gold
Composites
HOLE ID |
|
FROM M |
TO (M) |
LENGTH (M) |
AU G/T |
Target |
IM-21-001 |
|
19.90 |
24.35 |
4.45 |
4.36 |
MOSQUITO |
|
INCLUDING |
19.90 |
21.40 |
1.50 |
6.98 |
|
|
|
209.80 |
211.54 |
1.74 |
4.17 |
|
|
INCLUDING |
211.00 |
211.54 |
0.54 |
8.60 |
|
|
|
234.00 |
235.75 |
1.75 |
3.11 |
|
|
|
289.60 |
290.40 |
0.80 |
7.81 |
|
IM-21-002 |
HOLE
ABANDONED |
|
|
|
|
MOSQUITO |
IM-21-003 |
|
28.60 |
31.30 |
2.70 |
21.94 |
MOSQUITO |
|
INCLUDING |
28.60 |
29.70 |
1.10 |
30.90 |
|
|
AND |
29.70 |
30.50 |
0.80 |
11.35 |
|
|
AND |
30.50 |
31.30 |
0.80 |
20.20 |
|
IM-21-004 |
|
107.75 |
110.05 |
2.30 |
23.48 |
MOSQUITO |
|
INCLUDING |
107.75 |
108.90 |
1.15 |
30.90 |
|
|
|
118.40 |
118.90 |
0.50 |
4.05 |
|
|
|
224.00 |
234.85 |
10.85 |
5.24 |
|
|
INCLUDING |
224.60 |
225.60 |
1.00 |
24.60 |
|
|
AND |
225.60 |
226.55 |
0.95 |
8.42 |
|
|
AND |
229.00 |
229.80 |
0.80 |
13.60 |
|
|
AND |
233.90 |
234.85 |
0.95 |
10.90 |
|
IM-21-005 |
|
40.40 |
44.50 |
4.10 |
13.39 |
MOSQUITO |
|
INCLUDING |
42.10 |
43.40 |
1.30 |
41.30 |
|
|
|
135.00 |
136.00 |
1.00 |
2.97 |
|
|
|
158.00 |
163.50 |
5.50 |
3.15 |
|
|
INCLUDING |
162.90 |
163.50 |
0.60 |
5.15 |
|
|
|
205.40 |
207.15 |
1.75 |
12.00 |
|
|
INCLUDING |
206.05 |
207.15 |
1.10 |
17.95 |
|
IM-21-006 |
|
29.25 |
30.55 |
1.30 |
9.10 |
SHAFT |
|
INCLUDING |
29.25 |
30.00 |
0.75 |
14.70 |
|
|
|
39.00 |
39.55 |
0.55 |
3.95 |
|
|
|
46.20 |
47.00 |
0.80 |
10.60 |
|
|
|
75.00 |
77.00 |
2.00 |
8.37 |
|
|
INCLUDING |
75.00 |
75.50 |
0.50 |
14.55 |
|
|
AND |
75.50 |
76.00 |
0.50 |
7.95 |
|
|
AND |
76.00 |
76.50 |
0.50 |
9.06 |
|
|
|
168.00 |
168.50 |
0.50 |
8.21 |
|
IM-21-007 |
|
185.40 |
186.30 |
0.90 |
27.90 |
SHAFT |
|
|
254.60 |
255.80 |
1.20 |
3.34 |
|
|
|
282.95 |
286.00 |
3.05 |
4.21 |
|
|
INCLUDING |
282.95 |
283.85 |
0.90 |
10.35 |
|
IM-21-008 |
|
45.00 |
47.10 |
2.10 |
9.94 |
MOSQUITO |
|
INCLUDING |
46.30 |
47.10 |
0.80 |
13.25 |
|
|
|
129.50 |
130.00 |
0.50 |
21.80 |
|
IM-21-009 |
|
206.00 |
221.00 |
15.00 |
23.32 |
MOSQUITO |
|
INCLUDING |
206.00 |
206.75 |
0.75 |
52.00 |
|
|
AND |
206.75 |
207.45 |
0.70 |
36.40 |
|
|
AND |
213.00 |
214.05 |
1.05 |
9.09 |
|
|
AND |
216.00 |
217.00 |
1.00 |
85.80 |
|
|
AND |
217.00 |
218.00 |
1.00 |
118.50 |
|
|
AND |
218.00 |
219.00 |
1.00 |
37.90 |
|
|
AND |
220.00 |
221.00 |
1.00 |
14.30 |
|
|
|
225.00 |
229.00 |
4.00 |
3.10 |
|
|
|
234.00 |
236.80 |
2.80 |
6.07 |
|
|
INCLUDING |
235.00 |
236.00 |
1.00 |
8.00 |
|
IM-21-010 |
|
23.00 |
23.50 |
0.50 |
6.24 |
MOSQUITO |
|
|
25.60 |
26.20 |
0.60 |
7.42 |
|
|
|
44.20 |
45.50 |
1.30 |
5.94 |
|
|
|
51.50 |
55.90 |
4.40 |
16.83 |
|
|
INCLUDING |
51.50 |
52.00 |
0.50 |
30.30 |
|
|
AND |
55.10 |
55.90 |
0.80 |
73.40 |
|
Table 2: Drill Hole Locations and
Orientations
HOLE ID |
EASTING |
NORTHING |
ELEV |
DIP |
AZI |
DEPTH (M) |
IM-21-001 |
593688 |
5885193 |
1395 |
-53 |
155 |
303 |
IM-21-002 |
593542 |
5885328 |
1406 |
-44 |
291 |
32.8 |
IM-21-003 |
593933 |
5884907 |
1401 |
-51 |
267 |
162 |
IM-21-004 |
593687 |
5885194 |
1395 |
-57 |
154 |
282 |
IM-21-005 |
593543 |
5885328 |
1407 |
-45 |
304 |
279 |
IM-21-006 |
594254 |
5884724 |
1410 |
-48 |
121 |
279 |
IM-21-007 |
594913 |
5884186 |
1293 |
-55 |
106 |
300 |
IM-21-008 |
593862 |
5884912 |
1396 |
-49 |
322 |
201 |
IM-21-009 |
593689 |
5885193 |
1396 |
-49 |
153 |
312 |
IM-21-010 |
593862 |
5884911 |
1395 |
-49 |
300 |
150 |
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