Osisko Development Corporation (NYSE: ODV, TSXV:
ODV) ("
Osisko Development" or the
"
Company") is pleased to announce sampling results
from its ongoing underground exploration program at its 100%-owned
Trixie test mine ("
Trixie"), within the Company's
wider Tintic Project ("
Tintic"), located in the
historic East Tintic Mining District in central Utah, U.S.A.
ASSAY HIGHLIGHTS:
Assay highlights include 265 chip samples from
55 mine faces at Trixie. A length-weighted composite for each face
Site ID is presented in Table 1 and individual higher-grade samples
are also identified within the composites. Samples are collected in
feet ("ft.") and assays are reported in grams per
tonne ("g/t") gold ("Au") and
silver ("Ag"). Conversions to metric and imperial
measurements are rounded to two decimal places. Selected assay
highlights include:
- 139.65 g/t Au and
227.05 g/t Ag over 1.37 meters ("m") (4.07 troy
ounce per short ton ("oz/t") Au and 6.62 oz/t Ag
over 4.50 ft.) including
- 620.15 g/t Au and 980.67 g/t Ag over 0.30 m
(18.09 oz/t Au and 28.60 oz/t Ag over 1.00 ft.)
- 227.59 g/t Au and
1,323.29 g/t Ag over 0.15 m (6.64 oz/t Au and 38.60 oz/t Ag over
0.50 ft.)
- 111.45 g/t Au and
359.02 g/t Ag over 1.22 m (3.25 oz/t Au and 10.47 oz/t Ag over 4.00
ft.) including
- 443.34 g/t Au and 1,419.18 g/t Ag over 0.30 m
(12.93 oz/t Au and 41.39 oz/t Ag over 1.00 ft.)
- 404.02 g/t Au and
171.48 g/t Ag over 1.01 m (11.78 oz/t Au and 5.00 oz/t Ag over 3.30
ft.)
- 2,053.60 g/t Au
and 773.47 g/t Ag over 0.18 m (59.90 oz/t Au and 22.56 oz/t Ag over
0.60 ft.)
- 1,367.96 g/t Au
and 479.47 g/t Ag over 0.46 m (39.90 oz/t Au and 13.98 oz/t Ag over
1.50 ft.)
- 292.12 g/t Au and
106.72 g/t Ag over 0.15 m (8.52 oz/t Au and 3.11 oz/t Ag over 0.50
ft.)
- 261.78 g/t Au and
106.94 g/t Ag over 1.22 m (7.64 oz/t Au and 3.12 oz/t Ag over 4.00
ft.) including
- 658.36 g/t Au and 199.49 g/t Ag over 0.46 m
(19.20 oz/t Au and 5.82 oz/t Ag over 1.50 ft.)
- 287.54 g/t Au and
61.65 g/t Ag over 0.91 m (8.39 oz/t Au and 1.80 oz/t Ag over 3.00
ft.) including
- 787.01 g/t Au and 165.50 g/t Ag over 0.30 m
(22.95 oz/t Au and 4.83 oz/t Ag over 1.00 ft.)
- 264.36 g/t Au and
30.78 g/t Ag over 2.13 m (7.71 oz/t Au and 0.90 oz/t Ag over 7.00
ft.) including
- 760.36 g/t Au and 47.15 g/t Ag over 0.40 m
(22.18 oz/t Au and 1.38 oz/t Ag over 1.30 ft.), and
- 465.21 g/t Au and 85.65 g/t Ag over 0.55 m
(13.57 oz/t Au and 2.50 oz/t Ag over 1.80 ft.)
- 401.06 g/t Au and
153.18 g/t Ag over 0.18 m (11.70 oz/t Au and 4.47 oz/t Ag over 0.60
ft.)
- 1,523.54 g/t Au
and 126.38 g/t Ag over 1.22 m (44.44 oz/t Au and 3.69 oz/t Ag over
4.00 ft.) including
- 262.10 g/t Au and 233.04 g/t Ag over 0.30 m
(7.64 oz/t Au and 6.80 oz/t Ag over 1.00 ft.) and
- 5,753.47 g/t Au and 191.28 g/t Ag over 0.30 m
(167.81 oz/t Au and 5.58 oz/t Ag over 1.00 ft.)
- 372.56 g/t Au and
294.68 g/t Ag over 1.98 m (10.87 oz/t Au and 8.59 oz/t Ag over 6.50
ft.) including
- 496.58 g/t Au and 423.66 g/t Ag over 0.49 m
(14.48 oz/t Au and 12.36 oz/t Ag over 1.60 ft.), and
- 624.26 g/t Au and 475.98 g/t Ag over 0.79 m
(18.21 oz/t Au and 13.88 oz/t Ag over 2.60 ft.)
- 657.83 g/t Au and 319.59 g/t Ag over 1.65 m
(19.19 oz/t Au and 9.32 oz/t Ag over 5.40 ft.) including
- 2,389.35 g/t Au
and 1,183.93 g/t Ag over 0.43 m (69.69 oz/t Au and 34.53 oz/t Ag
over 1.40 ft.)
ACTIVITIES SUMMARY:
- 5,353 oz Au produced at an average
grade of 31.3 g/t Au (0.91 oz/t Au since the Company's acquisition
of Tintic ("Acquisition") on May 27, 2022.
- Current underground test mining
activities at Trixie are directed by the exploration sampling and
drilling results.
- Completed 7,315 m (24,000 ft.) of
reverse circulation ("RC") drilling and 1,274 m
(4,180 ft.) of diamond drilling since the date of the Acquisition,
and four drill rigs currently in operation. Drill assay results are
pending.
- The underground sampling results
and drillhole information will form the basis of an initial mineral
resource estimate, expected to be completed by the first quarter of
2023, to support near-term mine planning and production.
- 500 m (1,640 ft.) of Trixie portal
and ramp construction (~30% complete) to date. Once fully complete,
the decline will significantly improve access to the underground
workings, expand and increase underground operations.
- High-grade gold results are present
throughout the entire sampled area, and along exploration
cross-cuts expanding the T4 structure up to 25 m (80 ft.) and
parallel to T2 (see Figure 2).
- The mineralized structures remain
open along strike and at depth and significant potential exists to
expand the known mineralization.
Chris Lodder, President of Osisko
Development, commented, "The Trixie underground sampling
results continue to demonstrate continuity of high grades
associated with the T2 structure with many samples returning over
100 g/t gold. The recent exploration cross cuts exploring the T4
structure parallel to the T2 have identified considerable
mineralization to the east up to approximately 80 feet wide.
Similar high-grade gold telluride mineralization is also identified
in the T4. Given these structures are open along strike and down
dip, we anticipate advancing our exploration efforts to these areas
rapidly with four drill rigs and ongoing advancement of the Trixie
decline."
Corporate Matters
In accordance with the Company's stock option
plan, the Company has granted incentive stock options to
non-officer employees to purchase an aggregate of 343,500 common
shares of the Company. The options are exercisable at a price of
C$6.28 per share of the Company and will expire on November 18,
2027. Vesting will occur in three equal parts on the following
dates: November 18, 2023, November 18, 2024, and November 18, 2025,
respectively. The Company has also granted an aggregate total of
113,500 restricted share units ("RSUs") to
non-officer employees in accordance with the Company's RSU plan.
All RSUs will vest on November 18, 2025.
About Trixie
The Trixie test mine is one of several gold and
base metal targets within the larger Tintic Project consisting of
17,000 acres of patented mining claims and mineral leases within
the historic East Tintic Mining District of Central Utah, USA. The
T2 and T4 structures at Trixie show multi-ounce gold grades
associated with high sulphidation epithermal mineralization,
structurally controlled and hosted within quartzites. High grade
mineralized material from the T2 and T4 structures is currently
being processed via vat leaching on site. The T2 structure is
approximately 0.3 m to 2.4 m (1 to 8 ft.) wide and mineralization
consists of native Au, and rare Au-Ag – rich telluride minerals
with quartz. The T4 is a mineralized stockwork zone ranging from
approximately 3 m to 25 m (10 to 80 ft.) and located in the hanging
wall of the T2 and is comprised of Au-Ag rich mineralization in
host rock quartzite with quartz-barite-sulphosalt stockwork
veining. Mineralization currently defined over 220 m (720 ft.) in
strike and reports consistent multi-ounce gold grades along the
entire strike length.
Face Sampling Methodology
As most structures at Trixie are steeply dipping
to the east or west, current sampling procedures are designed to
sample the structure. Chip samples are collected and do not exceed
1.0 m (3 ft.) in length. The face is washed for safety, and for
better identification of mineralization, alteration and structures.
The hanging wall and footwall of the structures are marked up on
the face and back, samples intervals are marked up and follow
lithological contacts.
For further information on the Tintic Project,
please refer to the technical report titled "Technical Report on
the Tintic Project, East Tintic Mining District, Utah County, Utah,
USA", dated June 10, 2022 (with an effective date of June 7, 2022)
and prepared for the Company by Dr. Thomas A. Henricksen, QP,
C.P.G. (the "Tintic Technical Report"). Reference should be made to
the full text of the Tintic Technical Report, which was prepared in
accordance with National Instrument 43-101 – Standards of
Disclosure for Mineral Projects ("NI 43-101") and
is available electronically on SEDAR (www.sedar.com) under Osisko
Development's issuer profile.
Figure 1: Tintic Project Area
is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/28220993-9d17-43c8-abc2-da63b33a9a78
Figure 2: Plan Map of Trixie
Face Sample Assays is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/f2f6afe7-7e0e-42f5-ae4d-5846de928a34
Table 1: 2022 Length Weighted Assay
Composites at Trixie
|
|
METRIC |
IMPERIAL |
Site ID |
|
Depth from (m) |
Depth to (m) |
Length (m) |
Au (g/t) |
Ag (g/t) |
Depth from (ft.) |
Depth to (ft.) |
Length (ft.) |
Au (oz/t) |
Ag (oz/t) |
CH934 |
|
0.00 |
1.83 |
1.83 |
0.74 |
10.58 |
0.00 |
6.00 |
6.00 |
0.02 |
0.31 |
CH934 |
Including |
0.91 |
1.01 |
0.09 |
4.33 |
135.26 |
3.00 |
3.30 |
0.30 |
0.13 |
3.95 |
CH935 |
|
0.00 |
17.07 |
17.07 |
0.19 |
17.74 |
0.00 |
56.00 |
56.00 |
0.01 |
0.52 |
CH936 |
|
0.00 |
17.07 |
17.07 |
1.11 |
6.17 |
0.00 |
56.00 |
56.00 |
0.03 |
0.18 |
CH936 |
Including |
16.46 |
17.07 |
0.61 |
17.89 |
8.67 |
54.00 |
56.00 |
2.00 |
0.52 |
0.25 |
CH937 |
|
0.00 |
2.07 |
2.07 |
0.05 |
3.19 |
0.00 |
6.80 |
6.80 |
0.00 |
0.09 |
CH938 |
|
0.00 |
12.19 |
12.19 |
0.52 |
1.29 |
0.00 |
40.00 |
40.00 |
0.02 |
0.04 |
CH939 |
|
0.00 |
1.37 |
1.37 |
139.65 |
227.05 |
0.00 |
4.50 |
4.50 |
4.07 |
6.62 |
CH939 |
Including |
1.07 |
1.37 |
0.30 |
620.15 |
980.67 |
3.50 |
4.50 |
1.00 |
18.09 |
28.60 |
CH940 |
|
0.00 |
0.91 |
0.91 |
10.13 |
11.14 |
0.00 |
3.00 |
3.00 |
0.30 |
0.32 |
CH940 |
Including |
0.30 |
0.61 |
0.30 |
29.82 |
33.11 |
1.00 |
2.00 |
1.00 |
0.87 |
0.97 |
CH942 |
|
0.00 |
1.37 |
1.37 |
25.52 |
271.13 |
0.00 |
4.50 |
4.50 |
0.74 |
7.91 |
CH942 |
Including |
0.40 |
0.55 |
0.15 |
227.59 |
1,323.29 |
1.30 |
1.80 |
0.50 |
6.64 |
38.60 |
CH943 |
|
0.00 |
1.22 |
1.22 |
111.45 |
359.02 |
0.00 |
4.00 |
4.00 |
3.25 |
10.47 |
CH943 |
F94301 |
0.00 |
0.30 |
0.30 |
443.34 |
1,419.18 |
0.00 |
1.00 |
1.00 |
12.93 |
41.39 |
CH944 |
|
0.00 |
5.49 |
5.49 |
0.24 |
0.01 |
0.00 |
18.00 |
18.00 |
0.01 |
0.00 |
CH946 |
|
0.00 |
1.01 |
1.01 |
404.02 |
171.48 |
0.00 |
3.30 |
3.30 |
11.78 |
5.00 |
CH946 |
Including |
0.00 |
0.61 |
0.61 |
47.91 |
40.85 |
0.00 |
2.00 |
2.00 |
1.40 |
1.19 |
CH946 |
and |
0.61 |
0.79 |
0.18 |
2,053.60 |
773.47 |
2.00 |
2.60 |
0.60 |
59.90 |
22.56 |
CH947 |
|
0.00 |
8.23 |
8.23 |
0.03 |
2.53 |
0.00 |
27.00 |
27.00 |
0.00 |
0.07 |
CH948 |
|
0.00 |
1.10 |
1.10 |
16.95 |
147.21 |
0.00 |
3.60 |
3.60 |
0.49 |
4.29 |
CH948 |
Including |
0.30 |
0.79 |
0.49 |
35.63 |
278.09 |
1.00 |
2.60 |
1.60 |
1.04 |
8.11 |
CH949 |
|
0.00 |
1.52 |
1.52 |
1.72 |
25.46 |
0.00 |
5.00 |
5.00 |
0.05 |
0.74 |
CH950 |
|
0.00 |
6.10 |
6.10 |
0.40 |
19.93 |
0.00 |
20.00 |
20.00 |
0.01 |
0.58 |
CH951 |
|
0.00 |
1.83 |
1.83 |
2.95 |
20.49 |
0.00 |
6.00 |
6.00 |
0.09 |
0.60 |
CH952 |
|
0.00 |
1.98 |
1.98 |
4.20 |
58.05 |
0.00 |
6.50 |
6.50 |
0.12 |
1.69 |
CH952 |
Including |
0.61 |
1.22 |
0.61 |
10.08 |
161.16 |
2.00 |
4.00 |
2.00 |
0.29 |
4.70 |
CH953 |
|
0.00 |
3.05 |
3.05 |
0.62 |
20.64 |
0.00 |
10.00 |
10.00 |
0.02 |
0.60 |
CH954 |
|
0.00 |
1.49 |
1.49 |
6.70 |
43.83 |
0.00 |
4.90 |
4.90 |
0.20 |
1.28 |
CH954 |
Including |
1.10 |
1.49 |
0.40 |
19.51 |
124.41 |
3.60 |
4.90 |
1.30 |
0.57 |
3.63 |
CH955 |
|
0.00 |
0.88 |
0.88 |
1.28 |
80.54 |
0.00 |
2.90 |
2.90 |
0.04 |
2.35 |
CH956 |
|
0.00 |
6.10 |
6.10 |
0.12 |
2.57 |
0.00 |
20.00 |
20.00 |
0.00 |
0.08 |
CH957 |
|
0.00 |
6.10 |
6.10 |
0.18 |
35.28 |
0.00 |
20.00 |
20.00 |
0.01 |
1.03 |
CH966 |
|
0.00 |
0.46 |
0.46 |
1,367.96 |
479.47 |
0.00 |
1.50 |
1.50 |
39.90 |
13.98 |
CH967 |
|
0.00 |
0.61 |
0.61 |
75.38 |
32.24 |
0.00 |
2.00 |
2.00 |
2.20 |
0.94 |
CH967 |
Including |
0.30 |
0.46 |
0.15 |
292.12 |
106.72 |
1.00 |
1.50 |
0.50 |
8.52 |
3.11 |
CH968 |
|
0.00 |
1.22 |
1.22 |
261.78 |
106.94 |
0.00 |
4.00 |
4.00 |
7.64 |
3.12 |
CH968 |
Including |
0.15 |
0.61 |
0.46 |
658.36 |
199.49 |
0.50 |
2.00 |
1.50 |
19.20 |
5.82 |
CH968 |
and |
0.61 |
1.22 |
0.61 |
28.96 |
63.20 |
2.00 |
4.00 |
2.00 |
0.84 |
1.84 |
CH969 |
|
0.00 |
0.91 |
0.91 |
287.54 |
61.65 |
0.00 |
3.00 |
3.00 |
8.39 |
1.80 |
CH969 |
Including |
0.00 |
0.21 |
0.21 |
19.23 |
0.01 |
0.00 |
0.70 |
0.70 |
0.56 |
0.00 |
CH969 |
and |
0.21 |
0.52 |
0.30 |
787.01 |
165.50 |
0.70 |
1.70 |
1.00 |
22.95 |
4.83 |
CH969 |
and |
0.52 |
0.91 |
0.40 |
47.80 |
14.96 |
1.70 |
3.00 |
1.30 |
1.39 |
0.44 |
CH970 |
|
0.00 |
1.98 |
1.98 |
17.65 |
4.01 |
0.00 |
6.50 |
6.50 |
0.51 |
0.12 |
CH970 |
Including |
0.00 |
0.70 |
0.70 |
13.56 |
4.50 |
0.00 |
2.30 |
2.30 |
0.40 |
0.13 |
CH970 |
and |
0.70 |
0.94 |
0.24 |
96.58 |
19.66 |
2.30 |
3.10 |
0.80 |
2.82 |
0.57 |
CH971 |
|
0.00 |
2.13 |
2.13 |
264.36 |
30.78 |
0.00 |
7.00 |
7.00 |
7.71 |
0.90 |
CH971 |
Including |
0.76 |
1.16 |
0.40 |
760.36 |
47.15 |
2.50 |
3.80 |
1.30 |
22.18 |
1.38 |
CH971 |
and |
1.16 |
1.71 |
0.55 |
465.21 |
85.65 |
3.80 |
5.60 |
1.80 |
13.57 |
2.50 |
CH972 |
|
0.00 |
1.34 |
1.34 |
79.59 |
59.04 |
0.00 |
4.40 |
4.40 |
2.32 |
1.72 |
CH972 |
Including |
0.00 |
0.67 |
0.67 |
47.76 |
60.79 |
0.00 |
2.20 |
2.20 |
1.39 |
1.77 |
CH972 |
and |
0.67 |
0.85 |
0.18 |
401.06 |
153.18 |
2.20 |
2.80 |
0.60 |
11.70 |
4.47 |
CH973 |
|
0.00 |
1.22 |
1.22 |
1,523.54 |
126.38 |
0.00 |
4.00 |
4.00 |
44.44 |
3.69 |
CH973 |
Including |
0.00 |
0.30 |
0.30 |
262.10 |
233.04 |
0.00 |
1.00 |
1.00 |
7.64 |
6.80 |
CH973 |
and |
0.30 |
0.61 |
0.30 |
5,753.47 |
191.28 |
1.00 |
2.00 |
1.00 |
167.81 |
5.58 |
CH973 |
and |
0.61 |
1.22 |
0.61 |
39.30 |
40.60 |
2.00 |
4.00 |
2.00 |
1.15 |
1.18 |
CH974 |
|
0.00 |
1.98 |
1.98 |
372.56 |
294.68 |
0.00 |
6.50 |
6.50 |
10.87 |
8.59 |
CH974 |
Including |
0.00 |
0.49 |
0.49 |
496.58 |
423.66 |
0.00 |
1.60 |
1.60 |
14.48 |
12.36 |
CH974 |
and |
0.49 |
1.28 |
0.79 |
624.26 |
475.98 |
1.60 |
4.20 |
2.60 |
18.21 |
13.88 |
CH975 |
|
0.00 |
1.65 |
1.65 |
657.83 |
319.59 |
0.00 |
5.40 |
5.40 |
19.19 |
9.32 |
CH975 |
Including |
0.00 |
0.61 |
0.61 |
92.49 |
22.14 |
0.00 |
2.00 |
2.00 |
2.70 |
0.65 |
CH975 |
and |
0.61 |
1.04 |
0.43 |
2,389.35 |
1,183.93 |
2.00 |
3.40 |
1.40 |
69.69 |
34.53 |
CH976 |
|
0.00 |
1.40 |
1.40 |
7.07 |
48.88 |
0.00 |
4.60 |
4.60 |
0.21 |
1.43 |
CH976 |
Including |
0.00 |
0.15 |
0.15 |
23.02 |
186.01 |
0.00 |
0.50 |
0.50 |
0.67 |
5.43 |
CH976 |
and |
0.52 |
0.67 |
0.15 |
33.12 |
231.78 |
1.70 |
2.20 |
0.50 |
0.97 |
6.76 |
CH977 |
|
0.00 |
21.34 |
21.34 |
5.02 |
27.87 |
0.00 |
70.00 |
70.00 |
0.15 |
0.81 |
CH977 |
Including |
3.05 |
4.57 |
1.52 |
31.38 |
215.95 |
10.00 |
15.00 |
5.00 |
0.92 |
6.30 |
CH977 |
and |
19.81 |
21.34 |
1.52 |
37.88 |
149.30 |
65.00 |
70.00 |
5.00 |
1.10 |
4.35 |
CH978 |
|
0.00 |
24.38 |
24.38 |
0.89 |
1.18 |
0.00 |
80.00 |
80.00 |
0.03 |
0.03 |
CH978 |
Including |
15.24 |
16.76 |
1.52 |
13.10 |
13.51 |
50.00 |
55.00 |
5.00 |
0.38 |
0.39 |
CH979 |
|
0.00 |
1.55 |
1.55 |
32.75 |
7.68 |
0.00 |
5.10 |
5.10 |
0.96 |
0.22 |
CH979 |
Including |
0.00 |
0.15 |
0.15 |
60.70 |
48.20 |
0.00 |
0.50 |
0.50 |
1.77 |
1.41 |
CH980 |
|
0.00 |
1.80 |
1.80 |
3.60 |
18.79 |
0.00 |
5.90 |
5.90 |
0.10 |
0.55 |
CH981 |
|
0.00 |
1.37 |
1.37 |
1.47 |
28.89 |
0.00 |
4.50 |
4.50 |
0.04 |
0.84 |
CH981 |
Including |
0.55 |
0.76 |
0.21 |
6.69 |
152.86 |
1.80 |
2.50 |
0.70 |
0.19 |
4.46 |
CH983 |
|
0.00 |
6.10 |
6.10 |
0.09 |
0.25 |
0.00 |
20.00 |
20.00 |
0.00 |
0.01 |
CH984 |
|
0.00 |
6.10 |
6.10 |
1.13 |
0.01 |
0.00 |
20.00 |
20.00 |
0.03 |
0.00 |
CH985 |
|
0.00 |
0.98 |
0.98 |
0.36 |
9.24 |
0.00 |
3.20 |
3.20 |
0.01 |
0.27 |
CH986 |
|
0.00 |
1.52 |
1.52 |
0.52 |
3.20 |
0.00 |
5.00 |
5.00 |
0.02 |
0.09 |
CH987 |
|
0.00 |
2.04 |
2.04 |
0.63 |
2.86 |
0.00 |
6.70 |
6.70 |
0.02 |
0.08 |
CH988 |
|
0.00 |
2.13 |
2.13 |
0.10 |
0.68 |
0.00 |
7.00 |
7.00 |
0.00 |
0.02 |
CH989 |
|
0.00 |
1.37 |
1.37 |
2.64 |
0.01 |
0.00 |
4.50 |
4.50 |
0.08 |
0.00 |
CH990 |
|
0.00 |
1.22 |
1.22 |
21.97 |
26.13 |
0.00 |
4.00 |
4.00 |
0.64 |
0.76 |
CH990 |
Including |
0.00 |
0.61 |
0.61 |
40.25 |
41.07 |
0.00 |
2.00 |
2.00 |
1.17 |
1.20 |
CH991 |
|
0.00 |
1.43 |
1.43 |
1.63 |
6.56 |
0.00 |
4.70 |
4.70 |
0.05 |
0.19 |
CH992 |
|
0.00 |
2.04 |
2.04 |
2.17 |
4.48 |
0.00 |
6.70 |
6.70 |
0.06 |
0.13 |
CH993 |
|
0.00 |
1.07 |
1.07 |
1.85 |
5.21 |
0.00 |
3.50 |
3.50 |
0.05 |
0.15 |
CH994 |
|
0.00 |
1.49 |
1.49 |
2.13 |
4.22 |
0.00 |
4.90 |
4.90 |
0.06 |
0.12 |
CH994 |
F99401 |
0.00 |
0.30 |
0.30 |
9.87 |
20.64 |
0.00 |
1.00 |
1.00 |
0.29 |
0.60 |
CH995 |
|
0.00 |
1.83 |
1.83 |
0.57 |
3.91 |
0.00 |
6.00 |
6.00 |
0.02 |
0.11 |
CH996 |
|
0.00 |
1.58 |
1.58 |
0.03 |
2.35 |
0.00 |
5.20 |
5.20 |
0.00 |
0.07 |
CH997 |
|
0.00 |
1.52 |
1.52 |
17.96 |
10.85 |
0.00 |
5.00 |
5.00 |
0.52 |
0.32 |
CH997 |
Including |
0.67 |
1.31 |
0.64 |
42.37 |
19.13 |
2.20 |
4.30 |
2.10 |
1.24 |
0.56 |
CH998 |
|
0.00 |
1.19 |
1.19 |
22.79 |
31.35 |
0.00 |
3.90 |
3.90 |
0.66 |
0.91 |
CH998 |
Including |
0.00 |
0.43 |
0.43 |
62.02 |
79.21 |
0.00 |
1.40 |
1.40 |
1.81 |
2.31 |
CH999 |
|
0.00 |
1.65 |
1.65 |
0.19 |
1.18 |
0.00 |
5.40 |
5.40 |
0.01 |
0.03 |
Qualified Persons
The scientific and technical information
contained in this news release has been prepared in accordance with
NI 43-101, and has been reviewed and approved by Maggie Layman,
P.Geo., Vice President, Exploration of Osisko Development, and a
"qualified person" within the meaning of NI 43-101.
Quality Assurance (QA) – Quality Control
(QC)
True width determination is estimated to be
approximately 0.3 m to 2.4 m (1 to 8 ft.) wide for the T2 structure
and approximately 3 m to 25 m (10 to 80 ft.) for the T4 mineralized
stockwork zone located in the hanging wall of the T2 structure. All
underground face samples are collected by TCM geologists from each
of the active mining faces, with samples transported by the
geologists from Trixie to the on-site TCM laboratory located at the
Burgin administrative complex. Underground samples are dried,
crushed to <10 mm and a 250 g split is taken. The split is
pulverized, and a 30 g Fire Assay with gravimetric finish is
completed to determine gold and silver grades, reported in oz/short
ton and g/t.
The TCM Burgin laboratory is not a certified
analytical laboratory, but the facility is managed by a qualified
Laboratory Manager with annual auditing by technical staff.
Inter-laboratory check assays using ALS Laboratory as a third-party
independent analysis of samples is routinely carried out as part of
ongoing Quality Assurance-Quality Control
("QA/QC") work. Certified OREAS QC standards and
blanks are inserted at regular intervals in the sample stream to
monitor laboratory performance.
All drill core and exploration samples are
dispatched to ALS Laboratory for offsite sample preparation and
analysis. Samples are assigned a unique sample ID. All geological
and sampling information is entered into Datamine Fusion database.
Core is sawn in half and half are sampled. Certified standards and
blanks inserted into all sample dispatches. Samples are collected
by Old Dominion Transportation and dispatched to ALS Laboratory in
Reno, NV. Sample submission forms accompany the samples, and
digital copies emailed to ALS.
All sample preparation is completed by ALS,
including crushing and pulverizing (Prep31) of samples. Analytical
assays include gold and silver by fire assay of 50 g sample with
AAS finish (Au-AA26), over limits by gravimetric analysis
(Au-Grav22). Multi element analysis is by four acid digest
(ME-MS61). The pulps are returned to Osisko Development and coarse
rejects are disposed after 90 days. Assays are reported to Osisko
Development, and then loaded into Datamine Fusion, QA/QC samples
are checked, and assays merged with sample information for future
reporting.
Cautionary Statements
The Company cautions that the decision to
commence small-scale underground mining activities and batch vat
leaching at the Trixie test mine has been made without the benefit
of a feasibility study, or reported mineral resources or mineral
reserves, demonstrating economic and technical viability, and, as a
result there may be increased uncertainty of achieving any
particular level of recovery of material or the cost of such
recovery. The Company cautions that historically, such projects
have a much higher risk of economic and technical failure. There is
no guarantee that production will continue as anticipated or at all
or that anticipated production costs will be achieved. The failure
to continue production may have a material adverse impact on the
Company's ability to generate revenue and cash flow to fund
operations. Failure to achieve the anticipated production costs may
have a material adverse impact on the Company's cash flow and
potential profitability. In continuing current operations at Trixie
after closing, the Company will not be basing its decision to
continue such operations on a feasibility study, or reported
mineral resources or mineral reserves demonstrating economic and
technical viability. The Company cautions that mining at Trixie
could be suspended at any time.
The Company is subject to the reporting
requirements of the applicable Canadian securities laws, and as a
result reports information regarding mineral properties,
mineralization and estimates of mineral reserves and mineral
resources, including the information in the Tintic Technical Report
and this news release, in accordance with Canadian reporting
requirements, which are governed by NI 43-101. As such, such
information concerning mineral properties, mineralization and
estimates of mineral reserves and mineral resources, including the
information in the Tintic Technical Report and this news release,
is not comparable to similar information made public by U.S.
companies subject to the reporting and disclosure requirements of
the SEC.
About Osisko
Development Corp.
Osisko Development Corp. (NYSE: ODV, TSXV: ODV)
is uniquely positioned as a premier gold development company in
North America to advance the Cariboo Gold Project and other
Canadian, U.S.A. and Mexican properties, with the objective of
becoming the next mid-tier gold producer. The Cariboo Gold Project,
located in central British Columbia, Canada, is Osisko
Development's flagship asset. The considerable exploration
potential at depth and along strike distinguishes the Cariboo Gold
Project relative to other development assets. Osisko Development's
project pipeline is complemented by its 100% ownership of the San
Antonio gold project, located in Sonora, Mexico and the Tintic
Project, located in Utah, U.S.A.
For further information, please contact
Osisko Development:
Philip RabenokDirector,
Investor RelationsEmail: prabenok@osiskodev.comTel: +1 (437)
423-3644
FORWARD LOOKING STATEMENTS
Certain statements contained in this news
release may be deemed "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform
Act of 1995 and "forward-looking information" within the meaning of
applicable Canadian securities legislation. These forward‐looking
statements, by their nature, require Osisko Development 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, the ability of exploration work
(including drilling) to accurately predict mineralization, the
ongoing advancement of the Trixie decline, our ability to operate
four rigs, 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, and any other information
herein that is not a historical fact may be "forward looking
information". Material assumptions also include, management's
perceptions of historical trends, the ability of exploration
(including drilling) to accurately predict mineralization, budget
constraints and access to capital on terms acceptable to the
Company, current conditions and expected future developments,
results of further exploration work to define or expand any mineral
resources, the ability to continue production at its Trixie mine,
as well as other considerations that are believed to be appropriate
in the circumstances. Osisko Development 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 Development, may
ultimately prove to be incorrect since they are subject to risks
and uncertainties that affect Osisko Development and its business.
Such risks and uncertainties include, among others, risks relating
to capital market conditions and the Company's ability to access
capital on terms acceptable to the Company; the ability to continue
current production; regulatory framework; 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 stream interests in
the Project; the ability of the Company to obtain required
approvals; the results of exploration activities; risks relating to
exploration, development and 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. Readers are urged to consult the disclosure provided
under the heading "Risk Factors" in the Company's annual
information form for the year ended December 31, 2021, as amended,
which has been filed on SEDAR (www.sedar.com) under Osisko
Development's issuer profile and on the SEC's EDGAR website
(www.sec.gov), for further information regarding the risks and
other factors applicable to the exploration results. Although the
Company's believes the expectations conveyed by the forward-looking
statements are reasonable based on information available at the
date of preparation, no assurances can be given as to future
results, levels of activity and achievements. The Company disclaims
any obligation to update any forward-looking statements, whether as
a result of new information, future events or results or otherwise,
except as required by law. There can be no assurance that these
forward-looking statements 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 statements.
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.
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