Osisko Development Intersects 1,965 g/t Au Over 0.50 Meter at Mosquito Creek and 333 g/t Over 0.50 Meter at Shaft

Montréal, Quebec, CANADA


MONTREAL, Aug. 11, 2021 (GLOBE NEWSWIRE) -- Osisko Development Corp. (“Osisko Development” or the “Company”) (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 eight diamond drill rigs are currently active on the Project.

Highlights

  • A total of 106,000 meters have been drilled thus far in 2021.
  • Recent assay results include holes IM-21-069 to IM-21-086 (Figure 1).
  • Drilling highlights include 23.98 g/t Au over 7.35 meters in hole IM-21-081 at Shaft Zone including 333.0 g/t Au over 0.50 meter, at a vertical depth of 470 meters and 30 meters down dip from a modelled vein corridor.
  • Drillhole IM-21-078, located at Mosquito Creek, hosts multiple mineralized vein corridors that assayed 10.57 g/t Au over 5.30 meters and 1,965 g/t Au over 0.50 meter, 100 meters north of the current modelled deposit (Figure 2).
  • Drillhole IM-21-083, located 50 meters down dip of hole IM-21-078 also intersected mineralized vein corridors including 6.16 g/t Au over 3.65 meters and 18.01 g/t Au over 1.80 meters showing continuity between the drillholes.
  • Detailed drilling results and drill hole location plan maps are presented at the end of this release.

Assay Highlights

  • 70.95 g/t Au over 2.00 meters in hole IM-21-070 including
  • 281.00 g/t Au over 0.50 meter
  • 81.70 g/t Au over 1.00 meter in hole IM-21-072
  • 59.40 g/t Au over 0.55 meter in hole IM-21-076
  • 10.57 g/t Au over 5.30 meters in hole IM-21-078 including
  • 45.70 g/t Au over 1.00 meter
  • 8.69 g/t Au over 7.60 meters in hole IM-21-078
  • 1,965.00 g/t Au over 0.50 meter in hole IM-21-078
  • 9.95 g/t Au over 3.95 meters in hole IM-21-081
  • 23.98 g/t Au over 7.35 meters in hole IM-21-081 including
  • 333.00 g/t Au over 0.50 meter
  • 18.01 g/t Au over 1.80 meters in hole IM-21-083
  • 15.26 g/t Au over 2.90 meters in hole IM-21-085
  • 21.39 g/t Au over 3.25 meters in hole IM-21-086 including
  • 67.50 g/t Au over 0.70 meter
  • 11.22 g/t Au over 5.80 meters in hole IM-21-086 including
  • 50.70 g/t Au over 1.05 meters

Maggie Layman, Vice President of Exploration of Osisko Development commented, “The recent drill results on Island Mountain include high grade vein corridor intercepts along strike and, at depth at both Mosquito Creek and Shaft Deposits. These results should have a positive impact on our future resource updates and exploration targets.”

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 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 averaging 300 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.

Figure 1: Cariboo deposit areas overview map
https://www.globenewswire.com/NewsRoom/AttachmentNg/92a3177a-e7d6-4d35-87c7-9dd79516ae84

Figure 2: Mosquito Creek select drilling highlights.
https://www.globenewswire.com/NewsRoom/AttachmentNg/950725c1-f6a0-42cd-bc2a-f39d8aebcb0f

Figure 3: Shaft Zone select drilling highlights.
https://www.globenewswire.com/NewsRoom/AttachmentNg/05c61910-3fa1-4c18-98f9-c0272187829a

Qualified Person

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 first half of 2022. 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 Lemonde
VP Investor Relations
jflemonde@osiskodev.com
Tel: 514-299-4926
 

Forward-looking Statements

Certain statements contained in this press release may be deemed “forwardlooking statements” within the meaning of applicable Canadian and U.S. securities laws. These forwardlooking 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 forwardlooking statements. Forwardlooking 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 forwardlooking statements. Information contained in forwardlooking 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, including with respect to 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 last folding event 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 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 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 forwardlooking 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 forwardlooking 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 2021 Length Weighted Drill Hole Gold Composites

HOLE ID FROM M TO (M)LENGTH
(M)
AU (G/T)TARGET
IM-21-069 133.80134.300.503.19Shaft
IM-21-070 10.2010.700.5017.65Shaft
  39.2041.202.0070.95 
 Including40.7041.200.50281.00 
IM-21-071 24.5025.000.5013.80Shaft
  30.7531.550.805.08 
  190.70191.200.5010.55 
IM-21-072 231.50232.000.503.31Shaft and Valley
  253.20253.850.654.15 
  446.00447.001.0081.70 
IM-21-073 79.0079.600.604.23Shaft
  115.35115.900.556.25 
IM-21-074No significant assays   Shaft
IM-21-075 141.50142.601.1011.25Mosquito
IM-21-076 192.80198.005.204.63Shaft
 Including193.50194.300.8014.10 
 and197.00197.500.508.73 
  210.70213.703.009.51 
 Including212.20212.700.5034.20 
  218.50219.100.6010.45 
  227.60228.250.657.75 
  231.25231.800.5559.40 
  315.50316.050.554.27 
IM-21-077 281.00282.951.955.02Shaft
 Including281.00281.500.5010.60 
  285.00285.700.703.28 
  287.70288.200.505.63 
IM-21-078 141.20146.505.3010.57Mosquito
 Including142.30143.301.0045.70 
 and144.80145.300.507.86 
  155.90163.507.608.69 
 Including159.50161.001.5022.40 
 and162.50163.501.0020.50 
  191.65192.300.653.58 
  192.30193.000.703.36 
  203.00203.500.501965.00 
  221.50223.001.508.24 
 Including222.00223.001.0010.00 
  263.80264.300.5014.40 
  340.60341.500.904.68 
  344.35344.850.5018.65 
IM-21-079 87.5088.951.457.57Shaft
 Including87.5088.100.6016.20 
  97.4598.000.554.05 
  117.30117.850.559.67 
IM-21-080No significant assays   Shaft
IM-21-081 246.20247.601.405.32Shaft
  292.50293.100.6023.10 
  382.40383.751.353.31 
  403.50407.453.959.95 
 Including403.50404.150.6510.10 
 and404.15405.551.4020.20 
  530.00530.500.506.36 
  576.00583.357.3523.98 
 Including581.35581.850.50333.00 
 and582.35582.850.509.56 
  594.25595.351.108.80 
 Including594.75595.350.6014.45 
  602.10603.000.903.69 
IM-21-082hole abandoned    Shaft
IM-21-083 141.00145.004.004.77Mosquito
 Including143.00143.500.5017.40 
 and144.50145.000.508.64 
  151.25152.000.755.00 
  178.00180.202.207.14 
 Including178.00178.500.5022.30 
 and178.50179.000.506.84 
  195.00196.501.5010.25 
  234.25234.950.709.52 
  249.75253.403.656.16 
 Including250.50251.000.5012.15 
 and251.00251.600.609.04 
 and252.90253.400.5019.65 
  407.30409.101.8018.01 
 Including407.30408.000.7021.90 
 and408.00408.500.5032.80 
IM-21-084 224.20225.201.003.73Shaft
  250.60252.952.353.67 
 Including250.60251.100.5011.40 
IM-21-085 212.00212.500.506.07Shaft
  220.90221.500.606.62 
  296.50299.402.9015.26 
 Including296.50297.601.1016.50 
 and298.30299.401.1021.70 
  319.50320.100.6014.60 
IM-21-086 203.20203.700.506.62Shaft and Valley
  326.55329.803.2521.39 
 Including326.55327.050.5022.10 
 and327.05327.550.5011.30 
 and327.55328.250.7067.50 
  338.25344.055.8011.22 
 Including338.25338.750.5021.90 
 and343.00344.051.0550.70 
  362.50363.000.505.28 
  375.25380.505.253.13 

Table 2: Drill Hole Locations and Orientations

HOLE IDEASTINGNORTHINGELEVDIPAZIDEPTH
(M)
IM-21-06959438358847631384-59123271
IM-21-07059447458843511430-47331165
IM-21-07159424958846901415-55125393
IM-21-07259498658843481302-47145480
IM-21-07359447558843501430-73303210
IM-21-07459438358847631384-54120300
IM-21-07559391258850151368-48330171
IM-21-07659425058846901415-45119426
IM-21-07759450958842691425-46338345
IM-21-07859394458850321371-51320387
IM-21-07959437258846881399-62148183
IM-21-08059437158846881396-58143240
IM-21-08159444258846551395-52132616
IM-21-08259498658843491301-50143117
IM-21-08359394458850321371-56319450
IM-21-08459424858846901415-48119477
IM-21-08559450858842691426-50334344
IM-21-08659498558843481302-52150441

 


Figure 1: Cariboo deposit areas overview map Figure 2: Mosquito Creek select drilling highlights Figure 3: Shaft Zone select drilling highlights

Pièces jointes

MC_SZ_drillresults_Aug11_final draft