Osisko Development Intersects 20.40 g/t Au Over 6.55 Meters, 117.00 g/t Au Over 0.90 Meter and 155.50 g/t Au Over 0.50 Meter on Island Mountain
October 19 2021 - 7:00AM
Osisko Development Corp. (“
Osisko Development” or
the “
Company”) (TSX.V-ODV) is pleased to announce
drilling results from the 2021 exploration and category conversion
drill program campaign at its Cariboo Gold Project
(“
Cariboo”) in central British Columbia. A total
of 6 diamond drill rigs are currently active on the Project.
Summary
- A total of 147,000
meters have been drilled thus far in 2021, of which 10,000
meters were drilled at Mosquito and 58,000 drilled at Shaft.
- Recent assay results include holes
IM-21-087 to IM-21-101 from Mosquito and Shaft
Zones on Island Mountain (Figure 1).
- IM-21-089 intersected 20.40
g/t Au over 6.55 meters at Shaft Zone and included high
grade samples of 92.30 g/t Au over 0.60
meter, 50.70 g/t Au over 0.60 meter, 28.10
g/t Au over 0.60 meter and 22.40 g/t Au
over 1.25 meters.
- IM-21-090 tested both Shaft and
Valley Zones, intersected multiple mineralized vein corridors in
both zones including 48.10 g/t Au over 2.40 meters
with 117.0 g/t Au over 0.90 meter on the Shaft
Zone and 5.50 g/t Au over 12.25 meters including
54.5 g/t Au over 0.90 meter on the Valley
Zone.
- Detailed drilling results and a
drill hole location plan map are presented at the end of this
release.
Assay Highlights
- 15.48 g/t Au over 3.40 meters in hole
IM-21-088 including
- 28.80 g/t Au over 0.80 meter
- 20.40 g/t Au over 6.55 meters in hole
IM-21-089 including
- 92.30 g/t Au over 0.60 meter and
- 50.70 g/t Au over 0.60 meter
- 48.10 g/t Au over 2.40 meters in hole
IM-21-090 including
- 117.00 g/t Au over 0.90 meter
- 5.50 g/t Au over 12.25 meters in hole
IM-21-090 including
- 54.50 g/t Au over 0.90 meter
- 97.40 g/t Au over 0.50 meter in hole
IM-21-092
- 63.40 g/t Au over 0.50 meter in hole
IM-21-092
- 9.85 g/t Au over 5.80 meters in hole IM-21-093
including
- 37.80 g/t Au over 1.15 meters
- 8.27 g/t Au over 6.30 meters in hole
IM-21-097
- 34.03 g/t Au over 1.00 meter in hole IM-21-097
including
- 48.70 g/t Au over 0.50 meter
- 49.40 g/t Au over 0.80 meter in hole
IM-21-097
- 35.68 g/t Au over 2.25 meters in hole
IM-21-097 including
- 155.50 g/t Au over 0.50 meter
- 6.23 g/t Au over 6.50 meters in hole IM-21-097
including
- 30.50 g/t Au over 1.00 meter
- 16.39 g/t Au over 2.70 meters in hole
IM-21-098 including
- 52.60 g/t Au over 0.50 meter
- 7.61 g/t Au over 4.15 meters in hole
IM-21-101
Chris Lodder, President of Osisko Development
commented, “Drilling from the Shaft Zone over to the Valley Zone
has allowed us to intersect multiple deposits with one hole, and to
explore along strike at Shaft zone while testing down dip at Valley
Zone. These recent results from holes IM-21-090 and IM-21-097
indicate continuity between the two zones and significant expansion
potential.
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
maphttps://www.globenewswire.com/NewsRoom/AttachmentNg/8e9ea0d6-54ba-430e-90f7-a3850b513d3c
Figure 2: Mosquito Creek Zone
select drilling
highlightshttps://www.globenewswire.com/NewsRoom/AttachmentNg/505d184b-09be-4777-8937-4b7c2d72f3a3
Figure 3: Shaft Zone select
drilling
highlightshttps://www.globenewswire.com/NewsRoom/AttachmentNg/3e96a1c4-744b-4e29-be94-4bebbd732a89
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 and mineral resource estimate
effective 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 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
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, 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 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 2021 Length Weighted Drill Hole Gold
Composites
HOLE ID |
|
FROM M |
TO (M) |
LENGTH (M) |
AU (G/T) |
TARGET |
IM-21-087 |
|
10.30 |
11.50 |
1.20 |
3.22 |
Shaft |
|
|
113.50 |
114.00 |
0.50 |
7.94 |
|
|
|
133.50 |
138.00 |
4.50 |
4.22 |
|
|
Including |
133.50 |
134.45 |
0.95 |
7.37 |
|
|
and |
137.35 |
138.00 |
0.65 |
16.90 |
|
|
|
162.00 |
162.75 |
0.75 |
4.00 |
|
IM-21-088 |
|
154.00 |
155.00 |
1.00 |
5.75 |
Mosquito |
|
|
172.00 |
174.00 |
2.00 |
6.37 |
|
|
Including |
172.00 |
173.00 |
1.00 |
8.16 |
|
|
and |
173.00 |
173.50 |
0.50 |
7.90 |
|
|
|
205.80 |
206.30 |
0.50 |
4.37 |
|
|
|
209.60 |
213.00 |
3.40 |
15.48 |
|
|
Including |
210.35 |
211.00 |
0.65 |
17.15 |
|
|
and |
211.00 |
211.50 |
0.50 |
15.75 |
|
|
and |
211.50 |
212.30 |
0.80 |
28.80 |
|
|
|
238.90 |
239.40 |
0.50 |
19.85 |
|
|
|
260.00 |
260.65 |
0.65 |
5.98 |
|
|
|
268.20 |
268.90 |
0.70 |
8.10 |
|
|
|
274.40 |
274.90 |
0.50 |
3.18 |
|
|
|
307.40 |
307.90 |
0.50 |
21.70 |
|
|
|
314.00 |
314.55 |
0.55 |
3.46 |
|
IM-21-089 |
|
12.00 |
12.85 |
0.85 |
5.52 |
Shaft |
|
|
31.20 |
37.75 |
6.55 |
20.40 |
|
|
Including |
31.20 |
31.80 |
0.60 |
92.30 |
|
|
and |
31.80 |
32.40 |
0.60 |
50.70 |
|
|
and |
34.40 |
35.00 |
0.60 |
28.10 |
|
|
and |
35.50 |
36.75 |
1.25 |
22.40 |
|
|
|
42.60 |
43.35 |
0.75 |
5.98 |
|
|
|
44.60 |
45.10 |
0.50 |
4.18 |
|
|
|
180.45 |
181.70 |
1.25 |
3.99 |
|
|
|
214.30 |
214.90 |
0.60 |
14.65 |
|
IM-21-090 |
|
200.60 |
203.00 |
2.40 |
48.10 |
Shaft |
|
Including |
201.50 |
202.40 |
0.90 |
117.00 |
|
|
|
288.10 |
291.30 |
3.20 |
4.39 |
|
|
Including |
288.10 |
289.50 |
1.40 |
9.46 |
|
|
|
303.90 |
304.90 |
1.00 |
3.56 |
|
|
|
311.15 |
312.00 |
0.85 |
13.15 |
|
|
|
342.50 |
343.10 |
0.60 |
5.34 |
|
|
|
386.00 |
388.00 |
2.00 |
6.16 |
Valley |
|
Including |
386.95 |
387.45 |
0.50 |
22.90 |
|
|
|
400.50 |
406.10 |
5.60 |
4.71 |
|
|
Including |
400.50 |
401.25 |
0.75 |
7.16 |
|
|
and |
402.80 |
403.60 |
0.80 |
10.70 |
|
|
and |
405.60 |
406.10 |
0.50 |
9.57 |
|
|
|
412.40 |
413.00 |
0.60 |
3.95 |
|
|
|
413.60 |
414.15 |
0.55 |
3.46 |
|
|
|
419.80 |
420.35 |
0.55 |
12.50 |
|
|
|
432.50 |
433.50 |
1.00 |
7.37 |
|
|
|
464.75 |
477.00 |
12.25 |
5.50 |
|
|
Including |
468.00 |
468.75 |
0.75 |
14.10 |
|
|
and |
476.10 |
477.00 |
0.90 |
54.50 |
|
IM-21-091 |
|
39.35 |
39.85 |
0.50 |
3.65 |
Shaft |
|
|
53.30 |
54.00 |
0.70 |
3.68 |
|
|
|
92.00 |
94.90 |
2.90 |
4.29 |
|
|
Including |
94.40 |
94.90 |
0.50 |
15.00 |
|
|
|
188.65 |
190.15 |
1.50 |
3.45 |
|
IM-21-092 |
|
288.55 |
289.05 |
0.50 |
7.30 |
Shaft |
|
|
316.20 |
317.00 |
0.80 |
3.85 |
|
|
|
336.60 |
337.20 |
0.60 |
16.80 |
|
|
|
348.10 |
349.80 |
1.70 |
4.55 |
|
|
Including |
348.10 |
348.60 |
0.50 |
14.15 |
|
|
|
352.85 |
353.35 |
0.50 |
4.20 |
|
|
|
399.05 |
399.80 |
0.75 |
3.49 |
|
|
|
417.85 |
418.35 |
0.50 |
6.02 |
|
|
|
433.70 |
444.65 |
10.95 |
2.99 |
|
|
Including |
433.70 |
434.40 |
0.70 |
9.13 |
|
|
and |
439.85 |
440.90 |
1.05 |
13.85 |
|
|
|
458.80 |
459.40 |
0.60 |
6.57 |
|
|
|
464.30 |
464.80 |
0.50 |
97.40 |
|
|
|
638.50 |
639.00 |
0.50 |
63.40 |
|
|
|
746.45 |
747.15 |
0.70 |
8.00 |
|
|
|
759.60 |
760.40 |
0.80 |
9.41 |
|
IM-21-093 |
|
12.00 |
14.00 |
2.00 |
6.36 |
Shaft |
|
Including |
13.00 |
14.00 |
1.00 |
9.41 |
|
|
|
50.50 |
51.30 |
0.80 |
4.25 |
|
|
|
119.10 |
121.30 |
2.20 |
5.06 |
|
|
|
139.55 |
146.10 |
6.55 |
3.74 |
|
|
Including |
140.85 |
142.00 |
1.15 |
6.45 |
|
|
and |
144.20 |
145.00 |
0.80 |
9.79 |
|
|
|
336.50 |
337.45 |
0.95 |
6.90 |
|
|
|
402.20 |
408.00 |
5.80 |
9.85 |
|
|
Including |
402.75 |
403.90 |
1.15 |
37.80 |
|
|
and |
403.90 |
404.85 |
0.95 |
9.18 |
|
|
|
428.00 |
428.60 |
0.60 |
3.81 |
|
IM-21-094 |
No significant Assays |
|
|
|
|
Shaft |
IM-21-095 |
|
229.50 |
230.00 |
0.50 |
7.79 |
Mosquito |
|
|
297.80 |
299.40 |
1.60 |
7.16 |
|
|
Including |
297.80 |
298.30 |
0.50 |
10.00 |
|
IM-21-096 |
|
23.55 |
24.60 |
1.05 |
3.84 |
Shaft |
|
|
43.25 |
43.75 |
0.50 |
5.97 |
|
IM-21-097 |
|
82.00 |
83.00 |
1.00 |
10.30 |
Shaft |
|
|
178.00 |
184.30 |
6.30 |
8.27 |
|
|
Including |
180.90 |
181.75 |
0.85 |
15.25 |
|
|
and |
181.75 |
182.60 |
0.85 |
10.35 |
|
|
and |
182.60 |
183.20 |
0.60 |
15.35 |
|
|
and |
183.20 |
184.30 |
1.10 |
11.55 |
|
|
|
210.00 |
210.90 |
0.90 |
3.36 |
|
|
Including |
246.55 |
247.20 |
0.65 |
3.32 |
|
|
and |
253.05 |
254.50 |
1.45 |
7.18 |
|
|
|
300.65 |
301.65 |
1.00 |
34.03 |
|
|
Including |
300.65 |
301.15 |
0.50 |
48.70 |
|
|
|
326.70 |
327.25 |
0.55 |
5.52 |
|
|
|
375.50 |
376.30 |
0.80 |
49.40 |
Valley |
|
|
395.30 |
397.55 |
2.25 |
35.68 |
|
|
Including |
397.05 |
397.55 |
0.50 |
155.50 |
|
|
|
421.25 |
422.75 |
1.50 |
6.10 |
|
|
Including |
421.25 |
421.75 |
0.50 |
9.75 |
|
|
|
450.20 |
456.70 |
6.50 |
6.23 |
|
|
Including |
450.20 |
450.90 |
0.70 |
8.29 |
|
|
and |
451.90 |
452.90 |
1.00 |
30.50 |
|
|
|
474.00 |
474.60 |
0.60 |
3.93 |
|
|
|
506.65 |
507.50 |
0.85 |
3.48 |
|
IM-21-098 |
|
24.50 |
25.25 |
0.75 |
3.63 |
Shaft |
|
|
69.60 |
70.60 |
1.00 |
7.66 |
|
|
Including |
69.60 |
70.10 |
0.50 |
12.25 |
|
|
|
87.60 |
90.30 |
2.70 |
16.39 |
|
|
Including |
87.60 |
88.10 |
0.50 |
19.45 |
|
|
and |
88.10 |
88.60 |
0.50 |
52.60 |
|
|
and |
89.10 |
89.60 |
0.50 |
10.40 |
|
|
|
95.10 |
95.60 |
0.50 |
10.65 |
|
|
|
218.70 |
219.20 |
0.50 |
3.47 |
|
|
|
307.10 |
307.70 |
0.60 |
25.10 |
|
|
|
319.20 |
320.10 |
0.90 |
3.99 |
|
IM-21-099 |
|
93.00 |
93.60 |
0.60 |
8.12 |
Mosquito |
IM-21-100 |
|
7.35 |
9.00 |
1.65 |
4.77 |
Shaft |
|
Including |
8.00 |
9.00 |
1.00 |
6.16 |
|
|
|
67.80 |
68.80 |
1.00 |
10.80 |
|
IM-21-101 |
|
40.00 |
40.50 |
0.50 |
6.19 |
Mosquito |
|
|
45.50 |
46.00 |
0.50 |
23.10 |
|
|
|
79.60 |
83.75 |
4.15 |
7.61 |
|
|
Including |
79.60 |
80.20 |
0.60 |
19.05 |
|
|
and |
82.95 |
83.75 |
0.80 |
24.90 |
|
Table 2: Drill Hole Locations and
Orientations
HOLE ID |
EASTING |
NORTHING |
ELEV |
DIP |
AZI |
DEPTH (M) |
IM-21-087 |
594509 |
5884268 |
1426 |
-61 |
322 |
342 |
IM-21-088 |
593942 |
5885031 |
1371 |
-50 |
328 |
417 |
IM-21-089 |
594248 |
5884690 |
1415 |
-64 |
130 |
252 |
IM-21-090 |
594988 |
5884349 |
1303 |
-49 |
121 |
540 |
IM-21-091 |
594249 |
5884690 |
1415 |
-68 |
124 |
255 |
IM-21-092 |
594442 |
5884656 |
1395 |
-49 |
129 |
771 |
IM-21-093 |
594489 |
5884239 |
1424 |
-52 |
337 |
465 |
IM-21-094 |
594249 |
5884675 |
1415 |
-52 |
148 |
282 |
IM-21-095 |
593942 |
5885031 |
1371 |
-45 |
328 |
315 |
IM-21-096 |
594249 |
5884675 |
1415 |
-55 |
148 |
186 |
IM-21-097 |
594990 |
5884347 |
1304 |
-46 |
123 |
594 |
IM-21-098 |
594249 |
5884675 |
1415 |
-57 |
148 |
333 |
IM-21-099 |
593877 |
5884957 |
1383 |
-56 |
331 |
120 |
IM-21-100 |
594490 |
5884238 |
1425 |
-56 |
327 |
422 |
IM-21-101 |
593876 |
5884957 |
1383 |
-62 |
323 |
174 |
Osisko Development (TSXV:ODV)
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From Mar 2024 to Apr 2024
Osisko Development (TSXV:ODV)
Historical Stock Chart
From Apr 2023 to Apr 2024