Osisko Development Intersects 158.40 g/t Au Over 7.75 Meters Including 2,420 g/t Au Over 0.50 Meter at Lowhee Zone
October 26 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.
Summary
- A total of 152,000
meters were drilled in 2021, of which 28,000 meters and 92
holes were drilled at Lowhee Zone on Barkerville Mountain.
- Recent assay results include holes
BM-21-037 to BM-21-051 (Figure 1).
- BM-21-047 intersected a mineralized
vein corridor from 121.00 meters to 128.75 meters core depth and
assayed 158.40 g/t Au over 7.75 meters including a
sample with visible gold that assayed 2,420.00 g/t Au over
0.50 meter (Figure 2).
- BM-21-049, located 130 meters along
strike from BM-21-047, returned assays of 19.03 g/t Au over
15.20 meters including a sample of 482.00 g/t Au
over 0.50 meter.
- Other samples over 100.00
g/t Au include 157.50 g/t Au over 0.50
meter in hole BM-21-039 and 103.50 g/t Au over
1.00 meter in hole BM-21-046.
- Detailed drilling results and a
drill hole location plan map are presented at the end of this
release.
Assay Highlights
- 6.77 g/t Au over 9.05 meters in hole BM-21-037
including
- 70.40 g/t Au over 0.70 meter
- 26.80 g/t Au over 0.55 meter in hole
BM-21-038
- 157.50 g/t Au over 0.50 meter in hole
BM-21-039
- 16.46 g/t Au over 7.15 meters in hole
BM-21-046 including
- 103.50 g/t Au over 1.00 meter
- 158.40 g/t Au over 7.75 meters in hole
BM-21-047 including
- 2,420.00 g/t Au over 0.50 meter
- 27.60 g/t Au over 0.80 meter in hole
BM-21-047
- 38.70 g/t Au over 0.60 meter in hole
BM-21-048
- 9.81 g/t Au over 3.50 meters in hole BM-21-049
including
- 60.30 g/t Au over 0.50 meter
- 19.03 g/t Au over 15.20 meters in hole
BM-21-049 including
- 482.00 g/t Au over 0.50 meter
- 29.70 g/t Au over 0.50 meter in hole
BM-21-051
- 42.70 g/t Au over 0.55 meter in hole
BM-21-051
- 32.20 g/t Au over 0.70 meter in hole
BM-21-051
Sean Roosen, CEO of Osisko Development
commented, “These exceptional results from Lowhee Zone continue to
increase our confidence in this deposit and add additional
exploration potential along strike to the southeast towards KL
zone, where is there a currently 1,300 meters of untested ground on
Barkerville Mountain alone.”
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 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b4f8f818-3a14-4273-a023-fdaeed3aec48
Figure 2: Lowhee Zone select
drilling highlights is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/95d7d6dc-4bcd-4713-bf19-1cfab043077a
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 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, 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) |
BM-21-037 |
|
26.70 |
27.20 |
0.50 |
3.16 |
|
|
30.25 |
30.75 |
0.50 |
3.46 |
|
|
48.45 |
49.70 |
1.25 |
7.19 |
|
Including |
49.20 |
49.70 |
0.50 |
11.55 |
|
|
110.75 |
111.30 |
0.55 |
18.70 |
|
|
151.95 |
161.00 |
9.05 |
6.77 |
|
Including |
153.70 |
154.40 |
0.70 |
70.40 |
|
and |
160.10 |
161.00 |
0.90 |
11.45 |
|
|
183.00 |
183.50 |
0.50 |
6.32 |
|
|
255.50 |
257.10 |
1.60 |
12.26 |
|
Including |
255.50 |
256.05 |
0.55 |
20.50 |
|
and |
256.55 |
257.10 |
0.55 |
15.05 |
BM-21-038 |
|
198.40 |
199.15 |
0.75 |
5.93 |
|
|
247.05 |
253.25 |
6.20 |
4.07 |
|
Including |
247.05 |
247.80 |
0.75 |
9.94 |
|
and |
252.70 |
253.25 |
0.55 |
26.80 |
|
|
261.50 |
262.20 |
0.70 |
23.80 |
|
|
285.00 |
285.50 |
0.50 |
4.56 |
|
|
290.60 |
294.60 |
4.00 |
6.45 |
|
Including |
290.60 |
291.10 |
0.50 |
17.40 |
|
and |
293.10 |
293.60 |
0.50 |
22.50 |
|
|
428.40 |
429.00 |
0.60 |
6.83 |
BM-21-039 |
|
48.40 |
51.30 |
2.90 |
7.69 |
|
Including |
48.40 |
49.45 |
1.05 |
20.30 |
|
|
126.25 |
126.75 |
0.50 |
6.71 |
|
|
139.45 |
139.95 |
0.50 |
8.85 |
|
|
175.75 |
178.15 |
2.40 |
3.02 |
|
Including |
175.75 |
176.30 |
0.55 |
7.29 |
|
|
204.65 |
205.20 |
0.55 |
4.53 |
|
|
236.20 |
237.40 |
1.20 |
3.97 |
|
|
253.10 |
253.60 |
0.50 |
157.50 |
BM-21-040 |
|
199.15 |
199.65 |
0.50 |
22.70 |
|
|
255.85 |
256.35 |
0.50 |
7.95 |
|
|
267.40 |
267.90 |
0.50 |
4.10 |
BM-21-041 |
|
44.55 |
45.15 |
0.60 |
10.50 |
|
|
58.20 |
58.70 |
0.50 |
9.84 |
|
|
73.30 |
74.30 |
1.00 |
8.10 |
|
|
146.90 |
147.40 |
0.50 |
7.17 |
BM-21-042 |
|
52.25 |
52.75 |
0.50 |
10.00 |
|
|
64.10 |
64.60 |
0.50 |
9.02 |
|
|
118.30 |
118.80 |
0.50 |
8.23 |
|
|
130.50 |
131.00 |
0.50 |
4.38 |
|
|
160.30 |
161.50 |
1.20 |
6.45 |
|
|
176.00 |
177.00 |
1.00 |
10.57 |
|
Including |
176.50 |
177.00 |
0.50 |
14.10 |
|
|
209.00 |
210.10 |
1.10 |
8.45 |
|
Including |
209.00 |
209.60 |
0.60 |
13.40 |
|
|
283.50 |
285.00 |
1.50 |
3.27 |
BM-21-043 |
|
171.00 |
171.70 |
0.70 |
22.30 |
|
|
200.50 |
201.05 |
0.55 |
5.80 |
|
|
260.45 |
261.10 |
0.65 |
8.96 |
|
|
292.45 |
293.05 |
0.60 |
7.51 |
BM-21-044 |
|
52.50 |
54.00 |
1.50 |
4.84 |
|
|
60.00 |
60.60 |
0.60 |
6.26 |
|
|
65.50 |
68.50 |
3.00 |
7.27 |
|
Including |
65.50 |
66.00 |
0.50 |
9.25 |
|
and |
66.50 |
67.00 |
0.50 |
19.50 |
|
|
77.00 |
77.50 |
0.50 |
6.68 |
|
|
134.25 |
134.75 |
0.50 |
7.15 |
|
|
147.50 |
148.00 |
0.50 |
10.55 |
|
|
167.50 |
169.00 |
1.50 |
3.72 |
|
|
204.10 |
204.70 |
0.60 |
7.63 |
|
|
274.00 |
274.60 |
0.60 |
19.55 |
|
|
287.00 |
288.20 |
1.20 |
4.74 |
BM-21-046 |
|
193.85 |
201.00 |
7.15 |
16.46 |
|
Including |
196.35 |
197.45 |
1.10 |
9.58 |
|
and |
197.45 |
198.45 |
1.00 |
103.50 |
|
|
220.65 |
221.40 |
0.75 |
14.30 |
|
|
255.35 |
256.10 |
0.75 |
22.10 |
|
|
287.25 |
287.75 |
0.50 |
51.20 |
|
|
298.00 |
298.50 |
0.50 |
5.64 |
BM-21-047 |
|
22.20 |
22.70 |
0.50 |
4.41 |
|
|
37.45 |
37.95 |
0.50 |
16.95 |
|
|
121.00 |
128.75 |
7.75 |
158.40 |
|
Including |
124.40 |
124.90 |
0.50 |
2420.00 |
|
and |
126.40 |
126.90 |
0.50 |
13.20 |
|
|
192.00 |
194.90 |
2.90 |
8.68 |
|
Including |
192.00 |
192.80 |
0.80 |
27.60 |
|
|
253.35 |
255.80 |
2.45 |
11.13 |
|
Including |
253.35 |
254.10 |
0.75 |
12.15 |
|
and |
254.80 |
255.80 |
1.00 |
15.75 |
|
|
271.80 |
273.90 |
2.10 |
4.50 |
|
Including |
271.80 |
272.45 |
0.65 |
8.59 |
BM-21-048 |
|
162.30 |
162.80 |
0.50 |
18.25 |
|
|
181.00 |
182.85 |
1.85 |
13.78 |
|
Including |
181.55 |
182.15 |
0.60 |
38.70 |
|
|
187.65 |
191.70 |
4.05 |
6.63 |
|
Including |
187.65 |
188.25 |
0.60 |
16.55 |
|
and |
191.15 |
191.70 |
0.55 |
13.75 |
|
|
217.70 |
219.00 |
1.30 |
9.23 |
|
Including |
217.70 |
218.25 |
0.55 |
12.25 |
|
|
235.75 |
236.35 |
0.60 |
3.62 |
|
|
281.50 |
282.00 |
0.50 |
4.11 |
|
|
284.90 |
285.40 |
0.50 |
13.80 |
BM-21-049 |
|
108.25 |
111.75 |
3.50 |
9.81 |
|
Including |
109.60 |
110.10 |
0.50 |
60.30 |
|
|
144.00 |
144.50 |
0.50 |
8.06 |
|
|
198.80 |
214.00 |
15.20 |
19.03 |
|
Including |
198.80 |
199.65 |
0.85 |
11.55 |
|
and |
199.65 |
200.50 |
0.85 |
11.70 |
|
and |
204.85 |
205.35 |
0.50 |
482.00 |
|
and |
212.60 |
213.10 |
0.50 |
20.00 |
BM-21-050 |
|
23.30 |
24.15 |
0.85 |
14.50 |
|
|
74.00 |
74.50 |
0.50 |
14.15 |
|
|
105.40 |
105.95 |
0.55 |
8.26 |
|
|
121.35 |
121.85 |
0.50 |
25.60 |
|
|
133.00 |
133.85 |
0.85 |
6.77 |
|
|
144.50 |
145.00 |
0.50 |
13.90 |
|
|
202.75 |
203.50 |
0.75 |
5.76 |
BM-21-051 |
|
37.00 |
37.50 |
0.50 |
6.20 |
|
|
69.90 |
70.55 |
0.65 |
3.53 |
|
|
73.50 |
74.00 |
0.50 |
5.08 |
|
|
75.50 |
76.00 |
0.50 |
5.86 |
|
|
96.70 |
100.00 |
3.30 |
6.68 |
|
Including |
96.70 |
97.20 |
0.50 |
29.70 |
|
and |
99.50 |
100.00 |
0.50 |
13.90 |
|
|
140.85 |
142.05 |
1.20 |
3.52 |
|
|
153.30 |
153.85 |
0.55 |
42.70 |
|
|
170.45 |
175.00 |
4.55 |
6.54 |
|
Including |
170.45 |
171.15 |
0.70 |
32.20 |
|
and |
173.60 |
174.10 |
0.50 |
11.90 |
Table 2: Drill Hole Locations and
Orientations
HOLE ID |
EASTING |
NORTHING |
ELEV |
DIP |
AZI |
DEPTH (M) |
BM-21-037 |
596539 |
5882695 |
1465 |
-57 |
298 |
321 |
BM-21-038 |
596573 |
5882880 |
1455 |
-53 |
298 |
544 |
BM-21-039 |
596591 |
5882653 |
1482 |
-49 |
300 |
387 |
BM-21-040 |
596574 |
5882880 |
1455 |
-55 |
300 |
498 |
BM-21-041 |
596587 |
5882652 |
1481 |
-58 |
296 |
342 |
BM-21-042 |
596590 |
5882651 |
1478 |
-50 |
296 |
298 |
BM-21-043 |
596574 |
5882881 |
1455 |
-60 |
300 |
309 |
BM-21-044 |
596585 |
5882651 |
1480 |
-50 |
305 |
315 |
BM-21-045 |
596573 |
5882879 |
1455 |
-63 |
300 |
141 |
BM-21-046 |
596573 |
5882879 |
1455 |
-64 |
300 |
339 |
BM-21-047 |
596591 |
5882653 |
1483 |
-49 |
287 |
302 |
BM-21-048 |
596574 |
5882879 |
1458 |
-64 |
294 |
354 |
BM-21-049 |
596529 |
5882761 |
1456 |
-49 |
298 |
315 |
BM-21-050 |
596587 |
5882651 |
1480 |
-51 |
296 |
298 |
BM-21-051 |
596529 |
5882761 |
1456 |
-44 |
297 |
270 |
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