Osisko Development Corp. (“
Osisko Development” or
the “
Company”) (ODV TSX.V & NYSE) is pleased
to announce an initial open pit resource estimate for the Sapuchi,
Golfo de Oro, California, High Life and Calvario Deposits at its
San Antonio Project (
“San Antonio” or the
“Project”) in Sonora State, Mexico.
San Antonio Project Mineral
Resource
- Indicated Mineral Resource of
576,000 ounces of gold and 1.37 million ounces of silver (14.9
million tonnes grading 1.2 g/t Au and 2.9 g/t Ag).
- Inferred Mineral Resource of
544,000 ounces of gold and 1.76 million ounces of silver (16.6
million tonnes grading 1.0 g/t Au and 3.3 g/t Ag).
- Mineral resource comprises oxide,
transition and sulphide zones for each deposit using
0.27 g/t Au cut-off grade for oxide and 0.44 g/t Au
cut-off grade for transition and sulphide and a 50-degree pit
slope.
- The 2022 Mineral Resource Estimate
(“MRE”) covers a portion of the Sapuchi – Cero
Verde trend that encompasses five deposits: Sapuchi, Golfo de Oro,
California, Calvario and High Life over approximately 2.8 km along
strike, a maximum width of 600 metres (m) to a maximum depth of
300 m below surface.
- The MRE is based on 84,454 m of
current and verified historic drilling in 579 holes, of which
27,870 m of drilling in 177 holes were drilled by the Company
in 2021.
- Gold mineralization is hosted
within altered hydrothermal breccia and sediments, as stockwork
quartz veins and veinlets, adjacent to intrusions and fault
structures and often associated with iron carbonate
minerals.
- Resource summary and sensitivity
tables are presented in the tables below.
The MRE incorporates five deposits, Sapuchi,
California, Golfo de Oro, High Life and Calvario, as part of what
comprises 2.8 km of the 10.0 km within the Sapuchi-Cero Verde trend
of the San Antonio Project (Figure 1). The deposits are in the
indicated and inferred categories listed in Table 1 and a further
breakdown by deposit and oxide zone are listed in the Tables 2 and
4. Grade sensitivity is presented in Table 3. Potential mining
scenarios indicate a strip ratio of 1.0 to 6.7. The MRE was
conducted by Talisker Exploration Services Inc., under the
supervision of Servicios Geológicos IMEx, S.C and Micon
International Limited.
The deposits are constrained within a geologic
model of the hydrothermal breccia, the main mineralization control
known to date. Additional drill targets remain underexplored on the
property and new exploration drilling is recommended to verify
historic data and potentially add new resource. Further infill and
exploration drilling is recommended on the Project.
Operational Update
The San Antonio Project gold mineralization is
characterized by hydrothermal breccia that forms an approximately
3,000 m long east-northeast trending mineralization corridor with
the Luz del Cobre copper deposit at the east. The gold
mineralization is associated with intense chlorite and carbonate
alteration and is intrusion related with host sedimentary rocks.
The breccia has been defined to a vertical depth of 500 m and at an
average depth of 250 m. Drilling has occurred within the three
major zones at Sapuchi, Golfo de Oro and California, over a
combined strike length of 1 km of the 3 km breccia trend.
Since Osisko Development’s acquisition of the
San Antonio Project in November 2020, the Company has successfully
achieved the following operational milestones
- The construction of a leach pad and carbon in column plant at
the end of 2021 to process stockpiled mineralized material.
- The stockpile has a total of 1.1 M tonnes with an average grade
of 0.57 g/t Au.
- The processing of the stockpile began in Q4 2021 and currently,
680,000 tonnes of mineralized material has been placed and
processed.
Chris Lodder, President of Osisko Development
commented, “The addition of this new resource further strengthens
our portfolio for near term advancement and towards possible
production. Osisko Development has made considerable progress at
San Antonio in the past year with the construction of the leach
pad, near term processing of the stockpile and completion of a
drill program to generate this initial resource. The Company
believes there is potential to add to the mineral resource through
continued exploration and drilling on the property.”
Table 1: 2022 San Antonio Project
Mineral Resource Estimate for an open pit scenario- all deposits
indicated category
INDICATED |
Deposit |
Weathering Zone |
Tonnes (Mt) |
Au (g/t) |
Ag (g/t) |
Au Ounces (000) |
Ag Ounces (000,000) |
California |
Oxide |
0.6 |
0.93 |
2.8 |
17 |
0.05 |
Transition |
0.2 |
0.79 |
3.3 |
6 |
0.02 |
Sulphide |
3.1 |
1.31 |
2.4 |
130 |
0.23 |
Total |
3.9 |
1.22 |
2.5 |
153 |
0.31 |
Golfo de Oro |
Oxide |
0.2 |
1.07 |
2.8 |
7 |
0.02 |
Transition |
0.1 |
1.19 |
2.8 |
6 |
0.01 |
Sulphide |
5.3 |
1.46 |
2.5 |
249 |
0.42 |
Total |
5.7 |
1.44 |
2.5 |
262 |
0.46 |
Sapuchi |
Oxide |
1.9 |
0.85 |
3.6 |
53 |
0.22 |
Transition |
1.4 |
1.04 |
3.6 |
47 |
0.16 |
Sulphide |
2.1 |
0.94 |
3.4 |
62 |
0.22 |
Total |
5.4 |
0.93 |
3.5 |
162 |
0.61 |
Total |
Oxide |
2.7 |
0.89 |
3.4 |
77 |
0.30 |
Transition |
1.8 |
1.02 |
3.5 |
59 |
0.20 |
Sulphide |
10.4 |
1.31 |
2.6 |
441 |
0.88 |
Total |
14.9 |
1.20 |
2.9 |
576 |
1.37 |
Table 2: 2022 San Antonio Project
Mineral Resource Estimate for an open pit scenario- all deposits
inferred category
INFERRED |
Deposit |
Weathering Zone |
Tonnes (Mt) |
Au (g/t) |
Ag (g/t) |
Au Ounces (000) |
Ag Ounces (000,000) |
California |
Oxide |
0.4 |
0.68 |
2.1 |
8 |
0.02 |
Transition |
0.1 |
0.85 |
2.6 |
4 |
0.01 |
Sulphide |
1.1 |
1.27 |
3.8 |
46 |
0.14 |
Total |
1.6 |
1.10 |
3.3 |
58 |
0.17 |
Golfo de Oro |
Oxide |
0.5 |
0.80 |
3.0 |
12 |
0.04 |
Transition |
0.2 |
0.93 |
3.4 |
5 |
0.02 |
Sulphide |
5.7 |
1.29 |
2.5 |
237 |
0.46 |
Total |
6.4 |
1.24 |
2.5 |
254 |
0.52 |
High Life |
Oxide |
0.5 |
0.84 |
4.2 |
14 |
0.07 |
Transition |
0.2 |
0.73 |
4.5 |
4 |
0.02 |
Sulphide |
0.1 |
0.90 |
8.3 |
4 |
0.04 |
Total |
0.8 |
0.83 |
4.9 |
22 |
0.13 |
Sapuchi |
Oxide |
3.2 |
0.74 |
3.7 |
75 |
0.37 |
Transition |
1.6 |
0.92 |
3.6 |
48 |
0.19 |
Sulphide |
2.8 |
0.92 |
4.1 |
84 |
0.37 |
Total |
7.6 |
0.85 |
3.8 |
208 |
0.94 |
Calvario |
Oxide |
0.1 |
0.53 |
0.0 |
2 |
0.00 |
Transition |
0.0 |
0.55 |
0.0 |
0.0 |
0.00 |
Sulphide |
0.0 |
0.0 |
0.0 |
0.0 |
0.00 |
Total |
0.1 |
0.53 |
0.0 |
2 |
0.00 |
Total |
Oxide |
4.6 |
0.74 |
3.5 |
111 |
0.51 |
Transition |
2.1 |
0.90 |
3.6 |
61 |
0.24 |
Sulphide |
9.8 |
1.18 |
3.2 |
371 |
1.00 |
Total |
16.6 |
1.02 |
3.3 |
544 |
1.76 |
Table 3: San Antonio Project Mineral
Resource Estimate for an open pit scenario, all deposits separated
by oxide zone.
Category |
Zone |
Tonnes (Mt) |
Au (g/t) |
Ag (g/t) |
Au Ounces (000) |
Ag Ounces (000,000) |
Indicated |
Oxide |
2.7 |
0.89 |
3.4 |
77 |
0.30 |
Transition |
1.8 |
1.02 |
3.5 |
59 |
0.20 |
Sulphide |
10.4 |
1.31 |
2.6 |
441 |
0.88 |
Total |
14.9 |
1.20 |
2.9 |
576 |
1.37 |
Inferred |
Oxide |
4.6 |
0.74 |
3.5 |
111 |
0.51 |
Transition |
2.1 |
0.90 |
3.6 |
61 |
0.24 |
Sulphide |
9.8 |
1.18 |
3.2 |
371 |
1.00 |
Total |
16.6 |
1.02 |
3.3 |
544 |
1.76 |
Table 4: San Antonio Project Cut-Off
Gold Price Sensitivity Table (Base cases in Bold), Indicated
Category
Sensitivity to Gold Price INDICATED |
Gold Price US$/oz |
Cut-off Grade (g/t) |
Weathering Zone |
Tonnes (Mt) |
Au (g/t) |
Ag (g/t) |
Au Ounces (000) |
Ag Ounces (000,000) |
1400 |
0.34 |
Oxide |
2.6 |
0.90 |
3.4 |
76 |
0.29 |
0.55 |
Transition |
1.6 |
1.07 |
3.6 |
55 |
0.18 |
0.55 |
Sulphide |
8.0 |
1.44 |
2.8 |
372 |
0.72 |
|
Total |
12.3 |
1.28 |
3.0 |
504 |
1.19 |
1450 |
0.33 |
Oxide |
2.6 |
0.90 |
3.4 |
76 |
0.29 |
0.54 |
Transition |
1.6 |
1.06 |
3.5 |
56 |
0.19 |
0.54 |
Sulphide |
8.2 |
1.43 |
2.8 |
377 |
0.73 |
|
Total |
12.5 |
1.27 |
3.0 |
510 |
1.21 |
1500 |
0.32 |
Oxide |
2.7 |
0.90 |
3.4 |
77 |
0.29 |
0.52 |
Transition |
1.7 |
1.05 |
3.5 |
57 |
0.19 |
0.52 |
Sulphide |
9.0 |
1.40 |
2.7 |
404 |
0.78 |
|
Total |
13.3 |
1.25 |
3.0 |
537 |
1.27 |
1550 |
0.31 |
Oxide |
2.7 |
0.89 |
3.4 |
77 |
0.29 |
0.50 |
Transition |
1.7 |
1.05 |
3.5 |
57 |
0.19 |
0.50 |
Sulphide |
9.3 |
1.38 |
2.7 |
411 |
0.80 |
|
Total |
13.6 |
1.24 |
2.9 |
545 |
1.29 |
1600 |
0.30 |
Oxide |
2.7 |
0.89 |
3.4 |
77 |
0.29 |
0.48 |
Transition |
1.7 |
1.04 |
3.5 |
58 |
0.20 |
0.48 |
Sulphide |
9.6 |
1.37 |
2.7 |
420 |
0.83 |
|
Total |
14.0 |
1.23 |
2.9 |
554 |
1.31 |
1650 |
0.29 |
Oxide |
2.7 |
0.89 |
3.4 |
77 |
0.29 |
0.47 |
Transition |
1.8 |
1.03 |
3.5 |
58 |
0.20 |
0.47 |
Sulphide |
9.8 |
1.35 |
2.7 |
426 |
0.84 |
|
Total |
14.3 |
1.22 |
2.9 |
561 |
1.33 |
1700 |
0.28 |
Oxide |
2.7 |
0.89 |
3.4 |
77 |
0.29 |
0.46 |
Transition |
1.8 |
1.02 |
3.5 |
58 |
0.20 |
0.46 |
Sulphide |
10.1 |
1.33 |
2.6 |
432 |
0.86 |
|
Total |
14.5 |
1.21 |
2.9 |
567 |
1.35 |
1750 |
0.27 |
Oxide |
2.7 |
0.89 |
3.4 |
77 |
0.30 |
0.44 |
Transition |
1.8 |
1.02 |
3.5 |
59 |
0.20 |
0.44 |
Sulphide |
10.4 |
1.31 |
2.6 |
441 |
0.88 |
|
Total |
14.9 |
1.20 |
2.9 |
576 |
1.37 |
1800 |
0.27 |
Oxide |
2.7 |
0.89 |
3.4 |
77 |
0.30 |
0.43 |
Transition |
1.8 |
1.02 |
3.5 |
59 |
0.20 |
0.43 |
Sulphide |
10.6 |
1.30 |
2.6 |
446 |
0.89 |
|
Total |
15.1 |
1.20 |
2.9 |
582 |
1.39 |
1850 |
0.26 |
Oxide |
2.7 |
0.89 |
3.4 |
77 |
0.30 |
0.42 |
Transition |
1.8 |
1.01 |
3.5 |
59 |
0.20 |
0.42 |
Sulphide |
10.9 |
1.30 |
2.6 |
455 |
0.91 |
|
Total |
15.4 |
1.19 |
2.8 |
591 |
1.41 |
1900 |
0.25 |
Oxide |
2.7 |
0.89 |
3.4 |
77 |
0.30 |
0.41 |
Transition |
1.8 |
1.01 |
3.5 |
59 |
0.20 |
0.41 |
Sulphide |
11.0 |
1.29 |
2.6 |
457 |
0.92 |
|
Total |
15.6 |
1.18 |
2.8 |
593 |
1.42 |
Table 5: San Antonio Project Cut-Off
Gold Price Sensitivity Table (Base cases in Bold), Inferred
Category
Sensitivity to Gold Price INFERRED |
Gold Price US$/oz |
Cut-off Grade (g/t) |
Weathering Zone |
Tonnes (Mt) |
Au (g/t) |
Ag (g/t) |
Au Ounces (000) |
Ag Ounces (000,000) |
1400 |
0.34 |
Oxide |
3.9 |
0.81 |
3.7 |
103 |
0.47 |
0.55 |
Transition |
1.6 |
1.00 |
3.9 |
52 |
0.20 |
0.55 |
Sulphide |
5.9 |
1.38 |
3.5 |
261 |
0.67 |
|
Total |
11.4 |
1.13 |
3.6 |
416 |
1.34 |
1450 |
0.33 |
Oxide |
4.1 |
0.79 |
3.7 |
104 |
0.48 |
0.54 |
Transition |
1.7 |
0.98 |
3.8 |
54 |
0.21 |
0.54 |
Sulphide |
6.7 |
1.33 |
3.5 |
286 |
0.75 |
|
Total |
12.5 |
1.11 |
3.6 |
444 |
1.44 |
1500 |
0.32 |
Oxide |
4.2 |
0.78 |
3.6 |
105 |
0.48 |
0.52 |
Transition |
1.8 |
0.96 |
3.7 |
56 |
0.22 |
0.52 |
Sulphide |
7.6 |
1.29 |
3.4 |
314 |
0.83 |
|
Total |
13.6 |
1.09 |
3.5 |
475 |
1.53 |
1550 |
0.31 |
Oxide |
4.3 |
0.77 |
3.6 |
107 |
0.49 |
0.50 |
Transition |
1.9 |
0.94 |
3.7 |
58 |
0.23 |
0.50 |
Sulphide |
8.1 |
1.26 |
3.3 |
330 |
0.87 |
|
Total |
14.3 |
1.07 |
3.5 |
494 |
1.59 |
1600 |
0.30 |
Oxide |
4.4 |
0.76 |
3.5 |
109 |
0.50 |
0.48 |
Transition |
2.0 |
0.93 |
3.7 |
59 |
0.23 |
0.48 |
Sulphide |
8.5 |
1.24 |
3.3 |
339 |
0.90 |
|
Total |
14.9 |
1.06 |
3.4 |
506 |
1.63 |
1650 |
0.29 |
Oxide |
4.5 |
0.76 |
3.5 |
110 |
0.50 |
0.47 |
Transition |
2.0 |
0.93 |
3.7 |
59 |
0.23 |
0.47 |
Sulphide |
8.9 |
1.22 |
3.3 |
348 |
0.93 |
|
Total |
15.4 |
1.10 |
3.3 |
517 |
1.67 |
1700 |
0.28 |
Oxide |
4.6 |
0.75 |
3.4 |
111 |
0.51 |
0.46 |
Transition |
2.0 |
0.91 |
3.6 |
60 |
0.24 |
0.46 |
Sulphide |
9.3 |
1.20 |
3.2 |
360 |
0.97 |
|
Total |
16.0 |
1.03 |
3.3 |
531 |
1.72 |
1750 |
0.27 |
Oxide |
4.6 |
0.74 |
3.4 |
111 |
0.51 |
0.44 |
Transition |
2.1 |
0.90 |
3.6 |
61 |
0.24 |
0.44 |
Sulphide |
9.8 |
1.18 |
3.2 |
371 |
1.00 |
|
Total |
16.6 |
1.02 |
3.3 |
544 |
1.76 |
1800 |
0.27 |
Oxide |
4.8 |
0.73 |
3.3 |
114 |
0.52 |
0.43 |
Transition |
2.2 |
0.89 |
3.6 |
62 |
0.25 |
0.43 |
Sulphide |
10.4 |
1.15 |
3.1 |
386 |
1.04 |
|
Total |
17.4 |
1.00 |
3.2 |
562 |
1.81 |
1850 |
0.26 |
Oxide |
4.9 |
0.73 |
3.3 |
114 |
0.52 |
0.42 |
Transition |
2.2 |
0.89 |
3.5 |
63 |
0.25 |
0.42 |
Sulphide |
10.9 |
1.13 |
3.1 |
395 |
1.07 |
|
Total |
18.0 |
0.99 |
3.2 |
572 |
1.85 |
1900 |
0.25 |
Oxide |
5.0 |
0.72 |
3.3 |
115 |
0.52 |
0.41 |
Transition |
2.3 |
0.88 |
3.5 |
64 |
0.26 |
0.41 |
Sulphide |
11.2 |
1.12 |
3.0 |
404 |
1.09 |
|
Total |
18.4 |
0.99 |
3.2 |
583 |
1.87 |
Mineral Resource Estimate Notes (For
Tables 1, 2 and 3):
- Rodrigo Calles, of Servicios Geológicos IMEx, S.C., William
Lewis and Alan S J San Martin, of Micon International Limited have
reviewed and validated the mineral resource estimate for Sapuchi,
Golfo de Oro, California, High Life and Calvario deposits. All are
independent “Qualified Persons” (as defined in NI 43-101)
responsible for the 2022 MRE. The effective date of the mineral
resource estimate is June 24th, 2022.
- Specific extraction methods are used only to establish
reasonable cut-off grades for various portions of the deposit. No
Preliminary Economic Analysis, Pre-Feasibility Study or Feasibility
Study has been completed to support economic viability and
technical feasibility of exploiting any portion of the mineral
resource, by any particular mining method.
- The mineral resources disclosed in this press release were
estimated using the Canadian Institute of Mining, Metallurgy and
Petroleum (“CIM”) standards on mineral resources and reserves
definitions, and guidelines prepared by the CIM standing committee
on reserve definitions and adopted by the CIM council.
- The calculated economic cut-off grade for the resource in:
Oxides (70% recovery) is 0.27 g/t Au, Transition and sulphides (90%
recovery) is 0.44 g/t Au
- Mineral resources are not mineral reserves and do not
have demonstrated economic viability.
- Geologic modeling was completed by Osisko Development geologist
Gilberto Moreno. The MRE was completed by Geologist Leonardo Souza,
MAusIMM (CP) of Talisker Exploration Services, under the
supervision of Rodrigo Calles, of Servicios Geológicos IMEx, S.C.,
William Lewis and Alan S. J. San Martin, of Micon International
Limited
- The estimate is reported for a potential open pit scenario and
with USD assumptions. The cut-off grades were calculated using a
gold price of $1,750 per ounce, a CAD:USD exchange rate of 1.3;
mining cost of $2.95/t; processing cost of $4/t for oxides and
$13.0/t for transition and sulphides; and general and
administration costs of $2.50/t. The cut-off grades should be
re-evaluated in light of future prevailing market conditions (metal
prices, exchange rate, mining cost, etc.).
- A density of 2.55 g/cm3 was established for all oxide
zones, 2.69 g/cm3 for transition zones and 2.74g/cm3 for the
sulphide zones.
- Resources for Sapuchi, Golfo de Oro, California, High Life and
Calvario were estimated using Datamine Studio RM 1.3 software using
hard boundaries on composited assays (3.0 m for all zones).
Ordinary Kriging interpolation method was used in a with a parent
block size = 10m x 10m x 5m.
- Results are presented in-situ. Ounce (troy) = metric tons x
grade / 31.10348. Calculations used metric units (metres, tonnes,
g/t). The number of metric tons was rounded to the nearest
thousand. Any discrepancies in the totals are due to rounding
effects; rounding followed the recommendations as per NI
43-101;
- Neither the Company, Servicios Geológicos IMEx, S.C., nor Micon
International Limited. is aware of any known environmental,
permitting, legal, title-related, taxation, socio-political,
marketing or other relevant issue that could materially affect the
mineral resource estimate other than disclosed in this press
release.
Gold Price Sensitivity Notes (For Tables
4 and 5):
- William Lewis of Micon International Limited has reviewed and
validated the gold price sensitivities for the various
mineralization types and it is the opinion of the QP that they meet
the test of reasonable prospects of economic extraction. Mr. Lewis
is an independent “Qualified Person” (as defined in NI
43-101).
Table 6: San Antonio Project Mineral
Resource Estimate in pit resources for oxide and transition
only.
TOTAL BY OXIDE AND OXIDE + TRANSITION |
Oxidation Zone |
Category |
Tonnes (Mt) |
Au (g/t) |
Ag (g/t) |
Au Ounces (‘000) |
Ag Ounces (‘000,000) |
Strip Ratio |
Oxide Only |
Indicated |
2.6 |
0.9 |
3.4 |
75 |
0.3 |
1.0 |
Inferred |
4.2 |
0.8 |
3.4 |
104 |
0.5 |
|
Oxide + Transition |
Indicated |
4.2 |
1.0 |
3.5 |
131 |
0.5 |
1.1 |
Inferred |
5.9 |
0.8 |
3.5 |
157 |
0.7 |
Mineral Resource Estimate Notes (For
Table 6):
The same notes for Tables 1 through 3 are
applicable for Table 6. However, two separate pit scenarios were
run: 1) A pit using just the oxide material and 2) a pit run using
the oxide and transition material. These separate runs resulted in
slightly different oxide and transition resources than those that
resulted from using the ultimate pit where all three mineralization
types were used.
In accordance with National Instrument 43-101 –
Standards of Disclosure for Mineral Projects (“NI
43-101”), a Technical Report for the San Antonio Project
will be filed on SEDAR and the Company’s website within 45 calendar
days of this disclosure.
Qualified Persons and 43-101
Disclosure
Per NI 43-101, 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.
The Independent and Qualified Persons for the
Mineral Resources Estimate update, as defined by NI 43-101, is
Rodrigo Calles, P.Geo of Servicios Geológicos IMEx and William
Lewis, P.Geo of Micon International Limited. and confirm having
reviewed this press release and that the scientific and technical
information is consistent.
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 properties in the USA and
Mexico, 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 interest in the San Antonio gold project,
located in Sonora, Mexico and the Trixie gold test mine, located in
Utah, U.S.A.
For further
information, please contact Osisko Development Corp.: |
Jean Francois LemondeVP Investor
Relationsjflemonde@osiskodev.comTel: 514-299-4926 |
|
Cautionary Statements Regarding
Estimates of Mineral Resources
This news release uses the terms indicated and
inferred mineral resources as a relative measure of the level of
confidence in the resource estimate. Readers are cautioned that
mineral resources are not mineral reserves and that the economic
viability of resources that are not mineral reserves has not been
demonstrated. The mineral resource estimate disclosed in this news
release may be materially affected by geology, environmental,
permitting, legal, title, socio-political, marketing or other
relevant issues. The mineral resource estimate is classified in
accordance with the Canadian Institute of Mining, Metallurgy and
Petroleum’s “CIM Definition Standards on Mineral Resources and
Mineral Reserves” incorporated by reference into NI 43-101. Under
NI 43-101, estimates of inferred mineral resources may not form the
basis of feasibility or pre-feasibility studies or economic studies
except for preliminary economic assessments. Readers are cautioned
not to assume that further work on the stated resources will lead
to mineral reserves that can be mined economically.
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, 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, current conditions
and expected future developments, results of further exploration
work to define or expand any mineral resources, 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, 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.
Figure 1: San Antonio Mineral Zones overview
maphttps://www.globenewswire.com/NewsRoom/AttachmentNg/0936f57a-e166-4344-8b76-748133e15fba
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