Osisko Development Corp. (NYSE: ODV, TSXV: ODV)
("
Osisko Development" or the
"
Company") is pleased to announce new 2023
underground diamond drilling ("
DD") results at its
100%-owned Trixie test mine ("
Trixie"), within the
Company's wider Tintic Project ("
Tintic" or the
"
Tintic Project") and to provide an overview of
the ongoing 2023 exploration program at Tintic, located in the
historic East Tintic Mining District in central Utah, U.S.A. In
addition, the Company is also reporting the remaining DD and
reverse circulation drilling ("
RC") results from
its 2022 exploration program.
Chris Lodder, President of Osisko
Development, commented, "The underground diamond drilling
results from this year's drill campaign continue to generate
targets and understanding of the epithermal veins and breccias at
Trixie. High-grade gold and silver is observed in the footwall of
the T2 and T1 zones, as both disseminated and vein mineralization.
As these initial results indicate, the drillholes are intersecting
all zones within the deposit area and continue to build upon the
exploration successes achieved in 2022. We are also excited to
launch our initial drill campaign to target copper porphyry
potential at Tintic, which is slated to begin in Q3 2023."
DRILL ASSAY HIGHLIGHTS
This news release includes assays from 22 DD
holes and 20 RC holes (refer to Tables 1 and 2). Select assay
highlights include:
-
23.49 grams per tonne ("g/t") gold
("Au") and 58.79 g/t silver ("Ag") over
1.37 meters ("m") in hole TUG-625-106 (0.69 troy
oz per short ton ("oz/t") Au and 1.71 oz/t Ag over
4.50 feet ("ft.")
- 19.54
g/t Au and 58.54 g/t Ag over 1.98 m in hole TRXU-DD-23-001
(0.57 oz/t Au and 1.71 oz/t Ag over 6.5 ft.)
- 43.44
g/t Au and 40.63 g/t Ag over 0.91 m in hole TRXU-DD-23-003
(1.27 oz/t Au and 1.19 oz/t Ag over 3.00 ft.)
- 62.82
g/t Au and 231.46 g/t Ag over 6.86 m in hole
TRXU-DD-23-003 (1.83 oz/t Au and 6.75 oz/t Ag over 22.5 ft.)
including
- 191.00
g/t Au and 707.00 g/t Ag over 1.07 m (5.57 oz/t Au and
20.62 oz/t Ag over 3.50 ft.) and
- 117.00
g/t Au and 393.00 g/t Ag over 1.68 m (3.41 oz/t Au and
11.46 oz/t Ag over 5.50 ft.)
- 49.11
g/t Au and 255.00 g/t Ag over 1.07 m in hole
TRXU-DD-23-003 (1.43 oz/t Au and 7.44 oz/t Ag over 3.5 ft.)
- 7.95 g/t
Au and 26.12 g/t Ag over 7.32 m in hole TRXU-DD-23-005
(0.23 oz/t Au and 0.76 oz/t Ag over 24.00 ft.)
- 10.67
g/t Au and 38.51 g/t Ag over 4.27 m in hole TRXU-DD-23-005
(0.31 oz/t Au and 1.12 oz/t Ag over 14.00 ft.)
- 28.70
g/t Au and 98.15 g/t Ag over 1.52 m in hole TRXU-DD-23-016
(0.84 oz/t Au and 2.86 oz/t Ag over 5.00 ft.)
- 7.67 g/t
Au and 13.43 g/t Ag over 11.58 m in hole TRXU-DD-23-018
(0.22 oz/t Au and 0.39 oz/t Ag over 38.00 ft.) including
- 35.07
g/t Au and 19.47 g/t Ag over 1.07 m (1.02 oz/t Au and 0.57
oz/t Ag over 3.50 ft.)
- 20.30
g/t Au and 155.00 g/t Ag over 1.52 m in hole TRC121 (0.59
oz/t Au and 4.52 oz/t Ag over 5.00 ft)
DRILL RESULTS SUMMARY
- In 2022, the
Company completed 28 surface RC drill holes near Trixie totalling
approximately 8,753 m (28,718 ft.) and 66 underground DD holes in
the 625 level at Trixie totalling approximately 2,985 m (9,796
ft.). Assays have now been received for all 2022 holes.
- The high-grade
intercepts disclosed in this news release were targeting all
domains of the current Trixie mineral resource estimate
("Trixie MRE") (see Figure 2 and
3).
- The T1 domain
consists of Tintic quartzite-hosted mineralization constrained
within the footwall of the T2 and between the T2 and 75-85
structures. The Mineralization observed is both disseminated and in
a series of discrete high-grade fissure veins.
- Hole
TRXU-DD-23-003 intersected 62.82 g/t Au and 231.46 g/t Ag over 6.86
m including higher grade samples of 191.00 g/t Au and 707.00 g/t Ag
over 1.07 m and 117.00 g/t Au and 393.00 g/t Ag over 1.68 m.
- Hole
TRXU-DD-23-005 intersected 7.95 g/t Au and 26.12 g/t Ag over 7.32 m
in the T4 stockwork and fissure veins and further downhole
intersected 10.67 g/t Au and 38.51 g/t Ag over 4.27 m in the 75-85
polymetallic vein.
- These drilling
results will provide valuable infill data to improve our
understanding and the confidence level of the mineralized zones
defined in the Trixie MRE and to support a future mineral resource
update.
- The RC drilling
was initially designed to explore ~600 m to the northeast of
Trixie. Subsequent RC holes were planned along strike to test north
of the T2 zone, and further to the south to explore for mineralized
structures to be followed up with underground core drilling.
- Several of the
exploration holes intersected anomalous precious metal values
including 0.21 g/t Au and 142.0 g/t Ag over 1.52 m and 0.27 g/t Au
and 40.53 g/t Ag over 16.76 meters in hole TRC053A, drilled 250 m
north of T2, and potentially showing mineralized systems along
strike.
- Hole TRC121
intersected 20.3 g/t Au and 155.0 g/t Ag over 1.52 m within the T4
zone.
2023 EXPLORATION DRILLING
PROGRAM
- The 2023
exploration program consists of an initial ~5,000 m (16,400 ft.) of
underground exploration and delineation drilling of the current
Trixie MRE. Additional drilling is also proposed to determine the
extents of the known mineralization.
- To date, the
Company has completed 35 DD holes totalling approximately 3,226 m
(10,584 ft.). The drilling is targeting all known mineralized
domains and extending into the footwall to the west to test for
parallel mineralized zones. Assay results have been received for 19
DD holes, as disclosed herein. Results for the remaining holes are
pending. Currently there are two underground diamond drill rigs in
operation at Trixie conducting exploration activities.
- Approximately
75% of the 1,390 m (4,550 ft.) of the Trixie portal and underground
decline ramp has been completed to date. The Company anticipates
completion of the decline ramp to the main 625 level by Q3 2023,
which is expected to significantly improve underground access for
exploration drilling.
- During 2022, the
exploration team completed an extensive review and compilation of
historical data on the Tintic Project. 3D models of historical mine
development, drilling, geochemical and lithological data were
integrated and, as a result, a number of high sulphidation
epithermal Au-Ag targets were identified at North Lily and Eureka
Standard.
-
Copper-molybdenum-gold porphyry targets were identified at Big Hill
with the integration of historical drilling, surface geochemistry,
geophysics and alteration mineralogy that defined a lithocap
approximately 2 km in strike length and 1 km wide indicative of a
potential porphyry. A strong geophysical and geochemical target was
also identified to the West and depth below Trixie.
- An initial
program of surface diamond drilling is planned to test the Big Hill
porphyry target and is anticipated to commence in Q3 2023. Drilling
is also recommended for the Eureka Standard and North Lily targets
and will be a part of the Company’s ongoing exploration
efforts.
- A 3D model of
the compilation and targets at Tintic is available by accessing the
Company’s VRIFY page at: https://vrify.com/decks/12801. The Tintic
Project exploration presentation on the Company’s website provides
a high-level overview of each target.
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,
U.S.A. The T2 and T4 structures at Trixie show multi-ounce gold
grades associated with high sulphidation epithermal mineralization,
structurally controlled and hosted within quartzites. The T2
structure mineralization consists of native Au, and rare Au-Ag –
rich telluride minerals with quartz. The T4 is a mineralized
stockwork zone is 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 reports
consistent multi-ounce gold grades along the entire strike
length.
Information relating to the Tintic Project and
the Trixie MRE is supported by the technical report titled "NI
43-101 Technical Report, Initial Mineral Resource Estimate for the
Trixie Deposit, Tintic Project, Utah, United States of America",
dated January 27, 2023 (with an effective date of January 10, 2023)
prepared for the Company by independent representatives of Micon
International Limited (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) and on EDGAR (www.sec.gov)
under Osisko Development's issuer profile and on the Company's
website at www.osiskodev.com.
Figure 1: Trixie Project
Area
Figure 2: Trixie Drill Plan
Map
Figure 3: Cross Section of
Underground Drilling at 625 L at Trixie
Table 1: Diamond Drilling Length Weighted
Assay Composites at Trixie
|
|
METRIC |
IMPERIAL |
|
Hole 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) |
Target |
TUG-625-044 |
|
8.99 |
10.06 |
1.07 |
7.07 |
12.18 |
29.50 |
33.00 |
3.50 |
0.21 |
0.36 |
Expl. hole east of T4 |
TUG-625-106 |
|
3.05 |
4.42 |
1.37 |
23.49 |
58.79 |
10.00 |
14.50 |
4.50 |
0.69 |
1.71 |
T4 |
TRXU-DD-23-001 |
|
6.71 |
8.69 |
1.98 |
19.54 |
58.54 |
22.00 |
28.50 |
6.50 |
0.57 |
1.71 |
T4 |
TRXU-DD-23-001 |
Including |
7.62 |
8.08 |
0.46 |
23.03 |
65.73 |
25.00 |
26.50 |
1.50 |
0.67 |
1.92 |
T4 |
TRXU-DD-23-001 |
and |
8.08 |
8.69 |
0.61 |
38.30 |
99.72 |
26.50 |
28.50 |
2.00 |
1.12 |
2.91 |
T4 |
TRXU-DD-23-001 |
|
12.65 |
13.87 |
1.22 |
13.77 |
71.13 |
41.50 |
45.50 |
4.00 |
0.40 |
2.07 |
T4 |
TRXU-DD-23-001 |
Including |
13.41 |
13.87 |
0.46 |
32.29 |
97.38 |
44.00 |
45.50 |
1.50 |
0.94 |
2.84 |
T4 |
TRXU-DD-23-001 |
|
44.96 |
45.57 |
0.61 |
4.23 |
13.21 |
147.50 |
149.50 |
2.00 |
0.12 |
0.39 |
T2 FW |
TRXU-DD-23-002 |
No Significant Assays |
TRXU-DD-23-003 |
|
31.39 |
32.31 |
0.91 |
43.44 |
40.63 |
103.00 |
106.00 |
3.00 |
1.27 |
1.19 |
T2
FW |
TRXU-DD-23-003 |
|
38.25 |
45.11 |
6.86 |
62.82 |
231.46 |
125.50 |
148.00 |
22.50 |
1.83 |
6.75 |
T2
FW/T1 |
TRXU-DD-23-003 |
Including |
39.47 |
40.54 |
1.07 |
191.00 |
707.00 |
129.50 |
133.00 |
3.50 |
5.57 |
20.62 |
T2
FW/T1 |
TRXU-DD-23-003 |
and |
40.54 |
42.21 |
1.68 |
117.00 |
393.00 |
133.00 |
138.50 |
5.50 |
3.41 |
11.46 |
T2
FW/T1 |
TRXU-DD-23-003 |
|
54.71 |
55.78 |
1.07 |
49.11 |
255.00 |
179.50 |
183.00 |
3.50 |
1.43 |
7.44 |
75-85 |
TRXU-DD-23-005 |
|
8.53 |
15.85 |
7.32 |
7.95 |
26.12 |
28.00 |
52.00 |
24.00 |
0.23 |
0.76 |
T4 |
TRXU-DD-23-005 |
Including |
8.53 |
9.75 |
1.22 |
19.28 |
55.63 |
28.00 |
32.00 |
4.00 |
0.56 |
1.62 |
T4 |
TRXU-DD-23-005 |
and |
14.63 |
15.85 |
1.22 |
11.79 |
36.63 |
48.00 |
52.00 |
4.00 |
0.34 |
1.07 |
T4 |
TRXU-DD-23-005 |
|
23.77 |
28.04 |
4.27 |
10.67 |
38.51 |
78.00 |
92.00 |
14.00 |
0.31 |
1.12 |
75-85 |
TRXU-DD-23-005 |
Including |
24.69 |
25.91 |
1.22 |
21.33 |
48.75 |
81.00 |
85.00 |
4.00 |
0.62 |
1.42 |
75-85 |
TRXU-DD-23-005 |
and |
25.91 |
26.82 |
0.91 |
10.19 |
65.16 |
85.00 |
88.00 |
3.00 |
0.30 |
1.90 |
75-85 |
TRXU-DD-23-006 |
|
90.22 |
90.68 |
0.46 |
2.00 |
22.39 |
296.00 |
297.50 |
1.50 |
0.06 |
0.65 |
T2 FW/T1 |
TRXU-DD-23-007 |
|
21.95 |
23.47 |
1.52 |
4.59 |
15.65 |
72.00 |
77.00 |
5.00 |
0.13 |
0.46 |
75-85 |
TRXU-DD-23-008 |
|
0.00 |
1.52 |
1.52 |
2.84 |
41.07 |
0.00 |
5.00 |
5.00 |
0.08 |
1.20 |
T4 |
TRXU-DD-23-008 |
|
2.44 |
3.96 |
1.52 |
2.39 |
23.33 |
8.00 |
13.00 |
5.00 |
0.07 |
0.68 |
T4 |
TRXU-DD-23-008 |
|
18.59 |
20.73 |
2.13 |
1.98 |
93.82 |
61.00 |
68.00 |
7.00 |
0.06 |
2.74 |
75-85 |
TRXU-DD-23-009 |
Hole abandoned |
TRXU-DD-23-010 |
No Significant Assays |
TRXU-DD-23-011 |
|
57.45 |
60.05 |
2.59 |
3.21 |
31.43 |
188.50 |
197.00 |
8.50 |
0.09 |
0.92 |
T4 |
TRXU-DD-23-012 |
|
62.64 |
63.09 |
0.46 |
2.50 |
38.31 |
205.50 |
207.00 |
1.50 |
0.07 |
1.12 |
75-85 HW |
TRXU-DD-23-013 |
|
92.66 |
95.71 |
3.05 |
6.59 |
61.96 |
304.00 |
314.00 |
10.00 |
0.19 |
1.81 |
75-85/T1 |
TRXU-DD-23-014 |
No Significant Assays |
TRXU-DD-23-015 |
|
43.89 |
46.94 |
3.05 |
1.59 |
65.23 |
144.00 |
154.00 |
10.00 |
0.05 |
1.90 |
T2 FW/T1 |
TRXU-DD-23-016 |
|
123.14 |
124.66 |
1.52 |
28.70 |
98.15 |
404.00 |
409.00 |
5.00 |
0.84 |
2.86 |
T1 |
TRXU-DD-23-017 |
|
32.92 |
33.68 |
0.76 |
3.52 |
0.15 |
108.00 |
110.50 |
2.50 |
0.10 |
0.00 |
T4 |
TRXU-DD-23-018 |
|
75.59 |
77.11 |
1.52 |
21.81 |
26.35 |
248.00 |
253.00 |
5.00 |
0.64 |
0.77 |
T1 |
TRXU-DD-23-018 |
|
75.59 |
87.17 |
11.58 |
7.67 |
13.43 |
248.00 |
286.00 |
38.00 |
0.22 |
0.39 |
T1 |
TRXU-DD-23-018 |
Including |
75.59 |
77.11 |
1.52 |
21.81 |
26.35 |
248.00 |
253.00 |
5.00 |
0.64 |
0.77 |
T1 |
TRXU-DD-23-018 |
and |
86.11 |
87.17 |
1.07 |
35.07 |
19.47 |
282.50 |
286.00 |
3.50 |
1.02 |
0.57 |
T1 |
TRXU-DD-23-019 |
|
152.40 |
156.67 |
4.27 |
4.03 |
21.82 |
500.00 |
514.00 |
14.00 |
0.12 |
0.64 |
T1 |
TRXU-DD-23-019 |
Including |
152.40 |
153.62 |
1.22 |
7.09 |
39.62 |
500.00 |
504.00 |
4.00 |
0.21 |
1.16 |
T1 |
TRXU-DD-23-020 |
|
82.9056 |
84.7344 |
1.8288 |
4.41 |
105.74 |
272.00 |
278.00 |
6.00 |
0.13 |
3.08 |
T2 |
TRXU-DD-23-020 |
Including |
84.12 |
84.73 |
0.61 |
9.57 |
200.00 |
276.00 |
278.00 |
2.00 |
0.28 |
5.83 |
T2 |
Table 2: Reverse Circulation Length
Weighted Assay Composites at Trixie
|
|
METRIC |
IMPERIAL |
|
Hole 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) |
Target |
TRC038A |
Hole Abandoned |
Exploration |
TRC038A |
|
359.66 |
362.71 |
3.05 |
3.47 |
3.55 |
1180.00 |
1190.00 |
10.00 |
0.10 |
0.10 |
Exploration |
TRC039 |
|
359.66 |
371.86 |
12.19 |
1.41 |
1.88 |
1180.00 |
1220.00 |
40.00 |
0.04 |
0.05 |
Exploration- 400 m north of T2 |
TRC043A |
No Samples |
Exploration |
TRC051 |
|
153.92 |
158.50 |
4.57 |
0.37 |
168.00 |
505.00 |
520.00 |
15.00 |
0.01 |
4.90 |
Exploration |
TRC053 |
Hole Abandoned |
Exploration |
TRC053A |
|
208.79 |
210.31 |
1.52 |
0.22 |
88.30 |
685.00 |
690.00 |
5.00 |
0.01 |
2.58 |
Exploration |
TRC053A |
|
275.84 |
277.37 |
1.52 |
0.21 |
142.00 |
905.00 |
910.00 |
5.00 |
0.01 |
4.14 |
Exploration |
TRC053A |
|
359.66 |
376.43 |
16.76 |
0.27 |
40.53 |
1180.00 |
1235.00 |
55.00 |
0.01 |
1.18 |
Exploration |
TRC053A |
Including |
359.66 |
361.19 |
1.52 |
0.27 |
98.00 |
1180.00 |
1185.00 |
5.00 |
0.01 |
2.86 |
Exploration |
TRC053A |
and |
364.24 |
365.76 |
1.52 |
0.16 |
61.50 |
1195.00 |
1200.00 |
5.00 |
0.00 |
1.79 |
Exploration |
TRC053A |
and |
370.33 |
371.86 |
1.52 |
1.04 |
62.60 |
1215.00 |
1220.00 |
5.00 |
0.03 |
1.83 |
Exploration |
TRC069 |
No Significant Assays |
T4 |
TRC070 |
No Significant Assays |
T2-T4 |
TRC071 |
Hole Abandoned |
T2-T4 |
TRC071A |
Hole Abandoned |
T2-T4 |
TRC087 |
Hole Abandoned |
75-85 |
TRC088 |
No Samples |
Volcanics, ophir shale |
TRC094 |
|
309.37 |
310.90 |
1.52 |
0.11 |
37.20 |
1015.00 |
1020.00 |
5.00 |
0.00 |
1.09 |
T4 |
TRC094A |
No Significant Assays |
75-85 |
TRC095 |
No Significant Assays |
Volcanics |
TRC121 |
|
225.55 |
249.94 |
24.38 |
2.70 |
29.29 |
740.00 |
820.00 |
80.00 |
0.08 |
0.85 |
T4 |
TRC121 |
Including |
248.41 |
249.94 |
1.52 |
20.30 |
155.00 |
815.00 |
820.00 |
5.00 |
0.59 |
4.52 |
T4 |
TRC122 |
No Samples |
|
TRC123 |
|
208.79 |
210.31 |
1.52 |
0.36 |
63.40 |
685.00 |
690.00 |
5.00 |
0.01 |
1.85 |
T4 |
TRC123 |
|
274.32 |
280.42 |
6.10 |
0.17 |
43.29 |
900.00 |
920.00 |
20.00 |
0.01 |
1.26 |
T4 |
TRC123 |
Including |
274.32 |
275.84 |
1.52 |
0.42 |
96.40 |
900.00 |
905.00 |
5.00 |
0.01 |
2.81 |
T4 |
TRC124 |
Hole Abandoned |
T4 |
TRC124A |
|
268.22 |
269.75 |
1.52 |
0.02 |
63.10 |
880.00 |
885.00 |
5.00 |
0.00 |
1.84 |
T2 FW/T1 |
TRC124A |
|
396.24 |
397.76 |
1.52 |
1.50 |
16.50 |
1300.00 |
1305.00 |
5.00 |
0.04 |
0.48 |
T2 FW/T1 |
Qualified Persons
The scientific and technical information
contained in this news release 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 drill core and exploration samples are
dispatched to SGS 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 is sampled. Certified standards and
blanks are inserted into all sample dispatches. Samples are
collected by Old Dominion Transportation and dispatched to SGS’s
Laboratory in Burnaby. Sample submission forms accompany the
samples, and digital copies are emailed to SGS.
All sample preparation is completed by SGS,
including drying, crushing, and pulverizing of samples. Analytical
assays include gold by 30 gram fire assay with AAS finish
(GO_FAA30V10), and gold overlimits by fire assay with gravimetric
finish (GO_FAG30V). Multielement analysis (including silver) is by
four-acid digest with ICP-AES/ICP-MS finish (GE_ICM40Q12). 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 are merged with sample information for future
reporting.
About Osisko
Development Corp.
Osisko Development Corp. is a premier North
American gold development company focused on high-quality
past-producing properties located in mining friendly jurisdictions
with district scale potential. The Company's objective is to become
an intermediate gold producer by advancing its 100%-owned Cariboo
Gold Project, located in central BC, Canada, the Tintic Project in
the historic East Tintic mining district in Utah, U.S.A., and the
San Antonio Gold Project in Sonora, Mexico. In addition to
considerable brownfield exploration potential of these properties,
that benefit from significant historical mining data, existing
infrastructure and access to skilled labour, the Company's project
pipeline is complemented by other prospective exploration
properties. The Company's strategy is to develop attractive,
long-life, socially and environmentally sustainable mining assets,
while minimizing exposure to development risk and growing mineral
resources.
For further information, please contact
Osisko Development Corp.:
Sean Roosen |
Philip Rabenok |
Chairman and CEO |
Director, Investor Relations |
Email: sroosen@osiskodev.com |
Email: prabenok@osiskodev.com |
Tel: +1 (514) 940-0685 |
Tel: +1 (437) 423-3644 |
CAUTIONARY STATEMENTS
Cautionary Statement Regarding Test Mining
Without Feasibility Study
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. Small
scale test-mining at Trixie was suspended in December 2022, if and
when test mining re-commences 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.
Cautionary Statement to U.S. Investors
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 Technical Reports, the
Financial Statements, MD&A 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 Technical Reports, the
Financial Statements, MD&A 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 U.S.
Securities and Exchange Commission ("SEC").
CAUTION REGARDING 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; the utility and significance of historic data,
including the significance of the district hosting past producing
mines; future mining activities; the unique mineralization at
Trixie; the potential of high-grade gold mineralization on Trixie;
the results (if any) of further exploration work to define and
expand mineral resources; the ability of exploration work
(including drilling) to accurately predict mineralization; the
ability to generate additional drill targets; the ability of
management to understand the geology and potential of Trixie; the
ability of the Company to expand mineral resources beyond current
mineral resource estimates at Trixie; the timing and ability of the
Company to complete upgrades to the Trixie MRE (or any subsequent
MRE) (if at all); the timing and resumption of test mining
activities at Trixie; the information and the scope of the
contemplated Trixie MRE (and any subsequent MRE); the impact of the
Trixie MRE; the ability of the Company to complete its exploration
objectives in 2023 in the timing contemplated (if at all); the
ongoing advancement of the Trixie decline; the deposit remaining
open for expansion at depth and down plunge; the ability to realize
upon any mineralization in a manner that is economic; 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, 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 for the contemplated
exploration and development at Tintic; the ability to continue
current operations and exploration; regulatory framework and
presence of laws and regulations that may impose restrictions on
mining; the ability of exploration activities (including drill
results) to accurately predict mineralization; errors in
management's geological modelling; the ability to expand operations
or complete further exploration activities, including drilling;
property and stream interests in the Tintic Project; the ability of
the Company to obtain required approvals and permits; the results
of exploration activities; risks relating to exploration,
development and mining activities; the global economic climate;
metal and commodity prices; fluctuations in the currency markets;
dilution; environmental risks; and community, non-governmental and
governmental actions and the impact of stakeholder actions. 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, 2022, as well as the Financial Statements
and MD&A for the year ended December 31, 2022, which have 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 as of the date hereof, 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. Forward-looking statements are not guarantees of
performance and 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.
Figures accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9a39984c-a10e-4aec-9fb7-2ef849b6f2d2
https://www.globenewswire.com/NewsRoom/AttachmentNg/f36c8eb9-c253-4a99-a861-4dd1a1568802
https://www.globenewswire.com/NewsRoom/AttachmentNg/1f2a7624-14cc-45c4-98f0-d4cd3d2efb5f
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