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Osisko Development Announces Continued High Grade Drill Results at Cariboo With 63.20 g/t Gold Over 3.20 Meters

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Osisko Development Corp. (TSX-V:ODV) is pleased to announce new drilling results from the exploration and delineation program on the Island Mountain, Mosquito Creek and Shaft Zone Deposits on the Cariboo Gold Project in central British Columbia.

 

This news release discusses the assay results from holes IM-20-001 to IM-20-035 drilled on the Mosquito Creek and Shaft Zone in 2020 (Figures 1 to 3). Highlights include 63.20 g/t Au over 3.20 meters in hole IM-20-002 on Shaft Zone including a sample of 181 g/t Au over 0.80 meter. A total of 13,301 meters were drilled in 76 holes on Mosquito and Shaft in 2020 and many of these assays are pending. The Company is currently drilling on Island Mountain with five diamond drill rigs.

 

Chris Lodder, President of Osisko, commented: “These results demonstrate the high-grade nature of individual veins on Island Mountain and that infill drilling continues to confirm lateral and vertical continuity of the vein corridors.”

 

Select Island Mountain Highlights:

 

  • IM-20-001: 8.29 g/t Au over 4.60 meters
  • IM-20-002: 63.20 g/t Au over 3.20 meters including 62.40 g/t Au over 0.50 meter and 181 g/t Au over 0.80 meter
  • IM-20-003: 23.97 g/t Au over 1.85 meters including 69.20 g/t Au over 0.60 meter
  • IM-20-012: 25.80 g/t Au over 1.40 meters
  • IM-20-017: 16.46 g/t Au over 1.55 meters including 40.50 g/t Au over 0.50 meter
  • IM-20-022: 20.60 g/t Au over 1.00 meter
  • IM-20-028: 10.99 g/t Au over 2.10 meters including 36.20 g/t Au over 0.50 meter

 

Mineralized quartz veins on the Cariboo Gold Project 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 F3 folds and hosted within the sandstonesVein corridors are modelled at a minimum thickness of 2 meters and individual veins within each corridor range in width from millimeter to several meters. The modelled vein corridors for the resource update includes the internal dilution of the subeconomic sandstone within these vein corridors. These corridors have been defined from surface to a vertical depth averaging 300 meters and remain open for expansion at depth and down plunge. Gold grades are intimately associated with 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 Overview


https://www.globenewswire.com/NewsRoom/AttachmentNg/aba8985b-7187-4946-b8e6-f1364d4cfbb1

 

Figure 2: Mosquito Creek recent drilling overview


https://www.globenewswire.com/NewsRoom/AttachmentNg/13817b4d-d5c8-4a15-8423-5a58611523bd

 

Figure 3: Shaft Zone recent drilling overview


https://www.globenewswire.com/NewsRoom/AttachmentNg/60648b50-5818-4ccd-b518-8bffb078f80e

 

Qualified Persons

 

Per National Instrument 43-101 Standards of Disclosure for Mineral Projects, Maggie Layman, P.Geo. Vice President Exploration of Osisko, 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 resource 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 (effective date of October 5th, 2020 and published on SEDAR). 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 second half of 2021. 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.

 

Table 1: Island Mountain Length Weighted Drill Hole Gold Composites

 

HOLE ID   FROM (M) TO (M) LENGTH
(M)
AU (G/T)
IM-20-001   57.00 57.60 0.60 11.15
    63.60 64.45 0.85 13.00
    148.70 150.30 1.60 9.34
    153.30 157.90 4.60 8.29
  INCLUDING 153.30 153.80 0.50 41.10
  AND 156.60 157.90 1.30 13.35
    189.20 192.05 2.85 11.71
  INCLUDING 190.15 190.90 0.75 26.20
  AND 190.90 192.05 1.15 9.54
IM-20-002   157.60 160.80 3.20 63.20
  INCLUDING 157.60 158.10 0.50 62.40
  AND 158.10 158.90 0.80 181.00
  AND 158.90 159.40 0.50 37.10
  AND 159.90 160.80 0.90 8.50
    165.00 167.00 2.00 4.50
    171.00 171.50 0.50 14.75
    177.85 178.35 0.50 8.48
IM-20-003   118.75 119.25 0.50 8.58
    122.30 123.90 1.60 4.78
    135.50 136.30 0.80 29.10
    187.30 189.15 1.85 23.97
  INCLUDING 187.30 187.90 0.60 69.20
    211.40 212.50 1.10 17.01
  INCLUDING 211.40 211.95 0.55 32.90
IM-20-004   83.00 84.00 1.00 10.30
    122.20 122.70 0.50 5.76
    125.15 125.65 0.50 10.20
    143.10 144.25 1.15 5.54
    147.50 148.00 0.50 4.12
IM-20-005   106.50 107.25 0.75 3.09
IM-20-006   117.00 118.45 1.45 3.80
IM-20-007 NO SIGNIFICANT ASSAYS        
IM-20-008   73.95 75.10 1.15 4.84
    165.85 166.40 0.55 6.52
IM-20-009   16.50 18.00 1.50 5.48
    38.00 39.50 1.50 8.65
    67.00 67.50 0.50 3.76
    83.00 83.50 0.50 13.40
 IM-20-010   118.80 119.30 0.50 23.70
    125.40 126.00 0.60 25.80
IM-20-011   144.20 144.70 0.50 6.76
    187.55 189.00 1.45 19.40
IM-20-012   71.10 72.50 1.40 25.80
    95.40 96.00 0.60 13.15
    104.10 105.10 1.00 8.20
IM-20-013   45.45 46.60 1.15 7.05
    53.90 54.45 0.55 3.55
    68.95 69.45 0.50 4.45
    73.60 74.45 0.85 10.45
    130.00 131.50 1.50 9.37
    145.80 146.30 0.50 3.97
IM-20-014   95.50 96.00 0.50 10.65
IM-20-015   98.50 99.00 0.50 34.40
IM-20-016   45.00 46.50 1.50 2.47
IM-20-017   112.40 112.90 0.50 4.54
    125.15 127.95 2.80 2.19
    136.40 136.90 0.50 2.24
    141.95 143.50 1.55 16.46
  INCLUDING 141.95 142.45 0.50 40.50
    147.80 148.30 0.50 12.70
    174.35 175.95 1.60 10.05
  INCLUDING 175.45 175.95 0.50 16.85
    186.00 186.50 0.50 2.83
    222.00 223.00 1.00 2.98
    229.65 235.25 5.60 3.19
  INCLUDING 231.45 232.00 0.55 9.98
  AND 234.70 235.25 0.55 10.45
IM-20-018 NO SIGNIFICANT ASSAYS        
IM-20-019   102.00 107.60 5.60 1.54
  INCLUDING 106.30 107.60 1.30 3.07
    119.05 121.70 2.65 6.34
  INCLUDING 119.05 119.90 0.85 9.72
    170.65 171.75 1.10 9.59
    180.40 181.50 1.10 4.09
    187.20 188.65 1.45 9.57
IM-20-020   76.10 76.70 0.60 3.35
    124.25 124.80 0.55 2.59
    129.10 129.60 0.50 2.18
    132.40 132.90 0.50 9.96
IM-20-021 NO SIGNIFICANT ASSAYS        
IM-20-022   81.80 84.70 2.90 3.90
  INCLUDING 82.90 83.40 0.50 13.55
    88.80 93.95 5.15 2.25
  INCLUDING 90.25 90.75 0.50 16.00
    140.45 141.45 1.00 20.60
IM-20-023   127.50 129.00 1.50 6.70
    140.00 140.50 0.50 7.25
    149.35 149.85 0.50 4.46
    153.05 153.55 0.50 4.15
IM-20-024   56.00 56.50 0.50 3.70
IM-20-025   130.05 130.55 0.50 12.45
IM-20-026 NO SIGNIFICANT ASSAYS        
IM-20-027   161.35 162.30 0.95 4.07
IM-20-028   53.00 55.10 2.10 10.99
  INCLUDING 54.10 54.60 0.50 36.20
    61.00 62.50 1.50 2.96
    71.50 73.00 1.50 3.25
    111.00 112.00 1.00 3.75
IM-20-029   3.70 5.00 1.30 5.06
    59.75 60.25 0.50 8.46
    93.00 93.50 0.50 6.19
IM-20-030   80.10 80.80 0.70 3.24
IM-20-031 NO SIGNIFICANT ASSAYS        
IM-20-032   58.50 59.90 1.40 3.04
    115.75 117.05 1.30 12.10
    175.15 176.30 1.15 7.65
    181.00 181.90 0.90 6.51
    187.10 190.60 3.50 7.48
    253.00 267.50 14.50 1.13
  INCLUDING 253.00 254.50 1.50 2.90
IM-20-033   64.15 64.85 0.70 5.27
    158.55 159.60 1.05 12.10
IM-20-034 NO SIGNIFICANT ASSAYS        
IM-20-035   67.50 72.50 5.00 3.73
  INCLUDING 70.75 71.25 0.50 28.00
    89.30 91.35 2.05 8.51
    90.75 91.35 0.60 16.65
    164.20 165.15 0.95 4.37

 

Table 2: Drill Hole Locations and Orientations

 

HOLE ID EASTING NORTHING ELEV DIP AZI DEPTH (M)
IM-20-001 594724 5884480 1378 -47 116 243
IM-20-002 594724 5884480 1377 -49 111 261
IM-20-003 594716 5884445 1379 -49 106 240
IM-20-004 594716 5884445 1380 -51 110 252
IM-20-005 593501 5885220 1435 -61 316 129
IM-20-006 593502 5885219 1434 -51 310 180
IM-20-007 593502 5885219 1433 -59 310 219
IM-20-008 593442 5885312 1426 -52 318 252
IM-20-009 593518 5885200 1433 -53 295 159
IM-20-010 593538 5885190 1430 -48 310 192
IM-20-011 593441 5885311 1426 -62 312 194
IM-20-012 593538 5885190 1430 -64 295 150
IM-20-013 593441 5885311 1426 -47 303 201
IM-20-014 593538 5885190 1430 -57 289 123
IM-20-015 593538 5885190 1430 -50 296 135
IM-20-016 593440 5885310 1426 -46 284 156
IM-20-017 593549 5885222 1426 -47 313 243
IM-20-018 593429 5885421 1398 -44 301 156
IM-20-019 593441 5885309 1426 -45 335 360
IM-20-020 593550 5885222 1426 -50 300 171
IM-20-021 593430 5885421 1398 -55 299 119
IM-20-022 593429 5885421 1401 -59 281 183
IM-20-023 593550 5885222 1426 -53 312 192
IM-20-024 593411 5885333 1423 -47 284 120
IM-20-025 593449 5885421 1396 -56 294 411
IM-20-026 593592 5885136 1418 -58 288 138
IM-20-028 593593 5885136 1418 -47 314 148
IM-20-027 593432 5885347 1420 -63 311 171
IM-20-029 593594 5885137 1418 -56 319 162
IM-20-030 593432 5885347 1420 -53 316 180
IM-20-031 593449 5885422 1396 -43 306 252
IM-20-032 593577 5885200 1423 -53 142 300
IM-20-033 593431 5885348 1420 -48 294 180
IM-20-034 593450 5885423 1395 -50 310 132
IM-20-035 593431 5885347 1421 -53 309 180

 

Posted March 3, 2021

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