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Osisko Development Intercepts 361.93 g/t Gold Over 1.10 Meters (10.56 oz/t Gold Over 3.60 Feet) in Underground Sampling at Trixie, Tintic Project

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Osisko Development Intercepts 361.93 g/t Gold Over 1.10 Meters (10.56 oz/t Gold Over 3.60 Feet) in Underground Sampling at Trixie, Tintic Project

 

 

 

 

 

Osisko Development Corp. (TSX-V: ODV) (NYSE: ODV) is pleased to announce chip sampling results from new development areas as part of its ongoing exploration program at its 100%-owned Trixie test mine, within the Company’s wider Tintic Project located in the historic East Tintic Mining District in central Utah, U.S.A.

 

Chris Lodder, President of Osisko Development, commented, “The new developments at Trixie to the north continue to show mineralization and high-grade gold samples within the T2 and T4 zones toward a mineralizing fault structure, the Trixie Fault. We will continue to explore this area to the north toward the historical 756 ore shoot. This area was previously developed over a 275-metre strike length down to vertical depths of 300 meters and had an average grade of 6-8 g/t gold, while primarily mined for flux. This area remains open in all directions. We are also pleased to announce the near completion of the new decline at Trixie, which is expected to break through in the next few weeks. This is a milestone accomplishment for our team that will improve access for deeper and nearby exploration as well as any future potential production at Trixie or nearby target areas.”

 

UNDERGROUND CHIP SAMPLE ASSAY HIGHLIGHTS

 

This news release includes assays from 41 underground exploration face, back and rib chip sample strings in development at Trixie (refer to Table 1). Selected assay highlights include:

  • 42.75 grams per tonne gold and 25.23 g/t silver over 0.73 meters in CH01539 (1.25 troy ounce per short ton  Au and 0.74 oz/t Ag over 2.4 feet)
  • 68.10 g/t Au and 39.10 g/t Ag over 1.68 m in CH01548 (1.99 oz/t Au and 1.14 oz/t Ag over 5.5 ft.) including
    • 422.49 g/t Au and 223.14 g/t Ag over 0.24 m (12.32 oz/t Au and 6.51 oz/t Ag over 0.80 ft.)
  • 168.60 g/t Au and 161.33 g/t Ag over 1.06 m in CH01549 (4.92 oz/t Au and 4.71 oz/t Ag over 3.47 ft.) including
    • 288.48 g/t Au and 262.50 g/t Ag over 0.61 m (8.41 oz/t Au and 7.66 oz/t Ag over 2.00 ft.)
  • 361.93 g/t Au and 153.48 g/t Ag over 1.10 m in hole CH01561 (10.56 oz/t Au and 4.48 oz/t Ag over 3.60 ft.) including
    • 590.81 g/t Au and 259.93 g/t Ag over 0.55 m (17.23 oz/t Au and 7.58 oz/t Ag over 1.80 ft.)
  • 11.08 g/t Au and 12.02 g/t Ag over 3.17 m in CH01562 (0.32 oz/t Au and 0.35 oz/t Ag over 10.40 ft.)
  • 40.35 g/t Au and 47.93 g/t Ag over 0.73 m in CH01566 (1.18 oz/t Au and 1.40 oz/t Ag over 2.40 ft.)
  • 26.92 g/t Au and 271.51 g/t Ag over 1.52 m in CH01574 (0.79 oz/t Au and 7.92 oz/t Ag over 5.00 ft.) including
    • 77.92 g/t Au and 769.73 g/t Ag over 0.37 m (2.27 oz/t Au and 22.45 oz/t Ag over 1.20 ft.)

 

CHIP SAMPLE RESULTS SUMMARY

  • Chip samples were collected from the T2 structure and T4 stockwork on the 625 ft level and along new development at the Trixie decline (See Figures 2 and 3).
  • Sampling on the 625 ft-level focussed on development to the north towards the Trixie fault and the 756 vein.
  • Samples collected near the Trixie decline focussed on a new crosscut west towards the T2 structure at the 600 ft-level.
  • Approximately 95% of the 1,390 m (4,550 ft.) Trixie portal and underground decline ramp has been completed to date, with approximately 250 ft. remaining to breakthrough. The Company anticipates completion of the decline ramp to the main 625 ft-level in Q3 2023.
  • The sampling and drilling results provide support that our target areas to the north of Trixie and to the south down plunge of the T2 structure are mineralized and warrant further follow-up exploration drilling and sampling.
  • These sampling results will provide valuable data to improve our understanding and the confidence level of the mineralized zones defined in the area of the Trixie MRE (as defined herein) and support a future mineral resource estimate update.
    • The Company is currently working on an updated MRE for the Trixie deposit to incorporate the new 2023 drilling results and the remaining 2022 drilling that was not included in the Tintic Technical Report (as defined herein) published on January 27, 2023 (with an effective date of January 10, 2023), due to assay lab delays. This new MRE is expected to be completed once the 2023 drilling program has concluded and all assay results have been received.

 

Face Sampling Methodology

 

As most structures at Trixie are steeply dipping to the east or west, current sampling procedures are designed to sample the structure. Chip samples are collected and do not exceed 1.0 m (3 ft.) in length. The face is washed for safety, and for better identification of mineralization, alteration and structures. The hanging wall and footwall of the structures are marked up on the face and back, samples intervals are marked up and follow lithological contacts.

 

Samples are collected in feet and assays are reported in grams per tonne and troy ounce per short ton gold and silver. Conversions to metric and imperial measurements are rounded to two decimal places.

 

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.

 

A 3D model and virtual site tour of Trixie and the wider Tintic Project is accessible on the Company’s VRIFY page at: https://vrify.com/decks/12801.

 

Information relating to the Tintic Project and the current MRE for the Trixie deposit is supported by the technical report entitled “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. Reference should be made to the full text of the Tintic Technical Report, which was prepared in accordance with NI 43-101 and is available electronically on SEDAR+ (www.sedarplus.ca) 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 Long Section

 

Figure 3: Trixie Long Section Sample Highlights

 

Table 1: Chip Sample 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
CH01535   0.70 1.37 0.67 2.47 413.75 2.30 4.50 2.20 0.07 12.07  T4
CH01536   0.00 1.37 1.37 7.24 18.21 0.00 4.50 4.50 0.21 0.53  T4
CH01536 Including 0.00 0.49 0.49 17.24 42.27 0.00 1.60 1.60 0.50 1.23  T4
CH01537   0.61 1.68 1.07 12.25 60.28 2.00 5.50 3.50 0.36 1.76 T2
CH01538 No Significant Assays T2
CH01539   0.00 1.52 1.52 21.80 18.96 0.00 5.00 5.00 0.64 0.55 T2
CH01539 Including 0.79 1.52 0.73 42.75 25.23 2.60 5.00 2.40 1.25 0.74 T2
CH01540   0.00 1.52 1.52 0.34 373.02 0.00 5.00 5.00 0.01 10.88 T2
CH01541 No Significant Assays Trixie Decline
CH01543   0.00 1.04 1.04 5.92 17.84 0.00 3.40 3.40 0.17 0.52 T2
CH01543 Including 0.24 0.61 0.37 11.31 29.38 0.80 2.00 1.20 0.33 0.86 T2
CH01544   0.00 0.76 0.76 18.03 63.87 0.00 2.50 2.50 0.53 1.86 T2
CH01545   0.00 0.76 0.76 10.10 17.37 0.00 2.50 2.50 0.29 0.51 T2
CH01545 Including 0.37 0.76 0.40 13.44 18.41 1.20 2.50 1.30 0.39 0.54 T2
CH01546   0.00 1.58 1.58 5.06 3.85 0.00 5.20 5.20 0.15 0.11 T2
CH01546 Including 1.10 1.58 0.49 9.84 3.60 5.20 1.60 0.29 T2
CH01548   0.00 1.68 1.68 68.10 39.10 0.00 5.50 5.50 1.99 1.14 T2
CH01548 Including 0.00 0.24 0.24 422.49 223.14 0.00 0.80 0.80 12.32 6.51 T2
CH01549   0.00 1.40 1.06 168.60 161.33 0.00 4.60 3.47 4.92 4.71 T2
CH01549 Including 0.00 0.61 0.61 288.48 262.50 0.00 2.00 2.00 8.41 7.66 T2
CH01550   0.00 1.04 1.04 7.95 38.51 0.00 3.40 3.40 0.23 1.12 T2
CH01550 Including 0.00 0.27 0.27 13.30 49.90 0.00 0.90 0.90 0.39 1.46 T2
CH01551   1.52 3.05 1.52 3.43 5.00 10.00 5.00 0.10 T2
CH01552   0.94 1.34 0.40 3.43 3.10 4.40 1.30 0.10 T2
CH01554   0.61 0.70 0.09 1.20 36.82 2.00 2.30 0.30 0.04 1.07 T2
CH01556   0.73 3.05 2.32 152.66 2.40 10.00 7.60 4.45 T2
CH01556   7.62 9.14 1.52 89.41 25.00 30.00 5.00 2.61 T2
CH01557   8.53 9.14 0.61 84.92 28.00 30.00 2.00 2.48 T2
CH01558   0.00 0.15 0.15 110.39 0.00 0.50 0.50 3.22 T2
CH01559 No Significant Assays Trixie Decline
CH01560   4.82 5.49 0.67 46.76 15.80 18.00 2.20 1.36 T2
CH01561   0.00 1.10 1.10 361.93 153.48 0.00 3.60 3.60 10.56 4.48 T2
CH01561 Including 0.00 0.55 0.55 590.81 259.93 0.00 1.80 1.80 17.23 7.58 T2
CH01562   0.00 3.17 3.17 11.08 12.02 0.00 10.40 10.40 0.32 0.35 Trixie Decline
CH01562 Including 0.00 1.52 1.52 17.45 9.19 0.00 5.00 5.00 0.51 0.27  
CH01563 No Significant Assays Trixie Decline
CH01564   0.00 0.82 0.82 30.07 91.36 0.00 2.70 2.70 0.88 2.66 T2
CH01565   3.05 4.57 1.52 12.96 45.63 10.00 15.00 5.00 0.38 1.33 T2
CH01566   0.00 0.73 0.73 40.35 47.93 0.00 2.40 2.40 1.18 1.40 T2
CH01567   0.00 1.07 1.07 14.58 242.42 0.00 3.50 3.50 0.43 7.07 T2
CH01567 Including 0.61 1.07 0.46 26.40 507.23 2.00 3.50 1.50 0.77 14.79 T2
CH01568   0.85 1.46 0.61 1.75 11.83 2.80 4.80 2.00 0.05 0.34 T2
CH01569   0.00 0.61 0.61 18.38 121.08 0.00 2.00 2.00 0.54 3.53 T2
CH01570 No Significant Assays Trixie Decline
CH01571   0.91 1.52 0.61 4.29 100.45 3.00 5.00 2.00 0.13 2.93 T2
CH01572   0.00 1.52 1.52 1.14 9.69 0.00 5.00 5.00 0.03 0.28 T2
CH01573   0.00 1.40 1.40 4.67 17.45 0.00 4.60 4.60 0.14 0.51 T2
CH01574   0.00 1.52 1.52 26.92 271.51 0.00 5.00 5.00 0.79 7.92 T2
CH01574 Including 0.34 0.70 0.37 77.92 769.73 1.10 2.30 1.20 2.27 22.45 T2
CH01574 and 0.98 1.37 0.40 18.07 273.06 3.20 4.50 1.30 0.53 7.96 T2
CH01575   0.00 0.91 0.91 15.43 31.35 0.00 3.00 3.00 0.45 0.91 T2
CH01576   0.00 1.52 1.52 16.25 21.32 0.00 5.00 5.00 0.47 0.62 T2
CH01577   0.00 1.52 1.52 3.77 118.44 0.00 5.00 5.00 0.11 3.45 T2
CH01578   0.00 1.13 1.13 12.92 36.20 0.00 3.70 3.70 0.38 1.06 T2
CH01578 Including 0.00 0.46 0.46 22.87 65.75 0.00 1.50 1.50 0.67 1.92 T2
CH01579   0.00 1.22 1.22 4.66 11.24 0.00 4.00 4.00 0.14 0.33 T2

 

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 – Quality Control

 

Underground face samples are collected by Company geologists from each of the active mining faces, with samples transported by the geologists from Trixie to the on-site Company laboratory located at the Burgin administrative complex. Underground samples are dried, crushed to <10 mm and a 250 g split is taken. The split is pulverized, and a 30 g Fire Assay with gravimetric finish is completed to determine gold and silver grades, reported in oz/short ton and g/t.

 

The Company’s Burgin laboratory is not a certified analytical laboratory, but the facility is managed by a qualified laboratory manager with annual auditing by technical staff. Inter-laboratory check assays using ALS Laboratory as a third-party independent analysis of samples is routinely carried out as part of ongoing QA/QC work. Certified OREAS QC standards and blanks are inserted at regular intervals in the sample stream to monitor laboratory performance.

 

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.

 

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 B.C., 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.

 

Posted September 16, 2023

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