Osisko Development Corp. (TSX-V:ODV) is pleased to announce drilling results from the 2021 exploration and category conversion drill program campaign at its Cariboo Gold Project in central British Columbia.

Summary

• A total of 152,000 meters were drilled in 2021. Of that, 50,000 meters were drilled in 109 holes in the Valley Zone Deposit.
• Recent assay results include holes CM-21-044 to CM-21-061 (Figures 1 and 2).
• CM-21-044 assayed 15.87 g/t Au over 10.45 meters including samples that assayed 66.20 g/t Au over 0.75 meter, 81.90 g/t Au over 0.65 meter and 62.30 g/t Au over 0.80 meter increasing confidence in an inferred vein corridor.
• CM-21-051 intersected a vein corridor and assayed 28.45 g/t Au over 4.10 meters including high grade samples of 51.70 g/t Au over 0.50 meter, 67.80 g/t Au over 0.50 meter and 68.90 g/t Au over 0.50 meter
• New mineralization was intersected across multiple mineralized vein corridors in holes CM-21-049: 63.2 g/t Au over 0.50 meters, 15.68 g/t Au over 3.0 meters and CM-21-059 intersected some of the deepest anomalies at Valley to date, including 9.65 g/t Au over 4.0 meters including a sample of 48.0 g/t Au over 0.75 meters, 500 meters from surface and 80 meters along strike from any modelled vein corridors with significant potential to expand in the surrounding untested sandstone (Figure 3).

Chris Lodder, President of Osisko Development commented, “Many of the holes in the category conversion program have intersected new vein corridors or expanded up dip and along strike. Hole CM-21-059 provides further indication that we have significant potential within our current deposit areas. These intercepts show the deposit continues down plunge in the sandstone and open for several hundred meters to the northwest and up dip as shown in Figure 3.”

Assay Highlights

• 15.87 g/t Au over 10.45 meters in hole CM-21-044 including
• 66.20 g/t Au over 0.75 meter and
• 81.90 g/t Au over 0.65 meter and
• 62.30 g/t Au over 0.80 meter
• 19.95 g/t Au over 3.85 meters in hole CM-21-045 including
• 82.40 g/t Au over 0.50 meter
• 12.12 g/t Au over 6.12 meters in hole CM-21-045 including
• 93.30 g/t Au over 0.70 meter
• 57.60 g/t Au over 0.50 meters in hole CM-21-047
• 63.20 g/t Au over 0.50 meters in hole CM-21-049
• 15.68 g/t Au over 3.00 meters in hole CM-21-049 including
• 82.80 g/t Au over 0.50 meter
• 28.45 g/t Au over 4.10 meters in hole CM-21-051 including
• 51.70 g/t Au over 0.50 meter and
• 67.80 g/t Au over 0.50 meter and
• 68.90 g/t Au over 0.50 meter
• 93.60 g/t Au over 0.55 meter in hole CM-21-055
• 27.24 g/t Au over 3.50 meters in hole CM-21-056 including
• 74.10 g/t Au over 1.20 meters
• 11.12 g/t Au over 5.75 meters in hole CM-21-058
• 9.65 g/t Au over 4.00 meters in hole CM-21-059 including
• 48.0 g/t Au over 0.75 meter
• 19.37 g/t Au over 2.30 meters in hole CM-21-061 including
• 29.80 g/t Au over 1.30 meters

Mineralized quartz veins on Cariboo 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 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

https://www.globenewswire.com/NewsRoom/AttachmentNg/e6359c60-a4f4-41ae-8702-b1eca619c63e

Figure 2: Valley Zone select drilling

https://www.globenewswire.com/NewsRoom/AttachmentNg/9703c834-671c-471f-b2ac-65dcc0ac05c0

Figure 3: Valley zone Cross section with select drillhole highlights

https://www.globenewswire.com/NewsRoom/AttachmentNg/402e1efd-1a4d-4460-af54-0ea4d6088e2d

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 5^th, 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.