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Osisko Development Intersects 20.40 g/t Au Over 6.55 Meters, 117.00 g/t Au Over 0.90 Meter and 155.50 g/t Au Over 0.50 Meter on Island Mountain

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Osisko Development Intersects 20.40 g/t Au Over 6.55 Meters, 117.00 g/t Au Over 0.90 Meter and 155.50 g/t Au Over 0.50 Meter on Island Mountain

 

 

 

 

 

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. A total of 6 diamond drill rigs are currently active on the Project.

 

Summary

 

  • A total of 147,000 meters have been drilled thus far in 2021, of which 10,000 meters were drilled at Mosquito and 58,000 drilled at Shaft.
  • Recent assay results include holes IM-21-087 to IM-21-101 from Mosquito and Shaft Zones on Island Mountain (Figure 1).
  • IM-21-089 intersected 20.40 g/t Au over 6.55 meters at Shaft Zone and included high grade samples of 92.30 g/t Au over 0.60 meter, 50.70 g/t Au over 0.60 meter, 28.10 g/t Au over 0.60 meter and 22.40 g/t Au over 1.25 meters.
  • IM-21-090 tested both Shaft and Valley Zones, intersected multiple mineralized vein corridors in both zones including 48.10 g/t Au over 2.40 meters with 117.0 g/t Au over 0.90 meter on the Shaft Zone and 5.50 g/t Au over 12.25 meters including 54.5 g/t Au over 0.90 meter on the Valley Zone.
  • Detailed drilling results and a drill hole location plan map are presented at the end of this release.

 

Assay Highlights

 

  • 15.48 g/t Au over 3.40 meters in hole IM-21-088 including
  • 28.80 g/t Au over 0.80 meter
  • 20.40 g/t Au over 6.55 meters in hole IM-21-089 including
  • 92.30 g/t Au over 0.60 meter and
  • 50.70 g/t Au over 0.60 meter
  • 48.10 g/t Au over 2.40 meters in hole IM-21-090 including
  • 117.00 g/t Au over 0.90 meter
  • 5.50 g/t Au over 12.25 meters in hole IM-21-090 including
  • 54.50 g/t Au over 0.90 meter
  • 97.40 g/t Au over 0.50 meter in hole IM-21-092
  • 63.40 g/t Au over 0.50 meter in hole IM-21-092
  • 9.85 g/t Au over 5.80 meters in hole IM-21-093 including
  • 37.80 g/t Au over 1.15 meters
  • 8.27 g/t Au over 6.30 meters in hole IM-21-097
  • 34.03 g/t Au over 1.00 meter in hole IM-21-097 including
  • 48.70 g/t Au over 0.50 meter
  • 49.40 g/t Au over 0.80 meter in hole IM-21-097
  • 35.68 g/t Au over 2.25 meters in hole IM-21-097 including
  • 155.50 g/t Au over 0.50 meter
  • 6.23 g/t Au over 6.50 meters in hole IM-21-097 including
  • 30.50 g/t Au over 1.00 meter
  • 16.39 g/t Au over 2.70 meters in hole IM-21-098 including
  • 52.60 g/t Au over 0.50 meter
  • 7.61 g/t Au over 4.15 meters in hole IM-21-101

 

Chris Lodder, President of Osisko Development commented, “Drilling from the Shaft Zone over to the Valley Zone has allowed us to intersect multiple deposits with one hole, and to explore along strike at Shaft zone while testing down dip at Valley Zone. These recent results from holes IM-21-090 and IM-21-097 indicate continuity between the two zones and significant expansion potential.

 

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/8e9ea0d6-54ba-430e-90f7-a3850b513d3c

 

Figure 2: Mosquito Creek Zone select drilling highlights

https://www.globenewswire.com/NewsRoom/AttachmentNg/505d184b-09be-4777-8937-4b7c2d72f3a3

 

Figure 3: Shaft Zone select drilling highlights

https://www.globenewswire.com/NewsRoom/AttachmentNg/3e96a1c4-744b-4e29-be94-4bebbd732a89

 

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 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 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 5th, 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. Osisko Development began trading on the TSX Venture Exchange under the symbol “ODV” on December 2, 2020.

 

Posted October 19, 2021

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