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Osisko Development Intersects 50.11 g/t Au Over 7.50 Meters Including 630 g/t Au Over 0.55 Meter at Lowhee Zone

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Osisko Development Intersects 50.11 g/t Au Over 7.50 Meters Including 630 g/t Au Over 0.55 Meter at Lowhee Zone

 

 

 

 

 

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

 

Summary

  • A total of 28,000 meters were drilled in 92 holes at Lowhee Zone on Barkerville Mountain in 2021.
  • Recent assay results include holes BM-21-052 to BM-21-080 (Figure 1 & 2).
  • BM-21-072 intersected a mineralized vein corridor with visible gold and cosalite that assayed 50.11 g/t Au over 7.50 meters including high grade samples of 630.00 g/t Au over 0.55 meter and 48.80 g/t Au over 0.55 meter.
  • BM-21-062 assayed 227.00 g/t Au over 0.50 meter, located in the southeastern portion of the Lowhee Zone, further indicating exploration potential outside of the known veins.
  • BM-21-071 intersected mineralized vein corridors of 21.35 g/t Au over 6.75 meters including a sample of 61.40 g/t Au over 0.85 meter within a modelled vein corridor.
  • Additional high grade samples include 89.90 g/t Au over 0.60 meter in hole BM-21-056, 95.10 g/t Au over 0.70 meter in hole BM-21-058 and 94.00 g/t Au over 0.50 meter in hole BM-21-069.
  • Detailed drilling results and a drill hole location plan map are presented at the end of this release.

 

Assay Highlights

  • 57.10 g/t Au over 0.50 meter in hole BM-21-052 including
  • 46.60 g/t Au over 0.50 meter
  • 10.51 g/t Au over 5.65 meters in hole BM-21-053
  • 10.18 g/t Au over 4.65 meters in hole BM-21-053 including
  • 45.50 g/t Au over 0.70 meter
  • 23.90 g/t Au over 1.45 meters in hole BM-21-053
  • 51.10 g/t Au over 0.50 meter in hole BM-21-054
  • 13.62 g/t Au over 3.00 meters in hole BM-21-056 including
  • 55.10 g/t Au over 0.50 meter
  • 7.42 g/t Au over 4.30 meters in hole BM-21-056
  • 89.90 g/t Au over 0.60 meter in hole BM-21-056
  • 17.51 g/t Au over 4.20 meters in hole BM-21-058 including
  • 95.10 g/t Au over 0.70 meter
  • 7.66 g/t Au over 8.20 meters in hole BM-21-060
  • 8.38 g/t Au over 8.00 meters in hole BM-21-061 including
  • 72.60 g/t Au over 0.50 meter
  • 11.65 g/t Au over 2.90 meters in hole BM-21-061
  • 227.00 g/t Au over 0.50 meter in hole BM-21-062
  • 8.24 g/t Au over 4.85 meters in hole BM-21-062 including
  • 57.70 g/t Au over 0.50 meter
  • 10.97 g/t Au over 4.25 meters in hole BM-21-063
  • 16.09 g/t Au over 5.95 meters in hole BM-21-064 including
  • 65.00 g/t Au over 0.65 meter
  • 62.80 g/t Au over 0.55 meter
  • 28.10 g/t Au over 1.55 meters in hole BM-21-065 including
  • 80.70 g/t Au over 0.50 meter
  • 75.50 g/t Au over 0.60 meter in hole BM-21-068
  • 94.00 g/t Au over 0.50 meter in hole BM-21-069
  • 21.35 g/t Au over 6.75 meters in hole BM-21-071 including
  • 61.40 g/t Au over 0.85 meter
  • 60.50 g/t Au over 0.50 meter in hole BM-21-071
  • 50.11 g/t Au over 7.50 meters in hole BM-21-072 including
  • 630.00 g/t Au over 0.55 meter and
  • 48.80 g/t Au over 0.55 meter
  • 7.45 g/t Au over 5.30 meters in hole BM-21-077

 

Sean Roosen, CEO of Osisko Development commented, “The results from these 29 holes continue to add confidence within our ongoing mineral resource estimate to support the upcoming feasibility study. Multiple mineralized vein corridors in every hole shows how robust the gold system is at Lowhee.” The vein corridors at Lowhee are the same style of mineralization as seen on our Island Mountain and Cow Mountain deposits- mineralized quartz veins hosted within the sandstone

 

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 2.00 meters and average about 4.50 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.

 

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 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 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 and the Company’s 14,789,373 outstanding share purchase warrants were listed on the TSX Venture Exchange under the symbol “ODV.WT” on October 25, 2021.

 

Posted January 12, 2022

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