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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (161409)11/24/2021 3:32:29 PM
From: LoneClone  Read Replies (1) of 192642
 
Osisko Development Intersects 15.87 g/t Au Over 10.45 Meters and 93.30 g/t Au Over 0.70 Meter at Valley Zone

ca.finance.yahoo.com

Osisko Development Corp
Wed., November 24, 2021, 5:00 a.m.·16 min read

Figure 1: Cariboo deposit areas overview map



Figure 1: Cariboo deposit areas overview map
Figure 1: Cariboo deposit areas overview mapFigure 2: Valley Zone select drilling



Figure 2: Valley Zone select drilling
Figure 2: Valley Zone select drillingFigure 3: Valley zone Cross section with select drillhole highlights



Figure 3: Valley zone Cross section with select drillhole highlights

MONTREAL, Nov. 24, 2021 (GLOBE NEWSWIRE) -- Osisko Development Corp. (“Osisko Development” or the “Company”) (TSX.V-ODV) is pleased to announce drilling results from the 2021 exploration and category conversion drill program campaign at its Cariboo Gold Project (“Cariboo”) 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
    globenewswire.com

    Figure 2: Valley Zone select drilling
    globenewswire.com

    Figure 3: Valley zone Cross section with select drillhole highlights
    globenewswire.com

    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 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.

    For further information, please contact Osisko Development Corp.:

    Jean Francois Lemonde
    VP Investor Relations
    jflemonde@osiskodev.com
    Tel: 514-299-4926



    Forward-looking Statements

    Certain statements contained in this press release may be deemed “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws. These forward-looking statements, by their nature, require Osisko Development to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Forward-looking statements are not guarantees of performance. Words such as “may”, “will”, “would”, “could”, “expect”, “believe”, “plan”, “anticipate”, “intend”, “estimate”, “continue”, or the negative or comparable terminology, as well as terms usually used in the future and the conditional, are intended to identify forward-looking statements. Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management’s perceptions of historical trends, current conditions and expected future developments, results of further exploration work to define and expand mineral resources, expected conclusions of optimization studies, that vein corridors continue to be defined as a high-density network of mineralized quartz within the axis of the last folding event and hosted within the sandstones and that the deposit remains open for expansion at depth and down plunge, as well as other considerations that are believed to be appropriate in the circumstances. Osisko Development considers its assumptions to be reasonable based on information currently available, but cautions the reader that their assumptions regarding future events, many of which are beyond the control of Osisko Development, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect Osisko Development and its business. Such risks and uncertainties include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of to complete further exploration activities, including drilling; property and royalty interests in the Cariboo gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions and the responses of relevant governments to the COVID-19 outbreak and the effectiveness of such responses.

    For additional information with respect to these and other factors and assumptions underlying the forward- looking statements made in this news release concerning Osisko Development, see the Filing Statement available electronically on SEDAR (www.sedar.com) under Osisko Development's issuer profile. The forward-looking statements set forth herein concerning Osisko Development reflect management's expectations as at the date of this news release and are subject to change after such date. Osisko Development disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

    Table 1: Cariboo Gold Project 2021 Length Weighted Drill Hole Gold Composites

    HOLE ID


    FROM M

    TO (M)

    LENGTH (M)

    AU (G/T)

    CM-21-044


    293.00

    303.45

    10.45

    15.87


    Including

    294.05

    294.55

    0.50

    12.10


    and

    299.80

    300.55

    0.75

    66.20


    and

    301.40

    302.05

    0.65

    81.90


    and

    302.65

    303.45

    0.80

    62.30



    307.85

    308.50

    0.65

    3.40



    445.65

    447.35

    1.70

    4.54



    456.80

    457.30

    0.50

    7.07



    475.60

    476.10

    0.50

    3.88



    502.70

    507.80

    5.10

    3.61


    Including

    502.70

    503.65

    0.95

    8.03


    and

    503.65

    504.60

    0.95

    5.62


    and

    507.05

    507.80

    0.75

    7.09



    590.55

    591.40

    0.85

    4.13



    605.25

    606.45

    1.20

    5.16



    615.05

    615.55

    0.50

    3.51

    CM-21-045


    37.30

    37.80

    0.50

    10.65



    70.05

    70.65

    0.60

    3.29



    127.80

    128.35

    0.55

    6.91



    150.80

    151.30

    0.50

    3.10



    160.30

    164.15

    3.85

    19.95


    Including

    160.30

    160.80

    0.50

    82.40


    and

    160.80

    161.70

    0.90

    14.15


    and

    161.70

    162.20

    0.50

    36.10



    207.70

    212.75

    5.05

    2.98


    Including

    207.70

    208.20

    0.50

    17.20


    and

    210.70

    211.25

    0.55

    8.30



    233.00

    233.50

    0.50

    35.00



    241.00

    247.20

    6.20

    12.12


    Including

    241.55

    242.25

    0.70

    93.30


    and

    246.60

    247.20

    0.60

    10.75



    271.30

    271.80

    0.50

    20.60

    CM-21-046


    77.90

    79.00

    1.10

    12.25



    77.90

    78.40

    0.50

    24.50



    146.20

    146.70

    0.50

    4.51



    151.20

    152.20

    1.00

    10.43



    160.70

    161.75

    1.05

    7.74



    179.70

    180.20

    0.50

    5.16



    199.00

    201.20

    2.20

    4.42



    222.50

    225.50

    3.00

    3.46


    Including

    222.50

    223.00

    0.50

    16.75



    245.75

    246.75

    1.00

    3.69


    Including

    245.75

    246.25

    0.50

    6.05



    264.00

    265.00

    1.00

    5.62



    303.30

    303.80

    0.50

    4.88



    434.10

    435.40

    1.30

    17.50



    458.00

    458.50

    0.50

    4.21

    CM-21-047


    76.25

    76.75

    0.50

    57.60



    104.40

    105.00

    0.60

    13.00



    162.65

    163.15

    0.50

    9.92



    271.80

    272.30

    0.50

    3.34



    294.20

    294.70

    0.50

    6.05



    317.85

    319.10

    1.25

    5.82


    Including

    318.35

    319.10

    0.75

    7.89



    330.65

    332.15

    1.50

    7.17


    Including

    330.65

    331.15

    0.50

    13.00

    CM-21-048


    268.30

    269.30

    1.00

    2.93

    CM-21-049


    83.10

    83.60

    0.50

    9.18



    118.60

    119.10

    0.50

    6.54



    135.10

    139.50

    4.40

    5.25


    Including

    136.80

    137.30

    0.50

    10.50


    and

    137.30

    138.00

    0.70

    13.40



    149.30

    149.80

    0.50

    3.19



    167.50

    168.00

    0.50

    4.38



    198.30

    198.80

    0.50

    63.20



    213.60

    214.10

    0.50

    5.88



    219.95

    221.95

    2.00

    6.39


    Including

    220.45

    220.95

    0.50

    18.50



    268.65

    269.15

    0.50

    4.56



    277.20

    280.20

    3.00

    15.68


    Including

    277.20

    277.70

    0.50

    11.20


    and

    279.70

    280.20

    0.50

    82.80



    303.65

    304.65

    1.00

    8.71


    Including

    304.15

    304.65

    0.50

    14.60



    309.50

    310.00

    0.50

    37.50



    322.30

    322.85

    0.55

    5.31



    494.45

    495.95

    1.50

    14.89


    Including

    494.95

    495.45

    0.50

    25.90


    and

    495.45

    495.95

    0.50

    13.45



    523.50

    525.35

    1.85

    11.63


    Including

    524.75

    525.35

    0.60

    30.60



    535.00

    537.20

    2.20

    4.41



    575.35

    576.00

    0.65

    5.19



    583.95

    584.50

    0.55

    3.40



    617.15

    617.90

    0.75

    7.79



    635.50

    636.10

    0.60

    5.70



    639.30

    639.80

    0.50

    4.24

    CM-21-050


    260.25

    262.25

    2.00

    3.79


    Including

    261.75

    262.25

    0.50

    12.35



    283.00

    283.50

    0.50

    3.54

    CM-21-051


    180.90

    181.90

    1.00

    5.37



    194.15

    198.40

    4.25

    5.16


    Including

    194.15

    195.00

    0.85

    15.45


    and

    197.90

    198.40

    0.50

    16.60



    255.25

    259.35

    4.10

    28.45


    Including

    255.25

    255.75

    0.50

    51.70


    and

    257.25

    257.75

    0.50

    67.80


    and

    257.75

    258.25

    0.50

    68.90


    and

    258.75

    259.35

    0.60

    30.50



    285.50

    286.00

    0.50

    3.81

    CM-21-052

    Hole Abandoned




    CM-21-052-1


    194.50

    195.40

    0.90

    5.11



    200.60

    203.65

    3.05

    5.27


    Including

    202.40

    203.00

    0.60

    10.05


    and

    203.00

    203.65

    0.65

    9.63



    245.50

    249.00

    3.50

    2.65


    Including

    248.50

    249.00

    0.50

    11.85



    275.60

    276.10

    0.50

    5.39



    296.90

    297.40

    0.50

    6.08



    309.85

    311.75

    1.90

    8.72


    Including

    310.40

    311.25

    0.85

    16.20



    331.00

    332.00

    1.00

    8.94



    361.75

    362.30

    0.55

    4.19

    CM-21-053


    181.75

    182.85

    1.10

    8.78



    222.30

    224.05

    1.75

    3.56


    Including

    223.50

    224.05

    0.55

    7.05



    229.95

    230.80

    0.85

    12.30



    323.05

    324.50

    1.45

    3.13



    326.40

    327.45

    1.05

    6.85

    CM-21-054


    25.85

    26.35

    0.50

    4.80



    118.15

    119.10

    0.95

    5.55



    359.00

    359.55

    0.55

    3.00



    371.80

    377.15

    5.35

    4.13


    Including

    371.80

    372.30

    0.50

    10.95


    and

    374.30

    374.95

    0.65

    20.00



    426.25

    427.20

    0.95

    4.70



    467.85

    470.25

    2.40

    5.92


    Including

    467.85

    468.70

    0.85

    14.00



    473.70

    475.00

    1.30

    12.10



    478.55

    487.60

    9.05

    4.40


    Including

    478.55

    479.65

    1.10

    8.98


    and

    485.95

    486.65

    0.70

    30.90



    506.50

    507.00

    0.50

    6.03

    CM-21-055


    175.35

    177.00

    1.65

    6.14


    Including

    175.85

    177.00

    1.15

    7.27



    183.80

    184.30

    0.50

    10.95



    218.85

    219.40

    0.55

    93.60



    287.35

    288.60

    1.25

    7.38


    Including

    287.35

    287.85

    0.50

    16.15



    309.00

    309.50

    0.50

    13.35

    CM-21-056


    70.00

    70.50

    0.50

    31.00



    101.20

    101.75

    0.55

    4.10



    159.70

    163.20

    3.50

    27.24


    Including

    159.70

    160.25

    0.55

    8.94


    and

    160.25

    161.45

    1.20

    74.10



    223.95

    224.80

    0.85

    3.85



    307.25

    308.10

    0.85

    3.76



    333.25

    334.95

    1.70

    3.57


    Including

    333.25

    333.80

    0.55

    5.24

    CM-21-057


    105.00

    105.85

    0.85

    3.01



    283.60

    284.10

    0.50

    3.61



    285.20

    285.70

    0.50

    6.71



    320.50

    321.30

    0.80

    10.25



    385.80

    386.80

    1.00

    3.74



    401.10

    402.25

    1.15

    4.14



    404.35

    404.85

    0.50

    7.13



    417.20

    417.85

    0.65

    6.87



    442.10

    442.60

    0.50

    9.82



    454.85

    455.35

    0.50

    4.14



    501.00

    502.20

    1.20

    4.36

    CM-21-058


    124.60

    130.35

    5.75

    11.12


    Including

    124.60

    125.10

    0.50

    53.90


    and

    125.10

    125.60

    0.50

    29.10


    and

    125.60

    126.10

    0.50

    24.50



    174.30

    174.80

    0.50

    4.65



    186.00

    186.50

    0.50

    28.70



    209.50

    210.00

    0.50

    6.51



    224.25

    225.05

    0.80

    5.62



    264.40

    265.20

    0.80

    3.02



    268.00

    271.00

    3.00

    5.73



    287.55

    288.35

    0.80

    8.69



    299.00

    303.70

    4.70

    3.41


    Including

    303.15

    303.70

    0.55

    7.43



    312.35

    313.45

    1.10

    3.99



    315.75

    316.25

    0.50

    3.25



    498.60

    500.25

    1.65

    5.13


    Including

    499.10

    500.25

    1.15

    6.93



    534.30

    534.90

    0.60

    4.59



    640.00

    640.55

    0.55

    3.08

    CM-21-059


    176.00

    177.50

    1.50

    3.62


    Including

    177.00

    177.50

    0.50

    6.51



    398.65

    399.65

    1.00

    11.52


    Including

    398.65

    399.15

    0.50

    17.35



    520.00

    520.50

    0.50

    19.20



    608.25

    608.75

    0.50

    8.21



    611.50

    612.00

    0.50

    6.64



    614.65

    615.15

    0.50

    3.39



    617.40

    617.90

    0.50

    3.42



    620.70

    621.20

    0.50

    8.02



    630.70

    633.30

    2.60

    4.23


    Including

    631.80

    632.30

    0.50

    9.01


    and

    632.80

    633.30

    0.50

    8.28



    652.85

    656.85

    4.00

    9.65


    Including

    652.85

    653.60

    0.75

    48.00



    663.15

    664.65

    1.50

    4.08



    687.70

    688.25

    0.55

    5.68

    CM-21-060


    142.35

    142.85

    0.50

    18.00

    CM-21-061


    66.70

    69.00

    2.30

    19.37


    Including

    67.70

    69.00

    1.30

    29.80


    Table 2: Drill Hole Locations and Orientations

    HOLE ID

    EASTING

    NORTHING

    ELEV

    DIP

    AZI

    DEPTH (M)

    CM-21-044

    595544

    5884126

    1224

    -47

    305

    642

    CM-21-045

    595482

    5883922

    1209

    -48

    328

    309

    CM-21-046

    595482

    5883922

    1209

    -50

    328

    480

    CM-21-047

    595544

    5884127

    1225

    -48

    311

    354

    CM-21-048

    595563

    5884070

    1223

    -47

    308

    450

    CM-21-049

    595545

    5884127

    1224

    -45

    313

    1249

    CM-21-050

    595563

    5884070

    1223

    -45

    311

    309

    CM-21-051

    595295

    5884085

    1201

    -52

    119

    402

    CM-21-052

    595295

    5884085

    1201

    -57

    119

    84

    CM-21-052-1

    595295

    5884085

    1201

    -57

    119

    680

    CM-21-053

    595368

    5884067

    1202

    -57

    308

    372

    CM-21-054

    595563

    5884070

    1224

    -45

    316

    528

    CM-21-055

    595367

    5884066

    1203

    -60

    308

    400

    CM-21-056

    595367

    5884067

    1202

    -56

    301

    501

    CM-21-057

    595563

    5884070

    1224

    -49

    315

    537

    CM-21-058

    595367

    5884067

    1202

    -47

    301

    681

    CM-21-059

    595564

    5884069

    1224

    -50

    317

    741

    CM-21-061

    595291

    5884087

    1201

    -53

    315

    69

    CM-21-060

    595545

    5884126

    1223

    -62

    119

    291

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