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Osisko Development Intersects 22.76 g/t Gold Over 7 m and 7.73 g/t Gold Over 13 m on Island and Cow Deposits Infill and Expansion Drilling

27.04.2021  |  GlobeNewswire
MONTREAL, April 27, 2021 - Osisko Development Corp. ("Osisko Development" or the "Company") (TSX.V-ODV) is pleased to announce drilling results from the category conversion drill program campaign at its Cariboo Gold Project ("Cariboo") in central British Columbia.

This news release discusses the final assay results from the 2020 exploration and delineation drill campaign on Valley (Cow Mountain), Mosquito and Shaft Zones (Island Mountain) and includes holes CM-20-100 to CM-20-105 and IM-20-036 to IM-20-061 (Table 1). Detailed drilling results, drill hole location plan maps and vertical sections are presented at the end of this release. The infill drilling results continue to demonstrate continuity and expansion of modelled vein corridors. Drilling highlights include 6.97 g/t Au over 6.50 g/t Au and 7.73 g/t Au over 13.00 meters in hole CM-20-100. Hole CM-20-100 confirmed anomalous gold values within multiple modelled vein corridors (Figure 2). On Island Mountain, Shaft Zone highlights included 11.48 g/t Au over 8.35 meters in hole IM-20-039 and on Mosquito Creek Zone 22.76 g/t Au over 7.00 meters in hole IM-20-053 (Figure 3). The modelled vein corridors remain open at depth and are currently being drill tested with four diamond drill rigs. A total of ten rigs are currently active on Cariboo.

Chris Lodder, President of Osisko Development commented, "These consistent drill results continue to demonstrate the strong potential for resource conversion within the Valley Zone and on the Island Mountain deposits which remain open along strike and at depth. Importantly, the Valley Zone's present dimensions are starting to compare to the Shaft zone which host the majority of our present resources in the Cariboo Gold Project".

Further highlights from drilling are presented below.

Recent Drilling Highlights:

  • CM-20-100: 6.97 g/t Au over 6.50 meters
  • CM-20-100: 7.73 g/t Au over 13.00 meters including 35.50 g/t Au over 0.85 meter
  • CM-20-101: 30.70 g/t Au over 1.35 meters
  • CM-20-102: 5.62 g/t Au over 9.45 meters including 28.10 g/t Au over 0.50 meter
  • IM-20-037: 7.14 g/t Au over 5.05 meters
  • IM-20-037: 15.45 g/t Au over 4.50 meters including 56.20 g/t Au over 0.50 meter
  • IM-20-039: 17.84 g/t Au over 4.30 meters including 42.30 g/t Au over 1.25 meters
  • IM-20-039: 11.48 g/t Au over 8.35 meters including 66.50 g/t Au over 0.65 meter
  • IM-20-041: 7.18 g/t Au over 4.75 meters
  • IM-20-043: 12.36 g/t Au over 6.75 meters including 40.60 g/t Au over 0.75 meter
  • IM-20-050: 46.60 g/t Au over 0.85 meter
  • IM-20-053: 22.76 g/t Au over 7.00 meters including 47.00 g/t Au over 1.50 meters
  • IM-20-053: 24.73 g/t Au over 2.50 meters including 59.70 g/t Au over 1.00 meter
  • IM-20-059: 28.10 g/t Au over 1.50 meter
  • IM-20-059: 9.31 g/t Au over 6.00 meters
  • IM-20-061: 23.70 g/t Au over 1.50 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's folds 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 with drill locations is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c9753d5a-23e7-46c1-a11e-693753a13dba

Figure 2: Valley Zone drill hole cross section CM-20-100 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/29e6807d-a4e9-4794-8da6-63921a041dd6

Figure 3: Mosquito Creek drill hole cross section IM-20-053 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/14c65512-655e-4864-8db2-e9ae32ed71e6

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 4.60 Au g/t for a total of 3.20 million ounces of gold and inferred resource of 21.69 Mt at 3.90 Au g/t for a total of 2.70 million ounces of gold (see NI 43-101 Technical Report for resource 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 second half of 2021. 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 Qu?bec 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.

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 "forwardlooking statements" within the meaning of applicable Canadian and U.S. securities laws. These forwardlooking statements, by their nature, require Osisko 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 forwardlooking statements. Forwardlooking 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 forwardlooking statements, including management's assessment of drill and assay results. Information contained in forwardlooking 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's fold 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 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, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect Osisko 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 forwardlooking 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 forwardlooking 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 2020 Length Weighted Drill Hole Gold Composites

HOLE ID FROM M TO (M) LENGTH (M) AU G/T TARGET
CM-20-100 23.50 24.00 0.50 19.80 VALLEY
84.00 85.00 1.00 5.19
193.00 199.50 6.50 6.97
INCLUDING 193.00 193.50 0.50 35.90
AND 195.00 195.50 0.50 25.00
AND 199.00 199.50 0.50 17.20
323.30 336.30 13.00 7.73
INCLUDING 323.30 323.80 0.50 7.79
AND 324.30 325.30 1.00 30.40
AND 327.40 328.25 0.85 35.50
AND 332.00 332.50 0.50 8.05
AND 334.00 335.00 1.00 11.20
AND 335.00 335.60 0.60 11.00
AND 335.60 336.30 0.70 7.40
CM-20-101 80.00 80.50 0.50 3.46 VALLEY
88.15 88.65 0.50 8.00
96.00 96.70 0.70 5.21
155.00 155.50 0.50 4.27
196.00 197.00 1.00 3.01
214.60 215.95 1.35 30.70
CM-20-102 132.65 133.15 0.50 12.25 VALLEY
212.00 212.55 0.55 7.67
222.50 223.00 0.50 29.80
229.00 229.50 0.50 17.70
252.35 253.00 0.65 11.85
312.60 313.50 0.90 7.27
341.50 350.95 9.45 5.62
INCLUDING 341.50 342.00 0.50 28.10
AND 349.15 349.80 0.65 17.70
AND 349.80 350.95 1.15 19.50
367.70 369.70 2.00 3.44
393.50 394.75 1.25 5.53
CM-20-103 231.00 231.65 0.65 3.39 VALLEY
CM-20-104 HOLE ABANDONED VALLEY
CM-20-105 159.00 159.50 0.50 7.76 VALLEY
163.65 164.15 0.50 6.31
189.10 189.60 0.50 15.00
IM-20-036 103.00 105.50 2.50 5.96 MOSQUITO
INCLUDING 104.00 105.00 1.00 9.68
126.85 127.40 0.55 6.94
141.65 143.00 1.35 20.80
152.35 153.50 1.15 3.83
IM-20-037 107.30 108.50 1.20 5.57 MOSQUITO
INCLUDING 108.00 108.50 0.50 9.29
178.35 183.40 5.05 7.14
INCLUDING 178.35 178.90 0.55 9.07
AND 181.00 181.80 0.80 20.40
AND 182.30 182.90 0.60 16.75
218.20 218.70 0.50 3.18
221.70 226.20 4.50 15.45
INCLUDING 221.70 222.20 0.50 9.25
AND 222.70 223.20 0.50 37.10
AND 223.70 224.20 0.50 8.96
AND 224.70 225.20 0.50 56.20
AND 225.20 225.70 0.50 8.20
AND 225.70 226.20 0.50 9.40
228.70 230.20 1.50 5.23
INCLUDING 228.70 229.20 0.50 7.21
AND 229.20 229.70 0.50 6.20
297.30 299.60 2.30 5.14
299.60 300.10 0.50 2.97
307.50 309.00 1.50 3.92
IM-20-038 78.15 79.30 1.15 3.43 MOSQUITO
87.80 88.80 1.00 4.30
136.70 137.75 1.05 11.55
IM-20-039 74.90 76.35 1.45 17.20 SHAFT
83.00 87.30 4.30 17.84
INCLUDING 84.75 85.45 0.70 8.23
AND 85.45 86.70 1.25 42.30
AND 86.70 87.30 0.60 25.80
95.40 96.00 0.60 3.99
110.50 111.15 0.65 4.49
193.50 194.00 0.50 37.40
261.65 270.00 8.35 11.48
INCLUDING 261.65 262.30 0.65 66.50
AND 267.55 268.75 1.20 26.10
AND 269.40 270.00 0.60 11.85
287.55 291.35 3.80 3.63
287.55 288.75 1.20 6.47
339.00 341.35 2.35 6.32
INCLUDING 339.00 339.60 0.60 16.70
AND 340.70 341.35 0.65 7.36
IM-20-040 NO SIGNIFICANT ASSAYS MOSQUITO
IM-20-041 101.90 103.05 1.15 8.75 MOSQUITO
IM-20-041 INCLUDING 102.50 103.05 0.55 12.10
110.20 111.00 0.80 7.82
120.75 121.25 0.50 4.55
193.40 198.15 4.75 7.18
INCLUDING 193.40 194.05 0.65 13.95
AND 197.55 198.15 0.60 9.11
IM-20-042 89.85 91.35 1.50 2.00 MOSQUITO
91.35 92.00 0.65 2.85
IM-20-043 29.50 30.40 0.90 3.27 MOSQUITO
100.40 101.05 0.65 24.90
126.50 127.25 0.75 3.32
194.25 201.00 6.75 12.36
INCLUDING 194.25 194.75 0.50 13.00
AND 196.00 196.75 0.75 40.60
AND 196.75 198.00 1.25 21.50
AND 199.00 199.85 0.85 8.66
AND 200.45 201.00 0.55 9.29
IM-20-044 24.00 24.50 0.50 23.60 SHAFT
317.60 319.10 1.50 4.12
IM-20-045 128.00 130.80 2.80 4.18 MOSQUITO
128.00 129.35 1.35 6.39
IM-20-046 43.00 43.50 0.50 3.09 SHAFT
IM-20-047 94.00 95.00 1.00 4.18 MOSQUITO
141.75 144.80 3.05 3.77
INCLUDING 143.05 143.60 0.55 13.30
147.30 147.80 0.50 20.00
159.75 160.35 0.60 41.90
205.20 205.70 0.50 6.60
IM-20-048 100.35 105.00 4.65 2.71 MOSQUITO
INCLUDING 100.35 100.85 0.50 6.10
AND 103.70 104.20 0.50 7.28
IM-20-049 94.90 96.00 1.10 8.23 MOSQUITO
IM-20-050 41.00 41.60 0.60 5.77 SHAFT
48.20 49.20 1.00 4.46
71.40 72.25 0.85 46.60
208.30 209.20 0.90 6.22
243.00 243.60 0.60 3.01
284.70 285.35 0.65 7.40
287.00 287.50 0.50 9.75
289.20 289.70 0.50 3.18
366.45 367.20 0.75 7.26
368.35 369.00 0.65 7.08
379.20 380.15 0.95 8.93
IM-20-051 HOLE ABANDONED MOSQUITO
IM-20-052 24.40 27.60 3.20 5.51 SHAFT
INCLUDING 24.40 25.00 0.60 9.27
AND 26.85 27.60 0.75 12.25
48.65 49.15 0.50 4.71
117.45 117.95 0.50 4.73
IM-20-053 152.80 155.60 2.80 5.41 MOSQUITO
INCLUDING 152.80 153.35 0.55 15.05
AND 153.35 153.95 0.60 5.19
AND 155.00 155.60 0.60 5.54
217.00 224.00 7.00 22.76
INCLUDING 217.00 217.60 0.60 29.80
AND 221.00 222.50 1.50 44.00
AND 222.50 224.00 1.50 47.00
235.00 237.50 2.50 24.73
235.00 236.00 1.00 59.70
IM-20-054 NO SIGNIFICANT ASSAYS MOSQUITO
IM-20-055 NO SIGNIFICANT ASSAYS MOSQUITO
IM-20-056 45.15 45.65 0.50 10.90 MOSQUITO
IM-20-057 111.80 112.90 1.10 9.83 MOSQUITO
IM-20-058 43.90 45.00 1.10 7.14 SHAFT
50.50 51.25 0.75 4.24
61.35 62.00 0.65 4.86
67.70 69.00 1.30 4.12
179.50 180.90 1.40 3.91
212.40 213.90 1.50 7.17
223.00 223.50 0.50 3.51
IM-20-059 24.50 25.10 0.60 5.77 SHAFT
50.00 51.50 1.50 28.10
197.00 202.00 5.00 3.24
INCLUDING 197.00 198.00 1.00 11.10
230.50 236.50 6.00 9.31
INCLUDING 230.50 232.00 1.50 16.60
AND 233.50 235.00 1.50 9.60
IM-20-060 NO SIGNIFICANT ASSAYS MOSQUITO
IM-20-061 68.40 69.90 1.50 23.70 MOSQUITO
76.00 76.60 0.60 6.60

Table 2: Drill Hole Locations and Orientations

HOLE ID EASTING NORTHING ELEV DIP AZI DEPTH (M)
CM-20-100 595648 5884024 1238 -57 305 402
CM-20-101 595686 5883849 1268 -44 294 315
CM-20-102 595648 5884023 1238 -59 307 462
CM-20-103 595686 5883851 1269 -52 299 378
CM-20-105 595687 5883849 1267 -50 301 258
IM-20-036 593480 5885410 1392 -44 278 176
IM-20-037 593577 5885200 1423 -51 138 312
IM-20-038 593507 5885289 1425 -54 289 177
IM-20-039 594915 5884186 1294 -53 110 390
IM-20-040 593480 5885411 1391 -47 306 168
IM-20-041 593578 5885200 1423 -46 136 252
IM-20-042 593506 5885290 1423 -46 288 128
IM-20-043 593490 5885409 1393 -51 272 264
IM-20-044 594253 5884723 1411 -49 133 360
IM-20-045 593536 5885269 1420 -49 279 141
IM-20-046 594914 5884185 1292 -58 119 270
IM-20-047 593577 5885200 1423 -47 143 252
IM-20-048 593537 5885269 1421 -54 276 138
IM-20-049 593489 5885409 1392 -59 276 189
IM-20-050 594914 5884185 1292 -63 124 417
IM-20-051 593577 5885200 1423 -47 139 39
IM-20-052 594254 5884724 1411 -49 128 375
IM-20-053 593577 5885200 1423 -45 128 261
IM-20-054 593489 5885409 1392 -59 288 183
IM-20-055 593638 5885122 1402 -45 291 160
IM-20-056 593489 5885410 1392 -53 304 120
IM-20-057 593933 5884909 1402 -58 294 186
IM-20-058 594913 5884185 1292 -61 136 261
IM-20-059 594259 5884720 1417 -62 128 303
IM-20-060 593489 5885410 1392 -63 310 180
IM-20-061 593933 5884907 1401 -58 280 180

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