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Osisko Development Announces Filing of Technical Report for the Newly-Acquired Tintic Project and Producing Underground Trixie Mine
MONTREAL, June 10, 2022 (GLOBE NEWSWIRE) -- Osisko Development Corp. ("Osisko Development" or the "Company") (ODV TSX-V & NYSE) is pleased to announce the filin
About this update from Osisko Development Corp
[{"type":"text","content":" MONTREAL, June 10, 2022 (GLOBE NEWSWIRE) -- Osisko Development Corp. (\"Osisko Development\" or the \"Company\") (ODV TSX-V & NYSE) is pleased to announce the filing of a technical report, prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (\"NI 43-101\"), on its recently acquired Tintic Project (\"Tintic\"), including the producing underground Trixie Mine (\"Trixie\") located in the state of Utah, USA, pursuant to its 100% acquisition of Tintic Consolidated Metals Company (\"TCM\") on May 27, 2022. Introduction The Tintic Project consists of various past producing precious and base metal mines located in the East Tintic Mining District, Utah, 95 km southwest of Salt Lake City. The Tintic Project is comprised of approximately 17,000 acres (6,880 ha), including 14,200 acres (5,746 ha) of patented mining claims (Figure 1), and was acquired by Osisko Development on May 27, 2022 (see news release on the Company's website). Trixie, located within the Tintic Project, is an operating gold mine and produces approximately 45 tons per day (\"tpd\"). The technical report on the Tintic Project, entitled \"Technical Report on the Tintic Project, East Tintic Mining District, Utah County, Utah, USA\", dated June 10, 2022 (effective date of June 7, 2022), prepared by Tom Henricksen (SME # 411 5974) (the \"Tintic Technical Report\") provides a summary of the geology and mineralization (Figure 2), description of land and ownership, property history, current development and production at Trixie and recommendations on future work programs. There is currently no mineral resource estimate on the Tintic Project that complies with NI 43-101 and, as such, any decisions in respect of the Tintic Project have been informed by data collected and current best practices adopted by management. The current production at Trixie is directed by underground exploration, face sampling, and drilling. Highlights Based on 1,996 underground samples taken in the T2 and T4 mineralized zones along a strike length of 630 ft, the uncapped and unweighted grade is 5.49 oz/t Au (\"troy oz per ton\") (188.23 g/t Au) (\"grams per tonne\") and 6.64 oz/t Ag (227.66 g/t Ag). Mineralization is open in all directions (Figure 3). The discovery of the T2 and T4 structures in late 2020 by TCM showed Au grades associat...