Business
Osisko Development Announces Proposed Acquisition of Tintic Consolidated Metals
High grade mining district in central Utah provides new operating mine and exciting frontier for development in one of the best mining jurisdictions in the worl
About this update from Osisko Development Corp
[{"type":"text","content":" High grade mining district in central Utah provides new operating mine and exciting frontier for development in one of the best mining jurisdictions in the world MONTRÉAL, Jan. 25, 2022 (GLOBE NEWSWIRE) -- Osisko Development Corp. (“Osisko Development” or the “Company”) (ODV: TSX-V) is pleased to announce that it has entered into definitive agreements (together, the “Agreements”) with IG Tintic LLC (“IG Tintic”) and Ruby Hollow LLC (“Ruby Hollow”, together with IG Tintic, the “Vendors”) to acquire 100% of Tintic Consolidated Metals LLC (“Tintic”) (the “Transaction”). On completion of the Transaction, Osisko Development will acquire 100% ownership of the producing Trixie Mine (“Trixie”), as well as mineral claims covering more than 17,000 acres (including over 14,200 acres of which are patented) in Central Utah’s historic Tintic Mining District. Tintic’s recent discovery of an ultra-high grade structure (“T2”) positions Trixie as one of the highest grade gold mines in the world. Ongoing exploration work has demonstrated significant potential for expansion and further discovery both at Trixie and over the broader land package. Mr. Sean Roosen, Chair and Chief Executive Officer of Osisko Development commented: “The proposed acquisition of Tintic further accelerates Osisko Development on its path towards becoming a mid-tier gold miner and represents a unique opportunity to significantly enhance our portfolio of operations by adding a high-grade producing asset in a world-class jurisdiction. In an industry where gold grade is typically quoted in terms of “grams”, we have welcomed the shift to talking in terms of “ounces” for Trixie where we see an excellent opportunity to build and expand upon existing ultra-high grade production with the potential to maintain a low capital intensity.” Mr. Chris Lodder, President of Osisko Development noted: “We have been looking at the Tintic district for over 10 years as a copper-gold porphyry target and with the discovery of the high grade T2 gold structure, we were given the opportunity by the Tintic partners to visit and carry out due diligence ahead of other competitors, ultimately culminating in the acquisition of this fantastic growth opportunity in one of the top mining jurisdictions in the world with a best-in-their-class management and operating team.” TRANSACTION HIGHLIGHTS Tra...