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Osisko Gold Royalties Announces Agreement to Acquire Metals Stream on High-Grade Trixie Mine in Utah’s Historic Tintic Mining District
MONTREAL, Jan. 25, 2022 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (the “Corporation” or “Osisko”) (OR: TSX & NYSE) is pleased to announce that its wholly-ow
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[{"type":"text","content":" MONTREAL, Jan. 25, 2022 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (the “Corporation” or “Osisko”) (OR: TSX & NYSE) is pleased to announce that its wholly-owned subsidiary, Osisko Bermuda Limited (“OBL”) has signed a non-binding term sheet with Osisko Utah LLC, a wholly-owned subsidiary of Osisko Development Corp. (collectively “ODV”) (ODV: TSX-V), with respect to a US$20-40 million metals stream (the “Stream”) to facilitate ODV’s acquisition of the high-grade Trixie Mine (the “Trixie Mine”), as well as mineral claims covering more than 17,000 acres in Central Utah’s historic Tintic Mining District (the “Tintic Property”). ODV announced today that it has agreed to acquire a 100% interest in the Trixie Mine and Tintic Property through the acquisition, directly and indirectly, of all of the shares in the capital of Tintic Consolidated Metals LLC (“Tintic”) from IG Tintic LLC and Ruby Hollow LLC (the “Acquisition Transaction”). TINTIC HIGHLIGHTS Trixie is one of the highest grade gold mines in the world Exploration mining conducted in 2021 produced 14,709 ounces of gold at an average head grade of 59 g/t. The newly-discovered ultra-high grade T2 structure adjacent to existing underground infrastructure has returned average grades of 93 g/t Au and 135 g/t Ag from more than 2,300 samples collected over a 215m strike length. Proposed expansion and operational improvements In the near term, ODV is proposing to complete technical work with the objective that it will justify further development at the Trixie Mine, targeting an increase in throughput to 500 tons per day by the end of 2024 which could increase production from approximately 20k ounces of gold per annum currently to approximately 100k ounces of gold per annum upon completion of the expansion. Significant exploration upside at Trixie Gold mineralization remains open up and down dip and along strike. T2 structure shows excellent continuity of high grades and appears to be increasing in thickness towards the upper contact with shale. Exploration outside of the T2 structure planned along the 5 km Trixie trend. Exposure to extensive land package in prolific brownfields district More than 17,000 acres of mining claims (including more than 14,200 acres of which are patented) in Utah's second most productive mining district after Bingham Canyon. T2 structure at T...