OSISKO DEVELOPMENT ANNOUNCES FILING OF TECHNICAL REPORT FOR THE NEWLY-ACQUIRED TINTIC PROJECT AND PRODUCING UNDERGROUND TRIXIE MINE

Extracted Document Text

This is a readable excerpt of the EGM normalized Markdown text. It helps search engines and researchers understand PDF, filing, or company-document content while the original source remains authoritative.

# OSISKO DEVELOPMENT ANNOUNCES FILING OF TECHNICAL REPORT FOR THE NEWLY-ACQUIRED TINTIC PROJECT AND PRODUCING UNDERGROUND TRIXIE MINE

Source: https://osiskodev.com/_resources/news/ODV-Press-Release-Tintic_Tech_report_NR_Draft-June-10-2022_FINAL.pdf
Published: 2022-06-10T00:00:00+00:00
Fetched: 2026-05-12T12:39:55.305+00:00
Source artifact: 74e21e26-9556-4f7c-a6da-8d34534e2e2d
Normalizer input: text

## Content

# OSISKO DEVELOPMENT ANNOUNCES FILING OF TECHNICAL REPORT FOR THE NEWLY-ACQUIRED TINTIC PROJECT AND PRODUCING UNDERGROUND TRIXIE MINE
OSISKO DEVELOPMENT ANNOUNCES FILING OF TECHNICAL REPORT
FOR THE NEWLY-ACQUIRED TINTIC PROJECT AND PRODUCING UNDERGROUND
TRIXIE MINE
MONTREAL, June 10, 2022 – 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 associated with
high sulphidation alteration hosted within quartzites that are capped by impermeable shales and
volcanics.
• Trixie production is approximately 45 tpd
• A total of 27,400 tons of mineralized material was mined at Trixie from September 2020 through
to the end of December 2021 generating 15,752 oz of Au and 17,605 oz of silver (Ag) from the
625 level predominantly from the T2.
• Total revenue for TCM from January to end of December 2021 was approximately $26.1 million
USD.
• Access to the underground workings is available via an existing operating shaft. Underground
exploration is being conducted on the upper level at the same time as extraction of mineralized
material for processing.
The Company intends to invest at Trixie over the following months to advance exploration initiatives,
including the construction of an underground exploration ramp and continuing with diamond drilling and
sampling, to inform the preparation of a technical report for an initial mineral resource estimate in
accordance with NI 43-101, which is anticipated for release by the end of Q4, 2022.
Sean Roosen, CEO of Osisko Development commented, "The Tintic acquisition is an exciting acquisition
for our shareholders as it provides the Company with immediate production and a clear opportunity for
exploration. We believe that we have the potential to define the resource estimate and provide a basis for
future production at a low capital cost. We are excited about the quality of exploration targets at Trixie, and
the areas beyond Trixie within the large wholly owned district."
Figure 1: Project Location Map
Figure 2: Mineralization Styles at Tintic
Figure 3: Long Section of the Trixie Mine
Qualified Persons / Technical Information
Tom Henricksen, (SME # 411 5974), a "qualified person" within the meaning of NI 43-101 and
"independent" of Osisko Development for purposes of Section 1.5 of NI 43-101, has reviewed and approved
the scientific and technical information in this news release.
For further information on Trixie, please see the Tintic Technical Report, a copy of which is available on
SEDAR (www.sedar.com) and on the U.S. Securities and Exchange Commission's (“SEC”) EDGAR
website (www.sec.gov), in each case under Osisko Development's issuer profile, and on the Company's
corporate website.
The Company cautions that the decision to commence production at Trixie in the form of small scale
underground mining and batch vat leaching without the benefit of a feasibility study, or reported mineral
resources or mineral reserves, demonstrating economic and technical viability, and, as a result there may
be increased uncertainty of achieving any particular level of recovery of material or the cost of such
recovery. The Company cautions that historically, such projects have a much higher risk of economic and
technical failure. There is no guarantee that production will continue as anticipated or at all or that
anticipated production costs will be achieved. The failure to continue production may have a material
adverse impact on the Company's ability to generate revenue and cash flow to fund operations. Failure to
achieve the anticipated production costs may have a material adverse impact on the Company's cash flow
and potential profitability. The Company cautions that historically, such projects have a much higher
economic or technical risks. In continuing current operations at Trixie after closing, the Company will not
be basing its decision to continue such operations on a feasibility study, or reported mineral resources or
mineral reserves demonstrating economic and technical viability. The Company cautions that mining at
Trixie could be suspended at any time.
The Company is subject to the reporting requirements of the applicable Canadian securities laws, and as
a result reports information regarding mineral properties, mineralization and estimates of mineral reserves
and mineral resources, including the information in the Tintic Technical Report and this news release, in
accordance with Canadian reporting requirements, which are governed by NI 43-101. As such, such
information concerning mineral properties, mineralization and estimates of mineral reserves and mineral
resources, including the information in the Tintic Technical Report and this news release, is not comparable
to similar information made public by U.S. companies subject to the reporting and disclosure requirements
of the SEC.
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, U.S.A. and Mexican properties, with the
objective of becoming the next mid-tier gold producer. The Cariboo Gold Project, located in central British
Columbia, Canada, is Osisko Development's flagship asset. The considerable exploration potential at depth
and along strike distinguishes the Cariboo Gold Project relative to other development assets. Osisko
Development's project pipeline is complemented by its interest in the San Antonio gold project, located in
Sonora, Mexico and the Trixie gold test mine, located in Utah, U.S.A.
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 news release may be deemed "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking
information" within the meaning of applicable Canadian securities legislation. 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, and
any other information herein that is not a historical fact may be "forward looking information". Material
assumptions also include, management's perceptions of historical trends, current conditions and expected
future developments, results of further exploration work to define or expand any mineral resources, the
ability to continue production at its Trixie mine, 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 capital market conditions, the ability to continue current
production, regulatory framework, 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 stream interests in the Project; the ability of the
Company to obtain required approvals; the results of exploration activities; risks relating to exploration,
development and 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. Readers are urged to consult the disclosure provided
under the heading "Risk Factors" in the Company's annual information form for the year ended December
31, 2021, as amended, which has been filed on SEDAR (www.sedar.com) under Osisko Development's
issuer profile and on the SEC's EDGAR website (www.sec.gov), for further information regarding t
[Excerpt trimmed for readability. Open the original source for the complete filing or document.]