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Osisko Development Reports Underground Sampling Results

Press Release

MONTREAL, July 7, 2022 – Osisko Development Corp. (“ Osisko Development” or the “Company”) is pleased to announce results from its ongoing underground exploration program on the recently acquired Tintic project and its 100% owned Trixie Mine (“Trixie”), as well as mineral claims covering more than 17,000 acres (including over 14,200 acres of which are patented) located in Central Utah’s historic Tintic Mining District (together with Trixie, the “Tintic Project”).

Summary

  • Trixie is one of several gold and base metal targets within the larger Tintic Project. The discovery of the T2 and T4 mineralized structures at Trixie in late 2020 by Tintic Consolidated Metals, LLC (“TCM”) showed gold (“Au”) and silver (“Ag”) grades associated with high sulphidation alteration hosted within quartzites that are capped by impermeable shales and volcanics.
  • Current underground mining activities at Trixie are directed by the exploration sampling and drilling results.
  • Results shown below are derived from 703 samples collected across a total of 183 sites (site ID 783 to 934) near the 625 ft level at Trixie across a total combined strike length of 650 ft. (~200 m). See Figure 1.
  • The sample results indicate anomalous gold results throughout the entire sampled area, and along exploration cross-cuts (Figure 1).
  • The mineralized structures remain open along strike and at depth and significant potential exists to expand the known mineralization.
  • The Company is currently expanding underground developments and utilizing one underground diamond drill rig and one surface reverse circulation rig to aid in the delineation of an initial mineral resource estimate by the end of Q4 2022. Results from this drilling program are pending.

Assay Highlights

  • 79 oz/t Au and 9.07 oz/t Ag over 4.8 ft. at site 738 (1,089.83 g/t Au and 310.93 g/t Ag over 1.46 m) including
  • 11 oz/t Au and 21.76 oz/t Ag over 2.0 ft. (2,609.65 g/t Au and 746.22 g/t Ag over 0.61 m)
  • 07 oz/t Au and 11.02 oz/t Ag over 9.0 ft. at site 742 (208.20 g/t Au and 377.87 g/t Ag over 2.74 m)
  • 28 oz/t Au and 8.60 oz/t Ag over 6.6 ft. at site 746 (352.56 g/t Au and 294.87 g/t Ag over 2.01 m) including
  • 28 oz/t Au and 21.01 oz/t Ag over 2.5 ft. (901.03 g/t Au and 720.25 g/t Ag over 0.76 m)
  • 03 oz/t Au and 9.72 oz/t Ag over 6.7 ft. at site 747 (309.48 g/t Au and 333.35 g/t Ag over2.04 m)
  • 31 oz/t Au and 49.43 oz/t Ag over 4.8 ft. at site 787 (525.02 g/t Au and 1,694.76 g/t Ag over 1.46 m) including
  • 35 oz/t Au and 104.90 oz/t Ag over 2.0 ft. (1,143.35 g/t Au and 3,596.74 g/t Ag over 0.61 m)
  • 95 oz/t Au and 7.67 oz/t Ag over 16.0 ft. at site 792 (306.97 g/t Au and 262.91 g/t Ag over 4.88 m) including
  • 28 oz/t Au and 11.03 oz/t Ag over 2.0 ft. (798.05 g/t Au and 378.23 g/t Ag over 0.61 m)
  • 60 oz/t Au and 22.50 oz/t Ag over 4.0 ft. at site 878 (432.04 g/t Au and 771.44 g/t Ag over 1.22 m)
  • 62 oz/t Au and 6.95 oz/t Ag over 12.0 ft. at site 889 (158.23 g/t Au and 238.30 g/t Ag over 3.66 m)
  • 26 oz/t Au and 15.76 oz/t Ag over 6.4 ft. at site 893 (694.50 g/t Au and 540.37 g/t Ag over 1.95 m) including
  • 57 oz/t Au and 71.60 oz/t Ag over 1.1 ft. (3,722.31 g/t Au and 2,454.88 g/t Ag over 0.34 m)
  • 85 oz/t Au and 66.20 oz/t Ag over 4.5 ft. at site 896 (2,771.97 g/t Au and 2,269.69 g/t Ag over 1.3716 m) including
  • 23 oz/t Au and 128.17 oz/t Ag over 2.3 ft. (5,390.78 g/t Au and 4,394.48 g/t Ag over 0.70
  • 97 oz/t Au and 17.20 oz/t Ag over 5.5 ft. at site 898 (410.31 g/t Au and 589.75 g/t Ag over 1.68 m) including
  • 72 oz/t Au and 59.72 oz/t Ag over 1.5 ft. (1,430.44 g/t Au and 2,047.51 g/t Ag over 0.46 m)
  • 70 oz/t Au and 7.11 oz/t Ag over 5.0 ft. at site 910 (606.75 g/t Au and 243.87 g/t Ag over 1.52 m) including
  • 03 oz/t Au and 13.35 oz/t Ag over 1.0 ft. (1,749.76 g/t Au and 457.69 g/t Ag over 0.30 m)
  • 61 oz/t Au and 6.25 oz/t Ag over 4.0 ft. at site 911 (1,152.40 g/t Au and 214.18 g/t Ag over 1.22 m) including
  • 05 oz/t Au and 12.42 oz/t Ag over 1.0 ft. (4,150.15 g/t Au and 425.99 g/t Ag over 0.30 m)
  • 45 oz/t Au and 6.27 oz/t Ag over 5.5 ft. at site 913 (2,724.03 g/t Au and 215.12 g/t Ag over 1.68 m) including
  • 09 oz/t Au and 33.65 oz/t Ag over 1.0 ft. (14,883.2 g/t Au and 1,153.72 g/t Ag over 0.30 m)
  • 63 oz/t Au and 2.49 oz/t Ag over 5.0 ft. at site 914 (570.32 g/t Au and 85.46 g/t Ag over 1.52
  • including
  • 47 oz/t Au and 3.86 oz/t Ag over 2.0 ft. (907.44 g/t Au and 132.26 g/t Ag over 0.61 m)

A length weighted composite for each face Site ID is shown in Table 1 and individual higher grade samples are also identified within the composite. Samples are collected in feet and assays are reported in g/t Au. Conversions to metric and imperial are rounded to two decimal places.

Chris Lodder, President of Osisko Development commented, “The Trixie underground sampling results from 2020 to present show exceptional continuity of high grades associated with the T2 structure. These 2022 samples along with the historic sampling by TCM, and in combination with the ongoing exploration developments within the present 720 ft strike by 175 ft vertical by 80 ft wide zone gives Osisko Development with a strong base for present mining activity and initial resources estimation. We will continue to use the present shaft / hoist at Trixie but we anticipate to increase access and mining capacity to the 625 ft and lower levels of Trixie through a new underground ramp initiated very recently and expected to reach the 625 ft level in Q1 2023.”

The T2 and T4 mineralized structures are associated with high-sulphidation epithermal mineralization, structurally controlled and hosted within the brittle Tintic Quartzite and capped by the impermeable shales of the Lower Ophir Formation. The T2 structure is 1 to 8 ft. wide (0.3 m to 2.4m) and mineralization consists of native Au, and rare Au-Ag – rich telluride minerals with quartz. The T4 is a mineralized stockwork zone ranging from to 10 to 80 ft. (3 m to 25 m) and located in the hanging wall of the T2 and is comprised of Au-Ag rich mineralization in host rock quartzite with quartz-barite-sulphosalt stockwork veining. Mineralization currently defined over 220 meters (720 feet) in strike and reports consistent multi-ounce gold grades along its entire strike length.

Face Sampling Methodology

As most structures at Trixie are steeply dipping to the east or west, current sampling procedures are designed to sample the structure. Channel samples are collected and do not exceed 3 ft. (1.0 m) in length. The face is washed for safety, and for better identification of mineralization, alteration and structures. The hangingwall and footwall of the structures are marked up on the face and back, samples intervals are marked up and follow lithological contacts.

For further information on Tintic, including additional production details please see 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), and filed at www.sedar.com under the profile of the Company.

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