Osisko Development posts initial resource for Trixie in Utah

Osisko Development (TSXV: ODV; NYSE: ODV) has announced an initial mineral resource estimate for its 100%-owned Trixie deposit in the east Tintic Mining District in central Utah. 

There are 236,000 measured and indicated tonnes grading 28.08 grams gold per tonne and 50.77 grams silver for 213,000 oz. gold and 385,000 oz. silver. In the inferred category, Trixie hosts 385,000 tonnes at 19.64 grams gold and 42.87 grams silver for 243,000 oz. of gold and 530,000 oz. of silver.

The estimate is based on 4,467 underground chip samples, 4,780 metres of current and verified historic drilling in 50 holes, of which 3,228 metres of drilling in 23 holes were drilled by the company in 2022.

Five mineralized zones spanning a strike length of 610 metres, a maximum width of 105 metres and a maximum depth of 295 metres within the greater Trixie deposit have been included in the estimate.

The estimate used a cut-off grade of 4.85 grams gold per tonne was calculated using a gold price of US$1,700 per oz, processing and G&A costs of $303.10 per tonne, a combined royalty of 4.5% and an average metallurgical recovery of 95%.

“(Trixie) exhibits outstanding precious metal grade potential within the structural corridors of the host quartzite and based on all data received and compiled to date we see potential to continue to extend mineralization at depth and on strike throughout and parallel to the historic mine footprint as well as repeats at several other prospects and past producers in the East Tintic District. This resource will assist the company with its near-term exploration and operational planning,” said Chris Lodder, president of Osisko Development.

Osisko Development shares were trading down 6.3% in late afternoon at $6.11. The company’s shares have traded between $4.94 and $15.87 over the past year.