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Osprey Gold Development Ltd
Symbol C : OS
Shares Issued 47,190,832
Close 2019-05-15 C$ 0.04
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Osprey Gold trenches 13.8 m of 1.33 g/t Au at Caribou

2019-05-16 09:55 ET - News Release

Mr. Cooper Quinn reports


Osprey Gold Development Ltd. has provided additional results from its exploration program at the Caribou gold project located approximately eight kilometres north of Atlantic Gold's Touquoy mine and Moose River Consolidated mill site and surrounded by Atlantic Gold's claimholdings in Nova Scotia, Canada.

The trenching at Caribou included a total of four trenches, with the best interval from the latest trench (18ELK-04) returning 1.33 grams per tonne gold over 13.80 metres, with multiple other anomalous zones in the surrounding sediments. These results provide additional support for the company's concept that disseminated gold mineralization occurs in the sedimentary sequences surrounding historically mined high-grade veins at Caribou. This style of mineralization is similar to that which has allowed Atlantic Gold to build a successful mining operation in Nova Scotia. See Osprey's news release dated Aug. 22, 2018, or the company's website for more information on previous trench results. Relogging and sampling historic core last year at the Caffrey zone, southeast of Elk, with an emphasis on previously unsampled wall rock intervals, reported results including 70.57 metres grading 1.58 grams per tonne gold, again highlighting the potential for broad zones of disseminated mineralization (see Osprey's news release dated Nov. 20, 2018).

Cooper Quinn, president of Osprey, commented: "These Elk zone results continue to build upon the previous work we have completed at Caribou exploring for disseminated mineralization. We know there's significant higher-grade mineralization on the project from the historic production and exploration; however, especially in the Elk zone, we're defining potentially significant broad horizons of lower-grade mineralization at surface. The four trenches excavated and sampled so far at Elk define a 160-metre strike length of disseminated mineralization that is open in both directions. This is the style of mineralization for which we have specifically been exploring at Caribou and our other projects. It is similar in style to what Atlantic Gold is mining at the Touquoy open pit and the other projects within the Moose River Consolidated project."

About the Caribou property:

  • Strategically located, eight kilometres north of Atlantic Gold's Touquoy mine and Moose River Consolidated mill site and surrounded by Atlantic Gold claimholdings;
  • Historic drill results in high-grade stockwork zones include 11.2 metres grading 10.86 grams per tonne gold in hole CM-98-01 and 9.8 metres grading 12.2 grams per tonne gold in hole SB-88-11;
  • Project area includes broad areas of Halifax group argillites, which overlie the quartzite/argillite Goldenville group (host rock for gold-bearing quartz veining) and are largely unexplored at Caribou;
  • Reported past production of over 100,000 gold ounces between 1869 and 1955, as reported in a historical technical report prepared for Scorpio Gold Corp. by Guy Mac Gillivray, PGeo, of W.G. Shaw and Associates Ltd. in a report dated Oct. 8, 2008;
  • An inferred historic resource of 94,763 ounces of gold in 350,305 tonnes grading 8.81 grams per tonne gold, uncut;
  • Using a grade cap for gold of 47.0 grams per tonne gold (to compensate for nugget effect), the historical estimate for the Caribou gold property is 350,305 tonnes grading 5.83 grams per tonne gold, or 67,425 ounces of gold;
  • Sampling, including wall rock intervals, of historic core from the Caffrey area at Caribou, southeast of Elk, reported intervals up to 70.57 metres grading 1.58 grams per tonne gold in hole CM87-43.

Trench 18ELK-04 was completed in three segments along strike approximately 160 metres to the northeast of 18ELK-01 and helps define a significant zone of mineralization that is open along strike and at depth. This zone roughly parallels the main structure in on the project -- the Caribou-Cochrane Hill anticline, which hosts Atlantic Gold's Cochrane Hill project approximately 75 kilometres to the northeast.

Caribou is one of five key projects controlled by Osprey and is host to a historical mineral resource estimate. Activity at Caribou is the first systematic program undertaken at Caribou since the company formed an option to acquire the property in September, 2017.

The reader is cautioned that a qualified person has not done sufficient work to classify this historical estimate as current resources and Osprey is not treating this historical estimate as a current mineral resource. While this estimate was prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, and the Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Mineral Reserves Definition Guidelines in effect at the time, there is no guarantee that it would be consistent with current standards and it should not be regarded as consistent with current standards. The historical estimate is relevant to obtain a reference to mineral potential present on the property. The company has not undertaken any verification of the historical data upon which the historical estimates are based on.

About Osprey Gold Development Ltd.

Osprey is focused on exploring five historically producing gold properties in Nova Scotia, Canada. Osprey has the option to earn a 100-per-cent interest (subject to certain royalties) in all five properties.

A quality assurance/quality control program, including the insertion of standards and blanks, has been implemented. The exploration program on the company's properties is performed under the supervision of Perry MacKinnon, PGeo, vice-president of exploration of Osprey and a qualified person under NI 43-101. Mr. MacKinnon has reviewed and approved the technical content of this release.

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