Osprey Gold Development Corp. Completes Expanded Drill Program at Goldenville Project
TSX VENTURE: OS
Vancouver, British Columbia--(Newsfile Corp. - September 21, 2017) - OSPREY GOLD DEVELOPMENT LTD. (TSXV: OS) (the "Company" or "Osprey") is pleased to announce that it has completed the latest drilling program at its Goldenville Gold Project ("Goldenville") located near Sherbrooke, Nova Scotia. The program was expanded from 2,500 metres to 3,044 metres. The expanded drill program included an additional hole at the Mitchell Lake prospect area 4 kilometres to the east of the main Goldenville resource area, as well as additional holes at the Goldenville resource area.
"We are very happy with the progress of our exploration program on the Goldenville property. The drilling went very smoothly, and we were able to expand the program with additional metres near our current resource area at Goldenville, as well as the Mitchell Lake zone while remaining on budget." Cooper Quinn, President of Osprey stated. "I'm looking forward to reporting the analytical results from the Company's maiden drill program, and planning our next phases of exploration on all of our Nova Scotia projects."
The Company has completed 18 HQ sized diamond drill holes on the Goldenville property, with 15 holes at the Goldenville zone, and three holes at the Mitchell Lake prospect on the eastern portion of the property as part of ongoing exploration work. To date a total of 1,470 core samples have been submitted for assay while logging and sampling of remaining drill core is ongoing.
Drilling at the Goldenville zone consisted of 2,609 metres in 15 holes and targeted the possible expansion of the existing inferred resource with both infill holes within the resource envelope and step out holes along strike to the east, where the structure remains open. During the course of the drill program, Osprey tested the structure further east than any previous drilling.
A total of 435 metres were drilled at the Mitchell Lake prospect in three holes, utilizing Osprey surface mapping as well as reprocessed historic geophysics data. The objective of the Mitchell Lake holes was to test targets generated by this surface work and confirm structural interpretations.
Analytical results from this drilling program will be reported as results become available.
About Goldenville and Osprey
Osprey is focused on exploring four historically producing gold properties in Nova Scotia, Canada. Osprey has the option to earn 100% (subject to certain royalties) in all four properties, including the Goldenville Gold Project, Nova Scotia's largest historic gold producer. Goldenville hosts a current NI 43-101 Inferred Resource of 2,800,000 tonnes at 3.20 g/t gold for 288,000 ounces of gold (2,800,000 tonnes at 4.96 g/t gold for 447,000 ounces of gold uncapped) near the town of Sherbrooke, NS. All four properties in Osprey's current portfolio have a history of high-grade gold production. A copy of the Company's technical report titled "Technical Report on the Goldenville Property, Guysborough County, Nova Scotia Canada" prepared by Brandon Macdonald, P.Geo., dated effective February 15th, 2017 is available under the Company's profile at www.SEDAR.com.
Samples for the 2017 exploration program are delivered from the drill hole site by Osprey personnel to Osprey's secure office facility at Goldenville. Samples are cut in-half with a diamond saw, with one-half placed in sealed bags, kept secure, and inventoried prior to being shipped to Bureau Veritas Commodities Canada Ltd, in Timmins, ON for sample preparation, with pulps subsequently shipped to Vancouver, BC for gold and multi-element ICP analysis. A Quality Control/Quality Assurance program, including the insertion of Standards and Blanks, has been implemented. The 2017 exploration program on the Company's properties is performed under the supervision of Perry MacKinnon, P.Geo, Vice-President of Exploration of Osprey Gold Development Ltd. and a 'Qualified Person' under NI 43-101. Mr. MacKinnon has reviewed and approved the technical content of this release.