The net proceeds of the Offering will be used to advance the exploration and development of Panuco, to make option payments and pursue strategic opportunities, as well as for working capital and general corporate purposes.
“Mapping on the Casados North zone has paid off with the intercept of multiple kilos in hole 38,” said Brad Langille, President and CEO. “We will continue to explore the Casados North zone as new discoveries like this will be favourable for our upcoming Los Ricos North maiden resource to be released later this year.”
“Exploration and diamond drilling efforts led by head geologist Michelle Robinson, have successfully identified an extensive mineralized vein system and numerous targets for follow up investigation, including a large, unexplored copper porphyry target situated in the northern part of the Property.”
The Company is currently moving forward with logistics planning to mobilize a second drill to Guatemala to commence drilling in early June on the Banderas property, where we believe that as with Holly, historic drilling was too shallow and did not test the extensive structural zones identified.
Sean Roosen, Chair of the Board and Chief Executive Officer of Osisko Development stated: “Marina brings a significant skill set to the board with both Technical and Capital markets knowledge. She is also BC based, home of our largest project, Cariboo Gold. We look forward to working with Marina to move Osisko Development to a mid tier producer.”
The proceeds from the sale of Common Shares will be used by the Company for exploration and general corporate and working capital purposes.
Taj Singh, President and CEO, states: “Our vein drilling at Josefina continues to deliver bonanza grade intercepts.”
“Our geological modelling has resulted in discoveries of extensions adjacent to the area undergoing resource estimation. The Company’s 3D geological interpretation has significantly improved our understanding of the geological setting at the Plomosas Mine Area, revealing a much larger epithermal system than originally contemplated”.
The Company drilled approximately 2,500 metres of large diameter (PQ) core providing 10 tonnes of material for metallurgical testwork that will focus on the new heap leach processing route.
“In Q1 2021, we witnessed a rush to silver from retail investors due to online message board rallies and zero commission platforms. The resulting silver squeeze took silver to recent highs which has benefited our bottom-line and also brought in attention to a sector that has been under-allocated by retail investors since 2011.”
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