Osprey Gold Corporate Update: Follow-up from last week's high-grade intercept at Goldenville

Trevor Hall [00:00:05] Welcome to Mining Stock Daily with another corporate interview today. I'm welcoming Cooper Quinn, who's the president and director of Osprey Gold. Osprey trades on the TSX Venture with the symbol OS and also on the OTC QB market with OSSPF. And this corporate update is a follow up from the drill results from about two weeks ago, from January 30th that actually returned two meters of two-hundred and sixty-nine point one five grams per ton gold from the Golden Ville property in Nova Scotia. Cooper, good to speak with you once again, and I'm sure you have been busy taking inquiries from that big gold hit in the last couple of weeks.

Cooper Quinn [00:00:48] Yeah, it's you know, since we spoke at Roundup there, shortly after that, we put these results out and it's certainly been super busy. It's been good to see that, you know, the market does react to some exploration results there at the end of the day. And yeah, happy to kind of talk you through what we saw, what was coming and everything like that. And yeah, ultimately, I think, again, like I said, we're just really glad to see that the market, the markets there and the markets responded.

Trevor Hall [00:01:13] So this high grade hit like, you know, that's not necessarily what Osprey was directly going after, was it's a pleasant surprise or did you have reason to believe that high grade maybe belong in some in some of these veins?

Cooper Quinn [00:01:29] Yeah. I mean, all these deposits were historically mined as high grade, narrow vein underground deposits. So we know there's this high grade in and around Golden Ville and as well, Caribu and our other projects. So it's not a total surprise to us. It's not actually, you know, our exploration model isn't looking for these high-grade hits. Our thesis is more looking and exploring for broader zones of lower grade dissemination. All that Atlantic Gold, now, St Barbara is mining nearby in the kind of 2 gram per ton range, but really, I think these high grade hits exist in and around all of that lower grade disseminated mineralization. And so we were excited in this release to one, have this big nice high-grade hit. These are nice gravy if you're ever in any kind of mining scenario. And clearly it's same for the exploration side of things. But then as well, the other two holes in that release, which kind of got glossed over a little bit because of the big splashy number, we were really encouraged to see some of them disseminated mineralization signs and clues that we were seeing in those within the hour delayed and late surrounding these hosted rock bands. So it was kind of a one-two for us on this release, but I think the, I guess the low-grade holes really didn't see the same market attention. But ultimately those may end up being more important than the high-grade hit. But I think we'll expect, you know, from our side, we expect to see these high-grade hits within and around the low grade as we do all of this exploration. But it's not, strictly speaking, our model.

Trevor Hall [00:02:58] Right. That the lower grade that you mentioned of, you did put a number there, about eight meters of point, eight grams per ton gold. And that's about equivalent as to what St Barbara's is delivering right now as well, correct?

Cooper Quinn [00:03:11] Yeah, they're cutoff grade at the pits, I believe is about point to five grams per ton. Ultimately, we'd like to see widths in grades a little bit higher and wider than that eight meters of point eight. I think that's where one of the things I point investors to be, take a look at our corporate presentation and the Mitchell Lake Zone that we have about three and a half kilometers to the west of the main Golden Ville resource here where these first holes are from. We've got several holes at the lab right now, pending results from there. That's definitely more of a low-grade target. We had I think it was about 20 meters of one point three grams per ton over there in our previous drill campaign, I'm still following up on that. And then we'll have more holes in and around the main Golden Ville resource. So where there is, I think, the potential for some more of these high grade hits and within some of these lower grade zones.

Trevor Hall [00:04:00] All right. So you were right in those lower grade hits are still significant as compared to the bigger picture of the project.

Cooper Quinn [00:04:08] Exactly. And that's what I'd I'd like to make sure people keep in mind, I think both are very important. Ultimately, if we can show that some of these host rocks around these high-grade veins carry, you know, I said I think Atlantic's cut off grade is point two five grams per ton. So if we've got more than that in some of these host rocks, that then becomes something you'd run through the mill and any potential mining scenario and its cash flow.

Trevor Hall [00:04:34] So let's talk about the Mitchell Lake Zone because it sounds like there are five holes from Mitchell Lake that are still pending. When can we expect to see results from that area?

Cooper Quinn [00:04:43] Correct. So, you know, just if people don't know how these things kind of usually work is you drill the holes obviously in order there, and then roughly in that order, the samples will go to the lab in batches and they'll go to a prep lab where they get crushed and everything, and then they go to the analytical laboratory to get all the numbers and the gold samples and stuff like that evaluated. And so the holes go in order. They come back roughly in order, usually not always. But so right now we're looking at we have these three holes, at Golden Ville. We have an additional two holes at Golden Ville, and then the holes at Mitchell Lake and then some of the holes at Golden Ville. So that's kind of roughly the order where you would expect results to come back. We should start to see those fairly soon so people can keep an eye out in the, hopefully, the relatively near future for some more results there. And I think if we can follow up with some good numbers here, we've got a good amount of attention on this story and hopefully, the market will continue to reward us.

Trevor Hall [00:05:40] Is the geology similar at Golden Ville as it is to Mitchell, as it is the Mitchell Lake Zone?

Cooper Quinn [00:05:46] Mitchell Lakes, it's very similar. So similar rock packages and stuff. It's off of the side of the main Golden Ville anticlines if you can think of these sedimentary layers that host these deposits as kind of they were laid down like pages of a book almost and then folded. So the main Golden Ville anticline is one big kind of fold like that. Mitchell Lake is off to the northwest and is a little bit of a kind of parasitic fold off the side of that. So it's a little bit of a smaller fold, but it's still got, right now we're looking at the geophysics and it's got almost a kilometer strike length that looks anomalous for us there. So we've drilled off about holes along about 400 meters of it during this program.

Trevor Hall [00:06:30] So I do have to ask you about the share price movement after this, these results on January 30th. I mean, Osprey practically was a double that day as the news came out and people started reading over it and it almost was reacted as a discovery. Right? Although the discovery happened a few years ago. So tell us about, you know, the movement, the share price that damn, I'm sure you're an awfully busy guy taking phone calls and inquiries and a lot of people wondering what was going on, because this was the first significant news from offspring in quite some time.

Cooper Quinn [00:07:06] Yeah. You know, it's been a bit of a grind, not just for us, but I think for the exploration world as a whole over the past couple of years there. And so we put the news out there and I mean, quite frankly, we traded a ludicrous amount of volume that first day we went from I think we open, we closed, previous day's close was five. We opened at six and a half, traded up to eleven and a half. And then things have kind of settled back down here, it seems, into the seven and a half to eight range. And so, you know, pretty significant premium on where we were there. And I think really we saw a couple of things in the share price. We saw a bunch of new people coming into an exciting story. You know, the phone calls I was having as well. We had a lot of our long term investors who were excited to see some action, some real results coming out and picking up, accumulating a bigger position. And so there were a bunch of factors at play there. And it's really doing what we would like to see, which is a bit of share price appreciation.

Trevor Hall [00:08:06] Is there an opportunity this year to do some financing for Osprey? Is that in the cards, Cooper?

Cooper Quinn [00:08:12] I mean, it's I'd be lying if I said we know. Ultimately we're an exploration company so we are always thinking about where that next round of capital is coming from. And, you know, really, when you have a story like this that seems to have got a bunch of attention, there's been some incoming calls, which has been certainly a nice change from the doldrums of maybe 2018, 2019 there. So, you know, one of the things we would really like to do here is to capitalize on this momentum and keep the drills turning and keep the ball rolling and keep those exploration news flow going. So we can if we can keep that going through the next couple of quarters here and there's an opportunity to do that with people in a group that makes sense, I think we would capitalize on that. Fortunately, we are in a position right now of a bit of strength where we don't need the money immediately or anything like that. We keep the drills turning ourselves to a degree here. So having those conversations amongst our directors and how exactly you want to approach this and trying to do any potential future financing and making sure it's in the best interests of our current shareholders and the company as a whole.

Trevor Hall [00:09:15] Well, we'll be sure to share whatever news comes down the pipeline from us for gold here in the next coming weeks. And also look forward to catching up with you again, Cooper, as we do some more corporate updates based on that news flow. So until next time, have yourself a wonderful weekend and best of luck to you, Cooper.

Cooper Quinn [00:09:34] Yeah, thanks, Trevor. Have a good weekend there, out there. Stay out of the snow and we'll talk to you soon. And yeah, take a look at the, I just stressed everyone to take a look at the corporate presentation. Feel free to give us a call, issue us an email if you ever have any questions, and keep an eye out for additional news in coming weeks.

Trevor Hall [00:09:51] That's Cooper Quinn of Osprey Gold, which trades on TSX venture with the symbol O.S.