11:09 AM EDT, 08/07/2024 (MT Newswires) -- Osisko Development ( ODV ) on Wednesday provided an update on its exploration activities at the Tintic project in Utah.

The company said that while it encountered anomalous copper and molybdenum mineralization at the Big Hill target, there were no significant intercepts of copper, gold or molybdenum.

At the Trixie West target, Osisko said it also encountered anomalous mineralization, but did not report significant intercepts of gold, copper or molybdenum.

Osisko said the Zuma and Lower Quartzite targets may have potential.

"Early results from our systematic exploration approach are yielding valuable information in assisting with vectoring toward potential mineralized porphyry sources and large undiscovered polymetallic carbonate replacement deposits," Osisko President Chris Lodder said.

National Bank of Canada maintained its outperform rating on Osisko shares and its $5.50 price target following the news.

The bank said its thesis considers Osisko's cornerstone assets in Tier 1 jurisdictions, exploration upside, notably high grades at Tintic, and M&A appeal, tempered by resource de-risking at Tintic.

Osisko shares were last seen down $0.02 to $2.55 on the TSX Venture Exchange.

Price: 2.55, Change: -0.02, Percent Change: -0.78