Exploring a re -emerging Canadian Gold District · 2020-02-26 · Osprey disclaims any intention or obligation to update or revise any forward-looking information, whether as a result

TSX.V: OS OTCQB: OSSPF WWW.OSPREYGOLD.COM

February 2020 TSX.V: OS OTCQB: OSSPF

Exploring a re-emerging Canadian Gold District

TSX.V: OS OTCQB: OSSPF WWW.OSPREYGOLD.COM 2

Forward-Looking Statements

All statements in this presentation, other than statements of historical fact, are "forward-looking information" with respect to Osprey within the meaning of applicable securities laws including, without limitation economic estimates and statements related to estimated mining costs.. Osprey provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to exploration findings, results and recommendations, as well as those risks and uncertainties identified and reported in Osprey’s public filings under Osprey’s SEDAR profile at www.sedar.com. Although Osprey has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Osprey disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law. All historic production, drill or sample figures quoted herein are based on prior data and reports obtained and prepared by previous operators. The Company has not completed the work necessary to verify results. The historical figures should not be relied upon and have not been verified by a Qualified Person. Technical aspects of this presentation have been reviewed and approved by the Qualified Person, Perry MacKinnon, P.Geo., hereby designated as a QP under National Instrument 43-101. Dave Thomas, M.Sc., P.Geo. and Neil Pettigrew, M.Sc. P.Geo, are both a 'Qualified Person' for the purpose of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian securities administrators ("NI 43-101"). They have both approved the disclosure of, and are the 'Qualified Persons' responsible for the scientific and technical information of the resource estimate information.

http://www.sedar.com/


First 3 holes from 2,000m drill program at Goldenville

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Recent News and Exploration

G19-17 intersected 2.0 m of 269.15 grams per ton gold, incl. 517 g/t over 1.0m

• Highlight: 2.0 m of 269.15 g/t Au

• All 3 holes encountered multiple zones of gold mineralization, including a zone of 8.0 m of 0.80 g/t Au – this area is open to the east

• All three holes step-out from the existing mineral resource area

• Results demonstrate narrow high-grade gold mineralization and lower-grade disseminated gold mineralization are abundant at Goldenville.

• 24% of samples in holes G19-16 and G19-17 returned greater than 0.1 g/t Au. Potential for disseminated mineralization.

• Results from an additional five holes drilled at Goldenville and five holes drilled at the Mitchell Lake Zone are pending


Share Structure

Stock Symbol (TSX.V) OS

Stock Symbol (OTCQB) OSSPF

Shares Issued and Outstanding 69,842,332

Stock Options 4,765,000

Warrants (Price $0.12) expiring Jun 2020 1,437,000

Warrants (Price $0.075) expiring Aug 2021 21,580,000

Warrants (Price $0.12) expiring Dec 2021 535,750

Shares Fully Diluted 98,160,082

Market Capitalization (at $0.065) $4,100,000

Significant Shareholder – Meguma Gold Corp. 19%


Leadership & Share Structure Track record of buyouts by majors and mid-tier producers

(Underworld, Northern Empire, Silver Quest, Aquiline)

Adrian Fleming, Chairman & Director – Geologist with over 35 years experience. Past President of Underworld Resources until acquired by Kinross Gold for $139M. Prior Director of Northern Empire until its takeover by Couer Mining. Director of multiple junior

Cooper Quinn, President & Director – Geologist with 13 years experience. Worked for a variety of exploration and development companies with projects in North America, Greenland, Europe, and the South Pacific Islands. Previously Senior Geologist with Underworld Resources and recently Lion One Metals. His experience ranges from project management to acquisitions and DD for private equity.

Jeffrey R. Wilson, CEO & Director – Over 20 years of experience in the mineral exploration and mining investment industry. Strong contacts with institutional investors, retail brokers, investment bankers, mining analysts and private investors. During his career, Prior director of multiple profitable take overs by mid-tier mining companies. Currently President & CEO of Precipitate Gold Corp.

Perry MacKinnon, P.Geo, Vice President of Exploration – Over 30 years experience as geologist and prospector in Nova Scotia and New Brunswick. Worked continent wide on a variety of projects and large number of mineralized environments.

John Wenger, CPA, Director - Current CFO of Contact Gold. From 2011 to 2017, served as CFO and Corporate Secretary of Pilot Gold, having raised over $100 million, and completed multiple acquisitions. Prior to 2011 he worked for E&Y handling Canadian and U.S. publicly listed companies in the mining industry.

Greg Beischer, P.Geo, Director – Geologist with over 30 years experience. Current President and CEO of Millrock Resources. past President of the Alaska Miner's Association, and serves on the Alaska Minerals Commission.


Nova Scotia – a resurgence in gold mining

Atlantic Gold Corp. (TSX: AGB) buyout by ASX listed producer St Barbara (May 2019) • C$802M cash acquisition • 41% premium to share price • ~$420/oz • 930% increase in share value from

Property acquisition to buyout

Buyout, May, ‘19

Commercial Production, Mar, ‘18

Acquisition Complete, Jul, ‘15

Atlantic Gold Stock Chart

Atlantic’s Pathway to Success • Acquired historic high grade underground mines in the Meguma geological terrane • Expanded resources, combining vein-hosted gold and lower grade mineralization

disseminated in host sedimentary rocks • Utilize grade, build total resource from multiple <1Moz deposits with positive

economics • Build low cost operation on time and on budget with lowest decile all-in AISC

IN THE HEART OF CANADA’S RECENT BUYOUT


Opportunity The Moose River Consolidated proposed mine plan contemplates a relatively short life of mine

and declining production profile at 2025.


Nova Scotia – a history of gold mining

Ed Williams Lese (Lease), Goldenville Gold District ca. 1905. N.S. Archives and Records Management no. 3, Negative N-1708.

Surface plant Guysborough Mines Ltd., Goldenville, 1936. N.S. Department of Natural Resources Historical Mine Photo Collection: Photo: 201988.tif

Atlantic Gold Corporation Moose River Consolidated Processing Plant at Touquoy. https://stbarbara.com.au/our-operations/atlantic-gold/

• Extensive history of high grade production , more than 65 gold districts – most mines closed around WWII and never reopened – Historic mining focused on high grade quartz veins extracted via underground mining

• Recent re-emergence as a significant gold producing region – Home to a new open pit gold mine owned by St. Barbara Ltd (operated as Atlantic Gold) – Parallels to other historic districts with modern re-discovery (Nevada, Red Lake)

• District-scale potential in an underexplored area – Excellent access and infrastructure province wide, without extensive modern exploration – Modern exploration has led to new discoveries, multiple other operators & explorers in the region

https://stbarbara.com.au/our-operations/atlantic-gold/


Osprey Overview

Resources & Exploration

• 5 past-producing high grade gold properties in Nova Scotia’s Meguma Terrain

• Current Inferred Resource at Goldenville (~447k oz Au)

• Historic resource at Caribou Project • Goldenville and Caribou are open for

expansion along strike and in disseminated host rock, with multiple near-surface targets

• Excellent access and infrastructure; Osprey projects within trucking distance of existing or proposed mills

DRILLING UNDERWAY AT GOLDENVILLE PROJECT

Osprey ($5.2M market cap), 68.8M shares issued, 113.6M fully diluted;

valuation ~$11/ounce Value catalyst; expanding historic high

grade deposits into open pit mines through modern exploration


Geology and Mineralization – Meguma Terrane

• Produced ~1.1M oz of gold from 1850- 1942

• Regional scale (50-100km long) anticlines strike NE/SW control mineralization , most known occurrences are near fold axes

• Thick folded sedimentary sequences host multiple styles of mineralization;

– high grade stratabound gold bearing quarts veins were the focus of historic underground mining

– Lower grade, disseminated gold within host slates/argillite now being successfully extracted through open pits by Atlantic Gold

Osprey’s projects are similar geologically to Atlantic, in the same rock packages, and prior metallurgical shows mineralization to be similar to that being processed at Moose River

‘Meguma type’ gold mineralization is generally focused within the Goldenville Group, with some occurrences in the overlying Halifax

High grade gold mineralization was the focus of historic mining, and visible gold is found throughout the terrane

~2cm


Goldenville- Location, Resource, and History

• Nova Scotia’s largest historic gold producer; ~212,000 ounces at 12.6g/t gold

• Excellent existing infrastructure with provincial highway access, power availability, and close to the town of Sherbrooke

• Goldenville is 17 kilometers by highway from Atlantic’s Cochrane Hill Project

• 2017 drilling successfully expanded known mineralization at Goldenville Main Zone, and evidenced disseminated mineralization at Mitchell Lake


Goldenville –Drilling Underway

• 2019 2,000m drill program focused on – Near surface resource expansion, along strike

• Follow up on significant results from previous drilling • Drill testing targets generated from 2019 UAV geophysics program

– Targets on North and South Limb of anticline – 500m allocated for drilling at Mitchell Lake Zone, where disseminated mineralization was

intersected in 2017


Goldenville – Current Drill Results

• Results pending for five additional holes around the Resource Zone

G17-04: 16.14 g/t Au over 0.60 m within 10.0 m of 1.11 g/t Au from 10m

G19-18: 269.15 g/t Au over 2.0m G17-14: 52.00 g/t Au over 0.70, within 6.30 m of 6.22 g/t Au

G19-17: 0.80 g/t Au over 8.0 m,


Goldenville - Mitchell Lake Drilling

• Approximately 3.5 km from the Goldenville Resource • Osprey drilled 3 holes in the Mitchell Lake Zone in 2017

– Successful program showed broad zones of disseminated gold mineralization, as well as high grade veins over 150 meters of strike

MIT17-01: 30.50 m of 0.70 g/t Au, incl. 8.10 m of 1.10 g/t gold, & 9.40 m of 1.02 g/t gold

Sherbrooke

Mit-1 1.33 g/t Au over 20.2m (from 54.2m)

‘In this vicinity are some of the largest low grade belts of [mineralization] in the district, and as this class of mining will be eventually the mainstay of the gold mining industry in this province…’ 1898, Industrial Advocate


• Coincident mag and VLF anomalies similar to Goldenville Resource zone, combined with remote sensing, structural lineaments, and Osprey mapping define ~700m of strike length potential

• Open in all directions and at depth, drilling targeted to test strike extent

Goldenville - Mitchell Lake Targets

Sherbrooke

Resource Area

Magnetics

VLF


• 2019 drill collars

– Focused on magnetic high, a possible mineralized argillite unit north and west of previous drill programs

Goldenville - Mitchell Lake Drilling

MIT17-01: 30.50 m of 0.70 g/t Au, incl. 8.10 m of 1.10 g/t gold, & 9.40 m of 1.02 g/t gold

Mit-1 1.33 g/t Au over 20.2m (from 54.2m)


• 256ha claim block surrounded by Atlantic Gold claims, centered around the apex of a dome along the Caribou-Cochrane Hill Anticline, 8km by road from Moose River Consolidated mill

– Reported past production of over 100,000 ounces between 1869 and 1955, at ~13 g/t gold

– Historic NI43-101 resource* from 2008 of 94,762 oz at 8.41 g/t gold

– Multiple styles of mineralization evident on the property; historically mined vein hosted gold, stockwork zones, and possible disseminated within host rocks

Caribou- Mineralization

• Drill results in stockwork zones include 11.2 metres at 10.86 grams per tonne (“g/t”) gold in Hole CM-98-01 and 9.8 metres at 12.2 g/t gold in Hole SB-88-11

• Successful exploration program in 2018 has delineated new zones of near surface disseminated mineralization ready for follow up

She

* 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 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.


• Channel Sampling – Trenching at the Elk

Zone has delineated a zone of mineralization at surface with at least 160 meters of strike

• Drill Core – Resampling of historic

drill core outside previously sampled veins

– CM87-23: 70.57 m of 1.58 g/t Au, incl. 0.27m of 238 g/t Au

– CM87-43: 13.19 m of 0.88 g/t Au

Recent Caribou Results


Caribou – Drill Targets

Elk Zone, open in both directions, and down dip; priority drill target for 2019

NS Zone targets along strike from hole CM87-23: 70.57 m of 1.58 g/t Au, or 0.80 g/t Au with a 70 g/t Au grade cap

B/C Zone, and other previously identified stockwork zones at 100-150m depth are open along strike


Goldenville/Mitchell Lake – Detailed geophysical survey (complete) – ~2,000m drill campaign (underway) – Continue to expand resource at Goldenville Main Zone

• Eastern extension on North and South Limbs • Northwest area identified in 2014 exploration program

– Drill test Mitchell Lake Zone strike extent – Budget: $400,000 – Objectives: grow resource at Goldenville, delineate significant

near surface disseminated mineralation at Mitchell lake. – Objectives: delineate increased resources amenable to open pit

extraction

Caribou – ~1,000m drilling – Continue testing mineralization along strike NE at Elk Zone – Drill test down dip at Elk, and NS Zone – Drill test stockwork zones for wider high grade intersections – Drill ready – Budget: $250,000 – Objectives: evidence broad disseminated mineralzation at Elk Zone,

and

Drilling underway, assays results to follow

2019 Exploration Plan


2020 Timeline and Catalysts

Complete 2,000 meter drill program at Goldenville, report assay results as they are received – Q1 ‘20

Drill program at Caribou Project, targeting new near surface zone, and high grade stockworks– Q1 ’20

Geophysics & exploration work at Gold Lake and Miller Lake – Q2 ‘20

Follow up drill program at Goldenville/Mitchell Lake – Q2 ‘20

Continue to develop resources at multiple deposits on infrastructure within trucking distance



• Footnotes to mineral resource statement: • Mineral resources are not mineral reserves and do not have demonstrated economic viability. No mineral reserves have as

yet been defined. Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be considered for estimation of mineral reserves, and there is no certainty that the inferred mineral resources will be realized.

• Fladgate undertook data verification, and reviewed historical quality assurance and quality control programs on the mineral resources data. Fladgate concluded that the collar, survey, assay, and lithology data were adequate to support mineral resources estimation.

• A dry bulk density value of 2.67 g/cm3 for all material was assigned from similar Meguma-type gold mineralization with similar rock types in Nova Scotia.

• Fladgate assumed a metallurgical recovery of 90% based on a qualitative assessment of the gold mineralogy and grain size.

• Near surface mineral resources are constrained within an open pit shell optimized with an L-G algorithm. A process and G&A cost of $25 and a mining cost of $3.00/tonne have been used.

• Underground resources have been constrained within a grade shell using a 2.0 g/t threshold, assuming a mining cost of $50/tonne in addition to the operating costs. Isolated blocks were removed from the grade shell. The mineral resources have been depleted using solids representing underground development and areas of stoping for post 1920’s historical mining for which technical drawings are available, however no records are available for the abundant, pre 1920’s mining development, which is known to have occurred throughout the property.

• Blocks were classified as inferred in accordance with CIM Definition Standards. • The contained metal figures shown are in situ. The resource estimation methodology incorporates a significant amount of

external and internal dilution due to the use of 2 meter composites, probabilistic domaining and the grade smoothing introduced by ordinary kriging with a variogram which has a short range of influence.

• No assurance can be given that the estimated quantities will be produced. All figures have been rounded to reflect accuracy and to comply with securities regulatory requirements. Summations within the tables may not agree due to rounding.

Appendix A: Notes to the March 2, 2017 NI 43-101 Resource


Other Projects - Overview

Miller Lake • Approximately 14 kilometers from

Goldenville with historic production, and limited recent exploration

• Along strike from Dufferin Mine, currently in production (Resource Capital Gold, TSX.V:RCG)

• Two historic shafts, with strike length over 1km, mineralization starts at surface

• Historic high grade production from veins, as well as recent surface sampling indicating disseminated mineralization

Gold Lake • Approximately 7 kilometers from Atlantic

Gold’s Touqouy mine, and 9 kilometers from the Moose River Consolidated mill

• Along strike from Goldenville, on the same anticline

• Evidence of disseminated mineralization in the host rocks from 2012 exploration work, as well as historic data


Acquisition Terms

Caribou – Remaining option commitments

• February 2019 – $100,000 in cash

• August 2020 – $300,000 in cash

– $100k/yr spending commitment during term of agreement

– 3% NSR • 1% buyback for $500k • Additional 1% buyback for

$750k

25

Goldenville, Lower Seal Harbour, Gold Lake, Miller Lake

– Remaining option commitments • March, 2020

– $75,000 in cash – $100,000 in cash or shares

• March 2021 – $100,000 in cash – $200,000 in cash or shares

– 2% GMR on Goldenville • 1% buyback for $750k • Additional 0.5% buyback for $375k


Projects Snapshots

Documents

Exploring a re -emerging Canadian Gold District · 2020-02-26 · Osprey disclaims any intention or obligation to update or revise any forward-looking information, whether as a result