Osisko Mining Inc. – Chantrell Ventures Corp. Transaction Update | Financing Upsized

Not for distribution to United States newswire services or for release, publication, distribution or dissemination, directly or indirectly, in whole or in part, in or into the United States

(Toronto, March 27, 2019) Osisko Mining Inc. (OSK:TSX, “Osisko“) and Chantrell Ventures Corp. (NEX:CV.H, “Chantrell”) are pleased to provide further details regarding the binding letter agreement made at arm’s length between them dated as of February 19, 2019 (the “Letter Agreement”), as previously announced on February 20, 2019. The Letter Agreement outlines the proposed terms and conditions upon which Osisko will effect a business combination that will result in a reverse takeover of Chantrell by Osisko (the “Proposed Transaction”).  Unless otherwise noted, references to “$” or dollars in this press release are to Canadian dollars.

Chantrell is a corporation under the laws of British Columbia with its securities listed on the NEX Board of the TSX Venture Exchange.  It has 24,011,587 common shares outstanding and options to acquire 1,780,000 common shares outstanding.  These securities will be subject to the consolidation described below.

Description of Subject Assets

The Osisko assets to be acquired pursuant to the Proposed Transaction include: (i) the Marban deposit (located in Québec’s Abitibi gold mining district between Val-d’Or and Malartic); (ii) the Garrison deposit (located in the Larder Lake Mining Division in north east Ontario); (iii) certain other exploration properties; and (iv) a portfolio of selected marketable securities (collectively, the “Transferred Assets”).

(i) Garrison

On February 19, 2019, Osisko provided a mineral resource estimate for its 100% owned Garrison gold deposit, located in Garrison Township, Ontario. This mineral estimate is the result of 1,115 drill holes (342,874 metres) in the resource area completed by previous operators on the project since 1985 and includes 197 new drill holes (87,251 metres) completed by Osisko between 2016 to July 2018.  Osisko expects to file a full technical report in relation to the Garrison deposit shortly.

Osisko acquired Garrison through its acquisition of Northern Gold Mining Inc. on December 22, 2015.

Details regarding the Garrison project are set out in a technical report prepared pursuant to National Instrument 43-101, entitled “Technical Report on the Golden Bear Project – Garrison Property: Larder Lake Mining Division, Garrison Township, Ontario, Canada”) dated December 30, 2013, with an effective date of December 30, 2013 which is filed on www.sedar.com under the profile of Northern Gold Mining Inc.

 

(ii) Marban

Portions of the Marban deposit located in Québec’s Abitibi gold mining district between Val-d’Or and Malartic hosted historic gold mining operations from 1965 to 1966 and 1989 to 1992.

The Marban deposit was acquired by Osisko when it acquired NioGold Mining Corporation in 2016.

Details regarding the Marban deposit may be found in the technical report prepared pursuant to National Instrument 43-101 entitled “Updated Mineral Resource Technical Report, Marban Block Property, Quebec, Canada” dated August 15, 2013 (effective date: June 1, 2013), which is filed on www.sedar.com under the profile of NioGold Mining Corporation.

 

(iii) Other Assets

Other exploration assets of Osisko are included in the transaction with a value of approximately $5 million.

The subject marketable securities are all shares and warrants in public and private companies which are valued at approximately $10 million.

All values are the $ book value of the assets as held by Osisko, valued in a manner consistent with the value such assets are carried on the audited financial statements, with the exception of the securities which are valued at current market prices.

Financial information for both Chantrell and Osisko is available on their respective SEDAR profiles at www.sedar.com.

 

Terms of the Proposed Transaction

 The Proposed Transaction will be completed by way of plan of arrangement with approval of shareholders of Chantrell. The final structure of the Proposed Transaction will be described in an information circular of Chantrell which will be mailed to shareholders in connection with the meeting to consider the Proposed Transaction. The Osisko assets to be transferred include the Marban deposit, Garrison deposit, exploration properties and a portfolio of selected securities. Pursuant to the Proposed Transaction, the Transferred Assets will be transferred at a value of approximately $99.9 million to Chantrell in exchange for approximately 25,747,000 post consolidation shares of Chantrell.  Osisko intends to continue to be a shareholder, and control person of the issuer following completion of the Proposed Transaction.

Completion of the Proposed Transaction is subject to a number of conditions, including, without limitation, negotiation and execution of definitive documentation, receipt of all necessary shareholder, third party and regulatory approvals, satisfactory completion of due diligence, and conditional listing approval to list the resulting issuer (the “Resulting Issuer”) on the TSX Venture Exchange under the category of Mining Issuer.

In connection with the Proposed Transaction, Chantrell will be required to, among other things: (i) change its name to “O3 Mining Corporation” or such other name as may be acceptable to applicable regulatory authorities; (ii) replace all directors and officers on closing of the Proposed Transaction; (iii) receive conditional listing approval for the Resulting Issuer on the TSX Venture Exchange; (iv) consolidate its common shares on a 40:1 basis, subject to adjustment; (v) cooperate in the offering of Subscription Receipts; and (vi) seek a waiver or exemption from the TSX Venture Exchange’s sponsorship requirements. Chantrell may, from time to time, acquire further assets in exchange for shares or cash in connection with the Proposed Transaction.

The Proposed Transaction does not constitute a non-arm’s length transaction.

The initial officers of the Resulting Issuer are proposed to be Jose Vizquerra, President and Chief Executive Officer, and Blair Zaritsky, Chief Financial Officer.  Biographies of the President and Chief Financial Officer are as follows:

Jose Vizquerra-Benavides: President, Chief Executive Officer and Director: Mr. Vizquerra is currently Executive Vice President of Strategic Development & Director at Osisko Mining. For over four years, Mr. Vizquerra served as the President & CEO of Oban Mining Corp. (“Oban”), where they successfully changed the business strategy that resulted in Oban’s acquisition of Corona Gold Corporation, Eagle Hill Exploration Corp. and Ryan Gold Corp. to form what is now Osisko. Mr. Vizquerra previously worked as Head of Business Development for Compania de Minas Buenaventura, prior to which he worked as production and exploration geologist at the Red Lake gold mine. He is currently a board member of Alio Gold Inc., Sierra Metals Inc. and Discovery Metals Corp. Mr. Vizquerra holds a M.Sc. from Queens University in MINEX, and is a Qualified Person (AIGP). Mr Vizquerra is currently advancing the General Management Program (GMP) at the Wharton School of Business. Mr. Vizquerra was awarded the Peter Munk Award for Young Mining Professional of the Year in 2018 by the Young Mining Professionals.

Blair Zaritsky: Chief Financial Officer: Blair Zaritsky is a chartered professional accountant with more than 15 years of professional experience, of which have been mostly in the mining sector. Blair joined Osisko in June 2012 and completed the Initial Public Offering shortly after in December.  In August 2015, he was a key part of the successful merger of four companies that helped obtain the flagship Windfall Lake assets that has significantly grown Osisko to over $1-billion market capitalization. Blair joined INV Metals in 2008 as a Corporate Controller and developed and managed all accounting and legal functions in both Namibia and Brazil.  Prior to INV Metals Inc., Blair worked as a Senior Manager for Collins Barrow LLP (now RSM Richter Inc.).  Blair is currently a member of the CPA Canada-PDAC IFRS committee that produces Viewpoints on IFRS accounting issues for the mining industry. Blair received his C.A. designation in 2003 with Collins Barrow LLP (now RSM Richter Inc.) and holds a Bachelor of Arts, (Hons.) Economics from the University of Western and a Bachelor of Accounting, (Hons.) from the University of Brock.

In addition to Mr. Vizquerra, the board is proposed to include John F. Burzynski, Keith McKay, Bernardo Alverez Calderon, Amy Satov, and Murray John.  The board will be majority independent.  All of the initial directors, other than Mr. John, also serve on the Board of Osisko.

John F. Burzynski: Chairman: Mr. Burzynski holds a Bachelor of Science (Honours) degree in geology from Mount Allison University, and a Master of Science in exploration and mineral economics (MINEX) degree from Queen’s University. He is a registered P.Geo. in the province of Québec, and has over 35 years experience as a professional geologist on international mining and development projects. As well as serving as President and Chief Executive officer of Osisko, John has been a Director of Osisko Gold Royalties Ltd since its inception in June 2014. Mr. Burzynski was one of the three original founders of Osisko Exploration/Osisko Mining Corp., and up until 2014 was the Vice President, Business Development. Among other awards, Mr. Burzynski was a co-winner together with Sean Roosen and Robert Wares of the Prospectors and Developers Association of Canada’s “Prospector of the Year Award” for 2007 and the Northern Miner’s “Mining Men of the Year” for 2009. John currently serves as a Director with Osisko Mining Inc., Osisko Gold Royalties Ltd., Barkerville Gold Mines Ltd., Osisko Metals Inc. and Major Drilling.

Keith McKay: Director: Mr. McKay is a Chartered Professional Accountant with extensive experience in the mining industry, including public company reporting requirements, financing, and merger and acquisition transactions. Mr. McKay was previously the Chief Financial Officer at Continental Gold Limited, Chief Financial Officer of Andina Minerals Inc., Vice President and Chief Financial Officer at Aurelian Resources Ltd., Senior Vice President of Financial Operations with an international engineering and project management services firm and Controller at Rio Algom Ltd.

Bernardo Alvarez Calderon: Director: Mr Alvarez Calderon is founder and CEO of Analytica Mineral Services where he has managed the exploration, development and operation of 3 underground gold mines currently operating in Peru. He has also been actively involved in mineral exploration throughout Peru.  Mr Alvarez Calderon holds a Bachelor of Science in geological engineering from the Colorado School of Mines and has taken the Owners/President Management Program at the Harvard Business School.

Amy Satov: Director: Ms. Satov, B.A., LL.B., M.B.A. is the Chief Executive Officer and co-founder of Litron Distributors Ltd., a national lighting distributor. Founded in Montreal, Litron expanded across Canada in 2014, adding locations in Halifax, Ottawa, Toronto, Saskatoon, Calgary and Edmonton. Litron has experienced exponential growth since inception.

For the 12 years prior to Litron, Ms. Satov was the Executive Vice President of Legal, Compliance and Distribution and Corporate Secretary of Dundee Wealth, a wealth management company with $80 billion dollars of assets under management that was acquired by The Bank of Nova Scotia in 2011. In her role as EVP, she was in charge of all legal and compliance matters, was actively involved in Dundee Wealth’s expansion into Europe and the U.S. and sat on various subsidiary boards. Ms. Satov advised on all M&A activities as well as securities, regulatory and all other corporate commercial matters. In 2010 Ms. Satov was recognized by Strathmore’s “Who’s Who” for excellence and achievement in her profession. Ms. Satov is also a member of the McGill University Chancellor’s Advisory Group. Ms. Satov is a director and the Chair of the Corporate Governance Committee for Osisko Metals Inc.

Murray John: Director: Mr. John is a director of Discovery Metals Corp. Prior to retirement in December 2015, Mr. John was President and Chief Executive Officer of Dundee Resources Limited, a private resource-focused investment company and Managing Director and a portfolio manager with Goodman Investment Counsel, where he was responsible for managing resource and precious metals focused mutual funds and Flow-Through Limited Partnerships. Mr. John is a former President and Chief Executive Officer of both Corona Gold Corporation and Ryan Gold Corp., and a former director of Dundee Precious Metals Inc., Osisko, and of several other public companies. He has been involved with the resource investment industry since 1992 and has worked as an investment banker, buy-side mining analyst, sell-side mining analyst and portfolio manager. Mr. John graduated from the Camborne School of Mines in 1980 and has extensive industry experience working as a mining engineer for Strathcona Mineral Services Ltd., Nanisivik Mines Ltd. and Eldorado Nuclear Limited. He also received a Master of Business Administration from the University of Toronto in 1992.

Proposed Financing

On February 21, 2019, Chantrell announced that it has entered into an agreement with Canaccord Genuity Corp. (the “Lead Underwriter”) and a syndicate of underwriters (together with the Lead Underwriter, the “Underwriters”) to issue, on a bought deal private placement basis, 3,100,000 subscription receipts (the “Subscription Receipts”) at a price of $3.88 per Subscription Receipt (the “Issue Price”) in the capital of Chantrell for aggregate gross proceeds of approximately $12,028,000 (the “Offering”).  The Offering has been upsized and is anticipated to be a minimum of $18,266, 217.

Each Subscription Receipt will be automatically converted, without payment of additional consideration, into one unit in the capital of Chantrell (a “Unit”) in connection with the completion of the proposed business combination between Chantrell and Osisko that will result in a reverse takeover of Chantrell by Osisko to form the Resulting Issuer.  The gross proceeds of the Offering (including commissions and expenses) will be held in escrow pending satisfaction of the escrow release conditions which includes completion of the Proposed Transaction. In the event that the Offering is not completed, the gross proceeds will be returned to subscribers. The Underwriters will be paid a cash commission equal to 5.0% of the gross proceeds and receive broker warrants to acquire such number of shares as are equal to 5.0% of the Subscription Receipts issued.

Each Unit shall be comprised of one post-consolidation common share in the capital of Chantrell (a “Common Share”) and one post-consolidation warrant of Chantrell (a “Warrant”).  Each Warrant will be exercisable to acquire one additional Common Share (a “Warrant Share”) for a period of 36 months following the effective date of the Proposed Transaction at an exercise price of $4.46 per Warrant Share.

The net proceeds from the Offering will be used by the Resulting Issuer for exploration and development of the Marban and Garrison deposits as well as general corporate purposes.

The Subscription Receipts will be issued on a private placement basis in certain provinces of Canada, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws and such other jurisdictions as may be mutually agreed upon by Canaccord Genuity and Chantrell.

It is anticipated that the Offering will close on March 27, 2019 and anticipated closing of the Reverse takeover in May, 2019.

The Offering remains subject to approval of the TSX Venture Exchange.

Trading Halt

Trading of Chantrell’s common shares will be halted pending further filings with the TSX Venture Exchange.  Further information will be press released by Chantrell when available.

Technical Information 

The scientific and technical content of this press release has been reviewed and approved by Mr. Pascal Simard, Eng, B.Sc. Exploration Manager, Northern Quebec for Osisko Mining Inc, who is a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% in the high-grade Windfall Lake gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 3,300 square kilometres), a 100% interest in the Marban project located in the heart of Québec’s prolific Abitibi gold mining district, and properties in the Larder Lake Mining Division in northeast Ontario, including the Jonpol and Garrcon deposits on the Garrison property, the Buffonta past producing mine and the Gold Pike mine property. The Corporation also holds interests and options in a number of additional properties in northern Quebec and Ontario.

Cautionary Statement

 Completion of the Proposed Transaction is subject to a number of conditions, including but not limited to TSX Venture Exchange acceptance and, if applicable disinterested shareholder approval. Where applicable, the Proposed Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Definitive Agreement will be executed or that the Proposed Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Chantrell should be considered highly speculative.

 The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the Proposed Transaction; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Corporation, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the ability of the parties to execute the Proposed Transaction. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither party nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Neither party undertakes, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

 

CONTACT INFORMATION:

Osisko Mining Inc.
John Burzynski
President & Chief Executive Officer
(416) 363-8653

Chantrell Ventures Corp.
Paul Parisotto
President, CEO  and Director
416.874.1702.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

WINDFALL TRIPLE 8 DOWNHOLE IP SURVEY SUCCESSFULLY OUTLINES NEW TARGETS

(Toronto, March 26, 2019)  Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to announce positive results of its hole-to-hole induced polarization (“IP”) survey conducted in the Triple 8 Zone, at its 100% owned Windfall Lake gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

 

Osisko recently used the three deep Triple 8 discovery holes (OSK-W-18-1603-W2, OSK-W-18-1616-W2 and OSK-W-18-1783) to conduct a hole-to-hole IP survey. The purpose of the survey was to attempt to outline the chargeability signature of the Triple 8 Zone; to test the lateral extension of the hole-to-hole method; and to outline new deep drill targets. The survey was successful in all aspects, and the Company intends to conduct additional hole-to-hole IP survey work to investigate the deep extensions in other areas of the Windfall deposit. The hole-to-hole IP survey and the 3D IP inversion were performed by Abitibi Geophysics Inc. from Val D’Or, Québec.

 

Osisko Mining President and Chief Executive Officer John Burzynski commented: “We are very excited about the off-hole targets developed using the 3D IP inversion, and the potential to use downhole geophysics to continue to outline the growing potential of the Windfall deposit at depth.  We are convinced that as we advance deep exploration we will be able to grow Windfall into the same World Class category as other historic, high-grade and long-life underground mines in the Canadian Archean.  Windfall has consistently shown us that the more exploration we conduct, the more new mineralization we discover – it’s the sign of a great deposit.”

 

Triple 8 mineralization typically consists of 10% to 30% disseminated pyrite and stringers with local visible gold in an altered andesite with local pervasive silicification and sericitization, surrounded by peripheral chlorite-biotite+/-garnet alteration.  The Triple 8 Zone and the mineralized corridor responded positively to chargeability and were detected by the hole-to-hole method. Three chargeability and resistivity profiles were interpreted by pairing holes.  The known mineralization was detected in the 600 metres apart pair, and subsequently validated by the two pairs approximatively 300 metres apart. The hole-to-hole method has shown to have good potential to define targets at depth and in the lateral extensions of the Windfall deposit.

 

Interpretation of the chargeability and resistivity profiles, and generation of a 3-dimensional data inversion highlighted two principal target areas for further exploration. The first area is located between hole OSK-W-18-1783 and OSK-W-18-1616-W2 and consists of a high chargeability centre interpreted over 300 metres wide. The second main target is approximatively 100 metres north of OSK-W-18-1603-W2.

 

Osisko intends to follow up the downhole IP survey with continued deep exploration drilling at Triple 8 in 2019.

 

Maps showing hole locations and the geophysical interpretation are available at www.osiskomining.com.

 

Hole Number Azimuth (°) Dip

(°)

Length (m) UTM E UTM N Section
OSK-W-18-1603-W2 35 -80 1743 453340 5434543 3275
OSK-W-18-1616-W2 40 -85 2293 454135 5435058 4225
OSK-W-18-1783 61 -78 2224 453534 5434376 3375

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Louis Grenier, M.Sc.A., P.Geo. (OGQ 800), Project Manager of Osisko’s Windfall Lake gold project, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

 

About the Windfall Lake Gold Deposit

The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The mineral resource defined by Osisko, as disclosed in (i) the Windfall Lake Technical Report (as defined below), and (ii) the Lynx Resource Press Release (as defined below), comprises 2,874,000 tonnes at 8.17 g/t Au (754,000 ounces) in the indicated mineral resource category and 10,352,000 tonnes at 7.11 g/t Au (2,366,000 ounces) in the inferred mineral resource category. For details regarding the key assumptions, parameters and methods used to estimate the mineral resources presented in respect of the Windfall gold project, please see (i) the technical report entitled “Technical Report and Mineral Resource Estimate for the Windfall Lake Project, Windfall Lake and Urban-Barry Properties” and dated June 12, 2018 (effective date of May 14, 2018), which has been prepared by InnovExplo Inc. from Val-d’Or, Québec (the “Windfall Lake Technical Report”), and (ii) the press release of Osisko dated November 27, 2018 and entitled “Osisko Releases Mineral Resource Update for Lynx”, which has been prepared by Osisko and reviewed and approved by Micon International, Ltd. from Toronto, Ontario (the “Lynx Resource Press Release”). The Windfall Lake Technical Report and Lynx Resource Press Release are available on Osisko’s website at www.osiskomining.com and on SEDAR under Osisko’s issuer profile at www.sedar.com. The Windfall Lake gold deposit is currently one of the highest grade resource-stage gold projects in Canada. Mineralization occurs in four principal zones: Lynx, Zone 27, Caribou and Underdog. All zones comprise sub-vertical lenses following intrusive porphyry contacts plunging to the northeast. The deposit is well defined from surface to a depth of 900 metres and remains open along strike and at depth. Mineralization has been identified 30 metres from surface in some areas and as deep as 2,000 metres in others, with significant potential to extend mineralization down-plunge and at depth.

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall Lake gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding the Urban Barry area and nearby Quevillon area (over 3,300 square kilometres.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the Windfall gold deposit being one of the highest grade resource-stage gold projects in Canada; the significance of the downhole induced polarization survey;  the deposit remaining open along strike and at depth; potential depth extensions of the mineralized zones down-plunge and at depth; the positive results of hole-to-hole induced polarization survey conducted in the Triple 8 zone; the reliability of 3D induced polarization inversion; the potential to use downhole geophysics to continue to outline the deposit; Windfall being in the same World Class category as other historic, high-grade and long-life underground mines in the Canadian Archean; these results being the sign of a great deposit; plans to conduct further downhole induced polarization exploration; the actual mineralization of local visible gold; the current 800,000 metre drill program; the type of drilling included in the drill program; potential mineralization; the potential to extend mineralization up and down-plunge and at depth at the Windfall gold deposit; the ability to realize upon any mineralization in a manner that is economic; the ability to complete any proposed exploration activities and the results of such activities, including the continuity or extension of any mineralization; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Corporation at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property interests in the Windfall gold project; the ability of the Corporation to obtain required approvals and complete transactions on terms announced; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions. Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information, Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

 

 

 

 

For further information please contact:

John Burzynski
President and Chief Executive Officer

Telephone: (416) 363-8653

OSISKO LYNX INFILL DRILLING CONTINUES TO RETURN HIGH GRADES

224 g/t Au Over 2.8 Metres

(Toronto, March 21, 2019)  Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new infill drilling results from its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec. The new results are from the general area being considered for the planned bulk sample in the Lynx deposit.  A closely spaced infill drill program (approximately 10 metres x 10 metres) has been designed to increase the geological control and grade definition to further test and select the location for the bulk test. The definition program is in progress, and the location of the Lynx bulk sample will be chosen on completion of the program in the coming months.  Highlights include:

 

224 g/t Au over 2.8 metres and

77.9 g/t Au over 2.1 metres in OSK-W-18-1804;

51.2 g/t Au over 3.2 metres in OSK-W-18-1812;

43.7 g/t Au over 3.2 metres in OSK-W-19-1850;

56.0 g/t Au over 2.2 metres in OSK-W-19-1865;

38.6 g/t Au over 2.2 metres in OSK-W-19-1855;

32.6 g/t Au over 2.4 metres in OSK-W-18-1811;

18.0 g/t Au over 4.7 metres in OSK-W-18-1807; and

28.6 g/t Au over 2.3 metres in OSK-W-19-1860.

Maps showing hole locations, and full analytical results are available at www.osiskomining.com. Significant new analytical results from 19 intercepts in 11 drill holes are presented below.

 

Hole Number From

(m)

To

(m)

Interval

(m)

Au (g/t)

uncut

Au (g/t)

cut to

100 g/t

Type Mineralized

Zone

OSK-W-18-1804 280.0 282.8 2.8 224 20.3 Infill Lynx_305
including 282.5 282.8 0.3 2000 100
  308.6 312.7 4.1 10.8   Infill Lynx_308
including 310.9 311.3 0.4 69.3
  314.9 317.0 2.1 77.9 58.5 Infill Lynx_308
including 315.8 317.0 1.2 134 100
OSK-W-18-1807 260.9 263.2 2.3 3.14   Infill Lynx_304
  267.3 272.0 4.7 18.0   Infill Lynx_304
including 267.3 267.8 0.5 80.0
OSK-W-18-1809 228.0 230.0 2.0 3.40   Infill Lynx_310
including 228.0 228.6 0.6 9.56
  265.0 267.3 2.3 6.13   Infill Lynx_308
including 265.9 266.2 0.3 25.8
OSK-W-18-1811 188.0 190.4 2.4 4.10   Infill Lynx_304
  214.6 217.0 2.4 5.56   Infill Lynx_305
  255.5 257.5 2.0 15.2   Infill Lynx_308
including 256.8 257.5 0.7 40.9
  268.6 271.0 2.4 32.6 25.7 Infill Lynx_311
including 269.8 270.4 0.6 128 100
OSK-W-18-1812 266.3 269.5 3.2 51.2 40.7 Infill Lynx_311
including 266.8 267.9 1.1 131 100
OSK-W-19-1846 239.9 243.0 3.1 11.3 Infill Lynx_311
including 242.3 243.0 0.7 33.5
OSK-W-19-1850 228.2 231.4 3.2 43.7 37.6 Infill Lynx_311
including 230.3 231.4 1.1 118 100
OSK-W-19-1852 248.0 250.6 2.6 14.8   Infill Lynx_311
including 248.9 249.3 0.4 80.2
OSK-W-19-1855 272.8 275.0 2.2 38.6 19.1 Infill Lynx_310
including 274.6 275.0 0.4 207 100
281.0 284.3 3.3 6.04   Infill Lynx_305
including 283.9 284.3 0.4 18.1
OSK-W-19-1860 310.7 313.0 2.3 28.6   Infill Lynx_304
including 311.0 311.9 0.9 70.7
OSK-W-19-1865 313.3 315.5 2.2 56.0 33.0 Infill Lynx_304
including 314.2 314.9 0.7 172 100

Note: True widths are estimated at 65 – 80% of the reported core length interval.  See “Quality Control and Reporting Protocols” below.

 

Hole Number Azimuth (°) Dip

(°)

Length (m) UTM E UTM N Elevation

(m)

Section
OSK-W-18-1804 331 -56 345 453414 5434922 396 3525
OSK-W-18-1807 332 -56 297 453423 5434923 396 3530
OSK-W-18-1809 328 -51 291 453366 5434931 396 3500
OSK-W-18-1811 333 -51 317 453365 5434931 397 3500
OSK-W-18-1812 330 -50 303 453366 5434932 396 3500
OSK-W-19-1846 330 -58 324 453324 5434949 398 3475
OSK-W-19-1850 329 -58 270 453320 5434954 398 3475
OSK-W-19-1852 330 -58 300 453312 5434949 397 3440
OSK-W-19-1855 124 -45 351 453178 5435190 404 3450
OSK-W-19-1860 124 -45 333 453186 5435200 403 3465
OSK-W-19-1865 124 -45 339 453189 5435213 404 3475

 

OSK-W-18-1804 intersected three intervals: 224 g/t Au over 2.8 metres, 10.8 g/t Au over 4.1 metres and 77.9 g/t Au over 2.1 metres. The first interval contains pyrite-tourmaline stringers with local visible gold, 5% pyrite clusters, and trace pyrite stringers in a fragmental rhyolite with moderate to strong silica alteration. The second interval contains 3% disseminated pyrite and trace sphalerite in pervasive silica flooding, trace pyrite-tourmaline stringers and 1% disseminated pyrite in a strongly silicified rhyolite. The third interval contains up to 2% pyrite stringers, trace disseminated pyrite and clusters, and trace pyrite in tourmaline ptygmatic veins in a chloritized and slightly sericitized gabbro.

 

OSK-W-18-1807 intersected two intervals: 3.14 g/t Au over 2.3 metres and 18.0 g/t Au over 4.7 metres.  The first interval contains 3% pyrite with pervasive silica flooding and tourmaline ptygmatic and quartz-tourmaline veins and 1% pyrite-tourmaline stringers in alternating silicified and sericitized fragmental intrusions, rhyolites and porphyritic felsic dikes. The second interval contains 35% semi massive pyrite with pervasive silica flooding in a strongly silicified and a weakly fuchsite and sericite altered porphyritic felsic dike.

 

OSK-W-18-1809 intersected two intervals: 3.40 g/t Au over 2.0 metres and 6.13 g/t Au over 2.3 metres. The first interval contains up to 4% pyrite clusters in pervasive silica flooding in a silicified and sericitized fragmental felsic dike. The second interval contains trace pyrite in pervasive silica flooding and trace pyrite-tourmaline stringers with local visible gold in pervasive silica flooding with fuchsite hosted in a sericitized and silicified rhyolite.

 

OSK-W-18-1811 intersected four intervals: 4.10 g/t Au over 2.4 metres, 5.56 g/t Au over 2.4 metres, 15.2 g/t Au over 2.0 metres and 32.6 g/t Au over 2.4 metres. The first interval contains of 5% pyrite clusters and 4% disseminated pyrite in a moderate sericite and weak silica altered dacite. The second interval contains trace pyrite-tourmaline stringers, and pyrite-tourmaline veins in a moderate chlorite and weak sericite and silica altered gabbro. The third interval contains 8% disseminated pyrite in clusters or fracture filling, trace chalcopyrite in quartz-tourmaline veins, and 1% pyrite-tourmaline stringers in a bleached and sericitized andesite. The fourth interval contains up to 15% pyrite stringers and 5% disseminated pyrite in silica flooding within a moderately sericitized porphyritic felsic dike.

 

OSK-W-18-1812 intersected 51.2 g/t Au over 3.2 metres. Mineralization consists of local visible gold, up to 15% pyrite and trace sphalerite associated within pervasive silica flooding, moderate fuchsite and moderate sericite altered rhyolite.

 

OSK-W-19-1846 intersected 11.3 g/t Au over 3.1 metres. Mineralization consists of local visible gold, up to 15% pyrite stringers with pyrite-silica flooding hosted in strong silica, moderate sericite and weak fuchsite altered rhyolite.

 

OSK-W-19-1850 intersected 43.7 g/t Au over 3.2 metres. Mineralization consists of local visible gold, up to 15% disseminated pyrite and stringers, 5% disseminated sphalerite and pyrite-tourmaline stringers hosted in a strong silica and fuchsite altered rhyolite.

 

OSK-W-19-1852 intersected 14.8 g/t Au over 2.6 metres. Mineralization consists of local visible gold, up to 7% pyrite clusters and stringers with pervasive silica flooding hosted in a strong silica, moderate sericite, fuchsite and carbonates altered rhyolite.

 

OSK-W-19-1855 intersected 38.6 g/t Au over 2.2 metres and 6.04 g/t Au over 3.3 metres. The first interval contains local visible gold and 1% pyrite stringers hosted in a strong silica altered fragmental felsic intrusion. The second interval contains 1% disseminated pyrite with quartz-tourmaline veins hosted in a weak sericite and silica altered fragmental felsic intrusion.

 

OSK-W-19-1860 intersected 28.6 g/t Au over 2.3 metres. Mineralization consists of local visible gold, 1% pyrite stringers, and up to 5% disseminated pyrite within a bleached and fuchsite altered fragmental felsic intrusion.

 

OSK-W-19-1865 intersected 56.0 g/t Au over 2.2 metres. Mineralization consists of local visible gold, 6% disseminated pyrite, and 1% sphalerite and ptygmatic tourmaline stringers within a strong silica and fuchsite altered porphyritic felsic intrusion.

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Louis Grenier, M.Sc.A., P.Geo. (OGQ 800), Project Manager of Osisko’s Windfall Lake gold project, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

 

Quality Control and Reporting Protocols

True width determination is estimated at 65-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.0 g/t Au diluted over core lengths of at least 2.0 metres. All NQ core assays reported were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Thunder Bay, Ontario, Sudbury, Ontario or Vancouver, British Colombia, or (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using an Aqua Regia-ICP-AES method at ALS Laboratories. Drill program design, Quality Assurance/Quality Control (“QA/QC”) and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assay.

 

About the Windfall Lake Gold Deposit

The Windfall Lake gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The mineral resource defined by Osisko, as disclosed in the Windfall Lake Technical Report (as defined below) and November 27, 2018 Lynx resource update, comprises 2,874,000 tonnes at 8.17 g/t Au (754,000 ounces) in the indicated mineral resource category and 10,352,000 tonnes at 7.11 g/t Au (2,366,000 ounces) in the inferred mineral resource category. For details regarding the key assumptions, parameters and methods used to estimate the mineral resources presented in respect of the Windfall Lake gold project, please see the technical report entitled “Technical Report and Mineral Resource Estimate for the Windfall Lake Project, Windfall Lake and Urban-Barry Properties” and dated June 12, 2018 (effective date of May 14, 2018), which has been prepared by InnovExplo Inc. from Val-d’Or, Québec (the “Windfall Lake Technical Report”) and the press release “Osisko Releases Mineral Resource Update for Lynx” dated November 27, 2018, which has been prepared by Osisko and reviewed and approved by Micon International, Ltd. from Toronto, Ontario. The Windfall Lake Technical Report and press release are available on Osisko’s website at www.osiskomining.com and on SEDAR under Osisko’s issuer profile at www.sedar.com. The Windfall Lake gold deposit is currently one of the highest grade resource-stage gold projects in Canada. Mineralization occurs in four principal zones: Lynx, Zone 27, Caribou and Underdog. All zones comprise sub-vertical lenses following intrusive porphyry contacts plunging to the northeast. The deposit is well defined from surface to a depth of 900 metres and remains open along strike and at depth. Mineralization has been identified 30 metres from surface in some areas and as deep as 2,000 metres in others, with significant potential to extend mineralization down-plunge and at depth.

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall Lake gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding the Urban Barry area and nearby Quevillon area (over 3,300 square kilometres).

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the Windfall Lake gold deposit being one of the highest grade resource-stage gold projects in Canada; the significance of results from the new infill drilling and ongoing drill definition and expansion program at the Windfall Lake gold project; the significance of assay results presented in this news release; the deposit remaining open along strike and at depth; potential depth extensions of the mineralized zones down-plunge and at depth; the actual mineralization of local visible gold; the current 800,000 metre drill program; the type of drilling included in the drill program; potential mineralization; the potential to extend mineralization up and down-plunge and at depth at the Windfall Lake gold deposit; the ability to realize upon any mineralization in a manner that is economic; the ability to complete any proposed exploration activities and the results of such activities, including the continuity or extension of any mineralization; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Corporation at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property interests in the Windfall Lake gold project; the ability of the Corporation to obtain required approvals and complete transactions on terms announced; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions. Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information, Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

 

For further information please contact:

John Burzynski
President and Chief Executive Officer
Telephone: (416) 363-8653

OSISKO WINDFALL INFILL DRILLING CONTINUES TO INTERSECT HIGH GRADE

88.0 g/t Au Over 4.1 Metres in Underdog

131 g/t Au Over 2.1 Metres in Lynx

59.9 g/t Au Over 2.6 Metres in Zone 27

9.56 g/t Au Over 12.6 Metres in Caribou

(Toronto, March 19, 2019)  Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new infill drilling results from the ongoing definition and expansion program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.  The program is currently focussed on infill drilling within the main Windfall gold deposit and the adjacent Lynx deposit (located immediately NE of Windfall), exploration and expansion drilling on the main mineralized zones, and deep exploration in the central areas of the intrusive system. Significant new analytical results from 101 intercepts in 39 drill holes and 17 wedges focused on infill drilling from surface and underground are presented below.

 

Highlights from new infill drilling results include: 88.0 g/t Au over 4.1 metres in OSK-EAG-13-480-W2;  131 g/t Au over 2.1 metres in OSK-W-18-1656; 128 g/t Au over 2.0 metres in OSK-W-19-909-W8;  85.1 over 3.0 metres in OSK-W-18-1066-W3; 54.4 g/t Au over 3.1 metres in OSK-W-18-1386-W5; 59.9 g/t Au over 2.6 metres in WST-19-0060; 45.0 g/t Au over 3.0 metres in  OSK-W-19-1426-W1; 9.56 g/t Au over 12.6 metres in OSK-W-19-1823; 52.9 g/t Au over 2.1 metres in OSK-W-18-1813; 34.9 g/t Au over 2.4 metres in OSK-W-19-1819-W1; 38.2 g/t Au over 2.0 metres in OSK-W-18-1759; 34.5 g/t Au over 2.2 metres in OSK-EAG-13-480-W1; 13.2 g/t Au over 4.9 metres in OSK-W-19-1343-W3; 9.37 g/t Au over 6.0 metres in OSK-W-18-1803; and 8.98 g/t Au over 6.4 metres in WST-18-0039.  Maps showing hole locations and full analytical results are available at www.osiskomining.com.

 

Hole Number From

(m)

To

(m)

Interval

(m)

Au (g/t)

uncut

Au (g/t)

cut to

100 g/t

Type Mineralized

Zone

OSK-EAG-13-480-W1 634.4 640.8 6.4 5.98   Infill Underdog
including 636.4 636.7 0.3 56.6
  644.1 646.3 2.2 34.5   Infill Underdog
including 644.7 645.7 1.0 56.2
OSK-EAG-13-480-W2 694.9 697.6 2.7 3.93   Infill Underdog
including 694.9 695.6 0.7 11.2
  656.0 660.1 4.1 88.0 11.5 Infill Underdog
including 659.8 660.1 0.3 1145 100
OSK-EAG-13-508 611.0 613.4 2.4 11.6   Infill Zone 27
including 612.5 613.4 0.9 30.4
OSK-W-17-960 1031.0 1033.2 2.2 7.06   Infill Lynx
including 1032.9 1033.2 0.3 50.8
  1036.8 1038.9 2.1 13.7   Infill Lynx
including 1037.6 1037.9 0.3 57.1
OSK-W-17-993 992.0 994.3 2.3 5.95   Infill Lynx
including 992.6 992.9 0.3 43.1
OSK-W-18-747-W2 681.0 683.5 2.5 8.58   Infill Underdog
  712.8 715.3 2.5 7.10   Infill Underdog
  784.0 786.0 2.0 4.86 Infill Underdog
OSK-W-18-1025-W1 793.0 795.0 2.0 13.9   Infill Underdog
  800.0 802.0 2.0 14.0   Infill Underdog
including 800.0 800.5 0.5 42.0
  822.4 824.5 2.1 4.67   Infill Underdog
including 822.4 822.8 0.4 22.8
OSK-W-18-1066-W2 750.0 752.0 2.0 6.76   Infill Underdog
  1021.0 1023.0 2.0 23.3   Infill Underdog
including 1021.0 1022.4 1.4 33.2
  1043.0 1045.0 2.0 7.55   Infill Underdog
including 1044.5 1045.0 0.5 28.0
OSK-W-18-1066-W3 771.5 775.7 4.2 5.24   Infill Underdog
including 771.5 772.1 0.6 19.7
  786.9 789.9 3.0 85.1 48.1 Infill Underdog
including 788.0 789.4 1.4 179 100
OSK-W-18-1139-W1 815.2 817.5 2.3 5.65     Vein
including 815.2 815.9 0.7 17.6
OSK-W-18-1139-W3 783.4 786.0 2.6 6.46   Infill Underdog
including 783.4 783.7 0.3 33.1
  843.0 845.2 2.2 5.26   Infill Underdog
including 843.6 843.9 0.3 43.4
OSK-W-18-1386-W4 820.4 822.8 2.4 12.1   Infill Lynx
  877.1 881.1 4.0 11.7   Infill Lynx
including 878.0 878.5 0.5 30.7
  904.4 906.9 2.5 10.7   Infill Lynx
  941.0 943.0 2.0 9.43   Infill Lynx
  952.0 954.0 2.0 8.22   Infill Lynx
OSK-W-18-1386-W5 831.6 834.7 3.1 54.4 21.4 Infill Lynx
including 832.2 832.5 0.3 441 100
OSK-W-18-1424-W1 921.0 923.0 2.0 5.60    Ex Lynx
including 921.8 923.0 1.2 9.32
OSK-W-18-1656 730.0 736.0 6.0 5.07   Infill Lynx
including 730.0 730.5 0.5 36.5
  783.7 786.0 2.3 8.08   Infill Lynx
including 784.7 785.3 0.6 23.0
  900.7 902.8 2.1 131 33.9  Ex Lynx
including 900.7 901.4 0.7 391 100
  1090.0 1092.5 2.5 7.29    Ex Lynx
including 1090.9 1091.8 0.9 17.9
OSK-W-18-1680 332.7 335.2 2.5 9.92   Infill Zone 27
including 332.7 333.3 0.6 30.6
OSK-W-18-1738 262.0 264.0 2.0 8.22   Infill Lynx
including 262.0 263.0 1.0 16.3
OSK-W-18-1747 202.6 205.0 2.4 5.99   Infill Caribou
including 203.2 203.7 0.5 26.0
  273.3 276.0 2.7 3.09   Infill Caribou
including 273.3 273.6 0.3 11.0
OSK-W-18-1759 206.4 208.4 2.0 38.2   Infill Lynx
including 206.4 207.5 1.1 59.1
OSK-W-18-1779 197.0 199.1 2.1 4.05   Infill Caribou
OSK-W-18-1789 327.0 329.0 2.0 3.87   Infill Caribou
OSK-W-18-1803 443.0 445.0 2.0 3.74   Infill Caribou
including 443.5 444.2 0.7 9.77
  519.0 525.0 6.0 9.37   Infill Zone 27
including 523.9 525.0 1.1 30.9
OSK-W-18-1805 93.3 97.5 4.2 3.76   Infill Caribou
  108.7 112.9 4.2 3.48   Infill Caribou
  123.0 125.0 2.0 9.59   Infill Caribou
including 123.4 124.4 1.0 17.7
OSK-W-18-1806 55.8 57.8 2.0 3.74   Infill Caribou
OSK-W-18-1808 143.4 145.7 2.3 23.8   Infill Caribou
including 144.3 145.0 0.7 76.9
  199.7 201.7 2.0 13.8   Infill Caribou
including 200.6 201.7 1.1 24.8
OSK-W-18-1810 113.0 115.0 2.0 3.35   Infill Caribou
  546.0 548.0 2.0 5.86   Infill Zone 27
including 547.0 548.0 1.0 11.3
OSK-W-18-1813 333.4 335.5 2.1 52.9     VNCR
including 333.4 334.5 1.1 98.9
  515.2 517.3 2.1 15.8   Infill Caribou
including 516.2 517.3 1.1 30.1
  580.9 583.0 2.1 5.54   Infill Caribou
  637.4 639.6 2.2 4.38   Infill Caribou
including 638.1 638.8 0.7 11.8
OSK-W-18-1814 166.0 168.0 2.0 4.04     Vein
including 166.6 167.5 0.9 8.98
  298.0 300.0 2.0 13.2   Infill Caribou
including 299.0 300.0 1.0 26.4
  345.5 347.5 2.0 3.56   Infill Caribou
  430.0 432.0 2.0 8.19   Infill Caribou
including 431.0 432.0 1.0 16.2
OSK-W-18-1817 341.0 343.0 2.0 3.45   Infill Caribou
including 341.0 342.0 1.0 6.61
  406.0 408.0 2.0 7.60   Infill Caribou
including 406.8 407.6 0.8 18.1
  555.0 557.3 2.3 5.93   Infill Zone 27
OSK-W-19-909-W6 937.5 939.5 2.0 6.00   Infill Lynx
  1061.3 1063.9 2.6 14.5   Infill Lynx
including 1062.3 1062.9 0.6 59.1
OSK-W-19-909-W8 960.0 962.0 2.0 128 39.6 Infill Lynx
including 961.4 962.0 0.6 396 100
  969.0 971.0 2.0 8.39   Infill Lynx
OSK-W-19-909-W9 957.0 959.0 2.0 4.86   Infill Lynx
OSK-W-19-1343-W3 584.6 589.5 4.9 13.2   Infill Lynx
including 584.6 585.6 1.0 50.9
OSK-W-19-1426-W1 594.4 596.5 2.1 4.23   Infill Lynx
  600.1 602.5 2.4 6.48   Infill Lynx
including 600.1 600.5 0.4 35.4
  622.8 625.8 3.0 45.0 33.4 Infill Lynx
including 624.4 624.8 0.4 187 100
and 625.4 625.8 0.4 99.8  
OSK-W-19-1819-W1 590.3 592.3 2.0 5.63   Infill Lynx
including 591.0 591.4 0.4 20.4
  601.0 603.4 2.4 34.9   Infill Lynx
including 602.5 603.4 0.9 71.4
OSK-W-19-1820 438.0 440.0 2.0 4.26   Infill Caribou
OSK-W-19-1822 513.0 515.0 2.0 4.39   Infill Caribou
including 514.0 515.0 1.0 8.62
OSK-W-19-1823 238.0 240.0 2.0 3.77   Infill Caribou
  257.0 269.6 12.6 9.56   Infill Caribou
OSK-W-19-1824 230.0 237.0 7.0 3.29   Infill Caribou
including 230.0 231.0 1.0 13.1
OSK-W-19-1828 191.6 194.1 2.5 5.09   Infill Caribou
OSK-W-19-1830 181.0 183.6 2.6 8.84   Infill Caribou
OSK-W-19-1832 288.8 291.0 2.2 3.63   Infill Lynx
including 288.8 289.2 0.4 17.0
  293.0 295.0 2.0 4.06   Infill Lynx
OSK-W-19-1834 154.7 157.5 2.8 12.4   Infill Caribou
including 156.6 157.5 0.9 25.9
OSK-W-19-1847 259.1 261.4 2.3 7.18   Infill Lynx
including 260.1 260.5 0.4 37.9
WST-18-0027 91.0 93.0 2.0 11.1   Infill Zone 27
WST-18-0039 98.0 100.0 2.0 3.82   Infill Zone 27
including 98.9 99.4 0.5 11.0
  140.0 146.4 6.4 8.98   Infill Caribou
WST-18-0048 73.0 75.0 2.0 4.67   Infill Zone 27
including 73.5 74.0 0.5 17.1
WST-19-0054A 66.0 68.7 2.7 9.37   Infill Zone 27
including 67.7 68.7 1.0 23.3
WST-19-0055 66.7 68.7 2.0 4.87   Infill Zone 27
including 68.2 68.7 0.5 17.4
WST-19-0056 65.0 69.8 4.8 3.57   Infill Zone 27
WST-19-0057 67.3 72.0 4.7 4.99   Infill Zone 27
75.8 78.0 2.2 4.47   Infill Zone 27
WST-19-0058 61.8 66.5 4.7 3.08   Infill Zone 27
including 65.5 66.5 1.0 9.55
WST-19-0059 81.0 83.7 2.7 5.16   Infill Zone 27
96.7 100.6 3.9 4.04   Infill Zone 27
  103.0 105.2 2.2 14.8   Infill Zone 27
including 103.5 103.9 0.4 61.9
  113.8 116.1 2.3 4.08   Infill Zone 27
WST-19-0060 69.9 73.0 3.1 4.72   Infill Zone 27
  80.0 82.6 2.6 59.9 27.6 Infill Zone 27
including 81.9 82.6 0.7 220 100
WST-19-0063 93.0 95.0 2.0 15.0   Infill Zone 27
including 93.0 94.0 1.0 29.3
WST-19-0065A 86.4 89.9 3.5 12.0   Infill Zone 27

Notes: Ex = Expansion.  VNCR = Crustiform Vein.  True widths are estimated at 65 – 80% of the reported core length interval.

See “Quality Control and Reporting Protocols” below.

 

 

Hole Number Azimuth (°) Dip

(°)

Length (m) UTM E UTM N Elevation

(m)

Section
OSK-EAG-13-480-W1 331 -57 651 452400 5434486 398 2425
OSK-EAG-13-480-W2 331 -57 770 452400 5434486 398 2425
OSK-EAG-13-508 330 -60 627 452588 5434698 403 2700
OSK-W-17-960 138 -54 1077 453283 5435344 404 3625
OSK-W-17-993 133 -51 1053 453283 5435344 404 3625
OSK-W-18-1025-W1 330 -58 852 452487 5434435 401 2475
OSK-W-18-1066-W2 332 -56 1065 452486 5434435 401 2475
OSK-W-18-1066-W3 332 -56 849 452486 5434435 401 2475
OSK-W-18-1139-W1 333 -56 874 452474 5434469 401 2500
OSK-W-18-1139-W3 333 -56 918 452474 5434469 401 2500
OSK-W-18-1386-W4 136 -54 1059 453802 5435746 401 4275
OSK-W-18-1386-W5 136 -54 1100 453802 5435746 401 4275
OSK-W-18-1424-W1 357 -57 1485 453358 5434364 400 3200
OSK-W-18-1656 144 -45 1154 453261 5435471 407 3675
OSK-W-18-1680 332 -48 372 452350 5434621 400 2450
OSK-W-18-1738 329 -69 393 453460 5434986 396 3600
OSK-W-18-1747 333 -54 519 452463 5434683 402 2600
OSK-W-18-1759 331 -57 252 453323 5434955 397 3475
OSK-W-18-1779 334 -58 297 452430 5434514 400 2475
OSK-W-18-1789 332 -56 624 452611 5434691 401 2725
OSK-W-18-1803 334 -58 585 452547 5434723 404 2675
OSK-W-18-1805 331 -56 147 452259 5434559 400 2350
OSK-W-18-1806 330 -56 132 452263 5434588 400 2350
OSK-W-18-1808 330 -50 351 452297 5434645 400 2425
OSK-W-18-1810 335 -49 566 452401 5434503 398 2450
OSK-W-18-1813 330 -60 731 452683 5434622 398 2750
OSK-W-18-1814 333 -59 438 452683 5434622 398 2750
OSK-W-18-1817 332 -57 687 452656 5434699 399 2750
OSK-W-18-747-W2 331 -57 798 452449 5434488 400 2475
OSK-W-19-1343-W3 137 -56 637 453572 5435489 399 3950
OSK-W-19-1819-W1 132 -45 654 453486 5435514 397 3875
OSK-W-19-1832 130 -46 345 453195 5435212 404 3475
OSK-W-19-1847 331 -58 293 453317 5434947 397 3450
OSK-W-19-909-W6 131 -55 1094 453683 5435677 401 4125
OSK-W-19-909-W8 131 -55 1053 453683 5435677 401 4125
OSK-W-19-909-W9 131 -55 1143 453683 5435677 401 4125
OSK-W-19-1426-W1 136 -47 687 453453 5435560 408 3875
OSK-W-19-1820 333 -59 489 452672 5434723 398 2775
OSK-W-19-1822 339 -60 615 452506 5434389 402 2475
OSK-W-19-1823 329 -52 330 452546 5434702 404 2675
OSK-W-19-1824 327 -50 309 452566 5434725 404 2700
OSK-W-19-1828 340 -50 237 452203 5434388 398 2200
OSK-W-19-1830 338 -52 231 452179 5434396 399 2200
OSK-W-19-1834 338 -47 216 452179 5434396 399 2200
WST-18-0027 159 -44 106 452280 5434974 263 2575
WST-18-0039 166 -34 148 452025 5434760 240 2250
WST-18-0048 164 -39 142 452025 5434760 240 2250
WST-19-0054A 157 46 156 451960 5434734 253 2175
WST-19-0055 157 31 114 451959 5434733 252 2175
WST-19-0056 165 35 144 451959 5434733 252 2175
WST-19-0057 171 42 165 451958 5434736 249 2175
WST-19-0058 171 31 118 451958 5434736 249 2175
WST-19-0059 176 55 152 451958 5434736 249 2175
WST-19-0060 176 49 165 451958 5434736 249 2175
WST-19-0063 187 25 121 451958 5434735 250 2175
WST-19-0065A 198 -12 133 451958 5434735 249 2175

Note:              WST series drill holes were completed from underground drill stations.

 

OSK-EAG-13-480-W1 intersected 5.98 g/t Au over 6.4 metres and 34.5 g/t Au over 2.2 metres in Underdog. The first interval is composed of up to 10% disseminated pyrite stringers and clusters with quartz veinlets or pervasive silica flooding, trace chalcopyrite and sphalerite and local visible gold. Mineralization is hosted in a sericite altered porphyritic felsic dike. The second interval contains local visible gold, 7% pyrite in pervasive silica flooding, and up to 5% pyrite stringers within a sericite altered porphyritic felsic dike.

 

OSK-EAG-13-480-W2 intersected 3.93 g/t Au over 2.7 metres and 88.0 g/t Au over 4.1 metres in Underdog. The first interval is composed of up to 7% disseminated pyrite and stringers with local pervasive silica flooding, trace disseminated chalcopyrite and sphalerite and pyrite-tourmaline stringers within a strong biotite and sericite altered fragmental felsic dike. The second interval contains local visible gold and electrum in quartz cluster veins, up to 20% disseminated and stringer pyrite, ptygmatic tourmaline veins and traces of chalcopyrite. The mineralization is hosted in a moderately to strongly sericitized porphyritic felsic dike.

 

OSK-EAG-13-508 intersected 11.6 g/t Au over 2.4 metres in Zone 27. Mineralization is composed of 3% pyrite stringers and 1% pyrite clusters in a moderately bleached and sericitized andesite.

 

OSK-W-17-960 intersected two intervals in Lynx: 7.06 g/t Au over 2.2 metres and 13.7 g/t Au over 2.1 metres. The two intervals contain local visible gold, disseminated chalcopyrite and pyrite in a decimetre scale smoky-quartz vein, 3% pyrite-tourmaline stringers, and 1% chalcopyrite and sphalerite clusters in a silicified and sericitized rhyolite.

 

OSK-W-17-993 intersected 5.95 g/t Au over 2.3 metres in Lynx. Mineralization is composed of local visible gold, 2% pyrite, trace arsenopyrite, chalcopyrite and sphalerite within a smoky quartz vein (3 cm wide) at the contact with a sheared andesite and a massive rhyolite, all moderately silicified and sericitized.

 

OSK-W-18-747-W2 intersected three intervals in Underdog: 8.58 g/t Au over 2.5 metres, 7.10 g/t Au over 2.5 metres and 4.86 g/t Au over 2.0 metres. The first interval is composed of 5% pyrite-tourmaline stringers with pervasive silica flooding including a 15% pyrite interval 40 cm wide hosted in a moderate sericite and silica altered rhyolite. The second interval is composed of 5% pyrite, trace chalcopyrite in pervasive silica flooding and quartz-tourmaline veins (locally ptygmatic) hosted in a moderate sericite and silica altered felsic porphyritic intrusion in contact with a gabbro. The third interval is composed of 3% pyrite stringers, 3% pyrite stockwork and pervasive silica flooding in a sericitized, silicified and bleached porphyritic felsic dike.

 

OSK-W-18-1025-W1 intersected three intervals in Underdog: 13.9 g/t Au over 2.0 metres, 14.0 g/t Au over 2.0 metres and 4.67 g/t Au over 2.1 metres. The first interval is composed of 5% pyrite in pervasive silica flooding and 1% disseminated pyrite in a sericitized porphyritic dike with weak fuchsite alteration. The second and third intervals contain local visible gold, 5% pyrite in pervasive silica flooding and ptygmatic tourmaline veins, and up to 1% chalcopyrite in a moderately sericitized and silicified porphyritic felsic intrusion.

 

OSK-W-18-1066-W2 intersected three intervals in Underdog; 6.76 g/t Au over 2.0 metres, 23.3 g/t Au over 2.0 metres and 7.55 g/t Au over 2.0 metres. The first interval contains up to 5% pyrite with pervasive silica flooding and local ptygmatic tourmaline veins hosted in a moderately sericitized and silicified felsic porphyritic intrusion. The last two intervals contain trace pyrite stringers and pyrite-tourmaline stringers in a weakly sericitized porphyritic felsic dike.

 

OSK-W-18-1066-W3 intersected 5.24 g/t Au over 4.2 metres and 85.1 g/t Au over 3.0 metres in Underdog. The first interval contains 3% disseminated pyrite and stringers, up 15% pyrite with pervasive silica alteration, local visible gold, and sphalerite and chalcopyrite within a silicified porphyritic felsic dike. The second interval contains local visible gold in fracture filling and stringers, up to 20% pyrite, trace sphalerite and chalcopyrite with pervasive silica flooding hosted in a moderately sericitized and bleached felsic porphyritic intrusion.

 

OSK-W-18-1139-W1 intersected 5.65 g/t Au over 2.3 metres corresponding with a quartz vein with trace pyrite at the contact between two porphyritic felsic dikes with moderate sericite alteration and weak silica and fuchsite alteration.

 

OSK-W-18-1139-W3 intersect two intervals in Underdog: 6.46 g/t Au over 2.6 metres and 5.26 g/t Au over 2.2 metres. The first interval contains 10% pyrite associated with pervasive silica flooding in a sericitized and silicified felsic porphyritic intrusive. The second interval contains 20% pyrite as clusters inside a pervasive silica flooded interval 20 cm wide hosted in a sericitized and silicified felsic porphyritic intrusive at the contact with a small felsic porphyritic fragmental dike.

 

OSK-W-18-1386-W4 intersected five intervals in Lynx: 12.1 g/t Au over 2.4 metres, 11.7 g/t Au over 4.0 metres, 10.7 g/t Au over 2.5 metres, 9.43 g/t Au over 2.0 metres and 8.22 g/t Au over 2.0 metres. The first interval contains up to 7% disseminated pyrite, 3% pyrite and trace chalcopyrite in quartz-tourmaline veins, 3% pyrite clusters and trace pyrite stringers in a sericitized and weak silica and fuchsite altered gabbro. The last four intervals contain local visible gold, up to 5% pyrite as clusters and stringers, 1% sphalerite, and trace chalcopyrite in pervasive silica flooding hosted in a silicified, sericitized and fuchsite altered gabbro or sericitized and silicified rhyolite.

 

OSK-W-18-1386-W5 intersected 54.4 g/t Au over 3.1 metres in Lynx. Mineralization is composed of local visible gold, 4% disseminated, clustered and stringer pyrite, and trace chalcopyrite with quartz-tourmaline veins and pervasive silica flooding hosted in a strongly bleached, silicified and fuchsite altered gabbro.

 

OSK-W-18-1424-W1 intersected 5.60 g/t Au over 2.0 metres in Lynx. Mineralization is composed of tourmaline-quartz veins with trace pyrite hosted in a sericitized gabbro.

 

OSK-W-18-1656 intersected 5.07 g/t Au over 6.0 metres, 8.08 g/t Au over 2.3 metres, 131 g/t Au over 2.1 metres and 7.29 g/t Au over 2.5 metres in Lynx. The first and second intervals contain 1% disseminated and stringer pyrite in a moderately sericitized and weakly silicified porphyritic felsic dike. The third interval contains up to 3% pyrite stringers with silica flooding hosted in a strong silica altered rhyolite. The last interval contains 5% pyrite stringers and trace chalcopyrite within a moderate sericite altered gabbro.

 

OSK-W-18-1680 intersected 9.92 g/t Au over 2.5 metres in Zone 27. Mineralization is composed of up to 5% disseminated pyrite, 1% pyrite stringers and quartz carbonate veins hosted in a moderately sericitized felsic porphyritic intrusion with small quartz eyes.

 

OSK-W-18-1738 intersected 8.22 g/t Au over 2.0 metres in Lynx. Mineralization is composed of traces of disseminated and clustered pyrite in a moderately chlorite, silica and carbonate altered gabbro.

 

OSK-W-18-1747 intersected two intervals in Caribou: 5.99 g/t Au over 2.4 metres and 3.09 g/t Au over 2.7 metres. The first interval contains up to 7% pyrite stringers in pervasive silica flooding in a moderately sericitized and silicified felsic porphyritic intrusion. The second interval contains 4% disseminated and stringer pyrite in a sericite and fuchsite altered gabbro.

 

OSK-W-18-1759 intersected 38.2 g/t Au over 2.0 metres in Lynx. Mineralization is composed of local visible gold and up to 20% pyrite in pervasive silica flooded zones in a moderately sericitized and patchy silicified felsic intrusion.

 

OSK-W-18-1779 intersected 4.05 g/t Au over 2.1 metres in Caribou. Mineralization is composed of up to 40% semi-massive pyrite, 10% disseminated pyrite, 7% pyrite stringers and 1% pyrite clusters in a bleached sericitized and silicified andesite.

 

OSK-W-18-1789 intersected 3.87 g/t Au over 2.0 metres in Caribou. Mineralization is composed of 1% pyrite stringers and trace chalcopyrite in pervasive silica flooding in a sericitized porphyritic felsic intrusion.

 

OSK-W-18-1803 intersected 3.74 g/t Au over 2.0 metres in Caribou and 9.37 g/t Au over 6.0 metres in Zone 27. The first interval contains 1% pyrite clusters and traces of chalcopyrite in a bleached and foliated andesite. The second interval contains local visible gold, up to 6% pyrite clusters and trace chalcopyrite hosted in moderate to strong sericitized fragmental andesite in contact with a felsic porphyritic intrusion.

 

OSK-W-18-1805 intersected three intervals in Caribou: 3.76 g/t Au over 4.2 metres, 3.48 g/t Au over 4.2 metres and 9.59 g/t Au over 2.0 metres. Mineralization is composed of semi-massive pyrite bands locally up to 70% pyrite, 5% disseminated pyrite and 4% pyrite stringers hosted in a slightly foliated, sericitized and silicified felsic porphyritic intrusion.

 

OSK-W-18-1806 intersected 3.74 g/t Au over 2.0 metres in Caribou. Mineralization is composed of 1% disseminated pyrite and trace pyrite stringers in a moderate sericite, chlorite and weak silica altered porphyritic felsic dike.

 

OSK-W-18-1808 intersected two intervals in Caribou: 23.8 g/t Au over 2.3 metres and 13.8 g/t Au over 2.0 metres. The first interval contains up to 5% pyrite within quartz-tourmaline veins and trace pyrite with tourmaline-ptygmatic veinlets at the contact between a sericitized and weakly foliated rhyolite and a felsic porphyritic intrusion. The second interval contains up to 5% pyrite-tourmaline stringers and 2% disseminated pyrite at the contact between a sericitized and patchy silicified porphyritic felsic dike and a rhyolite.

 

OSK-W-18-1810 intersected two intervals: 3.35 g/t Au over 2.0 metres in Caribou and 5.86 g/t Au over 2.0 metres in Zone 27. The first interval contains clustered quartz and tourmaline-quartz veins in a chlorite, hematite and carbonate altered andesite. The second interval contains up to 5% pyrite stringers with local stockwork texture hosted in weakly to moderately brecciated and bleached andesite in contact with a felsic porphyritic intrusion.

 

OSK-W-18-1813 intersected four intervals in Caribou: 52.9 g/t Au over 2.1 metres, 15.8 g/t Au over 2.1 metres; 5.54 g/t Au over 2.1 metres and 4.38 g/t Au over 2.2 metres. The first interval contains trace pyrite-tourmaline stringers and 1% pyrite in quartz-tourmaline veins in a chloritized, weakly sericitized and silicified gabbro. The second interval contains 8% disseminated pyrite, in cluster or fracture filling, and trace pyrite and chalcopyrite with quartz-tourmaline veins in a bleached and sericitized andesite. The third interval contains 3% pyrite stringers in a weakly bleached andesite. The fourth interval contains up to 15% pyrite stringers and 5% disseminated pyrite with pervasive silica flooding hosted in a moderately bleached andesite in contact with a moderately sericitized porphyritic felsic dike.

 

OSK-W-18-1814 intersected four intervals in Caribou: 4.04 g/t Au over 2.0 metres, 13.2 g/t Au over 2.0 metres, 3.56 g/t Au over 2.0 metres and 8.19 g/t Au over 2.0 metres. The first interval contains 3% pyrite stringers, 1% disseminated pyrite and 5% quartz clusters in a chloritized andesite. The second interval contains trace disseminated pyrite, 2% pyrite stringers, trace quartz clusters in a sericitized and weak silica altered rhyolite. The third interval contains quartz-carbonate veins with trace pyrite at the contact between a rhyolite and a gabbro. The fourth interval contains traces of disseminated pyrite and pyrite-tourmaline stringers in pervasive silica flooding, within a sericite altered porphyritic felsic dike.

 

OSK-W-18-1817 intersected three intervals: 3.45 g/t Au over 2.0 metres and 7.60 g/t Au over 2.0 metres in Caribou and 5.93 g/t Au over 2.3 metres in Zone 27. The first interval contains trace pyrite-tourmaline stringers in a moderately sericitized, silicified and bleached porphyritic felsic dike. The second interval contains 8% pyrite as fragments inside a brecciated zone hosted in a strongly sericitized and moderately silicified felsic porphyritic intrusion. The third interval contains 5% pyrite stringers in a moderately bleached and sericitized, weak silica altered porphyritic felsic dike.

 

OSK-W-19-909-W6 intersected 6.00 g/t Au over 2.0 metres and 14.5 g/t Au over 2.6 metres in Lynx. The first interval contains 5% disseminated pyrite, 1% pyrite stringers with local centimetre-scale pyrite clusters in a moderately bleached and sericitized gabbro. The second interval contains local visible gold in quartz-carbonate shear-extension veins, up to 10% pyrite stringers, 3% ptygmatic tourmaline veins and trace chalcopyrite hosted in a moderate sericite altered gabbro.

 

OSK-W-19-909-W8 intersected 128 g/t Au over 2.0 metres and 8.39 g/t Au over 2.0 metres in Lynx. The first interval contains local visible gold hosted in pervasive silica flooding within a moderately sericitized rhyolite. The second interval contains 5% pyrite stringers and clusters in a moderately sericitized rhyolite.

 

OSK-W-19-909-W9 intersected 4.86 g/t Au over 2.0 metres in Lynx. Mineralization is composed of 2% pyrite stringers, traces ptygmatic tourmaline veins in a weakly sericitized porphyritic felsic dike.

 

OSK-W-19-1343-W3 intersected 13.2 g/t Au over 4.9 metres in Lynx. Mineralization is composed of 3% pyrite stringers, 5% disseminated pyrite with smoky quartz veins and quartz-tourmaline veinlets in a strongly silica altered rhyolite.

 

OSK-W-19-1426-W1 intersected 4.23 g/t Au over 2.1 metres, 6.48 g/t Au over 2.4 metres and 45.0 g/t Au over 3.0 metres in Lynx. The first interval contains 5% pyrite clusters and fragments, 1% pyrite stringers in a strongly silicified and moderately sericitized fragmental felsic dike. The second interval contains traces of disseminated pyrite within a strong carbonate, moderate sericite and chlorite altered andesite. The third interval contains 5% pyrite and trace chalcopyrite with pervasive silica flooding, and trace pyrite stringers at a silicified contact between a gabbro and a porphyritic felsic unit.

 

OSK-W-19-1819-W1 intersected 5.63 g/t Au over 2.0 metres and 34.9 g/t Au over 2.4 metres in Lynx. The first interval contains 3% pyrite stringers and 2% pyrite clusters within a strong silica and sericite altered andesite. The second interval contains 2% pyrite stringers and trace tourmaline-pyrite veins hosted in a moderate sericite altered rhyolite.

 

OSK-W-19-1820 intersected 4.26 g/t Au over 2.0 metres in Caribou. Mineralization is composed of 1% pyrite clusters with quartz veins within a weakly sericitized and silicified porphyritic felsic dike.

 

OSK-W-19-1822 intersected 4.39 g/t Au over 2.0 metres in Caribou. Mineralization is composed of 1% pyrite in clustered quartz veins within a chloritized and weakly sericitized and silicified bleached andesite.

 

OSK-W-19-1823 intersected 3.77 g/t Au over 2.0 metres and 9.56 g/t Au over 12.6 metres in Caribou. The first interval contains 3% pyrite-tourmaline stringers hosted in a silicified and weakly sericitized rhyolite. The second interval contains up to 25% pyrite stringers, clusters or disseminated, within strong pervasive silica flooding hosted in a silicified and moderately sericitized rhyolite.

 

OSK-W-19-1824 intersected 3.29 g/t Au over 7.0 metres in Caribou. Mineralization is composed of 2% pyrite-tourmaline stringers within a sericitized and silicified porphyritic felsic dike.

 

OSK-W-19-1828 intersected 5.09 g/t Au over 2.5 metres in Caribou. Mineralization is composed of up to 7% pyrite with crustiform quartz veins, 3% pyrite stringers, 1% pyrite associated with quartz-tourmaline veins, 2% disseminated pyrite and 1% pyrite clusters within a silicified and sericitized rhyolite.

 

OSK-W-19-1830 intersected 8.84 g/t Au over 2.6 metres in Caribou. Mineralization is composed of up to 5% disseminated and stringer pyrite, 10% pyrite clusters, and 1% pyrite associated with ptygmatic tourmaline veins and trace sphalerite and chalcopyrite in quartz-carbonate veins hosted in a sericitized porphyritic felsic dike.

 

OSK-W-19-1832 intersected 3.63 g/t Au over 2.2 metres and 4.06 g/t Au over 2.0 metres in Lynx. The first interval contains local visible gold, 1% sphalerite and 5% pyrite associated with a 20 cm-wide quartz-carbonates-tourmaline vein hosted in weakly sericitized rhyolite. The second interval contains 4% pyrite-tourmaline with silica patches and traces pyrite-tourmaline stringers in weakly sericitized rhyolite.

 

OSK-W-19-1834 intersected 12.4 g/t Au over 2.8 metres in Caribou. Mineralization is composed of up to 10% disseminated pyrite, 5% pyrite clusters, 2% pyrite stringers, 2% pyrite associated with quartz-carbonate veins, 2% interstitial sphalerite and trace disseminated chalcopyrite hosted in a sericitized and silicified fragmental felsic dike.

 

OSK-W-19-1847 intersected 7.18 g/t Au over 2.3 metres in Lynx. Mineralization is composed of up to 5% disseminated, stringer, and clustered pyrite with weak to moderate pervasive silica flooding and traces of disseminated pyrite with local quartz-tourmaline veins hosted in a strongly sericitized and moderately chloritized rhyolite.

 

WST-18-0027 intersected 11.1 g/t Au over 2.0 metres in Zone 27. Mineralization includes 1% disseminated pyrite within a moderate silica altered porphyritic felsic dike. WST-18-0027 was drilled from underground drill station AN-140-270-S located 140 metres below surface on section 2575E.

 

WST-18-0039 intersected two intervals: 3.82 g/t Au over 2.0 metres in Zone 27 and 8.98 g/t Au over 6.4 metres in Caribou. The first interval contains 5% disseminated pyrite with pervasive silica flooding within a moderate silica and sericite altered rhyolite. The second interval contains 5% disseminated pyrite with pervasive silica flooding and quartz-tourmaline veins within a moderate silica and sericite altered rhyolite. WST-18-0039 was drilled from underground drill station AN-160-020-S located 160 metres below surface on section 2250E.

 

WST-18-0048 intersected 4.67 g/t Au over 2.0 metres in Zone 27. Mineralization includes 2% pyrite stringers within a moderate sericite altered andesite. WST-18-0048 was drilled from underground drill station AN-160-020-S located 160 metres below surface on section 2250E.

 

WST-19-0054A intersected 9.37 g/t Au over 2.7 metres in Zone 27. Mineralization includes local visible gold, 15% semi-massive pyrite and 1% pyrite-tourmaline stringers hosted in a moderate sericite altered porphyritic felsic intrusion. WST-19-0054A was drilled from underground drill station BM-150-960-S located 150 metres below surface on section 2175E.

 

WST-19-0055 intersected 4.87 g/t Au over 2.0 metres. Mineralization includes up to 1% semi-massive pyrite, 5% pyrite stringers and 7% pyrite clusters hosted in a moderately sericite and weakly fuchsite altered gabbro and in a moderately sericitized dacite. WST-19-0055 was drilled from underground drill station BM-150-960-S located 150 metres below surface on section 2175E.

 

WST-19-0056 intersected 3.57 g/t Au over 4.8 metres in Zone 27. Mineralization includes up to 3% pyrite clusters with quartz-carbonate veinlets and up to 5% pyrite stringers in a moderately sericitized and locally hematized rhyolite in contact with a felsic porphyritic intrusion. WST-19-0056 was drilled from underground drill station BM-150-960-S located 150 metres below surface on section 2175E.

 

WST-19-0057 intersected 4.99 g/t Au over 4.7 metres and 4.47 g/t Au over 2.2 metres in Zone 27. The first interval contains up to 5% pyrite stringers with patchy silica, 2% disseminated pyrite, up to 15% pyrite as clusters and stringers hosted in a silica altered rhyolite in contact with a felsic porphyritic intrusion. The second interval contains 1% pyrite stringers with quartz veins at the contact between a porphyritic felsic dike unit and a gabbro. WST-19-0057 was drilled from underground drill station BM-150-960-S located 150 metres below surface on section 2175E.

 

WST-19-0058 intersected 3.08 g/t Au over 4.7 metres in Zone 27. Mineralization includes 2% pyrite-tourmaline stringers, trace pyrite clusters, and 1% chalcopyrite clusters hosted in a strong sericite and weak silica altered dacite. WST-19-0058 was drilled from underground drill station BM-150-960-S located 150 metres below surface on section 2175E.

 

WST-19-0059 intersected four intervals in Zone 27: 5.16 g/t Au over 2.7 metres, 4.04 g/t Au over 3.9 metres, 14.8 g/t Au over 2.2 metres, and 4.08 g/t Au over 2.3 metres. The first interval contains 3% tourmaline ptygmatic veins, 4% pyrite in a semi-massive band, 3% quartz-tourmaline veins in a moderately sericitized, silicified and local fuchsite altered porphyritic felsic dike. The second interval contains up to 10% pyrite with a ptygmatic tourmaline vein, 5% pyrite semi-massive with silica patches, 1% pyrite stringers and 1% disseminated pyrite within a sericite, silica and fuchsite altered porphyritic felsic dike. The third interval contains 2% pyrite stringers, and trace disseminated pyrite within a sericitized porphyritic felsic dike. The fourth interval contains 4% disseminated pyrite, 2% arsenopyrite clusters and trace chalcopyrite in a breccia zone hosted in a porphyritic fragmental felsic intrusion. WST-19-0059 was drilled from underground drill station BM-150-960-S located 150 metres below surface on section 2175E.

 

WST-19-0060 intersected 4.72 g/t Au over 3.1 metres, and 59.9 g/t Au over 2.6 metres in Zone 27. The first interval contains up to 40% pyrite stringers and trace pyrite clusters within a moderate sericite and weak silica altered rhyolite. The second interval contains traces pyrite and pyrite-tourmaline stringers within a moderate sericite and fuchsite altered dacite. WST-19-0060 was drilled from underground drill station BM-150-960-S located 150 metres below surface on section 2175E.

 

WST-19-0063 intersected 15.0 g/t Au over 2.0 metres in Zone 27. Mineralization includes 2% semi-massive pyrite, up to 7% pyrite with ptygmatic tourmaline veins, 1% pyrite stringers and trace disseminated pyrite hosted in a weakly sericitized and patchy fuchsite altered felsic porphyritic intrusion. WST-19-0063 was drilled from underground drill station BM-150-960-S located 150 metres below surface on section 2175E.

 

WST-19-0065A intersected 12.0 g/t Au over 3.5 metres. Mineralization includes up to 3% pyrite stringers, 5% pyrite with quartz tourmaline veins and 3% disseminated pyrite hosted in a weakly to moderately sericitized dacite. WST-19-0065A was drilled from underground drill station BM-150-960-S located 150 metres below surface on section 2175E.

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Louis Grenier, M.Sc.A., P.Geo. (OGQ 800), Project Manager of Osisko’s Windfall Lake gold project, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

 

Quality Control and Reporting Protocols

True width determination is estimated at 65-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.0 g/t Au diluted over core lengths of at least 2.0 metres. All NQ core assays reported were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Thunder Bay, Ontario, Sudbury, Ontario or Vancouver, British Colombia, or (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using an Aqua Regia-ICP-AES method at ALS Laboratories. Drill program design, Quality Assurance/Quality Control (“QA/QC”) and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assay.

 

About the Windfall Lake Gold Deposit

The Windfall Lake gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The mineral resource defined by Osisko, as disclosed in the Windfall Lake Technical Report (as defined below) and November 27, 2018 Lynx resource update, comprises 2,874,000 tonnes at 8.17 g/t Au (754,000 ounces) in the indicated mineral resource category and 10,352,000 tonnes at 7.11 g/t Au (2,366,000 ounces) in the inferred mineral resource category. For details regarding the key assumptions, parameters and methods used to estimate the mineral resources presented in respect of the Windfall Lake gold project, please see the technical report entitled “Technical Report and Mineral Resource Estimate for the Windfall Lake Project, Windfall Lake and Urban-Barry Properties” and dated June 12, 2018 (effective date of May 14, 2018), which has been prepared by InnovExplo Inc. from Val-d’Or, Québec (the “Windfall Lake Technical Report”) and the press release “Osisko Releases Mineral Resource Update for Lynx” dated November 27, 2018, which has been prepared by Osisko and reviewed and approved by Micon International, Ltd. from Toronto, Ontario. The Windfall Lake Technical Report and press release are available on Osisko’s website at www.osiskomining.com and on SEDAR under Osisko’s issuer profile at www.sedar.com. The Windfall Lake gold deposit is currently one of the highest grade resource-stage gold projects in Canada. Mineralization occurs in four principal zones: Lynx, Zone 27, Caribou and Underdog. All zones comprise sub-vertical lenses following intrusive porphyry contacts plunging to the northeast. The deposit is well defined from surface to a depth of 900 metres and remains open along strike and at depth. Mineralization has been identified 30 metres from surface in some areas and as deep as 2,000 metres in others, with significant potential to extend mineralization down-plunge and at depth.

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall Lake gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding the Urban Barry area and nearby Quevillon area (over 3,300 square kilometres).

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the Windfall Lake gold deposit being one of the highest grade resource-stage gold projects in Canada; the significance of results from the new infill drilling and ongoing drill definition and expansion program at the Windfall Lake gold project; the significance of assay results presented in this news release; the deposit remaining open along strike and at depth; potential depth extensions of the mineralized zones down-plunge and at depth; the actual mineralization of local visible gold; the current 800,000 metre drill program; the type of drilling included in the drill program; potential mineralization; the potential to extend mineralization up and down-plunge and at depth at the Windfall Lake gold deposit; the ability to realize upon any mineralization in a manner that is economic; the ability to complete any proposed exploration activities and the results of such activities, including the continuity or extension of any mineralization; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Corporation at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property interests in the Windfall Lake gold project; the ability of the Corporation to obtain required approvals and complete transactions on terms announced; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions. Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information, Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

 

For further information please contact:

John Burzynski
President and Chief Executive Officer
Telephone: (416) 363-8653