OSISKO ANNOUNCES MOU WITH THE CREE FIRST NATION OF WASWANIPI TO TRANSPORT HYDROELECTRIC POWER TO WINDFALL

(Toronto, February 28, 2022) Osisko Mining Inc. (OSK:TSX, “Osisko” or the “Corporation”) is pleased to announce that it has entered into a memorandum of understanding (“MOU”) with the Cree First Nation of Waswanipi (the “CFNW”) whereby the CFNW will transport hydroelectric power to the Windfall project.

 

The CFNW will finance, build, own and operate a 120kV transmission line that will transport hydroelectricity to the Windfall project and surrounding area. As an end user, Osisko will pay transportation fees to the CFNW. The MOU outlines the principal terms of the agreement between Osisko and the CFNW which will ensure delivery of hydroelectricity to Osisko’s Windfall project for a nominal period of 18 years, with further extensions over the life of the Windfall mill.

 

The MOU solidifies the partnership approach between Osisko and the CFNW to natural resource development. Additionally, using hydroelectric power through the final stages of exploration and throughout the construction and operations phases will reduce greenhouse gas emissions by reducing the Windfall project’s dependency on fossil fuels.

 

CEO and Chairman of Osisko John Burzynski stated: “Osisko is proud to enter into this MOU with the Cree First Nation of Waswanipi, historically a new approach with respect to conducting business on Eeyou Istchee/James-Bay territory. The hydroelectric power transportation MOU is aligned with Osisko’s vision for sustainable development of natural resources, and with the CFNW’s vision of sustainable infrastructure within their traditional territory.

 

Chief Marcel Happyjack of the Cree First Nation of Waswanipi stated: “Osisko has consulted and worked with us as rightsholders since their acquisition of Windfall in August 2015. Their sustainable development approach is highlighted by the success of Miyuukaa Corp., our socio-economic development entity. This ownership opportunity is the culmination of years of mutual respect and collaboration. We are writing a new chapter in sustainable infrastructure development within the Eeyou Istchee/James Bay territory.”

 

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 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 2,500 square kilometres).

 

Cautionary Statements

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to the ability of Osisko to complete the negotiation and enter into final and additional documentation in relation to the provision or electricity on terms acceptable to it; the ability of CFNW to finance, build, own and operate the power line; objectives, goals or future plans; statements regarding development and the provision of supplies to support development. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, successful negotiation of documents; capital and operating costs varying significantly from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in Osisko’s public disclosure record on SEDAR (www.sedar.com) under Osisko’s issuer profile. Although Osisko believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Osisko disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

 

CONTACTS INFORMATION:

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

John Kitchen

Miyuukaa Corp.

Director and Chief Executive Officer

Telephone (819) 856-7273

OSISKO WINDFALL DRILLING CONTINUES TO INTERCEPT HIGH GRADE

449 g/t Au over 2.3 metres in Lynx

(Toronto, February 24, 2022) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Significant new analytical results presented below include 128 intercepts in 54 drill holes (6 from surface, 48 from underground) and 20 wedges. The infill intercepts are located inside defined January 2022 mineral resource estimate (“MRE”) blocks (see Osisko news release dated January 10, 2022). The expansion intercepts are located outside the January 2022 MRE blocks and either expand resource wireframes or are in a defined zone or corridor but do not yet correlate to a specific wireframe.

Osisko Chief Executive Officer John Burzynski commented: “Today’s drill results reinforce Windfall’s strong upside. We continue to be successful with our expansion drilling as illustrated by four new intercepts which expand Triple Lynx wireframe 3172 100 meters to the east as well as our headline hole from the Lynx hanging wall area. Infill drilling is continuing to intercept grade and width where anticipated, with the purpose of converting inferred blocks to the measured and indicated categories in support of the feasibility study to be completed later this year.”

Selected high-grade intercepts include: 449 g/t Au over 2.3 metres in WST-21-0935; 56.5 g/t Au over 6.9 metres in OSK-W-21-1949-W13; 52.7 g/t Au over 6.5 metres in OSK-W-21-1963-W10; 124 g/t Au over 2.6 metres in OSK-W-21-2601 and 21.8 g/t Au over 8.9 metres in OSK-W-21-2540-W7. Maps showing hole locations and full analytical results are available at www.osiskomining.com. Maps: Long Section_Infill EN-20220224, Long Section_Expan EN-20220224, PR_EN_20220224_Surface, PR_EN_20220224_UG.

Infill Drilling

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-21-1871-W1 498.4 500.4 2.0 13.1   CA2_2225 Caribou
including 499.0 499.4 0.4 65.3
OSK-W-21-1949-W10 1073.0 1075.6 2.6 42.0 35.2 LX4_3430 Lynx 4
including 1073.8 1074.7 0.9 120 100
OSK-W-21-1949-W13 1081.5 1088.4 6.9 56.5 37.7 LX4_3404 Lynx 4
including 1081.5 1082.2 0.7 284 100
OSK-W-21-1949-W15 1095.5 1100.6 5.1 25.3 14.0 LX4_3404 Lynx 4
including 1096.5 1097.0 0.5 216 100
OSK-W-21-1949-W16 650.0 656.0 6.0 4.20   LXM_3353 Lynx
including 653.7 654.0 0.3 16.2
  737.6 742.3 4.7 24.1   LXM_3345 Lynx
including 738.1 739.0 0.9 71.3
OSK-W-21-1963-W10 1317.7 1324.2 6.5 52.7 40.1 LX4_3449 Lynx 4
including 1320.1 1321.1 1.0 182 100
OSK-W-21-2512-W3 667.4 669.4 2.0 8.09   UDD_4128 Underdog
including 668.3 668.6 0.3 17.5
  748.0 750.0 2.0 4.74   UDD_4104 Underdog
including 748.0 748.4 0.4 22.0
  774.0 776.1 2.1 9.36   UDD_4106 Underdog
including 775.7 776.1 0.4 47.0
OSK-W-21-2531-W3 815.0 817.0 2.0 25.4   UDD_4135 Underdog
  820.3 826.0 5.7 9.27   UDD_4121 Underdog
including 820.3 820.8 0.5 51.4
OSK-W-21-2544-W1 769.6 776.3 6.7 14.7   TLX_3171 Triple Lynx
including 771.7 772.0 0.3 55.0
and 772.0 772.5 0.5 69.4
OSK-W-21-2544-W3 767.3 770.4 3.1 16.7   TLX_3171 Triple Lynx
including 768.0 768.7 0.7 52.2
OSK-W-21-2578 585.8 588.0 2.2 7.90   UDD_4128 Underdog
including 587.0 587.3 0.3 33.5
OSK-W-21-2640-W1 649.2 652.0 2.8 4.85   CA2_2262 Caribou
OSK-W-21-2646 1046.4 1054.3 7.9 5.66   TLX_3158 Triple Lynx
including 1047.1 1048.0 0.9 13.8
WST-21-0708 617.2 619.5 2.3 8.56   LX4_3448 Lynx 4
including 619.2 619.5 0.3 63.6
WST-21-0878 184.4 186.5 2.1 15.7   TLX_3161 Triple Lynx
including 186.2 186.5 0.3 62.6
  190.0 192.1 2.1 20.8   TLX_3161 Triple Lynx
including 191.6 192.1 0.5 87.3
WST-21-0879 367.0 369.1 2.1 7.16   TLX_3167 Triple Lynx
WST-21-0881A 297.6 301.7 4.1 12.3 11.5 LSW_3556 Lynx SW
including 299.0 299.3 0.3 111 100
WST-21-0883 283.7 286.0 2.3 6.96   LSW_3500 Lynx SW
including 284.8 285.2 0.4 37.8
WST-21-0894B 305.2 307.4 2.2 42.0 24.7 LSW_3501 Lynx SW
including 306.1 306.5 0.4 195 100
WST-21-0896 521.7 523.9 2.2 6.87   LX4_3450 Lynx 4
including 522.7 523.0 0.3 49.2
WST-21-0897A 345.6 351.1 5.5 6.72   TLX_3131 Triple Lynx
including 350.3 351.1 0.8 22.5
  522.0 524.4 2.4 4.06   LX4_3403 Lynx 4
including 522.0 522.4 0.4 20.7
  545.0 547.0 2.0 16.9   LX4_3104 Lynx 4
  660.0 662.0 2.0 49.1 26.6 LX4_3448 Lynx 4
including 660.8 661.1 0.3 250 100
WST-21-0905C 323.0 325.0 2.0 27.9   TLX_3166 Triple Lynx
  464.7 466.8 2.1 7.18   LX4_3450 Lynx 4
including 464.7 465.1 0.4 21.9
WST-21-0908C 529.5 531.7 2.2 30.3 19.0 LX4_3404 Lynx 4
including 530.0 530.4 0.4 163 100
  554.3 557.6 3.3 21.5 18.5 LX4_3430 Lynx 4
including 554.3 554.8 0.5 120 100
WST-21-0911 546.7 549.0 2.3 10.3   LX4_3430 Lynx 4
including 547.6 547.9 0.3 71.1
WST-21-0912 497.0 499.0 2.0 6.09   LX4_3450 Lynx 4
including 497.4 498.0 0.6 19.8
WST-21-0914 313.9 315.9 2.0 4.68   LSW_3556 Lynx SW
WST-21-0919 366.3 368.6 2.3 8.97   TLX_3167 Triple Lynx
including 368.0 368.6 0.6 33.6
  425.6 427.8 2.2 8.84   TLX_3165 Triple Lynx
including 426.0 426.8 0.8 23.7
WST-21-0924A 44.9 47.0 2.1 16.7   LXM_3303 Lynx
including 45.4 45.9 0.5 67.1
  64.0 66.1 2.1 42.8 24.6 LXM_3336 Lynx
including 64.0 64.5 0.5 177 100
WST-21-0927 512.0 514.0 2.0 10.6   LX4_3450 Lynx 4
including 512.6 513.1 0.5 35.0
  720.7 725.0 4.3 20.7   LX4_3412 Lynx 4
including 723.0 724.0 1.0 50.9
WST-21-0928 264.4 266.8 2.4 9.03   TLX_3161 Triple Lynx
WST-21-0931 313.3 315.3 2.0 27.4   TLX_3131 Triple Lynx
  527.0 529.0 2.0 13.3   LX4_3450 Lynx 4
including 527.7 528.0 0.3 67.6
WST-21-0932 204.8 207.8 3.0 49.9 36.8 LHW_3207 Lynx HW
including 207.1 207.8 0.7 156 100
WST-21-0933A 712.4 716.4 4.0 10.0   LX4_3412 Lynx 4
WST-21-0935 160.7 164.6 3.9 11.4   LXM_3388 Lynx
including 160.7 161.5 0.8 47.6
WST-21-0936A 338.3 340.5 2.2 4.80   TLX_3133 Triple Lynx
including 339.6 340.5 0.9 11.3
  436.5 439.5 3.0 3.96   TLX_3165 Triple Lynx
WST-21-0937 96.0 98.2 2.2 5.40   LXM_3371 Lynx
including 97.1 97.5 0.4 29.0
WST-21-0943 302.8 305.0 2.2 7.80   TLX_3153 Triple Lynx
including 303.7 304.2 0.5 18.2
WST-21-0946 326.0 330.1 4.1 20.4   TLX_3131 Triple Lynx
including 329.6 330.1 0.5 75.2
WST-21-0948 454.9 457.0 2.1 5.64   LX4_3416 Lynx 4
WST-21-0957B 260.2 263.0 2.8 6.71   LHW_3203 Lynx HW
including 261.0 261.3 0.3 19.6
and 261.7 262.0 0.3 14.4
  276.0 281.0 5.0 4.51   LHW_3215 Lynx HW
including 280.0 281.0 1.0 11.1
WST-21-0958A 518.6 520.6 2.0 20.1   LX4_3450 Lynx 4
including 518.6 519.3 0.7 57.3
WST-21-0960 535.0 537.0 2.0 3.85   LX4_3404 Lynx 4
including 536.2 537.0 0.8 8.84
  563.7 565.8 2.1 11.6   LX4_3430 Lynx 4
including 564.6 565.2 0.6 40.1
  570.4 572.4 2.0 11.7   LX4_3430 Lynx 4
including 571.0 571.6 0.6 37.3
WST-21-0962 80.8 83.0 2.2 6.54   LXM_3307 Lynx
including 81.5 81.8 0.3 47.4
  466.0 468.0 2.0 10.7   LX4_3450 Lynx 4
including 466.6 466.9 0.3 59.3
WST-21-0963 168.5 170.6 2.1 83.7 47.4 LXM_3388 Lynx
including 169.4 170.0 0.6 227 100
  468.1 470.1 2.0 10.7   LX4_3430 Lynx 4
including 469.0 469.5 0.5 25.5
WST-21-0964 336.0 338.0 2.0 9.93   TLX_3131 Triple Lynx
WST-21-0965A 315.0 317.0 2.0 6.74   TLX_3131 Triple Lynx
WST-21-0968 194.2 196.2 2.0 4.64   TLX_3161 Triple Lynx
  217.0 219.0 2.0 4.21   TLX_3169 Triple Lynx
WST-21-0970 173.3 175.3 2.0 19.0   LXM_3388 Lynx
including 173.3 173.7 0.4 94.2
  261.4 263.4 2.0 11.8   LHW_3224 Lynx HW
including 261.4 261.9 0.5 39.2
WST-21-0971 58.5 61.0 2.5 5.56   LXM_3339 Lynx
  338.2 341.3 3.1 4.19   TLX_3166 Triple Lynx
WST-21-0979 201.0 203.0 2.0 15.6 15.3 TLX_3184 Triple Lynx
including 202.7 203.0 0.3 103 100
  231.4 235.6 4.2 5.40   TLX_3161 Triple Lynx
including 231.4 231.7 0.3 48.5
WST-21-0980 180.5 182.6 2.1 10.1   TLX_3161 Triple Lynx
including 180.5 180.9 0.4 52.6
  329.0 331.0 2.0 4.37   TLX_3131 Triple Lynx
including 329.8 330.2 0.4 15.9
WST-21-0981 167.0 169.0 2.0 4.51   TLX_3161 Triple Lynx
WST-21-0983 205.0 207.2 2.2 4.21   TLX_3154 Triple Lynx
including 206.8 207.2 0.4 19.3
  249.0 251.0 2.0 3.63   TLX_3161 Triple Lynx
WST-21-0987 46.3 48.8 2.5 6.65   TLX_3161 Triple Lynx
WST-21-0993 153.2 155.7 2.5 3.63   TLX_3184 Triple Lynx
including 155.4 155.7 0.3 8.11
  177.5 180.7 3.2 4.62   TLX_3161 Triple Lynx
including 177.5 177.9 0.4 15.1
and 180.0 180.7 0.7 11.5
  215.0 217.0 2.0 4.71   TLX_3175 Triple Lynx
including 216.5 217.0 0.5 11.3

Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below. CA2 = Caribou, LX4 = Lynx 4, LHW = Lynx Hanging Wall, LXM = Lynx Main, LSW = Lynx Southwest, TLX = Triple Lynx, and UDD = Underdog.

 

Expansion Drilling

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-21-1871-W1 864.0 866.0 2.0 16.2   UDD Underdog
including 864.4 865.0 0.6 53.4
OSK-W-21-1871-W3 849.0 851.5 2.5 5.51   UDD Underdog
including 851.0 851.5 0.5 20.5
OSK-W-21-2512-W2 539.9 543.0 3.1 3.66   CAE Caribou
OSK-W-21-2540-W7 963.7 972.6 8.9 21.8 19.4 TLX_3158 Triple Lynx
including 966.1 966.6 0.5 142 100
  1111.0 1113.0 2.0 8.46   TLX Triple Lynx
  1125.0 1127.4 2.4 3.55   TLX Triple Lynx
OSK-W-21-2540-W9 923.0 925.2 2.2 10.9   TLX Triple Lynx
including 923.8 924.3 0.5 45.4
  965.5 967.8 2.3 24.8 21.8 TLX_3158 Triple Lynx
including 967.5 967.8 0.3 123 100
OSK-W-21-2540-W10 990.3 992.7 2.4 17.6   TLX_3158 Triple Lynx
  1132.0 1134.0 2.0 5.57   TLX_3172 Triple Lynx
  1144.0 1146.0 2.0 7.90   TLX_3172 Triple Lynx
OSK-W-21-2540-W11 992.7 995.0 2.3 23.9   TLX_3158 Triple Lynx
including 993.1 994.1 1.0 53.3
OSK-W-21-2587-W2 527.5 529.6 2.1 3.59   LXM Lynx
including 527.5 527.9 0.4 13.6
OSK-W-21-2601 992.7 995.3 2.6 124 38.5 TLX_3158 Triple Lynx
including 994.2 994.9 0.7 418 100
OSK-W-21-2601-W2 883.9 886.0 2.1 10.5   TLX Triple Lynx
including 883.9 884.5 0.6 36.6
  978.3 981.1 2.8 32.6   TLX_3158 Triple Lynx
OSK-W-21-2601-W3 944.0 946.0 2.0 13.0   TLX_3158 Triple Lynx
OSK-W-21-2635 297.0 299.0 2.0 13.9   CAE Caribou
including 297.0 298.0 1.0 27.7
OSK-W-21-2636 712.0 714.3 2.3 3.52   UDD Underdog
including 714.0 714.3 0.3 12.4
OSK-W-21-2637 569.0 571.0 2.0 31.3   CAE Caribou
including 570.2 571.0 0.8 77.8
WST-21-0708 239.0 241.3 2.3 11.0   TLX Triple Lynx
including 240.0 240.7 0.7 35.8
WST-21-0754 150.6 153.8 3.2 6.83   LXM Lynx
including 152.5 152.9 0.4 21.4
WST-21-0913 150.9 153.0 2.1 15.9   LXM Lynx
including 150.9 151.7 0.8 41.6
WST-21-0914 384.5 387.0 2.5 6.59   LSW Lynx SW
including 385.2 385.8 0.6 26.8
WST-21-0927 398.0 400.0 2.0 4.78   TLX Triple Lynx
WST-21-0929B 193.6 196.0 2.4 30.3   TLX Triple Lynx
including 194.7 195.2 0.5 69.5
WST-21-0931 456.1 459.1 3.0 9.87   TLX Triple Lynx
WST-21-0935 265.7 268.0 2.3 449 17.5 LHW Lynx HW
including 266.6 267.0 0.4 2580 100
WST-21-0936A 398.0 400.1 2.1 3.99   TLX Triple Lynx
WST-21-0943 153.8 156.0 2.2 4.87   LXM Lynx
including 154.1 154.7 0.6 16.6
WST-21-0944 258.0 260.2 2.2 4.05   LHW Lynx HW
WST-21-0960 402.2 404.5 2.3 5.59   LX4 Lynx 4
including 402.2 402.6 0.4 21.5
WST-21-0962 187.0 189.0 2.0 14.5   LXM Lynx
including 188.0 188.4 0.4 52.1
  402.0 404.0 2.0 18.9   TLX Triple Lynx
  419.0 421.2 2.2 8.19   TLX Triple Lynx
including 419.9 420.4 0.5 35.1
  639.0 641.3 2.3 6.98   LX4 Lynx 4
WST-21-0964 312.3 314.7 2.4 7.87   TLX Triple Lynx
including 313.7 314.2 0.5 33.9
WST-21-0966 371.0 373.1 2.1 3.45   LHW_3233 Lynx HW
including 372.5 372.8 0.3 21.4
WST-21-0969 331.0 333.0 2.0 4.65   TLX Triple Lynx
including 331.0 332.0 1.0 9.21
  480.0 482.1 2.1 4.36   LX4 Lynx 4
  536.8 539.0 2.2 11.5   LX4 Lynx 4
including 536.8 537.8 1.0 25.0
WST-21-0971 467.0 469.0 2.0 7.40   LX4 Lynx 4
including 467.0 467.9 0.9 16.3
  479.0 482.0 3.0 4.82   LX4 Lynx 4
WST-21-0981 192.4 195.3 2.9 7.36   TLX Triple Lynx
including 192.4 193.0 0.6 24.2
WST-21-0993 160.0 162.1 2.1 12.7   TLX Triple Lynx
including 161.1 162.1 1.0 26.1

Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below. CAE = Caribou, LHW = Lynx Hanging Wall, LSW = Lynx Southwest, LXM = Lynx Main, LX4 = Lynx 4, TLX = Triple Lynx, and UDD = Underdog.

 

Drill hole location

Hole No. Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-21-1871-W1 331 -56 1119 452496 5434397 402 2475
OSK-W-21-1871-W3 331 -56 906 452496 5434397 402 2475
OSK-W-21-1949-W10 105 -57 1317 453440 5435479 401 3825
OSK-W-21-1949-W13 105 -57 1212 453440 5435479 401 3825
OSK-W-21-1949-W15 105 -57 1305 453440 5435479 401 3825
OSK-W-21-1949-W16 105 -57 1014 453440 5435479 401 3825
OSK-W-21-1963-W10 123 -58 1451 453761 5435816 401 4275
OSK-W-21-2512-W2 331 -54 834 452448 5434465 400 2475
OSK-W-21-2512-W3 331 -54 819 452448 5434465 400 2475
OSK-W-21-2531-W3 344 -62 1329 452566 5434415 403 2550
OSK-W-21-2540-W7 117 -60 1152 453465 5435640 410 3925
OSK-W-21-2540-W9 117 -60 1349 453465 5435640 410 3925
OSK-W-21-2540-W10 117 -60 1181 453465 5435640 410 3925
OSK-W-21-2540-W11 117 -60 1028 453465 5435640 410 3925
OSK-W-21-2544-W1 128 -50 1140 452960 5435539 419 3425
OSK-W-21-2544-W3 128 -50 810 452960 5435539 419 3425
OSK-W-21-2578 350 -53 942 452178 5434397 399 2200
OSK-W-21-2587-W2 127 -59 1167 453350 5435673 418 3850
OSK-W-21-2601 125 -61 1500 453425 5435657 413 3900
OSK-W-21-2601-W2 125 -61 1500 453425 5435657 413 3900
OSK-W-21-2601-W3 125 -61 1305 453425 5435657 413 3900
OSK-W-21-2635 327 -56 708 452684 5434475 402 2675
OSK-W-21-2636 337 -52 801 452499 5434619 403 2575
OSK-W-21-2637 140 -59 747 452768 5435312 406 3150
OSK-W-21-2640-W1 336 -58 737 452683 5434351 402 2625
OSK-W-21-2646 109 -58 1272 453326 5435648 413 3800
WST-21-0708 134 -40 670 453374 5435296 -26 3675
WST-21-0754 151 -44 220 453356 5435272 16 3650
WST-21-0878 128 -40 711 453375 5435297 -26 3675
WST-21-0879 139 -44 724 453258 5435209 96 3525
WST-21-0881A 147 -57 457 453105 5435065 231 3325
WST-21-0883 126 -59 393 453105 5435065 231 3325
WST-21-0894B 132 -52 417 452955 5435004 253 3175
WST-21-0896 140 -47 741 453258 5435209 96 3525
WST-21-0897A 127 -42 699 453375 5435297 -26 3675
WST-21-0905C 141 -52 511 453221 5435121 135 3450
WST-21-0908C 122 -44 664 453506 5435326 -90 3800
WST-21-0911 121 -44 635 453507 5435332 -48 3800
WST-21-0912 141 -41 640 453258 5435209 96 3525
WST-21-0913 138 -49 594 453322 5435236 54 3600
WST-21-0914 148 -59 502 453105 5435066 231 3325
WST-21-0919 141 -46 597 453257 5435209 96 3525
WST-21-0924A 151 -29 138 453314 5435164 124 3550
WST-21-0927 146 -48 751 453321 5435235 54 3600
WST-21-0928 154 -70 391 453507 5435327 -7 3800
WST-21-0929B 115 -46 771 453506 5435327 -90 3800
WST-21-0931 144 -50 603 453321 5435235 54 3600
WST-21-0932 136 -26 360 453461 5435326 32 3775
WST-21-0933A 131 -52 733 453222 5435121 135 3450
WST-21-0935 132 -10 283 453462 5435326 33 3775
WST-21-0936A 137 -48 570 453257 5435209 96 3525
WST-21-0937 147 -25 127 453314 5435164 124 3550
WST-21-0943 151 -55 388 453507 5435327 -7 3800
WST-21-0944 116 -8 325 453462 5435326 33 3775
WST-21-0946 168 -51 403 453507 5435327 -7 3800
WST-21-0948 136 -31 583 453374 5435296 -26 3675
WST-21-0957B 120 -9 306 453462 5435326 33 3775
WST-21-0958A 141 -49 579 453321 5435235 54 3600
WST-21-0960 116 -42 600 453506 5435327 -90 3800
WST-21-0962 132 -49 685 453222 5435122 135 3450
WST-21-0963 121 -36 543 453507 5435333 -47 3800
WST-21-0964 127 -38 684 453374 5435297 -26 3675
WST-21-0965A 141 -49 344 453507 5435327 -7 3800
WST-21-0966 145 -28 390 453461 5435326 32 3775
WST-21-0968 183 -48 243 453358 5435296 -148 3675
WST-21-0969 133 -52 639 453321 5435235 54 3600
WST-21-0970 117 -34 519 453507 5435333 -47 3800
WST-21-0971 139 -62 615 453222 5435121 135 3450
WST-21-0979 178 -55 255 453358 5435296 -149 3675
WST-21-0980 131 -38 681 453374 5435297 -26 3675
WST-21-0981 174 -51 258 453358 5435296 -149 3675
WST-21-0983 176 -59 279 453358 5435297 -149 3675
WST-21-0987 154 -4 73 453440 5435223 -157 3700
WST-21-0993 191 -28 231 453357 5435296 -148 3675

 

Caribou Zone

Mineralization most commonly occurs in gold-bearing pyrite stockworks as well as semi-massive pyrite replacement zones associated with phyllic alteration (sericite-pyrite ± silica) with sulphides, pyrite dominated with minor chalcopyrite and sphalerite ranging from trace to up to 20%, and local visible gold. Mineralization is hosted in rhyolites or mafic-intermediate volcanics frequently at or near faults or the contact with felsic porphyritic intrusions.

 

Lynx Zone

Mineralization occurs as grey to translucent quartz-carbonate-pyrite-tourmaline veins and pyrite replacement zones and stockworks. Vein-type mineralization is associated with haloes of pervasive sericite-pyrite ± silica alteration and contain sulphides (predominantly pyrite with minor amounts of chalcopyrite, sphalerite, galena, arsenopyrite, and pyrrhotite) and local visible gold. Replacement mineralization is associated with strong pervasive silica-sericite-ankerite ± tourmaline alteration and contains disseminated pyrite from trace to 80% with local visible gold. Pyrite stockworks can form envelopes that reach several tens of metres thick. Fuchsite alteration is common and is spatially constrained to near the gabbros. Mineralization occurs at or near geological contacts between felsic porphyritic or fragmental intrusions and the host rhyolites or gabbros and locally can be hosted along the gabbro-rhyolite contact.

 

Underdog

Mineralization most commonly occurs in gold-bearing quartz-pyrite (± tourmaline) veins and as disseminated, stringer, semi-massive to massive pyrite with minor sphalerite, chalcopyrite and molybdenite associated with strong sericite and silica alteration. Mineralization is hosted along the intrusive contacts of a three-phase composite felsic porphyritic unit which cross-cuts felsic and mafic volcanic sequences.

 

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), Director of Exploration for Osisko’s Windfall 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 55-80% 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 3.5 g/t Au diluted over core lengths of at least 2.0 metres. NQ core assays 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, Vancouver, British Colombia, Lima, Peru or Vientiane, Laos (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 a Four Acid Digestion-ICP-MS 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 Gold Deposit

The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The Mineral Resource Estimate (“MRE“) defined by Osisko, as disclosed in the news release dated February 17, 2021 is supported by the technical report entitled “Preliminary Economic Assessment Update for the Windfall Project” dated April 26, 2021 (that includes Windfall Mineral Resource Estimate with an effective date  of November 30, 2020), and assuming a cut-off grade of 3.50 g/t Au, comprises 521,000 tonnes at 11.3 g/t Au (189,000 ounces) in the measured mineral resource category, 5,502,000 tonnes at 9.4 g/t Au (1,668,000 ounces) in the indicated mineral resource category and 16,401,000 tonnes at 8.0 g/t Au (4,244,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 17, 2021 news release are further described in the full technical report prepared by BBA Inc. in accordance with NI 43-101 and is available on SEDAR (www.sedar.com) under the Corporation’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres as it now includes the Triple 8 (T8) zone. The resources excluding T8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 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 gold resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall 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 2,500 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. Any statement that involves 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”, “potential”, “feasibility”, “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 news release contains the forward-looking information pertaining to, among other things: the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in this news release; the prospects, if any, of the Windfall gold deposit; timing and ability of Osisko to file a technical report for the mineral resource estimate disclosed in this news release; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the amount and type of drilling to be completed and the timing to complete such drilling; the focus of the remaining infill drilling; the trend of grade increase; the Lynx zone remaining open to expansion down plunge; upgrading a inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the significance of historic exploration activities and results. 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 (infill) drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; 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.

 

CONTACT INFORMATION:

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

OSISKO TO PROCEED WITH INDEPENDENT DEVELOPMENT OF WINDFALL PROJECT

Joint-Venture Discussions with Northern Star Resources Conclude

Toronto, Ontario (February 16, 2022) – Osisko Mining Inc. (TSX:OSK) (“Osisko“) provides the update today, that further to its announcement of November 30, 2021, Osisko and Northern Star Resources Limited (“Northern Star“) have agreed to terminate joint venture negotiations with respect to Osisko’s Windfall Project.

Osisko has determined that development of the Windfall Project on an independent basis would be optimal for the shareholders of Osisko. While joint venture negotiations have concluded, Osisko maintains a mutually beneficial relationship with Northern Star as an important debt holder through its $154 million in a convertible senior unsecured debenture due December 1, 2025 (the “Debentures“) with interest at a rate of 4.75% per annum.

The exclusivity period for negotiation of the joint venture and associated special rights of conversion into a joint venture interest under certain circumstances expire on March 1, 2022.

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 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 Quévillon area (over 2,500 square kilometres).

 

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the use of proceeds from the sale of Debentures; the ability of Osisko to complete the negotiation and enter into the earn-in and joint venture agreement on terms acceptable to it; the ability of Osisko to fund the repayment of the Debentures; objectives, goals or future plans; statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, successful negotiation of documents; capital and operating costs varying significantly from estimates; the preliminary nature of metallurgical test results; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in Osisko’s public disclosure record on SEDAR (www.sedar.com) under Osisko’s issuer profile. Although Osisko believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Osisko disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

 

For further information on Osisko please contact:

John Burzynski
Chairman & Chief Executive Officer
Telephone: (416) 363-8653

OSISKO FILES TECHNICAL REPORT FOR WINDFALL MINERAL RESOURCE ESTIMATE UPDATE

(Toronto, February 10, 2022) Osisko Mining Inc. (OSK:TSX, “Osisko” or the “Corporation”) is pleased to announce that it has filed a technical report in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects to update the mineral resource estimate on its 100% owned Windfall gold deposit. The technical report entitled Mineral Resource Estimate Update for the Windfall Project, Eeyou Istchee James Bay, Québec, Canada” and dated February 10, 2022 (effective date of October 20, 2021) has been prepared for Osisko by BBA Inc. The technical report is available on SEDAR (www.sedar.com) under Osisko’s issuer profile.

 

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 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 2,500 square kilometres).

 

Cautionary Statements Regarding Mineral Resource Estimate

Readers are cautioned that mineral resources are not mineral reserves and that the economic viability of mineral resources that are not mineral reserves has not been demonstrated. The mineral resource estimate described in this news release may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. The mineral resource estimate is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum’s “CIM Definition Standards on Mineral Resources and Mineral Reserves” incorporated by reference into National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Readers are cautioned not to assume that further work on the stated mineral resources will lead to mineral reserves that can be mined economically.

 

CONTACT INFORMATION:

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

OSISKO INFILL DRILLING OUTLINES LYNX 600 BULK

5000 tonnes Averaging 36.7 g/t Au (Capped Grade)

350% Higher Than 2022 MRE M&I Resource Average Grade

 

(Toronto, February 8, 2022) Osisko Mining Inc. (OSK:TSX “Osisko” or the “Corporation”) is pleased to provide an update from the ongoing exploration program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

 

New analytical results from 12.5 metre infill drilling targeting the Lynx 600 level bulk sample (the “Triple Lynx” bulk sample) area are presented below. The infill program was completed in support of a revised block model for the sample, predicting approximately 5,000 tonnes with an average capped grade of 36.7 g/t Au in the planned sample area.  This capped grade is 350% higher than the average grade of the recently published Windfall mineral resource estimate (“MRE”) (see Osisko news release dated January 10, 2022) measured and indicated average grade of 10.5 g/t Au and demonstrates the potential for areas of the deposit to host a significant number of additional ounces.

 

The infill intercepts are located inside defined January 2022 MRE blocks but were not included in the MRE (as they were received subsequent to the closure of the data base). Results include 25 intercepts in 22 drill holes (1 from surface, 21 from underground) and 3 wedges.

 

Chief Executive Officer John Burzynski commented: “We are highly encouraged with these initial results from the planned Lynx 600 bulk sample area.  We expect to extract the sample in the coming month, and to process it during the second quarter. These infill results continue to follow a general trend we have seen at Windfall, where detailed work in high-grade areas results in excellent and often positive confirmation of the high-grade zones. Our expectation is that we may again see a positive reconciliation once the sample is processed, based on the results of the first two Windfall bulk samples which returned 126% and 189% positive reconciliations (see respective Osisko news releases dated December 18, 2018 and December 11, 2019.)”

 

The bulk sample is situated in wireframe 3161 of the January 2022 MRE. The revised block model (informed by the 12.5 metre spaced infill drill program) used the same parameters as the January 2022 MRE, including the same capping methods. The revised block model predicts 4,977 tonnes averaging 36.7 g/t Au and estimates 5,872 ounces of gold from the sample area.

 

The planned sample is located 600 metres below surface (level 0600).  Access is planned via levels 0580 and 0600 which are accessible from the exploration ramp. Mining will begin with 65 metres of longitudinal development (4 metres high x 4 to 6 metres wide) along the mineralized corridor on each level. The 20 metre high long-hole stope (floor to floor) between levels is estimated to be 12.5 metres long x 6.5 metres wide. The proposed volume of approximately 4,977 tonnes to be mined includes the stope and the corresponding undercut segment of 12.5 metres of conventional development from level 0600.

 

Mineralization in the sample area is characterized by a two to seven metre wide zone of alteration with trace to 10% pyrite stingers, sericite and silica +/- fuchsite, which crosscuts gabbro and felsic dykes. Grey quartz veins with pyrite veinlets, trace sphalerite and local visible gold are associated with high-grade areas.

 

New and previously announced analytical results are shown in Table 1 and hole locations in Table 2.  Maps with hole locations and full analytical results are available at www.osiskomining.com. Maps: Bulk TLX-3161 Long section EN Final.

 

Table 1: Lynx 600 Bulk Sample 12.5m Infill Drilling Results

Drill Hole From (m) To

(m)

Length (m) Au (g/t) uncut Au (g/t) Cut to 100g/t
OSK-W-19-2133* 796.3 798.8 2.5 37.0  
OSK-W-20-2133-W3* 791.2 793.5 2.3 193 41.7
OSK-W-20-2133-W4* 798.8 802.4 3.6 40.4  
OSK-W-19-2197-W1* 784.5 789.6 5.1 72.0 23.6
WST-20-0613* 237.8 240.3 2.5 696 43.4
WST-21-0614* 233.1 236.8 3.7 39.5 29.6
WST-21-0619A* 214.0 216.0 2.0 20.0  
WST-21-0750* 232.6 234.8 2.2 248 55.6
WST-21-0751* 222.7 225.7 3.0 7.04  
WST-21-0770 nsa  
WST-21-0811A* 209.0 211.0 2.0 73.4 55.0
WST-21-0950A 54.1 56.1 2.0 50.0 39.3
WST-21-0951 61.0 63.0 2.0 180 75.2
WST-21-0952 53.5 55.7 2.2 153 63.3
WST-21-0953B 52.6 54.8 2.2 2.99  
WST-21-0954 47.1 53.8 6.7 50.1 26.2
WST-21-0955 47.1 51.0 3.9 61.6 23.6
WST-21-0972 46.5 49.7 3.2 82.3 23.3
WST-21-0973 45.9 48.0 2.1 36.8  
WST-21-0976 43.6 48.6 5.0 5.24  
WST-21-0977 42.8 45.8 3.0 64.4 26.4
WST-21-0984 41.8 46.7 4.9 45.3 38.3
WST-21-0985 33.8 36.6 2.8 11.2  
WST-21-0986 45.8 47.8 2.0 362 34.8
WST-21-0995 37.1 41.1 4.0 22.7 21.5

Notes: True widths are estimated at 77 – 100% of the reported core length interval. See “Quality Control and Reporting Protocols” below.

nsa = no significant assays. * Denotes results published in previous news releases.

 

Table 2: Lynx 600 Bulk Sample 12.5m Infill Hole Locations

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-19-2133 118 -49 1055 453080 5435531 417 3525
OSK-W-20-2133-W3 118 -49 965 453080 5435531 417 3525
OSK-W-20-2133-W4 118 -49 987 453080 5435531 417 3525
OSK-W-19-2197-W1 122 -48 1104 453087 5435526 417 3550
WST-20-0613 123 -55 442 453358 5435273 16 3650
WST-21-0614 131 -59 427 453357 5435273 16 3650
WST-21-0619A 174 -61 249 453507 5435327 -7 3800
WST-21-0750 124 -54 280 453357 5435273 16 3650
WST-21-0751 133 -56 331 453357 5435272 16 3650
WST-21-0770 129 -43 835 453374 5435296 -26 3675
WST-21-0811A 125 -44 708 453375 5435296 -26 3675
WST-21-0950A 107 -40 82 453442 5435225 -158 3700
WST-21-0951 106 -24 79 453442 5435224 -158 3700
WST-21-0952 114 -32 75 453442 5435224 -157 3700
WST-21-0953B 118 -23 73 453442 5435224 -157 3700
WST-21-0954 117 -43 76 453441 5435224 -158 3700
WST-21-0955 128 -36 73 453442 5435224 -158 3700
WST-21-0972 129 -48 67 453441 5435224 -158 3700
WST-21-0973 134 -19 67 453441 5435223 -157 3700
WST-21-0976 145 -54 103 453440 5435224 -159 3700
WST-21-0977 164 -49 61 453441 5435223 -158 3700
WST-21-0984 186 -49 72 453440 5435223 -158 3700
WST-21-0985 161 -34 64 453440 5435223 -158 3700
WST-21-0986 160 -17 73 453439 5435223 -158 3700
WST-21-0995 149 -39 148 453440 5435223 -159 3700

 

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared and approved by Judith St-Laurent, P.Geo (OGQ #1023)., B.Sc., Director of Resource Estimation at Osisko, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The infill block model in the bulk sample area from the Lynx 3161 zone of the Windfall Gold Deposit, with an effective date of February 3, 2022, was prepared by Judith St-Laurent, P.Geo (OGQ #1023)., B.Sc., Director of Resource Estimation at Osisko, who is a “qualified person” within the meaning of NI 43-101. The scientific and technical content in this press release has been reviewed and approved by Mr. Mathieu Savard, P.Geo (OGQ #510), President of Osisko Mining, who is a “qualified person” within the meaning of NI 43-101.

Quality Control and Reporting Protocols

NQ core assays 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, Vancouver, British Colombia, Lima, Peru or Vientiane, Laos (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 a Four Acid Digestion-ICP-MS 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 gold deposit is located between Val-d’Or and Chibougamau in the Abitibi greenstone belt region of Québec, Canada. The Mineral Resource Estimate (“MRE”) defined by Osisko, as disclosed in the news release dated January 10, 2022 and assuming a cut-off grade of 3.50 g/t Au, comprises 565,000 tonnes at 11.6 g/t Au (210,000 ounces) in the measured mineral resource category, 8,907,000 tonnes at 10.5 g/t Au (2,994,000 ounces) in the indicated mineral resource category and 13,035,000 tonnes at 8.6 g/t Au (3,585,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the January 10, 2022 news release, certain of which are described in the January 10, 2022 news release, will be further described in the full technical report being prepared for this updated mineral resource estimate in accordance with Ni 43-101, and will be available on SEDAR (www.sedar.com) under the Corporation’s issuer profile within 45 days from January 10, 2022. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres as it now includes the Triple 8 (T8) zone. The resources excluding T8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 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 gold resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall 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 2,500 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. Any statement that involves 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”, “potential”, “feasibility”, “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 news release contains the forward-looking information pertaining to, among other things: the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in this news release; the prospects, if any, of the Windfall gold deposit; timing and ability of Osisko to file a technical report for the mineral resource estimate disclosed in this news release; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the amount and type of drilling to be completed and the timing to complete such drilling; the focus of the remaining infill drilling; the trend of grade increase; the Lynx zone remaining open to expansion down plunge; upgrading a inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the significance of historic exploration activities and results. 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 (infill) drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; 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

Chief Executive Officer

Telephone: (416) 363-8653