OSISKO MINING UPDATES WINDFALL MINERAL RESOURCE ESTIMATE

1.86M oz Au M&I Resource Averaging 9.6 g/t Au

4.24M oz Au Inferred Resource Averaging 8.0 g/t Au

 

(Toronto, February 17, 2021) Osisko Mining Inc. (OSK:TSX, “Osisko” or the “Corporation”) is pleased to provide an updated mineral resource estimate (the “MRE”) for its 100% owned world-class Windfall gold deposit, located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

 

This MRE is based on drilling completed as of September 2020, and includes analytical results received as of November 30, 2020.  Approximately 100,000 metres of drilling has been completed since the above dates, with a further 200,000 metres in progress and expected to be completed by the third quarter of 2021.  A subsequent MRE for the Windfall feasibility study will follow the completion of the infill program.

 

HIGHLIGHTS

  • M&I grade of 9.6 g/t Au continues trend of grade increase with infill program
  • M&I ounces increased 54%
  • Lynx represents over 60% of the total MRE ounces with average grades of 11.3 g/t Au Measured; 11.0 g/t Au Indicated; and 9.9 g/t Au Inferred
  • Significant Lynx high-grade zones remain open to expansion down plunge
  • Remainder of infill drilling is focused on Lynx with >30 drills
  • Discovery and definition cost averages US$38/oz[1]
  • Deposit average of 4.5 oz Au defined per metre drilled

 

John Burzynski, Chief Executive Officer of Osisko Mining, commented: “We are pleased to deliver this updated MRE, as Windfall continues to impress with increasing average grade and scale.  The infill drill program is exceeding our expectations, with the M&I resource average grade increasing to 9.6 g/t Au.  We anticipate that by the end of the infill program and in the subsequent MRE, we will see another significant addition to the M&I resource with increased grade, and further growth of the deposit scale.  We have had strong infill results since the cut-off date that have not been included in this current estimate, and ongoing drilling continues to be encouraging as we work steadily towards the completion of our drill program.”

 

Mr. Burzynski continued: “The past year has provided some unforeseen challenges, and despite this, we have managed to advance our work significantly.  We would like very much to thank our Cree First Nation hosts and partners, local and provincial governments, our employees and contractors, our stakeholders and our shareholders for their help and strong support.”

 

 

 

Table 1: Windfall Gold Deposit Mineral Resource Estimate Sensitivity Table

Cut-off Grade
(g/t Au)
Measured + Indicated Inferred
Tonnes
(000 t)
 Grade Au (g/t)  Grade Ag (g/t) Ounces Au (000 oz) Ounces Ag (000 oz) Tonnes
(000 t)
 Grade Au (g/t)  Grade Ag (g/t) Ounces Au (000 oz) Ounces Ag (000 oz)
5.00    4,214      11.9        6.8          1,614             918    10,525         10.2        3.3          3,454         1,133
4.50    4,721      11.1        6.5          1,692             981    12,090            9.5        3.1          3,693         1,215
4.00    5,304      10.4        6.2          1,771          1,059    14,045            8.8        2.9          3,960         1,319
3.50   6,023        9.6        5.9         1,857         1,149   16,401           8.0        2.7         4,244        1,446
3.00    6,882        8.8        5.7          1,947          1,257    19,561            7.3        2.6          4,574         1,604
2.50    7,971        8.0        5.4          2,043          1,381    23,676            6.5        2.4          4,937         1,806

 Note: The MRE uses a cut-off grade of 3.5 g/t Au.

 

 

Table 2: Windfall Gold Deposit Mineral Resource Estimate by Area (3.5 g/t Au cut-off)

 

Area Measured Indicated Inferred
Tonnes1(000 t) Grade Au

(g/t)

Grade Ag

(g/t)

Ounces Au1

(000 oz)

Ounces Ag1

(000 oz)

Tonnes1(000 t) Grade Au

(g/t)

Grade Ag

(g/t)

Ounces Au1

(000 oz)

Ounces Ag1

(000 oz)

Tonnes1(000 t) Grade Au

(g/t)

Grade Ag

(g/t)

Ounces Au1

(000 oz)

Ounces Ag1

(000 oz)

Lynx2 521 11.3 8.1 189 135 3 075 11.0 6.6 1 088 655 7 418 9.9 3.5 2 355 833
Underdog 562 8.0 1.1 145 20 4 788 6.9 0.9 1 068 139
Main3 1 865 7.3 5.7 436 339 3 540 5.9 3.3 673 375
Triple 8 655 7.1 4.7 149 99
Total 521 11.3 8.1 189 135 5 502 9.4 5.7 1 668 1 013 16 401 8.0 2.7 4 244 1 446

    Notes: 1 Values are rounded to nearest thousand which may cause apparent discrepancies.

 2 Lynx area includes: Lynx Main, Lynx HW, Lynx SW and Lynx 4, Triple Lynx.

 3 Main area includes: Zone 27, Caribou, Mallard, Windfall Nord, and F-Zones.

 See Windfall Gold Deposit Mineral Resource Estimate notes further below.

 

“Located in Québec, one of the worlds best mining jurisdictions, this MRE places Windfall among the best high-grade development projects globally.” added Mr. Burzynski.  “Apart from the infill program, additional drills are exploring down plunge extensions of Lynx, the nearby Fox trend, and targets along strike from the Windfall deposit. The Windfall exploration ramp is advancing towards the third bulk sample in Triple Lynx, and we have received authorization to conduct test stopes in Lynx to optimize future mining parameters and grade distribution.”

 

This MRE is the result of 3,612 drill holes (1,343,593 metres of core) in the resource area, including 2,959 drill holes (1,161,872 metres of core) completed by Osisko from October 2015 to September 2020 with assays up to November 30, 2020. The Windfall MRE (with an effective date of November 30, 2020) was prepared by Osisko and reviewed and audited by BBA Inc., Montréal, Québec. The full technical report, which is being prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI-43-101”), will be available on SEDAR (www.sedar.com) under the Corporation’s issuer profile within 45 days.

 

This mineral resource estimate reflects the current status of the geological interpretation supported by infill drilling, underground mapping and bulk sample results. Most mineralized envelopes in the Main area are associated with pyritic stringers occurring near contacts between volcanic rocks and younger intrusive rocks. The Lynx mineralized zones form an extensive anastomosed network of quartz-rich and pyrite-rich veins hosted within strongly silicified volcanic rocks. This system is located on the southern limb of an open fold plunging at 40 degrees towards ENE along the Bank fault-shear zone.

 

The MRE is 50% contained within 22 wireframes and 75% contained within 62 wireframes. The MRE considers a total of 374 mineralized zones defined by individual wireframes with a minimum true thickness of 2.0 metres. The MRE reports grade blocks inside volumes potentially mineable by underground methods at a cut-off grade of 3.5 g/t Au. The cut-off calculation below has been rounded up to 3.5 g/t Au to better represent a future mining cut-off.

 

Table 3: Parameters used to estimate the underground cut-off grade

for the Windfall Gold Deposit Mineral Resource Estimation

Parameters Unit Value
Gold Price USD/oz 1,485
Exchange Rate USD/CAD 1.3
Mill Recovery % 94
Payability % 99.95
Sell Cost USD/oz 5
Royalties (NSR) % 2
Mining Cost C$/T milled 100
G&A Cost C$/T milled 30
Processing Cost C$/T milled 40
Transportation C$/T milled 2
Environment C$/T milled 10
Calculated Cut-off Grade g/t Au 3.2
MRE Cut-off Grade g/t Au 3.5

 

Windfall Gold Deposit Mineral Resource Estimate Notes

 

  1. The independent qualified person for the 2021 MRE, as defined by NI 43-101 guidelines, is Pierre-Luc Richard, P.Geo.(OGQ#1119), of BBA Inc. The effective date of the estimate is November 30, 2020.
  2. The Windfall mineral resource estimate is compliant with the November 29, 2019 CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines.
  3. These mineral resources are not mineral reserves as they have not demonstrated economic viability. The quantity and grade of reported Inferred mineral resources in this news release are uncertain in nature and there has been insufficient exploration to define these resources as Indicated or Measured; however, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
  4. Resources are presented undiluted and in situ and are considered to have reasonable prospects for economic extraction. Isolated and discontinuous blocks above the stated cut-off grade are excluded from the mineral resource estimate. Must-take material, i.e. isolated blocks below cut-off grade located within a potentially mineable volume, was included in the mineral resource estimate.
  5. As of November 30, 2020, the database comprises a total of 3,612 drill holes for 1,343,593 metres of drilling in the area extent of the mineral resource estimate, of which 2,959 drill holes (1,161,872 metres) were completed and assayed by Osisko. The drill hole grid spacing is approximately 12.5 metre x 12.5 metre for definition drilling, 25 metre x 25 metre for infill drilling and larger for extension drilling.
  6. All core assays reported by Osisko were obtained by analytical methods described below under “Quality Control and Reporting Protocols”.
  7. Geological interpretation of the deposit is based on lithologies, mineralization style, alteration and structural features. Most mineralization envelopes are subvertical, striking NE-SW and plunging approximately 40 degrees towards the North-East. The 3D wireframing was generated in Leapfrog Geo, a modelling software, from hand selections of mineralization intervals. The mineral resource estimate includes a total of 374 tabular, mostly sub-vertical domains defined by individual wireframes with a minimum true thickness of 2.0 metres.
  8. Assays were composited within the mineralization domains into 2.0 metres length composites. A value of 0.00125 g/t Au and 0.0025 g/t Ag (¼ of the detection limit) was applied to unassayed core intervals.
  9. High-grade composites were capped. Cappings were determined in each area from statistical studies on groups of zones sharing similar mineralization characteristics. Cappings vary from 10 g/t Au to 200 g/t Au and from 5 g/t Ag to 150 g/t Ag. A multiple capping strategy defined by capping values decreasing as interpolation search distances increase was used in the grade estimations.
  10. Block models were produced using Datamine™ Studio RM Software. The models are defined by parent cell sizes of 5 metres NE, 2 meters NW and 5 metres height, and sublocked to minimum subcell sizes of 1.25 meters NE, 0.5 metres NW and 1.25 metres height.
  11. Ordinary Kriging (OK) based interpolations were produced for gold estimations in each area of the Windfall deposit, while silver grade estimations were produced using Ordinary Kriging (OK) or Inverse Distance Squared (ID2) interpolations. Gold estimation parameters are based on composite variography analyses. The gold estimation parameters were used for the silver estimation.
  12. Density values of 2.8 were applied to the mineralized zones.
  13. The Windfall mineral resource estimate is categorized as measured, indicated and inferred mineral resource as follows:

    a.    The measured mineral resource category is manually defined and enclosed areas where:
         i.    the drill spacing is less than 12.5 metres,
        ii.    blocks are informed by a minimum of four drill holes,
       iii.    geological evidence is sufficient to confirm geological and grade continuity,
       iv.    zones have been accessed by underground workings.
    b.    The indicated mineral resource category is manually defined and encloses areas where:

         i.    the drill spacing is generally less than 12.5 metres,
        ii.    blocks are informed by a minimum of two drill holes,
       iii.    geological evidence is sufficient to assume geological and grade continuity.


    c.    The inferred mineral resource category is manually defined and encloses areas where:

         i.    drill spacing is less than 100 metres,
        ii.    blocks are informed by a minimum of two drill holes,
       iii.   geological evidence is sufficient to imply, but not verify geological and grade continuity.

  14. The mineral resource is reported at 3.5 g/t Au cut-off. The cut-off grade is based on the following economic parameters: gold price at 1,485 USD/oz, exchange rate at 1.30 USD/CAD, 94% mill recovery; payability of 99.95%; selling cost at 5 USD/oz, 2% NSR royalties, mining cost at 100 C$/t milled, G&A cost at 30 C$/t milled, processing cost at 40 C$/t, transportation cost at 2 C$/t considering mill at site, and environment cost at 10 C$/t. A cut-off grade of 3.5 g/t Au was selected over the calculated cut-off grade of 3.2 g/t Au to better reflect a realistic mining cut-off.
  15. Estimates use metric units (metres, tonnes and g/t). Metal contents are presented in troy ounces (metric tonne x grade / 31.10348).
  16. The independent qualified person is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues, or any other relevant issue, that could materially affect the mineral resource estimate.
  17. Values in tonnes and ounces are rounded to nearest thousand which may cause apparent discrepancies.

 

Qualified Person

The Windfall mineral resource estimate, with an effective date of November 30, 2020, was (i) prepared by Judith St-Laurent, P.Geo (OGQ #1023), B.Sc., Director of Resources Estimation at Osisko, and (ii) reviewed and approved by Pierre-Luc Richard, M.Sc., P.Geo (OGQ#1119,), each of whom is a “qualified person” within the meaning of NI 43-101. Mr. Richard is an employee of BBA Inc. and is considered to be “independent” of Osisko for purposes of section 1.5 of NI 43-101. The scientific and technical content in this news release has been reviewed and approved by Mr. Mathieu Savard, P.Geo (OGQ #510), President of Osisko, 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 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 this news release 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 this news release, certain of which are described in this 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. 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 2,625metres 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 gold deposit located between Val-d’Or and Chibougamau in Québec and holds a100% undivided interest in a large area of claims in the surrounding the Urban Barry area and nearby Quévillon area (over 2,700 square kilometres).

Cautionary Statements Regarding Estimates of Mineral Resources

This news release uses the terms measured, indicated and inferred mineral resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. The mineral resource estimate disclosed 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 NI 43-101 (“CIM”). Under NI 43-101, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for preliminary economic assessments. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves that can be mined economically.

 

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
Office Telephone (416) 363-8653

1Non-audited estimation using actual exploration expenditures as of December 31st, 2020 (excluding exploration ramp expenditures), the amount of metres drilled by Osisko since 2015 and considering Quebec Tax Exploration Credit returns divided by global ounces. This is considered a non-GAAP number.

OSISKO WINDFALL INFILL DRILLING: INSERT SUPERLATIVE HERE

New Intercepts Include 108 g/t Au Over 10.5 Metres

(Toronto, January 26, 2021) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing expansion and definition drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Drilling is currently focused on the Lynx deposit. Osisko Chief Executive Officer John Burzynski commented: “Infill drilling at Windfall continues with more good results with respect to grade and width, particularly in the Lynx zones. Both underground and surface drills continue to infill our resources and explore open down plunge areas.”

The table below contains resource definition infill intercepts located inside the February 2020 mineral resource estimate wireframes (see Osisko news release dated February 19, 2020). Significant new analytical results are presented below and include 63 intercepts in 38 drill holes and 7 wedges.

Selected high-grade intercepts from the new results include: 108 g/t Au over 10.5 metres in OSK-W-20-2256-W7;21.7 g/t Au over 11.3 metres in OSK-W-20-2271-W3; 76.7 g/t Au over 3.0 metres in OSK-W-20-2377; 30.9 g/t Au over 4.5 metres in OSK-W-20-2292-W4; 35.1 g/ t Au over 2.8 metres in OSK-W-20-2325; and 36.5 g/t Au over 2.1 metres in OSK-W-20-2283-W3. 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 Zone Corridor
OSK-W-20-847-W3 628.8 631.0 2.2 4.32   Caribou_2214 Caribou
including 629.5 630.0 0.5 12.9
OSK-W-20-852-W4 548.0 550.0 2.0 8.55   Caribou_2524 Caribou
OSK-W-20-2256-W7 881.0 891.5 10.5 108 30.7 Lynx_361 Triple Lynx
including 885.8 887.0 1.2 567 100
and 887.5 888.6 1.1 302 100
OSK-W-20-2271-W3 1057.6 1068.9 11.3 21.7   Lynx_330 Lynx
including 1061.8 1062.1 0.3 64.1
and 1064.0 1064.3 0.3 92.8
OSK-W-20-2283-W3 870.0 872.0 2.0 11.2   Triple Lynx Triple Lynx
including 871.1 871.5 0.4 41.8
  984.6 987.0 2.4 4.47   Triple Lynx Triple Lynx
including 985.5 986.0 0.5 20.5
  991.4 993.5 2.1 36.5   Triple Lynx Triple Lynx
including 992.0 992.8 0.8 95.7
OSK-W-20-2287 1158.9 1161.0 2.1 7.64   Lynx_346 Lynx
OSK-W-20-2292-W4 884.3 888.8 4.5 30.9 21.7 Lynx_375 Triple Lynx
including 887.3 888.0 0.7 159 100
OSK-W-20-2301 94.7 96.7 2.0 8.14   F17_6003 F-17
including 96.0 96.7 0.7 21.6
  101.2 103.6 2.4 3.54   F17_6003 F-17
including 101.2 101.7 0.5 16.9
OSK-W-20-2306 199.5 205.3 5.8 7.48   Bobcat Bobcat
including 202.3 202.8 0.5 43.8
OSK-W-20-2313-W2 979.3 981.4 2.1 8.56   Triple Lynx Triple Lynx
including 979.8 980.2 0.4 21.8
OSK-W-20-2319 210.0 212.0 2.0 4.83   Bobcat Bobcat
OSK-W-20-2325 128.0 130.8 2.8 35.1 25.6 Mallard_5200 Mallard
including 130.1 130.8 0.7 138 100
  143.6 145.8 2.2 13.1   Mallard_5213 Mallard
OSK-W-20-2326 82.0 86.0 4.0 9.47   Mallard_5213 Mallard
including 82.0 83.0 1.0 29.5
OSK-W-20-2327 94.0 96.7 2.7 14.1   Mallard_5213 Mallard
including 96.0 96.7 0.7 33.7
OSK-W-20-2328 177.0 182.5 5.5 6.50   Caribou_2527 Caribou
OSK-W-20-2330 137.7 140.0 2.3 9.57   Mallard_5213 Mallard
including 138.8 139.4 0.6 35.1
OSK-W-20-2332 191.7 194.7 3.0 6.03   Mallard_5213 Mallard
OSK-W-20-2346 892.0 894.2 2.2 12.2   Lynx_330 Lynx
including 893.5 893.8 0.3 78.5
OSK-W-20-2354 653.3 655.9 2.6 5.39   Caribou_2233 Caribou
including 654.1 654.5 0.4 19.7
OSK-W-20-2362 137.0 139.0 2.0 4.19   Bobcat Bobcat
OSK-W-20-2377 105.0 108.0 3.0 76.7 22.7 F17_6003 F-17
including 106.0 106.4 0.4 505 100
OSK-W-20-2384 644.5 646.9 2.4 26.2   Lynx_341 Lynx
including 645.3 645.9 0.6 96.5
OSK-W-20-2389 589.0 591.0 2.0 5.72   Caribou Caribou
WST-20-0011 278.8 280.8 2.0 15.5   Lynx SW Lynx SW
WST-20-0346 29.0 31.0 2.0 4.57   Mallard_5212 Mallard
WST-20-0347 270.0 272.9 2.9 3.31   Caribou_2572 Caribou
including 272.1 272.9 0.8 11.4
WST-20-0348 237.6 239.7 2.1 7.49   Caribou_2573 Caribou
  271.5 273.5 2.0 4.68   Caribou_2572 Caribou
including 272.5 272.9 0.4 22.6
WST-20-0349 293.2 296.0 2.8 3.64   Caribou_2572 Caribou
including 294.0 295.0 1.0 9.56
WST-20-0476 154.9 157.1 2.2 4.85   Caribou_2551 Caribou
including 154.9 155.6 0.7 11.9
  172.9 175.5 2.6 3.33   Caribou_2551 Caribou
WST-20-0477 151.5 154.0 2.5 5.90   Caribou_2551 Caribou
WST-20-0480B 60.0 62.0 2.0 12.3   Mallard_5211 Mallard
WST-20-0518 168.0 170.0 2.0 4.53   Z27_1102 Zone 27
WST-20-0520 63.5 66.0 2.5 5.53   Mallard_5211 Mallard
  81.5 84.0 2.5 12.3   Mallard_5211 Mallard
including 82.4 82.7 0.3 94.8
  157.0 159.3 2.3 4.53   Z27_1102 Zone 27
  352.4 354.4 2.0 11.8   Caribou_2253 Caribou
including 352.8 353.9 1.1 21.2
WST-20-0533 96.0 98.1 2.1 7.13   Lynx_304 Lynx
including 97.2 98.1 0.9 16.6
WST-20-0534 69.0 71.0 2.0 21.4   Lynx_323 Lynx
including 70.2 71.0 0.8 53.5
WST-20-0535 46.9 49.1 2.2 5.83   Lynx_303 Lynx
including 46.9 47.5 0.6 18.1
WST-20-0536 83.0 85.0 2.0 17.9   Lynx Lynx
including 83.4 83.8 0.4 84.1
WST-20-0549 11.0 13.0 2.0 12.3   Mallard_5211 Mallard
  263.0 265.0 2.0 5.39   Caribou_2518 Caribou
  269.5 271.5 2.0 3.94   Caribou_2518 Caribou
  306.0 308.0 2.0 3.26   Caribou_2521 Caribou
including 307.2 308.0 0.8 7.40
  373.9 377.0 3.1 4.60   Caribou_2542 Caribou
WST-20-0565 11.0 13.2 2.2 11.6   Mallard_5211 Mallard
including 11.6 12.4 0.8 24.0
WST-20-0566A 306.4 311.7 5.3 9.25   Caribou_2521 Caribou
including 307.3 308.3 1.0 36.2
WST-20-0568 295.9 298.0 2.1 7.62   Lynx SW Lynx SW
including 296.6 297.4 0.8 15.7
  317.0 319.0 2.0 3.94   Lynx SW Lynx SW
including 317.7 318.1 0.4 19.5
WST-20-0582 103.1 106.0 2.9 7.01   Lynx_339 Lynx
  129.5 131.5 2.0 9.97   Lynx_311 Lynx
including 130.0 131.0 1.0 19.9
WST-20-0586 99.5 101.5 2.0 6.81   Lynx_311 Lynx
  141.0 143.1 2.1 20.0   Lynx Lynx
including 142.2 142.7 0.5 79.3
  160.0 162.5 2.5 14.4   Lynx_359 Lynx
including 161.3 161.8 0.5 54.1
WST-20-0587 165.0 167.2 2.2 3.33   Lynx_304 Lynx
including 166.6 167.2 0.6 10.9
WST-20-0589 63.5 65.6 2.1 8.09   Mallard_5211 Mallard
  330.4 332.4 2.0 6.21   Caribou_2253 Caribou

Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below. SW = Southwest

 

Drill hole location

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-20-847-W3 334 -69 649 452645 5434429 403 2625
OSK-W-20-852-W4 330 -55 873 452874 5434552 398 2875
OSK-W-20-2256-W7 125 -51 1005 453160 5435686 411 3675
OSK-W-20-2271-W3 120 -53 1235 453462 5435683 410 3950
OSK-W-20-2283-W3 135 -50 1004 452997 5435607 425 3500
OSK-W-20-2287 116 -53 1406 453607 5435714 404 4075
OSK-W-20-2292-W4 125 -54 984 453035 5435561 420 3525
OSK-W-20-2301 149 -49 140 452696 5435534 410 3200
OSK-W-20-2306 152 -55 531 452872 5435155 409 3175
OSK-W-20-2313-W2 134 -52 1047 452965 5435583 420 3450
OSK-W-20-2319 141 -50 768 452872 5435153 409 3175
OSK-W-20-2325 331 -53 171 451946 5434809 406 2200
OSK-W-20-2326 335 -50 156 451920 5434828 403 2175
OSK-W-20-2327 334 -49 132 451899 5434812 401 2150
OSK-W-20-2328 136 -56 942 452872 5435153 409 3175
OSK-W-20-2330 333 -48 156 451912 5434792 402 2150
OSK-W-20-2332 335 -49 222 452019 5434790 406 2250
OSK-W-20-2346 130 -53 1161 453397 5435557 413 3825
OSK-W-20-2354 336 -60 759 452739 5434474 401 2725
OSK-W-20-2362 350 -45 256 452719 5434777 398 2850
OSK-W-20-2377 132 -49 1326 452702 5435548 409 3225
OSK-W-20-2384 127 -52 1164 453397 5435557 413 3825
OSK-W-20-2389 328 -57 701 452689 5434635 398 2750
WST-20-0011 157 -54 451 453105 5435065 231 3325
WST-20-0346 136 -18 391 452282 5434975 264 2575
WST-20-0347 134 -14 369 452282 5434975 264 2575
WST-20-0348 127 -14 311 452282 5434976 264 2575
WST-20-0349 140 -19 378 452282 5434975 263 2575
WST-20-0476 132 -33 403 452282 5434975 263 2575
WST-20-0477 131 -30 394 452282 5434976 263 2575
WST-20-0480B 142 -52 382 452281 5434975 262 2575
WST-20-0518 135 -53 441 452282 5434975 263 2575
WST-20-0520 133 -46 388 452281 5434975 263 2575
WST-20-0533 143 -26 133 453315 5435165 124 3575
WST-20-0534 143 -32 135 453315 5435165 124 3575
WST-20-0535 143 -37 138 453315 5435165 124 3575
WST-20-0536 132 -27 135 453316 5435166 124 3575
WST-20-0549 141 -13 396 452208 5434898 249 2475
WST-20-0565 134 -12 354 452208 5434898 249 2475
WST-20-0566A 133 -16 368 452208 5434898 248 2475
WST-20-0568 158 -58 493 453104 5435065 231 3325
WST-20-0582 176 -56 144 453177 5435125 173 3425
WST-20-0586 167 -13 193 453418 5435305 69 3725
WST-20-0587 145 -43 205 453418 5435305 69 3725
WST-20-0589 147 -55 376 452281 5434975 263 2575

 

Lynx Zone

Mineralization occurs as grey to translucent quartz-carbonate-pyrite-tourmaline veins and pyrite replacement zones and stockworks. The vein-type 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.

 

Triple Lynx

Mineralization occurs as quartz-carbonate-pyrite-tourmaline vein-type associated with pervasive sericite-pyrite ± silica alteration and contain sulphides similar to the main Lynx Zone: pyrite dominated with minor other sulphides ranging from trace to up to 70% locally, and local visible gold. Locally fuchsite is present when proximal to the gabbros. Mineralization is hosted in or at the contacts of felsic porphyritic dikes with rhyolites (locally bleached) or gabbros.

 

Zone 27

Mineralization is typically characterized by 5% to 50% disseminated, stringer, semi-massive or stockwork pyrite, ptygmatic tourmaline veins, quartz-tourmaline crustiform veins, and local quartz-carbonate veins. Local visible gold is observed as small specks or clusters with quartz veins. Alteration consists of moderate to strong sericite, weak to strong silica, weak chlorite and carbonate and locally weak fuchsite. Mineralization is hosted in strongly altered andesites or in or at the contact of the rhyolite.

 

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.

 

F-Zone

Mineralization is hosted in sheared andesites with carbonate replacement or quartz veining and occurs as quartz ± ankerite veinlets or in shear zones as replacement, characterised by trace to 10% pyrite with local visible gold. Alteration is dominated by sericite-fuchsite-tourmaline-pyrite.

 

Mallard

Mineralization is hosted in sheared mafic volcanics with felsic porphyritic intrusions and occurs as veins associated with sericite-pyrite ± silica ± chlorite alteration and contains pyrite ranging from trace to 30% and local visible gold.

 

Bobcat

Mineralization most commonly occurs in gold-bearing quartz-pyrite veins controlled by northeast trending faults and shears and to a lesser extent in minor crustiform quartz-tourmaline-ankerite-pyrite veins and pyrite replacement zones and stockwork. Local visible gold is associated with carbonate ± silica ± chlorite alteration. Mineralization is hosted in sheared mafic volcanics, rhyolites near faults, or at the contact with felsic porphyritic intrusions.

 

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 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 3.0 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 a four acids digestion -MS61 method at ALS Laboratories. Drill program design, QualityAssurance/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 Eeyou Istchee James Bay, Québec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 19, 2020 and supported by the technical report entitled “An updated mineral resource estimate for the Windfall Lake Project, Located in the Abitibi Greenstone Belt, Urban Township, Eeyou Istchee James Bay, Québec, Canada” and dated April 3, 2020 (with an effective date of January 3, 2020), and assuming a cut-off grade of 3.5 g/t, comprises 4,127,000 tonnes at 9.1 g/t Au (1,206,000 ounces) in the indicated mineral resource category and 14,532,000 tonnes at 8.40 g/t Au (3,938,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 19,2020 news release are further described in the full technical report prepared by Micon International Limited (“Micon”) and BBA Inc (“BBA”), in accordance with NI 43-101 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 deformed sub-vertical zones plunging to the northeast. Vein-type or pyrite replacement-type styles of mineralization crosscut syn-volcanic host rocks and syn-deformation felsic porphyry intrusions and are spatially associated with the contacts of the intrusions. The deposit is well defined from surface to a depth of 1,200 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 gold deposit located between Val-d’Or and Chibougamau in Québec and holds a100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,700 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; the prospects, if any, of the Windfall gold deposit; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the projected capital expenditures of mining activities at the Windfall gold deposit; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the deposit remaining open along strike to the northeast and at depth; significant high-grade zones (Lynx 4, Triple Lynx) remaining open down plunge; the plunge potential of the Lynx and Underdog zones; 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 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 WINDFALL INFILL DRILLING

New Intercepts Include 90.5 g/t Au Over 9.7 Metres in Triple Lynx

(Toronto, January 18, 2021) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing expansion and definition drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Drilling is currently focused on the Lynx deposit. Osisko Chief Executive Officer John Burzynski commented: “Broken record alert, infill drilling continues to show both the continuity and high-grade nature of Lynx, consistently returning good results on grade and widths as demonstrated by today’s headline hole.  We are advancing our work on the deposit at full speed, with over 35 drills active on surface and underground.”

The table below contains resource definition infill intercepts located inside the February 2020 mineral resource estimate wireframes (see Osisko news release dated February 19, 2020). Significant new analytical results are presented below and include 46 intercepts in 17 drill holes and 14 wedges.

Selected high-grade intercepts from the new results include: 90.5 g/t Au over 9.7 meters in OSK-W-20-2252-W7; 59.5 g/t Au over 2.0 metres in OSK-W-20-2292-W5; 38.4 g/t Au over 5.5 meters in OSK-W-20-2252-W8; 37.1 g/t Au over 2.0 metres in WST-20-0542A; 32.2 g/t Au over 3.7 metres in OSK-W-20-2243-W6. Maps showing hole locations and full analytical results are available at www.osiskomining.com.

 

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-20-2139-W12 913.0 915.0 2.0 3.96   Lynx_361 Triple Lynx
OSK-W-20-2243-W6 925.2 928.9 3.7 32.2   Triple Lynx Triple Lynx
including 927.2 928.2 1.0 55.2
OSK-W-20-2252-W7 861.3 866.6 5.3 4.54   Triple Lynx Triple Lynx
including 866.3 866.6 0.3 16.6
871.0 876.0 5.0 5.45   Triple Lynx Triple Lynx
900.0 909.7 9.7 90.5 32.3 Lynx_371 Triple Lynx
including 904.7 905.2 0.5 324 100
and 905.6 906.2 0.6 725 100
911.2 913.3 2.1 7.79   Lynx_361 Triple Lynx
including 912.1 912.4 0.3 33.7
961.9 964.0 2.1 13.7   Lynx_363 Triple Lynx
including 962.8 963.1 0.3 75.9
987.0 989.3 2.3 3.76   Lynx_364 Triple Lynx
OSK-W-20-2252-W8 877.0 879.0 2.0 4.30   Lynx_371 Triple Lynx
921.8 924.1 2.3 23.7   Lynx_361 Triple Lynx
including 922.8 923.4 0.6 62.1
967.0 972.5 5.5 38.4   Lynx_363 Triple Lynx
including 969.6 970.6 1.0 91.7
and 970.6 971.6 1.0 69.5
OSK-W-20-2271-W2 1038.0 1040.0 2.0 3.79   Lynx_330 Lynx
OSK-W-20-2275 756.0 758.0 2.0 4.76   Triple Lynx Triple Lynx
OSK-W-20-2275-W3 864.7 867.2 2.5 3.68   Triple Lynx Triple Lynx
OSK-W-20-2275-W4 933.9 936.2 2.3 3.62   Triple Lynx Triple Lynx
OSK-W-20-2280-W3 1039.0 1041.0 2.0 4.33   Lynx_363 Triple Lynx
including 1039.6 1039.9 0.3 26.3
1045.0 1047.0 2.0 4.58   Lynx_363 Triple Lynx
including 1046.2 1046.5 0.3 28.8
OSK-W-20-2280-W4 1124.0 1129.0 5.0 7.04   Lynx_370 Triple Lynx
including 1125.3 1125.8 0.5 30.0
OSK-W-20-2280-W5 888.7 890.7 2.0 19.2   Triple Lynx Triple Lynx
including 890.1 890.7 0.6 62.3
OSK-W-20-2283-W1 826.0 828.0 2.0 3.91   Triple Lynx Triple Lynx
OSK-W-20-2283-W6 844.8 847.0 2.2 3.62   Triple Lynx Triple Lynx
including 844.8 845.3 0.5 13.0
OSK-W-20-2292-W5 1039.0 1041.0 2.0 59.5 20.3 Triple Lynx Triple Lynx
including 1039.4 1039.8 0.4 296 100
OSK-W-20-2292-W6 884.4 886.5 2.1 8.95   Triple Lynx Triple Lynx
OSK-W-20-2345 144.2 150.0 5.8 4.23   Lynx_355 Lynx
OSK-W-20-2350 112.5 115.0 2.5 22.9 20.6 Lynx_335 Lynx
including 113.5 113.9 0.4 115 100
137.0 139.0 2.0 16.3 15.8 Lynx_355 Lynx
including 137.5 137.8 0.3 103 100
OSK-W-20-2363 686.0 688.0 2.0 3.82   Lynx_365 Triple Lynx
WST-20-0011 295.4 297.6 2.2 3.66   Lynx SW Lynx
including 296.4 297.0 0.6 11.4
WST-20-0490 114.0 116.1 2.1 28.1 27.7 Lynx_339 Lynx
including 115.4 115.8 0.4 102 100
294.3 296.4 2.1 5.57   Triple Lynx Triple Lynx
including 295.7 296.1 0.4 21.7
WST-20-0498 142.0 144.0 2.0 3.38   Lynx Lynx
WST-20-0503 54.0 56.0 2.0 3.76   Lynx_311 Lynx
WST-20-0505A 280.0 282.0 2.0 3.19   Lynx SW Lynx SW
WST-20-0516 168.0 170.0 2.0 23.8   Lynx_359 Lynx
including 168.5 169.3 0.8 43.0
WST-20-0525 159.7 161.8 2.1 10.8   Lynx_359 Lynx
including 160.3 160.6 0.3 52.7
WST-20-0536 91.0 93.0 2.0 14.2   Lynx_304 Lynx
including 91.7 92.1 0.4 66.9
98.0 100.0 2.0 13.5   Lynx_304 Lynx
including 98.6 98.9 0.3 83.8
111.0 113.0 2.0 8.90   Lynx_359 Lynx
including 111.8 112.6 0.8 22.2
117.0 119.0 2.0 3.26   Lynx_359 Lynx
WST-20-0537 99.8 101.9 2.1 5.28   Lynx_304 Lynx
WST-20-0542A 46.9 49.1 2.2 30.3   Lynx_303 Lynx
including 46.9 47.6 0.7 94.0
64.3 66.3 2.0 37.1   Lynx_323 Lynx
including 65.2 66.3 1.1 63.3
WST-20-0545 95.7 98.0 2.3 18.1   Lynx_304 Lynx
124.0 127.1 3.1 10.6   Lynx_359 Lynx
including 126.6 127.1 0.5 46.2  
WST-20-0569 243.0 245.0 2.0 13.7   Lynx SW Lynx SW
including 243.8 244.2 0.4 67.3  
WST-20-0571 413.0 415.0 2.0 6.65   Lynx SW Lynx SW
including 413.0 414.0 1.0 13.3

Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below.

SW= Southwest

 

Drill hole location

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-20-2139-W12 115 -52 1038 452980 5435549 420 3450
OSK-W-20-2243-W6 122 -54 965 453086 5435526 417 3550
OSK-W-20-2252-W7 129 -54 1191 453241 5435694 415 3750
OSK-W-20-2252-W8 129 -54 1239 453241 5435694 415 3750
OSK-W-20-2271-W2 120 -53 1223 453462 5435683 410 3950
OSK-W-20-2275 127 -49 1094 452888 5435583 409 3400
OSK-W-20-2275-W3 127 -49 1050 452888 5435583 409 3400
OSK-W-20-2275-W4 127 -49 1052 452888 5435583 409 3400
OSK-W-20-2280-W3 127 -58 1191 453304 5435639 415 3775
OSK-W-20-2280-W4 127 -58 1215 453304 5435639 415 3775
OSK-W-20-2280-W5 127 -58 1134 453304 5435639 415 3775
OSK-W-20-2283-W1 135 -50 1035 452997 5435607 425 3500
OSK-W-20-2283-W6 135 -50 957 452997 5435607 425 3500
OSK-W-20-2292-W5 125 -54 1134 453035 5435561 420 3525
OSK-W-20-2292-W6 125 -54 1110 453035 5435561 420 3525
OSK-W-20-2345 336 -62 162 452828 5434780 397 2950
OSK-W-20-2350 324 -62 177 452854 5434793 397 2975
OSK-W-20-2363 139 -52 1031 452930 5435548 419 3425
WST-20-0011 157 -54 451 453105 5435065 231 3325
WST-20-0490 160 -31 430 453256 5435209 97 3525
WST-20-0498 132 -11 169 453228 5435126 136 3475
WST-20-0503 148 6 99 453105 5435065 232 3325
WST-20-0505A 183 -45 331 453227 5435125 134 3475
WST-20-0516 168 -33 195 453418 5435305 69 3725
WST-20-0525 165 -20 187 453418 5435305 69 3725
WST-20-0536 132 -27 135 453316 5435166 124 3575
WST-20-0537 132 -32 139 453316 5435166 124 3575
WST-20-0542A 156 -30 138 453315 5435165 124 3550
WST-20-0545 112 -24 148 453316 5435166 124 3575
WST-20-0569 165 -59 526 453104 5435065 231 3325
WST-20-0571 167 -55 465 453104 5435065 231 3325

 

Lynx Zone

Mineralization occurs as grey to translucent quartz-carbonate-pyrite-tourmaline veins and pyrite replacement zones and stockworks. The vein-type 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.

 

Triple Lynx

Mineralization in the Triple Lynx zone is vein-type, quartz-carbonate-pyrite-tourmaline veins, associated with pervasive sericite-pyrite ± silica alteration and contain sulphides similar to the main Lynx Zone, pyrite dominated with minor other sulphides, ranging from trace to up to 70% locally, and local visible gold. Locally fuchsite is present when proximal to the gabbros. Mineralization is hosted in or at the contacts of felsic porphyritic dikes with rhyolites (locally bleached) or gabbros.

 

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 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 3.0 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 a four acids digestion -MS61 method at ALS Laboratories. Drill program design, QualityAssurance/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 Eeyou Istchee James Bay, Québec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 19, 2020 and supported by the technical report entitled “An updated mineral resource estimate for the Windfall Lake Project, Located in the Abitibi Greenstone Belt, Urban Township, Eeyou Istchee James Bay, Québec, Canada” and dated April 3, 2020 (with an effective date of January 3, 2020), and assuming a cut-off grade of 3.5 g/t, comprises 4,127,000 tonnes at 9.1 g/t Au (1,206,000 ounces) in the indicated mineral resource category and 14,532,000 tonnes at 8.40 g/t Au (3,938,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 19,2020 news release are further described in the full technical report prepared by Micon International Limited (“Micon”) and BBA Inc (“BBA”), in accordance with NI 43-101 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 deformed sub-vertical zones plunging to the northeast. Vein-type or pyrite replacement-type styles of mineralization crosscut syn-volcanic host rocks and syn-deformation felsic porphyry intrusions and are spatially associated with the contacts of the intrusions. The deposit is well defined from surface to a depth of 1,200 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 gold deposit located between Val-d’Or and Chibougamau in Québec and holds a100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,700 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; the prospects, if any, of the Windfall gold deposit; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the projected capital expenditures of mining activities at the Windfall gold deposit; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the deposit remaining open along strike to the northeast and at depth; significant high-grade zones (Lynx 4, Triple Lynx) remaining open down plunge; the plunge potential of the Lynx and Underdog zones; 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 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 MINING ANNOUNCES C$60 MILLION “BOUGHT DEAL” PRIVATE PLACEMENT OF FLOW-THROUGH SHARES

(Toronto, January 15, 2021) – Osisko Mining Inc. (TSX:OSK) (“Osisko” or the “Corporation“) is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. on behalf of a syndicate of underwriters (collectively, the “Underwriters“) in connection with a “bought deal” private placement financing (the “Offering“) of an aggregate of 11,215,000 common shares of the Corporation that will qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act(Québec)) (the “Flow-Through Shares“).

 

The Flow-Through Shares will be issued at a price of C$5.35 (the “Issue Price“) for aggregate gross proceeds of C$60,000,250. In addition, the Corporation will grant the Underwriters an option (the “Underwriter’s Option”) to sell an additional 1,870,000 Flow-Through Shares, at the Issue Price for additional gross proceeds of C$10,004,500,exercisable 48 hours prior to closing.

 

The gross proceeds from the issue and sale of the Flow-Through Shares will be used by the Corporation to incur eligible “Canadian exploration expenses” that will qualify as “flow-through mining expenditures” as such terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures“) related to the Corporation’s projects in Québec on or before December 31, 2022. All Qualifying Expenditures will be renounced in favour of the subscribers of the Flow-Through Shares effective December 31, 2021.

 

The Offering is expected to close on or about February 12, 2021 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange and the applicable securities regulatory authorities. The Flow-Through Shares to be issued under the Offering will be subject to a hold period in Canada expiring four months and one day from the closing date of the Offering.

 

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

 

About Osisko Mining Inc.

The Windfall gold deposit is located between Val-d’Or and Chibougamau in Eeyou Istchee James Bay, Québec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 19, 2020 and supported by the technical report entitled “An updated mineral resource estimate for the Windfall Lake Project, Located in the Abitibi Greenstone Belt, Urban Township, Eeyou Istchee James Bay, Québec, Canada” and dated April 3, 2020 (with an effective date of January 3, 2020), and assuming a cut-off grade of 3.5 g/t, comprises 4,127,000 tonnes at 9.1 g/t Au (1,206,000 ounces) in the indicated mineral resource category and 14,532,000 tonnes at 8.40 g/t Au (3,938,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 19, 2020 news release are further described in the full technical report prepared by Micon International Limited (“Micon”) and BBA Inc (“BBA”), in accordance with NI 43-101 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 deformed sub-vertical zones plunging to the northeast. Vein-type or pyrite replacement-type styles of mineralization crosscut syn-volcanic host rocks and syn-deformation felsic porphyry intrusions and are spatially associated with the contacts of the intrusions. The deposit is well defined from surface to a depth of 1,200 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.

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 and projections as at the date of this news release. The information in this news release about the Offering; the use of the proceeds from the Offering; the jurisdictions in which the Flow-Through Shares will be offered or sold; the number of Flow-Through Shares offered or sold; the size of the Offering; the timing and ability of the Corporation to close the Offering, if at all; the timing and ability of the Corporation to satisfy the customary listing conditions of the Toronto Stock Exchange, if at all; the timing and ability of the Corporation to obtain all necessary approvals; the tax treatment of the securities issued under the Offering under the Income Tax Act (Canada) and Taxation Act (Québec); the timing to renounce all Qualifying Expenditures in favour of the subscribers, if at all; 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, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “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 Osisko, 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 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 Offering; volatility in the trading price of common shares of the Corporation; risks relating to the ability of the Corporation to obtain required approvals, complete definitive documentation and complete the Offering; the ability of Osisko to complete further exploration activities, including drilling; property interests; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; changes in the tax and regulatory regime; 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 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

OSISKO WINDFALL DRILLING STEPS OUT INTO MORE … GOLD

New Intercepts Include 344 g/t Au Over 2.2 Metres in Triple Lynx

(Toronto, January 11, 2021) 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.

Drilling is currently focused on the Lynx deposit. Osisko Chief Executive Officer John Burzynski commented: “Today’s new intersections are all from outside the published 2020 resource area and highlight the strong upside growth potential of our deposit. Step-out drilling remains focused on the open down plunge areas of known mineralized corridors in the Lynx area as well as some other high potential areas.”

The table below shows intercepts located outside the February 2020 mineral resource estimate wireframes (see Osisko news release dated February 19, 2020). These intercepts either expand the resource wireframes or are located in a defined zone/corridor but not yet correlated to a specific wireframe. Significant new analytical results are presented below and include 80 intercepts in 27 drill holes and 22 wedges.

Selected high-grade intercepts from the new results include: 344 g/t Au over 2.2 metres in OSK-W-20-2313-W2; 114 g/t Au over 2.6 metres in OSK-W-20-2280-W5; 90.2 g/t Au over 2.0 metres in WST-20-0380; 74.2 g/t Au over 2.2 metres in OSK-W-19-1949-W3; and 26.7 g/t Au over 7.0 metres in WST-20-0078. Maps showing hole locations and full analytical results are available at www.osiskomining.com

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-19-1949-W3 737.4 739.6 2.2 74.2 47 Lynx Lynx
including 737.4 737.8 0.4 133 100
and 737.8 738.3 0.5 194 100
OSK-W-20-2133-W4 946.6 951.7 5.1 3.47   Lynx_331 Lynx
956.7 960.1 3.4 23.2   Lynx_331 Lynx
including 957.7 958.7 1.0 60.6
OSK-W-20-2139-W12 873.4 875.4 2.0 10.2   Triple Lynx Triple Lynx
998.0 1000.0 2.0 5.67   Triple Lynx Triple Lynx
OSK-W-20-2170-W6 1367.8 1370.0 2.2 6.61   Lynx 4 Lynx
1379.0 1381.0 2.0 14.5   Lynx 4 Lynx
OSK-W-19-2182 97.0 99.0 2.0 9.65   Lynx Lynx
OSK-W-20-2251 1836.0 1838.0 2.0 21.0 20.3 Triple Lynx Triple Lynx
including 1836.9 1837.3 0.4 104 100
1908.6 1910.6 2.0 5.24   Triple Lynx Triple Lynx
including 1908.6 1909.2 0.6 15.9
OSK-W-20-2251-W1 2112.0 2114.0 2.0 8.45   Lynx 4 Lynx
OSK-W-20-2252-W4 1059.0 1061.0 2.0 12.5   Triple Lynx Triple Lynx
1100.2 1104.9 4.7 6.74   Triple Lynx Triple Lynx
including 1100.2 1100.6 0.4 22.7
and 1104.3 1104.9 0.6 33.2
1109.4 1113.6 4.2 19.2   Triple Lynx Triple Lynx
including 1111.0 1111.7 0.7 40.6
OSK-W-20-2252-W5 1017.7 1020.0 2.3 8.54   Triple Lynx Triple Lynx
including 1018.5 1019.0 0.5 35.3
OSK-W-20-2256-W6 1051.0 1054.0 3.0 12.0   Triple Lynx Triple Lynx
including 1052.1 1053.0 0.9 37.7
OSK-W-20-2264 814.8 821.8 7.0 11.7   Lynx 4 Lynx
including 816.3 816.8 0.5 31.4
and 818.8 819.6 0.8 57.5
863.3 865.3 2.0 6.29   Lynx 4 Lynx
OSK-W-20-2271-W1 752.1 754.2 2.1 5.05   Lynx Lynx
784.3 786.5 2.2 4.38   Lynx Lynx
840.1 842.2 2.1 4.57   Lynx Lynx
including 841.9 842.2 0.3 19.7
1032.0 1034.0 2.0 26.3   Lynx 4 Lynx
including 1033.0 1033.5 0.5 97.5
1049.0 1051.0 2.0 7.98   Lynx Lynx
OSK-W-20-2271-W2 814.0 816.9 2.9 6.00   Lynx Lynx
OSK-W-20-2280-W2 1059.8 1062.0 2.2 30.7   Triple Lynx Triple Lynx
including 1060.8 1062.0 1.2 53.2
OSK-W-20-2280-W5 976.8 979.4 2.6 114 29.3 Lynx_368 Triple Lynx
including 976.8 977.5 0.7 416 100
1070.0 1074.0 4.0 22.0   Triple Lynx Triple Lynx
including 1072.3 1073.2 0.9 52.3
OSK-W-20-2283-W2 945.0 947.0 2.0 15.7   Triple Lynx Triple Lynx
including 946.0 947.0 1.0 31.1
OSK-W-20-2292-W1 559.2 561.5 2.3 11.6   Triple Lynx Triple Lynx
1014.6 1016.6 2.0 5.46   Triple Lynx Triple Lynx
1115.0 1117.0 2.0 4.39   Triple Lynx Triple Lynx
1122.6 1125.0 2.4 12.6   Triple Lynx Triple Lynx
including 1123.8 1124.5 0.7 28.1
OSK-W-20-2292-W2 560.0 562.0 2.0 6.43   Triple Lynx Triple Lynx
including 560.0 560.5 0.5 21.2
OSK-W-20-2295-W1 477.6 479.7 2.1 20.4   Lynx_365 Triple Lynx
including 477.9 478.5 0.6 69.8
805.0 807.0 2.0 17.5   Triple Lynx Triple Lynx
including 805.5 806.4 0.9 36.3
OSK-W-20-2295-W2 477.0 479.1 2.1 3.60   Lynx_365 Triple Lynx
826.2 828.2 2.0 13.0   Triple Lynx Triple Lynx
including 827.6 828.2 0.6 38.3
OSK-W-20-2295-W3 689.0 691.0 2.0 7.23   Triple Lynx Triple Lynx
including 689.5 690.0 0.5 27.4
OSK-W-20-2295-W4 757.0 759.3 2.3 4.08   Triple Lynx Triple Lynx
including 757.0 757.5 0.5 10.1
1026.0 1028.1 2.1 16.3   Triple Lynx Triple Lynx
including 1027.6 1028.1 0.5 65.5
OSK-W-20-2313 864.0 870.0 6.0 5.58   Triple Lynx Triple Lynx
including 864.0 864.6 0.6 23.8
1035.4 1037.6 2.2 13.0   Triple Lynx Triple Lynx
including 1036.4 1037.0 0.6 47.4
OSK-W-20-2313-W2 645.8 648.0 2.2 344 13.7 Triple Lynx Triple Lynx
including 647.1 647.4 0.3 2520 100
OSK-W-20-2313-W3 849.7 852.0 2.3 12.9   Triple Lynx Triple Lynx
including 850.2 850.5 0.3 98.8
OSK-W-20-2313-W6 730.0 732.0 2.0 4.13   Triple Lynx Triple Lynx
OSK-W-20-2317 621.0 623.0 2.0 7.24   Triple Lynx Triple Lynx
662.0 664.2 2.2 3.81   Triple Lynx Triple Lynx
including 663.7 664.2 0.5 13.1
741.0 743.4 2.4 5.05   Triple Lynx Triple Lynx
including 741.8 742.4 0.6 19.8
OSK-W-20-2319 514.0 516.7 2.7 19.1   Lynx Lynx
including 514.0 514.4 0.4 88.7
589.4 591.9 2.5 21.9 20.7 Lynx Lynx
including 591.4 591.9 0.5 106 100
OSK-W-20-2328 525.0 527.0 2.0 6.68   Lynx SW Lynx SW
including 525.0 526.0 1.0 13.1
669.0 671.7 2.7 6.43   Lynx SW Lynx SW
including 670.4 670.7 0.3 45.8
859.5 861.5 2.0 9.69   Lynx 4 Lynx
including 860.4 861.0 0.6 31.1
OSK-W-20-2334 728.0 730.3 2.3 7.87   Lynx Lynx
OSK-W-20-2339 933.0 935.0 2.0 5.27   Triple Lynx Triple Lynx
944.0 946.0 2.0 5.05   Triple Lynx Triple Lynx
OSK-W-20-2351 699.0 701.0 2.0 9.84   Lynx_376 Triple Lynx
including 699.7 700.2 0.5 37.6
OSK-W-20-2353 978.8 981.0 2.2 3.80   Triple Lynx Triple Lynx
including 978.8 979.3 0.5 11.6
  1295.2 1297.3 2.1 4.49   Triple Lynx Triple Lynx
OSK-W-20-2370 109.1 111.6 2.5 3.80   Lynx SW Lynx SW
WST-20-0012D 305.6 308.0 2.4 4.47   Lynx SW Lynx SW
317.0 319.0 2.0 18.0   Lynx SW Lynx SW
including 317.6 318.3 0.7 48.7
394.5 396.5 2.0 6.59   Lynx SW Lynx SW
including 395.3 395.9 0.6 21.4
WST-20-0078 263.4 270.4 7.0 26.7   Triple Lynx Triple Lynx
310.6 312.9 2.3 4.83   Triple Lynx Triple Lynx
417.0 419.1 2.1 3.46   Lynx SW Lynx SW
WST-20-0330 383.8 386.1 2.3 5.00   Lynx SW Lynx SW
including 385.2 385.6 0.4 28.6
WST-20-0380 14.0 16.0 2.0 90.2 50.2 Lynx Lynx
including 15.0 16.0 1.0 180 100
WST-20-0401 141.0 143.0 2.0 4.33   Lynx_301 Lynx
WST-20-0425 59.0 61.7 2.7 3.73   Lynx Lynx
WST-20-0475 155.0 157.6 2.6 16.6   Lynx_301 Lynx
including 155.7 156.3 0.6 65.6
WST-20-0482 38.0 40.4 2.4 4.25   Lynx Lynx
WST-20-0485 44.2 46.4 2.2 3.97   Lynx_325 Lynx
WST-20-0489 277.0 279.0 2.0 6.36   Triple Lynx Triple Lynx
WST-20-0516 106.0 108.0 2.0 5.56   Lynx Lynx
WST-20-0523A 310.0 312.0 2.0 7.57   Lynx SW Lynx SW
WST-20-0529 214.8 217.4 2.6 8.53   Lynx Lynx
including 215.5 215.8 0.3 19.0
227.9 230.1 2.2 8.48   Lynx Lynx
including 227.9 228.4 0.5 28.0
WST-20-0541 116.1 118.2 2.1 8.87   Lynx_359 Lynx
including 116.1 116.7 0.6 30.4
WST-20-0546A 234.0 238.0 4.0 4.10   Lynx SW Lynx SW
including 237.7 238.0 0.3 17.6

Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below. SW = Southwest.

Drill hole location

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-19-1949-W3 105 -57 1326 453440 5435479 401 3825
OSK-W-20-2133-W4 118 -49 987 453080 5435531 417 3525
OSK-W-20-2139-W12 115 -52 1038 452980 5435549 420 3450
OSK-W-20-2170-W6 128 -59 1407 453425 5435657 413 3900
OSK-W-19-2182 132 -50 141 453505 5435428 399 3850
OSK-W-20-2251 96 -53 2053 453261 5435936 407 3900
OSK-W-20-2251-W1 96 -53 2278 453261 5435936 407 3900
OSK-W-20-2252-W4 129 -54 1143 453241 5435694 415 3750
OSK-W-20-2252-W5 129 -54 1092 453241 5435694 415 3750
OSK-W-20-2256-W6 125 -51 1157 453160 5435686 411 3675
OSK-W-20-2264 292 -74 1119 454127 5435062 396 4225
OSK-W-20-2271-W1 120 -53 1200 453462 5435683 410 3950
OSK-W-20-2271-W2 120 -53 1223 453462 5435683 410 3950
OSK-W-20-2280-W2 127 -58 1211 453304 5435639 415 3775
OSK-W-20-2280-W5 127 -58 1134 453304 5435639 415 3775
OSK-W-20-2283-W2 135 -50 1011 452997 5435607 425 3500
OSK-W-20-2292-W1 125 -54 1149 453035 5435561 420 3525
OSK-W-20-2292-W2 125 -54 1002 453035 5435561 420 3525
OSK-W-20-2295-W1 132 -51 960 452933 5435473 415 3375
OSK-W-20-2295-W2 132 -51 963 452933 5435473 415 3375
OSK-W-20-2295-W3 132 -51 969 452933 5435473 415 3375
OSK-W-20-2295-W4 132 -51 1082 452933 5435473 415 3375
OSK-W-20-2313 134 -52 1080 452965 5435583 420 3450
OSK-W-20-2313-W2 134 -52 1047 452965 5435583 420 3450
OSK-W-20-2313-W3 134 -52 1041 452965 5435583 420 3450
OSK-W-20-2313-W6 134 -52 1029 452965 5435583 420 3450
OSK-W-20-2317 129 -55 900 453026 5435407 412 3425
OSK-W-20-2319 141 -50 768 452872 5435153 409 3175
OSK-W-20-2328 136 -56 942 452872 5435153 409 3175
OSK-W-20-2334 125 -53 1166 453397 5435557 413 3825
OSK-W-20-2339 144 -50 1025 452961 5435441 414 3400
OSK-W-20-2351 141 -49 1107 452895 5435539 410 3375
OSK-W-20-2353 129 -50 1338 452732 5435570 405 3250
OSK-W-20-2370 351 -46 297 452721 5434747 397 2850
WST-20-0012D 174 -62 465 453226 5435126 134 3475
WST-20-0078 154 -62 525 453227 5435125 134 3475
WST-20-0330 183 -34 422 453226 5435125 135 3475
WST-20-0380 159 11 85 453228 5435126 136 3475
WST-20-0401 159 29 162 453493 5435287 119 3775
WST-20-0425 161 18 166 453358 5435208 156 3625
WST-20-0475 135 41 174 453494 5435287 120 3775
WST-20-0482 165 9 181 453449 5435264 117 3725
WST-20-0485 148 -44 181 453359 5435209 154 3625
WST-20-0489 174 -31 415 453256 5435209 96 3525
WST-20-0516 168 -33 195 453418 5435305 69 3725
WST-20-0523A 166 -46 387 453104 5435065 231 3325
WST-20-0529 305 -42 426 453414 5435310 69 3725
WST-20-0541 150 -28 138 453315 5435165 124 3575
WST-20-0546A 175 -51 484 453228 5435126 135 3475

Lynx Zone

Mineralization occurs as grey to translucent quartz-carbonate-pyrite-tourmaline veins and pyrite replacement zones and stockworks. The vein-type 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.

 

Triple Lynx

Mineralization in the Triple Lynx zone is vein-type, quartz-carbonate-pyrite-tourmaline veins, associated with pervasive sericite-pyrite ± silica alteration and contain sulphides similar to the main Lynx Zone, pyrite dominated with minor other sulphides, ranging from trace to up to 70% locally, and local visible gold. Locally fuchsite is present when proximal to the gabbros. Mineralization is hosted in or at the contacts of felsic porphyritic dikes with rhyolites (locally bleached) or gabbros.

 

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 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 3.0 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, QualityAssurance/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 Eeyou Istchee James Bay, Québec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 19, 2020 and supported by the technical report entitled “An updated mineral resource estimate for the Windfall Lake Project, Located in the Abitibi Greenstone Belt, Urban Township, Eeyou Istchee James Bay, Québec, Canada” and dated April 3, 2020 (with an effective date of January 3, 2020), and assuming a cut-off grade of 3.5 g/t, comprises 4,127,000 tonnes at 9.1 g/t Au (1,206,000 ounces) in the indicated mineral resource category and 14,532,000 tonnes at 8.40 g/t Au (3,938,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 19,2020 news release are further described in the full technical report prepared by Micon International Limited (“Micon”) and BBA Inc (“BBA”), in accordance with NI 43-101 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 deformed sub-vertical zones plunging to the northeast. Vein-type or pyrite replacement-type styles of mineralization crosscut syn-volcanic host rocks and syn-deformation felsic porphyry intrusions and are spatially associated with the contacts of the intrusions. The deposit is well defined from surface to a depth of 1,200 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 gold deposit located between Val-d’Or and Chibougamau in Québec and holds a100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,700 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; the prospects, if any, of the Windfall gold deposit; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the projected capital expenditures of mining activities at the Windfall gold deposit; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the deposit remaining open along strike to the northeast and at depth; significant high-grade zones (Lynx 4, Triple Lynx) remaining open down plunge; the plunge potential of the Lynx and Underdog zones; 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 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 MINING ANNOUNCES C$150 MILLION “BOUGHT DEAL” PRIVATE PLACEMENT OF UNITS

(Toronto, June 1, 2020) – Osisko Mining Inc. (TSX:OSK) (“Osisko” or the “Corporation”) is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. and Eight Capital to act as co-lead underwriters (the “Co-Lead Underwriters”), on behalf of a syndicate of underwriters (collectively with the Co-Lead Underwriters, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a bought-deal private placement basis, 41,100,000 units of the Corporation (the “Units”) at a price of C$3.65 per Unit (the “Offering Price”) for gross proceeds of C$150,015,000 (the “Underwritten Offering”).

Each Unit will consist of one common share of the Corporation (a “Unit Share”) and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant will entitle the holder to acquire one common share of the Corporation for 18 months from the closing of the Offering at a price of C$5.25.

The Corporation shall grant the Underwriters an option to purchase up to an additional 7,400,000 Units at the Offering Price for additional gross proceeds of up to C$27,010,000 (the “Underwriter Option”) exercisable at any time up to 48 hours prior to the closing of the Offering.

The net proceeds received from the Offering will be used to advance the Corporation’s projects in Québec, as well as for working capital and general corporate purposes.

It is anticipated that closing of the Offering will occur on or about June 23, 2020 or such other date or dates as the Corporation and the Underwriters may agree. The Offering is subject to the satisfaction of certain conditions, including receipt of all applicable regulatory approvals including the approval of the Toronto Stock Exchange. The securities to be issued under the Offering will have a hold period of four months and one day from the applicable closing date in accordance with applicable securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

 

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 Quévillon area (over 2,700 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 closing of the Offering, use of proceeds of the Offering, the exercise of the Over-Allotment Option, and the approval of the TSX relating to the Offering; 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 terms and duration of any government orders suspending or limiting operations that are applicable to Osisko; the responses of relevant governments to the COVID-19 outbreak and the effectiveness of such responses; 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 INFILL DRILLING CONTINUES TO INTERSECT HIGH-GRADE AT LYNX

Includes 84.6 g/t Au Over 11.8 Metres, 429 g/t Au Over 2.2 Metres

 (Toronto, July 8, 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 focused 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 35 intercepts in 10 drill holes and 13 wedges from surface focused on Lynx and Main Zone infill drilling are presented below. Additionally, 34 intercepts in 20 underground drill holes focused on 5 metres infill drilling, including the pending Lynx bulk sample area, are included in a second table below.

Highlights from new infill drilling results at Lynx include: 84.6 g/t Au over 11.8 metres in OSK-W-19-909-W11; 429 g/t Au over 2.2 metres in OSK-W-19-934-W2; 149 g/t Au over 2.2 metres in WST-19-0134; 121 g/t Au over 2.3 metres in OSK-W-19-1857-W2; 119 g/t Au over 2.0 metres in WST-19-0139; 86.9 g/t Au over 2.7 metres in WST-19-0145 and 63.2 g/t Au over 2.3 metres in WST-19-0138. Maps showing hole locations and full analytical results are available at www.osiskomining.com.

Osisko President and Chief Executive Officer John Burzynski commented: “We continue to be impressed by the gold mineralization we are encountering in the infill and expansion drilling at Lynx.  We are very optimistic that we will be able to add significant ounces as we progress with resource drilling and exploration of the Windfall deposit.”

 

Surface Drilling

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Area Zone
OSK-W-18-1539 1021.8 1024.0 2.2 4.46 Lynx 4 Lynx
including 1021.8 1022.5 0.7 13.2
OSK-W-18-1745 800.9 803.4 2.5 5.96 Lynx 4 Lynx
including 801.6 802.1 0.5 29.2
  905.9 911.6 5.7 3.98 Lynx_327 Lynx
OSK-W-19-909-W7 985.0 987.1 2.1 14.3 Lynx_313 Lynx
OSK-W-19-909-W11 912.2 924.0 11.8 84.6 42.3 Lynx_317 Lynx
including 915.8 922.6 6.8 142 68.2
including 915.8 917.4 1.6 149 100
including 920.1 922.6 2.5 266 97.2
OSK-W-19-934-W2 831.0 834.0 3.0 32.9 Lynx 4 Lynx
including 831.0 832.0 1.0 79.8
  855.9 857.9 2.0 16.9   Lynx 4 Lynx
including 856.9 857.9 1.0 33.4
  901.8 904.0 2.2 429 50.2 Lynx_313 Lynx
including 901.8 902.4 0.6 1270 100
including 903.5 904.0 0.5 361 100
OSK-W-19-1181-W8 910.3 912.6 2.3 8.31   Lynx_314 Lynx
including 911.0 911.6 0.6 28.3
  933.7 936.0 2.3 13.1   Lynx_317 Lynx
including 934.7 935.3 0.6 34.2
OSK-W-19-1181-W9 952.4 955.0 2.6 48.2 28.3 Lynx_317 Lynx
including 953.4 954.1 0.7 174 100
OSK-W-19-1746-W1 683.2 685.7 2.5 19.0   Lynx Lynx
including 683.2 683.7 0.5 50.1
  764.0 766.4 2.4 17.0   Lynx_336 Lynx
including 765.2 765.7 0.5 81.4
OSK-W-19-1835 946.0 948.4 2.4 5.06   Vein  
OSK-W-19-1835-W1 651.2 653.3 2.1 4.28   Underdog Underdog
including 651.2 652.4 1.2 7.38
862.8 865.0 2.2 3.26   Underdog Underdog
OSK-W-19-1857-W2 1274.5 1276.8 2.3 121 39.7 Lynx_313 Lynx
including 1274.9 1275.8 0.9 307 100
OSK-W-19-1875 244.3 247.0 2.7 5.76   Vein  
including 244.3 245.1 0.8 18.3  
OSK-W-19-1880 149.0 151.2 2.2 4.07   Caribou corridor Caribou
including 149.6 150.2 0.6 14.8
OSK-W-19-1900 262.0 264.0 2.0 9.41   Caribou_230 Caribou
including 262.0 263.0 1.0 18.3
OSK-W-19-1921-W1 787.0 789.1 2.1 19.9   Lynx Lynx
including 788.3 788.8 0.5 81.3
897.6 900.0 2.4 4.01   Lynx_312 Lynx
OSK-W-19-1921-W2 1040.2 1043.7 3.5 7.83   Lynx 4 Lynx
OSK-W-19-1932 671.7 675.8 4.1 31.3   Lynx_326 Lynx
including 674.1 675.0 0.9 97.3
OSK-W-19-1932-W1 688.3 690.5 2.2 3.40   Lynx_324 Lynx
OSK-W-19-1932-W2 717.5 719.5 2.0 10.2   Lynx_326 Lynx
  745.0 747.0 2.0 86.5 70.4 Lynx_324 Lynx
including 745.6 747.0 1.4 123 100
800.9 803.0 2.1 85.8 20 Lynx 4 Lynx
including 801.8 802.2 0.4 445 100
808.0 810.0 2.0 29.6 27.2 Lynx 4 Lynx
including 808.5 809.0 0.5 110 100
OSK-W-19-1939 351.0 353.0 2.0 6.44   Lynx_316 Lynx
357.9 360.3 2.4 18.7   Lynx_316 Lynx
including 357.9 358.4 0.5 68.3
OSK-W-19-1942 861.2 863.5 2.3 11.3   Lynx_327 Lynx
including 861.2 861.7 0.5 45.4
OSK-W-19-1942-W1 837.0 839.0 2.0 3.08   Lynx_313 Lynx
OSK-W-19-1949 731.0 733.0 2.0 3.19   Lynx Lynx
971.3 975.0 3.7 11.5   Lynx_317 Lynx
including 972.1 973.1 1.0 31.2
996.2 999.5 3.3 31.3   Lynx_330 Lynx
including 996.2 997.1 0.9 74.2
including 999.1 999.5 0.4 79.0

 

Underground drilling

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Area Zone
WST-19-0088 58.9 61.0 2.1 4.67   Caribou_201 Caribou
WST-19-0112 70.8 73.1 2.3 17.2   Lynx_311 Lynx
WST-19-0119 108.0 110.0 2.0 3.07   Lynx_305 Lynx
WST-19-0123 113.6 116.0 2.4 6.77   Lynx_304 Lynx
WST-19-0127B 41.3 44.4 3.1 21.9 13.8 Lynx_311 Lynx
including 41.9 42.2 0.3 185 100
WST-19-0131 50.0 52.4 2.4 13.8   Lynx_311 Lynx
including 50.0 50.3 0.3 75.2
56.6 59.1 2.5 92.1 28.6 Lynx_308 Lynx
including 58.0 58.3 0.3 393 100
including 58.7 59.1 0.4 277 100
82.5 84.6 2.1 12.9   Lynx_305 Lynx
WST-19-0133 52.9 59.1 6.2 12.9 12.4 Lynx_311 Lynx
including 52.9 53.2 0.3 75.4
including 57.0 57.3 0.3 42.7
including 58.3 58.6 0.3 109 100
WST-19-0134 51.9 54.0 2.1 10.8   Lynx_308 Lynx
including 51.9 52.2 0.3 68.4
71.5 73.7 2.2 10.5   Lynx_310 Lynx
including 72.2 72.8 0.6 38.2
110.8 113.0 2.2 149 27.3 Lynx_304 Lynx
including 110.8 111.1 0.3 994 100
WST-19-0137 96.0 98.0 2.0 10.4   Lynx_305 Lynx
WST-19-0138 68.0 70.4 2.4 5.52   Lynx Lynx
including 68.5 69.4 0.9 14.5
96.0 98.0 2.0 3.04   Lynx_304 Lynx
including 96.5 97.1 0.6 9.91
100.0 102.3 2.3 63.2 39.3 Lynx_304 Lynx
including 100.6 101.5 0.9 161 100
WST-19-0139 103.0 105.0 2.0 119 46.6 Lynx_304 Lynx
including 103.0 103.9 0.9 262 100
WST-19-0140 42.0 44.0 2.0 7.58   Lynx Lynx
including 43.1 43.4 0.3 48.2
53.4 57.7 4.3 9.00   Lynx_308 Lynx
including 53.4 53.8 0.4 76.0
  102.8 105.4 2.6 10.3   Lynx_304 Lynx
WST-19-0145 68.8 71.5 2.7 86.9 15.2 Lynx_310 Lynx
including 68.8 69.1 0.3 746 100
WST-19-0146 63.0 65.0 2.0 4.84   Lynx_308 Lynx
including 63.8 64.1 0.3 31.8
77.0 79.0 2.0 3.51   Lynx_310 Lynx
88.0 90.0 2.0 63.7 50.2 Lynx_310 Lynx
including 89.0 90.0 1.0 127 100
105.4 109.4 4.0 5.60   Lynx_305 Lynx
WST-19-0149 49.0 51.2 2.2 106 68.4 Lynx_311 Lynx
including 49.0 49.4 0.4 199 100
including 50.7 51.2 0.5 188 100
WST-19-0150B 44.0 46.1 2.1 17.7   Lynx_311 Lynx
49.8 51.9 2.1 33.5 26.7 Lynx_311 Lynx
including 49.8 50.2 0.4 136 100
WST-19-0153 45.9 50.4 4.5 15.9   Lynx_308 Lynx
including 45.9 47.0 1.1 51.0
WST-19-0156 46.0 48.9 2.9 10.4   Lynx_311 Lynx
including 47.8 48.6 0.8 30.2
98.5 101.0 2.5 21.3 16.5 Lynx_305 Lynx
including 99.6 100.0 0.4 130 100
WST-19-0157 70.0 72.0 2.0 3.86 Lynx_308 Lynx
WST-19-0158 119.3 121.3 2.0 10.3 Lynx_305 Lynx
132.0 134.0 2.0 3.10 Lynx_304 Lynx

Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below.

 

Surface Drilling

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation

(m)

Section
OSK-W-18-1539 145 -52 1119 453374 5435448 402 3750
OSK-W-18-1745 134 -51 1038 453218 5435347 407 3575
OSK-W-19-909-W7 131 -55 1080 453683 5435677 401 4125
OSK-W-19-909-W11 131 -55 990 453683 5435677 401 4125
OSK-W-19-934-W2 144 -55 1167 453407 5435463 401 3800
OSK-W-19-1181-W8 133 -58 1035 453789 5435790 401 4275
OSK-W-19-1181-W9 133 -58 1058 453789 5435790 401 4275
OSK-W-19-1746-W1 142 -53 840 453280 5435389 405 3650
OSK-W-19-1835 172 -53 1293 452305 5435389 406 2825
OSK-W-19-1835-W1 172 -53 948 452305 5435474 406 2825
OSK-W-19-1857-W2 108 -58 1449 453525 5435704 405 4000
OSK-W-19-1875 154 -46 360 452021 5435223 405 2450
OSK-W-19-1880 333 -52 372 452553 5434682 403 2650
OSK-W-19-1900 323 -52 345 452619 5434731 402 2750
OSK-W-19-1921-W1 112 -52 951 453501 5435490 399 3875
OSK-W-19-1921-W2 112 -52 1080 453501 5435490 399 3875
OSK-W-19-1932 127 -55 711 453709 5435621 400 4125
OSK-W-19-1932-W1 127 -55 723 453709 5435621 400 4125
OSK-W-19-1932-W2 127 -55 824 453709 5435621 400 4125
OSK-W-19-1939 126 -45 519 453285 5435277 400 3600
OSK-W-19-1942 128 -54 930 453314 5435388 403 3675
OSK-W-19-1942-W1 128 -54 942 453314 5435388 403 3675
OSK-W-19-1949 105 -57 1073 453440 5435479 401 3825

 

Underground drilling

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation (m) Section
WST-19-0088 307 16 136 452147 5434645 194 2300
WST-19-0112 141 -28 139 453219 5435116 223 3450
WST-19-0119 144 -35 157 453252 5435110 206 3475
WST-19-0123 132 -17 135 453253 5435110 206 3475
WST-19-0127B 154 -5 55 453252 5435110 206 3475
WST-19-0131 143 24 129 453252 5435110 206 3475
WST-19-0133 154 27 129 453252 5435110 206 3475
WST-19-0134 154 14 127 453251 5435110 207 3475
WST-19-0137 136 13 129 453268 5435108 206 3500
WST-19-0138 136 3 120 453268 5435108 206 3500
WST-19-0139 134 -8 121 453266 5435107 206 3500
WST-19-0140 134 -16 120 453266 5435107 206 3500
WST-19-0145 142 -45 142 453290 5435116 204 3525
WST-19-0146 175 -44 160 453289 5435116 204 3525
WST-19-0149 159 -28 90 453252 5435110 205 3475
WST-19-0150B 145 -14 72 453252 5435110 205 3475
WST-19-0153 162 25 115 453289 5435116 206 3525
WST-19-0156 161 -39 142 453289 5435116 205 3525
WST-19-0157 164 -47 103 453289 5435116 205 3525
WST-19-0158 149 -50 151 453289 5435116 204 3525

 

OSK-W-18-1539 intersected 4.46 g/t Au over 2.2 metres. Mineralization includes up to 10% disseminated pyrite, 4% pyrite stringers and clusters, 3% pyrite in ptygmatic tourmaline veinlets and 2% interstitial pyrite within a silica, sericite and fuchsite altered rhyolite and a sericite and chlorite altered andesite.

 

OSK-W-18-1745 intersected two intervals: 5.96 g/t Au over 2.5 metres and 3.98 g/t Au over 5.7 metres. The first interval contains 7% disseminated and dismembered stringer pyrite in a moderate silica and sericite altered andesite at the contact with a porphyritic felsic dike. The second interval contains up to 15% disseminated, clustered, and stringer pyrite in quartz-tourmaline and quartz-carbonate veins at the contact between a sericite and silica altered rhyolite and a sericite, silica and fuchsite altered gabbro.

 

OSK-W-19-909-W7 intersected 14.3 g/t Au over 2.1 metres. Mineralization includes 1% pyrite stringers in a strong silica, moderate sericite and weak fuchsite altered porphyritic felsic dike.

 

OSK-W-19-909-W11 intersected 84.6 g/t Au over 11.8 metres. Mineralization includes local visible gold, up to 15% pyrite stringers and clusters, and trace chalcopyrite and sphalerite within a strongly sericitized and silicified gabbro with moderate fuchsite alteration.

 

OSK-W-19-934-W2 intersected three intervals: 32.9 g/t Au over 3.0 metres, 16.9 g/t Au over 2.0 metres and 429 g/t Au over 2.2 metres. The first interval contains 4% pyrite stringers and clusters hosted in a moderate sericite-silica altered and bleached rhyolite. The second interval contains 5% interstitial pyrite in a moderate chlorite-silica altered rhyolite with breccia texture. The third interval contains 1% local visible gold veinlets and clusters and 5% pyrite within a smoky quartz-tourmaline crustiform vein hosted in a strong sericite and silica altered rhyolite at the contact with a bleached andesite.

 

OSK-W-19-1181-W8 intersected 8.31 g/t Au over 2.3 metres and 13.1 g/t Au over 2.3 metres. The first interval contains 5% disseminated, stringer, and clustered pyrite, and trace chalcopyrite in quartz-carbonate veinlets with local visible gold within a strong silica and moderate sericite altered gabbro. The second interval contains up to 30% disseminated, clustered and locally semi-massive pyrite in a strong silica altered rhyolite with moderate sericite alteration at the contact with a mafic volcanic unit.

 

OSK-W-19-1181-W9 intersected 48.2 g/t Au over 2.6 metres. Mineralization includes up to 5% disseminated pyrite, 3% pyrite clusters and trace chalcopyrite with pervasive-silica flooding and local sericite alteration hosted in a gabbro at the contact with a sericitized rhyolite.

 

OSK-W-19-1746-W1 intersected 19.0 g/t Au over 2.5 metres and 17.0 g/t Au over 2.4 metres. The first interval contains local visible gold with 20% pyrite filling millimeter to centimeter scale tourmaline fractures with massive pervasive silica flooding hosted in a porphyritic felsic intrusion. The second interval contains local visible gold with 15% disseminated or fracture-filling pyrite and 1% sphalerite in a smoky quartz vein. Both intervals are hosted is a silicified rhyolite with local fragmental texture.

 

OSK-W-19-1835 intersected 5.06 g/t Au over 2.4 metres.  Mineralization includes 1% disseminated pyrite with quartz veins in a weak sericite altered porphyritic felsic dike.

 

OSK-W-19-1835-W1 intersected 4.28 g/t Au over 2.1 metres and 3.26 g/t Au over 2.2 metres. The first interval contains 2% pyrite stringers, 10% semi-massive pyrite within a sericite and silica altered porphyritic felsic dike. The second interval contains 3% pyrite within pervasive silica flooding, 1% fracture filling pyrite and 1% disseminated pyrite in a bleached porphyritic felsic dike.

 

OSK-W-19-1857-W2 intersected 121 g/t Au over 2.3 metres. Mineralization includes local visible gold in quartz-carbonate veins, 10% disseminated, clustered, and stringer pyrite ± tourmaline, and trace chalcopyrite within a rhyolite with strong silica and moderate sericite alteration.

 

OSK-W-19-1875 intersected 5.76 g/t Au over 2.7 metres. Mineralization includes 6% disseminated pyrite and 1% pyrite in quartz-carbonate veins hosted in a sericitized andesite.

 

OSK-W-19-1880 intersected 4.07 g/t Au over 2.2 metres. Mineralization includes 3% pyrite-tourmaline stringers and trace disseminated pyrite with pervasive silica flooding and tourmaline ptygmatic veins at the contact between a porphyritic felsic dike, a rhyolite and a gabbro.

 

OSK-W-19-1900 intersected 9.41 g/t Au over 2.0 metres. Mineralization includes 3% pyrite stringers with local silicification hosted in a weak to moderate sericite and silica altered porphyritic felsic dike.

 

OSK-W-19-1921-W1 intersected two intervals in Lynx: 19.9 g/t Au over 2.1 metres and 4.01 g/t Au over 2.4 metres. The first interval contains local visible gold with 5% disseminated and stringer pyrite in a smoky quartz vein hosted in a gabbro with local and strong pervasive silica flooding. The second interval contains 4% pyrite stringers, 2% pyrite clusters and 20% quartz-carbonate veins in a moderate chlorite altered gabbro with weak sericite, silica and fuchsite alteration.

 

OSK-W-19-1921-W2 intersected 7.83 g/t Au over 3.5 metres. Mineralization includes 3% pyrite-tourmaline stringers and trace disseminated pyrite with quartz-tourmaline veins in a weakly sericitized and silicified rhyolite.

 

OSK-W-19-1932 intersected 31.3 g/t Au over 4.1 metres. Mineralization includes 5% pyrite clusters and 2% pyrite stringers within a local quartz-carbonate vein hosted in a weak fuchsite, moderate chlorite and sericite altered gabbro.

 

OSK-W-19-1932-W1 intersected 3.40 g/t Au over 2.2 metres. Mineralization includes 5% pyrite clusters and 1% pyrite stringers at the contact between a weakly sericitized and moderately silicified rhyolite and a weak silica-chlorite and moderate sericite altered gabbro.

 

OSK-W-19-1932-W2 intersected four intervals: 10.2 g/t Au over 2.0 metres, 86.5 g/t Au over 2.0 metres, 85.8 g/t Au over 2.1 metres and 29.6 g/t Au over 2.0 metres. The first interval contains 4% pyrite stringers and clusters in a sericitized and silicified gabbro with moderate fuchsite alteration. The second interval contains 5% pyrite clusters and stringers in a fragmental felsic unit with strong local silica and fuchsite alteration. The third and fourth intervals contain local visible gold and 3% pyrite with pervasive silica flooding within a sericitized and silicified rhyolite.

 

OSK-W-19-1939 intersected 6.44 g/t Au over 2.0 metres and 18.7 g/t Au over 2.4 metres. Mineralization in both intervals contains local visible gold, 5% disseminated, stringer, and clustered pyrite with ptygmatic tourmaline veinlets hosted in a moderately sericitized and weakly silicified rhyolite.

 

OSK-W-19-1942 intersected 11.3 g/t Au over 2.3 metres. Mineralization includes local visible gold, 2% disseminated and stringer pyrite with local tourmaline with pervasive silica flooding hosted in a moderate sericite and weak silica altered rhyolite.

 

OSK-W-19-1942-W1 intersected 3.08 g/t Au over 2.0 metres. Mineralization includes 4% pyrite stringers and clusters and trace sphalerite and chalcopyrite hosted in a moderate sericite and silica altered rhyolite at the contact with a moderate chlorite altered gabbro.

 

OSK-W-19-1949 intersected three intervals: 3.19 g/t Au over 2.0 metres, 11.5 g/t Au over 3.7 metres and 31.3 g/t Au over 3.3 metres.  The first interval contains local visible gold and smoky quartz veins with up to 8% pyrite in a porphyritic felsic dike with weak fuchsite and carbonate alteration. The second interval contains 4% pyrite stringers and clusters, 2% interstitial sphalerite and trace chalcopyrite with pervasive silica flooding, quartz carbonate veins and ptygmatic tourmaline veins hosted in a silicified felsic intrusion at the contact with a sericitized rhyolite. The third interval contains up to 10% pyrite with brecciated smoky quartz veins hosted in a moderate sericite and weak silica altered rhyolite.

 

WST-19-0088 intersected 4.67g/t Au over 2.1 metres. Mineralization includes 3% pyrite clusters and stringers and 1% disseminated pyrite within a chloritized fragmental andesite unit. WST-19-0088 was drilled from underground drill station AN-190-155-N located 190 metres below surface from section 2300E.

 

WST-19-0112 intersected 17.2 g/t Au over 2.3 metres. Mineralization includes 7% clustered and disseminated pyrite with intense pervasive silica flooding in a silicified porphyritic felsic dike and a rhyolite. WST-19-0112 was drilled from underground drill station RA-180-190-E located 180 metres below surface from section 3450E.

 

WST-19-0119 intersected 3.07 g/t Au over 2.0 metres. Mineralization includes 2% pyrite clusters, trace disseminated pyrite and 10% quartz-tourmaline in a weak silica and sericite altered rhyolite. WST-19-0119 was drilled from underground drill station RE-195-265-O located 195 metres below surface from section 3475E.

 

WST-19-0123 intersected 6.77 g/t Au over 2.0 metres. Mineralization includes 3% pyrite clusters with pervasive silica flooding within a weak sericite altered rhyolite. WST-19-0123 was drilled from underground drill station RE-195-265-O located 195 metres below surface from section 3475E.

 

WST-19-0127B intersected 21.9 g/t Au over 3.1 metres. Mineralization includes 3% clustered and disseminated pyrite, local pyrite-tourmaline stringers and trace sphalerite with smoky pervasive silica flooding and local pyritized fragments. Local visible gold is observed with pyrite within a sericitized breccia hosted in a sericitized rhyolite. WST-19-0127B was drilled from underground drill station RE-195-265-O located 195 metres below surface from section 3475E.

 

WST-19-0131 intersected three intervals: 13.8 g/t Au over 2.4 metres, 92.1 g/t Au over 2.5 metres and 12.9 g/t Au over 2.1 metres. Mineralization in all three intervals contains local visible gold with 2% pyrite in pervasive silica flooding zone and trace sphalerite in a sericitized and silicified fragmental felsic unit. WST-19-0131 was drilled from underground drill station RE-195-265-O located 195 metres below surface from section 3475E.

 

WST-19-0133 intersected 12.9 g/t Au over 6.2 metres. Mineralization includes local visible gold, 1% pyrite clusters with 2% pervasive silica flooding. Mineralization is directly related to silica fracture filling. The interval is hosted in a sericitized fragmental felsic unit. WST-19-0133 was drilled from underground drill station RE-195-265-O located 195 metres below surface from section 3475E.

 

WST-19-0134 intersected three intervals: 10.8 g/t Au over 2.1 metres, 10.5 g/t Au over 2.2 metres and 149 g/t Au over 2.2 metres. The first and second intervals contain local visible gold, 2% disseminated, clustered, and stringer pyrite with pervasive silica flooding hosted in a sericitized fragmental felsic unit. The third interval contains local visible gold, 7% pyrite stringers and trace sphalerite with pervasive silica flooding hosted in a weakly sericitized and moderately silicified porphyritic rhyolite. WST-19-0134 was drilled from underground drill station RE-195-265-O located 195 metres below surface from section 3475E.

 

WST-19-0137 intersected 10.4 g/t Au over 2.0 metres. Mineralization includes trace disseminated pyrite in quartz-carbonate veins in a moderated chlorite altered and faulted rhyolite. WST-19-0137 was drilled from underground drill station AN-195-265-S located 195 metres below surface from section 3500E.

 

WST-19-0138 intersected three intervals: 5.52 g/t Au over 2.4 metres, 3.04 g/t Au over 2.0 metres and 63.2 g/t Au over 2.3 metres. The first interval contains trace pyrite with quartz-tourmaline veins in a moderate chlorite-sericite altered and fragmental felsic unit. The second interval contains 4% pyrite clusters with two intense pervasive silica flooding zones with fragments of felsic intrusion, volcanics, tourmaline and pyrite at the contact with a sericitized rhyolite. The third interval contains traces of disseminated and clustered pyrite with 30% quartz-carbonate veins at the contact between a rhyolite and a chloritized gabbro. WST-19-0138 was drilled from underground drill station AN-195-265-S located 195 metres below surface from section 3500E.

.

WST-19-0139 intersected 119 g/t Au over 2.0 metres. Mineralization includes local visible gold and 15% pyrite within smoky quartz vein or pervasive silica flooding hosted at the strongly silicified contact between a felsic porphyritic intrusion and a rhyolite. WST-19-0139 was drilled from underground drill station AN-195-265-S located 195 metres below surface from section 3500E.

 

WST-19-0140 intersected three interval: 7.58 g/t Au over 2.0 metres, 9.00 g/t Au over 4.3 metres and 10.3 g/t Au over 2.6 metres. The first interval contains trace pyrite stringers, 2% disseminated pyrite and trace sphalerite with irregular quartz-carbonate-tourmaline veins hosted in sericitized fragmental felsic unit at the contact with a sericitized rhyolite. The second interval contains 1% sphalerite clusters and 7% pyrite within smoky veins hosted in weakly silicified, sericitized and fuchsitized rhyolite. The third interval contains 1% disseminated and clustered pyrite with intense silica flooding hosted in a silicified porphyritic felsic dike at the contact with a sericitized and silicified rhyolite. WST-19-0140 was drilled from underground drill station AN-195-265-S located 195 metres below surface from section 3500E.

 

WST-19-0145 intersected 86.9 g/t Au over 2.7 metres. Mineralization includes local visible gold, trace sphalerite and 1% disseminated pyrite with quartz-tourmaline-carbonate veins within a silica and carbonate altered rhyolite. WST-19-0145 was drilled from underground drill station BM-200-285-S located 200 metres below surface from section 3525E.

 

WST-19-0146 intersected four intervals: 4.84 g/t Au over 2.0 metres, 3.51 g/t Au over 2.0 metres, 63.7 g/t Au over 2.0 metres and 5.60 g/t Au over 4.0 metres. The first interval contains 5% semi-massive pyrite in a 10 centimetres-wide band, 1% pyrite clusters, and 1% pyrite-tourmaline stringers in a silica altered rhyolite. The second interval contains 30% pyrite with quartz-tourmaline veins in a sericitized rhyolite. The third interval contains trace disseminated pyrite in stockwork in a weakly sericitized rhyolite. The fourth interval contains trace pyrite in a breccia with tourmaline in a moderate chlorite, silica and sericite altered gabbro. WST-19-0146 was drilled from underground drill station BM-200-285-S located 200 metres below surface from section 3525E.

 

WST-19-0149 intersected 106 g/t Au over 2.2 metres. Mineralization includes local visible gold, 3% dismembered pyrite stringers, 2% pyrite clusters, trace sphalerite and chalcopyrite with weakly fuchsitized pervasive silica flooding hosted in a moderate sericite-silica altered rhyolite. WST-19-0149 was drilled from underground drill station RE-195-265-O located 195 metres below surface from section 3475E.

 

WST-19-0150B intersected 17.7g/t Au over 2.1 metres and 33.5 g/t Au over 2.1 metres in Lynx. Mineralization in both intervals contains local visible gold, 3% pyrite stringers and clusters and trace sphalerite with pervasive silica flooding and quartz-carbonate veinlets hosted in a sericite and silica altered rhyolite. WST-19-0150B was drilled from underground drill station RE-195-265-O located 195 metres below surface from section 3475E.

 

WST-19-0153 intersected 15.9 g/t Au over 4.5 metres. Mineralization includes up to 5% pyrite stringers hosted in a moderately silicified felsic intrusion with intrusive, volcanic, tourmaline and pyrite fragments. WST-19-0153 was drilled from underground drill station BM-200-285-S located 200 metres below surface from section 3525E.

 

WST-19-0156 intersected 10.4 g/t Au over 2.9 metres and 21.3 g/t Au over 2.5 metres. Mineralization includes up to 15% pyrite associated with pervasive silica flooding hosted in a strongly silicified rhyolite. WST-19-0156 was drilled from underground drill station BM-200-285-S located 200 metres below surface from section 3525E.

 

WST-19-0157 intersected 3.86 g/t Au over 2.0 metres. Mineralization includes 3% pyrite with pervasive silica flooding in a moderate sericite, silica and chlorite altered gabbro. WST-19-0157 was drilled from underground drill station BM-200-285-S located 200 metres below surface from section 3525E.

 

WST-19-0158 intersected 10.3 g/t Au over 2.0 metres and 3.10 g/t Au over 2.0 metres. The first interval contains 5% pyrite stringers and clusters with pervasive silica flooding within a moderate sericite, silica and fuchsite altered gabbro. The second interval contains 3% pyrite clusters at the contact between a rhyolite and a strongly sericitized, bleached and fuchsite altered gabbro. WST-19-0158 was drilled from underground drill station BM-200-285-S located 200 metres below surface from section 3525E.

 

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 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 3.0 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 Quévillon area (over 2,700 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

ALEXANDRIA MINERALS TO BE ACQUIRED BY WELL-FINANCED CHANTRELL / OSISKO RTO VEHICLE TO BE RENAMED “O3 MINING INC.”

Screen Shot 2019-05-14 at 4.33.24 PM

 

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.

Chantrell Enters Into Definitive Arrangement Agreements With (i) Osisko Mining For Previously-Announced Spin-Out Transaction, And (ii) Alexandria Minerals For Business Combination With The Resulting Issuer – “O3 Mining Inc.”.

“O3 Mining Inc.” Will Be Well-Capitalized And, With The Support of Management of Osisko Mining, Its Mission Will Be To Acquire and Develop Mining Properties, With A Bias Towards Gold Properties Located In Ontario and Québec.

O3 Mining Inc. will:

  • be well-capitalized with approximately CDN $28-30 million in cash and marketable securities;
  • be supported by the proven board and management team of Osisko Mining; and
  • have a mandate to acquire and develop prospective gold properties and advanced staged gold assets in Ontario and Québec.

Toronto, Ontario (May 14, 2019) – Chantrell Ventures Corp. (NEX:CV.H) (“Chantrell“) is pleased to announce that it has entered into a definitive arrangement agreement with Alexandria Minerals Corporation (TSX-V:AZX; OTCQB:ALXDF; Frankfurt:A9D) (“Alexandria“) dated May 14, 2019 (the “Alexandria Arrangement Agreement“), pursuant to which, among other things, following the acquisition of certain non-core assets of Osisko Mining Inc. (OSK:TSX) (“Osisko Mining“) by Chantrell, which will result in the reverse-take over (the “Reverse Take-Over“) of Chantrell by Osisko Mining, the resulting issuer, which will be renamed “O3 Mining Inc.” (“O3 Mining” or the “Resulting Issuer“), will acquire all of the issued and outstanding common shares of Alexandria pursuant to a statutory plan of arrangement under Section 192 of the Canada Business Corporations Act(the “Alexandria Arrangement“).

Under the Alexandria Arrangement, shareholders of Alexandria (“Alexandria Shareholders“) (other than Alexandria Shareholders validly exercising their dissent rights, if any) will be entitled to receive 0.010309 common shares of O3 Mining (on a post-Consolidation (as defined below) basis) in exchange for each Alexandria share held immediately prior to the effective time of the Alexandria Arrangement.

The Alexandria Arrangement has been priced based on deemed value of CDN $3.88 per common share of O3 Mining (on a post-Consolidation (as defined below) basis), being the purchase price of subscription receipts issued under Chantrell’s CDN $18.2 million financing, and values the common shares of Alexandria at CDN $0.04 per share. The deemed purchase price of CDN $0.04 per common share of Alexandria represents a premium of approximately 18{4a519b2e1b7ee41c07b52bf609655ec62dee46aaa3d3e6dbc7220444390e11ca} over the five-day volume weighted average price (“VWAP“) and approximately 23{4a519b2e1b7ee41c07b52bf609655ec62dee46aaa3d3e6dbc7220444390e11ca} over the 20-day VWAP of common shares of Alexandria on the TSX Venture Exchange as of the close of trading on May 13, 2019.

Walter Henry, the Interim President and Chief Executive Officer of Alexandria commented: “This transaction will fold Alexandria’s key Val d’Or land package into O3 Mining’s exploration properties at an early stage of O3 Mining’s history. With its proven team of Québec explorers, strong balance sheet and available sources of funding, we believe that the O3 team will be able to apply their technical expertise to properly explore the Alexandria properties and maximize their long-term potential for all of O3 Mining’s stakeholders, including Alexandria’s current shareholders.”

Chantrell is also pleased to announce, further to its announcements dated February 20, 2019 and March 27, 2019, that it has entered into a definitive arrangement agreement with Osisko Mining dated May 14, 2019 (the “Osisko Arrangement Agreement“), pursuant to which, among other things, certain non-core assets of Osisko Mining will be transferred to Chantrell, resulting in the Reverse Take-Over of Chantrell by Osisko Mining, by way of a statutory plan of arrangement under Section 182 of the Business Corporations Act(Ontario).

See press releases of Chantrell dated February 20, 2019 entitled “Osisko Mining Inc. Announces Transaction to Spinout Non-Core Assets to Chantrell Ventures Corp.”and dated March 27, 2019 entitled “Osisko Mining Inc. – Chantrell Ventures Corp. Transaction Update”.

Alexandria Acquisition

On May 14, 2019, Chantrell and Alexandria entered into the Alexandria Arrangement Agreement pursuant to which, among other things, O3 Mining will acquire all of the issued and outstanding common shares of Alexandria pursuant to a statutory plan of arrangement under Section 192 of the Canada Business Corporations Act. Under the Alexandria Arrangement, Alexandria Shareholders (other than Alexandria Shareholders validly exercising their dissent rights, if any) will be entitled to receive 0.010309 common shares of O3 Mining (on a post-Consolidation basis) in exchange for each Alexandria share held immediately prior to the effective time of the Alexandria Arrangement.

Alexandria Approvals

Completion of the Alexandria Arrangement is subject to, among other things, (i) the closing of the Reverse Take-Over, (ii) approval of the TSX Venture Exchange, (iii) approval of the Ontario Superior Court of Justice (Commercial List), (iv) approval of the Alexandria Arrangement Resolution (as defined below), and (v) the satisfaction or waiver of certain other customary conditions for a transaction of this nature.

Alexandria Meeting

Shareholders of Alexandria will be asked to approve a special resolution to authorize the Alexandria Arrangement (the “Alexandria Arrangement Resolution“) at a special meeting of Alexandria Shareholders (the “Alexandria Meeting“). The requisite approval of the Alexandria Arrangement Resolution will be at least two-thirds (66⅔ percent) of the votes cast on the Alexandria Arrangement Resolution by the Alexandria Shareholders, voting as a single class, present in person or by proxy at the Alexandria Meeting.

The Alexandria Meeting is expected to be held in late June 2019 to consider the Alexandria Arrangement Resolution. A management information circular of Alexandria containing additional details about the Alexandria Arrangement will be mailed to Alexandria Shareholders in connection with the Alexandria Meeting.

Other Terms

The Alexandria Arrangement Agreement includes representations, warranties and covenants typical of a transaction of this nature, along with customary non-solicitation, right to match, and fiduciary provisions. In addition, Alexandria has agreed to pay a termination fee of CDN $875,000 to Chantrell if the Alexandria Arrangement Agreement is terminated in certain circumstances, including if Alexandria enters into an agreement with respect to a superior proposal or if the Board of Directors of Alexandria (the “Alexandria Board“) withdraws its recommendation with respect to the Alexandria Arrangement.

Completion of the Alexandria Arrangement is subject to a condition that Alexandria Shareholdersholding no more than 10{4a519b2e1b7ee41c07b52bf609655ec62dee46aaa3d3e6dbc7220444390e11ca} of the outstanding common shares of Alexandria will have exercised dissent rights in respect of the Alexandria Arrangement.

In connection with the Arrangement Agreement and the transactions contemplated therein, Chantrell and Alexandria have, among other things, agreed that: (i) Chantrell will cause Osisko to provide certain loan advances to Alexandria prior to the effective time of the Alexandria Arrangement; and (ii) the Alexandria Shareholders are expected to hold approximately 14.5{4a519b2e1b7ee41c07b52bf609655ec62dee46aaa3d3e6dbc7220444390e11ca} of the issued share capital of O3 Mining upon completion of both the Alexandria Arrangement and the Reverse Take-Over.

Separately, Alexandria terminated the proposed royalty sale that was announced on April 1, 2019 after Alexandria and the applicable third party failed to agree on terms and conditions necessary for the sale.

The Alexandria Board unanimously recommends that Alexandria Shareholders vote in favour of the resolution to approve the Alexandria Arrangement at the Alexandria Meeting. The recommendation of the Alexandria Board is supported by a fairness opinion by INFOR Financial Inc. to the effect that, as of the date of their opinion, and subject to the assumptions, limitations and qualifications set out in such opinion, the consideration to be received by Alexandria Shareholders pursuant to the Alexandria Arrangement is fair, from a financial point of view, to the Alexandria Shareholders.

Each director and officer of Alexandria has entered into a voting support agreement with Chantrell to, among other things, vote their common shares of Alexandria in favour of the Alexandria Arrangement and to otherwise support its completion of the Alexandria Arrangement,subject to the provisions of the voting support agreement.

The Alexandria Arrangement is expected to close in July 2019. The Alexandria Arrangement Agreement, which describes the full particulars of the Alexandria Arrangement, will be made available on SEDAR (www.sedar.com) under Alexandria’s issuer profile.

Reverse Take-Over by Osisko Mining

On May 14, 2019, Chantrell and Osisko Mining entered into the Osisko Arrangement Agreement pursuant to which, among other things,certain non-core assets of Osisko Mining will be transferred to Chantrell, resulting in theReverse Take-Over of Chantrell by Osisko Mining, by way of a statutory plan of arrangement under Section 182 of the Business Corporations Act(Ontario).

See press releases of Chantrell dated February 20, 2019 entitled “Osisko Mining Inc. Announces Transaction to Spinout Non-Core Assets to Chantrell Ventures Corp.”and dated March 27, 2019 entitled “Osisko Mining Inc. – Chantrell Ventures Corp. Transaction Update”.

The assets of Osisko Mining to be transferred to Chantrell pursuant to the Reverse Take-Over 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 earn-in rights; and (iv) a portfolio of selected marketable securities (collectively, the “Transferred Assets“).

Pursuant to the Reverse Take-Over, Osisko Mining will transfer the Transferred Assets to Chantrell in exchange for an aggregate of 24,977,898 common shares of O3 Mining (after giving effect to the Consolidation). Each common share of Chantrell being issued in exchange for the Transferred Assets will have a deemed value of CDN $3.88 per share, as determined by the board of directors of Chantrell.

In connection with the Reverse Take-Over, Chantrell will also, among other things: (i) change its name to “O3 Mining Inc.” or such other name as may be acceptable to applicable regulatory authorities; (ii) replace all directors and officers of the Resulting Issuer; (iii) obtain conditional listing approval for the listing of the Resulting Issuer on the TSX Venture Exchange; (iv) consolidate the common shares of the Resulting Issuer on a 40:1 basis, subject to adjustment (the “Consolidation“); (v) continue from British Columbia to Ontario (the “Continuance“); and (vi) complete the conversion of the outstanding subscription receipts of Chantrell for the underlying securities.

The Reverse Take-Over was negotiated at arm’s length. Trading of Chantrell’s common shares has been halted pending further filings with the TSX Venture Exchange.

Chantrell may, from time to time, acquire further assets in exchange for common shares of Chantrell or cash prior to, or following the completion of, the Reverse Take-Over.

Chantrell Approvals

Completion of the Reverse Take-Over is subject to, among other things, (i) approval of the TSX Venture Exchange, (ii) approval of the Ontario Superior Court of Justice (Commercial List), (iii) approval by the shareholders of Chantrell (“Chantrell Shareholders“) of the RTO Resolution (as defined below) and certain other resolutions described below, and (iv) the satisfaction or waiver of certain other customary conditions for a transaction of this nature.

Chantrell Meeting

Chantrell Shareholders will be asked to approve special resolutions to, among other things, authorize the Reverse Take-Over (the “RTO Resolution“), the Continuance (the “Continuance Resolution“) and the Consolidation (the “Consolidation Resolution“) at a special meeting of Chantrell Shareholders (the “Chantrell Meeting“). The requisite approvals of the RTO Resolution, the Continuance Resolution and the Consolidation Resolution will, in each case, be at least two-thirds (66⅔ percent) of the votes cast on the RTO Resolution, the Continuance Resolution and the Consolidation Resolution, as the case may be, by the Chantrell Shareholders, voting as a single class, present in person or by proxy at the Chantrell Meeting.

Chantrell Shareholders who own or control, directly or indirectly, approximately 63.7{4a519b2e1b7ee41c07b52bf609655ec62dee46aaa3d3e6dbc7220444390e11ca} of the outstanding common shares of Chantrell have entered into a voting support agreement with Osisko Mining to, among other things, vote their common shares of Chantrell in favour of the resolutions described above, subject to the provisions of the voting support agreement.

The Chantrell Meeting is expected to be held in late June 2019 to, among other things, consider the RTO Resolution, the Continuance Resolution and the Consolidation Resolution. A management information circular of Chantrell containing additional details about the Reverse Take-Over, the Continuance, the Consolidation and the Alexandria Arrangement will be mailed to Chantrell Shareholders in connection with the Chantrell Meeting.

Other Terms

The Osisko Arrangement Agreement includes representations, warranties and covenants typical of a transaction of this nature, along with customary non-solicitation, right to match, and fiduciary provisions. In addition, Chantrell has agreed to pay a termination fee of CDN $3 million to Osisko Mining if the Osisko Arrangement Agreement is terminated in certain circumstances, including if Chantrell enters into an agreement with respect to a superior proposal or if the Board of Directors of Chantrell withdraws its recommendation with respect to the Reverse Take-Over. Osisko Mining has agreed to pay a termination fee of CDN $1 million to Chantrell if the Osisko Arrangement Agreement is terminated in certain circumstances.

Completion of the Reverse Take-Over is subject to a condition that Chantrell Shareholders holding no more than 5{4a519b2e1b7ee41c07b52bf609655ec62dee46aaa3d3e6dbc7220444390e11ca} of outstanding common shares of Chantrell will have exercised dissent rights in respect of the Reverse Take-Over.

The Osisko Arrangement Agreement, which describes the full particulars of the Reverse Take-Over, will be made available on SEDAR (www.sedar.com) under Chantrell’s issuer profile.

The Reverse Take-Over is expected to close in July 2019. The closing of the Reverse Take-Over is not conditional on the closing of the Alexandria Arrangement.

Advisors

Cassels Brock & Blackwell LLP is acting as Chantrell’s legal advisor. Cormark Securities Inc. has provided a fairness opinion to the Board of Directors of Chantrell that the Alexandria Arrangement is fair, from a financial point of view, to the Chantrell Shareholders, subject to the assumptions, limitations and qualifications set out in such fairness opinion.

Sprott Capital Partners is acting as Alexandria’s financial advisor and Aird & Berlis LLP is acting as Alexandria’s legal advisor. As mentioned above,INFOR Financial Inc. was also engaged by the Alexandria Board as an independent financial advisor to provide an independent fairness opinion in respect of the Alexandria Arrangement.

Bennett Jones LLP is acting as Osisko Mining’s legal advisor.

About Chantrell Ventures Corp.

Chantrell’s mission is to enhance shareholder value through the acquisition and development of mining properties, with a bias towards gold projects in Ontario and Québec.

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{4a519b2e1b7ee41c07b52bf609655ec62dee46aaa3d3e6dbc7220444390e11ca} interest in the high-grade Windfall Lake gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100{4a519b2e1b7ee41c07b52bf609655ec62dee46aaa3d3e6dbc7220444390e11ca} undivided interest in a large area of claims in the surrounding the Urban Barry area and nearby Quévillon area (over 3,500 square kilometres).

 

 

About Alexandria Minerals Corporation

Alexandria Minerals Corporation is a Toronto-based junior gold exploration and development company with its strategic property located in the world-class mining district of Val d’Or, Québec. Alexandria’s focus is on its flagship property, the large Cadillac Break Property package in Val d’Or, which hosts important, near-surface, gold resources along the prolific, gold-producing Cadillac Break, all of which have significant growth potential.

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 and projections as at the date of this news release. The information in this news release about the completion of the spin-out transaction and business combination described herein, the timing of the various shareholder meetings, the expected timing and contents of the management information circulars, the expecting timing of the closing of the spin-out transaction and business combination, and other forward-looking information includes but is not limited to information concerning: the intentions, plans and future actions of the companies participating in the transactions described herein (collectively the “Participating Companies”) and other information that is not historical facts.

Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “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 Participating Companies, 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 Participating 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 completion of the transactions described herein; risks relating to property interests; the global economic climate; metal prices; dilution; ability of Chantrell to complete further acquisitions; 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, the Participating Companies cannot assure shareholders and prospective purchasers 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 the Participating Companies nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Participating Companies do 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 on Chantrell Ventures Corp., please contact:

Paul Parisotto
President, CEO and Director
(416) 874-1702

For further information on Osisko Mining Inc., please contact:

John Burzynski
President, CEO and Director
(416) 363-8653

For further information on Alexandria Minerals Corporation, please contact:

Walter Henry
Acting President and CEO
(416) 414-5825
info@azx.ca

The distribution of the Chantrell Shares in connection with the transactions described herein will not be registered under the United States Securities Act of 1933 (the “U.S. Securities Act“) and the Chantrell Shares may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the Chantrell Shares, nor shall there be any offer or sale of the Chantrell Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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.

OSISKO INFILL 38.9 g/t Au OVER 13.7 METRES AT UNDERDOG

Infill Drilling Continues to Intersect High Grade

(Toronto, December 5, 2018) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new infill drilling results from the ongoing drill definition and expansion program at its 100% owned Windfall Lake gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.  The 800,000 metre drill program commenced in late 2015. 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 38 intercepts in 13 drill holes and 4 wedges focused on infill drilling are presented below.

Todays results were not included in the recent Lynx resource update (see Osisko news release dated November 27, 2018).  Highlights from new infill drilling results include: 161 g/t Au over 4.3 metres and 74.4 g/t Au over 2.0 metres in OSK-W-18-1768;  38.9 g/t Au over 13.7 metres and 27.7 g/t Au over 4.4 metres in OSK-W-18-1139-W1;  96.9 g/t Au over 2.6 metres and 32.0 g/t Au over 5.1 metres in OSK-W-18-1770; 16.9 g/t Au over 8.5 metres in OSK-W-18-1760;  53.0 g/t Au over 2.5 metres in OSK-W-18-1756 and 60.3 g/t Au over 2.0 metres in OSK-W-18-1765.  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-13-509 536.8 539.2 2.4 4.32 Infill Zone 27
OSK-W-18-1104-W1 446.0 448.0 2.0 6.52   Infill Lynx
including 446.3 446.6 0.3 41.8
OSK-W-18-1139-W1 696.0 698.3 2.3 26.4   Infill Underdog
including 697.0 697.8 0.8 54.9
  713.0 726.7 13.7 38.9 33.9 Infill Underdog
including 719.0 724.4 5.4 81.7 69.2
  768.7 771.0 2.3 47.8 45.2 Infill Underdog
including 768.7 769.7 1.0 106 100
  773.0 775.0 2.0 6.90   Infill Underdog
including 774.0 774.3 0.3 41.6
  790.0 794.4 4.4 27.7 26.8 Infill Underdog
including 791.2 792.7 1.5 72.1 69.3
OSK-W-18-1598-W1 511.0 513.0 2.0 51.5 46.5 Infill Lynx
OSK-W-18-1741-W1 483.1 485.4 2.3 14.0   Infill Lynx
including 484.4 484.8 0.4 73.4
OSK-W-18-1748 122.0 124.0 2.0 4.23   Infill Lynx
OSK-W-18-1756 169.5 172.0 2.5 53.0 31.9 Infill Lynx
including 170.2 170.6 0.4 232 100
  244.4 246.4 2.0 6.72   Infill Lynx
OSK-W-18-1759 218.0 220.0 2.0 3.80   Infill Lynx
OSK-W-18-1760 211.7 213.7 2.0 3.74   Infill Lynx
  220.0 228.5 8.5 16.9 13.3 Infill Lynx
OSK-W-18-1765 188.0 190.3 2.3 3.16   Infill Lynx
including 189.8 190.3 0.5 10.5
  203.0 205.0 2.0 9.84   Infill Lynx
including 204.0 205.0 1.0 19.5
  229.8 231.8 2.0 60.3 41.6 Infill Lynx
including 231.1 231.4 0.3 217 100
  249.4 251.8 2.4 7.41   Infill Lynx
including 250.2 250.9 0.7 24.7
OSK-W-18-1767 47.0 49.0 2.0 3.67   Infill Caribou
OSK-W-18-1768 202.5 204.5 2.0 3.65   Infill Lynx
including 202.5 202.8 0.3 23.2
  219.0 222.4 3.4 13.0   Infill Lynx
including 219.0 219.8 0.8 48.1
  261.0 263.0 2.0 4.49   Infill Lynx
  268.7 273.0 4.3 161 37.0 Infill Lynx
including 269.2 269.6 0.4 866 100
and 271.9 272.7 0.8 381 100
  283.0 285.5 2.5 22.1   Infill Lynx
including 284.1 284.7 0.6 85.2
  294.0 296.0 2.0 74.4 15.1 Infill Lynx
  330.3 332.6 2.3 8.06   Infill Lynx
including 332.2 332.6 0.4 22.0
OSK-W-18-1770 127.8 130.4 2.6 96.9 37.5 Infill Lynx
including 128.7 129.5 0.8 293 100
  172.0 175.0 3.0 11.1   Infill Lynx
including 172.0 173.5 1.5 22.1
  213.0 215.5 2.5 19.0   Infill Lynx
including 214.1 214.8 0.7 67.9
  246.8 249.0 2.2 30.2   Infill Lynx
including 247.2 248.0 0.8 82.8
  252.0 257.1 5.1 32.0 25.5 Infill Lynx
including 256.0 257.1 1.1 113 83.4
OSK-W-18-1771 276.8 279.0 2.2 6.83   Infill Caribou
including 277.4 278.0 0.6 24.2
OSK-W-18-1772 226.4 228.5 2.1 19.1   Infill Lynx
including 226.4 227.7 1.3 30.7
  274.2 276.3 2.1 31.3 24.0 Infill Lynx
including 275.5 275.8 0.3 151 100
  281.0 283.0 2.0 11.9   Infill Lynx
WST-18-0017 76.6 79.0 2.4 12.8   Infill Zone 27
including 76.6 77.2 0.6 45.1
WST-18-0024 25.7 28.1 2.4 26.5   Infill Mallard
Hole Number Azimuth (°) Dip

(°)

Length (m) UTM E UTM N Elevation

(m)

Section
OSK-EAG-13-509 330 -57 579 452523 5434658 403 2625
OSK-W-18-1104-W1 142 -50 501 453383 5435455 402 3775
OSK-W-18-1139-W1 333 -56 874 452474 5434469 401 2500
OSK-W-18-1598-W1 145 -51 546 453346 5435471 406 3750
OSK-W-18-1741-W1 144 -48 528 453328 5435466 406 3725
OSK-W-18-1748 301 -61 147 452908 5434835 390 3050
OSK-W-18-1756 330 -57 291 453358 5434956 397 3500
OSK-W-18-1759 331 -57 252 453323 5434955 397 3475
OSK-W-18-1760 332 -55 267 453358 5434956 397 3500
OSK-W-18-1765 333 -57 306 453359 5434955 397 3500
OSK-W-18-1767 329 -65 165 452578 5434902 405 2800
OSK-W-18-1768 332 -63 375 453429 5434977 396 3575
OSK-W-18-1770 335 -60 312 453306 5434954 398 3450
OSK-W-18-1771 334 -57 318 452475 5434526 402 2525
OSK-W-18-1772 331 -64 392 453429 5434977 396 3575
WST-18-0017 192 -6 177 452280 5434976 264 2575
WST-18-0024 170 -39 181 452280 5434976 264 2575

 

OSK-EAG-13-509 intersected 4.32 g/t Au over 2.4 metres in Zone 27. Mineralization consists of 3% disseminated pyrite and clusters in an andesite with moderate pervasive sericite alteration at the contact with a porphyritic felsic dike.

OSK-W-18-1104-W1 intersected 6.52 g/t Au over 2.0 metres in Lynx. Mineralization consists of up to 1% pyrite in quartz-carbonate crustiform veins and 7% pyrite stringers with pervasive silica flooding. The host is a strong silica and moderate sericite altered fragmental felsic intrusion.

OSK-W-18-1139-W1 intersected five intervals in Underdog: 26.4 g/t Au over 2.3 metres, 38.9 g/t Au over 13.7 metres, 47.8 g/t Au over 2.3 metres, 6.90 g/t Au over 2.0 metres and 27.7 g/t Au over 4.4 metres. The first interval contains up to 15% pyrite stringers within a strongly silicified and sericitized porphyritic felsic dike. The other four intervals all contain local visible gold and up to 7% pyrite within pervasive silica flooding hosted in a moderate to strong sericite and silica altered porphyritic felsic dike.

OSK-W-18-1598-W1 intersected 51.5 g/t Au over 2.0 metres in Lynx. Mineralization consists of local visible gold within pervasive silica flooding and 10% pyrite at the border of a quartz-tourmaline-carbonate crustiform vein. The host is a strong pervasive silica and moderate carbonate altered gabbro with tourmaline veins.

OSK-W-18-1741-W1 intersected 14.0 g/t Au over 2.3 metres in Lynx. Mineralization consists of local visible gold, 2% pyrite with tourmaline infilling fractures within pervasive silica flooding in a moderate to strong silica and sericite altered gabbro.

OSK-W-18-1748 intersected 4.23 g/t Au over 2.0 metres in Lynx. Mineralization consists of traces disseminated and stringer pyrite in a porphyritic felsic dike with tourmaline and moderate chlorite, sericite, silica and carbonate alteration.

OSK-W-18-1756 intersected 53.0 g/t Au over 2.5 metres and 6.72 g/t Au over 2.0 metres in Lynx. The first interval contains local visible gold, up to 8% disseminated pyrite or in stringers with tourmaline and trace chalcopyrite within a weak silica altered rhyolite with local strong carbonate alteration and breccia texture. The second interval contains 3% pyrite with pervasive silica flooding and quartz-tourmaline veinlets within a weak sericite altered rhyolite.

OSK-W-18-1759 intersected 3.80 g/t Au over 2.0 metres in Lynx. Mineralization consists of local visible gold and 7% pyrite with pervasive silica flooding hosted in a moderate sericite and silica altered rhyolite.

OSK-W-18-1760 intersected 3.74 g/t Au over 2.0 metres and 16.9 g/t Au over 8.5 metres in Lynx. The first interval contains 4% pyrite clusters and stringers, mostly as a stockwork within a moderate sericite, weak silica and fuchsite altered gabbro. The second interval contains local visible gold, up to 10% disseminated pyrite and 1% sphalerite within a strong pervasive silica and moderate sericite altered fragmental felsic intrusion.

OSK-W-18-1765 intersected four intervals in Lynx: 3.16 g/t Au over 2.3 metres, 9.84 g/t Au over 2.0 metres, 60.3 g/t Au over 2.0 metres and 7.41 g/t Au over 2.4 metres. The first and second intervals contain 1% pyrite stringers and 1% pyrite fragments in a sericitized porphyritic felsic intrusion. The third interval contains local visible gold and 4% pyrite with pervasive silica flooding within a strong silica, weak fuchsite and sericite altered porphyritic felsic dike. The fourth interval contains up to 5% pyrite stringers and quartz veins with pervasive silica flooding hosted in weak sericite altered rhyolite.

OSK-W-18-1767 intersected 3.67 g/t Au over 2.0 metres in Caribou.  Mineralization consists of 3% pyrite stringers and 1% pyrite clusters hosted in a sericite and silica altered porphyritic felsic intrusion.

OSK-W-18-1768 intersected seven intervals in Lynx: 3.65 g/t Au over 2.0 metres, 13.0 g/t Au over 3.4 metres, 4.49 g/t Au over 2.0 metres, 161 g/t Au over 4.3 metres, 22.1 g/t Au over 2.5 metres, 74.4 g/t Au over 2.0 metres and 8.06 g/t Au over 2.3 metres. The first interval contains up to 10% pyrite stringers at the contact between a weak fuchsite and sericite altered gabbro and a rhyolite. The second interval contains local visible gold, 1% disseminated and stringer pyrite and trace sphalerite within pervasive silica flooding located at the contact between a fuchsite altered gabbro and a sericitized rhyolite. The third interval contains trace pyrite-silica flooding and tourmaline veins within a strong sericite, moderate carbonate and silica altered porphyritic felsic intrusion. The fourth interval contains local visible gold with strong pervasive silica flooding and 1% pyrite stringers hosted in a silica altered porphyritic felsic dike. The fifth and sixth intervals contain local visible gold, 2% pyrite stringers and 1% disseminated pyrite within pervasive silica flooding and hosted in sericite, fuchsite and silica altered rhyolite. The last interval contains 1% disseminated pyrite and trace sphalerite with crustiform veins hosted in sericite, silica and fuchsite altered gabbro.

OSK-W-18-1770 intersected five intervals in Lynx: 96.9 g/t Au over 2.6 metres, 11.1 g/t Au over 3.0 metres, 19.0 g/t Au over 2.5 metres, 30.2 g/t Au over 2.2 metres and 32.0 g/t Au over 5.1 metres. The first interval contains traces of pyrite stringers within a sheared and sericite altered andesite. The second interval contains traces of pyrite fragments within a sericite altered gabbro. The third interval contains local visible gold and 5% disseminated pyrite within pervasive silica flooding and hosted in a strong biotite altered rhyolite. The fourth interval contains local visible gold and 3% disseminated pyrite with pervasive silica flooding and fuchsite alteration hosted in a strong silica, biotite and sericite altered rhyolite. The last interval contains local visible gold and up to 7% disseminated and stringer pyrite and with pervasive silica flooding hosted in a silica, fuchsite and biotite altered rhyolite.

OSK-W-18-1771 intersected 6.83 g/t Au over 2.2 metres in Caribou. Mineralization consists of 5% pyrite clusters and 5% disseminated pyrite within a strong fault zone hosted in a silicified and sericitized rhyolite.

OSK-W-18-1772 intersected three intervals in Lynx: 19.1 g/t Au over 2.1 metres, 31.3 g/t Au over 2.1 metres and 11.9 g/t Au over 2.0 metres. The first interval contains 1% pyrite stringers hosted in moderate silica and sericite altered rhyolite. The second interval contains 1% disseminated and stringer pyrite and up to 2% sphalerite with pervasive silica flooding hosted at a sericite, silica and fuchsite altered contact between a felsic intrusion and a rhyolite. The third interval contains 1% disseminated and clustered pyrite and ptygmatic tourmaline veins within a moderate sericite, carbonates and fuchsite altered rhyolite.

WST-18-0017 intersected 12.8 g/t Au over 2.4 metres in Zone 27. Mineralization consists of 1% disseminated pyrite and stringers within a moderate sericite and silica altered andesite.

WST-18-0024 intersected 26.5 g/t Au over 2.4 metres in Mallard. Mineralization consists of disseminated pyrite with a crustiform vein hosted in weak sericite altered andesite.

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), 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 Garrison property. The Corporation also holds interests and options in a number of additional properties in northern Québec and Ontario.

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 MINING ANNOUNCES INCREASE TO PREVIOUSLY ANNOUNCED BOUGHT DEAL PRIVATE PLACEMENT

Upsized Offering to Include 2,647,000 Common Shares and, as initially announced, 26,176,471 Flow-Through Shares for Aggregate Gross Proceeds of $72.5 million

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. 

(Toronto, August 16, 2018) – Osisko Mining Inc. (TSX:OSK) (“Osisko” or the “Corporation”) is pleased to announce that it has amended its agreement dated August 15, 2018 with Canaccord Genuity Corp., on behalf of a syndicate of underwriters (collectively, the “Underwriters”) in relation to its previously announced two- tranche “bought deal” private placement of 26,176,471 common shares of the Corporation that will qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and, in relation to the first tranche of “flow-through shares”, section 359.1 of the Taxation Act (Québec)) for aggregate gross proceeds of approximately $68 million (the “Offering”).

The Offering has been amended to include an additional 2,647,000 common shares of the Corporation (the “Common Shares”) at a price of $1.70 per Common Share for additional gross proceeds of approximately $4.5 million. The terms of the previously announced two-tranche private placement financing of “flow-through shares” remain unchanged.

In addition, the Underwriters will have the option, exercisable in whole or in part at any time prior to the closing of the Offering, to increase the size of the Offering of the Common Shares by up to an additional 1,176,000 Common Shares at a price of $1.70 per Common Share for additional gross proceeds of approximately $2.0 million.

The Offering is expected to close on or about September 18, 2018 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and the applicable securities regulatory authorities. The securities to be issued under the Offering will be subject to a hold period in Canada expiring four months and one day from the closing date of the Offering.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

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 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 Quevillon 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 Corporation also holds interests and options in a number of additional properties in northern Québec and Ontario.

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 and projections as at the date of this news release. The information in this news release about the Offering; the use of the proceeds from the Offering; the jurisdictions in which the securities will be offered or sold; the number of securities offered or sold; the size of the Offering; the timing and ability of the Corporation to close the Offering, if at all; the timing and ability of the Corporation to satisfy the customary listing conditions of the Toronto Stock Exchange, if at all; the timing and ability of the Corporation to obtain all necessary approvals; the tax treatment of the securities issued under the Offering under the Income Tax Act (Canada) and Taxation Act (Québec); 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, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “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 Osisko, 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 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 Offering; volatility in the trading price of common shares of the Corporation; risks relating to the ability of the Corporation to obtain required approvals, complete definitive documentation and complete the Offering; the ability of Osisko to complete further exploration activities, including drilling; property interests; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; changes in the tax and regulatory regime; 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 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