DRILLING INTERSECTS WIDE HIGH-GRADE AT OSISKO’S WINDFALL

77.6 g/t Au Over 17.3 Metres; and 45.8 g/t Au Over 11.0 Metres in Lynx 4

124 g/t Au Over 8.0 Metres in Triple Lynx

(Toronto, January 18, 2022) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Significant new analytical results that have not been included in the recently released mineral resource estimate (“MRE”) (see Osisko news release dated January 10, 2022) are presented below, and include 94 intercepts in 28 drill holes (9 from surface, 19 from underground) and 25 wedges. The infill intercepts are located inside defined January 2022 MRE blocks.  The expansion intercepts are located outside the January 2022 MRE blocks and either expand MRE wireframes or are in a defined zone or corridor but do not yet correlate to a specific MRE wireframe.

Osisko Chief Executive Officer John Burzynski commented: “Today’s results serve as a reminder that Windfall continues to grow in size, underscored by some of these new wide high-grade hits as the deposit opens up in the heart of the Lynx system.  By virtue of the current resource, Windfall is the largest high-grade million ounce plus deposit ever discovered in Québec, and it has been steadily moving up the global list of top high-grade underground gold deposits.  There is nothing quite like Windfall in Canada, or even globally.”

Selected high-grade intercepts include: 482 g/t Au over 5.7 metres and 380 g/t Au over 3.2 metres in OSK-W-21-1432-W10; 77.6 g/t Au over 17.3 metres in OSK-W-21-1949-W14; 124 g/t Au over 8.0 metres in OSK-W-21-2587-W2; 45.8 g/t Au over 11.0 metres and 143 g/t Au over 3.4 metres in WST-21-0707; 87.9 g/t Au over 3.2 metres in OSK-W-21-2465-W5; 83.0 g/t Au over 3.0 metres in WST-21-0895A, 37.0 g/t Au over 6.4 metres in OSK-W-21-2613 and 28.1 g/t Au over 6.0 metres in OSK-W-21-2644. Maps showing hole locations and full analytical results are available at www.osiskomining.com. Maps: Long Section_All zones Infill EN 20220118, Long Section_All zones Expan EN 20220118, PR_EN_20220118_Surface, PR_EN_20220118_UG

Infill Drilling

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-21-1432-W10 957.3 960.5 3.2 380 44.9 LX4_3460 Lynx 4
including 958.0 958.4 0.4 1240 100
and 959.7 960.1 0.4 1640 100
OSK-W-21-1432-W11 955.3 957.3 2.0 10.8   LX4_3433 Lynx 4
including 956.4 956.8 0.4 45.0
OSK-W-21-1432-W12 988.3 991.4 3.1 16.7   LX4_3460 Lynx 4
including 991.0 991.4 0.4 95.9
OSK-W-21-1871-W1 949.0 951.0 2.0 5.81   UDD_4501 Underdog
including 949.6 950.0 0.4 27.7
OSK-W-21-1871-W2 507.0 509.0 2.0 4.50   CA2_2225 Caribou
including 508.0 508.7 0.7 12.4
OSK-W-21-1949-W12 1047.9 1050.0 2.1 3.57   LX4_3430 Lynx 4
OSK-W-21-1949-W14 749.0 751.0 2.0 47.8 30.1 LXM_3345 Lynx
including 749.0 749.5 0.5 171 100
  1163.0 1180.3 17.3 77.6 27.2 LX4_3463 Lynx 4
including 1169.8 1170.2 0.4 704 100
and 1172.8 1173.2 0.4 481 100
and 1173.6 1174.0 0.4 1195 100
OSK-W-21-2479-W11 976.5 978.5 2.0 14.3   UDD_4910 Underdog
including 976.9 977.5 0.6 44.6
OSK-W-21-2531-W4 590.3 592.4 2.1 9.37   CA2_2266 Caribou
  595.0 597.0 2.0 7.06   CA2_2266 Caribou
  618.7 620.7 2.0 3.86   CA2_2257 Caribou
including 619.7 620.3 0.6 9.46
777.2 781.0 3.8 13.8   UDD_4112 Underdog
including 777.2 777.7 0.5 81.5
OSK-W-21-2544-W1 781.4 783.4 2.0 3.68   TLX_3171 Triple Lynx
  976.1 981.0 4.9 8.30   TLX_3195 Triple Lynx
including 976.1 976.4 0.3 50.0
OSK-W-21-2544-W2 802.0 804.3 2.3 20.0   TLX_3159 Triple Lynx
including 802.0 802.6 0.6 59.4
  909.8 911.8 2.0 10.7   TLX_3193 Triple Lynx
including 910.4 910.8 0.4 52.1
  921.6 923.7 2.1 10.3   TLX_3194 Triple Lynx
including 922.4 922.7 0.3 71.6
OSK-W-21-2544-W4 770.3 773.0 2.7 14.6   TLX_3171 Triple Lynx
including 771.0 771.7 0.7 44.0
  776.0 780.0 4.0 8.74   TLX_3171 Triple Lynx
OSK-W-21-2587-W1 1119.0 1126.0 7.0 21.0   TLX_3172 Triple Lynx
including 1123.5 1124.0 0.5 99.1
and 1125.7 1126.0 0.3 67.8
OSK-W-21-2587-W2 1134.0 1142.0 8.0 124 36.9 TLX_3172 Triple Lynx
including 1136.7 1137.0 0.3 1685 100
and 1139.7 1140.4 0.7 371 100
OSK-W-21-2612-W1 396.0 398.0 2.0 4.50   Z27_1115 Zone 27
OSK-W-21-2613 911.0 913.0 2.0 6.35   TLX_3161 Triple Lynx
  944.1 950.5 6.4 37.0 33.1 TLX_3161 Triple Lynx
including 947.3 947.6 0.3 114 100
and 947.9 948.4 0.5 142 100
OSK-W-21-2618 60.0 62.2 2.2 13.9   WFN_7003 Windfall North
including 60.0 61.0 1.0 30.2
OSK-W-21-2621-W1 629.3 633.0 3.7 13.7   UDD_4100 Underdog
including 629.3 629.7 0.4 31.9 UDD_4100 Underdog
and 632.0 633.0 1.0 31.5
OSK-W-21-2626 103.4 106.0 2.6 13.7   F11_6001 F-11
OSK-W-21-2635 555.8 558.0 2.2 3.98   CA2_2232 Caribou
OSK-W-21-2637 548.0 550.0 2.0 13.9   CAE_2559 Caribou
including 548.8 549.4 0.6 44.0
OSK-W-21-2641 131.8 133.8 2.0 25.6   F11_6009 F-11
including 132.6 133.2 0.6 64.0
OSK-W-21-2645 126.1 128.1 2.0 19.0   F11_6000 F-11
including 126.1 126.9 0.8 45.1
  133.0 135.0 2.0 10.1   F11_6000 F-11
WST-21-0649 710.4 714.4 4.0 27.3 26.5 LX4_3427 Lynx 4
including 710.4 710.8 0.4 109 100
WST-21-0707 180.0 183.4 3.4 143 67.8 LXM_3388 Lynx
including 182.2 183.4 1.2 255 100
  499.5 510.5 11.0 45.8 38.4 LX4_3430 Lynx 4
including 499.5 500.0 0.5 99.2
and 507.0 507.8 0.8 202 100
  532.1 537.4 5.3 8.43   LX4_3434 Lynx 4
including 535.7 536.1 0.4 17.7
and 536.7 537.4 0.7 29.1
WST-21-0861 87.0 89.5 2.5 24.3 24.2 LXM_3339 Lynx
including 88.9 89.5 0.6 101 100
WST-21-0864A 257.5 259.5 2.0 4.94   LHW_3203 Lynx HW
including 258.2 258.8 0.6 15.0
WST-21-0878 503.9 506.2 2.3 4.30   LX4_3401 Lynx 4
including 505.5 505.8 0.3 27.6
  614.0 616.4 2.4 25.1   LX4_3448 Lynx 4
including 614.0 614.6 0.6 99.1
WST-21-0883 341.4 343.5 2.1 5.88   TLX_3166 Triple Lynx
including 342.2 342.5 0.3 27.7
WST-21-0895A 480.3 482.8 2.5 26.6   LX4_3404 Lynx 4
including 481.4 481.8 0.4 75.1
  519.3 522.3 3.0 83.0 44.0 LX4_3440 Lynx 4
including 520.0 520.7 0.7 254 100
WST-21-0900 291.6 294.4 2.8 18.9   LHW_3216 Lynx HW
including 294.0 294.4 0.4 84.8
WST-21-0905C 52.3 54.5 2.2 13.7   LXM_3339 Lynx
including 52.9 53.4 0.5 52.2
  65.6 69.0 3.4 12.7   LXM_3311 Lynx
including 66.5 67.0 0.5 34.8
  211.0 213.0 2.0 11.2   LSW_3504 Lynx SW
WST-21-0907 543.2 545.4 2.2 5.02   LX4_3401 Lynx 4
WST-21-0908B 195.0 197.0 2.0 15.6   TLX_3121 Triple Lynx
including 195.3 195.7 0.4 62.9
WST-21-0911 175.7 177.9 2.2 10.5   LXM_3388 Lynx
including 177.3 177.9 0.6 21.3
  526.9 529.0 2.1 4.41   LX4_3404 Lynx 4
including 527.3 527.6 0.3 25.4
  530.0 532.0 2.0 3.68   LX4_3404 Lynx 4
WST-21-0913 526.0 528.0 2.0 11.0   LX4_3450 Lynx 4
including 527.1 527.4 0.3 68.5
WST-21-0916A 526.8 529.0 2.2 11.9   LX4_3450 Lynx 4
including 526.8 527.2 0.4 57.4
WST-21-0918 345.0 347.0 2.0 26.4 25.9 TLX_3131 Triple Lynx
including 346.0 346.5 0.5 102 100
  516.7 518.7 2.0 30.7   LX4_3401 Lynx 4
including 517.8 518.3 0.5 72.5
WST-21-0932 155.0 157.0 2.0 10.9   LXM_3388 Lynx
including 155.8 156.1 0.3 47.1
  182.0 184.0 2.0 3.89   LHW_3206 Lynx HW

Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below. CAE and CA2 = Caribou, LX4 = Lynx 4, LHW = Lynx Hanging Wall, LXM = Lynx Main, LSW = Lynx Southwest, TLX = Triple Lynx, UDD = Underdog, WNF = Windfall North, F11 = F11 Zone, and Z27 = Zone 27.

 

Expansion Drilling

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-21-1432-W10 851.5 853.5 2.0 4.70   LX4 Lynx 4
  915.7 921.4 5.7 482 27.5 LX4 Lynx 4
including 915.7 916.2 0.5 975 100
and 917.6 917.9 0.3 2540 100
and 920.8 921.1 0.3 4330 100
OSK-W-21-1871-W1 941.6 946.7 5.1 8.53   UDD Underdog
including 941.6 942.1 0.5 23.2
and 944.8 945.1 0.3 40.9
OSK-W-21-1871-W3 722.3 724.4 2.1 11.2   UDD Underdog
including 723.7 724.4 0.7 23.2
OSK-W-21-1949-W12 1018.8 1021.0 2.2 19.0   LX4 Lynx 4
  1144.2 1146.5 2.3 10.2   LX4 Lynx 4
including 1144.2 1145.0 0.8 29.2
OSK-W-21-1949-W14 1060.7 1062.7 2.0 6.93   LX4 Lynx 4
including 1061.5 1062.0 0.5 23.2
  1068.7 1070.7 2.0 5.92   LX4 Lynx 4
  1137.8 1140.4 2.6 4.01   LX4 Lynx 4
including 1139.0 1139.3 0.3 9.74
  1185.2 1188.9 3.7 8.84   LX4 Lynx 4
including 1185.2 1185.5 0.3 27.9
and 1188.0 1188.9 0.9 20.4
  1203.5 1214.0 10.5 6.26   LX4 Lynx 4
including 1213.6 1214.0 0.4 26.4
  1217.0 1219.0 2.0 4.14   LX4 Lynx 4
  1228.8 1230.9 2.1 4.81   LX4 Lynx 4
OSK-W-21-2287-W10 1121.5 1124.0 2.5 13.1   LX4 Lynx 4
including 1121.5 1122.5 1.0 32.6
OSK-W-21-2369-W3 962.0 964.0 2.0 32.4 30.5 LX4 Lynx 4
including 962.0 962.6 0.6 106 100
OSK-W-21-2381-W2 1267.2 1269.4 2.2 3.82   LX4 Lynx 4
including 1268.7 1269.4 0.7 10.3
OSK-W-21-2465-W5 824.3 827.5 3.2 87.9 71.8 TLX Triple Lynx
including 824.3 825.0 0.7 146 100
including 825.5 825.9 0.4 131 100
including 825.9 826.9 1.0 108 100
OSK-W-21-2465-W6 765.5 767.7 2.2 15.1   TLX Triple Lynx
including 765.5 766.0 0.5 60.0
OSK-W-21-2540-W4 1106.9 1109.0 2.1 48.4 14.7 TLX Triple Lynx
including 1106.9 1107.2 0.3 336 100
OSK-W-21-2601-W1 1042.0 1044.0 2.0 4.04   TLX Triple Lynx
OSK-W-21-2621-W1 668.0 670.0 2.0 4.02   UDD Underdog
OSK-W-21-2629 903.3 907.2 3.9 20.1   LX4 Lynx 4
including 903.3 904.3 1.0 64.2
OSK-W-21-2637 561.3 564.0 2.7 28.0   Caribou Caribou
OSK-W-21-2640-W1 635.6 637.6 2.0 3.86   Caribou Caribou
OSK-W-21-2644 504.0 506.0 2.0 6.53   Caribou Caribou
  509.0 511.0 2.0 4.21   Caribou Caribou
including 509.0 509.7 0.7 10.3
  656.0 658.1 2.1 5.69   Caribou Caribou
  662.0 668.0 6.0 28.1   Caribou Caribou
including 664.0 665.0 1.0 92.6
WST-21-0784 335.8 337.8 2.0 6.02   TLX Triple Lynx
WST-21-0885B 326.3 331.0 4.7 24.9 19.1 LSW Lynx SW
including 327.0 327.5 0.5 155 100
and 330.6 331.0 0.4 55.3
WST-21-0907 186.0 188.0 2.0 18.3   TLX Triple Lynx
including 186.4 186.8 0.4 91.2
  549.0 551.0 2.0 13.6   LX4 Lynx 4
including 549.6 550.0 0.4 66.1
WST-21-0909 231.1 233.3 2.2 57.5 51.2 TLX Triple Lynx
including 232.1 232.5 0.4 135 100
WST-21-0911 564.2 568.8 4.6 7.90   LX4 Lynx 4
WST-21-0918 646.0 648.0 2.0 11.6   LX4 Lynx 4

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

Drill hole location

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-21-1432-W10 132 -55 1062 453811 5435779 400 4300
OSK-W-21-1432-W11 132 -55 1149 453811 5435779 400 4300
OSK-W-21-1432-W12 132 -55 1113 453811 5435779 400 4300
OSK-W-21-1871-W1 331 -56 1119 452496 5434397 402 2475
OSK-W-21-1871-W2 331 -56 915 452496 5434397 402 2475
OSK-W-21-1871-W3 331 -56 906 452496 5434397 402 2475
OSK-W-21-1949-W12 105 -57 1301 453440 5435479 401 3825
OSK-W-21-1949-W14 105 -57 1332 453440 5435479 401 3825
OSK-W-21-2287-W10 116 -53 1311 453607 5435714 404 4075
OSK-W-21-2369-W3 130 -56 1415 453424 5435566 410 3850
OSK-W-21-2381-W2 134 -53 887 453620 5435790 402 4125
OSK-W-21-2465-W5 123 -61 1062 453398 5435556 413 3825
OSK-W-21-2465-W6 123 -61 993 453398 5435556 413 3825
OSK-W-21-2479-W11 344 -55 1005 452315 5434420 399 2325
OSK-W-21-2531-W4 344 -62 1203 452566 5434415 403 2550
OSK-W-21-2540-W4 117 -60 1297 453465 5435640 410 3925
OSK-W-21-2544-W1 128 -50 1140 452960 5435539 419 3425
OSK-W-21-2544-W2 128 -50 1044 452960 5435539 419 3425
OSK-W-21-2544-W4 128 -50 858 452960 5435539 419 3425
OSK-W-21-2587-W1 127 -59 1176 453350 5435673 418 3850
OSK-W-21-2587-W2 127 -59 1167 453350 5435673 418 3850
OSK-W-21-2601-W1 125 -61 1235 453425 5435657 413 3900
OSK-W-21-2612-W1 333 -51 690 452391 5434638 402 2500
OSK-W-21-2613 114 -53 1092 452981 5435549 420 3450
OSK-W-21-2618 330 -56 248 452279 5435162 411 2650
OSK-W-21-2621-W1 344 -53 765 452272 5434396 399 2275
OSK-W-21-2626 153 -47 156 452299 5435823 406 3000
OSK-W-21-2629 114 -57 1011 453622 5435635 405 4050
OSK-W-21-2635 327 -56 708 452684 5434475 402 2675
OSK-W-21-2637 140 -59 747 452768 5435312 406 3150
OSK-W-21-2640-W1 336 -58 737 452683 5434351 402 2625
OSK-W-21-2641 177 -46 165 452436 5435884 407 3150
OSK-W-21-2644 346 -55 693 452566 5434415 403 2550
OSK-W-21-2645 157 -48 189 452409 5435902 406 3125
WST-21-0649 136 -47 790 453258 5435211 98 3525
WST-21-0707 118 -41 633 453507 5435332 -48 3800
WST-21-0784 132 -66 361 453507 5435327 -7 3800
WST-21-0861 139 -64 307 453106 5435066 231 3325
WST-21-0864A 121 -1 292 453463 5435327 33 3775
WST-21-0878 128 -40 711 453375 5435297 -26 3675
WST-21-0883 126 -59 393 453105 5435065 231 3325
WST-21-0885B 145 -53 377 452954 5435003 253 3175
WST-21-0895A 123 -42 635 453507 5435332 -48 3800
WST-21-0900 122 -13 316 453462 5435326 33 3775
WST-21-0905C 141 -52 511 453221 5435121 134 3450
WST-21-0907 130 -40 701 453374 5435296 -26 3675
WST-21-0908B 118 -43 198 453506 5435326 -90 3800
WST-21-0909 151 -59 426 453507 5435328 -7 3800
WST-21-0911 121 -44 635 453507 5435332 -48 3800
WST-21-0913 138 -49 594 453322 5435236 54 3600
WST-21-0916A 146 -52 586 453321 5435235 54 3600
WST-21-0918 130 -40 663 453374 5435296 -26 3675
WST-21-0932 136 -26 360 453462 5435326 32 3775

 

Caribou Zone

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

 

Lynx Zone

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

 

Underdog

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

 

Windfall North

Mineralization is hosted in sheared andesites and most commonly occurs in gold-bearing quartz veins with trace to 10% pyrite, traces of sphalerite and chalcopyrite, and local visible gold. Mineralization is hosted in a silica-carbonate-sericite alteration envelope and is constrained within shear zones with pervasive sericite-carbonate ± fuchsite ± silica alteration.

 

Zone 27

Mineralization most commonly occurs as replacement-type characterized by 5% to 50% disseminated, stringer, semi-massive or stockwork pyrite, ptygmatic tourmaline veins, quartz-tourmaline crustiform veins, local quartz-carbonate veins, and local visible gold. Mineralization is associated with moderate to strong sericite, weak to strong silica, weak chlorite and carbonate and locally weak fuchsite and is hosted in strongly altered andesites, in or at the contact of the rhyolite, or along the contacts with felsic porphyritic intrusions.

 

F-Zones

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

 

Qualified Person

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

 

Quality Control and Reporting Protocols

True width determination is estimated at 55-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.5 g/t Au diluted over core lengths of at least 2.0 metres. NQ core assays were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Vancouver, British Colombia, Lima, Peru or Vientiane, Laos (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using a Four Acid Digestion-ICP-MS method at ALS Laboratories. Drill program design, Quality Assurance/Quality Control (“QA/QC”) and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assay.

 

About the Windfall Gold Deposit

The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The Mineral Resource Estimate (“MRE“) defined by Osisko, as disclosed in the news release dated January 10, 2022 and assuming a cut-off grade of 3.50 g/t Au, comprises 565,000 tonnes at 11.6 g/t Au (210,000 ounces) in the measured mineral resource category, 8,907,000 tonnes at 10.5 g/t Au (2,994,000 ounces) in the indicated mineral resource category and 13,035,000 tonnes at 8.6 g/t Au (3,585,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the January 10, 2022 news release, certain of which are described in the January 10, 2022 news release, will be further described in the full technical report being prepared for this updated mineral resource estimate in accordance with NI 43-101, and will be available on SEDAR (www.sedar.com) under the Corporation’s issuer profile within 45 days from January 10, 2022. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres as it now includes the Triple 8 (T8) zone. The resources excluding T8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of gold resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,600 square kilometres).

 

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in this news release; the prospects, if any, of the Windfall gold deposit; timing and ability of Osisko to file a technical report for the mineral resource estimate disclosed in this news release; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the amount and type of drilling to be completed and the timing to complete such drilling; the focus of the remaining infill drilling; the trend of grade increase; the Lynx zone remaining open to expansion down plunge; upgrading a inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the significance of historic exploration activities and results. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including (infill) drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

 

CONTACT INFORMATION:

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

OSISKO DELIVERS UPDATED WINDFALL MINERAL RESOURCE ESTIMATE

3.2 Million Ounces Measured and Indicated Resource Averaging 10.5 g/t Au

3.6 Million Ounces Inferred Resource Averaging 8.6 g/t Au

 

(Toronto, January 10, 2022) Osisko Mining Inc. (OSK:TSX, “Osisko” or the “Corporation”) is pleased to provide the updated mineral resource estimate (“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 reflects the results of approximately 1.7 million metres of drilling, with 1.5 million metres completed by Osisko since October 2015, and includes all drilling completed as of September 2021 and all analytical results received as of October 20, 2021.

 

An additional 70,000 metres of infill and expansion drilling has been completed since September 2021. This additional drilling and outstanding analytical results, together with ongoing surface and underground drilling, will be integrated into the database for the pending feasibility study expected to be completed in Q4 2022. Map of MRE & Upside potential.

 

HIGHLIGHTS

  • 3.2 M oz measured & indicated (“M&I”) resource avg. 10.5 g/t Au
  • M&I resource increase of 73% with avg. grade increased by 9%
  • Lynx contains 60% of MRE total gold
  • Lynx resource: M&I 2.3 M oz avg. 12g/t Au; Inferred 1.8 M oz avg. 10.9 g/t Au
  • 3.6 M oz inferred resource avg. 8.6 g/t Au, reflecting a grade increase of 8%
  • 50% of the MRE is hosted in 30 wireframes
  • 98% of MRE is located from surface to 1200 m vertical depth
  • Exploration ramp access currently at >600 m vertical depth in Lynx
  • Lynx 600 bulk sample (Triple Lynx at level 600) work in progress; prior Lynx 311 bulk sample returned 189% positive grade reconciliation (see Osisko news release dated December 11, 2019)
  • Strong open potential for expansion of high-grade zones in Lynx to the East and down plunge

 

Chief Executive Officer of Osisko John Burzynski commented: “The world-class Windfall deposit continues to impress with grade and scale. Infill drilling has again exceeded our expectations, with excellent conversion, and the M&I resource increasing by 73% with average gold grade moving past double digits to 10.5 g/t. This MRE forms a strong foundation for the upcoming feasibility study. We are confident that as we complete the remaining infill work in the coming months, the resource will continue to grow and we should again see incremental increase in what is already a strong average grade.”

 

Mr. Burzynski continued: “Windfall is an outstanding, well-defined deposit which still has demonstrable strong upside potential to grow. The consistent trend over the past five years of drilling, as we completed our extensive and detailed surface and underground work programs, has been steady growth of ounces and increasing high-grade. We are confident that Windfall will grow significantly in the future with continued work. We would like very much to thank our employees and contractors for their tremendous efforts to advance our project, our Cree First Nation hosts and partners, the local and provincial governments, and our stakeholders and shareholders for their strong support.”

 

The MRE sensitivity table (Table 1) shows the potential for additional resources through optimizing costs and cut-off grade which will be reviewed during feasibility work. Table 2 shows resources by main area of the Windfall deposit.

 

Table 1: Windfall Gold Deposit Mineral Resource Estimate Sensitivity Table(1)

Cut-off
(g/t Gold)
Measured + Indicated Inferred
Tonnes
(000 t)
Gold (g/t) Ag

(g/t)

Gold

 (000 oz)

Ag

(000 oz)

Tonnes
(000 t)
Gold

(g/t)

Ag

(g/t)

Gold

 (000 oz)

Ag

(000 oz)

5.0 6,904 12.9 6.0 2,859 1,336 8,568 10.8 6.0 2,986 1,648
4.5 7,635 12.1 5.7 2,971 1,406 9,709 10.1 5.6 3,160 1,734
4.0 8,472 11.3 5.4 3,084 1,483 11,241 9.3 5.1 3,369 1,849
3.5 9,472 10.5 5.2 3,204 1,570 13,035 8.6 4.7 3,585 1,984
3.0 10,680 9.7 4.8 3,330 1,662 15,282 7.8 4.3 3,819 2,132
2.5 12,127 8.9 4.5 3,456 1,766 18,554 6.9 3.9 4,108 2,327

Note: (1) MRE cut-off 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
Tonnes(1) (000 t) Gold

(g/t)

Ag

(g/t)

Gold(1)

(000 oz)

Ag(1)

(000 oz)

Tonnes(1) (000 t) Gold

(g/t)

Ag

(g/t)

Gold(1)

(000 oz)

Ag(1)

(000 oz)

Tonnes(1) (000 t) Gold

(g/t)

Ag

(g/t)

Gold(1)

(000 oz)

Ag(1)

(000 oz)

Lynx(2) 565 11.6 7.2 210 131 5,430 12.0 5.4 2,096 944 5,052 10.9 7.1 1,777 1,147
Underdog 800 9.5 3.3 244 85 4,419 7.9 3.0 1,119 432
Main(3) 2,676 7.6 4.8 654 410 2,909 5.8 3.3 540 306
Triple 8 655 7.1 4.7 149 99
Total 565 11.6 7.2 210 131 8,907 10.5 5.0 2,994 1,439 13,035 8.6 4.7 3,585 1,984

Notes: (1) Values are rounded to nearest thousand which may cause apparent discrepancies. (2) Lynx area includes: Lynx Main, Lynx HW, Lynx SW, Lynx 4 and Triple Lynx. (3) Main area includes: Zone 27, Caribou 1&2, Caribou Extension, Bobcat, Mallard, Windfall Nord, and F-Zones. See Windfall Gold Deposit Mineral Resource Estimate notes further below.

 

This MRE reflects the results of 4,536 drill holes (1,722,097 metres of core) in the resource area, including 3,882 drill holes (1,539,984 metres of core) completed by Osisko from October 2015 to September 20, 2021 with assays up to October 20, 2021. The MRE (with an effective date of October 20, 2021) was prepared by Osisko, under the supervision of BBA Inc. 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. Lynx and Underdog mineralized lenses predominantly form an extensive anastomosed network of quartz-rich and pyrite-rich veins. The mineralization system is located near contacts between volcanic and pre-mineral intrusive rocks in Main and Lynx areas, and more specifically, within pre-mineral intrusive units in Underdog.

 

The MRE is 50% contained within 30 wireframes, and 75% contained within 98 wireframes. The MRE considers a total of 556 mineralized lenses 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).

 

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 1,600
Exchange Rate USD/CAD 1.26
Mill Recovery % 94.9
Payability % 99.95
Sell Cost USD/oz 5
Royalties (NSR) % 2
Mining Cost CAD/t milled 107
G&A Cost CAD/t milled 32
Processing Cost CAD/t milled 31
Transportation CAD/t milled 2
Environment CAD/t milled 12
Calculated Cut-off Grade g/t Au 3.1
MRE Cut-off Grade g/t Au 3.5

 

Windfall Gold Deposit Mineral Resource Estimate Notes

  1. The independent qualified person for the 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 October 20, 2021.

 

  1. The Windfall mineral resource estimate follows the November 29, 2019 CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines.
  2. 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.
  3. 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.
  4. As of October 20, 2021, the database comprises a total of 4,536 drill holes for 1,722,097 metres of drilling in the areal extent of the mineral resource estimate, of which 3,882 drill holes (1,539,984 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.
  5. All core assays reported by Osisko were obtained by analytical methods described below under “Quality Control and Reporting Protocols”.
  6. 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 556 tabular, mostly sub-vertical domains defined by individual wireframes with a minimum true thickness of 2.0 metres.
  7. 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.
  8. High-grade composites were capped. Cappings were determined in each area from statistical studies on groups of lenses sharing similar mineralization characteristics. Cappings vary from 6 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.
  9. 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.
  10. Ordinary Kriging (OK) based interpolations were produced for gold estimations in each area of the Windfall deposit, while silver grade estimations for most projects were produced using Inverse Distance Squared (ID2) interpolations. Gold estimation parameters are based on composite variography analyses. The gold estimation parameters were used for the silver estimation.
  11. Density values vary between 2.73 and 2.93 and are mainly based on the densities of lithologies within the mineralized lenses.
  12. The Windfall mineral resource estimate is categorized as measured, indicated and inferred mineral resource as follows:
    1. The measured mineral resource category is manually defined and encloses areas where:
      1. drill spacing is less than 12.5 metres,
      2. blocks are informed by a minimum of four drill holes,
  • geological evidence is sufficient to confirm geological and grade continuity.
  1. lenses in the area have been accessed by underground workings.
  1. The indicated mineral resource category is manually defined and encloses areas where:
    1. drill spacing is generally less than 25 metres,
    2. blocks are informed by a minimum of two drill holes,
  • geological evidence is sufficient to assume geological and grade continuity.
  1. The inferred mineral resource category is manually defined and encloses areas where:
    1. drill spacing is less than 100 metres,
    2. blocks are informed by a minimum of two drill holes,
  • geological evidence is sufficient to imply, but not verify geological and grade continuity.
  1. 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 1,600 USD/oz, exchange rate at 1.26 USD/CAD, 94.9% mill recovery; payability of 99.95%; selling cost at 5 USD/oz, 2% NSR royalties, mining cost at 107 CAD/t milled, G&A cost at 32 CAD/t milled, processing cost at 31 CAD/t, transportation cost at 2 CAD/t considering mill at site, and environment cost at 12 CAD/t. A cut-off grade of 3.5 g/t Au was selected over the calculated cut-off grade of 3.1 g/t Au to better reflect a realistic mining cut-off.
  2. Estimates use metric units (metres, tonnes and g/t). Metal contents are presented in troy ounces (metric tonne x grade / 31.103475).
  3. 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.

 

  1. 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 October 20, 2021, 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 greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec, Canada. The mineral resource defined by Osisko, as disclosed in this news release and assuming a cut-off grade of 3.5 g/t Au, comprises 565,000 tonnes at 11.6 g/t Au (210,000 ounces) in the measured mineral resource category, 8,907,000 tonnes at 10.5 g/t Au (2,994,000 ounces) in the indicated mineral resource category and 13,035,000 tonnes at 8.6 g/t Au (3,585,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in 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, and Underdog. Mineralization is generally comprised of sub-vertical lenses following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres, including the Triple 8 (TP8) zone. The resources excluding TP8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified near surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding the Urban Barry area and nearby Quévillon area (over 2,600 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 MRE 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 MRE disclosed in this news release; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; upgrading a inferred mineral resource to a measured mineral resource or indicated mineral resource category; future exploration activities, including drilling, at the Windfall gold deposit; the growth potential of the Windfall deposit and management’s expectations relating thereto; the potential for expansion of high-grade zones in Lynx to the East and down plunge; expected grade and resource growth; the deposit remaining open along strike to the northeast and at depth; cut-off grade and sensitivity analysis; 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
Office Telephone (416) 363-8653

OSISKO MINING APPOINTS SIMARD VICE PRESIDENT EXPLORATION

(Toronto, January 4, 2021) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to announce that Mr. Pascal Simard has been promoted to the position of Vice-President Exploration, where he will manage all exploration activities of the corporation.

Pascal joined Osisko Mining Inc. in 2016 and most recently held the position of Director of Exploration where he contributed to the development of the company projects portfolio, including Windfall and regional exploration on Urban-Barry.  A graduate from Université du Québec à Chicoutimi with a Bachelor in geological engineering, Mr. Simard is a professional engineer with over 17 years of experience on exploration and mining projects in Canada, and is a member of the Ordre des Ingénieurs du Québec.  Prior to joining Osisko, Pascal worked with Virginia Mines and Cambior on projects in the Abitibi, James-Bay and Northern Quebec.

John Burzynski, Chief Executive Officer and Chairman of the Company stated: “We are very pleased to welcome Pascal as the new Vice-President Exploration for Osisko Mining.  We expect him to have a very busy 2022 as we move to complete feasibility work on our flagship Windfall deposit and begin to turn our attention to making new discoveries on our vast Urban Barry-Quévillon land package.”

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of gold resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,600 square kilometres).

 

 

CONTACT INFORMATION:

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

OSISKO ANNOUNCES TSX APPROVAL TO RENEW NORMAL COURSE ISSUER BID

 

(Toronto, December 30, 2021) Osisko Mining Inc. (TSX:OSK) (the “Corporation” or “Osisko“) today announces that the Toronto Stock Exchange (the “TSX”) has approved the Corporation’s notice of intention to make a normal course issuer bid (the “NCIB Program”). Under the terms of the NCIB Program, Osisko may acquire up to 28,678,891 of its common shares (“Common Shares”) from time to time in accordance with the normal course issuer bid procedures of the TSX.

 

The normal course issuer bid will be conducted through the facilities of the TSX or alternative trading systems, if eligible, and will conform to their regulations. Purchases under the normal course issuer bid will be made by means of open market transactions or such other means as a securities regulatory authority may permit, including pre-arranged crosses, exempt offers and private agreements under an issuer bid exemption order issued by a securities regulatory authority.

 

Repurchases under the NCIB Program may commence on January 2, 2022 and will terminate on January 1, 2023 or on such earlier date as the NCIB Program is complete. Daily purchases will be limited to 138,745 Common Shares, other than block purchase exemptions, representing 25% of the average daily trading volume of the Common Shares on the TSX for the six-month period ending November 30, 2021, being 554,981 Common Shares.

 

The price that the Corporation may pay for any Common Shares purchased in the open market under the NCIB Program will be the prevailing market price at the time of purchase (plus any brokerage fees) and any Common Shares purchased by the Corporation will be cancelled. In the event that the Corporation purchases Common Shares by pre-arranged crosses, exempt offers, block purchases or private agreements, the purchase price of the Common Shares may be, and will be in the case of purchases by private agreements, as may be permitted by the securities regulatory authority, at a discount to the market price of the Common Shares at the time of acquisition.

 

The board of directors of Osisko believes that the underlying value of the Corporation may not be reflected in the market price of the Common Shares from time to time and that, accordingly, the purchase of Common Shares will increase the proportionate interest in the Corporation of, and be advantageous to, all remaining shareholders of the Corporation.

 

As of December 20, 2021, there were 346,279,008 Common Shares issued and outstanding. The 28,678,891 Common Shares that may be repurchased under the NCIB Program represent approximately 10% of the public float of the Corporation as of December 20, 2021, being 286,788,917 Common Shares.

 

During the prior NCIB Program of the Corporation, which will end on January 1, 2022, the Corporation obtained approval to purchase 28,304,260 Common Shares, and actually purchased 12,892,600 Common Shares at a weighted average price of approximately $3.2076 per Common Share through the facilities of the TSX.

 

Osisko has appointed BMO Nesbitt Burns Inc. to make any purchases under the NCIB Program on its behalf.

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding the Urban Barry area and nearby Quévillon area (over 2,600 square kilometres).

 

Cautionary Note Regarding Forward-Looking Information

 

This news release contains forward-looking statements. These forward-looking statements, by their nature, require the Corporation to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Words such as “may”, “will”, “would”, “could”, “expect”, “believe”, “plan”, “anticipate”, “intend”, “estimate”, “continue”, or the negative or comparable terminology, as well as terms usually used in the future and the conditional, are intended to identify forward-looking statements including the fact that the Corporation “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled” and similar expressions or variations (including negative variations), or that events or conditions “will”, “would”, “may”, “could” or “should” occur including, without limitation, statements about the board of directors of Osisko’s belief that the NCIB Program is advantageous to shareholders and that underlying value of the Corporation may not be reflected in the market price of the Common Shares, the Corporation’s intentions regarding the NCIB Program and whether the Corporation will receive the requisite acceptance of the TSX in respect of the NCIB Program. Although Osisko believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve known and unknown risks, uncertainties and other factors and are not guarantees of future performance and actual results may accordingly differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include, without limitation: fluctuations in the prices of the commodities; fluctuations in the value of the Canadian dollar relative to the U.S. dollar; regulatory changes by national and local government, including corporate law, permitting and licensing regimes and taxation policies; continued availability of capital and financing and general economic, market or business conditions; business opportunities that become available to, or are pursued by Osisko; other uninsured risks. The forward looking statements contained in this news release are based upon assumptions management believes to be reasonable, including, without limitation: the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property interests in the Windfall gold project; the ability of the Corporation to obtain required approvals and complete transactions on terms announced; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions. Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information, Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

 

For further information on Osisko please contact:

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

 

 

OSISKO RECAPS WINDFALL DRILL PROGRAM RESULTS WITH TOP 21 INTERCEPTS OF 2021

(Toronto, December 21, 2021) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide a recap of the 2021 drill program and the top 21 intercepts of the year from its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

The 2021 drill program at Windfall included over 360,000 metres in over 900 drill holes from surface and underground. The drilling focused on infill and expansion of the mineralized zones defined in the February 2021 mineral resource estimate (see Osisko news release dated February 17, 2021) with the objectives of converting inferred resources into the measured and indicated categories in support of the upcoming feasibility study, expanding known zones, and defining new zones.

This year’s top intercepts demonstrate once again the high-grade nature of the Lynx zones, with some of the best intervals of the project.  However, Caribou zone ranks first overall this year with 3,979 g/t Au over 2.3 metres. The table below presents the “Top 21 intercepts” from this year’s drill program based on metal factor (grade*length). Location map: Long Section EN top21_2021.pdf

WINDFALL 2021 TOP 21 INTERCEPTS BY METAL FACTOR

Rank Hole No. From (m) To (m) Interval (m) Au (g/t) uncut g*metres uncut Zone
1 OSK-W-21-2565 535.8 538.1 2.3 3979 9153 Caribou
2 OSK-W-21-2287-W1 1209.9 1212.4 2.5 2181 5452 LX4_3449
3 OSK-W-21-1432-W6 970.9 976.2 5.3 632 3347 LX4_3430
4 OSK-W-21-2287-W6 1259.2 1269.7 10.5 319 3346 LX4_3449
5 OSK-W-21-2549 421.1 423.8 2.7 1096 2960 Caribou
6 WST-21-0668 36.5 38.7 2.2 877 1930 Bobcat_2350
7 WST-20-0613 237.8 240.3 2.5 696 1740 TLX_3161
8 OSK-W-21-2587 1098.4 1101.1 2.7 576 1554 TLX_3170
9 OSK-W-21-1432-W11 929.3 938.1 8.8 163 1438 Lynx 4
10 OSK-W-21-2369-W3 672.8 676.3 3.5 369 1293 LXM_3304
11 WST-21-0814 83.1 87.5 4.4 293 1291 Z27_1101
12 WST-21-0833 278.0 280.4 2.4 512 1229 LHW_3201
13 OSK-W-20-2256-W7 881.0 891.5 10.5 108 1133 TLX_3161
14 WST-20-0632 123.8 125.9 2.1 507 1066 LXM_3334
15 OSK-W-21-2287-W1 1215.0 1217.2 2.2 403 887 LX4_3449
16 OSK-W-20-2252-W7 900.0 909.7 9.7 90.5 878 TLX_3161
17 OSK-W-20-1432-W2 959.5 962.0 2.5 342 855 Lynx_3437
18 WST-21-0823 165.2 167.4 2.2 388 854 LXM_3304
19 WST-21-0828 520.0 526.3 6.3 135 849 LX4_3440
20 OSK-W-21-2492-W2 783.6 785.7 2.1 385 808 LX4_3414
21 OSK-W-20-2313-W2 645.8 648.0 2.2 344 756 TLX_3196

 

Qualified Person

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

 

Quality Control and Reporting Protocols

True width determination is estimated at 55-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.5 g/t Au diluted over core lengths of at least 2.0 metres. NQ core assays were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Vancouver, British Colombia, Lima, Peru or Vientiane, Laos (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using a Four Acid Digestion-ICP-MS method at ALS Laboratories. Drill program design, Quality Assurance/Quality Control (“QA/QC”) and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assay.

 

About the Windfall Gold Deposit

The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The Mineral Resource Estimate (“MRE“) defined by Osisko, as disclosed in the news release dated February 17, 2021 is supported by the technical report entitled “Preliminary Economic Assessment Update for the Windfall Project” dated April 26, 2021 (that includes Windfall Mineral Resource Estimate with an effective date  of November 30, 2020), and assuming a cut-off grade of 3.50 g/t Au, comprises 521,000 tonnes at 11.3 g/t Au (189,000 ounces) in the measured mineral resource category, 5,502,000 tonnes at 9.4 g/t Au (1,668,000 ounces) in the indicated mineral resource category and 16,401,000 tonnes at 8.0 g/t Au (4,244,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 17, 2021 news release are further described in the full technical report prepared by BBA Inc. in accordance with NI 43-101 and is available on SEDAR (www.sedar.com) under the Corporation’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres as it now includes the Triple 8 (T8) zone. The resources excluding T8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of gold resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,600 square kilometres).

 

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in this news release; the prospects, if any, of the Windfall gold deposit; timing and ability of Osisko to file a technical report for the mineral resource estimate disclosed in this news release; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the amount and type of drilling to be completed and the timing to complete such drilling; the focus of the remaining infill drilling; the trend of grade increase; the Lynx zone remaining open to expansion down plunge; upgrading a inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the significance of historic exploration activities and results. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including (infill) drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

 

CONTACT INFORMATION:

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

 

EARLY WARNING REPORT FOR OSISKO MINING INC.

FORM 62-103F1

EARLY WARNING REPORT

 This report updates information disclosed in a previous report filed by Osisko Mining Inc. (“Osisko”) on July 14, 2021.

Item 1 – Security and Reporting Issuer

1.1             State the designation of securities to which this report relates and the name and address of the head office of the issuer of the securities.

Issuer:

O3 Mining Inc. (“O3 Mining“)
155 University Avenue
Suite 1440
Toronto, Ontario  M5H 3B7

Securities:   This report relates to the disposition by Osisko of common shares of O3 Mining (“O3 Shares“).

O3 Mining is a corporation existing under the laws of the Province of Ontario and its common shares trade through the facilities of the TSX Venture Exchange under the trading symbol “OIII”.

1.2             State the name of the market in which the transaction or other occurrence that triggered the requirement to file this report took place.

The Disposition (as defined below) will be completed by way of a private agreement.

Item 2 – Identity of the Acquiror

2.1             State the name and address of the acquiror.

Acquiror:

Osisko Mining Inc. (“Osisko“)
155 University Avenue
Suite 1440
Toronto, Ontario  M5H 3B7

 

Osisko is a corporation existing under the laws of the Province of Ontario and its common shares trade through the facilities of the Toronto Stock Exchange under the trading symbol “OSK”. Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada.

 

2.2             State the date of the transaction or other occurrence that triggered the requirement to file this report and briefly describe the transaction or other occurrence.

On December 15, 2021, Osisko entered into a purchase agreement with an arm’s length third party pursuant to which Osisko agreed to dispose of an aggregate of 2,500,000 O3 Shares at a price of $2.00 per O3 Share for aggregate consideration of $5,000,000 (the “Disposition”). The Disposition is expected to close prior to the end of December 2021. The Disposition triggered the requirement to file this report under National Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 61-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

 

2.3             State the names of any joint actors.

None.

Item 3 – Interest in Securities of the Reporting Issuer

3.1             State the designation and number or principal amount of securities acquired or disposed of that triggered the requirement to file the report and the change in the acquiror’s securityholding percentage in the class of securities.

Immediately prior to giving effect to the Disposition, Osisko had beneficial ownership of, or control and direction over, 18,361,298 O3 Shares, representing approximately 26.9% of the number of issued and outstanding O3 Shares (being 68,160,439 common shares).

Immediately after giving effect to the Disposition, Osisko had beneficial ownership of, or control and direction over, 15,861,298 O3 Shares, representing approximately 23.3% of the issued and outstanding O3 Shares on a basic basis (based on there being 68,160,439 O3 Shares issued and outstanding as of the date hereof).

3.2             State whether the acquiror acquired or disposed ownership of, or acquired or ceased to have control over, the securities that triggered the requirement to file the report.

Osisko disposed of 2,500,000 O3 Shares referred to in this report.

3.3             If the transaction involved a securities lending arrangement, state that fact.

Not applicable.

3.4             State the designation and number or principal amount of securities and the acquiror’s securityholding percentage in the class of securities, immediately before and after the transaction or other occurrence that triggered the requirement to file this report.

See Item 3.1 above.

3.5             State the designation and number or principal amount of securities and the acquiror’s securityholding percentage in the class of securities referred to in Item 3.4 over which

(a)             the acquiror, either alone or together with any joint actors, has ownership and control,

Osisko owns and controls the 15,861,298 O3 Shares referred to in Item 3.1, representing approximately 23.3% of the issued and outstanding O3 Shares.

(b)             the acquiror, either alone or together with any joint actors, has ownership but control is held by persons or companies other than the acquiror or any joint actor, and

Not applicable.

(c)              the acquiror, either alone or together with any joint actors, has exclusive or shared control but does not have ownership.

Not applicable.

3.6             If the acquiror or any of its joint actors has an interest in, or right or obligation associated with, a related financial instrument involving a security of the class of securities in respect of which disclosure is required under this item, describe the material terms of the related financial instrument and its impact on the acquiror’s securityholdings.

Not applicable.

3.7             If the acquiror or any of its joint actors is a party to a securities lending arrangement involving a security of the class of securities in respect of which disclosure is required under this item, describe the material terms of the arrangement including the duration of the arrangement, the number or principal amount of securities involved and any right to recall the securities or identical securities that have been transferred or lent under the arrangement.

Not applicable.

State if the securities lending arrangement is subject to the exception provided in section 5.7 of NI 62-104.

Not applicable.

3.8             If the acquiror or any of its joint actors is a party to an agreement, arrangement or understanding that has the effect of altering, directly or indirectly, the acquiror’s economic exposure to the security of the class of securities to which this report relates, describe the material terms of the agreement, arrangement or understanding.

Not applicable.

Item 4 – Consideration Paid

4.1             State the value, in Canadian dollars, of any consideration paid or received per security and in total.

See Item 2.2 above.

4.2             In the case of a transaction or other occurrence that did not take place on a stock exchange or other market that represents a published market for the securities, including an issuance from treasury, disclose the nature and value, in Canadian dollars, of the consideration paid or received by the acquiror.

See Item 2.2 above.

4.3             If the securities were acquired or disposed of other than by purchase or sale, describe the method of acquisition or disposition.

Not applicable.

Item 5 – Purpose of the Transaction

State the purpose or purposes of the acquiror and any joint actors for the acquisition or disposition of securities of the reporting issuer. Describe any plans or future intentions which the acquiror and any joint actors may have which relate to or would result in any of the following: (a) the acquisition of additional securities of the reporting issuer, or the disposition of securities of the reporting issuer; (b) a corporate transaction, such as a merger, reorganization or liquidation, involving the reporting issuer or any of its subsidiaries; (c) a sale or transfer of a material amount of the assets of the reporting issuer or any of its subsidiaries;(d) a change in the board of directors or management of the reporting issuer, including any plans or intentions to change the number or term of directors or to fill any existing vacancy on the board; (e) a material change in the present capitalization or dividend policy of the reporting issuer; (f) a material change in the reporting issuer’s business or corporate structure; (g) a change in the reporting issuer’s charter, bylaws or similar instruments or another action which might impede the acquisition of control of the reporting issuer by any person or company; (h) a class of securities of the reporting issuer being delisted from, or ceasing to be authorized to be quoted on, a marketplace; (i) the issuer ceasing to be a reporting issuer in any jurisdiction of Canada; (j) a solicitation of proxies from securityholders; (k) an action similar to any of those enumerated above.

The O3 Shares were disposed of in order to monetize a portion of its investment in O3 Mining. Osisko intends to review, on a continuous basis, various factors related to its investment in O3 Mining, and may decide to purchase or dispose of additional securities of O3 Mining as future circumstances may dictate.

Item 6 – Agreements, Arrangements, Commitments or Understandings With Respect to Securities of the Reporting Issuer

Describe the material terms of any agreements, arrangements, commitments or understandings between the acquiror and a joint actor and among those persons and any person with respect to securities of the class of securities to which this report relates, including but not limited to the transfer or the voting of any of the securities, finder’s fees, joint ventures, loan or option arrangements, guarantees of profits, division of profits or loss, or the giving or withholding of proxies. Include such information for any of the securities that are pledged or otherwise subject to a contingency, the occurrence of which would give another person voting power or investment power over such securities, except that disclosure of standard default and similar provisions contained in loan agreements need not be included.

Not applicable.

Item 7 – Change in material fact

If applicable, describe any change in a material fact set out in a previous report filed by the acquiror under the early warning requirements or Part 4 in respect of the reporting issuer’s securities.

Not applicable.

Item 8 – Exemption

If the acquiror relies on an exemption from requirements in securities legislation applicable to formal bids for the transaction, state the exemption being relied on and describe the facts supporting that reliance.

Not applicable.

Item 9 – Certification

The acquiror must certify that the information is true and complete in every respect. In the case of an agent, the certification is based on the agent’s best knowledge, information and belief but the acquiror is still responsible for ensuring that the information filed by the agent is true and complete.

This report must be signed by each person on whose behalf the report is filed or his authorized representative.

It is an offence to submit information that, in a material respect and at the time and in the light of the circumstances in which it is submitted, is misleading or untrue.

Certificate

I, as the President and Chief Executive Officer of Osisko, certify on behalf of Osisko, to the best of my knowledge, information and belief, that the statements made in this report are true and complete in every respect.

Date:                December 15, 2021

Signature:         (signed) “John F. Burzynski”
Chief Executive Officer, Osisko

Name/Title:      John F. Burzynski / Chief Executive Officer, Osisko

OSISKO MINING INC. FILES EARLY WARNING REPORT IN RESPECT OF O3 MINING INC.

Toronto, Ontario (December 15, 2021) – Osisko Mining Inc. (TSX:OSK) (the “Corporation“) announces that it has filed an early warning report in respect of its holdings in O3 Mining Inc. (“O3 Mining“). On December 15, 2021, the Corporation entered into a purchase agreement with an arm’s length third party pursuant to which the Corporation agreed to dispose of an aggregate of 2,500,000 common shares of O3 Mining (the “O3 Shares“) at a price of $2.00 per O3 Share for aggregate consideration of $5,000,000 (the “Disposition“). The Disposition is expected to close prior to the end of December 2021.

Immediately prior to giving effect to the Disposition, the Corporation had beneficial ownership of, or control and direction over, 18,361,298 O3 Shares, representing approximately 26.9% of the number of issued and outstanding O3 Shares (being 68,160,439 O3 Shares). Immediately after giving effect to the Disposition, the Corporation had beneficial ownership of, or control and direction over, 15,861,298 O3 Shares, representing approximately 23.3% of the issued and outstanding O3 Shares on a basic basis (based on there being 68,160,439 O3 Shares issued and outstanding as of the date hereof).

The Corporation disposed of such 2,500,000 O3 Shares in order to monetize a portion of its investment in O3 Mining. The Corporation intends to review, on a continuous basis, various factors related to its investment in O3 Mining, and may decide to purchase or dispose of additional securities of O3 Mining as future circumstances may dictate.

This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated December 15, 2021. The early warning report respecting the Disposition has been filed on SEDAR (www.sedar.com) under O3 Mining’s issuer profile. To obtain a copy of the early warning report filed by the Corporation, please contact John Burzynski at (416) 363-8653 or refer to SEDAR (www.sedar.com) under O3 Mining’s issuer profile.

 

For further information on the Corporation please contact:

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

The Corporation’s head office is located at 155 University Avenue, Suite 1440, Toronto, Ontario M5H 3B7.

OSISKO WINDFALL DRILLING INTERSECTS MORE HIGH-GRADE

118 g/t Au Over 2.3 Metres in Triple Lynx

96.2 g/t Au Over 2.6 Metres in Lynx 4

(Toronto, December 15, 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.

Significant new analytical results presented below include 35 intercepts in 14 drill holes (6 from surface, 8 from underground) and 9 wedges. The infill intercepts are located inside defined February 2021 mineral resource estimate (“MRE”) blocks (see Osisko news release dated February 17, 2021). The expansion intercepts are located outside the February 2021 MRE blocks and either expand resource wireframes or are in a defined zone or corridor but do not yet correlate to a specific wireframe.

Osisko Chief Executive Officer John Burzynski commented: “Windfall once again delivers high-grade intercepts with today’s results coming from across the deposit including from the Triple Lynx, Lynx 4, Caribou, Underdog, and F Zone areas. Targeted infill and expansion drilling will continue into 2022 to further define and expand our world-class gold deposit.”

Selected high-grade intercepts include 118 g/t Au over 2.3 metres in WST-21-0784; 96.2 g/t Au over 2.6 metres in OSK-W-21-2629; 108 g/t Au over 2.0 metres in OSK-W-21-2633; 83.5 g/t Au over 2.0 metres in WST-21-0855B; 37.8 g/t Au over 2.6 metres in OSK-W-21-2621. Maps showing hole locations and full analytical results are available at www.osiskomining.com. Maps:

Infill Drilling

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-21-1871-W1 963.0 965.8 2.8 12.7   UDD_4511 Underdog
OSK-W-21-1963-W9 1208.0 1210.0 2.0 9.63   LX4_3453 Lynx 4
1297.8 1299.9 2.1 10.8   LX4_3449 Lynx 4
including 1298.6 1299.1 0.5 38.5
OSK-W-21-2531-W1 1098.0 1100.0 2.0 4.88   UDD_4513 Underdog
OSK-W-21-2544-W4 794.0 796.0 2.0 5.76   TLX_3184 Triple Lynx
OSK-W-21-2551-W4 926.0 928.0 2.0 10.9   LX4_3417 Lynx 4
including 926.5 927.1 0.6 25.6
OSK-W-21-2587-W2 1150.0 1152.0 2.0 8.39   TLX_3172 Triple Lynx
including 1150.3 1150.7 0.4 39.4
OSK-W-21-2605 1284.4 1291.0 6.6 9.73   LX4_3449 Lynx 4
including 1284.4 1286.4 2.0 22.1
and 1289.9 1290.2 0.3 15.6
OSK-W-21-2621 651.1 653.5 2.4 16.6   UDD_4100 Underdog
including 652.0 653.0 1.0 39.3
  948.0 950.0 2.0 9.59   UDD_4514 Underdog
  953.0 955.0 2.0 14.2   UDD_4514 Underdog
OSK-W-21-2625-W1 803.0 806.5 3.5 5.74   LX4_3437 Lynx 4
OSK-W-21-2629 930.6 933.2 2.6 96.2 50.0 LX4_3437 Lynx 4
including 932.2 933.2 1.0 220 100
  944.0 946.1 2.1 32.2   LX4_3437 Lynx 4
including 944.3 945.1 0.8 84.0
OSK-W-21-2633 146.6 148.6 2.0 108 57.4 F11_6000 F-11
including 147.0 148.0 1.0 202 100
OSK-W-21-2636 357.0 359.3 2.3 33.6 22.3 CA1_2551 Caribou
including 358.0 358.5 0.5 152 100
WST-21-0649 704.2 706.8 2.6 3.89   LX4_3427 Lynx 4
including 704.2 704.5 0.3 10.8
756.9 759.0 2.1 22.2   LX4_3412 Lynx 4
WST-21-0784 259.8 262.1 2.3 118 57.4 TLX_3161 Triple Lynx
including 260.2 261.4 1.2 216 100
WST-21-0855B 177.2 181.3 4.1 13.6   LXM_3440 Lynx
including 178.1 178.4 0.3 31.3
  541.8 543.8 2.0 83.5 33.4 LX4_3404 Lynx 4
including 543.2 543.8 0.6 267 100
WST-21-0861 105.1 107.2 2.1 8.56   LXM_3311 Lynx
WST-21-0873 255.0 257.3 2.3 4.01   LSW_3500 Lynx SW
including 256.0 256.3 0.3 17.5
WST-21-0888 71.0 73.0 2.0 5.79   LXM_3336 Lynx
WST-21-0893 43.6 45.8 2.2 4.91   LXM_3303 Lynx
including 44.0 44.7 0.7 15.4

Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below. CA1 = Caribou, LX4 = Lynx 4, LXM = Lynx Main, LSW = Lynx South West, TLX = Triple Lynx, UDD = Underdog, F11 = F Zones.

 

Expansion Drilling

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-21-1432-W12 861.0 863.0 2.0 5.30   LX4 Lynx 4
  927.0 930.0 3.0 19.6   LX4 Lynx 4
  933.5 935.8 2.3 14.2   LX4 Lynx 4
OSK-W-21-2522-W2 767.0 769.0 2.0 6.62   LXM Lynx
OSK-W-21-2544-W4 813.9 816.2 2.3 18.8 13.5 TLX Triple Lynx
including 815.4 815.7 0.3 141 100
OSK-W-21-2587-W2 1077.0 1079.0 2.0 11.3   TLX Triple Lynx
including 1077.0 1077.8 0.8 27.1
OSK-W-21-2597 704.0 706.0 2.0 15.0   LX4 Lynx 4
including 704.5 705.0 0.5 34.7
OSK-W-21-2621 722.0 724.6 2.6 37.8 18.0 UDD Underdog
including 724.0 724.3 0.3 272 100
WST-21-0873 300.0 302.0 2.0 8.00   LSW Lynx SW
WST-21-0913 567.0 569.0 2.0 8.45   LX4 Lynx 4
including 568.1 568.5 0.4 41.5

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

 

Drill hole location

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-21-1432-W12 132 -55 1113 453811 5435779 400 4300
OSK-W-21-1871-W1 331 -56 1119 452496 5434397 402 2475
OSK-W-21-1963-W9 123 -58 1388 453761 5435816 401 4275
OSK-W-21-2522-W2 128 -54 917 453450 5435592 411 3900
OSK-W-21-2531-W1 344 -62 1215 452566 5434415 403 2550
OSK-W-21-2544-W4 128 -50 858 452960 5435539 419 3425
OSK-W-21-2551-W4 120 -55 1026 453622 5435635 405 4050
OSK-W-21-2587-W2 127 -59 1167 453350 5435673 418 3850
OSK-W-21-2597 13 -75 861 454135 5435058 397 4225
OSK-W-21-2605 112 -55 1401 453552 5435669 408 4025
OSK-W-21-2621 344 -53 1001 452272 5434396 399 2275
OSK-W-21-2625-W1 33 -77 846 454135 5435058 396 4225
OSK-W-21-2629 114 -57 1011 453622 5435635 405 4050
OSK-W-21-2633 157 -47 189 452365 5435894 405 3100
OSK-W-21-2636 337 -52 801 452499 5434619 403 2575
WST-21-0649 136 -47 790 453258 5435211 98 3525
WST-21-0784 132 -66 361 453507 5435327 -7 3800
WST-21-0855B 118 -45 751 453507 5435333 -48 3800
WST-21-0861 139 -64 307 453106 5435066 231 3325
WST-21-0873 152 -61 507 453105 5435065 231 3325
WST-21-0888 140 -34 111 453314 5435164 124 3550
WST-21-0893 142 -24 120 453314 5435164 124 3550
WST-21-0913 138 -49 594 453322 5435236 54 3600

 

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-Zones

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

 

Lynx Zone

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

 

Underdog

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

 

Qualified Person

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

 

Quality Control and Reporting Protocols

True width determination is estimated at 55-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.5 g/t Au diluted over core lengths of at least 2.0 metres. NQ core assays were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Vancouver, British Colombia, Lima, Peru or Vientiane, Laos (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using a Four Acid Digestion-ICP-MS method at ALS Laboratories. Drill program design, Quality Assurance/Quality Control (“QA/QC”) and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assay.

 

About the Windfall Gold Deposit

The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The Mineral Resource Estimate (“MRE“) defined by Osisko, as disclosed in the news release dated February 17, 2021 is supported by the technical report entitled “Preliminary Economic Assessment Update for the Windfall Project” dated April 26, 2021 (that includes Windfall Mineral Resource Estimate with an effective date  of November 30, 2020), and assuming a cut-off grade of 3.50 g/t Au, comprises 521,000 tonnes at 11.3 g/t Au (189,000 ounces) in the measured mineral resource category, 5,502,000 tonnes at 9.4 g/t Au (1,668,000 ounces) in the indicated mineral resource category and 16,401,000 tonnes at 8.0 g/t Au (4,244,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 17, 2021 news release are further described in the full technical report prepared by BBA Inc. in accordance with NI 43-101 and is available on SEDAR (www.sedar.com) under the Corporation’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres as it now includes the Triple 8 (T8) zone. The resources excluding T8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of gold resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,600 square kilometres).

 

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in this news release; the prospects, if any, of the Windfall gold deposit; timing and ability of Osisko to file a technical report for the mineral resource estimate disclosed in this news release; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the amount and type of drilling to be completed and the timing to complete such drilling; the focus of the remaining infill drilling; the trend of grade increase; the Lynx zone remaining open to expansion down plunge; upgrading a inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the significance of historic exploration activities and results. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including (infill) drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

 

CONTACT INFORMATION:

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

OSISKO MINING INC. ANNOUNCES SIX-MONTH EXTENSION OF WARRANTS ISSUED ON JUNE 23, 2020

Toronto, Ontario (December 13, 2021) – Osisko Mining Inc. (TSX:OSK) (the “Corporation“) is pleased to announce that it has received conditional approval of the Toronto Stock Exchange to extend the expiry date of the common share purchase warrants of the Corporation (the “Warrants“) originally issued pursuant to a private placement of units of the Corporation, which closed on June 23, 2020 (the “Offering“).  The Warrants are exercisable for common shares of the Company (“Common Shares“) at a price of $5.25 per Common Share and are set to expire on December 23, 2021.  The Company has extended the expiry date of such Warrants by an additional six months to June 23, 2022, with such extension being effective on December 29, 2021 (the “Effective Date“). All other terms of the Warrants, including the exercise price, will remain the same. No exercises of the Warrants will be accepted by the Corporation from the date hereof until the Effective Date.  Under the Offering 24,250,000 Warrants were issued, but the extension applies only to 22,099,400 Warrants, as the extension does not apply to 2,150,600 Warrants issued to insiders of the Corporation.

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding the Urban Barry area and nearby Quévillon area (over 2,600 square kilometres).

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, statements with respect to the extension of the term of the Warrants. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, include the inability to obtain regulatory approvals required in relation to the extension of the term of the Warrants. Although Osisko believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Osisko disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

For further information on the Corporation please contact:

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

OSISKO WINDFALL DRILLING INTERCEPTS WIDE HIGH-GRADE IN EXPANSION HOLES

163 g/t Au over 8.8 metres in Lynx 4

32.4 g/t Au over 5.7 metres in Triple Lynx

(Toronto, December 8, 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.

Significant new analytical results presented below include 97 intercepts in 31 drill holes (12 from surface, 19 from underground) and 22 wedges. The infill intercepts are located inside defined February 2021 mineral resource estimate (“MRE”) blocks (see Osisko news release dated February 17, 2021). The expansion intercepts are located outside the February 2021 MRE blocks and either expand resource wireframes or are in a defined zone or corridor but do not yet correlate to a specific wireframe.

Osisko Chief Executive Officer John Burzynski commented: “Today’s results underscore once again how much room there is to grow at Windfall with the headline holes located outside the resource released in February earlier this year. Targeted infill drilling also returned high-grade intercepts highlighting the robust grade of the deposit.”

Selected high-grade intercepts include: 163 g/t Au over 8.8 metres in OSK-W-21-1462-W11; 178 g/t Au over 2.9 metres in OSK-W-21-2551-W5; 135 g/t Au over 2.0 metres in OSK-W-21-1871-W1; 104 g/t Au over 2.4 metres in OSK-W-21-1949-W6; 95.2 g/t Au over 2.1 metres in OSK-W-21-2287-W7; 32.4 g/t Au over 5.7 metres in OSK-W-21-2540-W5, 49.4 g/t Au over 2.0 metres in WST-21-0903, 35.7 g/t Au over 2.4 metres in WST-21-0901, 21.5 g/t Au over 4.0 metres in OSK-W-21-2544-W2 and 42.7 g/t Au over 2.0 metres in WST-21-0879. Maps showing hole locations and full analytical results are available at www.osiskomining.com. Maps: Long Section In EN 20211208, Long Section Ex EN 20211208, PR_EN_20211208_Surface, PR_EN_20211208_UG.

Infill

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-21-1871-W1 888.6 891.0 2.4 12.5   UDD_4106 Underdog
  1008.0 1010.0 2.0 135 50.1 UDD_4501 Underdog
including 1008.0 1009.0 1.0 270 100
OSK-W-21-1871-W3 491.0 493.1 2.1 7.90   CA2_2211 Caribou
including 491.5 491.9 0.4 18.8
  549.0 551.0 2.0 5.32   CA2_2233 Caribou
OSK-W-21-1949-W6 747.2 749.6 2.4 104 27.6 LXM_3345 Lynx
including 748.1 748.6 0.5 466 100
OSK-W-21-2287-W7 1213.9 1216.0 2.1 95.2 LX4_3449 Lynx 4
OSK-W-21-2407-W2 802.0 805.0 3.0 8.55   UDD_4106 Underdog
including 802.8 803.5 0.7 21.1
OSK-W-21-2416-W7 1018.0 1020.0 2.0 41.3 15.8 TLX_3162 Triple Lynx
including 1019.3 1019.6 0.3 270 100
  1032.0 1034.0 2.0 36.8 23.9 TLX_3162 Triple Lynx
including 1032.9 1033.2 0.3 186 100
OSK-W-21-2512-W2 433.0 435.0 2.0 7.24   CA2_2211 Caribou
  687.6 690.0 2.4 28.2   UDD_4100 Underdog
including 688.3 689.3 1.0 65.8
  694.0 696.0 2.0 6.01   UDD_4100 Underdog
  715.0 720.0 5.0 5.04   UDD_4102 Underdog
  724.0 726.0 2.0 4.28   UDD_4102 Underdog
OSK-W-21-2531-W3 810.0 813.0 3.0 11.4   UDD_4110 Underdog
  873.0 877.0 4.0 10.3   UDD_4101 Underdog
  913.0 916.4 3.4 10.2   UDD_4100 Underdog
OSK-W-21-2531-W4 845.3 847.3 2.0 6.79   UDD_4101 Underdog
including 845.3 845.6 0.3 35.3
OSK-W-21-2532-W3 828.0 833.0 5.0 8.29   UDD_4100 Underdog
including 832.0 833.0 1.0 24.0
  837.8 842.0 4.2 19.0 16.1 UDD_4100 Underdog
including 840.0 840.4 0.4 131 100
OSK-W-21-2537-W3 938.0 940.0 2.0 12.6   TLX_3183 Triple Lynx
OSK-W-21-2544-W2 774.9 777.0 2.1 4.22   TLX_3171 Triple Lynx
  783.0 787.0 4.0 21.5   TLX_3171 Triple Lynx
including 784.5 785.2 0.7 62.8
  793.0 795.0 2.0 19.0   TLX_3184 Triple Lynx
including 794.0 794.4 0.4 93.3
  989.0 991.0 2.0 17.5   TLX_3195 Triple Lynx
including 989.4 990.0 0.6 58.1
OSK-W-21-2551-W5 941.3 943.5 2.2 17.3   LX4_3430 Lynx 4
including 942.0 942.4 0.4 78.6
  958.4 961.3 2.9 178 36.3 LX4_3430 Lynx 4
including 958.8 959.7 0.9 556 100
OSK-W-21-2578-W3 604.7 606.9 2.2 7.71   UDD_4100 Underdog
including 606.1 606.9 0.8 20.9
OSK-W-21-2587-W1 1030.0 1032.0 2.0 20.5   TLX_3163 Triple Lynx
  1038.0 1040.0 2.0 5.36   TLX_3164 Triple Lynx
including 1038.7 1039.0 0.3 27.1
  1046.0 1049.0 3.0 3.99   TLX_3164 Triple Lynx
  1089.0 1091.0 2.0 5.66   TLX_3162 Triple Lynx
including 1089.0 1089.4 0.4 16.6
  1105.6 1109.0 3.4 8.17   TLX_3170 Triple Lynx
OSK-W-21-2600 475.8 478.0 2.2 5.70   Z27_1115 Zone 27
OSK-W-21-2605 1312.0 1314.0 2.0 5.62   LX4_3445 Lynx 4
OSK-W-21-2612-W1 382.6 384.9 2.3 4.02   Z27_1115 Zone 27
including 382.6 383.0 0.4 14.4
OSK-W-21-2613 916.2 922.0 5.8 14.6   TLX_3161 Triple Lynx
including 916.2 916.6 0.4 38.1
and 918.7 919.3 0.6 41.0
  967.9 970.0 2.1 19.8   TLX_3163 Triple Lynx
including 967.9 968.3 0.4 60.9
and 968.9 969.3 0.4 42.5
  994.0 996.0 2.0 3.77   TLX_3164 Triple Lynx
including 994.4 995.0 0.6 8.21
OSK-W-21-2621 628.0 630.0 2.0 18.6   UDD_4101 Underdog
OSK-W-21-2625 814.9 817.3 2.4 10.9   LX4_3437 Lynx 4
including 814.9 815.2 0.3 55.1
OSK-W-21-2631 133.0 135.0 2.0 26.5   F11_6001 F-11
OSK-W-21-2632 103.0 105.0 2.0 3.66   F11_6000 F-11
  139.0 141.5 2.5 19.6   F11_6009 F-11
including 139.6 140.5 0.9 47.7
OSK-W-21-2635 568.0 570.4 2.4 4.21   CA2_2211 Caribou
including 570.1 570.4 0.3 24.2
OSK-W-21-2636 365.0 367.0 2.0 4.26   CA1_2551 Caribou
including 366.0 366.4 0.4 12.4
  550.0 552.0 2.0 13.0   Z27_1107 Zone 27
including 551.0 551.7 0.7 35.6
OSK-W-21-2641 118.4 124.0 5.6 4.04   F11_6001 F-11
WST-21-0649 456.0 458.0 2.0 6.23   TLX_3165 Triple Lynx
WST-21-0875 510.0 512.7 2.7 20.7 18.8 LX4_3450 Lynx 4
including 512.2 512.7 0.5 111 100
WST-21-0878 346.0 348.3 2.3 7.43   TLX_3131 Triple Lynx
including 348.0 348.3 0.3 37.7
WST-21-0879 510.0 512.0 2.0 42.7 25.8 LX4_3450 Lynx 4
including 510.5 511.0 0.5 168 100
  612.5 615.0 2.5 24.0   LX4_3429 Lynx 4
including 612.5 613.0 0.5 78.8
WST-21-0900 272.9 275.4 2.5 5.33   LHW_3215 Lynx HW
including 275.0 275.4 0.4 22.2
WST-21-0901 308.0 310.4 2.4 35.7 24.5 LHW_3215 Lynx HW
including 309.6 309.9 0.3 189 100
WST-21-0907 509.5 512.5 3.0 19.8   LX4_3430 Lynx 4
including 509.5 511.0 1.5 39.5
  644.0 646.1 2.1 38.8 35.1 LX4_3448 Lynx 4
including 645.0 645.5 0.5 116 100
WST-21-0912 603.0 605.1 2.1 38.6   LX4_3429 Lynx 4
including 603.6 604.5 0.9 74.9
WST-21-0920B 301.1 303.2 2.1 4.08   LHW_3215 Lynx HW
WST-21-0922 102.0 104.0 2.0 3.57   LXM_3304 Lynx

Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below. CA1 and CA2 = Caribou, LX4 = Lynx 4, LHW = Lynx Hanging Wall, LXM = Lynx Main, TLX = Triple Lynx, UDD = Underdog, F11 = F-Zones, Z27 = Zone 27.

 

Expansion Drilling

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-21-1432-W11 929.3 938.1 8.8 163 26.0 LX4 Lynx
including 929.3 931.0 1.7 811 100
OSK-W-21-1871-W2 754.0 756.0 2.0 4.06   UDD Underdog
OSK-W-21-2287-W7 1233.0 1235.0 2.0 24.2   LX4 Lynx 4
including 1233.5 1234.4 0.9 49.0
OSK-W-21-2407-W2 769.3 771.9 2.6 13.4   UDD Underdog
including 769.3 769.7 0.4 57.1
OSK-W-21-2465-W4 765.6 767.7 2.1 23.0   TLX Triple Lynx
including 766.8 767.7 0.9 50.2
OSK-W-21-2465-W6 938.0 940.0 2.0 4.61   TLX Triple Lynx
OSK-W-21-2540-W5 948.0 953.7 5.7 32.4 26.1 TLX Triple Lynx
including 951.7 952.7 1.0 136 100
OSK-W-21-2540-W6 949.0 951.0 2.0 11.8   TLX Triple Lynx
including 949.0 950.0 1.0 23.3
  955.0 957.0 2.0 29.0   TLX Triple Lynx
including 955.6 956.4 0.8 71.1
OSK-W-21-2544-W2 819.0 821.0 2.0 5.18   TLX Triple Lynx
including 819.9 820.2 0.3 29.7
OSK-W-21-2578-W3 589.5 591.6 2.1 7.42   UDD Underdog
including 590.1 590.7 0.6 24.7
OSK-W-21-2587-W1 967.0 969.0 2.0 4.01   TLX Triple Lynx
including 967.0 967.9 0.9 8.06
OSK-W-21-2589 131.6 133.6 2.0 7.71   LNX Lynx
including 132.8 133.2 0.4 31.0
OSK-W-21-2599 725.0 727.0 2.0 24.7   CA2 Caribou
including 725.0 726.0 1.0 49.3
  730.0 732.0 2.0 5.92   CA2 Caribou
  745.4 748.3 2.9 5.42   CA2_2220 Caribou
OSK-W-21-2613 1015.0 1017.0 2.0 5.65   TLX Triple Lynx
OSK-W-21-2635 597.3 600.0 2.7 12.0   CA2 Caribou
including 598.1 598.4 0.3 40.4
WST-21-0649 606.0 608.0 2.0 5.94   LX4 Lynx
including 606.4 606.7 0.3 37.2
WST-21-0793 74.0 76.0 2.0 3.72   LNX Lynx
including 74.3 75.1 0.8 8.11
WST-21-0863 336.3 338.7 2.4 6.80   TLX Triple Lynx
including 338.3 338.7 0.4 29.1
WST-21-0878 138.0 140.5 2.5 3.93   TLX Triple Lynx
WST-21-0886 231.0 233.0 2.0 8.62   LSW Lynx SW
including 232.6 233.0 0.4 42.8
  319.2 323.8 4.6 6.98   LSW Lynx SW
including 319.2 319.5 0.3 35.7
and 320.1 320.4 0.3 30.9
  362.4 364.4 2.0 4.74   LSW_3502 Lynx SW
including 362.4 362.7 0.3 31.0
WST-21-0894B 101.0 103.0 2.0 4.94   BCT Bobcat
including 101.3 101.8 0.5 19.0
WST-21-0898 239.5 241.8 2.3 10.3   TLX Triple Lynx
including 240.7 241.4 0.7 31.4
WST-21-0903 274.1 276.1 2.0 49.4   TLX Triple Lynx
WST-21-0907 567.0 569.0 2.0 7.94   LX4 Lynx
including 567.0 567.8 0.8 19.5
  583.0 585.0 2.0 3.53   LX4 Lynx 4
including 583.5 584.0 0.5 13.5
WST-21-0909 366.4 368.5 2.1 3.88   TLX Triple Lynx
including 367.8 368.1 0.3 11.3
  384.0 386.4 2.4 5.94   TLX Triple Lynx
including 385.1 385.5 0.4 32.1
  409.0 411.5 2.5 4.92   TLX Triple Lynx
including 411.1 411.5 0.4 15.3
WST-21-0915B 247.0 249.5 2.5 9.56   TLX Triple Lynx
including 247.0 247.5 0.5 45.0
  358.6 361.2 2.6 22.2   TLX Triple Lynx
including 359.6 360.3 0.7 63.7
  368.2 370.5 2.3 4.01   TLX Triple Lynx
WST-21-0916A 386.0 388.0 2.0 4.68   TLX Triple Lynx
including 387.2 387.5 0.3 10.6

Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below. BCT = Bobcat, CA2 = Caribou, LNX= Lynx, LSW = Lynx South West, LX4 = Lynx 4, TLX = Triple Lynx, UDD = Underdog.

 

Drill hole location

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-21-1432-W11 132 -55 1149 453811 5435779 400 4300
OSK-W-21-1871-W1 331 -56 1119 452496 5434397 402 2475
OSK-W-21-1871-W2 331 -56 915 452496 5434397 402 2475
OSK-W-21-1871-W3 331 -56 906 452496 5434397 402 2475
OSK-W-21-1949-W6 105 -57 1227 453440 5435479 401 3825
OSK-W-21-2287-W7 116 -53 1320 453607 5435714 404 4075
OSK-W-21-2407-W2 347 -55 843 452315 5434420 399 2325
OSK-W-21-2416-W7 123 -54 1104 453169 5435624 412 3650
OSK-W-21-2465-W4 123 -61 1053 453398 5435556 413 3825
OSK-W-21-2465-W6 123 -61 993 453398 5435556 413 3825
OSK-W-21-2512-W2 331 -54 834 452448 5434465 400 2475
OSK-W-21-2531-W3 344 -62 1329 452566 5434415 403 2550
OSK-W-21-2531-W4 344 -62 1203 452566 5434415 403 2550
OSK-W-21-2532-W3 341 -60 1191 452478 5434430 401 2475
OSK-W-21-2537-W3 114 -54 1024 452981 5435549 420 3450
OSK-W-21-2540-W5 117 -60 1311 453465 5435640 410 3925
OSK-W-21-2540-W6 117 -60 1541 453465 5435640 410 3925
OSK-W-21-2544-W2 128 -50 1044 452960 5435539 419 3425
OSK-W-21-2551-W5 120 -55 1023 453622 5435635 405 4050
OSK-W-21-2578-W3 350 -53 723 452178 5434397 399 2200
OSK-W-21-2587-W1 127 -59 1176 453350 5435673 418 3850
OSK-W-21-2589 130 -49 663 452960 5435539 420 3425
OSK-W-21-2599 328 -62 774 452787 5434526 397 2800
OSK-W-21-2600 329 -50 789 452470 5434626 403 2550
OSK-W-21-2605 112 -55 1401 453552 5435669 408 4025
OSK-W-21-2612-W1 333 -51 690 452391 5434638 402 2500
OSK-W-21-2613 114 -53 1092 452981 5435549 420 3450
OSK-W-21-2621 344 -53 1001 452272 5434396 399 2275
OSK-W-21-2625 33 -77 891 454135 5435058 396 4225
OSK-W-21-2631 158 -47 165 452336 5435850 406 3050
OSK-W-21-2632 141 -44 153 452363 5435857 406 3075
OSK-W-21-2635 327 -56 708 452684 5434475 402 2675
OSK-W-21-2636 337 -52 801 452499 5434619 403 2575
OSK-W-21-2641 177 -46 165 452436 5435884 407 3150
WST-21-0649 136 -47 790 453258 5435211 98 3525
WST-21-0793 125 -15 121 453463 5435327 32 3775
WST-21-0863 135 -64 403 453508 5435327 -7 3800
WST-21-0875 144 -47 577 453322 5435235 54 3600
WST-21-0878 128 -40 711 453375 5435297 -26 3675
WST-21-0879 139 -44 724 453258 5435209 96 3525
WST-21-0886 128 -51 375 452954 5435004 253 3175
WST-21-0894B 132 -52 417 452955 5435004 253 3175
WST-21-0898 141 -61 402 453508 5435327 -7 3800
WST-21-0900 122 -13 316 453462 5435326 33 3775
WST-21-0901 116 -18 340 453462 5435327 32 3775
WST-21-0903 120 -61 322 453509 5435328 -7 3800
WST-21-0907 130 -40 701 453374 5435296 -26 3675
WST-21-0909 151 -59 426 453507 5435328 -7 3800
WST-21-0912 141 -41 640 453258 5435209 96 3525
WST-21-0915B 143 -63 490 453507 5435328 -7 3800
WST-21-0916A 146 -52 586 453321 5435235 54 3600
WST-21-0920B 135 -24 348 453462 5435326 32 3775
WST-21-0922 146 -35 114 453314 5435164 124 3550

 

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. Mineralization is hosted in sheared mafic volcanics, rhyolites near faults, or at the contact with felsic porphyritic intrusions.

 

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-Zones

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

 

Lynx Zone

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

 

Underdog

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

 

Zone 27

Mineralization most commonly occurs as replacement-type characterized by 5% to 50% disseminated, stringer, semi-massive or stockwork pyrite, ptygmatic tourmaline veins, quartz-tourmaline crustiform veins, local quartz-carbonate veins, and local visible gold. Mineralization is associated with moderate to strong sericite, weak to strong silica, weak chlorite and carbonate and locally weak fuchsite and is hosted in strongly altered andesites, in or at the contact of the rhyolite, or along the contacts 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), Director of Exploration for Osisko’s Windfall gold project, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

 

Quality Control and Reporting Protocols

True width determination is estimated at 55-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.5 g/t Au diluted over core lengths of at least 2.0 metres. NQ core assays were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Vancouver, British Colombia, Lima, Peru or Vientiane, Laos (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using a Four Acid Digestion-ICP-MS method at ALS Laboratories. Drill program design, Quality Assurance/Quality Control (“QA/QC”) and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assay.

 

About the Windfall Gold Deposit

The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The Mineral Resource Estimate (“MRE“) defined by Osisko, as disclosed in the news release dated February 17, 2021 is supported by the technical report entitled “Preliminary Economic Assessment Update for the Windfall Project” dated April 26, 2021 (that includes Windfall Mineral Resource Estimate with an effective date  of November 30, 2020), and assuming a cut-off grade of 3.50 g/t Au, comprises 521,000 tonnes at 11.3 g/t Au (189,000 ounces) in the measured mineral resource category, 5,502,000 tonnes at 9.4 g/t Au (1,668,000 ounces) in the indicated mineral resource category and 16,401,000 tonnes at 8.0 g/t Au (4,244,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 17, 2021 news release are further described in the full technical report prepared by BBA Inc. in accordance with NI 43-101 and is available on SEDAR (www.sedar.com) under the Corporation’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres as it now includes the Triple 8 (T8) zone. The resources excluding T8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of gold resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,600 square kilometres).

 

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in this news release; the prospects, if any, of the Windfall gold deposit; timing and ability of Osisko to file a technical report for the mineral resource estimate disclosed in this news release; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the amount and type of drilling to be completed and the timing to complete such drilling; the focus of the remaining infill drilling; the trend of grade increase; the Lynx zone remaining open to expansion down plunge; upgrading a inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the significance of historic exploration activities and results. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including (infill) drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

 

CONTACT INFORMATION:

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

Long Section In EN 20211208

Long Section Ex EN 20211208

PR_EN_20211208_Surface

PR_EN_20211208_UG