OSISKO MINING CORPORATE UPDATE

(Toronto, June 23, 2022) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide the following corporate updates and to announce management appointments and departures.

WINDFALL UPDATES

The Corporation recently closed its Windfall Project drillhole database, on schedule for, and in preparation of, an updated Mineral Resource Estimate (“MRE”) scheduled for Q4 2022.  The updated MRE will form the basis of the planned Windfall Project Feasibility Study (“FS”), scheduled for delivery by YE2022.  The FS will form the basis of the Corporation’s Windfall Project production decision.  Osisko plans to continue underground and surface exploration drilling, including expansion targets within the Windfall deposit;  pursuing mineralization in the Golden Bear discovery area; and testing additional high-priority targets proximal to Windfall.

Extraction of the Lynx 600 bulk sample (600 metre vertical level located in the Triple Lynx zone) is expected to be completed in early July 2022. Processing of the approximately 5,000 tonnes of material is expected to commence in Q3 2022 at a custom mill located near Timmins, Ontario.  Results of the test are expected to be released in early Q4 2022.

In Q2 2022 the Corporation applied for a certificate of authorization to extract a fourth bulk sample in Lynx 4 with the Ministère de l’Environnement et de Lutte aux les changements climatiques (“MELCC”). The authorization, anticipated to be received in Q3 2022, will permit the Corporation to advance the exploration ramp to the high-grade Lynx 4 zone.  The advance of the exploration ramp will give access to the fourth bulk sample, and will also be used to conduct a Stope School in partnership with local stakeholders.  The Stope School will provide certified training programs in ore extraction for local community trainees from the Eeeyou-Itshee James Bay area.

The Corporation has initiated work on elements of the detailed engineering for the proposed mill site and other major project components with its consultants as part of the ongoing work contributing to the FS.

As was the case in the successful on-budget and ahead of schedule construction of the Canadian Malartic Mine, Osisko intends, subject to a positive production decision and obtaining all necessary permits, to self-manage the construction of the proposed Windfall Mine.  In this regard, Osisko recently obtained its entrepreneur license from the Régie du bâtiment du Québec.

MANAGEMENT APPOINTMENTS AND DEPARTURES

Osisko is pleased to announce the appointment of Mr. Ronald Bougie as Vice-President Construction and Engineering. Mr. Bougie has over 35 years of construction and project development experience, gained through building a number of successful mining and industrial projects. Mr. Bougie played a key role as General Manager, Engineering and Construction for Osisko Mining Corporation during the development and construction of the Canadian Malartic gold mine, the largest producing gold mine in Canada and 9th largest gold producer worldwide in 2021.  Recently, Mr. Bougie was Executive Vice President, Construction and Operations for Alliance Magnesium (“Alliance”) and Vice President, Engineering and Construction for Falco Resources Inc. (“Falco”). Mr. Bougie remains technical adviser of Falco and Alliance. Prior to joining Falco, he served as Executive Vice President Engineering, Construction and Operations for the Ciment McInnis project. Mr. Bougie also previously led construction at the Renard diamond mine as General Manager, Engineering and Construction.  Mr. Bougie reports directly to the COO of the Corporation.

Osisko is also pleased to announce the appointment of Ms. Andréanne Boisvert as Vice-President Environment and Community Relations.  She has over 20 years of experience in environment and community relations positions.  Prior to joining the Osisko team, Ms. Boisvert worked at Arcelor Mittal Mining Operations, first as a compliance and environmental projects expert, then as a senior environmental program manager. She also worked with WSP (formerly Genivar), leading various mandates (direction of environmental studies, strategic studies, pre-feasibility and feasibility and negotiations with government authorities). She also coordinated economic, social and cultural monitoring studies for the Eastmain-1-A hydroelectric project, working in close collaboration with First Nation communities. Ms. Boisvert holds a bachelor’s degree in geography and environmental studies, and a master’s degree in geography. Ms. Boisvert reports directly to the President of the Corporation.

With regret, Osisko announces the departure of Ms. Alix Drapack as Chief Sustainability Officer of the Corporation.  We would like to thank Alix for her many contributions to Osisko Mining Inc., as well as acknowledge her work with the original Osisko Mining Corporation.  An Osisko veteran who has worked with both iterations of the company, Alix has played a key role in fostering strong relationships with stakeholders in the corporations, particularly on the Windfall Project with our Cree First Nation hosts and the community of Waswanipi.  She will be missed, and we wish Alix every success in her future endeavors. Ms. Drapack will continue with the Corporation as a member of the Technical Advisory Committee.

 

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 2,400 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 updated MRE on the Windfall Project scheduled for Q4 2022 (if at all); the updated MRE on the Windfall Project forming the basis for a FS scheduled for YE 2022 (if at all); the exploration plans of the Corporation; the timing and ability of the Corporation (if at all) to process additional material; the expected results of the foregoing (if at all), including timing; the adequacy of permits to be received by MELCC; the framework and parameters of any components of a FS on the Windfall Project; there being any nexus between Osisko Mining Corporation and the Corporation, including the success of Osisko Mining Corporation and the Canadian Malartic Mine being related, in any way, to the success of the Corporation or the Windfall Project; the Windfall project being a high-grade gold deposit; the prospects, if any, of the Windfall gold deposit; timing and ability of Osisko to file a technical reports in respect of the MRE or FS, if at all; the timing and ability of Osisko to build a mine; the amount and type of drilling to be completed and the timing to complete such drilling. 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. 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; 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. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

 

 

CONTACT INFORMATION:

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

OSISKO WINDFALL INFILL DRILLING ADDS WIDE HIGH-GRADE

Including 293 g/t Au Over 11.0 Metres

(Toronto, June 7, 2022) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Significant new analytical results presented below include 43 intercepts in 15 underground drill holes and 12 wedges. The infill intercepts are located inside defined January 2022 mineral resource estimate (“MRE”) blocks (see Osisko news release dated January 10, 2022). The expansion intercepts are located outside the January 2022 MRE blocks and either expand resource wireframes or are in a defined zone or corridor but do not yet correlate to a specific wireframe.

Osisko Chief Executive Officer John Burzynski commented: “Lynx continues to return wide high-grade intercepts which will be included in the upcoming feasibility study. Our headline hole, with an estimated true thickness of eight meters, and other holes with sub-intervals over a kilogram of gold per tonne, demonstrate the robust nature of the high-grade areas in the Lynx 4 and Triple Lynx zones.”

Selected high-grade intercepts include: 293 g/t Au over 11.0 metres in OSK-W-22-2605-W6, 199 g/t Au over 2.9 metres in OSK-W-22-2587-W6; 24.3 g/t Au over 13.4 metres in OSK-W-22-2587-W5; 73.4 g/t Au over 2.3 metres in WST-22-1041B and 54.9 g/t Au over 3.0 metres in WST-22-1046B. Maps showing hole locations and full analytical results are available at www.osiskomining.com. Maps: Long Section_All zones In EN 20220607, Long Section_All zones Ex EN 20220607, PR_EN_20220607_Surface, PR_EN_20220607_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-22-2587-W4 1084.4 1093.7 9.3 5.67   TLX_3155 Triple Lynx
including 1088.5 1088.9 0.4 26.9  
OSK-W-22-2587-W5 1040.5 1043.0 2.5 8.52   TLX_3158 Triple Lynx
including 1040.5 1040.9 0.4 41.0  
  1052.4 1055.0 2.6 4.30   TLX_3158 Triple Lynx
including 1052.4 1052.8 0.4 18.9  
  1110.0 1112.1 2.1 8.85   TLX_3162 Triple Lynx
including 1110.7 1111.1 0.4 32.9  
  1120.7 1125.4 4.7 4.54   TLX_3162 Triple Lynx
including 1125.0 1125.4 0.4 23.6  
  1129.0 1131.0 2.0 8.25   TLX_3162 Triple Lynx
  1136.3 1149.7 13.4 24.3 14.6 TLX_3172 Triple Lynx
including 1141.3 1142.3 1.0 129 100
and 1142.3 1142.8 0.5 302 100
OSK-W-22-2587-W6 1122.0 1126.0 4.0 15.3 15.0 TLX_3162 Triple Lynx
including 1122.0 1122.4 0.4 104 100
  1134.6 1141.2 6.6 10.3   TLX_3162 Triple Lynx
including 1134.6 1135.2 0.6 33.8  
  1149.1 1152.0 2.9 199 31.0 TLX_3172 Triple Lynx
including 1149.1 1149.6 0.5 423 100
and 1150.1 1150.4 0.3 1185 100
OSK-W-22-2601-W5 1011.0 1013.6 2.6 37.5   TLX_3158 Triple Lynx
including 1011.7 1012.1 0.4 95.5  
OSK-W-22-2605-W4 1301.2 1303.4 2.2 5.95   LX4_3449 Lynx 4
including 1302.5 1302.8 0.3 31.0  
OSK-W-22-2605-W6 1316.4 1327.4 11.0 293 32.3 LX4_3449 Lynx 4
including 1317.4 1320.7 3.3 961 92.3
with 1318.8 1319.1 0.3 3040 100
with 1319.9 1320.2 0.3 5400 100
OSK-W-22-2646-W7 1066.0 1070.1 4.1 5.06   TLX_3158 Triple Lynx
including 1069.8 1070.1 0.3 30.6  
WST-21-0929A 191.0 193.2 2.2 20.0   TLX_3161 Triple Lynx
including 192.4 192.9 0.5 78.5  
WST-22-1014-W1 257.0 259.0 2.0 40.7   LXM_3367 Lynx
including 257.0 258.0 1.0 81.2  
WST-22-1017 455.8 459.5 3.7 6.76   LX4_3401 Lynx 4
including 456.1 456.5 0.4 19.2  
WST-22-1022 403.0 405.0 2.0 4.59   TLX_3162 Triple Lynx
WST-22-1023 204.0 206.1 2.1 27.2   TLX_3121 Triple Lynx
including 205.2 206.1 0.9 61.1  
  566.0 571.1 5.1 10.2   LX4_3404 Lynx 4
including 567.0 567.3 0.3 54.9  
WST-22-1031A 449.0 451.0 2.0 7.47   LX4_3401 Lynx 4
including 450.2 450.7 0.5 19.4  
  499.6 503.1 3.5 4.52   LX4_3457 Lynx 4
including 499.6 500.1 0.5 13.0  
and 502.7 503.1 0.4 17.5  
WST-22-1041B 526.8 529.1 2.3 73.4 61.1 LX4_3430 Lynx 4
including 528.4 528.7 0.3 143 100
WST-22-1043 330.7 332.7 2.0 6.19   TLX_3131 Triple Lynx
including 330.7 331.0 0.3 20.6  
WST-22-1045 291.5 293.7 2.2 29.8   TLX_3158 Triple Lynx
including 291.5 291.8 0.3 56.5  
WST-22-1046B 315.0 318.0 3.0 54.9 41.8 TLX_3158 Triple Lynx
including 315.0 315.6 0.6 157 100
WST-22-1047 138.0 140.1 2.1 5.46   LXM_3345 Lynx
WST-22-1048 111.3 113.6 2.3 32.2   LXM_3314 Lynx
including 112.7 113.2 0.5 95.2  
WST-22-1054 66.0 68.3 2.3 12.8   LXM_3388 Lynx
including 67.4 67.9 0.5 34.3  
WST-22-1058C 339.3 344.7 5.4 10.6   TLX_3158 Triple Lynx
including 339.3 339.9 0.6 41.2  
WST-22-1060 99.6 102.1 2.5 19.4   TLX_3121 Triple Lynx
including 100.9 101.2 0.3 66.9  
WST-22-1062 153.6 156.0 2.4 35.6   TLX_3121 Triple Lynx
including 155.0 156.0 1.0 66.8  

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

 

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-22-2587-W3 1101.8 1104.7 2.9 17.8   TLX Triple Lynx
OSK-W-22-2587-W5 1094.3 1096.7 2.4 8.91   TLX Triple Lynx
including 1096.3 1096.7 0.4 36.9  
OSK-W-22-2587-W6 1104.0 1106.0 2.0 9.11   TLX Triple Lynx
including 1104.3 1104.7 0.4 38.5  
OSK-W-22-2601-W6 1096.2 1099.1 2.9 3.97   TLX_3162 Triple Lynx
including 1096.5 1096.9 0.4 13.9  
OSK-W-22-2605-W4 1377.1 1379.1 2.0 6.74   LX4 Lynx 4
including 1378.0 1378.7 0.7 14.2  
OSK-W-22-2646-W6 1069.7 1072.4 2.7 30.6   TLX_3158 Triple Lynx
including 1070.1 1070.5 0.4 72.0  
and 1071.0 1071.4 0.4 75.8  
  1190.1 1194.2 4.1 16.1   TLX_3172 Triple Lynx
including 1190.1 1190.8 0.7 58.1  
OSK-W-22-2646-W7 1110.4 1112.5 2.1 8.53   TLX Triple Lynx
including 1111.7 1112.0 0.3 57.1  
OSK-W-22-2646-W8 1165.0 1167.3 2.3 7.79   TLX_3162 Triple Lynx
including 1166.0 1166.3 0.3 38.8  
  1220.2 1222.3 2.1 9.82   TLX_3172 Triple Lynx
including 1220.2 1221.0 0.8 23.2  
WST-22-1017 467.0 469.0 2.0 7.03   LX4 Lynx 4
including 468.0 469.0 1.0 12.4  

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

 

Drill hole location

Hole No. Azimuth (°) Dip

(°)

Length (m) UTM E UTM N Elevation Section
OSK-W-22-2587-W3 127 -59 1221 453350 5435673 413 3850
OSK-W-22-2587-W4 127 -59 1218 453350 5435673 413 3850
OSK-W-22-2587-W5 127 -59 1227 453350 5435673 413 3850
OSK-W-22-2587-W6 127 -59 1203 453350 5435673 413 3850
OSK-W-22-2601-W5 125 -61 1215 453425 5435656 412 3900
OSK-W-22-2601-W6 125 -61 1212 453425 5435656 412 3900
OSK-W-22-2605-W4 112 -55 1425 453551 5435669 408 4025
OSK-W-22-2605-W6 112 -55 1404 453551 5435669 408 4025
OSK-W-22-2646-W6 109 -58 1263 453326 5435648 414 3800
OSK-W-22-2646-W7 109 -58 1227 453326 5435648 414 3800
OSK-W-22-2646-W8 109 -58 1254 453326 5435648 414 3800
WST-21-0929A 117 -45 379 453506 5435326 -90 3800
WST-22-1014-W1 123 -37 594 453507 5435332 -47 3800
WST-22-1017 138 -26 561 453344 5435312 -66 3650
WST-22-1022 132 -62 479 453510 5435330 -127 3800
WST-22-1023 120 -48 646 453506 5435326 -90 3800
WST-22-1031A 136 -28 577 453344 5435312 -66 3650
WST-22-1041B 127 -43 585 453507 5435331 -48 3800
WST-22-1043 133 -26 561 453344 5435312 -66 3650
WST-22-1045 104 -54 339 453702 5435376 -198 4000
WST-22-1046B 125 -58 436 453510 5435331 -127 3800
WST-22-1047 130 -12 226 453647 5435347 -187 3950
WST-22-1048 139 -1 169 453647 5435347 -187 3950
WST-22-1054 120 -29 196 453647 5435347 -188 3950
WST-22-1058C 121 -60 520 453511 5435331 -127 3825
WST-22-1060 140 -55 156 453601 5435325 -181 3900
WST-22-1062 144 -59 171 453601 5435325 -181 3900

 

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.

 

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 is supported by the technical report entitled “Mineral Resource Estimate Update for the Windfall Project” dated February 10, 2022 (with an effective date  of October 21, 2021), 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, are further described in the full technical report for this updated mineral resource estimate in accordance with NI 43-101 and is available on SEDAR (www.sedar.com) under the Corporation’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres as it now includes the Triple 8 (T8) zone. The resources excluding T8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of gold resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,500 square kilometres).

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

OSISKO ANNOUNCES RESULTS OF ANNUAL MEETING OF SHAREHOLDERS

Toronto, Ontario (May 30, 2022) – Osisko Mining Inc. (TSX:OSK. “Osisko” or the “Corporation“) is pleased to announce the results of its annual meeting of shareholders (the “Meeting“) held earlier today. A total of 254,971,468 common shares of the Corporation were represented at the Meeting, representing approximately 72.66% of the total number of common shares of the Corporation issued and outstanding.

All matters presented for approval at the Meeting were duly authorized and approved, as follows:

  • PricewaterhouseCoopers LLP was appointed as the auditor of the Corporation for the ensuing year, and the board of directors of the Corporation was authorized to fix their remuneration; and
  • all of the management nominees were elected to the board of directors of the Corporation to serve for the ensuing year or until their successors are duly elected or appointed (details in table below).
Name Voted For Voted Withhold
(#) (%) (#) (%)
John Burzynski 231,314,276 97.92% 4,913,842 2.08%
José Vizquerra Benavides 225,171,439 95.31% 11,056,679 4.68%
Patrick F.N. Anderson 233,270,362 98.75% 2,957,756 1.25%
Keith McKay 235,056,829 99.50% 1,171,289 0.50%
Amy Satov 232,489,993 98.42% 3,738,125 1.58%
Bernardo Alvarez Calderon 233,657,200 98.91% 2,570,918 1.09%
Andrée St-Germain 231,493,633 98.00% 4,734,485 2.00%
Cathy Singer 234,426,633 99.24% 1,801,485 0.76 %

Further details on the above matters, including the report of voting results thereon, are available on SEDAR (www.sedar.com) under Osisko’s issuer profile.

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of gold resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,500 square kilometers).

 

For further information please contact:

John Burzynski

Chief Executive Officer

Telephone (416) 363-8653

OSISKO WINDFALL DRILLING INTERCEPTS HIGH-GRADE IN MULTIPLE LYNX ZONES

Including 272 g/t Au Over 2.3 Metres and 26.3 g/t Au Over 15.8 Metres

(Toronto, May 25, 2022) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Significant new analytical results presented below include 71 intercepts in 27 underground drill holes and 13 wedges. The infill intercepts are located inside defined January 2022 mineral resource estimate (“MRE”) blocks (see Osisko news release dated January 10, 2022). The expansion intercepts are located outside the January 2022 MRE blocks and either expand resource wireframes or are in a defined zone or corridor but do not yet correlate to a specific wireframe.

Osisko Chief Executive Officer John Burzynski commented: “Infill drilling in support of the upcoming feasibility study continues to intersect high-grade across the deposit, especially in the Lynx area. This week’s expansion intercepts, including the higher-up Bobcat holes, are 25 metre step-outs which allow for these intercepts to be included in the resource estimate.”

Selected high-grade intercepts include: 272 g/t Au over 2.3 metres in WST-22-1018-W1, 26.3 g/t Au over 15.8 metres in OSK-W-22-2587-W3; 95.8 g/t Au over 3.1 metres in OSK-W-22-2601-W6; 131 g/t Au over 2.2 metres in OSK-W-22-2646-W5; 21.4 g/t Au over 13.2 metres in OSK-W-22-2605-W3; 39.9 g/t Au over 6.8 metres in OSK-W-22-2605-W2; 80.0 g/t Au over 3.2 metres in OSK-W-22-2646-W4, 125 g/t Au over 2.0 metres in WST-22-1019, 112 g/t Au over 2.2 metres in WST-22-1021 and 24.6 g/t Au over 9.6 metres in WST-22-1020. Maps showing hole locations and full analytical results are available at www.osiskomining.com. Maps: Long Section_All zones In EN 20220525, Long Section_All zones Ex EN 20220525, PR_EN_20220525_Surface, PR_EN_20220525_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-22-2587-W3 1134.0 1149.8 15.8 26.3 11.3 TLX_3172 Triple Lynx
including 1148.3 1149.1 0.8 397 100
OSK-W-22-2587-W4 1125.0 1127.0 2.0 20.6   TLX_3162 Triple Lynx
including 1126.0 1126.7 0.7 43.1  
  1139.0 1143.0 4.0 10.1   TLX_3170 Triple Lynx
including 1139.0 1139.7 0.7 43.1  
  1151.1 1153.5 2.4 30.7 24.5 TLX_3172 Triple Lynx
including 1152.0 1152.4 0.4 138 100
OSK-W-22-2601-W4 1010.0 1012.1 2.1 121 35.8 TLX_3158 Triple Lynx
including 1010.0 1010.7 0.7 356 100
OSK-W-22-2601-W6 1022.3 1025.4 3.1 95.8 70.8 TLX_3158 Triple Lynx
including 1024.0 1024.6 0.6 186 100
OSK-W-22-2605-W2 1315.5 1322.3 6.8 39.9 23.9 LX4_3449 Lynx 4
including 1315.5 1316.0 0.5 186 100
and 1321.6 1322.0 0.4 266 100
OSK-W-22-2605-W3 1332.6 1345.8 13.2 21.4 17.1 LX4_3449 Lynx 4
including 1336.0 1336.5 0.5 212 100
and 1338.5 1339.4 0.9 58.1  
OSK-W-22-2605-W4 1318.7 1322.1 3.4 11.2   LX4_3449 Lynx 4
including 1319.7 1320.0 0.3 32.9  
  1324.7 1328.0 3.3 3.79   LX4_3449 Lynx 4
  1347.0 1364.5 17.5 4.66   LX4_3445 Lynx 4
OSK-W-22-2605-W5 1299.6 1303.1 3.5 35.0 30.3 LX4_3449 Lynx 4
including 1301.1 1301.8 0.7 124 100
  1313.7 1316.1 2.4 4.99   LX4_3449 Lynx 4
including 1314.5 1315.2 0.7 10.8  
OSK-W-22-2605-W6 1361.6 1364.3 2.7 4.27   LX4_3445 Lynx 4
OSK-W-22-2646-W4 1149.0 1151.3 2.3 10.0   TLX_3162 Triple Lynx
including 1149.4 1149.9 0.5 44.4  
  1186.4 1189.6 3.2 80.0 64.5 TLX_3172 Triple Lynx
including 1186.4 1187.0 0.6 175 100
OSK-W-22-2646-W5 1046.3 1048.3 2.0 41.0 21.3 TLX_3158 Triple Lynx
including 1046.6 1046.9 0.3 231 100
  1050.1 1052.2 2.1 6.71   TLX_3158 Triple Lynx
WST-21-0713A 79.8 82.0 2.2 6.24   LXM_3371 Lynx
WST-21-0845 86.0 88.0 2.0 5.19   LXM_3336 Lynx
including 86.7 87.0 0.3 34.4  
  98.6 100.7 2.1 18.8   LXM_3371 Lynx
including 100.0 100.4 0.4 91.0  
WST-21-0847 96.2 99.8 3.6 20.2   LXM_3371 Lynx
including 96.2 97.0 0.8 59.4  
WST-21-0848 73.5 75.9 2.4 7.49   LXM_3336 Lynx
including 75.5 75.9 0.4 44.5  
  97.0 99.4 2.4 8.86   LXM_3371 Lynx
including 98.1 98.5 0.4 37.8  
  113.0 117.7 4.7 4.17   LXM_3359 Lynx
including 113.0 113.4 0.4 26.9  
WST-21-0849 74.0 76.6 2.6 11.3   LXM_3336 Lynx
including 75.7 76.3 0.6 47.7  
  96.0 98.0 2.0 29.1   LXM_3371 Lynx
including 97.2 97.6 0.4 91.9  
  110.1 112.3 2.2 6.17   LXM_3359 Lynx
including 110.4 110.9 0.5 26.5  
WST-21-0887 121.0 123.5 2.5 7.59   LXM_3359 Lynx
including 123.0 123.5 0.5 33.4  
WST-21-0891 97.8 100.0 2.2 18.4   LXM_3371 Lynx
including 97.8 98.3 0.5 69.1  
WST-21-0905 53.1 55.2 2.1 5.62   LXM_3339 Lynx
including 53.6 54.0 0.4 17.3  
WST-21-0921 47.7 49.7 2.0 21.4   LXM_3303 Lynx
including 48.6 49.7 1.1 38.5  
WST-21-0923 65.5 67.8 2.3 5.91   LXM_3336 Lynx
including 65.5 66.1 0.6 17.8  
  98.3 100.5 2.2 7.23   LXM_3371 Lynx
including 98.3 99.1 0.8 19.5  
WST-21-0941 58.8 61.1 2.3 55.1 27.3 LXM_3336 Lynx
including 59.3 59.8 0.5 228 100
WST-22-0998 200.8 205.2 4.4 8.34   MAL_5215 Mallard
including 204.0 205.2 1.2 23.8  
WST-22-1010 357.5 359.7 2.2 10.4   LX4_3405 Lynx 4
including 358.0 358.4 0.4 37.0  
WST-22-1011 200.5 202.5 2.0 84.1 67.3 TLX_3161 Triple Lynx
including 201.3 202.5 1.2 128 100
WST-22-1014-W1 473.5 477.5 4.0 20.9 12.6 LX4_3404 Lynx 4
including 473.5 473.9 0.4 183 100
  482.3 484.4 2.1 10.1   LX4_3430 Lynx 4
including 483.8 484.4 0.6 33.3  
WST-22-1015 183.3 185.3 2.0 4.03   MAL_5215 Mallard
including 184.4 185.0 0.6 12.6  
WST-22-1016 264.6 268.3 3.7 40.8   TLX_3158 Triple Lynx
including 265.3 265.8 0.5 88.6  
WST-22-1018 198.8 200.9 2.1 62.4 30.0 TLX_3161 Triple Lynx
including 200.1 200.5 0.4 270 100
  540.7 542.8 2.1 5.74   LX4_3404 Lynx 4
including 540.7 541.3 0.6 16.0  
WST-22-1018-W1 540.0 542.0 2.0 6.31   LX4_3404 Lynx 4
  545.4 547.7 2.3 272 58.9 LX4_3430 Lynx 4
including 545.4 546.0 0.6 504 100
and 547.1 547.7 0.6 512 100
WST-22-1019 227.8 230.4 2.6 9.93   TLX_3131 Triple Lynx
including 228.9 229.2 0.3 64.2  
  395.0 397.0 2.0 38.2 15.5 LX4_3410 Lynx 4
including 396.1 396.4 0.3 251 100
  425.3 428.0 2.7 16.6 11.8 LX4_3409 Lynx 4
including 425.3 425.6 0.3 143 100
  430.0 432.0 2.0 125 15.3 LX4_3409 Lynx 4
including 431.7 432.0 0.3 833 100
WST-22-1020 139.0 141.4 2.4 9.86   LXM_3334 Lynx
including 139.3 139.7 0.4 23.7  
  312.0 321.6 9.6 24.6 13.0 TLX_3131 Triple Lynx
including 318.4 319.4 1.0 211 100
  539.8 542.0 2.2 5.75   LX4_3450 Lynx 4
including 540.3 540.6 0.3 39.3  
WST-22-1021 281.0 285.0 4.0 46.6 40.4 TLX_3158 Triple Lynx
including 282.3 282.9 0.6 142 100
  323.7 327.8 4.1 10.2   TLX_3155 Triple Lynx
including 327.4 327.8 0.4 98.9  
WST-22-1025 160.3 163.0 2.7 14.0   LXM_3388 Lynx
WST-22-1036 497.9 500.3 2.4 4.87   LX4_3404 Lynx 4
including 497.9 498.3 0.4 22.9  
  513.0 515.0 2.0 11.8   LX4_3404 Lynx 4
including 514.0 514.4 0.4 41.5  
WST-22-1051 257.0 260.0 3.0 20.6   TLX_3158 Triple Lynx
WST-22-1055 86.8 89.0 2.2 7.35   TLX_3161 Triple Lynx
including 86.8 87.1 0.3 46.0  

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

 

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-22-2587-W4 1109.7 1118.6 8.9 3.65   TLX Triple Lynx
including 1118.2 1118.6 0.4 25.0  
OSK-W-22-2646-W4 1115.0 1120.6 5.6 4.00   TLX Triple Lynx
including 1120.0 1120.6 0.6 18.1  
  1125.0 1127.0 2.0 3.90   TLX Triple Lynx
OSK-W-22-2646-W5 1169.3 1171.5 2.2 131 31.6 TLX_3172 Triple Lynx
including 1169.7 1170.3 0.6 465 100
WST-21-0771C 104.2 107.0 2.8 11.4   BCT Bobcat
including 105.0 106.0 1.0 23.7  
WST-21-0872 74.7 76.8 2.1 8.46   LXM Lynx
including 75.7 76.3 0.6 20.0  
WST-21-0899B 35.4 37.5 2.1 11.9   BCT Bobcat
including 35.8 36.1 0.3 80.3  
WST-22-1014-W1 558.0 560.2 2.2 4.02   LX4 Lynx 4
WST-22-1019 351.3 354.0 2.7 5.09   LX4_3401 Lynx 4
WST-22-1020 295.7 300.0 4.3 7.57   TLX Triple Lynx
including 295.7 296.2 0.5 16.4  
WST-22-1021 437.4 439.6 2.2 112 83.4 TLX_3172 Triple Lynx
including 438.6 439.6 1.0 164 100

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

 

Drill hole location

Hole No. Azimuth (°) Dip

(°)

Length (m) UTM E UTM N Elevation Section
OSK-W-22-2587-W3 127 -59 1221 453350 5435673 413 3850
OSK-W-22-2587-W4 127 -59 1218 453350 5435673 413 3850
OSK-W-22-2601-W4 125 -61 1098 453425 5435656 412 3900
OSK-W-22-2601-W6 125 -61 1212 453425 5435656 412 3900
OSK-W-22-2605-W2 112 -55 1431 453551 5435669 408 4025
OSK-W-22-2605-W3 112 -55 1455 453551 5435669 408 4025
OSK-W-22-2605-W4 112 -55 1425 453551 5435669 408 4025
OSK-W-22-2605-W5 112 -55 1401 453551 5435669 408 4025
OSK-W-22-2605-W6 112 -55 1404 453551 5435669 408 4025
OSK-W-22-2646-W4 109 -58 1254 453326 5435648 414 3800
OSK-W-22-2646-W5 109 -58 1245 453326 5435648 414 3800
WST-21-0713A 158 4 94 453359 5435194 84 3625
WST-21-0771C 127 -52 357 452954 5435003 252 3175
WST-21-0845 130 -29 111 453315 5435165 124 3550
WST-21-0847 134 -30 114 453315 5435165 124 3550
WST-21-0848 135 -27 129 453315 5435165 124 3550
WST-21-0849 134 -24 118 453315 5435164 124 3550
WST-21-0872 135 -69 348 453508 5435327 -7 3800
WST-21-0887 136 -33 132 453315 5435165 123 3550
WST-21-0891 138 -28 126 453314 5435164 124 3550
WST-21-0899B 134 -60 287 452955 5435004 253 3175
WST-21-0905 141 -52 64 453221 5435121 135 3450
WST-21-0921 148 -37 114 453314 5435164 124 3550
WST-21-0923 147 -31 111 453314 5435164 124 3550
WST-21-0941 153 -23 129 453315 5435164 124 3550
WST-22-0998 358 -52 230 452207 5434903 247 2475
WST-22-1010 136 -28 481 453445 5435276 -99 3725
WST-22-1011 134 -32 630 453344 5435312 -66 3650
WST-22-1014-W1 123 -37 594 453507 5435332 -47 3800
WST-22-1015 345 -60 210 452206 5434903 247 2475
WST-22-1016 143 -65 448 453647 5435347 -189 3950
WST-22-1018 115 -43 636 453506 5435327 -90 3800
WST-22-1018-W1 115 -43 585 453506 5435327 -90 3800
WST-22-1019 140 -27 463 453444 5435276 -99 3725
WST-22-1020 142 -52 582 453322 5435236 54 3600
WST-22-1021 149 -67 468 453647 5435347 -189 3950
WST-22-1025 122 -20 189 453507 5435332 -47 3800
WST-22-1036 130 -48 627 453505 5435326 -90 3800
WST-22-1051 106 -52 327 453702 5435377 -198 4000
WST-22-1055 144 -44 120 453600 5435324 -181 3950

 

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.

 

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.

 

Mallard

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

 

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 is supported by the technical report entitled “Mineral Resource Estimate Update for the Windfall Project” dated February 10, 2022 (with an effective date  of October 21, 2021), 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, are further described in the full technical report for this updated mineral resource estimate in accordance with NI 43-101 and is available on SEDAR (www.sedar.com) under the Corporation’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres as it now includes the Triple 8 (T8) zone. The resources excluding T8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of gold resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,500 square kilometres).

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

OSISKO WINDFALL INFILLS AND EXPANDS WITH MORE HIGH-GRADE

243 g/t Au Over 2.8 Metres

(Toronto, May 4, 2022) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Significant new analytical results presented below include 43 intercepts in 17 underground drill holes and 5 wedges from surface. The infill intercepts are located inside defined January 2022 mineral resource estimate (“MRE”) blocks (see Osisko news release dated January 10, 2022). The expansion intercepts are located outside the January 2022 MRE blocks and either expand resource wireframes or are in a defined zone or corridor but do not yet correlate to a specific wireframe.

Osisko Chief Executive Officer John Burzynski commented: “May the 4th be with you.  Today’s results continue to strengthen our confidence in the high-grade nature of Windfall. While the focus for the feasibility study remains on the Lynx areas, other areas such as Mallard, also continue to infill nicely and contribute high-grade ounces to the resource.”

Selected high-grade intercepts include: 243 g/t Au over 2.8 metres in WST-22-1016, 20.6 g/t Au over 9.5 metres in WST-22-1006-W1; 16.3 g/t Au over 7.9 metres in OSK-W-22-2587-W3; 48.4 g/t Au over 2.1 metres in WST-22-1003A; 37.9 g/t Au over 2.1 metres in WST-22-1010; 36.8 g/t Au over 2.1 metres in WST-21-0940; 38.2 g/t Au over 2.0 metres in OSK-W-21-2601-W2, 37.1 g/t Au over 2.0 meters in WST-21-0991, and 36.1 g/t Au over 2.0 metres in WST-22-1006-W2. Maps showing hole locations and full analytical results are available at www.osiskomining.com. Maps: Long Section_In EN 20220504, Long Section_Ex EN 20220504, PR_EN_20220504_Surface, PR_EN_20220504_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-21-2605-W1 1352.7 1355.1 2.4 7.53 LX4_3445 Lynx 4
including 1352.7 1353.0 0.3 19.4
OSK-W-22-2587-W3 1047.6 1055.5 7.9 16.3 TLX_3158 Lynx HW
including 1052.0 1053.0 1.0 39.9
WST-21-0708 522.3 524.4 2.1 22.9 LX4_3401 Lynx 4
including 522.3 523.0 0.7 68.4
WST-21-0892 70.0 72.1 2.1 8.41 LXM_3336 Lynx
  111.1 113.6 2.5 15.7 LXM_3359 Lynx
including 112.8 113.3 0.5 48.5
WST-21-0926 61.9 64.0 2.1 18.9 LXM_3336 Lynx
including 61.9 62.4 0.5 74.2
WST-21-0938 96.0 98.0 2.0 8.39 LXM_3371 Lynx
including 96.3 96.7 0.4 41.4
WST-21-0939A 60.3 62.5 2.2 3.81 LXM_3336 Lynx
including 60.3 60.7 0.4 17.4
WST-21-0939A 96.5 99.0 2.5 11.7 LXM_3371 Lynx
including 97.4 98.1 0.7 41.5
WST-21-0942 95.0 97.0 2.0 28.7 15.6 LXM_3371 Lynx
including 95.5 95.8 0.3 188 100
WST-21-0991 173.0 175.0 2.0 37.1 30.0 LHW_3206 Lynx
including 174.4 175.0 0.6 124 100
WST-22-1006-W1 505.5 515.0 9.5 20.6 14.8 LX4_3404 Lynx 4
including 505.5 505.8 0.3 89.6
and 507.1 507.5 0.4 240 100
and 509.1 509.4 0.3 92.8
  560.9 563.0 2.1 8.21   LX4_3430 Lynx 4
including 560.9 561.3 0.4 41.2
WST-22-1006-W2 519.4 521.4 2.0 4.30   LX4_3404 Lynx 4
including 519.4 519.8 0.4 17.6
  523.3 527.0 3.7 3.93   LX4_3404 Lynx 4
including 523.3 524.1 0.8 8.29
  582.0 584.0 2.0 36.1 30.4 LX4_3430 Lynx 4
including 582.0 582.6 0.6 119 100
WST-22-1003A 78.0 80.1 2.1 48.4 33.5 MAL_5219 Mallard
including 78.5 79.2 0.7 145 100
WST-22-1010 400.0 402.2 2.2 3.62 LX4_3410 Lynx 4
  406.0 408.0 2.0 4.35 LX4_3440 Lynx 4
WST-22-1012 529.0 531.3 2.3 12.5 LX4_3450 Lynx 4
including 529.6 530.4 0.8 35.5
WST-22-1013 147.3 152.5 5.2 9.62   TLX_3161 Triple Lynx
including 151.2 151.7 0.5 24.6
  206.5 212.8 6.3 3.54   TLX_3164 Triple Lynx
including 206.5 207.1 0.6 12.5
and 212.1 212.8 0.7 9.90
WST-22-1014 463.1 465.1 2.0 4.56 LX4_3430 Lynx 4
including 463.6 463.9 0.3 21.4
  489.7 493.3 3.6 4.30 LX4_3461 Lynx 4
  516.6 519.0 2.4 9.53 LX4_3443 Lynx 4
including 516.6 517.0 0.4 25.6

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

 

 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-21-2601-W2 1296.2 1298.2 2.0 38.2 LX4 Lynx 4
including 1296.6 1297.2 0.6 100
OSK-W-22-2605-W2 1329.8 1335.0 5.2 6.56 LX4_3462 Lynx 4
including 1331.7 1332.3 0.6 28.9
  1374.0 1376.0 2.0 10.7 LX4_3445 Lynx 4
  1407.3 1409.9 2.6 17.4 LX4 Lynx 4
including 1408.5 1409.4 0.9 46.9
OSK-W-22-2605-W3 1433.9 1436.3 2.4 4.74 LX4 Lynx 4
WST-21-0939A 113.8 115.8 2.0 13.1 LXM_3359 Lynx
including 113.8 114.5 0.7 30.1
WST-21-0940 111.0 113.1 2.1 36.8 30.9 LXM_3359 Lynx
including 112.5 113.1 0.6 121 100
WST-21-0941 115.2 117.3 2.1 14.4 LXM_3359 Lynx
including 115.2 115.6 0.4 75.1
WST-21-0946 175.0 177.2 2.2 26.0 18.3 TLX_3161 Triple Lynx
including 176.8 177.2 0.4 143 100
WST-22-1003A 95.4 97.5 2.1 9.97 MAL Mallard
including 97.1 97.5 0.4 34.9
  166.1 169.6 3.5 8.29   MAL Mallard
including 168.7 169.6 0.9 25.4
WST-22-1006-W1 434.8 437.4 2.6 13.6   LX4 Lynx 4
including 434.8 436.0 1.2 29.0
WST-22-1010 387.9 390.0 2.1 37.9 LX4 Lynx 4
including 387.9 388.8 0.9 87.7
WST-22-1011 343.5 345.5 2.0 3.65 TLX Triple Lynx
including 343.8 344.1 0.3 13.8
WST-22-1014 254.7 257.7 3.0 3.89 LHW_3224 Lynx HW
  318.8 322.0 3.2 4.38 LXM Lynx
WST-22-1016 174.0 177.3 3.3 4.92 TLX Triple Lynx
including 176.6 177.3 0.7 15.3
  195.2 198.0 2.8 243 41.4 TLX Triple Lynx
including 195.7 196.0 0.3 1495 100

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

 Drill hole location

Hole No. Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-21-2601-W2 125 -61 1500 453425 5435656 412 3900
OSK-W-21-2605-W1 112 -55 1380 453551 5435669 408 4025
OSK-W-22-2587-W3 127 -59 1221 453350 5435673 413 3850
OSK-W-22-2605-W2 112 -55 1431 453551 5435669 408 4025
OSK-W-22-2605-W3 112 -55 1455 453551 5435669 408 4025
WST-21-0708 134 -40 670 453374 5435296 -26 3675
WST-21-0892 138 -25 116 453314 5435164 124 3550
WST-21-0926 149 -27 111 453314 5435164 124 3550
WST-21-0938 146 -22 106 453314 5435164 124 3550
WST-21-0939A 150 -24 129 453315 5435164 124 3550
WST-21-0940 148 -21 127 453315 5435165 125 3550
WST-21-0941 153 -23 129 453315 5435164 124 3550
WST-21-0942 148 -20 126 453315 5435164 124 3550
WST-21-0946 168 -51 403 453507 5435327 -7 3800
WST-21-0991 134 -29 391 453461 5435326 32 3775
WST-22-1003A 355 -57 213 452206 5434903 247 2475
WST-22-1006-W1 121 -45 628 453506 5435326 -90 3800
WST-22-1006-W2 121 -45 628 453506 5435326 -90 3800
WST-22-1010 136 -28 481 453445 5435276 -99 3725
WST-22-1011 134 -32 630 453344 5435312 -66 3650
WST-22-1012 141 -50 579 453322 5435236 54 3600
WST-22-1013 142 -44 420 453360 5435297 -149 3675
WST-22-1014 123 -37 540 453507 5435332 -47 3800
WST-22-1016 143 -65 448 453647 5435347 -189 3950

 

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.

 

Mallard

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

 

 

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 is supported by the technical report entitled “Mineral Resource Estimate Update for the Windfall Project” dated February 10, 2022 (with an effective date  of October 21, 2021), 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, are further described in the full technical report for this updated mineral resource estimate in accordance with NI 43-101 and is available on SEDAR (www.sedar.com) under the Corporation’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres as it now includes the Triple 8 (T8) zone. The resources excluding T8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of gold resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,500 square kilometres).

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

OSISKO WINDFALL DRILLING INTERCEPTS MORE HIGH-GRADE

Including 120 g/t Au Over 6.2 Metres

(Toronto, April 13, 2022) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Significant new analytical results presented below include 31 intercepts in 12 underground drill holes and 5 wedges. The infill intercepts are located inside defined January 2022 mineral resource estimate (“MRE”) blocks (see Osisko news release dated January 10, 2022). The expansion intercepts are located outside the January 2022 MRE blocks and either expand resource wireframes or are in a defined zone or corridor but do not yet correlate to a specific wireframe.

Osisko Chief Executive Officer John Burzynski commented: “We remain very pleased with the results of our infill and expansion drill program at Lynx. High grade zones continue to be intersected where expected and the expansion drilling continues to define additional zones nearby.”

Selected high-grade intercepts include: 120 g/t Au over 6.2 metres in OSK-W-21-2287-W14; 67.1 g/t Au over 4.4 metres in OSK-W-22-2646-W3; 111 g/t Au over 2.5 metres in WST-22-1009A; 82.6 g/t Au over 2.2 metres in WST-21-0997; 76.0 g/t Au over 2.3 metres in WST-21-0974; 63.9 g/t Au over 2.1 metres in WST-22-0999 and 60.8 g/t Au over 2.2 metres in OSK-W-22-2540-W13. Maps showing hole locations and full analytical results are available at www.osiskomining.com. Maps: Long Section_Infill EN 20220413, Long Section_Expan EN 20220413, PR_EN_20220413_Surface, PR_EN_20220413_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-21-2287-W14 1253.0 1259.2 6.2 120 51.4 LX4_3449 Lynx 4
including 1256.7 1257.2 0.5 768 100
OSK-W-22-2646-W3 1057.6 1062.5 4.9 15.6   TLX_3158 Triple Lynx
including 1058.3 1058.7 0.4 99.1  
WST-21-0839 512.0 514.0 2.0 5.16   LX4_3470 Lynx 4
including 512.3 512.7 0.4 21.9  
WST-21-0974 44.0 46.3 2.3 76.0 31.8 TLX_3161 Triple Lynx
including 45.2 45.9 0.7 245 100
WST-21-0979 189.4 194.8 5.4 15.6 12.9 TLX_3154 Triple Lynx
including 192.0 192.5 0.5 130 100
  197.1 199.2 2.1 19.3   TLX_3184 Triple Lynx
including 197.4 197.7 0.3 44.4  
WST-21-0980 602.8 605.0 2.2 50.3 31.9 LX4_3448 Lynx 4
including 602.8 603.5 0.7 158 100
WST-21-0997 191.1 193.3 2.2 82.6 44.7 TLX_3121 Triple Lynx
including 191.7 192.4 0.7 219 100
WST-22-0999 227.0 229.0 2.0 9.37   TLX_3131 Triple Lynx
including 227.7 228.5 0.8 23.4  
  351.0 353.1 2.1 4.13   LX4_3405 Lynx 4
including 352.7 353.1 0.4 20.8  
  376.9 379.0 2.1 63.9 38.8 LX4_3410 Lynx 4
including 377.2 378.0 0.8 166 100
  390.5 394.0 3.5 27.4   LX4_3440 Lynx 4
including 393.0 394.0 1.0 76.3  
WST-22-1000 202.3 212.0 9.7 3.83   TLX_3145 Triple Lynx
including 204.0 205.2 1.2 11.7  
WST-22-1004 320.5 325.3 4.8 5.78   TLX_3131 Triple Lynx
including 324.5 324.8 0.3 18.1  
  504.0 506.0 2.0 44.7 25.4 LX4_3402 Lynx 4
including 505.5 506.0 0.5 177 100
WST-22-1005 149.2 157.6 8.4 4.96   TLX_3161 Triple Lynx
WST-22-1006 566.7 569.1 2.4 15.1   LX4_3430 Lynx 4
including 566.7 567.0 0.3 89.3  
WST-22-1008 147.8 150.0 2.2 8.76   TLX_3161 Triple Lynx
  210.0 212.1 2.1 11.0   TLX_3169 Triple Lynx
  217.7 220.0 2.3 3.98   TLX_3175 Triple Lynx
  226.0 228.0 2.0 5.42   TLX_3175 Triple Lynx
WST-22-1009A 172.0 174.0 2.0 8.64   LXM_3388 Lynx
including 172.8 173.3 0.5 22.9  
  485.5 488.0 2.5 111 60.3 LX4_3404 Lynx 4
including 485.5 486.1 0.6 240 100
  499.0 501.1 2.1 11.7   LX4_3430 Lynx 4
including 499.9 500.6 0.7 32.8  
  511.0 513.0 2.0 3.52   LX4_3454 Lynx 4
including 511.9 512.3 0.4 14.9  

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

 

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-21-2381-W3 1204.2 1210.7 6.5 4.41   TLX_3172 Triple Lynx
including 1209.7 1210.7 1.0 15.6  
OSK-W-21-2646-W1 1046.0 1055.4 9.4 11.6   TLX_3158 Triple Lynx
including 1048.4 1048.7 0.3 65.8  
and 1054.5 1055.4 0.9 54.7  
OSK-W-22-2540-W13 987.8 990.0 2.2 60.8 24.2 TLX_3158 Triple Lynx
including 988.1 988.6 0.5 261 100
OSK-W-22-2646-W3 1181.7 1186.1 4.4 67.1 31.7 TLX_3172 Triple Lynx
including 1184.9 1186.1 1.2 230 100
WST-22-1008 249.0 251.5 2.5 5.05   TLX Triple Lynx
WST-22-1009A 576.1 578.3 2.2 3.54   LX4 Lynx 4
including 577.5 578.3 0.8 9.57  

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

 

Drill hole location

Hole No. Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-21-2287-W14 116 -53 1338 453607 5435714 404 4075
OSK-W-21-2381-W3 134 -53 1392 453620 5435790 402 4125
OSK-W-21-2646-W1 109 -58 1236 453326 5435648 414 3800
OSK-W-22-2540-W13 117 -60 1220 453466 5435639 410 3925
OSK-W-22-2646-W3 109 -58 1251 453326 5435648 414 3800
WST-21-0839 140 -38 577 453321 5435235 55 3600
WST-21-0974 142 -11 67 453441 5435223 -157 3700
WST-21-0979 178 -55 255 453358 5435296 -149 3675
WST-21-0980 131 -38 681 453374 5435297 -26 3675
WST-21-0997 119 -45 640 453506 5435326 -90 3800
WST-22-0999 134 -26 454 453445 5435276 -99 3725
WST-22-1000 139 -45 447 453360 5435297 -148 3675
WST-22-1004 137 -40 600 453322 5435236 54 3600
WST-22-1005 145 -44 334 453360 5435297 -148 3675
WST-22-1006 121 -45 616 453506 5435326 -90 3800
WST-22-1008 148 -42 420 453360 5435297 -148 3675
WST-22-1009A 120 -40 603 453507 5435332 -47 3800

 

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 in thickness. 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.

 

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 is supported by the technical report entitled “Mineral Resource Estimate Update for the Windfall Project” dated February 10, 2022 (with an effective date  of October 21, 2021), 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, are further described in the full technical report for this updated mineral resource estimate in accordance with NI 43-101 and is available on SEDAR (www.sedar.com) under the Corporation’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres as it now includes the Triple 8 (T8) zone. The resources excluding T8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of gold resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,500 square kilometres).

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

OSISKO WINDFALL DRILLING INTERCEPTS WIDE HIGH-GRADE IN LYNX

58.9 g/t Au Over 14.7 Metres

(Toronto, March 29, 2022) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Significant new analytical results presented below include 27 intercepts in 8 drill holes (1 from surface, 8 from underground) and 8 wedges. Infill intercepts are located inside defined January 2022 mineral resource estimate (“MRE”) blocks (see Osisko news release dated January 10, 2022). Expansion intercepts are located outside the January 2022 MRE blocks and either expand resource wireframes or are in a defined zone or corridor but do not yet correlate to a specific wireframe.

Osisko Chief Executive Officer John Burzynski commented: “The infill program at Windfall continues to intercept high-grade mineralization. Today’s wide headline hole comes from Triple Lynx wireframe 3161 which has another wide zone of 41.4 g/t Au over 9.0 metres. Infill at Underdog is also returning intercepts of over one ounce per tonne over more than two meters.”

Selected high-grade intercepts include: 58.9 g/t Au over 14.7 metres in WST-21-0996A; 41.4 g/t Au over 9.0 metres in WST-21-0928; 88.0 g/t Au over 3.0 metres in WST-21-0997; 49.8 g/t Au over 3.9 metres in WST-21-0914; 81.5 g/t Au over 2.0 metres in WST-21-0936A; and 60.0 g/t Au over 2.4 metres in OSK-W-21-2463-W3. Maps showing hole locations and full analytical results are available at www.osiskomining.com. Maps: Long Section_In EN 20220329, PR_EN_20220329_Surface, PR_EN_20220329_UG.

Infill Drilling

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-21-1871-W3 816.3 820.7 4.4 22.6   UDD_4101 Underdog
including 816.3 817.0 0.7 86.0  
and 820.2 820.7 0.5 60.6  
OSK-W-21-2463-W3 971.5 973.9 2.4 60.0 47.1 UDD_4122 Underdog
including 972.8 973.9 1.1 128 100
OSK-W-21-2544-W1 791.7 794.0 2.3 4.13   TLX_3184 Triple Lynx
including 791.7 792.0 0.3 11.6  
  797.7 800.0 2.3 12.2   TLX_3159 Lynx HW
including 798.3 798.9 0.6 45.3  
OSK-W-21-2599 702.8 705.8 3.0 4.83   CA2_2208 Caribou
including 702.8 703.5 0.7 16.6  
WST-21-0914 250.1 254.0 3.9 49.8 46.3 LSW_3500 Lynx SW
including 250.1 250.4 0.3 146 100
WST-21-0928 273.1 282.1 9.0 41.4 33.0 TLX_3161 Triple Lynx
including 275.8 277.1 1.3 155 96.5
WST-21-0936A 527.0 529.0 2.0 81.5 25.2 LX4_3450 Lynx 4
including 527.8 528.3 0.5 325 100
WST-21-0996A 146.3 161.0 14.7 58.9 32.2 TLX_3161 Triple Lynx
including 150.6 151.3 0.7 650 100
WST-21-0997 589.0 592.0 3.0 88.0 43.0 LX4_3430 Lynx 4
including 589.7 590.7 1.0 235 100
WST-22-1000 166.0 168.1 2.1 5.82   TLX_3163 Triple Lynx
including 167.2 167.7 0.5 22.1  
  232.8 235.0 2.2 5.09   TLX_3169 Triple Lynx
  256.4 258.6 2.2 4.43   TLX_3175 Triple Lynx
including 256.4 256.9 0.5 18.1  
  372.3 374.5 2.2 4.03   TLX_3191 Triple Lynx
including 373.7 374.5 0.8 9.19  
WST-22-1001 503.4 506.3 2.9 6.60   LX4_3404 Lynx 4
including 505.5 505.8 0.3 19.5  
WST-22-1006 186.8 189.0 2.2 35.6 14.8 TLX_3121 Triple Lynx
including 186.8 187.1 0.3 252 100
  512.0 518.3 6.3 9.22   LX4_3404 Lynx 4
including 512.3 513.5 1.2 25.7  
and 517.8 518.3 0.5 39.4  

Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below. CA2= Caribou 2, LX4 = Lynx 4, LSW = Lynx Southwest, TLX = Triple Lynx and UDD=Underdog.

 

Expansion Drilling

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-21-2540-W3 1280.0 1282.0 2.0 17.7   LX4 Lynx 4
including 1281.4 1282.0 0.6 58.6  
OSK-W-21-2540-W9 1192.0 1194.0 2.0 3.68   LX4 Lynx 4
  1202.0 1208.0 6.0 7.68   LX4 Lynx 4
including 1207.0 1208.0 1.0 32.9  
  1230.0 1232.0 2.0 15.3   LX4 Lynx 4
  1282.7 1287.8 5.1 4.94   LX4 Lynx 4
including 1287.0 1287.8 0.8 19.3  
OSK-W-21-2646-W1 1067.0 1070.0 3.0 3.95   TLX Triple Lynx
OSK-W-22-2540-W12 867.4 869.5 2.1 6.29   LNX Lynx
including 868.4 868.7 0.3 39.5  
OSK-W-22-2540-W13 879.5 881.8 2.3 7.40   LNX Lynx
including 879.5 880.4 0.9 18.8  
  940.0 942.0 2.0 6.01   TLX Triple Lynx
including 940.0 940.5 0.5 23.3  
WST-22-1006 609.0 611.1 2.1 8.40   LX4 Lynx 4
including 609.9 610.6 0.7 24.8  

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

 

Drill hole location

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-21-1871-W3 331 -56 906 452496 5434397 402 2475
OSK-W-21-2463-W3 339 -65 1299 452617 5434447 402 2600
OSK-W-21-2540-W3 117 -60 1470 453465 5435640 410 3925
OSK-W-21-2540-W9 117 -60 1349 453465 5435640 410 3925
OSK-W-21-2544-W1 128 -50 1140 452960 5435539 419 3425
OSK-W-21-2599 328 -62 774 452787 5434526 397 2800
OSK-W-21-2646-W1 109 -58 1236 453326 5435648 413 3800
OSK-W-22-2540-W12 117 -60 885 453465 5435640 410 3925
OSK-W-22-2540-W13 117 -60 911 453465 5435640 410 3925
WST-21-0914 148 -59 502 453105 5435066 231 3325
WST-21-0928 154 -70 391 453507 5435327 -7 3800
WST-21-0936A 137 -48 570 453257 5435209 96 3525
WST-21-0996A 143 -45 427 453358 5435297 -149 3675
WST-21-0997 119 -45 640 453506 5435326 -90 3800
WST-22-1000 139 -45 447 453359 5435297 -149 3675
WST-22-1001 124 -46 637 453506 5435326 -90 3800
WST-22-1006 122 -45 610 453506 5435326 -90 3800

 

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 in thickness. 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 January 10, 2022 is supported by the technical report entitled “Mineral Resource Estimate Update for the Windfall Project” dated February 10, 2022 (with an effective date  of October 21, 2021), 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, are further described in the full technical report for this updated mineral resource estimate in accordance with NI 43-101 and is available on SEDAR (www.sedar.com) under the Corporation’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres as it now includes the Triple 8 (T8) zone. The resources excluding T8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of gold resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,500 square kilometres).

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

OSISKO WINDFALL DRILLING DISCOVERS NEW GOLD ZONE NEAR LYNX 4

60.7 g/t Au Over 5.0 Metres

(Toronto, March 23, 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.

Expansion drilling in the Lynx 4 area has defined a new sub-vertical zone located 80 metres south-west of wireframe LX4-3449 and 150 metres under wireframe LX4-3451. The new mineralization is currently defined by 18 intercepts (13 new intercepts and five holes previously reported, results presented below) over an area measuring 200 metres x 300 metres and remains open for expansion in several directions.  High-grade mineralization typical of the Lynx area defines the new zone with disseminated pyrite associated with strong pervasive silica alteration hosted in a sericitized rhyolite. This new zone is located outside the January 2022 mineral resource estimate (see Osisko news release dated January 10, 2022), and with continued definition drilling will result in a new resource wireframe.

Osisko Chief Executive Officer John Burzynski commented: “The expansion program at Windfall continues to pay dividends as illustrated by today’s announcement of a new zone outside our current resources. These results confirm how prolific the Lynx area is with respect to resource growth. We will continue to selectively target open areas where previous holes highlight strong potential for additional ounces.”

Selected high-grade intercepts include: 60.7 g/t Au over 5.0 metres in OSK-W-21-2601; 76.4 g/t Au over 3.6 metres in OSK-W-21-2540-W3; and 30.5 g/t Au over 2.0 metres in OSK-W-21-2369-W3. Maps showing hole locations and full analytical results are available at www.osiskomining.com. Maps: Long Section_LX4 EN New Zone_20220323, Long Section_LX4 EN Ext_20220323, PR_EN_20220323_Lynx4-New Zone.

 

Hole No. From (m) To

(m)

Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Corridor
OSK-W-21-1949-W14 1307.1 1313.0 5.9 3.57   Lynx 4
including 1311.6 1311.9 0.3 11.6  
OSK-W-21-2369-W3 1261.8 1264.5 2.7 5.16   Lynx 4
1267.0 1269.0 2.0 30.5 24.9 Lynx 4
including 1268.1 1268.4 0.3 137 100
OSK-W-21-2540-W3 1409.4 1413.0 3.6 76.4 24.2 Lynx 4
including 1409.4 1410.1 0.7 368 100
1416.3 1419.0 2.7 7.02   Lynx 4
1420.8 1423.0 2.2 5.80   Lynx 4
OSK-W-21-2540-W6 1361.8 1364.0 2.2 4.74   Lynx 4
including 1361.8 1362.3 0.5 20.6  
1409.0 1411.0 2.0 20.6   Lynx 4
including 1409.3 1409.8 0.5 76.6  
1480.0 1483.0 3.0 4.25   Lynx 4
including 1482.5 1483.0 0.5 11.8  
1490.2 1495.0 4.8 5.84   Lynx 4
OSK-W-21-2601 1328.1 1332.0 3.9 5.30   Lynx 4
1426.5 1431.5 5.0 60.7 45.6 Lynx 4
including 1426.5 1426.8 0.3 282 100
1459.0 1461.0 2.0 7.39   Lynx 4
including 1459.6 1460.0 0.4 36.3  
OSK-W-21-2369-W3* 1215.9 1218.0 2.1 5.17   Lynx 4
1223.7 1226.1 2.4 15.5  
OSK-W-20-2170-W6** 1367.8 1370.0 2.2 6.61   Lynx 4
1379.0 1381.0 2.0 14.5  
1384.0 1386.4 2.4 6.70  

Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below. *Results previously released on April 27, 2021, **results previously released on January 11, 2021, and October 7, 2020.

 

Drill hole location

Hole No. Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-21-1949-W14 105 -57 1332 453440 5435479 401 3825
OSK-W-21-2369-W3 130 -56 1415 453424 5435566 410 3850
OSK-W-21-2540-W3 117 -60 1470 453465 5435640 410 3925
OSK-W-21-2540-W6 117 -60 1541 453465 5435640 410 3925
OSK-W-21-2601 125 -61 1500 453425 5435657 413 3900

 

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 in thickness. 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 can locally be hosted along the gabbro-rhyolite contact.

 

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 is supported by the technical report entitled “Mineral Resource Estimate Update for the Windfall Project” dated February 10, 2022 (with an effective date  of October 21, 2021), 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, are further described in the full technical report for this updated mineral resource estimate in accordance with NI 43-101 and is available on SEDAR (www.sedar.com) under the Corporation’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres as it now includes the Triple 8 (T8) zone. The resources excluding T8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of gold resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,500 square kilometres).

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

OSISKO WINDFALL DRILLING INTERCEPT HIGH GRADE IN LYNX

431 g/t Au over 4.7 metres

(Toronto, March 16, 2022) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Significant new analytical results presented below include 50 intercepts in 27 drill holes (2 from surface, 25 from underground) and 8 wedges. The infill intercepts are located inside defined January 2022 mineral resource estimate (“MRE”) blocks (see Osisko news release dated January 10, 2022). The expansion intercepts are located outside the January 2022 MRE blocks and either expand resource wireframes or are in a defined zone or corridor but do not yet correlate to a specific wireframe.

Osisko Chief Executive Officer John Burzynski commented: “The Lynx infill and expansion drill programs continue to impress with respect to both high-grade and width. A third of today’s intercepts are greater than an ounce per ton gold and a third are greater than five meters in length. Drilling at Windfall remains focused on Lynx and other strategic areas.”

Selected high-grade intercepts include: 431 g/t Au over 4.7 metres and 32.6 g/t Au over 3.4 metres in WST-21-0929B; 187 g/t Au over 5.4 metres in OSK-W-21-2601-W1; 103 g/t Au over 6.6 metres in WST-21-0907; 65.5 g/t Au over 7.4 metres in OSK-W-21-2605-W1; 45.2 g/t Au over 8.5 metres in WST-21-0934; 22.1 g/t Au over 12.0 metres in OSK-W-21-2613-W1; 116 g/t Au over 2.1 metres in WST-21-0994; 36.0 g/t Au over 6.4 metres in OSK-W-21-1949-W16; 42.1 g/t Au over 5.2 metres in WST-21-0689A and 23.9 g/t Au over 5.6 metres in OSK-W-21-2381-W3. Maps showing hole locations and full analytical results are available at www.osiskomining.com. Maps: Long Section_All zones In EN 20220316, Long Section_All zones Ex EN 20220316, PR_EN_20220316_Surface, PR_EN_20220316_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-21-1949-W16 624.7 631.1 6.4 36.0 22.6 LXM_3388 Lynx
including 629.6 630.0 0.4 298 100
and 630.0 630.4 0.4 116 100
OSK-W-21-2287-W12 1200.3 1202.5 2.2 14.3   LX4_3449 Lynx 4
including 1200.3 1201.2 0.9 31.8
OSK-W-21-2564-W1 742.0 744.1 2.1 33.9 25.9 TLX_3171 Triple Lynx
including 742.7 743.2 0.5 134 100
OSK-W-21-2605 1304.0 1306.0 2.0 7.18   LX4_3445 Lynx 4
OSK-W-21-2605-W1 1295.7 1303.1 7.4 65.5 25.0 LX4_3449 Lynx 4
including 1296.4 1296.8 0.4 754 100
and 1296.8 1297.7 0.9 142 100
OSK-W-21-2613-W1 980.0 982.9 2.9 7.04   TLX_3161 Triple Lynx
including 981.8 982.9 1.1 14.6
  1116.0 1128.0 12.0 22.1 19.9 TLX_3160 Triple Lynx
including 1118.2 1119.0 0.8 132 100
and 1127.0 1128.0 1.0 68.0
  1131.0 1133.0 2.0 5.13   TLX_3160 Triple Lynx
WST-21-0689A 217.8 223.0 5.2 42.1 24.7 TLX_3161 Triple Lynx
including 220.0 220.5 0.5 281 100
WST-21-0713 26.7 33.0 6.3 5.34   LXM_3303 Lynx
including 32.1 33.0 0.9 18.3
WST-21-0877 328.5 331.0 2.5 7.63   LSW_3556 Lynx SW
including 329.2 329.5 0.3 56.5
WST-21-0907 527.7 534.3 6.6 103 32.4 LX4_3401 Lynx 4
including 530.4 531.4 1.0 565 100
WST-21-0929B 550.4 553.8 3.4 32.6 12.7 LX4_3404 Lynx 4
including 553.0 553.3 0.3 326 100
  564.8 569.5 4.7 431 62.6 LX4_3430 Lynx 4
including 564.8 565.6 0.8 293 100
and 565.6 566.4 0.8 2010 100
and 567.0 568.0 1.0 147 100
WST-21-0933A 331.0 333.5 2.5 4.76   TLX_3166 Triple Lynx
  498.4 500.4 2.0 31.2 25.2 LX4_3450 Lynx 4
including 499.0 499.3 0.3 140 100
WST-21-0934 481.1 489.6 8.5 45.2 22.9 LX4_3430 Lynx 4
including 483.6 484.5 0.9 236 100
and 485.9 486.2 0.3 323 100
WST-21-0948 504.6 506.8 2.2 27.9 23.1 LX4_3409 Lynx 4
including 504.6 504.9 0.3 136 100
WST-21-0956 244.6 246.6 2.0 41.9   TLX_3121 Triple Lynx
  251.0 253.3 2.3 40.5   TLX_3121 Triple Lynx
including 252.0 252.5 0.5 96.7
WST-21-0961 199.0 201.1 2.1 17.8   TLX_3161 Triple Lynx
including 199.7 200.4 0.7 52.1
WST-21-0964 484.0 486.0 2.0 3.87   LX4_3401 Lynx 4
WST-21-0967 219.5 221.8 2.3 9.91   TLX_3161 Triple Lynx
including 220.1 220.6 0.5 45.4
WST-21-0970 466.4 468.4 2.0 9.06   LX4_3430 Lynx 4
including 468.1 468.4 0.3 57.5
  476.0 478.3 2.3 6.34   LX4_3444 Lynx 4
including 476.7 477.0 0.3 22.2
WST-21-0978A 315.4 317.6 2.2 20.4   TLX_3131 Triple Lynx
including 316.2 316.6 0.4 98.4
WST-21-0981 178.7 181.1 2.4 20.9   TLX_3161 Triple Lynx
including 178.7 179.0 0.3 65.7
WST-21-0991 328.0 330.0 2.0 40.5 35.8 LHW_3212 Lynx HW
including 328.5 329.2 0.7 114 100
WST-21-0994 181.3 183.4 2.1 116 40.7 TLX_3184 Triple Lynx
including 181.9 182.6 0.7 325 100
WST-21-0995 25.7 27.8 2.1 5.57   TLX_3161 Triple Lynx
  30.9 33.0 2.1 7.46   TLX_3161 Triple Lynx
WST-21-0996A 194.6 200.3 5.7 6.65   TLX_3164 Triple Lynx
including 198.8 199.1 0.3 47.7
  225.0 231.0 6.0 4.10   TLX_3169 Triple Lynx
  381.0 383.0 2.0 4.18   TLX_3191 Triple Lynx
including 381.3 381.7 0.4 20.2
WST-21-0997 555.0 557.2 2.2 9.24   LX4_3404 Lynx 4
WST-22-1000 147.3 155.5 8.2 8.26   TLX_3161 Triple Lynx
including 150.3 150.8 0.5 44.8
WST-22-1002 250.0 252.0 2.0 20.7   LHW_3224 Lynx HW
including 251.0 252.0 1.0 41.4
  268.0 270.0 2.0 3.63   LHW_3224 Lynx HW
WST-22-1007 199.4 201.7 2.3 9.11   TLX_3161 Triple Lynx
including 199.8 200.2 0.4 29.4

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

 

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-21-2381-W3 919.0 921.0 2.0 4.28   TLX Triple Lynx
  959.8 962.7 2.9 12.9   TLX Triple Lynx
including 961.5 961.9 0.4 51.0
  997.0 1002.6 5.6 23.9   TLX_3158 Triple Lynx
including 997.0 997.4 0.4 50.6
OSK-W-21-2540-W5 1134.0 1136.0 2.0 22.8   TLX Triple Lynx
including 1134.0 1135.1 1.1 41.3
OSK-W-21-2601-W1 1004.6 1010.0 5.4 187 71.8 TLX_3158 Triple Lynx
including 1005.4 1007.8 2.4 330 100
and 1008.3 1008.6 0.3 325 100
OSK-W-21-2647 1364.0 1366.5 2.5 16.6   TLX_3172 Triple Lynx
including 1365.0 1365.6 0.6 62.4
WST-21-0927 588.0 593.5 5.5 4.60   LX4 Lynx 4
including 588.0 588.7 0.7 25.6
  650.3 661.0 10.7 5.79   LX4 Lynx 4
including 651.0 651.7 0.7 21.7
WST-21-0970 448.9 451.4 2.5 17.4   LX4 Lynx 4
including 449.9 450.5 0.6 65.0
WST-21-0992 242.1 244.2 2.1 11.8   LXM Lynx
including 242.1 243.0 0.9 25.4
WST-21-0996A 359.0 362.1 3.1 4.21   TLX Triple Lynx

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

 

Drill hole location

Hole No. Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-21-1949-W16 105 -57 1014 453440 5435479 401 3825
OSK-W-21-2287-W12 116 -53 1302 453607 5435714 404 4075
OSK-W-21-2381-W3 134 -53 1392 453620 5435790 402 4125
OSK-W-21-2540-W5 117 -60 1311 453465 5435640 410 3925
OSK-W-21-2564-W1 132 -50 1152 452960 5435539 419 3425
OSK-W-21-2601-W1 125 -61 1235 453425 5435657 413 3900
OSK-W-21-2605 112 -55 1401 453552 5435669 408 4025
OSK-W-21-2605-W1 112 -55 1380 453552 5435669 408 4025
OSK-W-21-2613-W1 114 -53 1152 452981 5435549 420 3450
OSK-W-21-2647 100 -61 1215 453525 5435704 405 4000
WST-21-0689A 161 -64 397 453356 5435272 16 3650
WST-21-0713 165 4 40 453359 5435194 84 3625
WST-21-0877 158 -60 490 453105 5435065 231 3325
WST-21-0907 130 -40 701 453375 5435297 -26 3675
WST-21-0927 146 -48 751 453321 5435235 54 3600
WST-21-0929B 115 -46 771 453506 5435327 -90 3800
WST-21-0933A 131 -52 733 453222 5435121 135 3450
WST-21-0934 119 -39 583 453507 5435332 -47 3800
WST-21-0948 136 -31 583 453374 5435296 -26 3675
WST-21-0956 134 -60 301 453508 5435328 -7 3800
WST-21-0961 163 -56 390 453507 5435327 -7 3800
WST-21-0964 127 -38 684 453374 5435297 -26 3675
WST-21-0967 160 -60 271 453506 5435327 -7 3800
WST-21-0970 117 -34 519 453507 5435333 -47 3800
WST-21-0978A 146 -49 702 453508 5435327 -7 3800
WST-21-0981 174 -51 258 453358 5435296 -149 3675
WST-21-0991 134 -29 391 453461 5435326 32 3775
WST-21-0992 120 -34 499 453507 5435333 -47 3800
WST-21-0994 197 -38 231 453357 5435296 -148 3675
WST-21-0995 149 -39 148 453440 5435223 -159 3700
WST-21-0996A 143 -45 427 453358 5435297 -149 3675
WST-21-0997 119 -45 640 453506 5435326 -90 3800
WST-22-1000 139 -45 447 453359 5435297 -149 3675
WST-22-1002 122 -36 341 453507 5435332 -48 3800
WST-22-1007 142 -36 183 453345 5435313 -67 3650

 

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.

 

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 is supported by the technical report entitled “Mineral Resource Estimate Update for the Windfall Project” dated February 10, 2022 (with an effective date  of October 21, 2021), 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, are further described in the full technical report for this updated mineral resource estimate in accordance with NI 43-101 and is available on SEDAR (www.sedar.com) under the Corporation’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres as it now includes the Triple 8 (T8) zone. The resources excluding T8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of gold resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,500 square kilometres).

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

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

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

 

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

 

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

 

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

 

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

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,500 square kilometres).

 

Cautionary Statements

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

 

CONTACTS INFORMATION:

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

John Kitchen

Miyuukaa Corp.

Director and Chief Executive Officer

Telephone (819) 856-7273