Author: Melissa Iarusso
OSISKO ANNOUNCES TSX APPROVAL TO RENEW NORMAL COURSE ISSUER BID
(Toronto, December 30, 2020) Osisko Mining Inc. (TSX:OSK) (the “Corporation” or “Osisko“) today announces that the Toronto Stock Exchange (the “TSX”) has approved the Corporation’s notice of intention to make a normal course issuer bid (the “NCIB Program”). Under the terms of the NCIB Program, Osisko may acquire up to 28,304,260 of its common shares (“Common Shares”) from time to time in accordance with the normal course issuer bid procedures of the TSX.
The normal course issuer bid will be conducted through the facilities of the TSX or alternative trading systems, if eligible, and will conform to their regulations. Purchases under the normal course issuer bid will be made by means of open market transactions or such other means as a securities regulatory authority may permit, including pre-arranged crosses, exempt offers and private agreements under an issuer bid exemption order issued by a securities regulatory authority.
Repurchases under the NCIB Program may commence on January 2, 2021 and will terminate on January 1, 2022 or on such earlier date as the NCIB Program is complete. Daily purchases will be limited to 357,614 Common Shares, other than block purchase exemptions, representing 25% of the average daily trading volume of the Common Shares on the TSX for the six-month period ending November 30, 2020, being 1,430,456 Common Shares.
The price that the Corporation may pay for any Common Shares purchased in the open market under the NCIB Program will be the prevailing market price at the time of purchase (plus any brokerage fees) and any Common Shares purchased by the Corporation will be cancelled. In the event that the Corporation purchases Common Shares by pre-arranged crosses, exempt offers, block purchases or private agreements, the purchase price of the Common Shares may be, and will be in the case of purchases by private agreements, as may be permitted by the securities regulatory authority, at a discount to the market price of the Common Shares at the time of acquisition.
The board of directors of Osisko believes that the underlying value of the Corporation may not be reflected in the market price of the Common Shares from time to time and that, accordingly, the purchase of Common Shares will increase the proportionate interest in the Corporation of, and be advantageous to, all remaining shareholders of the Corporation.
As of December 18, 2020, there were 344,207,806 Common Shares issued and outstanding. The 28,304,260 Common Shares that may be repurchased under the NCIB Program represent approximately 10% of the public float of the Corporation as of December 18, 2020, being 283,042,606 Common Shares.
During the prior NCIB Program of the Corporation, which will end on January 1, 2021, the Corporation obtained approval to purchase 18,399,423 Common Shares, and actually purchased 428,500 Common Shares at a weighted average price of approximately $2.05 per Common Share through the facilities of the TSX.
Osisko has appointed BMO Nesbitt Burns Inc. to make any purchases under the NCIB Program on its behalf.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,700 square kilometers).
Forward-looking statements
This press release contains forward-looking statements. These forward-looking statements, by their nature, require the Corporation to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Words such as “may”, “will”, “would”, “could”, “expect”, “believe”, “plan”, “anticipate”, “intend”, “estimate”, “continue”, or the negative or comparable terminology, as well as terms usually used in the future and the conditional, are intended to identify forward-looking statements including the fact that the Corporation “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled” and similar expressions or variations (including negative variations), or that events or conditions “will”, “would”, “may”, “could” or “should” occur including, without limitation, statements about the board of directors of Osisko’s belief that the NCIB Program is advantageous to shareholders and that underlying value of the Corporation may not be reflected in the market price of the Common Shares, the Corporation’s intentions regarding the NCIB Program and whether the Corporation will receive the requisite acceptance of the TSX in respect of the NCIB Program. Although Osisko believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve known and unknown risks, uncertainties and other factors and are not guarantees of future performance and actual results may accordingly differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include, without limitation: fluctuations in the prices of the commodities; fluctuations in the value of the Canadian dollar relative to the U.S. dollar; regulatory changes by national and local government, including corporate law, permitting and licensing regimes and taxation policies; continued availability of capital and financing and general economic, market or business conditions; business opportunities that become available to, or are pursued by Osisko; other uninsured risks. The forward looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property interests in the Windfall Lake gold project; the ability of the Corporation to obtain required approvals and complete transactions on terms announced; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions. Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information, Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
For further information, please contact Osisko Mining Inc.:
John Burzynski
Chairman and Chief Executive Officer
Telephone: (416) 363-8653
OSISKO WINDFALL INFILL DRILL PROGRAM 2020 TOP 20 HIT PARADE
(Toronto, December 3, 2020) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide a recap of the top 20 previously released intercepts of 2020 from its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.
Since the release of the February 2020 mineral resource estimate (see Osisko news release dated February 19, 2020), approximately 250,000 metres of new drilling has been completed, focused on infill and expansion drilling of the known mineralized zones at Windfall.
Osisko Chief Executive Officer John Burzynski commented: “It has been a very busy year for the Osisko exploration team, complicated by global events. The Corporation has managed to maintain a steady pace at Windfall, significantly growing the deposit with the resource update released in February, and we expect this year’s program to further grow the deposit. Our exploration team successfully completed the Discovery One drill hole, providing solid extensions to the Underdog and Triple 8 zones, while providing strong indications for further discovery at depth in the deposit. The pace of drilling has increased throughout the year, with over 30 surface and underground drills on site to complete the infill program and explore extensions of the principal mineralized zones, all of which remain open down plunge. The exploration ramp has continued to advance towards Triple Lynx for the next planned bulk sample, and at present we have eight underground rigs on the Lynx infill program. Drilling began in November on promising near-deposit exploration targets with three additional drills, and we expect to be shifting more rigs to these targets in the New Year. Our cash balance remains very strong, with approximately $300M in cash and equity positions.”
“Osisko recognizes the essential contribution of our employees and contractors, and we wish to thank our hosts and partners in the community of Waswanipi, the Cree Nation government, the municipality of Lebel-sur-Quevillon, the Quebec government and all of our stakeholders for their strong support through what has been an unusual year. Our achievements and success are attributable to our working relationship with our partners, and the dedication and commitment of our employees to maintaining a safe work environment.”
Osisko anticipates a busy 2021, steadily working towards the delivery of the next resource update and advancing the feasibility work for the Windfall project.
The table below presents the previously released 2020 top 20 drill intercepts from Lynx.
WINDFALL TOP 20 INTERCEPTS BY METAL FACTOR
| Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) uncut | g*metres uncut | Zone |
| WST-20-0543 | 74.0 | 76.0 | 2.0 | 13,634 | 27,268 | Lynx_323 |
| OSK-W-19-1731-W2 | 882.7 | 887.3 | 4.6 | 1,475 | 6,785 | Lynx_348 |
| OSK-W-20-2059-W4 | 1038.1 | 1066.1 | 28.0 | 202 | 5,643 | Lynx_348 |
| OSK-W-19-2226 | 55.7 | 58.1 | 2.4 | 948 | 2,275 | Lynx_311 |
| OSK-W-20-2256-W5 | 858.5 | 873.0 | 14.5 | 86 | 1,250 | Lynx_361 |
| WST-20-0312 | 105.0 | 110.0 | 5.0 | 199 | 993 | Lynx_304 |
| OSK-W-20-2260-W1 | 843.0 | 846.0 | 3.0 | 314 | 941 | Lynx_361 |
| OSK-W-20-2133-W2 | 783.6 | 786 | 2.4 | 391 | 939 | Lynx_361 |
| OSK-W-20-2264 | 766.5 | 778.8 | 12.3 | 76 | 931 | Lynx_334 |
| OSK-W-20-2133-W4 | 928.8 | 939.6 | 10.8 | 85 | 918 | Triple Lynx |
| OSK-W-20-2292-W1 | 1040.7 | 1043.0 | 2.3 | 395 | 909 | Lynx_374 |
| OSK-W-20-2170-W2 | 971 | 976.6 | 5.6 | 149 | 835 | Lynx_363 |
| OSK-W-20-2100-W7 | 933.0 | 935.0 | 2.0 | 415 | 830 | Lynx_361 |
| WST-20-0310 | 63.7 | 65.7 | 2.0 | 376 | 751 | Lynx_311 |
| WST-20-0569 | 310.5 | 312.7 | 2.2 | 327 | 719 | Lynx_356 |
| WST-20-0295 | 142.0 | 144.0 | 2.0 | 337 | 675 | Lynx_304 |
| OSK-W-20-2256-W2 | 874.7 | 880.3 | 5.6 | 115 | 642 | Lynx_361 |
| OSK-W-20-2256-W4 | 862.0 | 871.2 | 9.2 | 62 | 566 | Lynx_361 |
| WST-19-0234 | 69.2 | 72.6 | 3.4 | 153 | 520 | Lynx_311 |
| WST-20-0295 | 134.0 | 136.0 | 2.0 | 243 | 485 | Lynx_304 |
Qualified Person
The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Louis Grenier, M.Sc.A., P.Geo. (OGQ 800), Project Manager of Osisko’s Windfall Lake gold project, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Quality Control and Reporting Protocols
True width determination is estimated at 55-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.0 g/t Au diluted over core lengths of at least 2.0 metres. All NQ core assays reported were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Thunder Bay, Ontario, Sudbury, Ontario or Vancouver, British Colombia, or (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold, present a higher percentage of pyrite than surrounding intervals or any samples exceeding 10 g/t Au. A 1-kilogram split is passed through a 75-um stainless steel screen to separate the oversize fraction. Any +75-μm material remaining on the screen is retained and analyzed in its entirety by fire assay with gravimetric finish and reported as the Au (+) fraction results. The 75μm fraction is homogenized and two 50-gram sub-samples are analyzed by fire assay with Atomic absorption finish. The average of the two atomic absorption finish is taken and reported as the Au (-) fraction result. As of August 7, 2019, the -75μm fractions have been analyzed using gravimetric finish. All three values are used in calculating the combined gold content of the plus and minus fractions. Selected samples are also analyzed for multi-elements, including silver, using a four acids digestion -MS61 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 Eeyou Istchee James Bay, Québec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 19, 2020 and supported by the technical report entitled “An updated mineral resource estimate for the Windfall Lake Project, Located in the Abitibi Greenstone Belt, Urban Township, Eeyou Istchee James Bay, Québec, Canada” and dated April 3, 2020 (with an effective date of January 3, 2020), and assuming a cut-off grade of 3.5 g/t, comprises 4,127,000 tonnes at 9.1 g/t Au (1,206,000 ounces) in the indicated mineral resource category and 14,532,000 tonnes at 8.40 g/t Au (3,938,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 19,2020 news release are further described in the full technical report prepared by Micon International Limited (“Micon”) and BBA Inc (“BBA”), in accordance with NI 43-101 available on SEDAR (www.sedar.com) under the Corporation’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of deformed sub-vertical zones plunging to the northeast. Vein-type or pyrite replacement-type styles of mineralization crosscut syn-volcanic host rocks and syn-deformation felsic porphyry intrusions and are spatially associated with the contacts of the intrusions. The deposit is well defined from surface to a depth of 1,200 metres and remains open along strike and at depth. Mineralization has been identified 30 metres from surface in some areas and as deep as 2,000 metres in others, with significant potential to extend mineralization down-plunge and at depth.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,700 square kilometres).
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the key assumptions, parameters and methods used to estimate the mineral resource estimate; the prospects, if any, of the Windfall gold deposit; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the projected capital expenditures of mining activities at the Windfall gold deposit; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the deposit remaining open along strike to the northeast and at depth; significant high-grade zones (Lynx 4, Triple Lynx) remaining open down plunge; the plunge potential of the Lynx and Underdog zones; the significance of historic exploration activities and results. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
CONTACT INFORMATION:
John Burzynski
Chief Executive Officer
Telephone (416) 363-8653
OSISKO WINDFALL INFILL DRILLING: VERY GOOD
Record Intercept of 13,634 g/t Au over 2.0 Metres
(Toronto, December 1, 2020) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing expansion and definition drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.
Infill drilling at Lynx has returned the highest-grade result at Windfall to date of 13,634 g/t Au over 2.0 metres including 90,700 g/t Au over 0.3 metres in hole WST-20-0543. This infill hole from the definition program is located 70 metres down plunge from WST-20-0310 (376 g/t Au over 2.0 metres, see Osisko news release dated June 23, 2020) and confirms the continuity of the Lynx 323 wireframe.
Osisko Chief Executive Officer John Burzynski commented: “Today’s spectacular result, certainly one the highest gold grades in terms of metal factor (grade x width) ever reported, continues to demonstrate the exceptional high-grade characteristics of Lynx. Our infill drilling program continues to show the strength of our deposit, and is confirming both the continuity and high-grade nature of Windfall. We encourage people to go to our social media page or website and view some of the recent photos of the spectacular visible gold in this sample and other recent drill core coming from the ongoing work at Windfall.”
| Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) uncut | Au (g/t) cut to 100 g/t | Zone | Corridor |
| WST-20-0543 | 74.0 | 76.0 | 2.0 | 13,634 | 30.0 | Lynx | Lynx_323 |
| including | 74.3 | 74.6 | 0.3 | 90,700 | 100 |
Drill hole location
| Hole Number | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Elevation | Section |
| WST-20-0543 | 150 | -40 | 144 | 453315 | 5435165 | 123 | 3575 |
WST-20-0543 intersected 13,634 g/t Au over 2.0 metres. Mineralization consists of up to 15% local visible gold and up to 5% disseminated pyrite hosted in an intensely silica flooded, sericitized, and strongly fuchsite altered gabbro.
Lynx Zone
Mineralization typically occurs as grey to translucent quartz-carbonate-pyrite-tourmaline veins and pyrite replacement zones and stockworks. The vein-type is associated with haloes of pervasive sericite-pyrite ± silica alteration and contain sulphides (predominantly pyrite with occasional 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), Project Manager of Osisko’s Windfall Lake gold project, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Quality Control and Reporting Protocols
True width determination is estimated at 55-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.0 g/t Au diluted over core lengths of at least 2.0 metres. All NQ core assays reported were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Thunder Bay, Ontario, Sudbury, Ontario or Vancouver, British Colombia, or (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold, present a higher percentage of pyrite than surrounding intervals or any samples exceeding 10 g/t Au. A 1-kilogram split is passed through a 75-um stainless steel screen to separate the oversize fraction. Any +75-μm material remaining on the screen is retained and analyzed in its entirety by fire assay with gravimetric finish and reported as the Au (+) fraction results. The 75μm fraction is homogenized and two 50-gram sub-samples are analyzed by fire assay with Atomic absorption finish. The average of the two atomic absorption finish is taken and reported as the Au (-) fraction result. As of August 7, 2019, the -75μm fractions have been analyzed using gravimetric finish. All three values are used in calculating the combined gold content of the plus and minus fractions. Selected samples are also analyzed for multi-elements, including silver, using a four acids digestion -MS61 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 Eeyou Istchee James Bay, Québec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 19, 2020 and supported by the technical report entitled “An updated mineral resource estimate for the Windfall Lake Project, Located in the Abitibi Greenstone Belt, Urban Township, Eeyou Istchee James Bay, Québec, Canada” and dated April 3, 2020 (with an effective date of January 3, 2020), and assuming a cut-off grade of 3.5 g/t, comprises 4,127,000 tonnes at 9.1 g/t Au (1,206,000 ounces) in the indicated mineral resource category and 14,532,000 tonnes at 8.40 g/t Au (3,938,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 19,2020 news release are further described in the full technical report prepared by Micon International Limited (“Micon”) and BBA Inc (“BBA”), in accordance with NI 43-101 available on SEDAR (www.sedar.com) under the Corporation’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of deformed sub-vertical zones plunging to the northeast. Vein-type or pyrite replacement-type styles of mineralization crosscut syn-volcanic host rocks and syn-deformation felsic porphyry intrusions and are spatially associated with the contacts of the intrusions. The deposit is well defined from surface to a depth of 1,200 metres and remains open along strike and at depth. Mineralization has been identified 30 metres from surface in some areas and as deep as 2,000 metres in others, with significant potential to extend mineralization down-plunge and at depth.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,700 square kilometres).
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the key assumptions, parameters and methods used to estimate the mineral resource estimate; the prospects, if any, of the Windfall gold deposit; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the projected capital expenditures of mining activities at the Windfall gold deposit; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the deposit remaining open along strike to the northeast and at depth; significant high-grade zones (Lynx 4, Triple Lynx) remaining open down plunge; the plunge potential of the Lynx and Underdog zones; the significance of historic exploration activities and results. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
CONTACT INFORMATION:
John Burzynski
Chief Executive Officer
Telephone (416) 363-8653
OSISKO INFILL DRILLING WINDFALL. GOOD.
Results Include 86.2 g/t Au over 14.5 Metres and 327 g/t Au over 2.2 Metres
(Toronto, November 24, 2020) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing expansion and definition drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.
Drilling is currently focused on the Lynx deposit. Osisko Chief Executive Officer John Burzynski commented: “We remain very pleased with Lynx’s consistent good results on grade and widths.”
The table below contains resource definition infill intercepts located inside the February 2020 mineral resource estimate wireframes (see Osisko news release dated February 19, 2020). Significant new analytical results are presented below and include 27 intercepts in 10 drill holes and 9 wedges.
Selected high-grade intercepts from the new results include: 86.2 g/t Au over 14.5 metres in OSK-W-2256-W5; 327 g/t Au over 2.2 metres in WST-20-0569; 85.0 g/t Au over 10.8 metres in OSK-W-20-2133-W4; 94.9 g/t Au over 2.1 metres in WST-20-0508; and 71.3 g/t Au over 4.0 metres in OSK-W-2252-W5. Maps showing hole locations and full analytical results are available at www.osiskomining.com.
| Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) uncut | Au (g/t) cut to 100 g/t | Zone | Corridor |
| OSK-W-20-2133-W4 | 928.8 | 939.6 | 10.8 | 85.0 | 22.7 | Lynx_331 | Triple Lynx |
| including | 931.0 | 933.1 | 2.1 | 420 | 100 | ||
| OSK-W-20-2252-W5 | 854.7 | 856.9 | 2.2 | 18.6 | Lynx_371 | Triple Lynx | |
| including | 855.6 | 856.0 | 0.4 | 97.3 | |||
| 882.3 | 886.3 | 4.0 | 71.3 | 43.8 | Lynx_371 | Triple Lynx | |
| including | 884.1 | 884.6 | 0.5 | 234 | 100 | ||
| and | 885.9 | 886.3 | 0.4 | 375 | 100 | ||
| OSK-W-20-2252-W7 | 943.6 | 950.1 | 6.5 | 36.0 | 25.8 | Lynx_368 | Triple Lynx |
| including | 943.9 | 945.2 | 1.3 | 151 | 100 | ||
| OSK-W-20-2256-W5 | 858.5 | 873.0 | 14.5 | 86.2 | 16.4 | Lynx_361 | Triple Lynx |
| including | 868.1 | 868.4 | 0.3 | 230 | 100 | ||
| and | 868.4 | 868.7 | 0.3 | 3120 | 100 | ||
| and | 869.0 | 869.3 | 0.3 | 321 | 100 | ||
| OSK-W-20-2275-W2 | 906.6 | 910.3 | 3.7 | 7.56 | Triple Lynx | Triple Lynx | |
| including | 909.0 | 909.5 | 0.5 | 25.7 | |||
| OSK-W-20-2280-W2 | 998.4 | 1001.1 | 2.7 | 11.2 | Lynx_368 | Triple Lynx | |
| 1027.9 | 1031.3 | 3.4 | 5.60 | Lynx_363 | Triple Lynx | ||
| including | 1027.9 | 1028.3 | 0.4 | 28.3 | |||
| OSK-W-20-2295-W2 | 654.0 | 656.0 | 2.0 | 16.1 | Lynx_376 | Triple Lynx | |
| including | 654.5 | 655.0 | 0.5 | 51.9 | |||
| OSK-W-20-2295-W3 | 697.0 | 699.0 | 2.0 | 5.11 | Triple Lynx | Triple Lynx | |
| including | 698.1 | 698.5 | 0.4 | 22.8 | |||
| OSK-W-20-2313-W2 | 986.3 | 988.3 | 2.0 | 6.69 | Triple Lynx | Triple Lynx | |
| OSK-W-20-2339 | 608.3 | 610.5 | 2.2 | 8.59 | Triple Lynx | Triple Lynx | |
| WST-20-0473 | 101.0 | 103.0 | 2.0 | 12.3 | Lynx_304 | Lynx | |
| including | 102.5 | 103.0 | 0.5 | 48.6 | |||
| WST-20-0486 | 93.0 | 95.0 | 2.0 | 5.03 | Lynx_323 | Lynx | |
| WST-20-0487 | 103.7 | 106.0 | 2.3 | 25.2 | Lynx_359 | Lynx | |
| including | 104.4 | 105.0 | 0.6 | 53.2 | |||
| WST-20-0500 | 132.0 | 134.5 | 2.5 | 10.1 | Lynx_304 | Lynx | |
| including | 132.9 | 133.6 | 0.7 | 35.9 | |||
| WST-20-0506 | 82.7 | 85.1 | 2.4 | 6.21 | Lynx_311 | Lynx | |
| WST-20-0508 | 51.4 | 53.5 | 2.1 | 6.01 | Lynx_311 | Lynx | |
| including | 52.8 | 53.1 | 0.3 | 37.7 | |||
| 70.5 | 72.8 | 2.3 | 9.05 | Lynx_323 | Lynx | ||
| 77.4 | 80.0 | 2.6 | 4.45 | Lynx_308 | Lynx | ||
| including | 77.7 | 78.1 | 0.4 | 21.9 | |||
| 93.9 | 96.0 | 2.1 | 94.9 | 22.0 | Lynx_304 | Lynx | |
| including | 93.9 | 94.3 | 0.4 | 483 | 100 | ||
| 109.0 | 111.2 | 2.2 | 19.2 | Lynx_359 | Lynx | ||
| including | 110.7 | 111.2 | 0.5 | 71.7 | |||
| WST-20-0511 | 82.5 | 88.4 | 5.9 | 15.6 | Lynx_308 | Lynx | |
| including | 83.4 | 84.0 | 0.6 | 79.7 | |||
| 92.0 | 94.0 | 2.0 | 9.36 | Lynx_304 | Lynx | ||
| including | 93.6 | 94.0 | 0.4 | 45.0 | |||
| WST-20-0515 | 156.0 | 158.0 | 2.0 | 24.4 | 20.4 | Lynx_323 | Lynx |
| including | 157.0 | 157.4 | 0.4 | 120 | 100 | ||
| 169.0 | 171.0 | 2.0 | 25.0 | 21.0 | Lynx_304 | Lynx | |
| including | 169.0 | 169.4 | 0.4 | 120 | 100 | ||
| WST-20-0569 | 310.5 | 312.7 | 2.2 | 327 | 28.2 | Lynx_356 | Lynx |
| including | 310.5 | 311.1 | 0.6 | 1195 | 100 |
Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below.
Drill hole location
| Hole Number | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Elevation | Section |
| OSK-W-20-2133-W4 | 118 | -49 | 987 | 453080 | 5435531 | 417 | 3525 |
| OSK-W-20-2252-W5 | 129 | -54 | 1092 | 453241 | 5435694 | 415 | 3750 |
| OSK-W-20-2252-W7 | 129 | -54 | 1089 | 453241 | 5435694 | 415 | 3750 |
| OSK-W-20-2256-W5 | 125 | -51 | 1022 | 453160 | 5435686 | 414 | 3675 |
| OSK-W-20-2275-W2 | 127 | -49 | 1035 | 452886 | 5435584 | 409 | 3400 |
| OSK-W-20-2280-W2 | 127 | -58 | 1211 | 453304 | 5435639 | 415 | 3775 |
| OSK-W-20-2295-W2 | 132 | -51 | 963 | 452938 | 5435472 | 415 | 3375 |
| OSK-W-20-2295-W3 | 132 | -51 | 969 | 452938 | 5435472 | 415 | 3375 |
| OSK-W-20-2313-W2 | 134 | -52 | 1047 | 452965 | 5435583 | 420 | 3450 |
| OSK-W-20-2339 | 144 | -50 | 1025 | 452960 | 5435442 | 415 | 3400 |
| WST-20-0473 | 149 | -16 | 202 | 453493 | 5435287 | 117 | 3775 |
| WST-20-0486 | 130 | -37 | 162 | 453359 | 5435209 | 154 | 3625 |
| WST-20-0487 | 140 | -5 | 177 | 453358 | 5435208 | 155 | 3625 |
| WST-20-0500 | 139 | -30 | 166 | 453228 | 5435126 | 135 | 3475 |
| WST-20-0506 | 175 | 20 | 141 | 453357 | 5435208 | 156 | 3625 |
| WST-20-0508 | 136 | -12 | 138 | 453316 | 5435165 | 124 | 3575 |
| WST-20-0511 | 137 | 8 | 162 | 453316 | 5435165 | 125 | 3575 |
| WST-20-0515 | 158 | -33 | 186 | 453418 | 5435305 | 68 | 3725 |
| WST-20-0569 | 165 | -59 | 526 | 453104 | 5435065 | 231 | 3325 |
Lynx Zone
Mineralization occurs as grey to translucent quartz-carbonate-pyrite-tourmaline veins and pyrite replacement zones and stockworks. The vein-type is associated with haloes of pervasive sericite-pyrite ± silica alteration and contain sulphides (predominantly pyrite with minor amounts of chalcopyrite, sphalerite, galena, arsenopyrite, and pyrrhotite) and local visible gold. Replacement mineralization is associated with strong pervasive silica-sericite-ankerite ± tourmaline alteration and contains disseminated pyrite from trace to 80% with local visible gold. Pyrite stockworks can form envelopes that reach several tens of metres thick. Fuchsite alteration is common and is spatially constrained to near the gabbros. Mineralization occurs at or near geological contacts between felsic porphyritic or fragmental intrusions and the host rhyolites or gabbros and locally can be hosted along the gabbro-rhyolite contact.
Triple Lynx
Mineralization in the Triple Lynx zone is vein-type, quartz-carbonate-pyrite-tourmaline veins, associated with pervasive sericite-pyrite ± silica alteration and contain sulphides similar to the main Lynx Zone, pyrite dominated with minor other sulphides, ranging from trace to up to 70% locally, and local visible gold. Locally fuchsite is present when proximal to the gabbros. Mineralization is hosted in or at the contacts of felsic porphyritic dikes with rhyolites (locally bleached) or gabbros.
Qualified Person
The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Louis Grenier, M.Sc.A., P.Geo. (OGQ 800), Project Manager of Osisko’s Windfall Lake gold project, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Quality Control and Reporting Protocols
True width determination is estimated at 55-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.0 g/t Au diluted over core lengths of at least 2.0 metres. All NQ core assays reported were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Thunder Bay, Ontario, Sudbury, Ontario or Vancouver, British Colombia, or (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using a four acids digestion -MS61 method at ALS Laboratories. Drill program design, 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 Eeyou Istchee James Bay, Québec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 19, 2020 and supported by the technical report entitled “An updated mineral resource estimate for the Windfall Lake Project, Located in the Abitibi Greenstone Belt, Urban Township, Eeyou Istchee James Bay, Québec, Canada” and dated April 3, 2020 (with an effective date of January 3, 2020), and assuming a cut-off grade of 3.5 g/t, comprises 4,127,000 tonnes at 9.1 g/t Au (1,206,000 ounces) in the indicated mineral resource category and 14,532,000 tonnes at 8.40 g/t Au (3,938,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 19,2020 news release are further described in the full technical report prepared by Micon International Limited (“Micon”) and BBA Inc (“BBA”), in accordance with NI 43-101 available on SEDAR (www.sedar.com) under the Corporation’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of deformed sub-vertical zones plunging to the northeast. Vein-type or pyrite replacement-type styles of mineralization crosscut syn-volcanic host rocks and syn-deformation felsic porphyry intrusions and are spatially associated with the contacts of the intrusions. The deposit is well defined from surface to a depth of 1,200 metres and remains open along strike and at depth. Mineralization has been identified 30 metres from surface in some areas and as deep as 2,000 metres in others, with significant potential to extend mineralization down-plunge and at depth.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,700 square kilometres).
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the key assumptions, parameters and methods used to estimate the mineral resource estimate; the prospects, if any, of the Windfall gold deposit; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the projected capital expenditures of mining activities at the Windfall gold deposit; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the deposit remaining open along strike to the northeast and at depth; significant high-grade zones (Lynx 4, Triple Lynx) remaining open down plunge; the plunge potential of the Lynx and Underdog zones; the significance of historic exploration activities and results. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
CONTACT INFORMATION:
John Burzynski
Chief Executive Officer
Telephone (416) 363-8653
OSISKO WINDFALL INFILL DRILLING INTERSECTS SOME MORE GOLD
Including 75.7 g/t Au Over 12.3 Metres and 193 g/t Au Over 2.3 Metres
(Toronto, November 17, 2020) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing expansion and definition drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.
Drilling is currently focused on the Lynx deposit. Osisko Chief Executive Officer John Burzynski commented: “Lynx continues to deliver on high-grade and width with consistency, as illustrated by today’s headline intercepts of 193 g/t Au over 2.3 metres and 75.7 g/t Au over 12.3 metres.”
The table below contains resource definition infill intercepts located inside the February 2020 mineral resource estimate wireframes (see Osisko news release dated February 19, 2020). Significant new analytical results are presented below and include 38 intercepts in 11 drill holes and 11 wedges.
Selected high-grade intercepts from the new results include: 75.7 g/t Au over 12.3 metres in OSK-W-20-2264; 193 g/t Au over 2.3 metres in OSK-W-20-2133-W3; and 37.6 g/t Au over 2.0 metres in OSK-W-20-2275-W3. Maps showing hole locations and full analytical results are available at www.osiskomining.com
| Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) uncut | Au (g/t) cut to 100 g/t | Zone | Corridor |
| OSK-W-20-2133-W2 | 901.3 | 903.5 | 2.2 | 9.27 | Lynx_331 | Lynx | |
| including | 901.7 | 902.0 | 0.3 | 59.4 | |||
| OSK-W-20-2133-W3 | 791.2 | 793.5 | 2.3 | 193 | 41.7 | Triple Lynx | Triple Lynx |
| including | 792.7 | 793.1 | 0.4 | 972 | 100 | ||
| 874.8 | 877.0 | 2.2 | 9.52 | Triple Lynx | Triple Lynx | ||
| including | 875.8 | 876.3 | 0.5 | 32.5 | |||
| 931.1 | 933.2 | 2.1 | 8.05 | Triple Lynx | Triple Lynx | ||
| including | 932.7 | 933.2 | 0.5 | 20.2 | |||
| OSK-W-20-2139-W11 | 882.9 | 885.0 | 2.1 | 8.33 | Lynx_361 | Triple Lynx | |
| 896.3 | 898.6 | 2.3 | 13.6 | Lynx_361 | Triple Lynx | ||
| including | 896.3 | 896.6 | 0.3 | 35.3 | |||
| 912.2 | 914.4 | 2.2 | 4.36 | Lynx_363 | Triple Lynx | ||
| including | 914.0 | 914.4 | 0.4 | 13.7 | |||
| 954.0 | 956.0 | 2.0 | 7.91 | Lynx_369 | Triple Lynx | ||
| including | 954.5 | 955.2 | 0.7 | 20.4 | |||
| OSK-W-20-2256-W5 | 892.1 | 894.1 | 2.0 | 4.85 | Lynx_368 | Triple Lynx | |
| OSK-W-20-2264 | 766.5 | 778.8 | 12.3 | 75.7 | 21 | Lynx_334 | Lynx |
| including | 773.8 | 774.4 | 0.6 | 1085 | 100 | ||
| and | 774.4 | 775.3 | 0.9 | 190 | 100 | ||
| OSK-W-20-2275-W3 | 669.5 | 672.3 | 2.8 | 11.8 | Triple Lynx | Triple Lynx | |
| including | 669.5 | 670.2 | 0.7 | 46.5 | |||
| 776.7 | 781.0 | 4.3 | 9.73 | Lynx_376 | Triple Lynx | ||
| 807.5 | 809.5 | 2.0 | 37.6 | 15.5 | Triple Lynx | Triple Lynx | |
| including | 807.5 | 807.8 | 0.3 | 247 | 100 | ||
| OSK-W-20-2280-W2 | 1012.2 | 1014.9 | 2.7 | 7.72 | Lynx_368 | Triple Lynx | |
| 1073.6 | 1075.6 | 2.0 | 13.9 | Lynx_364 | Triple Lynx | ||
| including | 1074.2 | 1074.9 | 0.7 | 35.9 | |||
| 1083.0 | 1086.0 | 3.0 | 9.71 | Lynx_364 | Triple Lynx | ||
| 1113.4 | 1115.4 | 2.0 | 4.29 | Lynx_370 | Triple Lynx | ||
| including | 1113.7 | 1114.0 | 0.3 | 19.1 | |||
| OSK-W-20-2280-W3 | 1011.0 | 1013.0 | 2.0 | 9.31 | Lynx_368 | Triple Lynx | |
| 1075.0 | 1078.0 | 3.0 | 10.1 | Lynx_364 | Triple Lynx | ||
| OSK-W-20-2283-W1 | 553.9 | 556.0 | 2.1 | 7.37 | Lynx_365 | Triple Lynx | |
| including | 554.5 | 555.3 | 0.8 | 16.7 | |||
| 794.5 | 797.7 | 3.2 | 22.1 | Triple Lynx | Triple Lynx | ||
| 818.0 | 822.0 | 4.0 | 6.80 | Triple Lynx | Triple Lynx | ||
| OSK-W-20-2292-W3 | 817.0 | 819.0 | 2.0 | 4.11 | Lynx_361 | Triple Lynx | |
| OSK-W-20-2295-W2 | 885.7 | 888.0 | 2.3 | 4.53 | Triple Lynx | Triple Lynx | |
| OSK-W-20-2295-W3 | 890.7 | 892.7 | 2.0 | 12.7 | Triple Lynx | Triple Lynx | |
| including | 891.7 | 892.2 | 0.5 | 45.2 | |||
| WST-20-0404 | 109.1 | 111.1 | 2.0 | 5.90 | Lynx_304 | Lynx | |
| including | 110.4 | 111.1 | 0.7 | 16.0 | |||
| 137.5 | 139.6 | 2.1 | 6.17 | Lynx_321 | Lynx | ||
| WST-20-0407 | 178.4 | 180.5 | 2.1 | 4.24 | Lynx_315 | Lynx | |
| WST-20-0425 | 66.6 | 70.5 | 3.9 | 7.09 | Lynx_311 | Lynx | |
| including | 66.6 | 67.6 | 1.0 | 16.5 | |||
| 109.0 | 111.3 | 2.3 | 3.55 | Lynx_304 | Lynx | ||
| WST-20-0483 | 98.0 | 100.0 | 2.0 | 4.93 | Lynx_304 | Lynx | |
| including | 98.4 | 98.7 | 0.3 | 24.1 | |||
| WST-20-0487 | 89.0 | 91.5 | 2.5 | 6.87 | Lynx_304 | Lynx | |
| including | 91.1 | 91.5 | 0.4 | 36.4 | |||
| WST-20-0494 | 164.4 | 166.4 | 2.0 | 10.8 | Lynx_301 | Lynx | |
| including | 165.2 | 165.5 | 0.3 | 64.8 | |||
| WST-20-0495 | 119.0 | 121.0 | 2.0 | 6.89 | Lynx_304 | Lynx | |
| including | 120.6 | 121.0 | 0.4 | 20.8 | |||
| 131.2 | 133.5 | 2.3 | 3.67 | Lynx_321 | Lynx | ||
| including | 133.1 | 133.5 | 0.4 | 16.9 | |||
| WST-20-0498 | 108.0 | 110.0 | 2.0 | 3.23 | Lynx_320 | Lynx | |
| including | 108.5 | 109.0 | 0.5 | 12.9 | |||
| WST-20-0499 | 56.0 | 58.2 | 2.2 | 16.5 | Lynx_311 | Lynx | |
| including | 57.0 | 57.4 | 0.4 | 83.5 | |||
| WST-20-0500 | 56.1 | 58.4 | 2.3 | 10.2 | Lynx_311 | Lynx | |
| including | 57.0 | 57.4 | 0.4 | 43.0 |
Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below.
Drill hole location
| Hole Number | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Elevation | Section |
| OSK-W-20-2133-W2 | 118 | -49 | 1139 | 453080 | 5435531 | 417 | 3525 |
| OSK-W-20-2133-W3 | 118 | -49 | 965 | 453080 | 5435531 | 417 | 3525 |
| OSK-W-20-2139-W11 | 115 | -52 | 995 | 452980 | 5435549 | 420 | 3450 |
| OSK-W-20-2256-W5 | 125 | -51 | 1022 | 453160 | 5435686 | 414 | 3675 |
| OSK-W-20-2264 | 292 | -74 | 1119 | 454127 | 5435062 | 396 | 4225 |
| OSK-W-20-2275-W3 | 127 | -49 | 1050 | 452886 | 5435584 | 409 | 3400 |
| OSK-W-20-2280-W2 | 127 | -58 | 1211 | 453304 | 5435639 | 415 | 3775 |
| OSK-W-20-2280-W3 | 127 | -58 | 1191 | 453304 | 5435639 | 415 | 3775 |
| OSK-W-20-2283-W1 | 135 | -50 | 1035 | 452997 | 5435607 | 425 | 3500 |
| OSK-W-20-2292-W3 | 125 | -54 | 943 | 453037 | 5435563 | 420 | 3525 |
| OSK-W-20-2295-W2 | 132 | -51 | 963 | 452938 | 5435472 | 415 | 3375 |
| OSK-W-20-2295-W3 | 132 | -51 | 969 | 452938 | 5435472 | 415 | 3375 |
| WST-20-0404 | 163 | -4 | 192 | 453493 | 5435286 | 117 | 3775 |
| WST-20-0407 | 106 | 9 | 202 | 453495 | 5435288 | 118 | 3775 |
| WST-20-0425 | 161 | 18 | 166 | 453358 | 5435208 | 156 | 3625 |
| WST-20-0483 | 170 | 2 | 193 | 453449 | 5435264 | 116 | 3725 |
| WST-20-0487 | 140 | -5 | 177 | 453358 | 5435208 | 155 | 3625 |
| WST-20-0494 | 124 | 0 | 189 | 453495 | 5435288 | 117 | 3775 |
| WST-20-0495 | 165 | 2 | 184 | 453495 | 5435288 | 117 | 3775 |
| WST-20-0498 | 132 | -11 | 169 | 453228 | 5435126 | 136 | 3475 |
| WST-20-0499 | 131 | -21 | 163 | 453228 | 5435126 | 135 | 3475 |
| WST-20-0500 | 139 | -30 | 166 | 453228 | 5435126 | 135 | 3475 |
Lynx Zone
Mineralization occurs as grey to translucent quartz-carbonate-pyrite-tourmaline veins and pyrite replacement zones and stockworks. The vein-type is associated with haloes of pervasive sericite-pyrite ± silica alteration and contain sulphides (predominantly pyrite with minor amounts of chalcopyrite, sphalerite, galena, arsenopyrite, and pyrrhotite) and local visible gold. Replacement mineralization is associated with strong pervasive silica-sericite-ankerite ± tourmaline alteration and contains disseminated pyrite from trace to 80% with local visible gold. Pyrite stockworks can form envelopes that reach several tens of metres thick. Fuchsite alteration is common and is spatially constrained to near the gabbros. Mineralization occurs at or near geological contacts between felsic porphyritic or fragmental intrusions and the host rhyolites or gabbros and locally can be hosted along the gabbro-rhyolite contact.
Triple Lynx
Mineralization in the Triple Lynx zone is vein-type, quartz-carbonate-pyrite-tourmaline veins, associated with pervasive sericite-pyrite ± silica alteration and contain sulphides similar to the main Lynx Zone, pyrite dominated with minor other sulphides, ranging from trace to up to 70% locally, and local visible gold. Locally fuchsite is present when proximal to the gabbros. Mineralization is hosted in or at the contacts of felsic porphyritic dikes with rhyolites (locally bleached) or gabbros.
Qualified Person
The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Louis Grenier, M.Sc.A., P.Geo. (OGQ 800), Project Manager of Osisko’s Windfall Lake gold project, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Quality Control and Reporting Protocols
True width determination is estimated at 55-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.0 g/t Au diluted over core lengths of at least 2.0 metres. All NQ core assays reported were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Thunder Bay, Ontario, Sudbury, Ontario or Vancouver, British Colombia, or (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using a four acids digestion -MS61 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 Eeyou Istchee James Bay, Québec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 19, 2020 and supported by the technical report entitled “An updated mineral resource estimate for the Windfall Lake Project, Located in the Abitibi Greenstone Belt, Urban Township, Eeyou Istchee James Bay, Québec, Canada” and dated April 3, 2020 (with an effective date of January 3, 2020), and assuming a cut-off grade of 3.5 g/t, comprises 4,127,000 tonnes at 9.1 g/t Au (1,206,000 ounces) in the indicated mineral resource category and 14,532,000 tonnes at 8.40 g/t Au (3,938,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 19,2020 news release are further described in the full technical report prepared by Micon International Limited (“Micon”) and BBA Inc (“BBA”), in accordance with NI 43-101 available on SEDAR (www.sedar.com) under the Corporation’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of deformed sub-vertical zones plunging to the northeast. Vein-type or pyrite replacement-type styles of mineralization crosscut syn-volcanic host rocks and syn-deformation felsic porphyry intrusions and are spatially associated with the contacts of the intrusions. The deposit is well defined from surface to a depth of 1,200 metres and remains open along strike and at depth. Mineralization has been identified 30 metres from surface in some areas and as deep as 2,000 metres in others, with significant potential to extend mineralization down-plunge and at depth.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,700 square kilometres).
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the key assumptions, parameters and methods used to estimate the mineral resource estimate; the prospects, if any, of the Windfall gold deposit; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the projected capital expenditures of mining activities at the Windfall gold deposit; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the deposit remaining open along strike to the northeast and at depth; significant high-grade zones (Lynx 4, Triple Lynx) remaining open down plunge; the plunge potential of the Lynx and Underdog zones; the significance of historic exploration activities and results. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
CONTACT INFORMATION:
John Burzynski
Chief Executive Officer
Telephone (416) 363-8653
OSISKO WINDFALL INFILL DRILLING RETURNS MORE OF THE SAME
395 g/t Au Over 2.3 Metres and 61.5 g/t Au Over 9.2 Metres
(Toronto, November 5, 2020) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing expansion and definition drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.
Drilling is currently focused on the Lynx deposit. Osisko Chief Executive Officer John Burzynski commented: “Infill drilling at Windfall, and in particular Lynx, continues to progress well. Predictably, and with a familiar consistency, once again Lynx delivered on high-grade with our headline intercept of 395 g/t Au over 2.3 metres, and also on width with the very nice intercept of 61.5 g/t Au over 9.2 metres.”
The table below contains resource definition infill intercepts located inside the February 2020 mineral resource estimate wireframes (see Osisko news release dated February 19, 2020). Significant new analytical results are presented below and include 33 intercepts in 16 drill holes and 7 wedges.
Selected high-grade intercepts from the new results include: 395 g/t Au over 2.3 metres OSK-W-20-2292-W1; 61.5 g/t Au over 9.2 metres and 37.0 g/t Au over 3.0 metres in OSK-W-20-2256-W4; 55.5 g/t Au over 2.5 metres in WST-20-0350 and 40.1 g/t Au over 2.8 metres in WST-20-0013. Maps showing hole locations and full analytical results are available at www.osiskomining.com
| Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) uncut | Au (g/t) cut to 100 g/t | Zone | Corridor |
| OSK-W-20-2139-W12 | 905.3 | 907.9 | 2.6 | 28.5 | Lynx_371 | Triple Lynx | |
| including | 906.2 | 906.8 | 0.6 | 88.3 | |||
| OSK-W-20-2139-W9 | 886.7 | 893.0 | 6.3 | 15.4 | Lynx_371 | Triple Lynx | |
| OSK-W-20-2252-W3 | 865.7 | 867.7 | 2.0 | 11.7 | Lynx_371 | Triple Lynx | |
| including | 865.7 | 866.0 | 0.3 | 58.6 | |||
| OSK-W-20-2256-W4 | 862.0 | 871.2 | 9.2 | 61.5 | 32.6 | Lynx_361 | Triple Lynx |
| including | 863.0 | 864.0 | 1.0 | 281 | 100 | ||
| and | 870.0 | 871.2 | 1.2 | 171 | 100 | ||
| 881.0 | 884.0 | 3.0 | 37.0 | Lynx_361 | Triple Lynx | ||
| including | 882.0 | 883.0 | 1.0 | 86.2 | |||
| OSK-W-20-2275-W2 | 628.9 | 631.0 | 2.1 | 8.18 | Lynx_365 | Triple Lynx | |
| including | 628.9 | 629.8 | 0.9 | 18.5 | |||
| 800.0 | 802.3 | 2.3 | 3.65 | Lynx_376 | Triple Lynx | ||
| including | 800.0 | 800.6 | 0.6 | 10.9 | |||
| OSK-W-20-2283 | 935.0 | 937.0 | 2.0 | 18.5 | Triple Lynx | Triple Lynx | |
| including | 936.0 | 936.7 | 0.7 | 49.6 | |||
| OSK-W-20-2292-W1 | 1040.7 | 1043.0 | 2.3 | 395 | 15.4 | Lynx_374 | Triple Lynx |
| including | 1041.3 | 1041.6 | 0.3 | 3010 | 100 | ||
| OSK-W-20-2292-W2 | 909.3 | 913.0 | 3.7 | 3.64 | Lynx_375 | Triple Lynx | |
| OSK-W-20-2322 | 1090.3 | 1094.1 | 3.8 | 28.9 | Lynx_334 | Lynx | |
| including | 1090.3 | 1091.3 | 1.0 | 81.9 | |||
| WST-20-0011 | 74.3 | 76.4 | 2.1 | 4.68 | Lynx_311 | Lynx | |
| WST-20-0012D | 81.0 | 83.0 | 2.0 | 3.14 | Lynx_311 | Lynx | |
| including | 82.5 | 83.0 | 0.5 | 8.68 | |||
| WST-20-0013 | 140.0 | 142.8 | 2.8 | 40.1 | 31.5 | Lynx_304 | Lynx |
| including | 140.7 | 141.5 | 0.8 | 130 | 100 | ||
| WST-20-0014A | 100.2 | 102.2 | 2.0 | 5.40 | Lynx_304 | Lynx | |
| WST-20-0350 | 128.5 | 131.0 | 2.5 | 55.5 | Lynx_359 | Lynx | |
| including | 129.2 | 129.9 | 0.7 | 98.8 | |||
| WST-20-0352 | 32.3 | 36.0 | 3.7 | 16.2 | Lynx_325 | Lynx | |
| including | 35.0 | 36.0 | 1.0 | 46.8 | |||
| 97.0 | 99.0 | 2.0 | 5.95 | Lynx_304 | Lynx | ||
| WST-20-0394 | 35.1 | 37.3 | 2.2 | 11.7 | Lynx_325 | Lynx | |
| 70.8 | 72.8 | 2.0 | 4.15 | Lynx_311 | Lynx | ||
| 107.0 | 109.3 | 2.3 | 24.2 | 23.2 | Lynx_304 | Lynx | |
| including | 107.0 | 107.7 | 0.7 | 78.9 | 75.7 | ||
| WST-20-0395 | 50.0 | 52.0 | 2.0 | 6.45 | Lynx_303 | Lynx | |
| WST-20-0420 | 79.4 | 81.7 | 2.3 | 4.11 | Lynx_323 | Lynx | |
| including | 81.4 | 81.7 | 0.3 | 29.1 | |||
| 150.0 | 152.1 | 2.1 | 19.0 | Lynx_321 | Lynx | ||
| including | 151.2 | 152.1 | 0.9 | 43.5 | |||
| WST-20-0422 | 160 | 162 | 2.0 | 5.90 | Lynx_328 | Lynx | |
| WST-20-0482 | 87.9 | 90.0 | 2.1 | 6.00 | Lynx_323 | Lynx | |
| WST-20-0484 | 43.1 | 45.5 | 2.4 | 4.80 | Lynx_325 | Lynx | |
| including | 43.7 | 44.0 | 0.3 | 33.1 | |||
| 94.2 | 96.3 | 2.1 | 13.5 | Lynx_304 | Lynx | ||
| including | 94.8 | 95.2 | 0.4 | 31.0 | |||
| WST-20-0485 | 106.3 | 108.3 | 2.0 | 5.55 | Lynx_323 | Lynx | |
| including | 107.9 | 108.3 | 0.4 | 27.2 | |||
| 119.3 | 122.0 | 2.7 | 12.6 | Lynx_304 | Lynx | ||
| including | 119.3 | 119.7 | 0.4 | 60.5 | |||
| 143.2 | 145.3 | 2.1 | 16.3 | Lynx_359 | Lynx | ||
| including | 144.3 | 145.0 | 0.7 | 48.4 | |||
| WST-20-0486 | 44.9 | 47.3 | 2.4 | 11.2 | Lynx_325 | Lynx | |
| Including | 46.8 | 47.3 | 0.5 | 34.8 | |||
| 51.5 | 54.5 | 3.0 | 14.9 | Lynx_303 | Lynx |
Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below.
Drill hole location
| Hole Number | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Elevation | Section |
| OSK-W-20-2139-W12 | 115 | -52 | 1038 | 452980 | 5435549 | 420 | 3450 |
| OSK-W-20-2139-W9 | 115 | -52 | 1152 | 452980 | 5435549 | 420 | 3450 |
| OSK-W-20-2252-W3 | 129 | -53 | 1062 | 453241 | 5435694 | 415 | 3750 |
| OSK-W-20-2256-W4 | 125 | -51 | 1122 | 453160 | 5435686 | 414 | 3675 |
| OSK-W-20-2275-W2 | 127 | -49 | 1035 | 452886 | 5435584 | 409 | 3400 |
| OSK-W-20-2283 | 135 | -50 | 1151 | 452997 | 5435607 | 425 | 3500 |
| OSK-W-20-2292-W1 | 125 | -54 | 1149 | 453037 | 5435563 | 420 | 3525 |
| OSK-W-20-2292-W2 | 125 | -54 | 1002 | 453037 | 5435563 | 420 | 3525 |
| OSK-W-20-2322 | 130 | -54 | 1191 | 453608 | 5435713 | 404 | 4075 |
| WST-20-0011 | 157 | -54 | 451 | 453105 | 5435065 | 231 | 3325 |
| WST-20-0012D | 174 | -62 | 465 | 453226 | 5435126 | 134 | 3475 |
| WST-20-0013 | 171 | -42 | 169 | 453357 | 5435208 | 154 | 3625 |
| WST-20-0014A | 137 | 1 | 124 | 453359 | 5435209 | 155 | 3625 |
| WST-20-0350 | 142 | -31 | 175 | 453359 | 5435209 | 154 | 3625 |
| WST-20-0352 | 140 | -10 | 177 | 453359 | 5435209 | 155 | 3625 |
| WST-20-0394 | 152 | -26 | 172 | 453358 | 5435208 | 154 | 3625 |
| WST-20-0395 | 153 | -16 | 169 | 453358 | 5435208 | 155 | 3625 |
| WST-20-0420 | 155 | -10 | 166 | 453450 | 5435264 | 116 | 3725 |
| WST-20-0422 | 171 | -26 | 177 | 453449 | 5435264 | 117 | 3725 |
| WST-20-0482 | 165 | -9 | 181 | 453449 | 5435264 | 117 | 3725 |
| WST-20-0484 | 138 | -26 | 160 | 453359 | 5435209 | 154 | 3625 |
| WST-20-0485 | 148 | -44 | 181 | 453359 | 5435209 | 154 | 3625 |
| WST-20-0486 | 130 | -37 | 162 | 453359 | 5435209 | 154 | 3625 |
Lynx Zone
Mineralization occurs as grey to translucent quartz-carbonate-pyrite-tourmaline veins and pyrite replacement zones and stockworks. The vein-type is associated with haloes of pervasive sericite-pyrite ± silica alteration and contain sulphides (predominantly pyrite with minor amounts of chalcopyrite, sphalerite, galena, arsenopyrite, and pyrrhotite) and local visible gold. Replacement mineralization is associated with strong pervasive silica-sericite-ankerite ± tourmaline alteration and contains disseminated pyrite from trace to 80% with local visible gold. Pyrite stockworks can form envelopes that reach several tens of metres thick. Fuchsite alteration is common and is spatially constrained to near the gabbros. Mineralization occurs at or near geological contacts between felsic porphyritic or fragmental intrusions and the host rhyolites or gabbros and locally can be hosted along the gabbro-rhyolite contact.
Triple Lynx
Mineralization in the Triple Lynx zone is vein-type, quartz-carbonate-pyrite-tourmaline veins, associated with pervasive sericite-pyrite ± silica alteration and contain sulphides similar to the main Lynx Zone, pyrite dominated with minor other sulphides, ranging from trace to up to 70% locally, and local visible gold. Locally fuchsite is present when proximal to the gabbros. Mineralization is hosted in or at the contacts of felsic porphyritic dikes with rhyolites (locally bleached) or gabbros.
Qualified Person
The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Louis Grenier, M.Sc.A., P.Geo. (OGQ 800), Project Manager of Osisko’s Windfall Lake gold project, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Quality Control and Reporting Protocols
True width determination is estimated at 55-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.0 g/t Au diluted over core lengths of at least 2.0 metres. All NQ core assays reported were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Thunder Bay, Ontario, Sudbury, Ontario or Vancouver, British Colombia, or (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using a four acids digestion -MS61 method at ALS Laboratories. Drill program design, 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 Eeyou Istchee James Bay, Québec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 19, 2020 and supported by the technical report entitled “An updated mineral resource estimate for the Windfall Lake Project, Located in the Abitibi Greenstone Belt, Urban Township, Eeyou Istchee James Bay, Québec, Canada” and dated April 3, 2020 (with an effective date of January 3, 2020), and assuming a cut-off grade of 3.5 g/t, comprises 4,127,000 tonnes at 9.1 g/t Au (1,206,000 ounces) in the indicated mineral resource category and 14,532,000 tonnes at 8.40 g/t Au (3,938,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 19,2020 news release are further described in the full technical report prepared by Micon International Limited (“Micon”) and BBA Inc (“BBA”), in accordance with NI 43-101 available on SEDAR (www.sedar.com) under the Corporation’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of deformed sub-vertical zones plunging to the northeast. Vein-type or pyrite replacement-type styles of mineralization crosscut syn-volcanic host rocks and syn-deformation felsic porphyry intrusions and are spatially associated with the contacts of the intrusions. The deposit is well defined from surface to a depth of 1,200 metres and remains open along strike and at depth. Mineralization has been identified 30 metres from surface in some areas and as deep as 2,000 metres in others, with significant potential to extend mineralization down-plunge and at depth.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,700 square kilometres).
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the key assumptions, parameters and methods used to estimate the mineral resource estimate; the prospects, if any, of the Windfall gold deposit; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the projected capital expenditures of mining activities at the Windfall gold deposit; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the deposit remaining open along strike to the northeast and at depth; significant high-grade zones (Lynx 4, Triple Lynx) remaining open down plunge; the plunge potential of the Lynx and Underdog zones; the significance of historic exploration activities and results. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
CONTACT INFORMATION:
John Burzynski
Chief Executive Officer
Telephone (416) 363-8653
OSISKO INFILL DRILLING RETURNS HIGH GRADE AT WINDFALL
Including 22.3 g/t Au Over 15.9 Metres
(Toronto, October 8, 2020) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing expansion and definition drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.
Drilling is currently focused on the Lynx deposit. Osisko Chief Executive Officer John Burzynski commented: “Infill drilling is progressing very well, daily increasing our confidence in the continuity and prevalence of high-grade mineralization at Windfall. Today’s infill results contain 18 intercepts with uncut average grades of over half an ounce per tonne, including the spectacular 22.3 g/t Au over 15.9 metres, showing that Lynx not only has grade but can also deliver width.”
The table below contains resource definition infill intercepts located inside the February 2020 mineral resource estimate wireframes (see Osisko news release dated February 19, 2020). Significant new analytical results are presented below and include 67 intercepts in 26 drill holes and 8 wedges.
Selected high-grade intercepts from the new results include: 314 g/t Au over 3.0 metres in OSK-W-20-2260-W1; 22.3 g/t Au over 15.9 metres in OSK-W-20-2139-W10; 33.6 g/t Au over 9.8 metres in OSK-W-20-2280-W1; 127 g/t Au over 2.3 metres in OSK-W-20-2256; 97.8 g/t Au over 2.5 metres in OSK-W-20-2292-W1; and 53.4 g/t Au over 2.1 metres in OSK-W-20-2252-W4. Maps showing hole locations and full analytical results are available at www.osiskomining.com
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-20-2139-W10 | 899.0 | 914.9 | 15.9 | 22.3 | LYNX_371 | TRIPLE LYNX | |
| including | 907.1 | 907.6 | 0.5 | 80.2 | |||
| 941.9 | 944.0 | 2.1 | 17.4 | Lynx_363 | Triple Lynx | ||
| OSK-W-20-2197-W2 | 780.0 | 782.0 | 2.0 | 10.1 | Lynx_363 | Triple Lynx | |
| including | 780.8 | 781.7 | 0.9 | 22.1 | |||
| OSK-W-20-2252-W2 | 826.0 | 828.0 | 2.0 | 4.03 | Lynx_371 | Triple Lynx | |
| 833.0 | 835.0 | 2.0 | 4.41 | Lynx_371 | Triple Lynx | ||
| OSK-W-20-2252-W4 | 880.5 | 882.6 | 2.1 | 53.4 | 33.2 | Lynx_371 | Triple Lynx |
| including | 882.0 | 882.6 | 0.6 | 171 | 100 | ||
| 889.0 | 892.0 | 3.0 | 3.24 | Lynx_361 | Triple Lynx | ||
| 902.0 | 904.0 | 2.0 | 41.5 | Lynx_361 | Triple Lynx | ||
| including | 903.0 | 904.0 | 1.0 | 82.1 | |||
| OSK-W-20-2256 | 852.8 | 855.0 | 2.2 | 44.4 | 19.7 | Lynx_371 | Triple Lynx |
| including | 853.2 | 853.6 | 0.4 | 236 | 100 | ||
| 881.1 | 883.4 | 2.3 | 127 | 51.1 | Lynx_361 | Triple Lynx | |
| including | 882.2 | 882.8 | 0.6 | 390 | 100 | ||
| 894.0 | 896.2 | 2.2 | 4.63 | Lynx_361 | Triple Lynx | ||
| 898.0 | 900.0 | 2.0 | 11.3 | Lynx_361 | Triple Lynx | ||
| 978.9 | 982.9 | 4.0 | 4.44 | Lynx_369 | Triple Lynx | ||
| including | 982.2 | 982.9 | 0.7 | 10.5 | |||
| OSK-W-20-2256-W4 | 930.0 | 934.0 | 4.0 | 5.63 | Lynx_364 | Triple Lynx | |
| 963.0 | 965.0 | 2.0 | 19.3 | Lynx_369 | Triple Lynx | ||
| including | 964.0 | 964.5 | 0.5 | 76.4 | |||
| OSK-W-20-2260-W1 | 843.0 | 846.0 | 3.0 | 314 | 38.0 | Lynx_361 | Triple Lynx |
| including | 843.4 | 844.4 | 1.0 | 927 | 100 | ||
| OSK-W-20-2272 | 613.0 | 615.0 | 2.0 | 3.45 | Lynx_356 | Lynx | |
| OSK-W-20-2275 | 796.0 | 798.0 | 2.0 | 4.38 | Lynx_365 | Triple Lynx | |
| including | 796.0 | 796.6 | 0.6 | 11.3 | |||
| 837.0 | 839.2 | 2.2 | 23.4 | 22.8 | Lynx_365 | Triple Lynx | |
| including | 837.7 | 838.2 | 0.5 | 102 | 100 | ||
| OSK-W-20-2280 | 1003.7 | 1006.3 | 2.6 | 4.94 | Lynx_368 | Triple Lynx | |
| including | 1003.7 | 1004.0 | 0.3 | 11.1 | |||
| and | 1004.0 | 1004.4 | 0.4 | 10.5 | |||
| 1025.9 | 1030.1 | 4.2 | 8.13 | Lynx_363 | Triple Lynx | ||
| including | 1027.0 | 1027.5 | 0.5 | 25.5 | |||
| 1038.0 | 1040.0 | 2.0 | 3.76 | Lynx_363 | Triple Lynx | ||
| including | 1039.4 | 1040.0 | 0.6 | 8.10 | |||
| 1067.0 | 1069.0 | 2.0 | 12.5 | Lynx_364 | Triple Lynx | ||
| including | 1067.8 | 1068.1 | 0.3 | 52.1 | |||
| 1079.0 | 1081.0 | 2.0 | 4.09 | Lynx_364 | Triple Lynx | ||
| 1088.7 | 1094.4 | 5.7 | 16.8 | 12.9 | Lynx_369 | Triple Lynx | |
| including | 1093.2 | 1093.5 | 0.3 | 173 | 100 | ||
| 1109.0 | 1111.0 | 2.0 | 4.64 | Lynx_370 | Triple Lynx | ||
| OSK-W-20-2280-W1 | 1006.0 | 1008.0 | 2.0 | 4.22 | Lynx_368 | Triple Lynx | |
| including | 1006.0 | 1007.0 | 1.0 | 8.08 | |||
| 1013.0 | 1016.0 | 3.0 | 4.82 | Lynx_368 | Triple Lynx | ||
| 1021.9 | 1024.1 | 2.2 | 20.3 | Lynx_363 | Triple Lynx | ||
| 1043.4 | 1047.6 | 4.2 | 27.7 | Lynx_363 | Triple Lynx | ||
| including | 1043.7 | 1044.7 | 1.0 | 78.6 | |||
| 1080.8 | 1083.0 | 2.2 | 4.81 | Lynx_364 | Triple Lynx | ||
| 1097.0 | 1106.8 | 9.8 | 33.6 | 27.6 | Lynx_370 | Triple Lynx | |
| including | 1102.0 | 1104.0 | 2.0 | 129 | 100 | ||
| and | 1106.5 | 1106.8 | 0.3 | 108 | 100 | ||
| OSK-W-20-2288 | 624.4 | 633.9 | 9.5 | 12.0 | Lynx_356 | Lynx | |
| including | 629.4 | 630.0 | 0.6 | 27.9 | |||
| and | 632.7 | 633.3 | 0.6 | 28.8 | |||
| OSK-W-20-2292 | 852.0 | 854.0 | 2.0 | 3.87 | Lynx_363 | Triple Lynx | |
| including | 852.0 | 852.7 | 0.7 | 10.9 | |||
| OSK-W-20-2292-W1 | 835.9 | 838.0 | 2.1 | 3.39 | Lynx_361 | Triple Lynx | |
| 840.0 | 843.5 | 3.5 | 3.65 | Lynx_361 | Triple Lynx | ||
| including | 840.0 | 840.4 | 0.4 | 7.83 | |||
| and | 843.0 | 843.5 | 0.5 | 9.84 | |||
| 857.0 | 859.3 | 2.3 | 26.0 | Lynx_363 | Triple Lynx | ||
| including | 858.3 | 859.3 | 1.0 | 57.6 | |||
| 889.5 | 892.0 | 2.5 | 97.8 | 32.2 | Lynx_364 | Triple Lynx | |
| including | 890.3 | 891.1 | 0.8 | 305 | 100 | ||
| OSK-W-20-2293 | 139.9 | 142.4 | 2.5 | 5.25 | F17_6005 | F-17 | |
| including | 142.0 | 142.4 | 0.4 | 18.0 | |||
| OSK-W-20-2297 | 128.0 | 131.0 | 3.0 | 29.3 | 24.2 | F17_6003 | F-17 |
| including | 128.0 | 128.4 | 0.4 | 138 | 100 | ||
| 166.5 | 168.8 | 2.3 | 5.82 | F17_6005 | F-17 | ||
| OSK-W-20-2300 | 149.7 | 154.0 | 4.3 | 7.42 | F17_6005 | F-17 | |
| including | 151.0 | 152.0 | 1.0 | 15.6 | |||
| OSK-W-20-2312 | 126.0 | 128.0 | 2.0 | 7.26 | Mallard_5200 | Mallard | |
| including | 127.0 | 127.6 | 0.6 | 22.6 | |||
| OSK-W-20-2315 | 127.0 | 129.0 | 2.0 | 5.59 | Mallard_5200 | Mallard | |
| 157.0 | 159.0 | 2.0 | 4.13 | Mallard_5213 | Mallard | ||
| OSK-W-20-2321 | 166.3 | 168.5 | 2.2 | 6.40 | Mallard_5213 | Mallard | |
| including | 167.2 | 167.8 | 0.6 | 21.2 | |||
| OSK-W-20-2323 | 153.0 | 155.0 | 2.0 | 3.88 | Mallard_5213 | Mallard | |
| including | 154.7 | 155.0 | 0.3 | 24.1 | |||
| OSK-W-20-2327 | 105.3 | 111.4 | 6.1 | 13.6 | Mallard_5213 | Mallard | |
| including | 109.0 | 110.0 | 1.0 | 48.9 | |||
| WST-20-0135 | 72.0 | 74.3 | 2.3 | 4.20 | Lynx_311 | Lynx | |
| including | 73.9 | 74.3 | 0.4 | 14.6 | |||
| WST-20-0318 | 65.0 | 68.5 | 3.5 | 36.2 | Lynx_311 | Lynx | |
| including | 66.0 | 66.7 | 0.7 | 91.0 | |||
| WST-20-0389A | 192.0 | 194.3 | 2.3 | 9.23 | Lynx_341 | Lynx | |
| including | 192.0 | 192.6 | 0.6 | 23.5 | |||
| 553.9 | 555.9 | 2.0 | 3.44 | Lynx_340 | Lynx | ||
| including | 553.9 | 554.3 | 0.4 | 15.7 | |||
| WST-20-0391A | 91.6 | 94.1 | 2.5 | 6.21 | Lynx_304 | Lynx | |
| including | 93.4 | 94.1 | 0.7 | 17.6 | |||
| 98.3 | 100.5 | 2.2 | 3.47 | Lynx_304 | Lynx | ||
| WST-20-0392 | 82.8 | 84.8 | 2.0 | 8.12 | Lynx_323 | Lynx | |
| including | 83.4 | 83.8 | 0.4 | 26.3 | |||
| 88.0 | 90.2 | 2.2 | 5.49 | Lynx_323 | Lynx | ||
| 107.0 | 109.7 | 2.7 | 11.2 | Lynx_304 | Lynx | ||
| including | 108.4 | 108.8 | 0.4 | 70.9 | |||
| WST-20-0393 | 48.9 | 51.5 | 2.6 | 4.68 | Lynx_325 | Lynx | |
| including | 50.0 | 50.7 | 0.7 | 10.2 | |||
| 113.2 | 115.9 | 2.7 | 5.34 | Lynx_304 | Lynx | ||
| including | 114.3 | 114.8 | 0.5 | 18.8 | |||
| WST-20-0402 | 142.1 | 144.4 | 2.3 | 25.8 | 14.3 | Lynx_301 | Lynx |
| including | 142.1 | 142.4 | 0.3 | 189 | 100 | ||
| WST-20-0409 | 85.4 | 87.4 | 2.0 | 3.37 | Lynx_323 | Lynx | |
| WST-20-0412 | 97.6 | 99.9 | 2.3 | 9.21 | Lynx_323 | Lynx | |
| including | 99.6 | 99.9 | 0.3 | 48.5 | |||
| WST-20-0421 | 87.6 | 90.0 | 2.4 | 3.87 | Lynx_323 | Lynx | |
| including | 88.2 | 88.5 | 0.3 | 28.3 | |||
| 151.0 | 153.2 | 2.2 | 4.96 | Lynx_321 | Lynx | ||
| including | 152.3 | 153.2 | 0.9 | 11.2 | |||
| WST-20-0423 | 101.0 | 103.7 | 2.7 | 5.56 | Lynx_304 | Lynx | |
| 109.0 | 112.0 | 3.0 | 9.95 | Lynx_359 | Lynx | ||
| WST-20-0424 | 115.0 | 117.0 | 2.0 | 8.3 | Lynx_359 | Lynx | |
| including | 116.0 | 117.0 | 1.0 | 15.4 |
Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below.
DRILL HOLE LOCATION
| Hole Number | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Elevation | Section |
| OSK-W-20-2139-W10 | 115 | -52 | 1212 | 452980 | 5435549 | 420 | 3450 |
| OSK-W-20-2197-W2 | 121 | -48 | 1064 | 453087 | 5435526 | 417 | 3550 |
| OSK-W-20-2252-W2 | 129 | -54 | 1194 | 453241 | 5435694 | 415 | 3750 |
| OSK-W-20-2252-W4 | 129 | -54 | 1143 | 453241 | 5435694 | 415 | 3750 |
| OSK-W-20-2256 | 125 | -51 | 1179 | 453160 | 5435686 | 414 | 3675 |
| OSK-W-20-2256-W4 | 125 | -51 | 1122 | 453160 | 5435686 | 414 | 3675 |
| OSK-W-20-2260-W1 | 127 | -48 | 1140 | 453201 | 5435667 | 413 | 3700 |
| OSK-W-20-2272 | 149 | -45 | 1004 | 452967 | 5435265 | 412 | 3300 |
| OSK-W-20-2275 | 127 | -49 | 1094 | 452886 | 5435584 | 409 | 3400 |
| OSK-W-20-2280 | 127 | -58 | 1161 | 453304 | 5435639 | 415 | 3775 |
| OSK-W-20-2280-W1 | 127 | -58 | 1170 | 453304 | 5435639 | 415 | 3775 |
| OSK-W-20-2288 | 146 | -51 | 749 | 452875 | 5435181 | 409 | 3175 |
| OSK-W-20-2292 | 125 | -54 | 1059 | 453037 | 5435563 | 420 | 3525 |
| OSK-W-20-2292-W1 | 125 | -54 | 1149 | 453037 | 5435563 | 420 | 3525 |
| OSK-W-20-2293 | 145 | -44 | 183 | 452658 | 5435549 | 406 | 3175 |
| OSK-W-20-2297 | 149 | -47 | 180 | 452652 | 5435567 | 405 | 3175 |
| OSK-W-20-2300 | 152 | -45 | 192 | 452699 | 5435578 | 406 | 3225 |
| OSK-W-20-2312 | 334 | -51 | 192 | 451964 | 5434816 | 408 | 2225 |
| OSK-W-20-2315 | 334 | -52 | 192 | 451979 | 5434805 | 407 | 2225 |
| OSK-W-20-2321 | 332 | -51 | 176 | 451958 | 5434790 | 407 | 2200 |
| OSK-W-20-2323 | 335 | -49 | 171 | 451936 | 5434791 | 405 | 2175 |
| OSK-W-20-2327 | 334 | -49 | 132 | 451901 | 5434810 | 401 | 2150 |
| WST-20-0135 | 187 | -58 | 444 | 453226 | 5435125 | 134 | 3475 |
| WST-20-0318 | 148 | -52 | 502 | 453228 | 5435127 | 134 | 3475 |
| WST-20-0389A | 115 | -46 | 616 | 453452 | 5435266 | 115 | 3725 |
| WST-20-0391A | 135 | 8 | 174 | 453359 | 5435209 | 155 | 3625 |
| WST-20-0392 | 126 | 2 | 181 | 453359 | 5435209 | 155 | 3625 |
| WST-20-0393 | 153 | -37 | 175 | 453358 | 5435208 | 154 | 3625 |
| WST-20-0402 | 147 | 32 | 162 | 453493 | 5435287 | 119 | 3775 |
| WST-20-0409 | 155 | 21 | 169 | 453450 | 5435264 | 117 | 3725 |
| WST-20-0412 | 164 | 24 | 165 | 453450 | 5435264 | 117 | 3725 |
| WST-20-0421 | 162 | 16 | 168 | 453450 | 5435264 | 117 | 3725 |
| WST-20-0423 | 134 | -18 | 142 | 453359 | 5435209 | 154 | 3625 |
| WST-20-0424 | 160 | 5 | 178 | 453358 | 5435208 | 155 | 3625 |
Lynx Zone
Mineralization occurs as grey to translucent quartz-carbonate-pyrite-tourmaline veins and pyrite replacement zones and stockworks. The vein-type is associated with haloes of pervasive sericite-pyrite ± silica alteration and contain sulphides (predominantly pyrite with minor amounts of chalcopyrite, sphalerite, galena, arsenopyrite, and pyrrhotite) and local visible gold. Replacement mineralization is associated with strong pervasive silica-sericite-ankerite ± tourmaline alteration and contains disseminated pyrite from trace to 80% with local visible gold. Pyrite stockworks can form envelopes that reach several tens of metres thick. Fuchsite alteration is common and is spatially constrained to near the gabbros. Mineralization occurs at or near geological contacts between felsic porphyritic or fragmental intrusions and the host rhyolites or gabbros and locally can be hosted along the gabbro-rhyolite contact.
F-Zone
Mineralization is hosted in sheared andesites with carbonate replacement or quartz veining and occurs as quartz ± ankerite veinlets or in shear zones as replacement, characterised by trace to 10% pyrite with local visible gold. Alteration is dominated by sericite-fuchsite-tourmaline-pyrite.
Mallard
Mineralization is hosted in sheared mafic volcanics with felsic porphyritic intrusions and occurs as veins associated with sericite-pyrite ± silica ± chlorite alteration and contains pyrite ranging from trace to 30% and local visible gold.
Qualified Person
The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Louis Grenier, M.Sc.A., P.Geo. (OGQ 800), Project Manager of Osisko’s Windfall Lake gold project, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Quality Control and Reporting Protocols
True width determination is estimated at 55-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.0 g/t Au diluted over core lengths of at least 2.0 metres. All NQ core assays reported were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Thunder Bay, Ontario, Sudbury, Ontario or Vancouver, British Colombia, or (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using an Aqua Regia-ICP-AES method at ALS Laboratories. Drill program design, QualityAssurance/Quality Control (“QA/QC”) and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assay.
About the Windfall Gold Deposit
The Windfall gold deposit is located between Val-d’Or and Chibougamau in Eeyou Istchee James Bay, Québec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 19, 2020 and supported by the technical report entitled “An updated mineral resource estimate for the Windfall Lake Project, Located in the Abitibi Greenstone Belt, Urban Township, Eeyou Istchee James Bay, Québec, Canada” and dated April 3, 2020 (with an effective date of January 3, 2020), and assuming a cut-off grade of 3.5 g/t, comprises 4,127,000 tonnes at 9.1 g/t Au (1,206,000 ounces) in the indicated mineral resource category and 14,532,000 tonnes at 8.40 g/t Au (3,938,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 19,2020 news release are further described in the full technical report prepared by Micon International Limited (“Micon”) and BBA Inc (“BBA”), in accordance with NI 43-101 available on SEDAR (www.sedar.com) under the Corporation’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones:Lynx, Main Zone, and Underdog. Mineralization is generally comprised of deformed sub-vertical zones plunging to the northeast. Vein-type or pyrite replacement-type styles of mineralization crosscut syn-volcanic host rocks and syn-deformation felsic porphyry intrusions and are spatially associated with the contacts of the intrusions. The deposit is well defined from surface to a depth of 1,200 metres and remains open along strike and at depth.Mineralization has been identified 30 metres from surface in some areas and as deep as 2,000 metres in others, with significant potential to extend mineralization down-plunge and at depth.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,700 square kilometres).
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the key assumptions, parameters and methods used to estimate the mineral resource estimate; the prospects, if any, of the Windfall gold deposit; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the projected capital expenditures of mining activities at the Windfall gold deposit; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the deposit remaining open along strike to the northeast and at depth; significant high-grade zones (Lynx 4, Triple Lynx) remaining open down plunge; the plunge potential of the Lynx and Underdog zones; the significance of historic exploration activities and results. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
CONTACT INFORMATION:
John Burzynski
Chief Executive Officer
Telephone (416) 363-8653
OSISKO STEP-OUT DRILLING EXPANDS HIGH GRADE AT WINDFALL
Including 391 g/t Au Over 2.4 Metres in Triple Lynx
(Toronto, October 7, 2020) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.
Drilling is currently focused on the Lynx deposit. Osisko Chief Executive Officer John Burzynski commented: “Windfall continues to grow in scale with impressive results flowing in from the Lynx deposit. Today’s new intersections are all from outside the published resource area and include 15 intercepts with uncut average grades of over one oz/t. The ongoing expansion drilling continues to show the incredible upside growth potential of our deposit.”
The table below shows intercepts located outside the February 2020 mineral resource estimate wireframes (see Osisko news release dated February 19, 2020). These intercepts either expand the resource wireframes or are located in a defined zone/corridor but not yet correlated to a specific wireframe. Significant new analytical results are presented below and include 110 intercepts in 43 drill holes and 24 wedges.
Selected high-grade intercepts from the new results include: 391 g/t Au over 2.4 metres, 70 metres toward surface from wireframe Lynx_361, in OSK-W-20-2133-W2; 142 g/t Au over 2.3 metres in OSK-W-20-2307; 86.0 g/t Au over 2.1 metres in WST-20-0341A; 73.8 g/t Au over 2.0 metres in WST-20-0470; 54.4 g/t Au over 4.8 metres in OSK-W-20-2252-W2; and 49.8 g/t Au over 2.2 metres in OSK-W-20-2292. Maps showing hole locations and full analytical results are available at www.osiskomining.com
Expansion Drilling
| Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) uncut | Au (g/t) cut to 100 g/t | Zone | Corridor |
| OSK-W-17-1258 | 971.7 | 973.7 | 2.0 | 3.33 | LYNX 4 | LYNX | |
| including | 971.7 | 972.7 | 1.0 | 6.56 | |||
| OSK-W-18-1727 | 782.9 | 784.9 | 2.0 | 12.7 | Lynx | Lynx | |
| OSK-W-19-1857-W11 | 1301.8 | 1304.6 | 2.8 | 7.39 | Lynx 4 | Lynx | |
| OSK-W-19-2100-W4 | 1212.5 | 1214.7 | 2.2 | 5.22 | Triple Lynx | Triple Lynx | |
| 1242.0 | 1244.0 | 2.0 | 6.47 | Triple Lynx | Triple Lynx | ||
| OSK-W-19-2101 | 664.4 | 667.0 | 2.6 | 5.48 | Triple Lynx | Triple Lynx | |
| OSK-W-20-2133-W2 | 783.6 | 786.0 | 2.4 | 391 | 31.1 | Lynx_361 | Triple Lynx |
| including | 784.2 | 784.6 | 0.4 | 2260 | 100 | ||
| OSK-W-20-2139-W7 | 1081.0 | 1083.5 | 2.5 | 9.53 | Triple Lynx | Triple Lynx | |
| including | 1081.0 | 1081.9 | 0.9 | 26.1 | |||
| OSK-W-20-2139-W8 | 543.0 | 545.0 | 2.0 | 6.68 | Triple Lynx | Triple Lynx | |
| including | 543.5 | 544.4 | 0.9 | 14.5 | |||
| OSK-W-20-2139-W10 | 1196.0 | 1198.0 | 2.0 | 11.7 | Triple Lynx | Triple Lynx | |
| including | 1196.0 | 1197.1 | 1.1 | 21.3 | |||
| OSK-W-19-2169 | 893.9 | 895.9 | 2.0 | 5.59 | Lynx 4 | Lynx | |
| including | 894.7 | 895.3 | 0.6 | 18.2 | |||
| 1256.3 | 1258.4 | 2.1 | 15.8 | Lynx 4 | Lynx | ||
| including | 1257.5 | 1258.4 | 0.9 | 36.2 | |||
| OSK-W-20-2170-W6 | 1384.0 | 1386.4 | 2.4 | 6.70 | Lynx 4 | Lynx | |
| OSK-W-19-2173 | 29.0 | 31.0 | 2.0 | 3.07 | F11 | F11 | |
| OSK-W-19-2177 | 200.0 | 202.0 | 2.0 | 3.10 | F11 | F11 | |
| OSK-W-20-2197-W2 | 768.7 | 771.4 | 2.7 | 10.3 | Lynx_361 | Triple Lynx | |
| including | 769.7 | 770.7 | 1.0 | 26.0 | |||
| 1045.0 | 1047.0 | 2.0 | 5.66 | Lynx 4 | Lynx | ||
| OSK-W-20-2217-W2 | 860.0 | 862.0 | 2.0 | 14.0 | Triple Lynx | Triple Lynx | |
| including | 860.0 | 860.5 | 0.5 | 55.6 | |||
| OSK-W-20-2217-W3 | 830.0 | 832.3 | 2.3 | 7.53 | Lynx_363 | Triple Lynx | |
| including | 831.0 | 831.4 | 0.4 | 26.8 | |||
| 1111.7 | 1114.0 | 2.3 | 16.4 | Triple Lynx | Triple Lynx | ||
| including | 1113.5 | 1114.0 | 0.5 | 66.3 | |||
| OSK-W-20-2249 | 730.0 | 732.0 | 2.0 | 5.66 | Lynx SW | Lynx | |
| including | 730.5 | 730.9 | 0.4 | 22.8 | |||
| OSK-W-20-2250 | 1002.2 | 1005.0 | 2.8 | 18.1 | 15.6 | Triple Lynx | Triple Lynx |
| including | 1002.2 | 1002.5 | 0.3 | 123 | 100 | ||
| OSK-W-20-2250-W1 | 1009.0 | 1011.1 | 2.1 | 5.08 | Triple Lynx | Triple Lynx | |
| OSK-W-20-2250-W2 | 1024.7 | 1028.0 | 3.3 | 28.8 | Triple Lynx | Triple Lynx | |
| including | 1026.4 | 1027.0 | 0.6 | 63.0 | |||
| OSK-W-20-2250-W3 | 714.0 | 716.5 | 2.5 | 14.7 | Triple Lynx | Triple Lynx | |
| OSK-W-20-2250-W4 | 727.7 | 734.5 | 6.8 | 4.58 | Triple Lynx | Triple Lynx | |
| including | 727.7 | 728.4 | 0.7 | 10.3 | |||
| and | 730.5 | 731.0 | 0.5 | 12.0 | |||
| 855.4 | 858.0 | 2.6 | 6.29 | Triple Lynx | Triple Lynx | ||
| including | 857.2 | 858.0 | 0.8 | 18.6 | |||
| OSK-W-20-2252-W2 | 812.0 | 814.0 | 2.0 | 7.64 | Triple Lynx | Triple Lynx | |
| 817.2 | 822.0 | 4.8 | 54.4 | 10.4 | Triple Lynx | Triple Lynx | |
| including | 817.2 | 817.5 | 0.3 | 804 | 100 | ||
| OSK-W-20-2252-W3 | 824.3 | 829.7 | 5.4 | 3.58 | Triple Lynx | Triple Lynx | |
| 845.1 | 847.1 | 2.0 | 4.01 | Triple Lynx | Triple Lynx | ||
| OSK-W-20-2253 | 387.5 | 389.5 | 2.0 | 4.30 | Caribou Corridor | Caribou | |
| OSK-W-20-2256 | 870.0 | 872.8 | 2.8 | 9.81 | Triple Lynx | Triple Lynx | |
| OSK-W-20-2256-W2 | 815.0 | 817.0 | 2.0 | 3.17 | Triple Lynx | Triple Lynx | |
| OSK-W-20-2260-W2 | 1091.0 | 1093.0 | 2.0 | 6.47 | Triple Lynx | Triple Lynx | |
| including | 1091.4 | 1092.1 | 0.7 | 18.1 | |||
| 1174.4 | 1176.5 | 2.1 | 9.43 | Triple Lynx | Triple Lynx | ||
| including | 1176.0 | 1176.5 | 0.5 | 28.0 | |||
| OSK-W-20-2263 | 94.0 | 96.0 | 2.0 | 8.58 | Bobcat | Bobcat | |
| including | 94.0 | 95.0 | 1.0 | 16.9 | |||
| 106.7 | 108.8 | 2.1 | 6.12 | Bobcat | Bobcat | ||
| including | 108.0 | 108.8 | 0.8 | 14.1 | |||
| 710.0 | 712.0 | 2.0 | 42.6 | 21.4 | Lynx SW | Lynx | |
| including | 711.2 | 711.6 | 0.4 | 206 | 100 | ||
| OSK-W-20-2266 | 1027.4 | 1029.5 | 2.1 | 5.58 | Triple Lynx | Triple Lynx | |
| including | 1028.7 | 1029.0 | 0.3 | 33.1 | |||
| OSK-W-20-2266-W1 | 776.8 | 779.2 | 2.4 | 5.73 | Triple Lynx | Triple Lynx | |
| including | 778.0 | 779.2 | 1.2 | 11.1 | |||
| 797.3 | 799.3 | 2.0 | 3.08 | Lynx_364 | Triple Lynx | ||
| OSK-W-20-2266-W2 | 717.4 | 719.4 | 2.0 | 19.9 | Lynx_363 | Triple Lynx | |
| OSK-W-20-2267 | 50.4 | 52.8 | 2.4 | 15.4 | Bobcat | Bobcat | |
| including | 51.0 | 51.5 | 0.5 | 46.4 | |||
| OSK-W-20-2268-W1 | 737.1 | 739.3 | 2.2 | 7.46 | Triple Lynx | Triple Lynx | |
| including | 738.3 | 739.0 | 0.7 | 19.0 | |||
| 819.0 | 821.3 | 2.3 | 27.4 | Triple Lynx | Triple Lynx | ||
| including | 819.0 | 820.0 | 1.0 | 45.7 | |||
| 1027.0 | 1029.0 | 2.0 | 6.70 | Triple Lynx | Triple Lynx | ||
| including | 1027.4 | 1028.2 | 0.8 | 16.5 | |||
| OSK-W-20-2268-W2 | 999.0 | 1001.0 | 2.0 | 5.08 | Triple Lynx | Triple Lynx | |
| OSK-W-20-2269 | 97.3 | 99.5 | 2.2 | 8.21 | Bobcat | Bobcat | |
| including | 98.0 | 98.4 | 0.4 | 30.8 | |||
| 518.2 | 520.6 | 2.4 | 3.37 | Lynx SW | Lynx | ||
| 886.0 | 888.0 | 2.0 | 14.0 | Lynx SW | Lynx | ||
| including | 886.5 | 886.8 | 0.3 | 92.5 | |||
| OSK-W-20-2271 | 809.6 | 815.2 | 5.6 | 6.69 | Lynx | Lynx | |
| including | 814.2 | 815.2 | 1.0 | 17.4 | |||
| 841.1 | 843.1 | 2.0 | 18.2 | Lynx | Lynx | ||
| including | 842.1 | 843.1 | 1.0 | 35.0 | |||
| 877.0 | 879.0 | 2.0 | 5.36 | Lynx | Lynx | ||
| including | 877.9 | 878.2 | 0.3 | 27.8 | |||
| OSK-W-20-2272 | 683.0 | 685.1 | 2.1 | 13.0 | Triple Lynx | Triple Lynx | |
| including | 683.0 | 683.9 | 0.9 | 29.7 | |||
| OSK-W-20-2273 | 706.7 | 708.7 | 2.0 | 8.32 | Lynx_363 | Triple Lynx | |
| including | 706.7 | 707.2 | 0.5 | 22.4 | |||
| 1013.8 | 1017.3 | 3.5 | 4.78 | Triple Lynx | Triple Lynx | ||
| including | 1015.1 | 1015.5 | 0.4 | 16.1 | |||
| OSK-W-20-2280 | 1013.2 | 1016.7 | 3.5 | 5.23 | Triple Lynx | Triple Lynx | |
| including | 1013.8 | 1014.2 | 0.4 | 26.7 | |||
| and | 1016.4 | 1016.7 | 0.3 | 11.3 | |||
| 1084.7 | 1087.0 | 2.3 | 4.27 | Triple Lynx | Triple Lynx | ||
| OSK-W-20-2280-W1 | 1090.0 | 1092.0 | 2.0 | 11.8 | Triple Lynx | Triple Lynx | |
| OSK-W-20-2282 | 308.4 | 310.8 | 2.4 | 6.13 | Bobcat | Bobcat | |
| including | 309.0 | 309.5 | 0.5 | 16.6 | |||
| OSK-W-20-2283 | 808.0 | 813.4 | 5.4 | 33.5 | 29.0 | Triple Lynx | Triple Lynx |
| including | 810.8 | 811.3 | 0.5 | 73.1 | |||
| and | 811.7 | 812.0 | 0.3 | 182 | 100 | ||
| 819.0 | 821.0 | 2.0 | 7.27 | Triple Lynx | Triple Lynx | ||
| including | 819.6 | 820.0 | 0.4 | 24.1 | |||
| 823.2 | 825.5 | 2.3 | 4.30 | Triple Lynx | Triple Lynx | ||
| including | 823.6 | 824.4 | 0.8 | 10.6 | |||
| 1001.0 | 1003.2 | 2.2 | 44.8 | 23.6 | Triple Lynx | Triple Lynx | |
| including | 1002.7 | 1003.2 | 0.5 | 194 | 100 | ||
| 1018.0 | 1020.0 | 2.0 | 19.3 | Triple Lynx | Triple Lynx | ||
| including | 1018.9 | 1019.5 | 0.6 | 54.4 | |||
| OSK-W-20-2288 | 467.0 | 469.8 | 2.8 | 8.13 | Lynx SW | Lynx | |
| including | 467.0 | 467.4 | 0.4 | 38.9 | |||
| OSK-W-20-2292 | 390.0 | 392.0 | 2.0 | 7.18 | Lynx | Lynx | |
| including | 391.7 | 392.0 | 0.3 | 19.3 | |||
| 835.4 | 837.8 | 2.4 | 4.47 | Triple Lynx | Triple Lynx | ||
| 845.0 | 847.0 | 2.0 | 11.8 | Lynx_361 | Triple Lynx | ||
| including | 845.8 | 846.3 | 0.5 | 41.0 | |||
| 882.0 | 884.0 | 2.0 | 8.01 | Lynx_364 | Triple Lynx | ||
| including | 883.0 | 884.0 | 1.0 | 15.7 | |||
| 1007.2 | 1009.2 | 2.0 | 49.8 | 21 | Lynx_372 | Triple Lynx | |
| including | 1008.8 | 1009.2 | 0.4 | 244 | 100 | ||
| OSK-W-20-2295 | 651.2 | 658.0 | 6.8 | 12.4 | Triple Lynx | Triple Lynx | |
| including | 652.4 | 652.7 | 0.3 | 28.7 | |||
| and | 653.4 | 654.0 | 0.6 | 45.9 | |||
| and | 656.1 | 656.7 | 0.6 | 56.9 | |||
| 891.7 | 893.7 | 2.0 | 11.6 | Lynx SW | Triple Lynx | ||
| including | 891.7 | 892.7 | 1.0 | 23.0 | |||
| OSK-W-20-2295-W1 | 648.6 | 651.4 | 2.8 | 45.1 | 30.1 | Triple Lynx | Triple Lynx |
| including | 650.0 | 650.7 | 0.7 | 160 | 100 | ||
| OSK-W-20-2298 | 169.0 | 171.7 | 2.7 | 7.41 | Bobcat | Bobcat | |
| including | 169.0 | 169.7 | 0.7 | 20.2 | |||
| 245.0 | 247.0 | 2.0 | 6.59 | Bobcat | Bobcat | ||
| including | 245.0 | 245.7 | 0.7 | 18.4 | |||
| 373.0 | 375.0 | 2.0 | 16.7 | Lynx SW | Lynx | ||
| including | 373.8 | 374.3 | 0.5 | 65.2 | |||
| OSK-W-20-2305 | 630.8 | 635.0 | 4.2 | 4.47 | Triple Lynx | Triple Lynx | |
| including | 634.0 | 635.0 | 1.0 | 9.32 | |||
| 876.0 | 878.3 | 2.3 | 10.7 | Triple Lynx | Triple Lynx | ||
| including | 877.6 | 878.3 | 0.7 | 31.6 | |||
| 882.2 | 884.6 | 2.4 | 43.0 | 18.0 | Triple Lynx | Triple Lynx | |
| including | 883.4 | 883.8 | 0.4 | 250 | 100 | ||
| OSK-W-20-2306 | 137.8 | 140.0 | 2.2 | 4.30 | Bobcat | Bobcat | |
| 147.1 | 149.4 | 2.3 | 3.12 | Bobcat | Bobcat | ||
| 275.0 | 277.3 | 2.3 | 8.58 | Bobcat | Bobcat | ||
| including | 275.8 | 276.5 | 0.7 | 20.7 | |||
| 386.1 | 388.3 | 2.2 | 3.94 | Lynx SW | Lynx | ||
| including | 386.6 | 387.0 | 0.4 | 11.5 | |||
| OSK-W-20-2307 | 689.6 | 691.9 | 2.3 | 142 | 75.8 | Lynx_341 | Lynx |
| including | 690.0 | 690.4 | 0.4 | 413 | 100 | ||
| OSK-W-20-2310 | 69.7 | 72.0 | 2.3 | 35.6 | 13.8 | Mallard_5200 | Mallard |
| including | 70.8 | 71.1 | 0.3 | 267 | 100 | ||
| OSK-W-20-2312 | 85.0 | 87.3 | 2.3 | 7.19 | Mallard | Mallard | |
| including | 85.7 | 86.2 | 0.5 | 25.4 | |||
| OSK-W-20-2324 | 90.0 | 92.5 | 2.5 | 8.43 | Mallard | Mallard | |
| WST-20-0135 | 293.0 | 295.1 | 2.1 | 35.1 | 19.2 | Lynx SW | Lynx |
| including | 293.7 | 294.1 | 0.4 | 184 | 100 | ||
| 351.8 | 354.7 | 2.9 | 3.15 | Lynx SW | Lynx | ||
| including | 351.8 | 352.3 | 0.5 | 8.55 | |||
| and | 354.1 | 354.7 | 0.6 | 7.76 | |||
| 360.4 | 362.6 | 2.2 | 13.4 | Triple Lynx | Triple Lynx | ||
| including | 360.4 | 361.4 | 1.0 | 28.9 | |||
| 397.3 | 399.4 | 2.1 | 23.6 | 14.5 | Lynx SW | Lynx | |
| including | 397.8 | 398.1 | 0.3 | 164 | 100 | ||
| WST-20-0318 | 377.4 | 379.6 | 2.2 | 8.05 | Lynx SW | Lynx | |
| 463.3 | 466.0 | 2.7 | 9.06 | Lynx 4 | Lynx | ||
| WST-20-0339 | 199.1 | 202.2 | 3.1 | 4.57 | Lynx HW | Lynx | |
| WST-20-0341A | 306.1 | 308.2 | 2.1 | 86.0 | 19.9 | Lynx SW | Lynx |
| including | 306.1 | 306.5 | 0.4 | 447 | 100 | ||
| 346.1 | 348.1 | 2.0 | 10.6 | Lynx SW | Lynx | ||
| including | 347.3 | 347.7 | 0.4 | 50.2 | |||
| WST-20-0345 | 361.7 | 363.9 | 2.2 | 3.75 | Caribou corridor | Caribou | |
| including | 362.3 | 363.1 | 0.8 | 9.43 | |||
| WST-20-0400 | 158.0 | 160.2 | 2.2 | 11.2 | Lynx_301 | Lynx | |
| including | 159.0 | 160.2 | 1.2 | 19.7 | |||
| WST-20-0411 | 148.2 | 150.4 | 2.2 | 38.1 | 36.1 | Lynx HW | Lynx |
| including | 149.2 | 149.9 | 0.7 | 107 | 100 | ||
| WST-20-0412 | 155.0 | 157.2 | 2.2 | 3.06 | Lynx_328 | Lynx | |
| including | 156.9 | 157.2 | 0.3 | 11.2 | |||
| WST-20-0417 | 190.6 | 192.6 | 2.0 | 22.4 | Lynx | Lynx | |
| including | 190.6 | 191.2 | 0.6 | 41.5 | |||
| 428.2 | 430.2 | 2.0 | 4.06 | Lynx 4 | Lynx | ||
| WST-20-0423 | 125.0 | 127.0 | 2.0 | 5.23 | Lynx | Lynx | |
| including | 125.0 | 125.7 | 0.7 | 14.9 | |||
| WST-20-0459 | 204.3 | 206.4 | 2.1 | 20.6 | Lynx SW | Lynx | |
| including | 205.9 | 206.4 | 0.5 | 76.2 | |||
| WST-20-0462 | 171.0 | 173.0 | 2.0 | 40.4 | Lynx | Lynx | |
| including | 171.5 | 172.5 | 1.0 | 79.1 | |||
| 454.0 | 456.0 | 2.0 | 3.50 | Lynx_336 | Lynx | ||
| including | 454.0 | 454.8 | 0.8 | 8.19 | |||
| 638.9 | 643.2 | 4.3 | 3.82 | Lynx | Lynx | ||
| including | 638.9 | 639.6 | 0.7 | 12.6 | |||
| WST-20-0470 | 86.2 | 88.2 | 2.0 | 73.8 | 15.0 | Lynx | Lynx |
| including | 87.5 | 87.8 | 0.3 | 492 | 100 |
Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below. SW = Southwest.
DRILL HOLE LOCATION
| Hole Number | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Elevation | Section |
| OSK-W-17-1258 | 126 | -51 | 1128 | 452972 | 5435211 | 416 | 3275 |
| OSK-W-18-1727 | 331 | -61 | 810 | 453461 | 5435040 | 396 | 3625 |
| OSK-W-19-1857-W11 | 108 | -58 | 1385 | 453525 | 5435704 | 405 | 4000 |
| OSK-W-19-2100-W4 | 122 | -47 | 1260 | 453095 | 5435726 | 423 | 3650 |
| OSK-W-19-2101 | 18 | -68 | 909 | 453426 | 5434779 | 396 | 3475 |
| OSK-W-19-2169 | 130 | -50 | 1268 | 453215 | 5435512 | 410 | 3650 |
| OSK-W-19-2173 | 156 | -46 | 234 | 452182 | 5435722 | 407 | 2850 |
| OSK-W-19-2177 | 153 | -51 | 396 | 452454 | 5435997 | 406 | 3225 |
| OSK-W-20-2133-W2 | 118 | -49 | 1139 | 453080 | 5435531 | 417 | 3525 |
| OSK-W-20-2139-W7 | 115 | -52 | 1164 | 452980 | 5435549 | 420 | 3450 |
| OSK-W-20-2139-W8 | 115 | -52 | 1125 | 452980 | 5435549 | 420 | 3450 |
| OSK-W-20-2139-W10 | 115 | -52 | 1212 | 452980 | 5435549 | 420 | 3450 |
| OSK-W-20-2170-W6 | 128 | -59 | 1407 | 453425 | 5435657 | 413 | 3900 |
| OSK-W-20-2197-W2 | 121 | -48 | 1064 | 453087 | 5435526 | 417 | 3550 |
| OSK-W-20-2217-W2 | 134 | -48 | 893 | 452944 | 5435565 | 418 | 3425 |
| OSK-W-20-2217-W3 | 134 | -48 | 1128 | 452944 | 5435565 | 418 | 3425 |
| OSK-W-20-2249 | 132 | -56 | 759 | 452775 | 5435192 | 411 | 3100 |
| OSK-W-20-2250 | 132 | -57 | 1064 | 453129 | 5435505 | 419 | 3575 |
| OSK-W-20-2250-W1 | 132 | -57 | 1060 | 453129 | 5435505 | 419 | 3575 |
| OSK-W-20-2250-W2 | 132 | -57 | 1134 | 453129 | 5435505 | 419 | 3575 |
| OSK-W-20-2250-W3 | 132 | -57 | 1170 | 453129 | 5435505 | 419 | 3575 |
| OSK-W-20-2250-W4 | 132 | -57 | 1005 | 453129 | 5435505 | 419 | 3575 |
| OSK-W-20-2252-W2 | 129 | -54 | 1194 | 453241 | 5435694 | 415 | 3750 |
| OSK-W-20-2252-W3 | 129 | -53 | 1062 | 453241 | 5435694 | 415 | 3750 |
| OSK-W-20-2253 | 128 | -54 | 924 | 452831 | 5435326 | 413 | 3225 |
| OSK-W-20-2256 | 125 | -51 | 1179 | 453160 | 5435686 | 414 | 3675 |
| OSK-W-20-2256-W2 | 125 | -51 | 957 | 453160 | 5435686 | 414 | 3675 |
| OSK-W-20-2260-W2 | 127 | -48 | 1191 | 453201 | 5435667 | 413 | 3700 |
| OSK-W-20-2263 | 128 | -49 | 1029 | 452926 | 5435187 | 413 | 3225 |
| OSK-W-20-2266 | 128 | -55 | 1050 | 453067 | 5435478 | 418 | 3500 |
| OSK-W-20-2266-W1 | 128 | -55 | 1116 | 453067 | 5435478 | 418 | 3500 |
| OSK-W-20-2266-W2 | 128 | -55 | 1131 | 453067 | 5435478 | 418 | 3500 |
| OSK-W-20-2267 | 135 | -52 | 66 | 452972 | 5435210 | 416 | 3275 |
| OSK-W-20-2268-W1 | 127 | -55 | 1073 | 453148 | 5435488 | 418 | 3575 |
| OSK-W-20-2268-W2 | 127 | -55 | 1038 | 453148 | 5435488 | 418 | 3575 |
| OSK-W-20-2269 | 133 | -50 | 933 | 452972 | 5435210 | 416 | 3275 |
| OSK-W-20-2271 | 120 | -53 | 1247 | 453462 | 5435683 | 410 | 3950 |
| OSK-W-20-2272 | 149 | -45 | 1004 | 452967 | 5435265 | 412 | 3300 |
| OSK-W-20-2273 | 129 | -51 | 1059 | 453067 | 5435478 | 417 | 3500 |
| OSK-W-20-2280 | 127 | -58 | 1161 | 453304 | 5435639 | 415 | 3775 |
| OSK-W-20-2280-W1 | 127 | -58 | 1170 | 453304 | 5435639 | 415 | 3775 |
| OSK-W-20-2282 | 148 | -56 | 588 | 452875 | 5435181 | 409 | 3175 |
| OSK-W-20-2283 | 135 | -50 | 1151 | 452997 | 5435607 | 425 | 3500 |
| OSK-W-20-2288 | 146 | -51 | 749 | 452875 | 5435181 | 409 | 3175 |
| OSK-W-20-2292 | 125 | -54 | 1059 | 453037 | 5435563 | 420 | 3525 |
| OSK-W-20-2295 | 132 | -51 | 987 | 452938 | 5435472 | 415 | 3375 |
| OSK-W-20-2295-W1 | 132 | -51 | 960 | 452938 | 5435472 | 415 | 3375 |
| OSK-W-20-2298 | 137 | -50 | 596 | 452847 | 5435059 | 407 | 3100 |
| OSK-W-20-2305 | 124 | -55 | 911 | 453026 | 5435408 | 413 | 3425 |
| OSK-W-20-2306 | 152 | -55 | 531 | 452872 | 5435155 | 407 | 3175 |
| OSK-W-20-2307 | 124 | -54 | 878 | 453397 | 5435557 | 413 | 3825 |
| OSK-W-20-2310 | 333 | -51 | 144 | 451970 | 5434835 | 407 | 2225 |
| OSK-W-20-2312 | 334 | -51 | 192 | 451964 | 5434816 | 408 | 2225 |
| OSK-W-20-2324 | 334 | -51 | 167 | 451944 | 5434811 | 406 | 2200 |
| WST-20-0135 | 187 | -58 | 444 | 453226 | 5435125 | 134 | 3475 |
| WST-20-0318 | 148 | -52 | 502 | 453228 | 5435127 | 134 | 3475 |
| WST-20-0339 | 146 | -18 | 295 | 453410 | 5435229 | 114 | 3675 |
| WST-20-0341A | 163 | -42 | 493 | 453228 | 5435126 | 134 | 3475 |
| WST-20-0345 | 136 | -21 | 401 | 452282 | 5434975 | 263 | 2575 |
| WST-20-0400 | 167 | 16 | 172 | 453493 | 5435287 | 118 | 3775 |
| WST-20-0411 | 156 | 38 | 171 | 453450 | 5435264 | 118 | 3725 |
| WST-20-0412 | 164 | 24 | 165 | 453450 | 5435264 | 117 | 3725 |
| WST-20-0417 | 138 | -50 | 759 | 453228 | 5435126 | 134 | 3475 |
| WST-20-0423 | 134 | -18 | 142 | 453359 | 5435209 | 154 | 3625 |
| WST-20-0459 | 153 | -47 | 579 | 453227 | 5435126 | 135 | 3475 |
| WST-20-0462 | 152 | -53 | 680 | 453227 | 5435125 | 134 | 3475 |
| WST-20-0470 | 158 | 9 | 184 | 453493 | 5435287 | 118 | 3775 |
Lynx Zone
Mineralization occurs as grey to translucent quartz-carbonate-pyrite-tourmaline veins and pyrite replacement zones and stockworks. The vein-type is associated with haloes of pervasive sericite-pyrite ± silica alteration and contain sulphides (predominantly pyrite with minor amounts of chalcopyrite, sphalerite, galena, arsenopyrite, and pyrrhotite) and local visible gold. Replacement mineralization is associated with strong pervasive silica-sericite-ankerite ± tourmaline alteration and contains disseminated pyrite from trace to 80% with local visible gold. Pyrite stockworks can form envelopes that reach several tens of metres thick. Fuchsite alteration is common and is spatially constrained to near the gabbros. Mineralization occurs at or near geological contacts between felsic porphyritic or fragmental intrusions and the host rhyolites or gabbros and locally can be hosted along the gabbro-rhyolite contact.
Caribou Zone
Mineralization most commonly occurs in gold-bearing pyrite stockworks as well as semi-massive pyrite replacement zones associated with phyllic alteration (sericite-pyrite ± silica) with sulphides, pyrite dominated with minor chalcopyrite and sphalerite ranging from trace to up to 20%, and local visible gold. Mineralization is hosted in rhyolites or mafic-intermediate volcanics frequently at or near faults or the contact with felsic porphyritic intrusions.
F-Zone
Mineralization is hosted in sheared andesites with carbonate replacement or quartz veining and occurs as quartz ± ankerite veinlets or in shear zones as replacement, characterised by trace to 10% pyrite with local visible gold. Alteration is dominated by sericite-fuchsite-tourmaline-pyrite.
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.
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), Project Manager of Osisko’s Windfall Lake gold project, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Quality Control and Reporting Protocols
True width determination is estimated at 55-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.0 g/t Au diluted over core lengths of at least 2.0 metres. All NQ core assays reported were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Thunder Bay, Ontario, Sudbury, Ontario or Vancouver, British Colombia, or (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using an Aqua Regia-ICP-AES method at ALS Laboratories. Drill program design, Quality Assurance/Quality Control (“QA/QC”) and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assay.
About the Windfall Gold Deposit
The Windfall gold deposit is located between Val-d’Or and Chibougamau in Eeyou Istchee James Bay, Québec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 19, 2020 and supported by the technical report entitled “An updated mineral resource estimate for the Windfall Lake Project, Located in the Abitibi Greenstone Belt, Urban Township, Eeyou Istchee James Bay, Québec, Canada” and dated April 3, 2020 (with an effective date of January 3, 2020), and assuming a cut-off grade of 3.5 g/t, comprises 4,127,000 tonnes at 9.1 g/t Au (1,206,000 ounces) in the indicated mineral resource category and 14,532,000 tonnes at 8.40 g/t Au (3,938,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 19,2020 news release are further described in the full technical report prepared by Micon International Limited (“Micon”) and BBA Inc (“BBA”), in accordance with NI 43-101 available on SEDAR (www.sedar.com) under the Corporation’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of deformed sub-vertical zones plunging to the northeast. Vein-type or pyrite replacement-type styles of mineralization crosscut syn-volcanic host rocks and syn-deformation felsic porphyry intrusions and are spatially associated with the contacts of the intrusions. The deposit is well defined from surface to a depth of 1,200 metres and remains open along strike and at depth. Mineralization has been identified 30 metres from surface in some areas and as deep as 2,000 metres in others, with significant potential to extend mineralization down-plunge and at depth.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,700 square kilometres).
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the key assumptions, parameters and methods used to estimate the mineral resource estimate; the prospects, if any, of the Windfall gold deposit; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the projected capital expenditures of mining activities at the Windfall gold deposit; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the deposit remaining open along strike to the northeast and at depth; significant high-grade zones (Lynx 4, Triple Lynx) remaining open down plunge; the plunge potential of the Lynx and Underdog zones; the significance of historic exploration activities and results. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
CONTACT INFORMATION:
John Burzynski
Chief Executive Officer
Telephone (416) 363-8653
OSISKO MINING CORPORATE UPDATE
(Toronto, September 16, 2020) Osisko Mining Inc. (OSK:TSX) (“Osisko” or the “Corporation”) is pleased to provide the following corporate update.
Mr. John Burzynski has been appointed as Chairman of the board of directors and remains in his role as Chief Executive Officer and as a director; Mr. Sean Roosen has stepped down from his role as non-executive Chairman of the board and remains in his role as a director; and Mr. Mathieu Savard has been promoted to President.
A graduate of the Université du Québec à Montréal with a bachelor’s degree in earth sciences with over 20 years’ experience in the mining industry, Mr. Savard served previously as Osisko’s Senior Vice-President Exploration. Prior to joining Osisko Mining in 2016, Mathieu was a senior member of the Osisko Exploration James Bay, Virginia Gold and Virginia Gold Mines teams. Mathieu was a key member of the Virginia team which received the Association de l’Exploration Minière du Quebec (“AEMQ”) Prospector of the Year Award in 2004 and the PDAC’s prestigious Bill Dennis Award in 2006 for the discovery of the Eleonore gold deposit, and along with the Osisko Mining management and exploration team received the AEMQ 2017 Discovery of the Year Award, for the discovery of the Lynx deposit at Windfall. Mathieu is a registered P.Geo. as a member of the Ordre des Géologues du Québec and is Chairman of the board and a director of the AEMQ.
Chief Executive Officer and Chairman of the Corporation John Burzynski commented: “I would like to thank Sean Roosen very much for his past tenure as Chairman, and for continuing in his role as a director. I am very pleased to welcome Mathieu as the incoming President of Osisko Mining, and I look forward to him leading our team in the next stages of the work at Windfall, and to making additional discoveries in the coming years. Our goal on the re-creation of Osisko Mining in 2015 was to discover and develop another world class gold mine in Québec. We acquired a promising deposit, a district-scale land package, assembled one of the best exploration teams in the business, and commenced one of the world’s largest drill programs at Windfall. Five years of persistence and hard work have paid off with the discovery of Lynx and the delineation of a world class deposit.
Osisko’s management and Board has had an unusual level of success in the Canadian mining business, leading to the last three world class gold discoveries in Québec (Windfall, Canadian Malartic, and Eleonore). Our independent Lead Director was additionally responsible for leading the team that discovered the world class Fruta del Norte deposit in Ecuador. All this to say that at Osisko we have a strong and highly experienced Board and management team, one of the finest and most capable technical teams in the business, and one of the most proven track records of gold discovery and value creation for shareholders amongst any of our peers. I have every confidence that Mathieu’s strong leadership skills will continue to take us to new heights.”
About Osisko Mining Inc.
Osisko is an exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Québec. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau and holds a100% undivided interest in over 2,700 square kilometres in the surrounding Urban Barry and Quévillon area.
For further information please contact: John Burzynski, Chief Executive Officer and Chairman Telephone: (416) 363-8653
OSISKO INTERSECTS 115 G/T AU OVER 5.6 METRES AT WINDFALL
(Toronto, September 1, 2020) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing definition and expansion drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.
Drilling is currently focused on the Lynx deposit, the main mineralized zones, and down plunge exploration in the central areas of the mineralized system. Osisko President and Chief Executive Officer John Burzynski commented: “We continue to be impressed with the strong results from Lynx, and are seeing good possibilities to extend the mineralization in the known zones. While we are focused on completing the infill drilling, the deposit continues to grow in the process.”
Infill results are presented below. Significant new analytical results from 96 intercepts in 38 new drill holes and 26 wedges include: 115 g/t Au over 5.6 metres and 25.6 g/t Au over 5.0 metres in OSK-W-20-2256-W2; 57.9 g/t Au over 3.6 metres in OSK-W-20-2139-W9; 94.4 g/t Au over 2.0 metres in WST-20-0389A; 54.4 g/t Au over 3.3 metres in OSK-W-20-2260-W2; 77.3 g/t Au over 2.3 metres in OSK-W-20-2268-W3; 42.8 g/t Au over 3.1 metresin OSK-W-20-2243-W4; 31.2 g/ Au over 4.1 metres OSK-W-20-2252-W2; 62.2 g/t Au over 2.0 metres in OSK-W-20-2299; and 47.4 g/t Au over 2.5 metres in WST-20-0471. Maps showing hole locations and full analytical results are available at www.osiskomining.com.
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