OSISKO MINING UPDATES WINDFALL MINERAL RESOURCE ESTIMATE

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

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

 

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

 

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

 

HIGHLIGHTS

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

 

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

 

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

 

 

 

Table 1: Windfall Gold Deposit Mineral Resource Estimate Sensitivity Table

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

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

 

 

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

 

Area Measured Indicated Inferred
Tonnes1(000 t) Grade Au

(g/t)

Grade Ag

(g/t)

Ounces Au1

(000 oz)

Ounces Ag1

(000 oz)

Tonnes1(000 t) Grade Au

(g/t)

Grade Ag

(g/t)

Ounces Au1

(000 oz)

Ounces Ag1

(000 oz)

Tonnes1(000 t) Grade Au

(g/t)

Grade Ag

(g/t)

Ounces Au1

(000 oz)

Ounces Ag1

(000 oz)

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

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

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

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

 See Windfall Gold Deposit Mineral Resource Estimate notes further below.

 

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

 

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

 

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

 

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

 

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

for the Windfall Gold Deposit Mineral Resource Estimation

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

 

Windfall Gold Deposit Mineral Resource Estimate Notes

 

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

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

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


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

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

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

 

Qualified Person

The Windfall mineral resource estimate, with an effective date of November 30, 2020, was (i) prepared by Judith St-Laurent, P.Geo (OGQ #1023), B.Sc., Director of Resources Estimation at Osisko, and (ii) reviewed and approved by Pierre-Luc Richard, M.Sc., P.Geo (OGQ#1119,), each of whom is a “qualified person” within the meaning of NI 43-101. Mr. Richard is an employee of BBA Inc. and is considered to be “independent” of Osisko for purposes of section 1.5 of NI 43-101. The scientific and technical content in this news release has been reviewed and approved by Mr. Mathieu Savard, P.Geo (OGQ #510), President of Osisko, who is a “qualified person” within the meaning of NI 43-101.

Quality Control and Reporting Protocols

NQ core assays were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Vancouver, British Colombia, Lima, Peru or Vientiane, Laos (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using a Four Acid Digestion-ICP-MS method at ALS Laboratories. Drill program design, Quality Assurance/Quality Control (“QA/QC”) and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assay.

 

About the Windfall Gold Deposit

The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The mineral resource defined by Osisko, as disclosed in this news release and assuming a cut-off grade of 3.50 g/t Au, comprises 521,000 tonnes at 11.3 g/t Au (189,000 ounces) in the measured mineral resource category, 5,502,000 tonnes at 9.4 g/t Au (1,668,000 ounces) in the indicated mineral resource category and 16,401,000 tonnes at 8.0 g/t Au (4,244,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in this news release, certain of which are described in this news release, will be further described in the full technical report being prepared for this updated mineral resource estimate in accordance with NI 43-101, and will be available on SEDAR (www.sedar.com) under the Corporation’s issuer profile within 45 days. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog.  Mineralization is generally comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres as it now includes the Triple 8 (T8) zone. The resources excluding T8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625metres in others with significant potential to extend mineralization down-plunge and at depth.

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a100% undivided interest in a large area of claims in the surrounding the Urban Barry area and nearby Quévillon area (over 2,700 square kilometres).

Cautionary Statements Regarding Estimates of Mineral Resources

This news release uses the terms measured, indicated and inferred mineral resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. The mineral resource estimate disclosed in this news release may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. The mineral resource estimate is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum’s “CIM Definition Standards on Mineral Resources and Mineral Reserves” incorporated by reference into NI 43-101 (“CIM”). Under NI 43-101, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for preliminary economic assessments. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves that can be mined economically.

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

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

OSISKO WINDFALL INFILL DRILLING

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

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

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

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

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

 

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

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

SW= Southwest

 

Drill hole location

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

 

Lynx Zone

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

 

Triple Lynx

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

 

Qualified Person

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

 

Quality Control and Reporting Protocols

True width determination is estimated at 55-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.0 g/t Au diluted over core lengths of at least 2.0 metres. All NQ core assays reported were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Thunder Bay, Ontario, Sudbury, Ontario or Vancouver, British Colombia, or (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using a four acids digestion -MS61 method at ALS Laboratories. Drill program design, QualityAssurance/Quality Control (“QA/QC”) and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assay.

 

About the Windfall Gold Deposit

The Windfall gold deposit is located between Val-d’Or and Chibougamau in Eeyou Istchee James Bay, Québec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 19, 2020 and supported by the technical report entitled “An updated mineral resource estimate for the Windfall Lake Project, Located in the Abitibi Greenstone Belt, Urban Township, Eeyou Istchee James Bay, Québec, Canada” and dated April 3, 2020 (with an effective date of January 3, 2020), and assuming a cut-off grade of 3.5 g/t, comprises 4,127,000 tonnes at 9.1 g/t Au (1,206,000 ounces) in the indicated mineral resource category and 14,532,000 tonnes at 8.40 g/t Au (3,938,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 19,2020 news release are further described in the full technical report prepared by Micon International Limited (“Micon”) and BBA Inc (“BBA”), in accordance with NI 43-101 available on SEDAR (www.sedar.com) under the Corporation’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones:Lynx, Main Zone, and Underdog. Mineralization is generally comprised of deformed sub-vertical zones plunging to the northeast. Vein-type or pyrite replacement-type styles of mineralization crosscut syn-volcanic host rocks and syn-deformation felsic porphyry intrusions and are spatially associated with the contacts of the intrusions. The deposit is well defined from surface to a depth of 1,200 metres and remains open along strike and at depth.Mineralization has been identified 30 metres from surface in some areas and as deep as 2,000 metres in others, with significant potential to extend mineralization down-plunge and at depth.

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,700 square kilometres).

 

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the key assumptions, parameters and methods used to estimate the mineral resource estimate; the prospects, if any, of the Windfall gold deposit; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the projected capital expenditures of mining activities at the Windfall gold deposit; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the deposit remaining open along strike to the northeast and at depth; significant high-grade zones (Lynx 4, Triple Lynx) remaining open down plunge; the plunge potential of the Lynx and Underdog zones; the significance of historic exploration activities and results. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

 

CONTACT INFORMATION:

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

OSISKO MINING ANNOUNCES C$60 MILLION “BOUGHT DEAL” PRIVATE PLACEMENT OF FLOW-THROUGH SHARES

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

 

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

 

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

 

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

 

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

 

About Osisko Mining Inc.

The Windfall gold deposit is located between Val-d’Or and Chibougamau in Eeyou Istchee James Bay, Québec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 19, 2020 and supported by the technical report entitled “An updated mineral resource estimate for the Windfall Lake Project, Located in the Abitibi Greenstone Belt, Urban Township, Eeyou Istchee James Bay, Québec, Canada” and dated April 3, 2020 (with an effective date of January 3, 2020), and assuming a cut-off grade of 3.5 g/t, comprises 4,127,000 tonnes at 9.1 g/t Au (1,206,000 ounces) in the indicated mineral resource category and 14,532,000 tonnes at 8.40 g/t Au (3,938,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 19, 2020 news release are further described in the full technical report prepared by Micon International Limited (“Micon”) and BBA Inc (“BBA”), in accordance with NI 43-101 available on SEDAR (www.sedar.com) under the Corporation’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of deformed sub-vertical zones plunging to the northeast. Vein-type or pyrite replacement-type styles of mineralization crosscut syn-volcanic host rocks and syn-deformation felsic porphyry intrusions and are spatially associated with the contacts of the intrusions. The deposit is well defined from surface to a depth of 1,200 metres and remains open along strike and at depth. Mineralization has been identified 30 metres from surface in some areas and as deep as 2,000 metres in others, with significant potential to extend mineralization down-plunge and at depth.

Cautionary Note Regarding Forward-Looking Information

 

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. The information in this news release about the Offering; the use of the proceeds from the Offering; the jurisdictions in which the Flow-Through Shares will be offered or sold; the number of Flow-Through Shares offered or sold; the size of the Offering; the timing and ability of the Corporation to close the Offering, if at all; the timing and ability of the Corporation to satisfy the customary listing conditions of the Toronto Stock Exchange, if at all; the timing and ability of the Corporation to obtain all necessary approvals; the tax treatment of the securities issued under the Offering under the Income Tax Act (Canada) and Taxation Act (Québec); the timing to renounce all Qualifying Expenditures in favour of the subscribers, if at all; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of Osisko, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the Offering; volatility in the trading price of common shares of the Corporation; risks relating to the ability of the Corporation to obtain required approvals, complete definitive documentation and complete the Offering; the ability of Osisko to complete further exploration activities, including drilling; property interests; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; changes in the tax and regulatory regime; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

 

For further information please contact:

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

OSISKO WINDFALL DRILLING STEPS OUT INTO MORE … GOLD

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

(Toronto, January 11, 2021) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

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

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

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

Expansion Drilling

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-19-1949-W3 737.4 739.6 2.2 74.2 47 Lynx Lynx
including 737.4 737.8 0.4 133 100
and 737.8 738.3 0.5 194 100
OSK-W-20-2133-W4 946.6 951.7 5.1 3.47   Lynx_331 Lynx
956.7 960.1 3.4 23.2   Lynx_331 Lynx
including 957.7 958.7 1.0 60.6
OSK-W-20-2139-W12 873.4 875.4 2.0 10.2   Triple Lynx Triple Lynx
998.0 1000.0 2.0 5.67   Triple Lynx Triple Lynx
OSK-W-20-2170-W6 1367.8 1370.0 2.2 6.61   Lynx 4 Lynx
1379.0 1381.0 2.0 14.5   Lynx 4 Lynx
OSK-W-19-2182 97.0 99.0 2.0 9.65   Lynx Lynx
OSK-W-20-2251 1836.0 1838.0 2.0 21.0 20.3 Triple Lynx Triple Lynx
including 1836.9 1837.3 0.4 104 100
1908.6 1910.6 2.0 5.24   Triple Lynx Triple Lynx
including 1908.6 1909.2 0.6 15.9
OSK-W-20-2251-W1 2112.0 2114.0 2.0 8.45   Lynx 4 Lynx
OSK-W-20-2252-W4 1059.0 1061.0 2.0 12.5   Triple Lynx Triple Lynx
1100.2 1104.9 4.7 6.74   Triple Lynx Triple Lynx
including 1100.2 1100.6 0.4 22.7
and 1104.3 1104.9 0.6 33.2
1109.4 1113.6 4.2 19.2   Triple Lynx Triple Lynx
including 1111.0 1111.7 0.7 40.6
OSK-W-20-2252-W5 1017.7 1020.0 2.3 8.54   Triple Lynx Triple Lynx
including 1018.5 1019.0 0.5 35.3
OSK-W-20-2256-W6 1051.0 1054.0 3.0 12.0   Triple Lynx Triple Lynx
including 1052.1 1053.0 0.9 37.7
OSK-W-20-2264 814.8 821.8 7.0 11.7   Lynx 4 Lynx
including 816.3 816.8 0.5 31.4
and 818.8 819.6 0.8 57.5
863.3 865.3 2.0 6.29   Lynx 4 Lynx
OSK-W-20-2271-W1 752.1 754.2 2.1 5.05   Lynx Lynx
784.3 786.5 2.2 4.38   Lynx Lynx
840.1 842.2 2.1 4.57   Lynx Lynx
including 841.9 842.2 0.3 19.7
1032.0 1034.0 2.0 26.3   Lynx 4 Lynx
including 1033.0 1033.5 0.5 97.5
1049.0 1051.0 2.0 7.98   Lynx Lynx
OSK-W-20-2271-W2 814.0 816.9 2.9 6.00   Lynx Lynx
OSK-W-20-2280-W2 1059.8 1062.0 2.2 30.7   Triple Lynx Triple Lynx
including 1060.8 1062.0 1.2 53.2
OSK-W-20-2280-W5 976.8 979.4 2.6 114 29.3 Lynx_368 Triple Lynx
including 976.8 977.5 0.7 416 100
1070.0 1074.0 4.0 22.0   Triple Lynx Triple Lynx
including 1072.3 1073.2 0.9 52.3
OSK-W-20-2283-W2 945.0 947.0 2.0 15.7   Triple Lynx Triple Lynx
including 946.0 947.0 1.0 31.1
OSK-W-20-2292-W1 559.2 561.5 2.3 11.6   Triple Lynx Triple Lynx
1014.6 1016.6 2.0 5.46   Triple Lynx Triple Lynx
1115.0 1117.0 2.0 4.39   Triple Lynx Triple Lynx
1122.6 1125.0 2.4 12.6   Triple Lynx Triple Lynx
including 1123.8 1124.5 0.7 28.1
OSK-W-20-2292-W2 560.0 562.0 2.0 6.43   Triple Lynx Triple Lynx
including 560.0 560.5 0.5 21.2
OSK-W-20-2295-W1 477.6 479.7 2.1 20.4   Lynx_365 Triple Lynx
including 477.9 478.5 0.6 69.8
805.0 807.0 2.0 17.5   Triple Lynx Triple Lynx
including 805.5 806.4 0.9 36.3
OSK-W-20-2295-W2 477.0 479.1 2.1 3.60   Lynx_365 Triple Lynx
826.2 828.2 2.0 13.0   Triple Lynx Triple Lynx
including 827.6 828.2 0.6 38.3
OSK-W-20-2295-W3 689.0 691.0 2.0 7.23   Triple Lynx Triple Lynx
including 689.5 690.0 0.5 27.4
OSK-W-20-2295-W4 757.0 759.3 2.3 4.08   Triple Lynx Triple Lynx
including 757.0 757.5 0.5 10.1
1026.0 1028.1 2.1 16.3   Triple Lynx Triple Lynx
including 1027.6 1028.1 0.5 65.5
OSK-W-20-2313 864.0 870.0 6.0 5.58   Triple Lynx Triple Lynx
including 864.0 864.6 0.6 23.8
1035.4 1037.6 2.2 13.0   Triple Lynx Triple Lynx
including 1036.4 1037.0 0.6 47.4
OSK-W-20-2313-W2 645.8 648.0 2.2 344 13.7 Triple Lynx Triple Lynx
including 647.1 647.4 0.3 2520 100
OSK-W-20-2313-W3 849.7 852.0 2.3 12.9   Triple Lynx Triple Lynx
including 850.2 850.5 0.3 98.8
OSK-W-20-2313-W6 730.0 732.0 2.0 4.13   Triple Lynx Triple Lynx
OSK-W-20-2317 621.0 623.0 2.0 7.24   Triple Lynx Triple Lynx
662.0 664.2 2.2 3.81   Triple Lynx Triple Lynx
including 663.7 664.2 0.5 13.1
741.0 743.4 2.4 5.05   Triple Lynx Triple Lynx
including 741.8 742.4 0.6 19.8
OSK-W-20-2319 514.0 516.7 2.7 19.1   Lynx Lynx
including 514.0 514.4 0.4 88.7
589.4 591.9 2.5 21.9 20.7 Lynx Lynx
including 591.4 591.9 0.5 106 100
OSK-W-20-2328 525.0 527.0 2.0 6.68   Lynx SW Lynx SW
including 525.0 526.0 1.0 13.1
669.0 671.7 2.7 6.43   Lynx SW Lynx SW
including 670.4 670.7 0.3 45.8
859.5 861.5 2.0 9.69   Lynx 4 Lynx
including 860.4 861.0 0.6 31.1
OSK-W-20-2334 728.0 730.3 2.3 7.87   Lynx Lynx
OSK-W-20-2339 933.0 935.0 2.0 5.27   Triple Lynx Triple Lynx
944.0 946.0 2.0 5.05   Triple Lynx Triple Lynx
OSK-W-20-2351 699.0 701.0 2.0 9.84   Lynx_376 Triple Lynx
including 699.7 700.2 0.5 37.6
OSK-W-20-2353 978.8 981.0 2.2 3.80   Triple Lynx Triple Lynx
including 978.8 979.3 0.5 11.6
  1295.2 1297.3 2.1 4.49   Triple Lynx Triple Lynx
OSK-W-20-2370 109.1 111.6 2.5 3.80   Lynx SW Lynx SW
WST-20-0012D 305.6 308.0 2.4 4.47   Lynx SW Lynx SW
317.0 319.0 2.0 18.0   Lynx SW Lynx SW
including 317.6 318.3 0.7 48.7
394.5 396.5 2.0 6.59   Lynx SW Lynx SW
including 395.3 395.9 0.6 21.4
WST-20-0078 263.4 270.4 7.0 26.7   Triple Lynx Triple Lynx
310.6 312.9 2.3 4.83   Triple Lynx Triple Lynx
417.0 419.1 2.1 3.46   Lynx SW Lynx SW
WST-20-0330 383.8 386.1 2.3 5.00   Lynx SW Lynx SW
including 385.2 385.6 0.4 28.6
WST-20-0380 14.0 16.0 2.0 90.2 50.2 Lynx Lynx
including 15.0 16.0 1.0 180 100
WST-20-0401 141.0 143.0 2.0 4.33   Lynx_301 Lynx
WST-20-0425 59.0 61.7 2.7 3.73   Lynx Lynx
WST-20-0475 155.0 157.6 2.6 16.6   Lynx_301 Lynx
including 155.7 156.3 0.6 65.6
WST-20-0482 38.0 40.4 2.4 4.25   Lynx Lynx
WST-20-0485 44.2 46.4 2.2 3.97   Lynx_325 Lynx
WST-20-0489 277.0 279.0 2.0 6.36   Triple Lynx Triple Lynx
WST-20-0516 106.0 108.0 2.0 5.56   Lynx Lynx
WST-20-0523A 310.0 312.0 2.0 7.57   Lynx SW Lynx SW
WST-20-0529 214.8 217.4 2.6 8.53   Lynx Lynx
including 215.5 215.8 0.3 19.0
227.9 230.1 2.2 8.48   Lynx Lynx
including 227.9 228.4 0.5 28.0
WST-20-0541 116.1 118.2 2.1 8.87   Lynx_359 Lynx
including 116.1 116.7 0.6 30.4
WST-20-0546A 234.0 238.0 4.0 4.10   Lynx SW Lynx SW
including 237.7 238.0 0.3 17.6

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

Drill hole location

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

Lynx Zone

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

 

Triple Lynx

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

 

Qualified Person

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

 

 

Quality Control and Reporting Protocols

True width determination is estimated at 55-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.0 g/t Au diluted over core lengths of at least 2.0 metres. All NQ core assays reported were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Thunder Bay, Ontario, Sudbury, Ontario or Vancouver, British Colombia, or (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using an Aqua Regia-ICP-AES method at ALS Laboratories. Drill program design, QualityAssurance/Quality Control (“QA/QC”) and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assay.

 

About the Windfall Gold Deposit

The Windfall gold deposit is located between Val-d’Or and Chibougamau in Eeyou Istchee James Bay, Québec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 19, 2020 and supported by the technical report entitled “An updated mineral resource estimate for the Windfall Lake Project, Located in the Abitibi Greenstone Belt, Urban Township, Eeyou Istchee James Bay, Québec, Canada” and dated April 3, 2020 (with an effective date of January 3, 2020), and assuming a cut-off grade of 3.5 g/t, comprises 4,127,000 tonnes at 9.1 g/t Au (1,206,000 ounces) in the indicated mineral resource category and 14,532,000 tonnes at 8.40 g/t Au (3,938,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 19,2020 news release are further described in the full technical report prepared by Micon International Limited (“Micon”) and BBA Inc (“BBA”), in accordance with NI 43-101 available on SEDAR (www.sedar.com) under the Corporation’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones:Lynx, Main Zone, and Underdog. Mineralization is generally comprised of deformed sub-vertical zones plunging to the northeast. Vein-type or pyrite replacement-type styles of mineralization crosscut syn-volcanic host rocks and syn-deformation felsic porphyry intrusions and are spatially associated with the contacts of the intrusions. The deposit is well defined from surface to a depth of 1,200 metres and remains open along strike and at depth.Mineralization has been identified 30 metres from surface in some areas and as deep as 2,000 metres in others, with significant potential to extend mineralization down-plunge and at depth.

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,700 square kilometres).

 

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the key assumptions, parameters and methods used to estimate the mineral resource estimate; the prospects, if any, of the Windfall gold deposit; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the projected capital expenditures of mining activities at the Windfall gold deposit; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the deposit remaining open along strike to the northeast and at depth; significant high-grade zones (Lynx 4, Triple Lynx) remaining open down plunge; the plunge potential of the Lynx and Underdog zones; the significance of historic exploration activities and results. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

 

CONTACT INFORMATION:

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

OSISKO WINDFALL INFILL DRILLING: STILL GOOD

New Intercepts Include 206 g/t Au over 2.0 Metres

(Toronto, January 6, 2021) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing expansion and definition drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Drilling is currently focused on the Lynx deposit, with the near-term objective of completion of the infill program in preparation for feasibility work. Osisko Chief Executive Officer John Burzynski commented: “We anticipate a busy year ahead as we maintain the steady drill pace of 2020 and work towards the completion of infilling our resource. The principal mineralized zones also remain open down plunge, and near deposit exploration is continuing to give encouraging results, which we believe will lead to new mineralized extensions and additions.”

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 90 intercepts in 25 drill holes and 23 wedges.

Selected high-grade intercepts from the new results include: 206 g/t Au over 2.0 metres in WST-20-0581; 60.0 g/t Au over 2.0 metres in WST-20-0498; 52.9 g/t Au over 2.8 metres in WST-20-0513; 47.5 g/t Au over 2.2 metres in OSK-W-20-2334; 42.4 g/t Au over 2.3 metres in WST-20-0523A; 40.4 g/t Au over 3.6 metres in OSK-W-20-2133-W4. 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 798.8 802.4 3.6 40.4   Triple Lynx Triple Lynx
including 799.2 800.2 1.0 73.3
OSK-W-20-2243-W6 804.7 806.8 2.1 9.02   Lynx_361 Triple Lynx
851.4 854.8 3.4 23.5   Triple Lynx Triple Lynx
including 853.1 853.9 0.8 68.9
OSK-W-20-2252-W7 842.6 849.0 6.4 6.93   Triple Lynx Triple Lynx
including 844.8 845.1 0.3 41.7
879.1 881.8 2.7 4.62   Lynx_371 Triple Lynx
including 879.4 879.7 0.3 16.0
885.0 889.0 4.0 4.70   Lynx_371 Triple Lynx
  893.9 896.7 2.8 5.67   Lynx_371 Triple Lynx
  919.7 923.0 3.3 4.45   Lynx_361 Triple Lynx
including 919.7 920.0 0.3 13.3
OSK-W-20-2256-W4 1012.0 1014.0 2.0 14.6   Triple Lynx Triple Lynx
OSK-W-20-2256-W6 868.8 872.6 3.8 24.4   Lynx_371 Triple Lynx
including 869.7 870.3 0.6 79.5
  875.0 879.0 4.0 4.91   Lynx_371 Triple Lynx
  883.0 892.0 9.0 18.2   Lynx_361 Triple Lynx
including 887.6 888.3 0.7 57.6
OSK-W-20-2256-W7 869.4 872.0 2.6 4.86   Lynx_361 Triple Lynx
899.0 901.0 2.0 15.4   Triple Lynx Triple Lynx
including 899.6 900.0 0.4 69.4
OSK-W-20-2264 782.2 790.0 7.8 10.5   Lynx_330 Lynx
including 786.9 787.6 0.7 38.4
OSK-W-20-2271-W1 847.5 849.5 2.0 4.50   Lynx Lynx
OSK-W-20-2271-W2 1024.5 1026.9 2.4 32.1   Lynx_330 Lynx
including 1026.6 1026.9 0.3 90.1
1064.0 1066.1 2.1 6.13   Lynx_334 Lynx
including 1065.2 1065.6 0.4 20.3
1077.0 1079.0 2.0 5.15   Lynx_334 Lynx
OSK-W-20-2275-W3 899.0 901.0 2.0 10.8   Triple Lynx Triple Lynx
including 900.3 900.7 0.4 43.3
OSK-W-20-2275-W4 635.0 637.1 2.1 7.18   Lynx_365 Triple Lynx
including 636.1 636.5 0.4 25.6
804.8 810.4 5.6 11.8   Triple Lynx Triple Lynx
including 806.3 806.9 0.6 55.1
835.0 837.0 2.0 11.1   Triple Lynx Triple Lynx
including 835.6 836.0 0.4 54.7
889.5 892.0 2.5 5.40   Triple Lynx Triple Lynx
including 890.4 891.0 0.6 22.4
OSK-W-20-2280-W2 1102.7 1105.0 2.3 5.46   Lynx_370 Triple Lynx
including 1103.5 1104.0 0.5 20.9
OSK-W-20-2280-W3 1099.2 1101.3 2.1 5.22   Triple Lynx Triple Lynx
including 1101.0 1101.3 0.3 17.7
1103.0 1108.9 5.9 4.92   Triple Lynx Triple Lynx
including 1108.6 1108.9 0.3 18.2
1112.9 1116.0 3.1 20.1   Lynx_370 Triple Lynx
including 1112.9 1113.5 0.6 77.8
OSK-W-20-2280-W4 1040.0 1042.0 2.0 6.32   Triple Lynx Triple Lynx
  1044.0 1046.0 2.0 4.83   Triple Lynx Triple Lynx
including 1044.6 1044.9 0.3 24.6   Triple Lynx Triple Lynx
  1072.9 1077.5 4.6 12.8   Triple Lynx Triple Lynx
including 1075.5 1075.9 0.4 97.2  
  1091.2 1098.0 6.8 3.96   Triple Lynx Triple Lynx
  1100.7 1105.0 4.3 13.5 12.7 Lynx_364 Triple Lynx
including 1100.7 1101.0 0.3 112 100
  1109.7 1114.0 4.3 16.9 15.7 Lynx_364 Triple Lynx
including 1109.7 1110.0 0.3 117 100
OSK-W-20-2280-W5 1010.5 1016.0 5.5 3.61   Lynx_363 Triple Lynx
1039.0 1041.0 2.0 22.4   Lynx_364 Triple Lynx
including 1039.5 1040.0 0.5 81.8
1046.0 1052.0 6.0 30.4 23.7 Lynx_364 Triple Lynx
including 1047.8 1049.0 1.2 129 95
1054.0 1059.9 5.9 14.7   Lynx_364 Triple Lynx
including 1059.2 1059.9 0.7 82.8
1093.0 1096.0 3.0 12.0   Triple Lynx Triple Lynx
OSK-W-20-2283-W1 807.0 809.6 2.6 8.20   Triple Lynx Triple Lynx
including 807.5 809.6 2.1 9.02
OSK-W-20-2283-W2 814.8 817.1 2.3 8.16   Triple Lynx Triple Lynx
including 816.6 817.1 0.5 26.8
  832.7 835.0 2.3 6.13   Triple Lynx Triple Lynx
  991.0 993.0 2.0 9.11   Triple Lynx Triple Lynx
including 991.3 991.8 0.5 35.7
OSK-W-20-2283-W6 831.6 836.0 4.4 17.6   Lynx_361 Triple Lynx
including 833.3 834.6 1.3 40.6
OSK-W-20-2292-W4 892.0 894.9 2.9 4.02   Lynx_375 Triple Lynx
including 893.1 893.8 0.7 10.3
OSK-W-20-2295-W2 679.7 682.0 2.3 24.7 17.4 Triple Lynx Triple Lynx
including 681.7 682.0 0.3 157 100
OSK-W-20-2295-W3 660.3 662.3 2.0 3.89   Triple Lynx Triple Lynx
OSK-W-20-2295-W4 670.1 673.1 3.0 5.99   Triple Lynx Triple Lynx
including 670.1 670.6 0.5 16.6
698.0 700.1 2.1 4.33   Triple Lynx Triple Lynx
including 699.8 700.1 0.3 23.7
  757.0 759.3 2.3 4.08   Triple Lynx Triple Lynx
including 757.0 757.5 0.5 10.1
822.5 824.5 2.0 3.90   Triple Lynx Triple Lynx
including 823.5 824.0 0.5 14.1
841.0 843.0 2.0 5.77   Triple Lynx Triple Lynx
including 841.4 841.7 0.3 31.5
OSK-W-20-2313-W5 819.9 822.0 2.1 7.49   Lynx_376 Triple Lynx
OSK-W-20-2322-W1 1119.8 1124.6 4.8 7.20   Lynx_330 Lynx
including 1120.5 1121.2 0.7 13.8
OSK-W-20-2334 1007.1 1009.3 2.2 47.5 41.7 Lynx_330 Lynx
including 1008.0 1008.4 0.4 132 100
OSK-W-20-2367 59.0 62.0 3.0 6.38   Lynx_335 Lynx SW
WST-20-0406 130.2 132.4 2.2 3.26   Lynx_322 Lynx
WST-20-0486 57.5 63.7 6.2 15.1   Lynx_303 Lynx
including 58.5 59.0 0.5 47.1
and 59.7 60.1 0.4 46.1
114.0 116.0 2.0 10.5   Lynx_304 Lynx
including 115.4 116.0 0.6 27.6
WST-20-0498 123.5 125.7 2.2 3.84   Lynx_304 Lynx
132.5 134.5 2.0 60.0 41.3 Lynx_304 Lynx
including 133.8 134.5 0.7 154 100
WST-20-0502 73.4 76.0 2.6 4.73   Lynx_311 Lynx
WST-20-0503 57.9 59.9 2.0 18.6   Lynx_311 Lynx
including 57.9 58.7 0.8 46.1
WST-20-0505A 84.5 87.0 2.5 9.07   Lynx_307 Lynx
including 84.5 84.8 0.3 72.4
233.5 236.0 2.5 3.00   Lynx SW Lynx SW
WST-20-0506 123.2 125.5 2.3 7.83   Lynx_304 Lynx
including 123.9 124.7 0.8 22.4
WST-20-0509 94.4 96.5 2.1 4.24   Lynx_304 Lynx
including 94.4 94.7 0.3 13.9
WST-20-0512 48.2 50.2 2.0 8.84   Lynx_303 Lynx
including 49.3 49.9 0.6 29.1
  54.0 56.0 2.0 21.1   Lynx_311 Lynx
including 54.9 55.4 0.5 83.8
WST-20-0513 138.0 140.8 2.8 52.9 44.5 Lynx_323 Lynx
including 139.0 139.9 0.9 126 100
151.8 154.0 2.2 3.67   Lynx_304 Lynx
WST-20-0514 141.0 143.0 2.0 20.9   Lynx_323 Lynx
including 141.0 142.0 1.0 32.5
WST-20-0523A 67.2 69.4 2.2 14.8   Lynx_311 Lynx
including 67.7 68.4 0.7 44.8
72.0 74.3 2.3 42.4   Lynx_311 Lynx
including 73.5 74.3 0.8 90.4
WST-20-0525 142.0 144.0 2.0 13.3   Lynx_323 Lynx
including 142.0 143.0 1.0 26.4
WST-20-0537 84.9 87.1 2.2 6.49   Lynx Lynx
including 86.4 87.1 0.7 16.1
WST-20-0538 105.0 107.2 2.2 15.0   Lynx_304 Lynx
including 105.3 105.8 0.5 64.4
117.0 120.0 3.0 4.15   Lynx Lynx
WST-20-0539 45.9 48.2 2.3 6.89   Lynx_303 Lynx
96.6 98.6 2.0 20.6   Lynx_304 Lynx
including 97.0 97.5 0.5 80.2
WST-20-0540 51.3 53.5 2.2 3.12   Lynx_303 Lynx
111.0 113.2 2.2 7.86   Lynx_304 Lynx
including 111.0 111.3 0.3 47.2
WST-20-0541 45.8 48.1 2.3 10.0   Lynx_303 Lynx
including 46.4 47.2 0.8 25.6
60.1 62.3 2.2 13.8   Lynx Lynx
including 60.9 61.7 0.8 34.3
98.0 100.0 2.0 15.7   Lynx_304 Lynx
including 99.0 99.5 0.5 36.3
WST-20-0544 52.7 55.5 2.8 72.0 55.8 Lynx_303 Lynx
including 52.7 54.1 1.4 132 100
WST-20-0563 129.4 131.5 2.1 4.72   Lynx_365 Triple Lynx
including 129.4 130.0 0.6 15.1
WST-20-0579 58.0 60.5 2.5 5.62   Lynx_303 Lynx
WST-20-0581 268.4 274.0 5.6 4.56   Lynx SW Lynx SW
283.0 285.0 2.0 206 45.4 Lynx SW Lynx SW
including 283.0 283.9 0.9 458 100

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-20-2243-W6 122 -54 965 453086 5435526 417 3550
OSK-W-20-2252-W7 129 -54 1191 453241 5435694 415 3750
OSK-W-20-2256-W4 125 -51 1122 453160 5435686 411 3675
OSK-W-20-2256-W6 125 -51 1157 453160 5435686 411 3675
OSK-W-20-2256-W7 125 -51 1005 453160 5435686 411 3675
OSK-W-20-2264 292 -74 1119 454127 5435062 396 4225
OSK-W-20-2271-W1 120 -53 1200 453462 5435683 410 3950
OSK-W-20-2271-W2 120 -53 1223 453462 5435683 410 3950
OSK-W-20-2275-W3 127 -49 1050 452888 5435583 409 3400
OSK-W-20-2275-W4 127 -49 1052 452888 5435583 409 3400
OSK-W-20-2280-W2 127 -58 1211 453304 5435639 415 3775
OSK-W-20-2280-W3 127 -58 1191 453304 5435639 415 3775
OSK-W-20-2280-W4 127 -58 1215 453304 5435639 415 3775
OSK-W-20-2280-W5 127 -58 1134 453304 5435639 415 3775
OSK-W-20-2283-W1 135 -50 1035 452997 5435607 425 3500
OSK-W-20-2283-W2 135 -50 1011 452997 5435607 425 3500
OSK-W-20-2283-W6 135 -50 957 452997 5435607 425 3500
OSK-W-20-2292-W4 125 -54 984 453035 5435561 420 3525
OSK-W-20-2295-W2 132 -51 963 452933 5435473 415 3375
OSK-W-20-2295-W3 132 -51 969 452933 5435473 415 3375
OSK-W-20-2295-W4 132 -51 1082 452933 5435473 415 3375
OSK-W-20-2313-W5 134 -52 1086 452965 5435583 420 3450
OSK-W-20-2322-W1 130 -54 1233 453608 5435715 403 4075
OSK-W-20-2334 125 -53 1166 453397 5435557 413 3825
OSK-W-20-2367 349 -46 279 452742 5434761 398 2875
WST-20-0406 135 -8 202 453494 5435287 117 3775
WST-20-0486 130 -37 162 453359 5435209 154 3625
WST-20-0498 132 -11 169 453228 5435126 136 3475
WST-20-0502 144 -40 115 453105 5435065 231 3325
WST-20-0503 148 6 99 453105 5435065 232 3325
WST-20-0505A 183 -45 331 453227 5435125 134 3475
WST-20-0506 175 20 141 453357 5435208 156 3625
WST-20-0509 126 -20 148 453316 5435166 124 3575
WST-20-0512 159 -10 139 453315 5435164 125 3575
WST-20-0513 147 -25 184 453418 5435305 69 3725
WST-20-0514 154 -26 181 453418 5435305 69 3725
WST-20-0523A 166 -46 387 453104 5435065 231 3325
WST-20-0525 165 -20 187 453418 5435305 69 3725
WST-20-0537 132 -32 139 453316 5435166 124 3575
WST-20-0538 130 -37 142 453316 5435166 124 3575
WST-20-0539 122 -29 139 453316 5435166 124 3575
WST-20-0540 129 -42 147 453316 5435166 124 3575
WST-20-0541 150 -28 138 453315 5435165 124 3575
WST-20-0544 144 -43 144 453315 5435165 124 3575
WST-20-0563 324 -40 248 453255 5435214 96 3525
WST-20-0579 162 -38 144 453315 5435165 124 3575
WST-20-0581 181 -60 474 453177 5435126 173 3425

 

 

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 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 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 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