DRILLING INTERSECTS WIDE HIGH-GRADE AT OSISKO’S WINDFALL

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

124 g/t Au Over 8.0 Metres in Triple Lynx

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

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

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

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

Infill Drilling

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

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

 

Expansion Drilling

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

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

Drill hole location

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

 

Caribou Zone

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

 

Lynx Zone

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

 

Underdog

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

 

Windfall North

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

 

Zone 27

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

 

F-Zones

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

 

Qualified Person

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

 

Quality Control and Reporting Protocols

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

 

About the Windfall Gold Deposit

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

 

About Osisko Mining Inc.

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

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

OSISKO DELIVERS UPDATED WINDFALL MINERAL RESOURCE ESTIMATE

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

3.6 Million Ounces Inferred Resource Averaging 8.6 g/t Au

 

(Toronto, January 10, 2022) Osisko Mining Inc. (OSK:TSX, “Osisko” or the “Corporation”) is pleased to provide the updated mineral resource estimate (“MRE”) for its 100% owned world-class Windfall gold deposit, located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

 

This MRE reflects the results of approximately 1.7 million metres of drilling, with 1.5 million metres completed by Osisko since October 2015, and includes all drilling completed as of September 2021 and all analytical results received as of October 20, 2021.

 

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

 

HIGHLIGHTS

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

 

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

 

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

 

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

 

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

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

(g/t)

Gold

 (000 oz)

Ag

(000 oz)

Tonnes
(000 t)
Gold

(g/t)

Ag

(g/t)

Gold

 (000 oz)

Ag

(000 oz)

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

Note: (1) MRE cut-off of 3.5 g/t Au.

 

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

Area Measured Indicated Inferred
Tonnes(1) (000 t) Gold

(g/t)

Ag

(g/t)

Gold(1)

(000 oz)

Ag(1)

(000 oz)

Tonnes(1) (000 t) Gold

(g/t)

Ag

(g/t)

Gold(1)

(000 oz)

Ag(1)

(000 oz)

Tonnes(1) (000 t) Gold

(g/t)

Ag

(g/t)

Gold(1)

(000 oz)

Ag(1)

(000 oz)

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

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

 

This MRE reflects the results of 4,536 drill holes (1,722,097 metres of core) in the resource area, including 3,882 drill holes (1,539,984 metres of core) completed by Osisko from October 2015 to September 20, 2021 with assays up to October 20, 2021. The MRE (with an effective date of October 20, 2021) was prepared by Osisko, under the supervision of BBA Inc. The full technical report, which is being prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI-43-101”), will be available on SEDAR (www.sedar.com) under the Corporation’s issuer profile within 45 days.

 

This mineral resource estimate reflects the current status of the geological interpretation supported by infill drilling, underground mapping and bulk sample results. Most mineralized envelopes in the Main area are associated with pyritic stringers. Lynx and Underdog mineralized lenses predominantly form an extensive anastomosed network of quartz-rich and pyrite-rich veins. The mineralization system is located near contacts between volcanic and pre-mineral intrusive rocks in Main and Lynx areas, and more specifically, within pre-mineral intrusive units in Underdog.

 

The MRE is 50% contained within 30 wireframes, and 75% contained within 98 wireframes. The MRE considers a total of 556 mineralized lenses defined by individual wireframes with a minimum true thickness of 2.0 metres. The MRE reports grade blocks inside volumes potentially mineable by underground methods at a cut-off grade of 3.5 g/t Au. The cut-off calculation below has been rounded up to 3.5 g/t Au to better represent a future mining cut-off (Table 3).

 

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

for the Windfall Gold Deposit Mineral Resource Estimation

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

 

Windfall Gold Deposit Mineral Resource Estimate Notes

  1. The independent qualified person for the MRE, as defined by NI 43-101 guidelines, is Pierre-Luc Richard, P.Geo.(OGQ#1119), of BBA Inc. The effective date of the estimate is October 20, 2021.

 

  1. The Windfall mineral resource estimate follows the November 29, 2019 CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines.
  2. These mineral resources are not mineral reserves as they have not demonstrated economic viability. The quantity and grade of reported Inferred mineral resources in this news release are uncertain in nature and there has been insufficient exploration to define these resources as indicated or measured; however, it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.
  3. Resources are presented undiluted and in situ and are considered to have reasonable prospects for economic extraction. Isolated and discontinuous blocks above the stated cut-off grade are excluded from the mineral resource estimate. Must-take material, i.e. isolated blocks below cut-off grade located within a potentially mineable volume, was included in the mineral resource estimate.
  4. As of October 20, 2021, the database comprises a total of 4,536 drill holes for 1,722,097 metres of drilling in the areal extent of the mineral resource estimate, of which 3,882 drill holes (1,539,984 metres) were completed and assayed by Osisko. The drill hole grid spacing is approximately 12.5 metre x 12.5 metre for definition drilling, 25 metre x 25 metre for infill drilling and larger for extension drilling.
  5. All core assays reported by Osisko were obtained by analytical methods described below under “Quality Control and Reporting Protocols”.
  6. Geological interpretation of the deposit is based on lithologies, mineralization style, alteration and structural features. Most mineralization envelopes are subvertical, striking NE-SW and plunging approximately 40 degrees towards the North-East. The 3D wireframing was generated in Leapfrog Geo, a modelling software, from hand selections of mineralization intervals. The mineral resource estimate includes a total of 556 tabular, mostly sub-vertical domains defined by individual wireframes with a minimum true thickness of 2.0 metres.
  7. Assays were composited within the mineralization domains into 2.0 metres length composites. A value of 0.00125 g/t Au and 0.0025 g/t Ag (¼ of the detection limit) was applied to unassayed core intervals.
  8. High-grade composites were capped. Cappings were determined in each area from statistical studies on groups of lenses sharing similar mineralization characteristics. Cappings vary from 6 g/t Au to 200 g/t Au and from 5 g/t Ag to 150 g/t Ag. A multiple capping strategy defined by capping values decreasing as interpolation search distances increase was used in the grade estimations.
  9. Block models were produced using Datamine™ Studio RM Software. The models are defined by parent cell sizes of 5 metres NE, 2 meters NW and 5 metres height, and sublocked to minimum subcell sizes of 1.25 meters NE, 0.5 metres NW and 1.25 metres height.
  10. Ordinary Kriging (OK) based interpolations were produced for gold estimations in each area of the Windfall deposit, while silver grade estimations for most projects were produced using Inverse Distance Squared (ID2) interpolations. Gold estimation parameters are based on composite variography analyses. The gold estimation parameters were used for the silver estimation.
  11. Density values vary between 2.73 and 2.93 and are mainly based on the densities of lithologies within the mineralized lenses.
  12. The Windfall mineral resource estimate is categorized as measured, indicated and inferred mineral resource as follows:
    1. The measured mineral resource category is manually defined and encloses areas where:
      1. drill spacing is less than 12.5 metres,
      2. blocks are informed by a minimum of four drill holes,
  • geological evidence is sufficient to confirm geological and grade continuity.
  1. lenses in the area have been accessed by underground workings.
  1. The indicated mineral resource category is manually defined and encloses areas where:
    1. drill spacing is generally less than 25 metres,
    2. blocks are informed by a minimum of two drill holes,
  • geological evidence is sufficient to assume geological and grade continuity.
  1. The inferred mineral resource category is manually defined and encloses areas where:
    1. drill spacing is less than 100 metres,
    2. blocks are informed by a minimum of two drill holes,
  • geological evidence is sufficient to imply, but not verify geological and grade continuity.
  1. The mineral resource is reported at 3.5 g/t Au cut-off. The cut-off grade is based on the following economic parameters: gold price at 1,600 USD/oz, exchange rate at 1.26 USD/CAD, 94.9% mill recovery; payability of 99.95%; selling cost at 5 USD/oz, 2% NSR royalties, mining cost at 107 CAD/t milled, G&A cost at 32 CAD/t milled, processing cost at 31 CAD/t, transportation cost at 2 CAD/t considering mill at site, and environment cost at 12 CAD/t. A cut-off grade of 3.5 g/t Au was selected over the calculated cut-off grade of 3.1 g/t Au to better reflect a realistic mining cut-off.
  2. Estimates use metric units (metres, tonnes and g/t). Metal contents are presented in troy ounces (metric tonne x grade / 31.103475).
  3. The independent qualified person is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues, or any other relevant issue, that could materially affect the mineral resource estimate.

 

  1. Values in tonnes and ounces are rounded to nearest thousand which may cause apparent discrepancies.

 

Qualified Person

The Windfall mineral resource estimate, with an effective date of October 20, 2021, was (i) prepared by Judith St-Laurent, P.Geo (OGQ #1023)., B.Sc., Director of Resources Estimation at Osisko, and (ii) reviewed and approved by Pierre-Luc Richard, M.Sc., P.Geo (OGQ#1119), each of whom is a “qualified person” within the meaning of NI 43-101. Mr. Richard is an employee of BBA Inc. and is considered to be “independent” of Osisko for purposes of section 1.5 of NI 43-101. The scientific and technical content in this news release has been reviewed and approved by Mr. Mathieu Savard, P.Geo (OGQ #510), President of Osisko, who is a “qualified person” within the meaning of NI 43-101.

Quality Control and Reporting Protocols

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

About the Windfall Gold Deposit

The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec, Canada. The mineral resource defined by Osisko, as disclosed in this news release and assuming a cut-off grade of 3.5 g/t Au, comprises 565,000 tonnes at 11.6 g/t Au (210,000 ounces) in the measured mineral resource category, 8,907,000 tonnes at 10.5 g/t Au (2,994,000 ounces) in the indicated mineral resource category and 13,035,000 tonnes at 8.6 g/t Au (3,585,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in this news release, certain of which are described in this news release, will be further described in the full technical report being prepared for this updated mineral resource estimate in accordance with NI 43-101, and will be available on SEDAR (www.sedar.com) under the Corporation’s issuer profile within 45 days. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main, and Underdog. Mineralization is generally comprised of sub-vertical lenses following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres, including the Triple 8 (TP8) zone. The resources excluding TP8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified near surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.

 

About Osisko Mining Inc.

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

 

Cautionary Statements Regarding Estimates of Mineral Resources

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

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

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

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

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

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

WINDFALL 2021 TOP 21 INTERCEPTS BY METAL FACTOR

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

 

Qualified Person

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

 

Quality Control and Reporting Protocols

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

 

About the Windfall Gold Deposit

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

 

About Osisko Mining Inc.

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

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

 

OSISKO WINDFALL DRILLING INTERSECTS MORE HIGH-GRADE

118 g/t Au Over 2.3 Metres in Triple Lynx

96.2 g/t Au Over 2.6 Metres in Lynx 4

(Toronto, December 15, 2021) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

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

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

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

Infill Drilling

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

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

 

Expansion Drilling

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

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

 

Drill hole location

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

 

Caribou Zone

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

 

F-Zones

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

 

Lynx Zone

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

 

Underdog

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

 

Qualified Person

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

 

Quality Control and Reporting Protocols

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

 

About the Windfall Gold Deposit

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

 

About Osisko Mining Inc.

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

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

OSISKO WINDFALL DRILLING INTERCEPTS WIDE HIGH-GRADE IN EXPANSION HOLES

163 g/t Au over 8.8 metres in Lynx 4

32.4 g/t Au over 5.7 metres in Triple Lynx

(Toronto, December 8, 2021) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

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

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

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

Infill

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

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

 

Expansion Drilling

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

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

 

Drill hole location

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

 

Bobcat

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

 

Caribou Zone

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

 

F-Zones

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

 

Lynx Zone

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

 

Underdog

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

 

Zone 27

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

 

Qualified Person

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

 

Quality Control and Reporting Protocols

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

 

About the Windfall Gold Deposit

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

 

About Osisko Mining Inc.

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

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

Long Section In EN 20211208

Long Section Ex EN 20211208

PR_EN_20211208_Surface

PR_EN_20211208_UG

OSISKO WINDFALL DRILLING CONTINUES TO INTERCEPT HIGH-GRADE ACROSS THE WINDFALL DEPOSIT

576 g/t Au over 2.7 metres in Triple Lynx

93.1 g/t Au over 3.0 metres in Caribou

22.3 g/t Au over 4.4 metres in Underdog

(Toronto, December 2, 2021) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Significant new analytical results presented below include 135 intercepts in 37 drill holes (18 from surface, 19 from underground) and 22 wedges. The infill intercepts are located inside defined February 2021 mineral resource estimate (“MRE”) blocks (see Osisko news release dated February 17, 2021). The expansion intercepts are located outside the February 2021 MRE blocks and either expand resource wireframes or are in a defined zone or corridor but do not yet correlate to a specific wireframe.

Osisko Chief Executive Officer John Burzynski commented: “Though the main infill drill campaign at Windfall has been successfully completed in support of the upcoming mineral resource estimate update, we continue with targeted infill and expansion drilling. Today’s results are part of this continuing program and clearly demonstrate Windfall’s growth upside, especially the expansion results”.

Selected high-grade intercepts include: 576 g/t Au over 2.7 metres, 17.6 g/t Au over 10.6 metres and 15.7 g/t Au over 8.1 metres in OSK-W-21-2587; 221 g/t Au over 2.0 metres in WST-21-0877; 127 g/t Au over 2.6 metres in OSK-W-21-2537-W3; 93.1 g/t Au over 3.0 metres in OSK-W-21-2606; 28.6 g/t Au over 4.9 metres in OSK-W-21-2540-W4; 34.7 g/t Au over 3.8 metres in OSK-W-21-1963-W8; 37.4 g/t Au over 3.0 metres in OSK-W-21-1963-W7, 15.4 g/t Au over 6.8 metres in WST-21-0857A and 22.3 g/t Au over 4.4 metres in OSK-W-21-2532-W3. 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-21-1949-W11 1047.2 1049.6 2.4 3.57   LX4_3430 Lynx 4
  1053.6 1059.0 5.4 5.31   LX4_3434 Lynx 4
OSK-W-21-1963-W7 1331.6 1334.6 3.0 37.4   LX4_3449 Lynx 4
including 1331.6 1332.3 0.7 99.1
  1345.0 1347.0 2.0 4.96   LX4_3445 Lynx 4
including 1345.6 1346.2 0.6 13.1
  1374.0 1376.0 2.0 19.8   LX4_3445 Lynx 4
including 1374.7 1375.4 0.7 38.8
  1378.8 1382.5 3.7 6.39   LX4_3445 Lynx 4
OSK-W-21-1963-W8 1340.7 1344.5 3.8 34.7 26.1 LX4_3449 Lynx 4
including 1341.6 1342.1 0.5 166 100
OSK-W-21-2287-W7 1138.0 1140.2 2.2 4.78   LX4_3453 Lynx 4
including 1139.6 1140.2 0.6 16.5
  1219.8 1222.0 2.2 6.56   LX4_3449 Lynx 4
including 1220.3 1221.0 0.7 19.7
OSK-W-21-2287-W9 1237.2 1239.4 2.2 6.50   LX4_3449 Lynx 4
OSK-W-21-2400-W1 672.0 674.0 2.0 3.63   CA1 Caribou
including 672.4 672.7 0.3 23.1
  762.0 764.0 2.0 4.43   CA2_2208 Caribou
  820.0 822.3 2.3 4.03   CA2_2218 Caribou
OSK-W-21-2416-W7 939.9 944.0 4.1 9.01   TLX_3161 Triple Lynx
including 940.3 941.0 0.7 24.2
  966.6 969.0 2.4 9.84   TLX_3163 Triple Lynx
  985.0 987.1 2.1 8.85   TLX_3163 Triple Lynx
including 986.0 986.3 0.3 36.3
  1006.0 1008.1 2.1 6.21   TLX_3164 Triple Lynx
including 1007.8 1008.1 0.3 35.5
  1051.5 1053.5 2.0 20.2   TLX_3170 Triple Lynx
  1086.0 1089.0 3.0 4.33   TLX_3172 Triple Lynx
  1096.0 1098.2 2.2 7.08   TLX_3193 Triple Lynx
including 1097.1 1097.6 0.5 21.4
OSK-W-21-2479-W10 464.0 466.0 2.0 4.52   Z27_1203 Zone 27
including 464.7 465.2 0.5 13.2
  694.1 696.4 2.3 6.32   UDD_4100 Underdog
OSK-W-21-2479-W11 709.7 712.0 2.3 9.08   UDD_4102 Underdog
including 709.7 710.0 0.3 22.5
and 710.3 710.7 0.4 33.3
OSK-W-21-2531-W3 635.0 637.6 2.6 5.99   CA2_2206 Caribou
including 636.7 637.6 0.9 13.9
OSK-W-21-2531-W4 870.6 872.6 2.0 4.42   UDD_4100 Underdog
  1043.5 1045.7 2.2 3.56   UDD_4915 Underdog
  1075.7 1077.7 2.0 3.50   UDD_4501 Underdog
including 1075.7 1076.0 0.3 16.1
OSK-W-21-2532-W3 909.0 911.0 2.0 7.17   UDD_4106 Underdog
  1036.0 1038.0 2.0 4.23   UDD_4911 Underdog
  1081.6 1086.0 4.4 22.3 20.6 UDD_4513 Underdog
including 1084.7 1085.4 0.7 111 100
  1139.0 1141.0 2.0 6.04   UDD_4512 Underdog
OSK-W-21-2537-W3 908.0 910.6 2.6 127 61.2 TLX_3161 Triple Lynx
including 909.1 910.0 0.9 276 100
OSK-W-21-2551-W4 834.6 836.8 2.2 15.9   LX4_3424 Lynx 4
including 836.3 836.8 0.5 67.7
  887.6 889.9 2.3 28.9   LX4_3414 Lynx 4
including 889.4 889.9 0.5 90.1
  900.0 902.0 2.0 3.75   LX4_3437 Lynx 4
  911.0 913.0 2.0 7.13   LX4_3437 Lynx 4
OSK-W-21-2578 156.0 158.0 2.0 14.6   CA1_2505 Caribou
including 157.0 158.0 1.0 28.8
  165.9 168.0 2.1 9.77   CA1_2505 Caribou
  178.0 180.0 2.0 6.42   CA1_2505 Caribou
OSK-W-21-2578-W2 606.0 608.0 2.0 3.60   UDD_4100 Underdog
OSK-W-21-2587 1042.5 1046.0 3.5 7.33   TLX_3164 Triple Lynx
  1073.0 1077.0 4.0 21.3   TLX_3162 Triple Lynx
including 1075.8 1077.0 1.2 42.9  
  1098.4 1101.1 2.7 576 20.0 TLX_3170 Triple Lynx
including 1100.7 1101.1 0.4 3850 100
  1104.1 1112.2 8.1 15.7   TLX_3170 Triple Lynx
including 1107.7 1108.1 0.4 63.1
OSK-W-21-2589-W2 736.2 738.5 2.3 34.9   TLX_3171 Triple Lynx
including 737.1 738.0 0.9 88.1
OSK-W-21-2600 650.3 652.5 2.2 6.14   UDD_4914 Underdog
including 650.3 650.6 0.3 14.2
OSK-W-21-2606 699.0 702.0 3.0 93.1 63.0 CA2_2208 Caribou
including 700.0 701.0 1.0 191 100
OSK-W-21-2609 638.0 640.0 2.0 6.33   CA2_2237 Caribou
including 638.9 639.5 0.6 16.0
OSK-W-21-2612 377.0 383.0 6.0 4.71   Z27_1102 Zone 27
OSK-W-21-2615 193.7 195.7 2.0 4.01   WFN_7009 Windfall North
OSK-W-21-2618 207.0 209.0 2.0 5.86   WFN_7009 Windfall North
OSK-W-21-2620 701.0 703.0 2.0 4.59   CAE_2547 Caribou
OSK-W-21-2622 191.4 193.4 2.0 7.29   WFN_7010 Windfall North
including 192.8 193.4 0.6 24.1
OSK-W-21-2627 57.0 59.0 2.0 20.6   WFN_7003 Windfall North
including 57.6 58.6 1.0 39.9
WST-21-0649 541.0 543.0 2.0 21.8 16.7 LX4_3450 Lynx 4
including 541.7 542.0 0.3 134 100
WST-21-0784 265.0 267.1 2.1 3.52   TLX_3161 Triple Lynx
including 266.3 266.8 0.5 14.0
WST-21-0855B 562.7 566.6 3.9 14.0   LX4_3440 Lynx 4
including 566.3 566.6 0.3 58.7
WST-21-0859 277.3 280.2 2.9 17.5   LSW_3508 Lynx SW
including 278.3 278.7 0.4 66.7
  347.0 349.0 2.0 29.6 19.5 TLX_3166 Triple Lynx
including 347.9 348.2 0.3 167 100
WST-21-0868A 196.0 198.1 2.1 44.6   TLX_3161 Triple Lynx
  302.0 305.0 3.0 6.14   TLX_3182 Triple Lynx
  336.0 338.0 2.0 5.50   TLX_3131 Triple Lynx
WST-21-0877 79.6 81.6 2.0 4.51   LXM_3339 Lynx
including 80.9 81.6 0.7 12.6
WST-21-0879 669.5 671.5 2.0 19.6   LX4_3412 Lynx 4
including 669.5 670.5 1.0 39.1
WST-21-0899C 213.1 215.3 2.2 5.80   LSW_3507 Lynx SW
  313.1 315.4 2.3 6.04   LSW_3556 Lynx SW
WST-21-0901 313.0 315.0 2.0 7.51   LHW_3215 Lynx HW
WST-21-0906A 357.5 359.7 2.2 4.42   LSW_3556 Lynx SW
WST-21-0910A 396.3 399.0 2.7 11.1   LSW_3556 Lynx SW
including 397.9 398.6 0.7 30.1

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

 

Expansion Drilling

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-21-1871-W1 844.0 846.0 2.0 5.55   UDD Underdog
OSK-W-21-1949-W11 1028.1 1030.2 2.1 17.6   LX4 Lynx 4
including 1029.2 1029.6 0.4 72.0
  1068.0 1071.4 3.4 3.66   LX4 Lynx 4
  1101.7 1103.8 2.1 4.73   LX4 Lynx 4
including 1102.4 1102.7 0.3 22.9
OSK-W-21-2287-W9 943.6 945.6 2.0 4.57   LX4 Lynx 4
including 943.6 944.1 0.5 18.2
OSK-W-21-2416-W6 986.0 988.3 2.3 9.75   TLX Triple Lynx
OSK-W-21-2479-W11 470.7 472.8 2.1 8.28   Z27 Zone 27
including 470.7 471.1 0.4 27.5
  773.0 775.2 2.2 5.95   UDD Underdog
  879.7 882.0 2.3 6.37   UDD Underdog
including 879.7 880.4 0.7 20.5
OSK-W-21-2522-W4 754.0 756.2 2.2 6.14   Lynx Lynx
OSK-W-21-2532-W3 691.9 694.0 2.1 12.6   UDD Underdog
including 691.9 692.8 0.9 28.7
  1089.0 1091.0 2.0 15.0   UDD Underdog
including 1089.4 1090.0 0.6 37.7
OSK-W-21-2540-W4 978.7 983.6 4.9 28.6   TLX Triple Lynx
including 983.0 983.6 0.6 74.9
OSK-W-21-2540-W5 936.0 940.8 4.8 11.0   TLX Triple Lynx
OSK-W-21-2540-W6 931.0 933.2 2.2 9.62   TLX Triple Lynx
OSK-W-21-2548 235.5 238.5 3.0 3.70   BCT Bobcat
  252.3 254.5 2.2 3.64   BCT Bobcat
  358.0 360.1 2.1 4.19   BCT Bobcat
OSK-W-21-2578 376.8 380.3 3.5 10.6   Z27 Zone 27
  691.1 693.2 2.1 10.8   UDD Underdog
including 692.6 692.9 0.3 67.0
OSK-W-21-2578-W2 590.0 592.0 2.0 7.84   UDD Underdog
including 590.0 590.8 0.8 19.0
  706.0 709.2 3.2 6.00   UDD Underdog
  917.9 920.1 2.2 4.10   UDD Underdog
including 919.3 919.6 0.3 27.8
OSK-W-21-2587 978.4 989.0 10.6 17.6 17.6 TLX Triple Lynx
including 982.3 983.0 0.7 101 100
and 983.0 983.7 0.7 77.2
  1054.0 1056.0 2.0 5.53   TLX Triple Lynx
  1060.0 1062.0 2.0 9.86   TLX Triple Lynx
including 1061.0 1062.0 1.0 18.3
OSK-W-21-2593 696.4 698.5 2.1 7.44   LX4 Lynx 4
including 696.4 697.0 0.6 17.9
OSK-W-21-2595 343.7 346.3 2.6 12.0   CAE Caribou
including 345.9 346.3 0.4 52.1
  456.0 458.0 2.0 5.39   CAE Caribou
including 457.2 457.6 0.4 26.4
  527.7 530.1 2.4 8.50   CAE Caribou
including 528.1 528.7 0.6 24.9
  559.0 561.0 2.0 5.68   CAE Caribou
including 559.3 559.9 0.6 16.2
  568.8 571.3 2.5 7.32   CAE Caribou
including 570.9 571.3 0.4 17.5
  646.5 648.5 2.0 9.53   CAE Caribou
including 646.5 647.0 0.5 36.0
  651.0 653.2 2.2 24.7   CAE Caribou
including 652.7 653.2 0.5 98.5
OSK-W-21-2606 581.0 583.7 2.7 5.99   CAE Caribou
including 583.1 583.7 0.6 26.8
OSK-W-21-2609 646.3 648.4 2.1 25.6   CA2 Caribou
including 646.8 647.4 0.6 84.3
OSK-W-21-2610 534.7 536.7 2.0 4.57   CAE Caribou
OSK-W-21-2612 301.7 303.8 2.1 13.2   Z27 Zone 27
  309.0 311.0 2.0 7.35   Z27 Zone 27
OSK-W-21-2616 208.3 210.3 2.0 4.01   WFN Windfall North
OSK-W-21-2623 170.0 172.0 2.0 5.36   WFN Windfall North
  195.0 197.5 2.5 4.86   WFN Windfall North
including 196.7 197.5 0.8 13.8
OSK-W-21-2624 18.0 20.0 2.0 10.8   WFN Windfall North
WST-21-0771C 285.2 287.6 2.4 4.46   LSW Lynx SW
WST-21-0855B 505.5 507.8 2.3 13.0   LX4 Lynx 4
including 505.5 506.2 0.7 30.8
WST-21-0857A 38.0 40.4 2.4 18.4   LXM Lynx
including 39.4 40.0 0.6 66.3
  363.2 370.0 6.8 15.4 14.8 TLX Triple Lynx
including 363.9 364.6 0.7 106 100
  463.2 465.3 2.1 4.46   TLX Triple Lynx
including 464.4 465.3 0.9 8.32
WST-21-0860 245.9 248.1 2.2 5.87   TLX Triple Lynx
including 246.5 247.0 0.5 24.4
WST-21-0863 388.0 390.0 2.0 8.66   TLX Triple Lynx
WST-21-0868A 228.0 231.0 3.0 4.31   TLX Triple Lynx
  234.0 236.5 2.5 5.34   TLX Triple Lynx
  241.5 243.5 2.0 5.85   TLX Triple Lynx
  373.6 375.9 2.3 5.88   TLX Triple Lynx
  559.2 561.5 2.3 7.11   LX4 Lynx 4
WST-21-0877 307.7 309.7 2.0 221 15.1 LSW Lynx SW
including 309.1 309.4 0.3 1475 100
WST-21-0885B 148.5 150.5 2.0 6.49   LSW Lynx SW
including 149.5 150.5 1.0 13.0
  296.5 300.5 4.0 12.8   LSW Lynx SW
WST-21-0886 100.6 102.7 2.1 11.8   BCT Bobcat
including 101.7 102.4 0.7 30.5
WST-21-0898 391.7 394.7 3.0 28.2   TLX Triple Lynx
including 392.8 394.0 1.2 61.9
WST-21-0899B 164.9 167.0 2.1 6.35   LSW Lynx SW
  220.2 225.3 5.1 10.2   LSW Lynx SW
including 220.2 221.0 0.8 25.8
WST-21-0899C 372.0 374.0 2.0 8.81   LSW Lynx SW
including 373.2 373.6 0.4 43.7
WST-21-0910A 97.2 99.3 2.1 4.04   BCT Bobcat
including 98.1 98.7 0.6 13.9
  169.5 171.5 2.0 10.3   LSW Lynx SW
including 171.0 171.5 0.5 39.0
  290.0 292.0 2.0 21.2   LSW Lynx SW
including 290.3 291.0 0.7 55.9

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

 

Drill hole location

Hole Number Azimuth (°) Dip

(°)

Length

(m)

UTM E UTM N Elevation Section
OSK-W-21-1871-W1 331 -56 1119 452496 5434397 402 2475
OSK-W-21-1949-W11 105 -57 1314 453440 5435479 401 3825
OSK-W-21-1963-W7 123 -58 1431 453761 5435816 401 4275
OSK-W-21-1963-W8 123 -58 1452 453761 5435816 401 4275
OSK-W-21-2287-W7 116 -53 1320 453607 5435714 404 4075
OSK-W-21-2287-W9 116 -53 1329 453607 5435714 404 4075
OSK-W-21-2400-W1 336 -53 861 452878 5434419 401 2825
OSK-W-21-2416-W6 123 -54 990 453169 5435624 412 3650
OSK-W-21-2416-W7 123 -54 1104 453169 5435624 412 3650
OSK-W-21-2479-W10 344 -55 807 452315 5434420 399 2325
OSK-W-21-2479-W11 344 -55 1005 452315 5434420 399 2325
OSK-W-21-2522-W4 128 -54 1208 453450 5435592 411 3900
OSK-W-21-2531-W3 344 -62 1329 452566 5434415 403 2550
OSK-W-21-2531-W4 344 -62 1203 452566 5434415 403 2550
OSK-W-21-2532-W3 341 -60 1191 452478 5434430 401 2475
OSK-W-21-2537-W3 114 -54 1024 452981 5435549 420 3450
OSK-W-21-2540-W4 117 -60 1297 453465 5435640 410 3925
OSK-W-21-2540-W5 117 -60 1311 453465 5435640 410 3925
OSK-W-21-2540-W6 117 -60 1541 453465 5435640 410 3925
OSK-W-21-2548 331 -57 774 452832 5434545 398 2850
OSK-W-21-2551-W4 120 -55 1026 453622 5435635 405 4050
OSK-W-21-2578 350 -53 942 452178 5434397 399 2200
OSK-W-21-2578-W2 350 -53 924 452178 5434397 399 2200
OSK-W-21-2587 127 -59 1278 453350 5435673 418 3850
OSK-W-21-2589-W2 130 -49 969 452960 5435539 420 3425
OSK-W-21-2593 18 -76 833 454135 5435058 397 4225
OSK-W-21-2595 150 -60 742 452830 5435324 414 3225
OSK-W-21-2600 329 -50 789 452470 5434626 403 2550
OSK-W-21-2606 325 -61 774 452786 5434526 398 2800
OSK-W-21-2609 338 -62 711 452683 5434351 402 2625
OSK-W-21-2610 153 -62 684 452831 5435324 414 3225
OSK-W-21-2612 333 -51 717 452391 5434638 402 2500
OSK-W-21-2615 338 -60 258 452248 5435150 412 2625
OSK-W-21-2616 341 -56 264 452279 5435163 411 2650
OSK-W-21-2618 330 -56 248 452279 5435162 411 2650
OSK-W-21-2620 145 -59 723 452769 5435312 406 3150
OSK-W-21-2622 328 -63 249 452247 5435150 412 2625
OSK-W-21-2623 336 -50 279 452278 5435162 411 2650
OSK-W-21-2624 351 -47 93 452186 5435122 405 2550
OSK-W-21-2627 155 -45 105 452196 5435179 405 2600
WST-21-0649 136 -47 790 453258 5435211 98 3525
WST-21-0771C 127 -52 357 452954 5435003 252 3175
WST-21-0784 132 -66 361 453507 5435327 -7 3800
WST-21-0855B 118 -45 751 453507 5435333 -48 3800
WST-21-0857A 141 -51 592 453322 5435236 54 3600
WST-21-0859 133 -66 499 453105 5435067 231 3325
WST-21-0860 126 -60 304 453508 5435328 -7 3800
WST-21-0863 135 -64 403 453508 5435327 -7 3800
WST-21-0868A 130 -44 922 453374 5435296 -26 3675
WST-21-0877 158 -60 490 453105 5435065 231 3325
WST-21-0879 139 -44 724 453258 5435209 96 3525
WST-21-0885B 145 -53 377 452954 5435003 253 3175
WST-21-0886 128 -51 375 452954 5435004 253 3175
WST-21-0898 141 -61 402 453508 5435327 -7 3800
WST-21-0899B 134 -60 287 452955 5435004 253 3175
WST-21-0899C 139 -58 434 452955 5435004 252 3175
WST-21-0901 116 -18 340 453462 5435327 32 3775
WST-21-0906A 133 -58 381 453105 5435066 231 3325
WST-21-0910A 143 -63 438 452954 5435004 252 3175

 

Bobcat

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

 

Caribou Zone

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

 

Lynx Zone

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

 

Underdog

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

 

Zone 27

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

 

Windfall North

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

 

Qualified Person

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

 

Quality Control and Reporting Protocols

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

 

 

About the Windfall Gold Deposit

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

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of gold resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,700 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 disclosed in this news release; the prospects, if any, of the Windfall gold deposit; timing and ability of Osisko to file a technical report for the mineral resource estimate disclosed in this news release; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the amount and type of drilling to be completed and the timing to complete such drilling; the focus of the remaining infill drilling; the trend of grade increase; the Lynx zone remaining open to expansion down plunge; upgrading a inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the significance of historic exploration activities and results. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including (infill) drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

 

CONTACT INFORMATION:

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

Long Section infill EN 20211202

Long Section expan EN 20211202

PR_EN_20211202_Surface

PR_EN_20211202_UG

OSISKO MINING ANNOUNCES $154 MILLION CONVERTIBLE DEBENTURE PLACEMENT WITH NORTHERN STAR RESOURCES LIMITED

Parties To Negotiate Terms for Joint-Venture on Osisko’s Windfall Project

Toronto, Ontario (November 30, 2021) – Osisko Mining Inc. (TSX:OSK) (“Osisko“) announces that it has signed an agreement for a private placement of $154 million in a convertible senior unsecured debenture due December 1, 2025 (the “Debentures“) with Northern Star Resources Limited (“Northern Star“). The Debenture bears interest at a rate of 4.75% per annum payable semi-annually in arrears, which may be accrued at the option of Northern Star. In addition, Osisko and Northern Star have agreed to negotiate, on an exclusive basis, the terms of an earn-in and joint-venture on up to a 50% interest in Osisko’s Windfall Project.

The Debenture may be converted by Northern Star at any time after the first anniversary of closing, subject to acceleration in the event of a change of control, at a conversion price (the “Conversion Price“) equal to $4.00 per common share of Osisko (“Common Shares“). Upon entering into the earn-in and joint venture agreement, Northern Star may convert the Debenture into an interest in the property at a conversion premium of 125%.

In addition, the Debenture may be redeemed by Osisko at any time after the second anniversary of closing for cash or Common Shares (provided that the volume weighted average trading price of the Common Shares are not less than 125% of the Conversion Price for the twenty consecutive trading days ending five days prior to the notice of redemption). The Debenture is subject to standard anti-dilution, events of default and early payment penalty provisions. In the event of an announced change of control transaction, the Debenture may be accelerated and converted into Common Shares at the Conversion Price or a proportionate interest in the Windfall Project.

John Burzynski, Chairman and Chief Executive Officer of Osisko, commented: “We are pleased to announce today’s investment agreement and Northern Star’s intention to negotiate an earn-in joint-venture partnership on our Windfall Project. The potential of joining forces with Northern Star, a well-respected gold producer with a depth of experience in mining underground high-grade deposits similar to the Windfall Project, would help de-risk the remaining work ahead to bring the Windfall Project to successful production. We are confident that, subject to reaching an agreement with Northern Star on the earn-in joint-venture terms, they will be a very strong partner in assuring our development plans for the Windfall Project. Going forward, Osisko shareholders can be confident that there should be no significant shareholder dilution needed to successfully bring the Windfall Project to production.”

The net proceeds of the Debenture will be used for the advancement of Osisko’s Windfall Project and for general corporate purposes. The Debenture and any Common Shares issuable upon the conversion of the Debenture, will be subject to a hold period expiring four months and one day from the date hereof.

About Osisko Mining Inc.

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

 

Cautionary Note Regarding Forward-Looking Information

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

 

For further information on Osisko please contact:

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

OSISKO DRILLING RETURNS 319 g/t Au OVER 10.5 METRES IN LYNX

(Toronto, November 17, 2021) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Significant new analytical results presented below include 54 intercepts in 14 drill holes (7 from surface, 7 from underground) and 11 wedges. The infill intercepts are located inside defined February 2021 mineral resource estimate (“MRE”) blocks (see Osisko news release dated February 17, 2021). The expansion intercepts are located outside the February 2021 MRE blocks and either expand resource wireframes or are in a defined zone or corridor but do not yet correlate to a specific wireframe.

Osisko Chief Executive Officer John Burzynski commented: “The main infill drill campaign at Windfall, with the objective of converting inferred resources into measured and indicated resources, has been successfully completed with the continued intersection of high-grade intervals as illustrated by today’s headline hole.  Selective expansion drilling continues to successfully extend previously defined zones and define new ones. Both programs are in support of the mineral resource estimate update, expected to be completed early in the New Year.  We have recently reduced our drill count from 35 rigs to 15 rigs with the completion of the infill program, but selective infill drilling will continue throughout the winter, as well as an expanded focus on exploration drilling in the vicinity of Windfall.”

Selected high-grade intercepts include: 319 g/t Au over 10.5 metres in OSK-W-21-2287-W6; 124 g/t Au over 4.3 metres, 89.2 g/t Au over 3.5 metres and 133 g/t Au over 2.3 metres in OSK-W-21-2547-W1; 143 g/t Au over 2.2 metres in OSK-W-21-2503-W3; 48.5 g/t Au over 3.2 metres in OSK-W-21-2552; 62.5 g/t Au over 2.2 metres in WST-21-0881A; 10.7 g/t Au over 11.6 metres in OSK-W-21-2537-W4; 37.3 g/t Au over 3.2 metres in OSK-W-21-1882-W7 and 32.1 g/t Au over 3.5 metres in WST-21-0812. 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-21-1882-W7 795.1 797.3 2.2 15.0   UDD_4100 Underdog
including 795.9 796.3 0.4 49.2
799.0 802.2 3.2 37.3 17.5 UDD_4100 Underdog
including 801.9 802.2 0.3 312 100
OSK-W-21-1882-W8 749.7 752.0 2.3 4.38   UDD_4121 Underdog
including 750.6 751.2 0.6 14.8
829.5 831.5 2.0 15.1   UDD_4100 Underdog
including 831.2 831.5 0.3 94.2
OSK-W-21-1949-W9 1063.0 1065.0 2.0 28.5   LX4_3430 Lynx 4
including 1063.0 1063.9 0.9 59.3
OSK-W-21-1958-W4 978.4 982.3 3.9 17.7   LX4_3431 Lynx 4
OSK-W-21-2287-W6 1259.2 1269.7 10.5 319 32.5 LX4_3449 Lynx 4
including 1259.2 1260.4 1.2 2550 100
OSK-W-21-2503-W3 1111.8 1114.0 2.2 143 61.3 TLX_3172 Triple Lynx
including 1111.8 1112.1 0.3 316 100
1117.0 1119.0 2.0 4.55   TLX_3172 Triple Lynx
OSK-W-21-2532-W2 963.0 965.5 2.5 4.37   UDD_4515 Underdog
including 963.4 963.8 0.4 22.9
976.0 978.0 2.0 8.96   UDD_4511 Underdog
including 976.3 976.6 0.3 53.8
OSK-W-21-2537-W4 920.7 922.8 2.1 13.6   TLX_3161 Triple Lynx
including 920.7 921.0 0.3 62.9
928.0 932.0 4.0 12.8   TLX_3161 Triple Lynx
including 928.0 928.3 0.3 90.9
935.4 947.0 11.6 10.7   TLX_3161 Triple Lynx
including 935.4 935.8 0.4 44.1
and 940.0 941.0 1.0 41.0
OSK-W-21-2547-W1 698.0 700.0 2.0 5.97 TLX_3171 Triple Lynx
including 699.2 699.5 0.3 37.9
  723.0 725.0 2.0 4.66   TLX_3184 Triple Lynx
  747.0 749.3 2.3 133 13.3 TLX_3184 Triple Lynx
including 749.0 749.3 0.3 1020 100
OSK-W-21-2551-W3 886.0 888.2 2.2 20.7   LX4_3437 Lynx 4
including 886.8 887.3 0.5 88.3
OSK-W-21-2552 116.0 118.4 2.4 5.48   CA1_2504 Caribou
153.2 156.4 3.2 48.5 14.4 CA1_2518 Caribou
including 153.2 153.5 0.3 464 100
339.7 343.5 3.8 19.0 Z27_1123 Zone 27
including 342.1 342.5 0.4 42.7
521.7 523.8 2.1 8.37   MAL_5215 Mallard
including 521.7 522.0 0.3 54.9
OSK-W-21-2578-W1 862.0 864.0 2.0 11.8   UDD_4910 Underdog
including 862.5 863.2 0.7 33.2
OSK-W-21-2581 687.0 689.0 2.0 4.60   UDD_4103 Underdog
OSK-W-21-2585 134.6 137.0 2.4 39.2 27.0 F51_6008 F-51
including 135.7 136.2 0.5 159 100
OSK-W-21-2586 647.4 651.0 3.6 6.73   CA2_2241 Caribou
including 647.4 648.0 0.6 14.1
657.3 660.0 2.7 4.15   CA2_2214 Caribou
OSK-W-21-2604 50.5 52.8 2.3 12.1   WFN_7003 Windfall North
including 51.6 52.0 0.4 27.9
105.0 107.0 2.0 8.72   WFN_7008 Windfall North
including 106.0 107.0 1.0 17.4
WST-21-0812 319.5 323.0 3.5 32.1   LSW_3502 Lynx SW
WST-21-0862C 339.0 341.5 2.5 5.75   LSW_3556 Lynx SW
including 339.8 340.1 0.3 30.8
WST-21-0865C 243.0 245.1 2.1 18.6 14.4 LHW_3221 Lynx HW
including 244.8 245.1 0.3 129 100
273.0 275.3 2.3 6.32   LHW_3215 Lynx HW
including 273.5 274.3 0.8 17.8
277.0 279.1 2.1 9.83   LHW_3215 Lynx HW
including 278.1 279.1 1.0 20.6
WST-21-0867B 304.5 306.7 2.2 8.34   LHW_3201 Lynx HW
including 304.8 305.2 0.4 45.2
WST-21-0881A 76.0 78.2 2.2 62.5 14.4 LXM_3361 Lynx
including 76.6 76.9 0.3 453 100

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

 

Expansion Drilling

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-21-1949-W9 1080.0 1082.0 2.0 20.8   Lynx 4 Lynx
OSK-W-21-2547-W1 786.0 788.0 2.0 6.19   Triple Lynx Triple Lynx
800.7 805.0 4.3 124 27.1 Triple Lynx Triple Lynx
including 802.9 803.3 0.4 1145 100
  807.0 810.0 3.0 5.51   Triple Lynx Triple Lynx
813.8 817.3 3.5 89.2 20.0 Triple Lynx Triple Lynx
including 813.8 814.1 0.3 908 100
OSK-W-21-2552 217.4 219.6 2.2 3.93 Caribou Caribou
including 219.0 219.6 0.6 13.2
421.9 424.2 2.3 5.47   Z27 Zone 27
OSK-W-21-2572 339.0 341.0 2.0 7.39   Bobcat Bobcat
including 339.7 340.2 0.5 27.9
OSK-W-21-2578-W1 653.3 655.3 2.0 10.2   UDD Underdog
including 653.3 653.7 0.4 50.3
698.0 700.3 2.3 12.2   Underdog Underdog
732.8 736.2 3.4 3.56   Underdog Underdog
including 732.8 733.1 0.3 18.3
and 735.9 736.2 0.3 14.4
OSK-W-21-2598 125.0 127.0 2.0 4.15   WFN Windfall North
including 126.1 126.4 0.3 26.0
WST-21-0862C 92.5 94.7 2.2 12.1   BCT Bobcat
349.0 351.2 2.2 4.21   Lynx SW Lynx SW
including 350.1 350.7 0.6 8.89
WST-21-0881A 274.4 276.6 2.2 5.93   Lynx SW Lynx SW
including 275.5 275.9 0.4 20.5
WST-21-0882A 153.0 155.3 2.3 5.74   Lynx SW Lynx SW
including 153.0 153.6 0.6 12.8
230.0 232.0 2.0 4.35   Lynx SW Lynx SW
including 231.4 232.0 0.6 14.2
WST-21-0884 274.0 276.1 2.1 25.1   TLX_3161 Triple Lynx
including 274.5 275.5 1.0 47.2

Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below. BCT = Bobcat, SW = Southwest, TLX = Triple Lynx, UDD = Underdog, WFN = Windfall North and Z27 = Zone 27.

 

Drill hole location

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-21-1882-W7 328 -58 807 452469 5434405 400 2450
OSK-W-21-1882-W8 328 -58 879 452469 5434405 400 2450
OSK-W-21-1949-W9 105 -57 1140 453440 5435479 401 3825
OSK-W-21-1958-W4 111 -52 1066 453430 5435572 411 3850
OSK-W-21-2287-W6 116 -53 1443 453607 5435714 404 4075
OSK-W-21-2503-W3 126 -58 1257 453333 5435641 413 3800
OSK-W-21-2532-W2 341 -60 1145 452480 5434428 401 2475
OSK-W-21-2537-W4 114 -54 947 452981 5435550 420 3450
OSK-W-21-2547-W1 140 -55 790 452886 5435484 409 3350
OSK-W-21-2551-W3 120 -55 954 453622 5435635 405 4050
OSK-W-21-2552 335 -52 684 452404 5434674 400 2525
OSK-W-21-2572 146 -50 777 452886 5435484 409 3350
OSK-W-21-2578-W1 350 -53 918 452178 5434397 399 2200
OSK-W-21-2581 333 -49 755 452469 5434627 403 2550
OSK-W-21-2585 169 -62 180 453426 5435858 405 4000
OSK-W-21-2586 334 -60 706 452682 5434351 402 2625
OSK-W-21-2598 343 -46 210 452118 5435098 406 2475
OSK-W-21-2604 353 -48 270 452197 5435106 406 2550
WST-21-0812 149 -51 370 452954 5435003 253 3175
WST-21-0862C 147 -56 405 452954 5435003 252 3175
WST-21-0865C 115 -04 304 453462 5435327 33 3775
WST-21-0867B 110 -13 346 453462 5435327 33 3775
WST-21-0881A 148 -57 457 453105 5435065 231 3325
WST-21-0882A 120 -60 350 452955 5435003 253 3175
WST-21-0884 123 -66 322 453509 5435328 -7 3800

 

Lynx Zones

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

 

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.

 

Zone 27

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

 

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.

 

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.

 

Underdog

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

 

F-Zones

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

 

Windfall North

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

 

Qualified Person

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

 

Quality Control and Reporting Protocols

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

 

About the Windfall Gold Deposit

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

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of gold resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,700 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 disclosed in this news release; the prospects, if any, of the Windfall gold deposit; timing and ability of Osisko to file a technical report for the mineral resource estimate disclosed in this news release; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the amount and type of drilling to be completed and the timing to complete such drilling; the focus of the remaining infill drilling; the trend of grade increase; the Lynx zone remaining open to expansion down plunge; upgrading a inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the significance of historic exploration activities and results. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including (infill) drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

 

CONTACT INFORMATION:

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

 

Long Section expan EN 20211117

Long Section infill EN 20211117

PR_EN_20211117_Surface

PR_EN_20211117_UG

OSISKO WINDFALL DRILLING RETURNS 3,979 g/t Au OVER 2.3 METRES

(Toronto, October 05, 2021) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Significant new analytical results presented below include 40 intercepts in 15 drill holes (7 from surface, 8 from underground) and 13 wedges. The infill intercepts are located inside defined February 2021 mineral resource estimate (“MRE”) blocks (see Osisko news release dated February 17, 2021). The expansion intercepts are located outside the February 2021 MRE blocks and either expand resource wireframes or are in a defined zone or corridor but do not yet correlate to a specific wireframe.

Osisko Chief Executive Officer John Burzynski commented: “Windfall continues to deliver high-grade values. Today’s spectacular headline result includes a sub-interval of over 15 kilograms per tonne gold and is the second highest sample ever recorded at Windfall (see Osisko news release date December 1, 2020). Our resource infill and expansion drill program has continuously demonstrated the high-grade nature of the Windfall deposit.”

Selected high-grade intercepts include: 3979 g/t Au over 2.3 metres in OSK-W-21-2565; 118 g/t Au over 3.4 metres in WST-21-0763A; 110 g/t Au over 2.3 metres and 79.7 g/t Au over 2.0 metres in WST-21-0858A; 82.7 g/t Au over 2.2 metres in OSK-W-21-1949-W8; 25.6 g/t Au over 4.2 metres in OSK-W-21-2551-W3; and 35.8 g/t Au over 2.9 metres in OSK-W-21-2564-W1. 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-21-1432-W6 879.6 881.6 2.0 8.62 LX4_3424 Lynx 4
including 879.6 880.2 0.6 28.7
OSK-W-21-1432-W7 1045.0 1047.0 2.0 13.4 LX4_3430 Lynx 4
including 1045.7 1046.4 0.7 28.4
OSK-W-21-1827-W5 877.0 879.0 2.0 5.25 UDD_4100 Underdog
OSK-W-21-1949-W8 1069.8 1072.0 2.2 82.7 32.0 LX4_3430 Lynx 4
including 1071.0 1071.6 0.6 286 100
OSK-W-21-2287-W3 1158.5 1161.5 3.0 5.00 LX4_3446 Lynx 4
OSK-W-21-2503-W5 934.0 936.0 2.0 14.6 TLX_3163 Triple Lynx
including 934.9 935.2 0.3 82.5
OSK-W-21-2544 914.0 916.5 2.5 7.51 TLX_3194 Triple Lynx
including 914.6 915.6 1.0 18.4
OSK-W-21-2551-W3 867.4 871.6 4.2 25.6 LX4_3414 Lynx 4
including 867.9 868.4 0.5 84.2
OSK-W-21-2560 349.9 352.0 2.1 9.71 Z27_1123 Zone 27
  355.0 357.0 2.0 40.1 Z27_1102 Zone 27
including 355.7 356.3 0.6 91.4
  370.1 372.5 2.4 5.09 Z27_1115 Zone 27
including 370.1 371.0 0.9 10.7
OSK-W-21-2564-W1 784.5 787.4 2.9 35.8 TLX_3159 Lynx HW
  902.0 904.0 2.0 6.70 TLX_3194 Triple Lynx
OSK-W-21-2577 797.6 799.6 2.0 5.68 Z27_1108 Zone 27
OSK-W-21-2581 257.0 259.0 2.0 5.28 CA1_2500 Caribou
including 257.4 258.0 0.6 16.5
  469.0 471.0 2.0 14.6 Z27_1115 Zone 27
  476.5 480.0 3.5 3.96 Z27_1115 Zone 27
WST-21-0763A 472.6 476.0 3.4 118 41.9 LX4_3430 Lynx 4
including 472.6 473.5 0.9 386 100
WST-21-0771C 313.4 317.0 3.6 3.90 LSW_3556 Lynx SW
including 313.4 313.8 0.4 21.4
and 316.6 317.0 0.4 12.0
WST-21-0855 172.0 174.1 2.1 18.1 LXM_3304 Lynx
including 173.8 174.1 0.3 95.3
WST-21-0858A 180.2 182.5 2.3 110 44.3 LXM_3304 Lynx
including 181.0 181.3 0.3 607 100
  517.0 519.0 2.0 79.7 28.3 LX4_3430 Lynx 4
including 518.1 518.5 0.4 357 100
WST-21-0877 305.6 307.7 2.1 4.37 Lynx SW Lynx SW
including 305.6 305.9 0.3 28.7

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

 

Expansion Drilling

Hole No. From

(m)

To

(m)

Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-17-841 966.3 968.8 2.5 11.2 Underdog Underdog
OSK-W-21-1432-W7 1053.0 1055.1 2.1 13.5 Lynx 4 Lynx
including 1053.0 1054.0 1.0 27.5
OSK-W-21-1827-W6 1084.0 1086.0 2.0 4.75 Underdog Underdog
including 1084.8 1085.3 0.5 18.9
OSK-W-21-1871-W1 561.7 564.2 2.5 10.8 Caribou Caribou
including 563.4 564.2 0.8 30.8
OSK-W-21-2503-W5 1004.0 1006.0 2.0 36.4 22.6 Triple Lynx Triple Lynx
including 1004.7 1005.0 0.3 193 100
OSK-W-21-2532-W1 703.0 705.1 2.1 3.50 Underdog Underdog
including 704.7 705.1 0.4 17.6
OSK-W-21-2540-W2 1149.0 1151.0 2.0 5.93 Triple Lynx Triple Lynx
OSK-W-21-2548-W1 488.0 490.0 2.0 15.9 Caribou Caribou
including 488.0 489.0 1.0 31.8
OSK-W-21-2561 611.2 613.5 2.3 9.05 Triple Lynx Triple Lynx
including 612.3 612.8 0.5 41.2
OSK-W-21-2565 535.8 538.1 2.3 3979 27.2 Caribou Caribou
including 537.5 538.1 0.6 15250 100
OSK-W-21-2577 593.0 595.0 2.0 6.61 Caribou Caribou
OSK-W-21-2581 188.4 191.0 2.6 6.65 Caribou Caribou
including 189.8 190.6 0.8 13.8
WST-21-0771C 222.0 225.2 3.2 7.83 Lynx SW Lynx SW
including 224.7 225.2 0.5 31.5
WST-21-0834B 302.0 304.0 2.0 3.54 Lynx HW Lynx HW
including 302.0 302.4 0.4 17.5
WST-21-0874 253.0 255.2 2.2 6.25 Triple Lynx Triple Lynx
WST-21-0881A 247.5 249.5 2.0 12.2 Lynx SW Lynx SW
  444.3 446.3 2.0 5.25 Lynx SW Lynx SW
including 444.8 445.2 0.4 26.1

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

 

Drill hole location

Hole Number Azimuth (°) Dip

(°)

Length (m) UTM E UTM N Elevation Section
OSK-W-17-841 330 -60 1032 452689 5434702 397 2800
OSK-W-21-1432-W6 132 -55 1065 453811 5435779 400 4300
OSK-W-21-1432-W7 132 -55 1185 453811 5435779 400 4300
OSK-W-21-1827-W5 331 -58 1203 452506 5434390 403 2475
OSK-W-21-1827-W6 331 -58 1281 452506 5434390 403 2475
OSK-W-21-1871-W1 331 -56 612 452496 5434397 402 2475
OSK-W-21-1949-W8 105 -57 1284 453440 5435479 401 3825
OSK-W-21-2287-W3 116 -53 1368 453607 5435714 404 4075
OSK-W-21-2503-W5 126 -58 1211 453333 5435641 413 3800
OSK-W-21-2532-W1 341 -60 1035 452480 5434428 401 2475
OSK-W-21-2540-W2 117 -60 1314 453465 5435640 410 3925
OSK-W-21-2544 128 -50 1161 452960 5435539 419 3425
OSK-W-21-2548-W1 331 -57 837 452829 5434550 398 2850
OSK-W-21-2551-W3 120 -55 954 453622 5435635 405 4050
OSK-W-21-2560 333 -53 684 452404 5434674 400 2525
OSK-W-21-2561 142 -51 801 452886 5435484 409 3350
OSK-W-21-2564-W1 132 -50 1152 452960 5435539 419 3425
OSK-W-21-2565 136 -57 717 452768 5435312 406 3150
OSK-W-21-2577 325 -52 822 452829 5434550 398 2850
OSK-W-21-2581 333 -49 755 452469 5434627 403 2550
WST-21-0763A 120 -39 567 453507 5435332 -47 3800
WST-21-0771C 127 -52 357 452954 5435003 252 3175
WST-21-0834B 114 -23 378 453463 5435327 32 3775
WST-21-0855 122 -44 265 453506 5435332 -48 3800
WST-21-0858A 118 -41 643 453507 5435332 -48 3800
WST-21-0874 137 -63 403 453508 5435327 -7 3800
WST-21-0877 158 -60 490 453104 5435065 231 3325
WST-21-0881A 147 -57 457 453105 5435065 231 3325

 

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.

Underdog

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

 

Zone 27

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

 

Lynx Zone

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

 

Qualified Person

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

 

Quality Control and Reporting Protocols

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

 

About the Windfall Gold Deposit

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

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of gold resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,700 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 disclosed in this news release; the prospects, if any, of the Windfall gold deposit; timing and ability of Osisko to file a technical report for the mineral resource estimate disclosed in this news release; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the amount and type of drilling to be completed and the timing to complete such drilling; the focus of the remaining infill drilling; the trend of grade increase; the Lynx zone remaining open to expansion down plunge; upgrading a inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the significance of historic exploration activities and results. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including (infill) drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

 

CONTACT INFORMATION:

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

 

Long Section Expan EN 20211005

Long Section Infill EN 20211005

PR_EN_20211005_Surface

PR_EN_20211005_UG

OSISKO DRILLING RETURNS 632 g/t Au OVER 5.3 METRES IN LYNX

1,096 g/t Au over 2.7 metres in Caribou

(Toronto, September 23, 2021) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Significant new analytical results presented below include 87 intercepts in 21 drill holes (10 from surface, 11 from underground) and 20 wedges. The infill intercepts are located inside defined February 2021 mineral resource estimate (“MRE”) blocks (see Osisko news release dated February 17, 2021). The expansion intercepts are located outside the February 2021 MRE blocks and either expand resource wireframes or are in a defined zone or corridor but do not yet correlate to a specific wireframe.

Osisko Chief Executive Officer John Burzynski commented: “Today’s results once again underscore the impressive high-grade nature of the Windfall system, especially in the Lynx. Infill drilling has gone very well throughout this drill campaign and expansion holes, like today’s impressive result from Caribou of over a kilogram of gold, highlight the strong near resource growth potential.”

Selected high-grade intercepts include: 632 g/t Au over 5.3 metres in OSK-W-21-1432-W6; 1,096 g/t Au over 2.7 metres in OSK-W-21-2549; 60.4 g/t Au over 3.4 metres in WST-21-0851A; 79.3 g/t Au over 2.5 metres in WST-21-0871; 92.9 g/t Au over 2.0 metres in WST-21-0741; 89.0 g/t Au over 2.0 metres in OSK-W-21-2531-W2; 78.4 g/t Au over 4.2 metres, 57.7 g/t Au over 3.0 metres, and 53.3 g/t Au over 2.8 metres in WST-21-0872; and 37.2 g/t Au over 3.9 metres in OSK-W-21-2555. 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-21-1432-W6 960.7 962.9 2.2 16.4   LX4_3437 Lynx 4
including 961.4 962.2 0.8 41.8
  970.9 976.2 5.3 632 42.7 LX4_3430 Lynx 4
including 973.3 974.3 1.0 1355 100
and 974.3 974.9 0.6 3210 100
OSK-W-21-1827-W6 886.0 888.0 2.0 9.88   UDD_4100 Underdog
including 886.5 886.8 0.3 46.8
  980.0 982.2 2.2 6.54   UDD_4511 Underdog
including 980.7 981.0 0.3 39.7
OSK-W-21-1882-W6 743.9 746.0 2.1 4.12   UDD_4121 Underdog
  807.9 810.0 2.1 12.2   UDD_4120 Underdog
including 807.9 808.4 0.5 47.9
  920.0 922.0 2.0 5.02   UDD_4515 Underdog
including 920.3 920.6 0.3 30.6
  947.0 949.0 2.0 6.16   UDD_4511 Underdog
including 947.7 948.0 0.3 34.4
  956.0 958.0 2.0 4.97   UDD_4510 Underdog
including 957.7 958.0 0.3 13.0
OSK-W-21-1949-W8 746.0 748.0 2.0 10.7   LXM_3345 Lynx
  1065.0 1067.0 2.0 5.90   LX4_3430 Lynx 4
OSK-W-21-2287-W6 1323.3 1325.4 2.1 19.7   LX4_3445 Lynx 4
including 1323.7 1324.2 0.5 47.9
  1330.0 1334.0 4.0 4.49   LX4_3445 Lynx 4
OSK-W-21-2416-W6 926.3 928.6 2.3 18.5   TLX_3161 Triple Lynx
including 926.6 926.9 0.3 49.7
  940.0 942.0 2.0 20.1   TLX_3183 Triple Lynx
  949.0 951.0 2.0 11.4   TLX_3183 Triple Lynx
  970.0 972.2 2.2 4.21   TLX_3163 Triple Lynx
OSK-W-21-2479-W9 635.9 638.4 2.5 6.43   UDD_4101 Underdog
  660.0 662.0 2.0 21.7 20.8 UDD_4102 Underdog
including 661.1 661.5 0.4 105 100
  672.0 674.0 2.0 6.82   UDD_4104 Underdog
OSK-W-21-2503-W3 1026.6 1028.7 2.1 5.13   TLX_3155 Lynx HW
OSK-W-21-2531-W2 893.5 896.7 3.2 6.29   UDD_4101 Underdog
including 896.4 896.7 0.3 18.8
  942.9 944.9 2.0 15.1   UDD_4100 Underdog
including 944.5 944.9 0.4 63.3
  950.8 952.9 2.1 15.4   UDD_4102 Underdog
including 951.1 951.4 0.3 46.4
  964.2 966.2 2.0 89.0 51.8 UDD_4102 Underdog
including 964.2 965.2 1.0 175 100
  1054.0 1056.0 2.0 25.8 16.9 UDD_4511 Underdog
including 1055.7 1056.0 0.3 160 100
1060.2 1064.8 4.6 5.81   UDD_4511 Underdog
including 1060.2 1061.0 0.8 21.8
  1131.6 1134.0 2.4 3.62   UDD_4513 Underdog
including 1131.6 1131.9 0.3 18.9
  1083.7 1087.8 4.1 4.87   UDD_4514 Underdog
including 1083.7 1084.1 0.4 24.4
OSK-W-21-2537-W2 905.0 907.1 2.1 16.6   TLX_3161 Triple Lynx
including 906.3 906.7 0.4 69.7
  919.1 921.4 2.3 16.7   TLX_3161 Triple Lynx
including 919.8 920.3 0.5 46.6
  943.5 945.7 2.2 30.3   TLX_3163 Triple Lynx
including 945.0 945.7 0.7 92.1
  999.0 1001.0 2.0 48.9 17.5 TLX_3169 Triple Lynx
including 1000.0 1000.3 0.3 309 100
OSK-W-21-2548 692.0 694.0 2.0 4.43   CA2_2212 Caribou
including 692.3 692.7 0.4 21.4
OSK-W-21-2548-W2 714.0 716.2 2.2 14.9   CA2_2220 Caribou
including 715.2 715.6 0.4 77.1
OSK-W-21-2551-W2 854.0 856.2 2.2 4.76   LX4_3414 Lynx 4
OSK-W-21-2555 647.5 651.4 3.9 37.2   CA2_2233 Caribou
OSK-W-21-2564 734.0 736.0 2.0 27.0   TLX_3171 Triple Lynx
including 735.1 735.5 0.4 97.2
OSK-W-21-2571 545.0 547.2 2.2 4.56   CA2_2232 Caribou
  555.4 557.6 2.2 3.79   CA2_2232 Caribou
  568.2 570.8 2.6 14.1   CA2_2211 Caribou
including 570.0 570.8 0.8 34.7
OSK-W-21-2575 644.2 648.4 4.2 13.5   CA2_2241 Caribou
including 647.6 648.4 0.8 58.9
OSK-W-21-2580 87.0 89.3 2.3 4.71   F51_6008 F-51
including 87.8 88.5 0.7 13.5
OSK-W-21-2582 118.7 121.0 2.3 16.3   F51_6008 F-51
including 120.0 121.0 1.0 29.0
WST-21-0741 124.0 126.0 2.0 92.9 35.5 LXM_3304 Lynx
including 124.4 125.1 0.7 264 100
WST-21-0839 315.8 318.0 2.2 11.2   TLX_3168 Triple Lynx
including 315.8 316.8 1.0 24.0
WST-21-0843 105.0 107.0 2.0 9.18   LXM_3304 Lynx
including 105.0 105.9 0.9 18.7
WST-21-0851A 492.2 495.6 3.4 60.4 48.6 LX4_3430 Lynx 4
including 494.9 495.6 0.7 157 100
WST-21-0852A 587.4 589.9 2.5 21.5   LX4_3427 Lynx 4
including 588.9 589.5 0.6 43.3
WST-21-0854A 631.9 634.0 2.1 28.4   LX4_3448 Lynx 4
including 631.9 632.9 1.0 59.5
  638.6 641.0 2.4 4.24   LX4_3448 Lynx 4
including 638.6 639.0 0.4 15.7
WST-21-0858A 511.6 513.6 2.0 3.86   LX4_3430 Lynx 4
WST-21-0871 536.5 539.0 2.5 79.3 30.1 LX4_3450 Lynx 4
including 536.5 537.1 0.6 305 100
WST-21-0872 278.0 280.8 2.8 53.3 39.9 TLX_3161 Triple Lynx
including 279.7 280.3 0.6 163 100
  294.0 297.0 3.0 57.7 40.1 TLX_3161 Triple Lynx
including 294.5 295.2 0.7 176 100
WST-21-0873 459.0 461.0 2.0 58.1 31.3 LSW_3502 Lynx SW
including 459.6 460.2 0.6 190 100

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

 

Expansion Drilling

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-21-1827-W5 801.2 803.7 2.5 5.03   Underdog Underdog
  969.6 972.0 2.4 9.72   Underdog Underdog
including 969.6 969.9 0.3 73.6
OSK-W-21-1827-W6 1044.6 1046.7 2.1 4.98   UDD Underdog
including 1045.7 1046.0 0.3 32.3
  1236.0 1239.0 3.0 6.46   UDD_4508 Underdog
including 1238.6 1239.0 0.4 30.0    
OSK-W-21-1871-W1 456.0 458.1 2.1 5.00   Caribou Caribou
OSK-W-21-1882-W6 764.1 766.5 2.4 4.32   Underdog Underdog
including 764.1 764.4 0.3 33.8
  939.0 941.0 2.0 4.09   Underdog Underdog
OSK-W-21-2287-W5 1167.9 1172.8 4.9 16.7   LX4 Lynx 4
OSK-W-21-2287-W6 1163.8 1166.0 2.2 4.43   LX4_3446 Lynx 4
including 1164.4 1165.0 0.6 15.1
OSK-W-21-2465-W1 756.6 759.0 2.4 16.5 16.1 Lynx Lynx
including 757.8 758.1 0.3 103 100
OSK-W-21-2479-W6 475.0 477.3 2.3 6.29   Z27 Zone 27
including 475.4 476.2 0.8 14.9
OSK-W-21-2503-W5 892.0 894.0 2.0 11.3   TLX Triple Lynx
including 893.0 894.0 1.0 22.1
  1089.0 1091.0 2.0 4.38   TLX Triple Lynx
1148.0 1150.1 2.1 4.73   TLX Triple Lynx
OSK-W-21-2531-W1 1051.8 1054.0 2.2 4.08   Underdog Underdog
including 1052.4 1052.7 0.3 12.7
OSK-W-21-2532-W3 529.0 532.3 3.3 34.6 26.9 Caribou Caribou
including 531.8 532.3 0.5 151 100
OSK-W-21-2537-W2 986.0 988.2 2.2 3.93   Triple Lynx Triple Lynx
OSK-W-21-2548 708.0 710.3 2.3 5.78   Caribou Caribou
including 709.7 710.0 0.3 37.4
OSK-W-21-2548-W2 722.0 724.0 2.0 4.83   Caribou Caribou
including 722.4 722.8 0.4 23.2
  731.0 733.0 2.0 3.90   Caribou Caribou
OSK-W-21-2549 421.1 423.8 2.7 1096 12.9 Caribou Caribou
including 423.5 423.8 0.3 9850 100
OSK-W-21-2555 606.9 609.0 2.1 11.1   Caribou Caribou
including 606.9 607.6 0.7 31.9
OSK-W-21-2565 565.7 572.2 6.5 4.67   Caribou Caribou
OSK-W-21-2571 574.9 577.0 2.1 6.10   CA2_2223 Caribou
  581.4 584.7 3.3 3.82   Caribou Caribou
including 584.2 584.7 0.5 16.6
OSK-W-21-2572 555.0 557.0 2.0 3.92   TLX Triple Lynx
WST-21-0862A 90.7 95.3 4.6 4.85   BCT Bobcat
147.0 149.0 2.0 5.11   LSW Lynx SW
including 147.6 147.9 0.3 33.8
WST-21-0872 312.7 316.9 4.2 78.4 61.1 TLX_3163 Triple Lynx
including 313.7 314.1 0.4 224 100
  324.0 326.0 2.0 23.5   Triple Lynx Triple Lynx
WST-21-0873 401.0 403.0 2.0 36.0 30.9 LSW Lynx SW
including 401.0 401.6 0.6 117 100

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

 

Drill hole location

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-21-1432-W6 132 -55 1065 453811 5435779 400 4300
OSK-W-21-1827-W5 331 -58 1203 452506 5434390 403 2475
OSK-W-21-1827-W6 331 -58 1281 452506 5434390 403 2475
OSK-W-21-1871-W1 331 -56 612 452496 5434397 402 2475
OSK-W-21-1882-W6 328 -58 1062 452469 5434405 400 2450
OSK-W-21-1949-W8 105 -57 1284 453440 5435479 401 3825
OSK-W-21-2287-W5 116 -53 1380 453607 5435714 404 4075
OSK-W-21-2287-W6 116 -53 1443 453607 5435714 404 4075
OSK-W-21-2416-W6 123 -54 990 453169 5435624 412 3650
OSK-W-21-2465-W1 123 -61 1036 453398 5435556 413 3825
OSK-W-21-2479-W6 344 -55 1014 452315 5434419 399 2325
OSK-W-21-2479-W9 344 -55 768 452315 5434419 399 2325
OSK-W-21-2503-W3 126 -58 1257 453333 5435641 413 3800
OSK-W-21-2503-W5 126 -58 1211 453333 5435641 413 3800
OSK-W-21-2531-W1 344 -62 1215 452566 5434415 403 2550
OSK-W-21-2531-W2 344 -62 1179 452566 5434415 403 2550
OSK-W-21-2532-W3 341 -60 1082 452480 5434428 401 2475
OSK-W-21-2537-W2 114 -54 1067 452981 5435549 420 3450
OSK-W-21-2548 331 -57 774 452829 5434550 398 2850
OSK-W-21-2548-W2 331 -57 801 452829 5434550 398 2850
OSK-W-21-2549 332 -58 723 452703 5434455 401 2675
OSK-W-21-2551-W2 120 -55 942 453622 5435635 405 4050
OSK-W-21-2555 329 -59 741 452728 5434472 401 2700
OSK-W-21-2564 132 -50 1002 452960 5435539 419 3425
OSK-W-21-2565 136 -57 717 452768 5435312 406 3150
OSK-W-21-2571 330 -56 708 452686 5434505 403 2700
OSK-W-21-2572 146 -50 777 452886 5435484 409 3350
OSK-W-21-2575 332 -58 690 452682 5434351 402 2625
OSK-W-21-2580 151 -59 138 453334 5435783 407 3875
OSK-W-21-2582 150 -52 159 453335 5435822 406 3900
WST-21-0741 178 -25 156 453507 5435326 -6 3800
WST-21-0839 140 -38 577 453321 5435235 55 3600
WST-21-0843 127 -34 115 453315 5435165 124 3575
WST-21-0851A 123 -40 618 453507 5435332 -48 3800
WST-21-0852A 141 -43 709 453321 5435236 54 3600
WST-21-0854A 134 -41 724 453374 5435296 -26 3675
WST-21-0858A 118 -41 643 453507 5435332 -48 3800
WST-21-0862A 151 -56 154 452954 5435003 252 3175
WST-21-0871 140 -50 582 453321 5435236 54 3600
WST-21-0872 135 -69 348 453508 5435327 -7 3800
WST-21-0873 152 -61 507 453105 5435065 231 3325

 

Zone 27

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

 

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.

Underdog

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

 

Lynx Zone

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

 

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.

F-Zones

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

 

Qualified Person

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

 

Quality Control and Reporting Protocols

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

 

About the Windfall Gold Deposit

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

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of gold resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,700 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 disclosed in this news release; the prospects, if any, of the Windfall gold deposit; timing and ability of Osisko to file a technical report for the mineral resource estimate disclosed in this news release; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the amount and type of drilling to be completed and the timing to complete such drilling; the focus of the remaining infill drilling; the trend of grade increase; the Lynx zone remaining open to expansion down plunge; upgrading a inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the significance of historic exploration activities and results. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including (infill) drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

 

CONTACT INFORMATION:

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

 

Long Section Infill EN 20210923

Long Section Expan EN 20210923

PR_EN_20210923_Surface

PR_EN_20210923_UG