EXPANSION DRILLING ADDS NEW HIGH-GRADE FOR OSISKO

EXPANSION DRILLING ADDS NEW HIGH-GRADE FOR OSISKO

141 g/t Au Over 3.5 Metres in Lynx

29.2 g/t Au over 2.1 Metres in Caribou

31.4 g/t Au Over 2.4 Metres in F51

(Toronto, February 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.

Approximately 200,000 metres remain in the drill program, focused on the Lynx portion of the deposit.  Osisko expects to complete resource drilling by the fall of 2021.

Osisko Chief Executive Officer John Burzynski commented: “Today’s expansion drill results are a strong confirmation that many of the zones across the deposit remain open to growth.  The results presented below fall outside the wireframes in the recently published mineral resource estimate (“MRE”), and OSK-W-20-2391 in particular extends Triple Lynx 150 metres from the closest MRE block.”

Significant new analytical results presented below include 145 intercepts in 56 drill holes (31 from surface, 25 from underground) and 33 wedges.

Selected intercepts include: 141 g/t Au over 3.5 metres in WST-20-0524; 74.9 g/t Au over 2.3 metres in WST-20-0547; 57.8 g/t Au over 2.3 metres in OSK-W-20-2275-W4; 13.3 g/t Au over 6.4 metres in WST-20-0478; 26.0 g/t Au over 3.2 metres in OSK-W-20-2354-W1; 31.4 g/t Au over 2.4 metres in OSK-W-20-2391; 25.9 g/t Au over 2.9 metres in WST-20-0570; 15.9 g/t Au over 4.7 metres in WST-20-0346; 16.9 g/t Au over 4.2 metres in OSK-W-20-2354; and 24.4 g/t Au 2.9 metres in OSK-W-20-2369. Maps showing hole locations and full analytical results are available at www.osiskomining.com

Expansion Drilling

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-20-852-W2 792.2 794.5 2.3 4.68   Caribou_2219 Caribou
including 793.2 793.5 0.3 32.7
OSK-W-20-852-W3 640.4 646.8 6.4 10.6   Caribou Caribou
including 640.4 640.7 0.3 43.4
  681.0 683.0 2.0 4.20   Caribou_2255 Caribou
OSK-W-20-852-W4 814.0 816.0 2.0 13.9   Caribou Caribou
including 814.0 815.0 1.0 21.8  
OSK-W-20-913-W2 622.0 624.0 2.0 4.60   Caribou Caribou
including 622.5 622.8 0.3 28.8
  672.0 674.5 2.5 4.00   Caribou Caribou
including 673.0 673.5 0.5 16.8
  755.0 757.0 2.0 16.7   Caribou Caribou
including 755.4 756.0 0.6 53.9
  858.0 860.0 2.0 3.48   Caribou Caribou
OSK-W-20-2170-W7 1102.0 1104.0 2.0 5.61   TLX_3170 Triple Lynx
including 1102.5 1102.9 0.4 23.5
OSK-W-20-2252-W8 1190.0 1192.0 2.0 7.24   Triple Lynx Triple Lynx
including 1190.0 1190.3 0.3 24.7
OSK-W-20-2252-W10 989.0 991.0 2.0 12.2   TLX_3163 Triple Lynx
993.0 999.6 6.6 9.83   TLX_3163 Triple Lynx
including 998.9 999.3 0.4 71.3
OSK-W-20-2256-W8 987.0 989.0 2.0 4.19   TLX_3164 Triple Lynx
OSK-W-20-2271-W4 792.0 794.0 2.0 29.4   Lynx Lynx
including 792.0 793.0 1.0 55.0  
804.0 807.0 3.0 8.32   Lynx Lynx
including 804.0 804.6 0.6 21.9
OSK-W-20-2275-W4 920.7 923.0 2.3 57.8 17.6 Triple Lynx Triple Lynx
including 921.2 921.5 0.3 408 100
OSK-W-20-2280-W6 937.5 939.5 2.0 4.75   Triple Lynx Triple Lynx
including 937.5 937.8 0.3 16.1
1078.9 1081.0 2.1 11.3   TLX_3170 Triple Lynx
OSK-W-20-2280-W8 960.9 964.0 3.1 5.07   TLX_3163 Triple Lynx
OSK-W-20-2280-W9 1071.0 1075.0 4.0 4.82   TLX_3162 Triple Lynx
including 1074.0 1075.0 1.0 12.7
OSK-W-20-2283-W3 939.0 941.3 2.3 4.50   TLX_3194 Triple Lynx
including 940.2 940.6 0.4 25.0
OSK-W-20-2283-W4 983.0 985.0 2.0 4.46   TLX_3195 Triple Lynx
OSK-W-20-2287 1284.0 1286.0 2.0 8.11   LX4_3445 Lynx
including 1284.3 1284.8 0.5 32.0
OSK-W-20-2295-W2 919.6 921.6 2.0 3.76   Triple Lynx Triple Lynx
including 919.6 920.0 0.4 18.4
OSK-W-20-2300 9.2 13.0 3.8 7.10   F17 F17
24.0 26.0 2.0 9.95   F17 F17
39.0 44.3 5.3 9.59   F17 F17
OSK-W-20-2313-W4 1119.3 1121.9 2.6 4.08   Triple Lynx Triple Lynx
including 1120.2 1121.0 0.8 12.5
OSK-W-20-2313-W5 911.9 914.0 2.1 21.2 17.5 Triple Lynx Triple Lynx
including 911.9 912.2 0.3 126 100
OSK-W-20-2313-W6 929.0 931.0 2.0 5.42   Triple Lynx Triple Lynx
including 929.8 930.2 0.4 12.5
1003.2 1005.3 2.1 5.89   TLX_3195 Triple Lynx
including 1003.2 1003.7 0.5 18.5
OSK-W-20-2313-W7 868.7 872.6 3.9 6.43   TLX_3161 Triple Lynx
OSK-W-20-2319 290.0 292.5 2.5 5.93   Bobcat Bobcat
672.0 674.0 2.0 5.13   Lynx SW Lynx
including 672.0 672.9 0.9 11.4
OSK-W-20-2322-W3 812.0 814.4 2.4 24.4   Lynx Lynx
including 812.5 813.0 0.5 59.6
857.0 859.0 2.0 6.67   Lynx Lynx
including 857.7 858.5 0.8 14.5
OSK-W-20-2328 287.0 289.5 2.5 4.92   Caribou Caribou
including 289.1 289.5 0.4 24.4
351.6 353.6 2.0 3.95   Caribou Caribou
OSK-W-20-2331 51.0 53.0 2.0 4.86   Mallard_5216 Mallard
OSK-W-20-2338 37.0 39.0 2.0 5.12   F17 F17
OSK-W-20-2340 75.0 77.0 2.0 6.51   F17 F17
including 76.1 76.7 0.6 21.4
OSK-W-20-2346 590.0 592.0 2.0 6.20   LXM_3323 Lynx
809.0 811.0 2.0 3.79   Triple Lynx Triple Lynx
OSK-W-20-2354 501.0 503.3 2.3 5.33   Caribou_2116 Caribou
including 501.0 502.0 1.0 12.0
620.0 622.0 2.0 24.7   Caribou Caribou
including 620.0 620.4 0.4 76.5
695.5 697.5 2.0 7.53   Caribou_2217 Caribou
including 696.7 697.1 0.4 29.2
728.7 730.7 2.0 19.5   Caribou_2218 Caribou
including 729.4 729.8 0.4 77.0
735.3 739.5 4.2 16.9 15.1 Caribou_2218 Caribou
including 739.2 739.5 0.3 125 100
OSK-W-20-2354-W1 702.0 704.0 2.0 4.80   Caribou Caribou
including 703.0 704.0 1.0 9.26
722.2 725.4 3.2 26.0   Caribou Caribou
including 723.4 724.0 0.6 55.3
757.2 759.9 2.7 13.5   Caribou Caribou
including 757.2 757.5 0.3 74.8
OSK-W-20-2354-W2 545.0 547.5 2.5 7.42   Caribou Caribou
including 546.2 546.5 0.3 47.3
OSK-W-20-2354-W3 541.3 544.0 2.7 3.99   Caribou Caribou
OSK-W-20-2354-W4 730.4 733.0 2.6 4.65   Caribou Caribou
OSK-W-20-2362 58.0 60.0 2.0 31.7 25.6 Bobcat_2355 Bobcat
including 58.5 59.0 0.5 125 100
OSK-W-20-2363 970.6 972.6 2.0 3.88   Triple Lynx Triple Lynx
OSK-W-20-2363-W2 666.4 669.7 3.3 6.59   TLX_3196 Triple Lynx
including 669.4 669.7 0.3 31.8
OSK-W-20-2365 44.0 46.5 2.5 8.36   Bobcat Bobcat
OSK-W-20-2369 584.9 587.8 2.9 24.4   Lynx Lynx
including 586.7 587.8 1.1 35.6
640.0 642.0 2.0 29.2 26.4 LXM_3304 Lynx
including 640.4 640.9 0.5 111 100
654.1 656.3 2.2 7.16   LXM_3341 Lynx
including 654.1 654.4 0.3 36.2
660.0 662.0 2.0 6.06   LXM_3341 Lynx
OSK-W-20-2371 796.5 798.8 2.3 17.2 13.2 Triple Lynx Triple Lynx
including 796.5 796.8 0.3 131 100
1049.0 1051.0 2.0 7.30   Lynx Lynx
OSK-W-20-2371-W1 847.0 849.0 2.0 7.72   Triple Lynx Triple Lynx
OSK-W-20-2371-W2 1023.0 1025.2 2.2 4.93   Triple Lynx Triple Lynx
OSK-W-20-2375-W1 907.3 909.7 2.4 18.5   LX4_3437 Lynx
including 908.4 909.3 0.9 36.8
OSK-W-20-2376 131.6 133.8 2.2 4.01   Caribou Caribou
233.0 235.0 2.0 4.27   Caribou Caribou
including 233.0 233.3 0.3 27.6
OSK-W-20-2377-W1 876.5 878.6 2.1 28.9 24.0 Caribou extension Caribou
including 876.5 877.0 0.5 121 100
882.8 884.8 2.0 16.4   Caribou extension Caribou
including 882.8 883.8 1.0 32.7
OSK-W-20-2381 1116.4 1118.7 2.3 4.02   Lynx 4 Lynx
OSK-W-20-2384 547.0 549.0 2.0 9.31   Lynx Lynx
including 548.0 549.0 1.0 18.2
OSK-W-20-2387-W1 496.0 498.1 2.1 4.17   Caribou Caribou
including 496.0 496.4 0.4 12.2
OSK-W-20-2388 317.6 319.7 2.1 10.7   Caribou Caribou
including 317.6 318.6 1.0 22.4
  568.7 571.1 2.4 4.85   Caribou_2250 Caribou
including 570.0 570.5 0.5 18.4
663.0 665.0 2.0 11.6   Caribou_2219 Caribou
including 663.0 664.0 1.0 23.0
666.0 668.1 2.1 4.12   Caribou_2219 Caribou
including 667.5 668.1 0.6 13.7
OSK-W-20-2390 579.0 581.2 2.2 27.9   Caribou_2247 Caribou
including 580.2 580.7 0.5 93.3
OSK-W-20-2391 234.6 237.0 2.4 31.4 21.3 F51 F51
including 235.4 235.9 0.5 149 100
1372.5 1376.0 3.5 8.73   Triple Lynx Triple Lynx
including 1373.3 1373.7 0.4 36.0
1497.0 1503.0 6.0 8.84   Triple Lynx Triple Lynx
1526.0 1528.0 2.0 15.7   Triple Lynx Triple Lynx
OSK-W-20-2397 603.0 605.1 2.1 9.70   Lynx Lynx
including 603.3 604.0 0.7 27.3
612.0 614.0 2.0 7.36   Lynx Lynx
654.0 656.5 2.5 4.16   LXM_3304 Lynx
including 655.0 655.4 0.4 12.5
698.5 700.5 2.0 4.07   LXM_3304 Lynx
including 700.0 700.5 0.5 11.9
975.0 977.1 2.1 7.12   Lynx 4 Lynx
1031.0 1033.0 2.0 11.0   Lynx 4 Lynx
including 1032.7 1033.0 0.3 69.9
1039.0 1041.0 2.0 4.76   Lynx 4 Lynx
including 1039.6 1040.3 0.7 12.9
1058.0 1060.2 2.2 26.1 19.6 LX4_3430 Lynx
including 1058.8 1059.2 0.4 136 100
OSK-W-20-2399-W1 551.0 554.3 3.3 19.2   Caribou_2523 Caribou
including 553.5 554.3 0.8 69.0
OSK-W-20-2400 815.0 817.0 2.0 9.57   Caribou Caribou
including 815.4 816.0 0.6 31.5
OSK-W-20-2405 519.6 521.8 2.2 4.59   Caribou Caribou
OSK-W-20-2405-W1 518.0 520.0 2.0 8.09   Caribou Caribou
  620.0 622.0 2.0 6.44   Caribou Caribou
including 620.5 621.0 0.5 22.8
669.0 672.0 3.0 8.57   Caribou Caribou
OSK-W-20-2406 635.0 638.7 3.7 10.1   Caribou_2241 Caribou
including 636.0 637.0 1.0 21.8
642.0 649.3 7.3 6.34   Caribou_2241 Caribou
including 647.7 648.3 0.6 17.9
and 648.7 649.3 0.6 21.0
OSK-W-20-2415 639.8 643.5 3.7 7.66   Caribou_2233 Caribou
including 639.8 640.1 0.3 27.9
and 640.4 640.7 0.3 33.2
680.0 682.3 2.3 8.40   Caribou_2217 Caribou
including 681.4 682.3 0.9 19.4
OSK-W-20-2421 685.0 687.2 2.2 6.02   Caribou Caribou
OSK-W-20-2425 298.0 301.0 3.0 18.9   Caribou Caribou
including 299.0 300.0 1.0 40.4
OSK-W-20-2432 725.0 727.4 2.4 9.40   Caribou Caribou
including 726.1 726.4 0.3 32.4
794.6 799.6 5.0 6.98   Caribou Caribou
including 794.6 795.5 0.9 20.4
804.3 806.6 2.3 7.92   Caribou Caribou
including 804.3 805.1 0.8 20.0
OSK-W-20-2440 719.0 721.0 2.0 6.26   Caribou Caribou
including 719.0 719.8 0.8 15.6
OSK-W-21-2451 430.8 434.0 3.2 20.4   Caribou Caribou
including 431.2 431.6 0.4 94.7
516.8 519.0 2.2 8.78   Caribou Caribou
including 517.1 517.7 0.6 30.1
OSK-W-21-2455 479.9 482.2 2.3 21.0 15.0 Caribou_2116 Caribou
including 479.9 480.2 0.3 146 100
WST-20-0346 118.2 120.4 2.2 16.1   Caribou_2151 Caribou
including 118.2 118.7 0.5 69.8
348.0 352.7 4.7 15.9   Caribou corridor Caribou
WST-20-0476 260.9 263.1 2.2 5.92   Caribou corridor Caribou
374.8 376.8 2.0 12.7   Caribou corridor Caribou
including 376.3 376.8 0.5 45.8
WST-20-0477 52.4 55.0 2.6 9.78   Mallard Mallard
228.0 230.4 2.4 4.55   Caribou_2100 Caribou
WST-20-0478 167.6 174.0 6.4 13.3 12.8 Caribou_2151 Caribou
including 172.4 173.0 0.6 106 100
354.0 356.0 2.0 4.72   Caribou Caribou
including 354.0 354.5 0.5 18.4
WST-20-0479B 147.1 149.1 2.0 7.97   Z27_1115 Zone 27
157.5 159.8 2.3 5.66   Z27 Zone 27
WST-20-0480B 376.0 378.0 2.0 9.80   Caribou Caribou
WST-20-0496 302.0 304.2 2.2 4.24   Lynx SW Lynx SW
including 303.4 303.7 0.3 30.7
513.6 516.2 2.6 10.9   Lynx SW Lynx SW
including 513.6 513.9 0.3 81.3
WST-20-0521 367.0 369.1 2.1 12.1   Caribou Caribou
including 367.6 368.6 1.0 24.4
WST-20-0522 374.0 376.0 2.0 6.98   Lynx SW Lynx SW
including 374.8 375.5 0.7 19.7
WST-20-0524 225.8 229.3 3.5 141 28.6 Lynx SW Lynx SW
including 228.4 229.3 0.9 536 100
WST-20-0534 122.0 124.2 2.2 10.4   LXM_3359 Lynx
including 123.2 124.2 1.0 22.9
WST-20-0547 421.6 423.9 2.3 74.9 43.4 LXSW_3502 Lynx
including 423.0 423.9 0.9 181 100
WST-20-0552 127.0 129.0 2.0 11.1   LXM_3339 Lynx
including 127.6 128.3 0.7 29.9
235.7 238.0 2.3 22.7   LXSW_3506 Lynx
including 236.4 237.4 1.0 51.8
WST-20-0556 96.3 98.4 2.1 4.66   Bobcat Bobcat
including 97.8 98.4 0.6 13.5
WST-20-0566A 13.7 17.2 3.5 17.7   Mallard_5211 Mallard
including 14.6 15.3 0.7 38.3
WST-20-0567 58.0 60.0 2.0 4.55   Z27 Zone 27
including 58.0 59.0 1.0 9.01
296.0 298.0 2.0 5.01   Caribou corridor Caribou
WST-20-0569 259.9 262.0 2.1 14.6    LXSW_3507 Lynx SW
including 261.5 262.0 0.5 26.7
WST-20-0570 206.2 209.1 2.9 25.9   Lynx SW Lynx SW
including 207.8 208.4 0.6 55.0
WST-20-0572A 272.0 274.0 2.0 11.0   LXSW_3556 Lynx SW
WST-20-0574 283.6 285.9 2.3 13.7   Lynx SW Lynx SW
WST-20-0578 170.0 172.0 2.0 24.3   LXM_3304 Lynx
including 170.8 171.2 0.4 76.8
785.0 792.0 7.0 9.09   LX4_3412 Lynx
including 789.5 790.4 0.9 24.2
WST-20-0581 408.9 411.0 2.1 14.8   LXSW_3556 Lynx
including 408.9 409.8 0.9 34.4
WST-20-0589 351.0 353.1 2.1 29.2   Caribou Caribou
including 351.7 352.6 0.9 67.7
WST-20-0584 122.0 124.0 2.0 11.4   LXM_3301 Lynx
WST-20-0626 134.4 136.8 2.4 4.19   LXM_3307 Lynx
including 134.4 135.0 0.6 9.74
138.3 140.5 2.2 19.4   LXM_3307 Lynx
including 138.8 139.8 1.0 41.4

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

Drill hole location

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-20-852-W2 330 -55 873 452874 5434552 398 2875
OSK-W-20-852-W3 330 -55 849 452874 5434552 398 2875
OSK-W-20-852-W4 330 -55 873 452874 5434552 398 2875
OSK-W-20-913-W2 334 -52 913 452878 5434419 401 2825
OSK-W-20-2170-W7 128 -59 1205 453425 5435657 413 3900
OSK-W-20-2252-W8 129 -54 1239 453241 5435694 415 3750
OSK-W-20-2252-W10 129 -54 824 453241 5435694 415 3750
OSK-W-20-2256-W8 125 -51 1056 453160 5435686 411 3675
OSK-W-20-2271-W4 120 -53 1134 453462 5435683 410 3950
OSK-W-20-2275-W4 127 -49 1052 452888 5435583 409 3400
OSK-W-20-2280-W6 127 -58 1152 453304 5435639 415 3775
OSK-W-20-2280-W8 127 -58 1134 453304 5435639 415 3775
OSK-W-20-2280-W9 127 -58 1037 453304 5435639 415 3775
OSK-W-20-2283-W3 135 -50 1004 452997 5435607 425 3500
OSK-W-20-2283-W4 135 -50 1012 452997 5435607 425 3500
OSK-W-20-2287 116 -53 1406 453607 5435714 404 4075
OSK-W-20-2295-W2 132 -51 963 452933 5435473 415 3375
OSK-W-20-2300 152 -45 192 452699 5435578 406 3225
OSK-W-20-2313-W4 134 -52 1134 452965 5435583 420 3450
OSK-W-20-2313-W5 134 -52 1086 452965 5435583 420 3450
OSK-W-20-2313-W6 134 -52 1029 452965 5435583 420 3450
OSK-W-20-2313-W7 134 -52 1086 452965 5435583 420 3450
OSK-W-20-2319 141 -50 768 452872 5435153 409 3175
OSK-W-20-2322-W3 130 -54 1274 453608 5435715 403 4075
OSK-W-20-2328 136 -56 942 452872 5435153 409 3175
OSK-W-20-2331 335 -50 239 451987 5434764 406 2200
OSK-W-20-2338 155 -57 213 452679 5435584 405 3200
OSK-W-20-2340 146 -55 201 452650 5435568 405 3175
OSK-W-20-2346 130 -53 1161 453397 5435557 413 3825
OSK-W-20-2354 336 -60 759 452739 5434474 401 2725
OSK-W-20-2354-W1 336 -60 792 452739 5434474 401 2725
OSK-W-20-2354-W2 336 -60 750 452739 5434474 401 2725
OSK-W-20-2354-W3 336 -60 750 452739 5434474 401 2725
OSK-W-20-2354-W4 336 -60 783 452739 5434474 401 2725
OSK-W-20-2362 350 -45 256 452719 5434777 398 2850
OSK-W-20-2363 139 -52 1031 452930 5435548 419 3425
OSK-W-20-2363-W2 139 -52 695 452930 5435548 419 3425
OSK-W-20-2365 354 -46 312 452673 5434766 398 2800
OSK-W-20-2369 130 -56 909 453426 5435565 410 3850
OSK-W-20-2371 123 -53 1203 452996 5435364 412 3375
OSK-W-20-2371-W1 123 -53 1032 452996 5435364 412 3375
OSK-W-20-2371-W2 123 -53 945 452996 5435364 412 3375
OSK-W-20-2375-W1 122 -56 987 453810 5435779 400 4300
OSK-W-20-2376 325 -55 510 452689 5434635 398 2750
OSK-W-20-2377-W1 132 -49 1097 452702 5435548 409 3225
OSK-W-20-2381 134 -53 1230 453620 5435791 402 4125
OSK-W-20-2384 127 -52 1164 453397 5435557 413 3825
OSK-W-20-2387-W1 336 -59 738 452694 5434440 401 2675
OSK-W-20-2388 326 -61 363 452715 5434606 397 2775
OSK-W-20-2390 330 -65 647 452597 5434393 401 2550
OSK-W-20-2391 117 -57 1230 453281 5435894 408 3900
OSK-W-20-2397 131 -58 1197 453451 5435594 412 3900
OSK-W-20-2399-W1 333 -54 425 452874 5434552 398 2875
OSK-W-20-2400 336 -53 884 452876 5434419 402 2825
OSK-W-20-2405 332 -58 723 452694 5434440 401 2675
OSK-W-20-2405-W1 332 -58 716 452694 5434440 401 2675
OSK-W-20-2406 333 -56 623 452632 5434280 400 2525
OSK-W-20-2415 328 -54 143 452738 5434474 401 2725
OSK-W-20-2421 332 -59 699 452632 5434280 400 2525
OSK-W-20-2425 336 -60 747 452715 5434606 397 2775
OSK-W-20-2432 333 -57 864 452809 5434415 404 2750
OSK-W-20-2440 330 -52 807 452739 5434474 401 2725
OSK-W-21-2451 330 -58 803 452809 5434415 404 2750
OSK-W-21-2455 328 -53 780 452738 5434474 401 2725
WST-20-0346 136 -18 391 452282 5434975 264 2575
WST-20-0476 132 -33 403 452282 5434975 263 2575
WST-20-0477 131 -30 394 452282 5434976 263 2575
WST-20-0478 123 -31 391 452282 5434976 263 2575
WST-20-0479B 138 -59 393 452281 5434975 262 2575
WST-20-0480B 142 -52 382 452281 5434975 262 2575
WST-20-0496 173 -60 537 453227 5435125 134 3475
WST-20-0521 151 -58 385 452281 5434975 262 2575
WST-20-0522 177 -52 457 453104 5435064 231 3325
WST-20-0524 182 -44 243 453104 5435064 231 3325
WST-20-0534 143 -32 135 453315 5435165 124 3575
WST-20-0547 167 -53 487 453227 5435125 134 3475
WST-20-0552 165 -39 517 453257 5435209 97 3525
WST-20-0556 155 -26 163 452955 5435003 254 3175
WST-20-0566A 133 -16 368 452208 5434898 248 2475
WST-20-0567 139 -19 379 452208 5434898 248 2475
WST-20-0569 165 -59 526 453104 5435065 231 3325
WST-20-0570 159 -50 454 453104 5435065 231 3325
WST-20-0572A 136 -51 463 452955 5435004 252 3175
WST-20-0574 139 -62 370 452955 5435004 252 3175
WST-20-0578 151 -46 802 453418 5435306 68 3725
WST-20-0581 181 -60 474 453177 5435126 173 3425
WST-20-0589 147 -55 376 452281 5434975 263 2575
WST-20-0584 174 -19 205 453417 5435304 69 3725
WST-20-0626 194 -59 471 453176 5435125 173 3425

 

Lynx Zone

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

 

Caribou Zone

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

 

F-Zone

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

 

Bobcat

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

 

Mallard

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

 

Qualified Person

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

 

Quality Control and Reporting Protocols

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

 

About the Windfall Gold Deposit

The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 17, 2021 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, certain of which are described in the February 17, 2021 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 February 17, 2021. 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 precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,700 square kilometres).

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

OSISKO MINING UPDATES WINDFALL MINERAL RESOURCE ESTIMATE

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

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

 

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

 

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

 

HIGHLIGHTS

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

 

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

 

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

 

 

 

Table 1: Windfall Gold Deposit Mineral Resource Estimate Sensitivity Table

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

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

 

 

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

 

Area Measured Indicated Inferred
Tonnes1(000 t) Grade Au

(g/t)

Grade Ag

(g/t)

Ounces Au1

(000 oz)

Ounces Ag1

(000 oz)

Tonnes1(000 t) Grade Au

(g/t)

Grade Ag

(g/t)

Ounces Au1

(000 oz)

Ounces Ag1

(000 oz)

Tonnes1(000 t) Grade Au

(g/t)

Grade Ag

(g/t)

Ounces Au1

(000 oz)

Ounces Ag1

(000 oz)

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

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

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

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

 See Windfall Gold Deposit Mineral Resource Estimate notes further below.

 

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

 

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

 

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

 

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

 

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

for the Windfall Gold Deposit Mineral Resource Estimation

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

 

Windfall Gold Deposit Mineral Resource Estimate Notes

 

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

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

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


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

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

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

 

Qualified Person

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

Quality Control and Reporting Protocols

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

 

About the Windfall Gold Deposit

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

 

About Osisko Mining Inc.

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

Cautionary Statements Regarding Estimates of Mineral Resources

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

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

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

OSISKO WINDFALL INFILL DRILLING: INSERT SUPERLATIVE HERE

New Intercepts Include 108 g/t Au Over 10.5 Metres

(Toronto, January 26, 2021) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing expansion and definition drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Drilling is currently focused on the Lynx deposit. Osisko Chief Executive Officer John Burzynski commented: “Infill drilling at Windfall continues with more good results with respect to grade and width, particularly in the Lynx zones. Both underground and surface drills continue to infill our resources and explore open down plunge areas.”

The table below contains resource definition infill intercepts located inside the February 2020 mineral resource estimate wireframes (see Osisko news release dated February 19, 2020). Significant new analytical results are presented below and include 63 intercepts in 38 drill holes and 7 wedges.

Selected high-grade intercepts from the new results include: 108 g/t Au over 10.5 metres in OSK-W-20-2256-W7;21.7 g/t Au over 11.3 metres in OSK-W-20-2271-W3; 76.7 g/t Au over 3.0 metres in OSK-W-20-2377; 30.9 g/t Au over 4.5 metres in OSK-W-20-2292-W4; 35.1 g/ t Au over 2.8 metres in OSK-W-20-2325; and 36.5 g/t Au over 2.1 metres in OSK-W-20-2283-W3. Maps showing hole locations and full analytical results are available at www.osiskomining.com

 

Hole Number From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-20-847-W3 628.8 631.0 2.2 4.32   Caribou_2214 Caribou
including 629.5 630.0 0.5 12.9
OSK-W-20-852-W4 548.0 550.0 2.0 8.55   Caribou_2524 Caribou
OSK-W-20-2256-W7 881.0 891.5 10.5 108 30.7 Lynx_361 Triple Lynx
including 885.8 887.0 1.2 567 100
and 887.5 888.6 1.1 302 100
OSK-W-20-2271-W3 1057.6 1068.9 11.3 21.7   Lynx_330 Lynx
including 1061.8 1062.1 0.3 64.1
and 1064.0 1064.3 0.3 92.8
OSK-W-20-2283-W3 870.0 872.0 2.0 11.2   Triple Lynx Triple Lynx
including 871.1 871.5 0.4 41.8
  984.6 987.0 2.4 4.47   Triple Lynx Triple Lynx
including 985.5 986.0 0.5 20.5
  991.4 993.5 2.1 36.5   Triple Lynx Triple Lynx
including 992.0 992.8 0.8 95.7
OSK-W-20-2287 1158.9 1161.0 2.1 7.64   Lynx_346 Lynx
OSK-W-20-2292-W4 884.3 888.8 4.5 30.9 21.7 Lynx_375 Triple Lynx
including 887.3 888.0 0.7 159 100
OSK-W-20-2301 94.7 96.7 2.0 8.14   F17_6003 F-17
including 96.0 96.7 0.7 21.6
  101.2 103.6 2.4 3.54   F17_6003 F-17
including 101.2 101.7 0.5 16.9
OSK-W-20-2306 199.5 205.3 5.8 7.48   Bobcat Bobcat
including 202.3 202.8 0.5 43.8
OSK-W-20-2313-W2 979.3 981.4 2.1 8.56   Triple Lynx Triple Lynx
including 979.8 980.2 0.4 21.8
OSK-W-20-2319 210.0 212.0 2.0 4.83   Bobcat Bobcat
OSK-W-20-2325 128.0 130.8 2.8 35.1 25.6 Mallard_5200 Mallard
including 130.1 130.8 0.7 138 100
  143.6 145.8 2.2 13.1   Mallard_5213 Mallard
OSK-W-20-2326 82.0 86.0 4.0 9.47   Mallard_5213 Mallard
including 82.0 83.0 1.0 29.5
OSK-W-20-2327 94.0 96.7 2.7 14.1   Mallard_5213 Mallard
including 96.0 96.7 0.7 33.7
OSK-W-20-2328 177.0 182.5 5.5 6.50   Caribou_2527 Caribou
OSK-W-20-2330 137.7 140.0 2.3 9.57   Mallard_5213 Mallard
including 138.8 139.4 0.6 35.1
OSK-W-20-2332 191.7 194.7 3.0 6.03   Mallard_5213 Mallard
OSK-W-20-2346 892.0 894.2 2.2 12.2   Lynx_330 Lynx
including 893.5 893.8 0.3 78.5
OSK-W-20-2354 653.3 655.9 2.6 5.39   Caribou_2233 Caribou
including 654.1 654.5 0.4 19.7
OSK-W-20-2362 137.0 139.0 2.0 4.19   Bobcat Bobcat
OSK-W-20-2377 105.0 108.0 3.0 76.7 22.7 F17_6003 F-17
including 106.0 106.4 0.4 505 100
OSK-W-20-2384 644.5 646.9 2.4 26.2   Lynx_341 Lynx
including 645.3 645.9 0.6 96.5
OSK-W-20-2389 589.0 591.0 2.0 5.72   Caribou Caribou
WST-20-0011 278.8 280.8 2.0 15.5   Lynx SW Lynx SW
WST-20-0346 29.0 31.0 2.0 4.57   Mallard_5212 Mallard
WST-20-0347 270.0 272.9 2.9 3.31   Caribou_2572 Caribou
including 272.1 272.9 0.8 11.4
WST-20-0348 237.6 239.7 2.1 7.49   Caribou_2573 Caribou
  271.5 273.5 2.0 4.68   Caribou_2572 Caribou
including 272.5 272.9 0.4 22.6
WST-20-0349 293.2 296.0 2.8 3.64   Caribou_2572 Caribou
including 294.0 295.0 1.0 9.56
WST-20-0476 154.9 157.1 2.2 4.85   Caribou_2551 Caribou
including 154.9 155.6 0.7 11.9
  172.9 175.5 2.6 3.33   Caribou_2551 Caribou
WST-20-0477 151.5 154.0 2.5 5.90   Caribou_2551 Caribou
WST-20-0480B 60.0 62.0 2.0 12.3   Mallard_5211 Mallard
WST-20-0518 168.0 170.0 2.0 4.53   Z27_1102 Zone 27
WST-20-0520 63.5 66.0 2.5 5.53   Mallard_5211 Mallard
  81.5 84.0 2.5 12.3   Mallard_5211 Mallard
including 82.4 82.7 0.3 94.8
  157.0 159.3 2.3 4.53   Z27_1102 Zone 27
  352.4 354.4 2.0 11.8   Caribou_2253 Caribou
including 352.8 353.9 1.1 21.2
WST-20-0533 96.0 98.1 2.1 7.13   Lynx_304 Lynx
including 97.2 98.1 0.9 16.6
WST-20-0534 69.0 71.0 2.0 21.4   Lynx_323 Lynx
including 70.2 71.0 0.8 53.5
WST-20-0535 46.9 49.1 2.2 5.83   Lynx_303 Lynx
including 46.9 47.5 0.6 18.1
WST-20-0536 83.0 85.0 2.0 17.9   Lynx Lynx
including 83.4 83.8 0.4 84.1
WST-20-0549 11.0 13.0 2.0 12.3   Mallard_5211 Mallard
  263.0 265.0 2.0 5.39   Caribou_2518 Caribou
  269.5 271.5 2.0 3.94   Caribou_2518 Caribou
  306.0 308.0 2.0 3.26   Caribou_2521 Caribou
including 307.2 308.0 0.8 7.40
  373.9 377.0 3.1 4.60   Caribou_2542 Caribou
WST-20-0565 11.0 13.2 2.2 11.6   Mallard_5211 Mallard
including 11.6 12.4 0.8 24.0
WST-20-0566A 306.4 311.7 5.3 9.25   Caribou_2521 Caribou
including 307.3 308.3 1.0 36.2
WST-20-0568 295.9 298.0 2.1 7.62   Lynx SW Lynx SW
including 296.6 297.4 0.8 15.7
  317.0 319.0 2.0 3.94   Lynx SW Lynx SW
including 317.7 318.1 0.4 19.5
WST-20-0582 103.1 106.0 2.9 7.01   Lynx_339 Lynx
  129.5 131.5 2.0 9.97   Lynx_311 Lynx
including 130.0 131.0 1.0 19.9
WST-20-0586 99.5 101.5 2.0 6.81   Lynx_311 Lynx
  141.0 143.1 2.1 20.0   Lynx Lynx
including 142.2 142.7 0.5 79.3
  160.0 162.5 2.5 14.4   Lynx_359 Lynx
including 161.3 161.8 0.5 54.1
WST-20-0587 165.0 167.2 2.2 3.33   Lynx_304 Lynx
including 166.6 167.2 0.6 10.9
WST-20-0589 63.5 65.6 2.1 8.09   Mallard_5211 Mallard
  330.4 332.4 2.0 6.21   Caribou_2253 Caribou

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

 

Drill hole location

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-20-847-W3 334 -69 649 452645 5434429 403 2625
OSK-W-20-852-W4 330 -55 873 452874 5434552 398 2875
OSK-W-20-2256-W7 125 -51 1005 453160 5435686 411 3675
OSK-W-20-2271-W3 120 -53 1235 453462 5435683 410 3950
OSK-W-20-2283-W3 135 -50 1004 452997 5435607 425 3500
OSK-W-20-2287 116 -53 1406 453607 5435714 404 4075
OSK-W-20-2292-W4 125 -54 984 453035 5435561 420 3525
OSK-W-20-2301 149 -49 140 452696 5435534 410 3200
OSK-W-20-2306 152 -55 531 452872 5435155 409 3175
OSK-W-20-2313-W2 134 -52 1047 452965 5435583 420 3450
OSK-W-20-2319 141 -50 768 452872 5435153 409 3175
OSK-W-20-2325 331 -53 171 451946 5434809 406 2200
OSK-W-20-2326 335 -50 156 451920 5434828 403 2175
OSK-W-20-2327 334 -49 132 451899 5434812 401 2150
OSK-W-20-2328 136 -56 942 452872 5435153 409 3175
OSK-W-20-2330 333 -48 156 451912 5434792 402 2150
OSK-W-20-2332 335 -49 222 452019 5434790 406 2250
OSK-W-20-2346 130 -53 1161 453397 5435557 413 3825
OSK-W-20-2354 336 -60 759 452739 5434474 401 2725
OSK-W-20-2362 350 -45 256 452719 5434777 398 2850
OSK-W-20-2377 132 -49 1326 452702 5435548 409 3225
OSK-W-20-2384 127 -52 1164 453397 5435557 413 3825
OSK-W-20-2389 328 -57 701 452689 5434635 398 2750
WST-20-0011 157 -54 451 453105 5435065 231 3325
WST-20-0346 136 -18 391 452282 5434975 264 2575
WST-20-0347 134 -14 369 452282 5434975 264 2575
WST-20-0348 127 -14 311 452282 5434976 264 2575
WST-20-0349 140 -19 378 452282 5434975 263 2575
WST-20-0476 132 -33 403 452282 5434975 263 2575
WST-20-0477 131 -30 394 452282 5434976 263 2575
WST-20-0480B 142 -52 382 452281 5434975 262 2575
WST-20-0518 135 -53 441 452282 5434975 263 2575
WST-20-0520 133 -46 388 452281 5434975 263 2575
WST-20-0533 143 -26 133 453315 5435165 124 3575
WST-20-0534 143 -32 135 453315 5435165 124 3575
WST-20-0535 143 -37 138 453315 5435165 124 3575
WST-20-0536 132 -27 135 453316 5435166 124 3575
WST-20-0549 141 -13 396 452208 5434898 249 2475
WST-20-0565 134 -12 354 452208 5434898 249 2475
WST-20-0566A 133 -16 368 452208 5434898 248 2475
WST-20-0568 158 -58 493 453104 5435065 231 3325
WST-20-0582 176 -56 144 453177 5435125 173 3425
WST-20-0586 167 -13 193 453418 5435305 69 3725
WST-20-0587 145 -43 205 453418 5435305 69 3725
WST-20-0589 147 -55 376 452281 5434975 263 2575

 

Lynx Zone

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

 

Triple Lynx

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

 

Zone 27

Mineralization is typically characterized by 5% to 50% disseminated, stringer, semi-massive or stockwork pyrite, ptygmatic tourmaline veins, quartz-tourmaline crustiform veins, and local quartz-carbonate veins. Local visible gold is observed as small specks or clusters with quartz veins. Alteration consists of moderate to strong sericite, weak to strong silica, weak chlorite and carbonate and locally weak fuchsite. Mineralization is hosted in strongly altered andesites or in or at the contact of the rhyolite.

 

Caribou Zone

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

 

F-Zone

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

 

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.

 

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. Local visible gold is associated with carbonate ± silica ± chlorite alteration. Mineralization is hosted in sheared mafic volcanics, rhyolites near faults, or at the contact 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), Project Manager of Osisko’s Windfall Lake gold project, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

 

Quality Control and Reporting Protocols

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

 

About the Windfall Gold Deposit

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

 

About Osisko Mining Inc.

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

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

 

OSISKO WINDFALL INFILL DRILLING

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

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

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

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

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

 

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

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

SW= Southwest

 

Drill hole location

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

 

Lynx Zone

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

 

Triple Lynx

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

 

Qualified Person

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

 

Quality Control and Reporting Protocols

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

 

About the Windfall Gold Deposit

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

 

About Osisko Mining Inc.

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

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

OSISKO WINDFALL DRILLING STEPS OUT INTO MORE … GOLD

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

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

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

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

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

Expansion Drilling

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

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

Drill hole location

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

Lynx Zone

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

 

Triple Lynx

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

 

Qualified Person

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

 

 

Quality Control and Reporting Protocols

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

 

About the Windfall Gold Deposit

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

 

About Osisko Mining Inc.

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

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

OSISKO WINDFALL INFILL DRILLING: STILL GOOD

New Intercepts Include 206 g/t Au over 2.0 Metres

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

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

The table below contains resource definition infill intercepts located inside the February 2020 mineral resource estimate wireframes (see Osisko news release dated February 19, 2020). Significant new analytical results are presented below and include 90 intercepts in 25 drill holes and 23 wedges.

Selected high-grade intercepts from the new results include: 206 g/t Au over 2.0 metres in WST-20-0581; 60.0 g/t Au over 2.0 metres in WST-20-0498; 52.9 g/t Au over 2.8 metres in WST-20-0513; 47.5 g/t Au over 2.2 metres in OSK-W-20-2334; 42.4 g/t Au over 2.3 metres in WST-20-0523A; 40.4 g/t Au over 3.6 metres in OSK-W-20-2133-W4. Maps showing hole locations and full analytical results are available at www.osiskomining.com.

 

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-20-2133-W4 798.8 802.4 3.6 40.4   Triple Lynx Triple Lynx
including 799.2 800.2 1.0 73.3
OSK-W-20-2243-W6 804.7 806.8 2.1 9.02   Lynx_361 Triple Lynx
851.4 854.8 3.4 23.5   Triple Lynx Triple Lynx
including 853.1 853.9 0.8 68.9
OSK-W-20-2252-W7 842.6 849.0 6.4 6.93   Triple Lynx Triple Lynx
including 844.8 845.1 0.3 41.7
879.1 881.8 2.7 4.62   Lynx_371 Triple Lynx
including 879.4 879.7 0.3 16.0
885.0 889.0 4.0 4.70   Lynx_371 Triple Lynx
  893.9 896.7 2.8 5.67   Lynx_371 Triple Lynx
  919.7 923.0 3.3 4.45   Lynx_361 Triple Lynx
including 919.7 920.0 0.3 13.3
OSK-W-20-2256-W4 1012.0 1014.0 2.0 14.6   Triple Lynx Triple Lynx
OSK-W-20-2256-W6 868.8 872.6 3.8 24.4   Lynx_371 Triple Lynx
including 869.7 870.3 0.6 79.5
  875.0 879.0 4.0 4.91   Lynx_371 Triple Lynx
  883.0 892.0 9.0 18.2   Lynx_361 Triple Lynx
including 887.6 888.3 0.7 57.6
OSK-W-20-2256-W7 869.4 872.0 2.6 4.86   Lynx_361 Triple Lynx
899.0 901.0 2.0 15.4   Triple Lynx Triple Lynx
including 899.6 900.0 0.4 69.4
OSK-W-20-2264 782.2 790.0 7.8 10.5   Lynx_330 Lynx
including 786.9 787.6 0.7 38.4
OSK-W-20-2271-W1 847.5 849.5 2.0 4.50   Lynx Lynx
OSK-W-20-2271-W2 1024.5 1026.9 2.4 32.1   Lynx_330 Lynx
including 1026.6 1026.9 0.3 90.1
1064.0 1066.1 2.1 6.13   Lynx_334 Lynx
including 1065.2 1065.6 0.4 20.3
1077.0 1079.0 2.0 5.15   Lynx_334 Lynx
OSK-W-20-2275-W3 899.0 901.0 2.0 10.8   Triple Lynx Triple Lynx
including 900.3 900.7 0.4 43.3
OSK-W-20-2275-W4 635.0 637.1 2.1 7.18   Lynx_365 Triple Lynx
including 636.1 636.5 0.4 25.6
804.8 810.4 5.6 11.8   Triple Lynx Triple Lynx
including 806.3 806.9 0.6 55.1
835.0 837.0 2.0 11.1   Triple Lynx Triple Lynx
including 835.6 836.0 0.4 54.7
889.5 892.0 2.5 5.40   Triple Lynx Triple Lynx
including 890.4 891.0 0.6 22.4
OSK-W-20-2280-W2 1102.7 1105.0 2.3 5.46   Lynx_370 Triple Lynx
including 1103.5 1104.0 0.5 20.9
OSK-W-20-2280-W3 1099.2 1101.3 2.1 5.22   Triple Lynx Triple Lynx
including 1101.0 1101.3 0.3 17.7
1103.0 1108.9 5.9 4.92   Triple Lynx Triple Lynx
including 1108.6 1108.9 0.3 18.2
1112.9 1116.0 3.1 20.1   Lynx_370 Triple Lynx
including 1112.9 1113.5 0.6 77.8
OSK-W-20-2280-W4 1040.0 1042.0 2.0 6.32   Triple Lynx Triple Lynx
  1044.0 1046.0 2.0 4.83   Triple Lynx Triple Lynx
including 1044.6 1044.9 0.3 24.6   Triple Lynx Triple Lynx
  1072.9 1077.5 4.6 12.8   Triple Lynx Triple Lynx
including 1075.5 1075.9 0.4 97.2  
  1091.2 1098.0 6.8 3.96   Triple Lynx Triple Lynx
  1100.7 1105.0 4.3 13.5 12.7 Lynx_364 Triple Lynx
including 1100.7 1101.0 0.3 112 100
  1109.7 1114.0 4.3 16.9 15.7 Lynx_364 Triple Lynx
including 1109.7 1110.0 0.3 117 100
OSK-W-20-2280-W5 1010.5 1016.0 5.5 3.61   Lynx_363 Triple Lynx
1039.0 1041.0 2.0 22.4   Lynx_364 Triple Lynx
including 1039.5 1040.0 0.5 81.8
1046.0 1052.0 6.0 30.4 23.7 Lynx_364 Triple Lynx
including 1047.8 1049.0 1.2 129 95
1054.0 1059.9 5.9 14.7   Lynx_364 Triple Lynx
including 1059.2 1059.9 0.7 82.8
1093.0 1096.0 3.0 12.0   Triple Lynx Triple Lynx
OSK-W-20-2283-W1 807.0 809.6 2.6 8.20   Triple Lynx Triple Lynx
including 807.5 809.6 2.1 9.02
OSK-W-20-2283-W2 814.8 817.1 2.3 8.16   Triple Lynx Triple Lynx
including 816.6 817.1 0.5 26.8
  832.7 835.0 2.3 6.13   Triple Lynx Triple Lynx
  991.0 993.0 2.0 9.11   Triple Lynx Triple Lynx
including 991.3 991.8 0.5 35.7
OSK-W-20-2283-W6 831.6 836.0 4.4 17.6   Lynx_361 Triple Lynx
including 833.3 834.6 1.3 40.6
OSK-W-20-2292-W4 892.0 894.9 2.9 4.02   Lynx_375 Triple Lynx
including 893.1 893.8 0.7 10.3
OSK-W-20-2295-W2 679.7 682.0 2.3 24.7 17.4 Triple Lynx Triple Lynx
including 681.7 682.0 0.3 157 100
OSK-W-20-2295-W3 660.3 662.3 2.0 3.89   Triple Lynx Triple Lynx
OSK-W-20-2295-W4 670.1 673.1 3.0 5.99   Triple Lynx Triple Lynx
including 670.1 670.6 0.5 16.6
698.0 700.1 2.1 4.33   Triple Lynx Triple Lynx
including 699.8 700.1 0.3 23.7
  757.0 759.3 2.3 4.08   Triple Lynx Triple Lynx
including 757.0 757.5 0.5 10.1
822.5 824.5 2.0 3.90   Triple Lynx Triple Lynx
including 823.5 824.0 0.5 14.1
841.0 843.0 2.0 5.77   Triple Lynx Triple Lynx
including 841.4 841.7 0.3 31.5
OSK-W-20-2313-W5 819.9 822.0 2.1 7.49   Lynx_376 Triple Lynx
OSK-W-20-2322-W1 1119.8 1124.6 4.8 7.20   Lynx_330 Lynx
including 1120.5 1121.2 0.7 13.8
OSK-W-20-2334 1007.1 1009.3 2.2 47.5 41.7 Lynx_330 Lynx
including 1008.0 1008.4 0.4 132 100
OSK-W-20-2367 59.0 62.0 3.0 6.38   Lynx_335 Lynx SW
WST-20-0406 130.2 132.4 2.2 3.26   Lynx_322 Lynx
WST-20-0486 57.5 63.7 6.2 15.1   Lynx_303 Lynx
including 58.5 59.0 0.5 47.1
and 59.7 60.1 0.4 46.1
114.0 116.0 2.0 10.5   Lynx_304 Lynx
including 115.4 116.0 0.6 27.6
WST-20-0498 123.5 125.7 2.2 3.84   Lynx_304 Lynx
132.5 134.5 2.0 60.0 41.3 Lynx_304 Lynx
including 133.8 134.5 0.7 154 100
WST-20-0502 73.4 76.0 2.6 4.73   Lynx_311 Lynx
WST-20-0503 57.9 59.9 2.0 18.6   Lynx_311 Lynx
including 57.9 58.7 0.8 46.1
WST-20-0505A 84.5 87.0 2.5 9.07   Lynx_307 Lynx
including 84.5 84.8 0.3 72.4
233.5 236.0 2.5 3.00   Lynx SW Lynx SW
WST-20-0506 123.2 125.5 2.3 7.83   Lynx_304 Lynx
including 123.9 124.7 0.8 22.4
WST-20-0509 94.4 96.5 2.1 4.24   Lynx_304 Lynx
including 94.4 94.7 0.3 13.9
WST-20-0512 48.2 50.2 2.0 8.84   Lynx_303 Lynx
including 49.3 49.9 0.6 29.1
  54.0 56.0 2.0 21.1   Lynx_311 Lynx
including 54.9 55.4 0.5 83.8
WST-20-0513 138.0 140.8 2.8 52.9 44.5 Lynx_323 Lynx
including 139.0 139.9 0.9 126 100
151.8 154.0 2.2 3.67   Lynx_304 Lynx
WST-20-0514 141.0 143.0 2.0 20.9   Lynx_323 Lynx
including 141.0 142.0 1.0 32.5
WST-20-0523A 67.2 69.4 2.2 14.8   Lynx_311 Lynx
including 67.7 68.4 0.7 44.8
72.0 74.3 2.3 42.4   Lynx_311 Lynx
including 73.5 74.3 0.8 90.4
WST-20-0525 142.0 144.0 2.0 13.3   Lynx_323 Lynx
including 142.0 143.0 1.0 26.4
WST-20-0537 84.9 87.1 2.2 6.49   Lynx Lynx
including 86.4 87.1 0.7 16.1
WST-20-0538 105.0 107.2 2.2 15.0   Lynx_304 Lynx
including 105.3 105.8 0.5 64.4
117.0 120.0 3.0 4.15   Lynx Lynx
WST-20-0539 45.9 48.2 2.3 6.89   Lynx_303 Lynx
96.6 98.6 2.0 20.6   Lynx_304 Lynx
including 97.0 97.5 0.5 80.2
WST-20-0540 51.3 53.5 2.2 3.12   Lynx_303 Lynx
111.0 113.2 2.2 7.86   Lynx_304 Lynx
including 111.0 111.3 0.3 47.2
WST-20-0541 45.8 48.1 2.3 10.0   Lynx_303 Lynx
including 46.4 47.2 0.8 25.6
60.1 62.3 2.2 13.8   Lynx Lynx
including 60.9 61.7 0.8 34.3
98.0 100.0 2.0 15.7   Lynx_304 Lynx
including 99.0 99.5 0.5 36.3
WST-20-0544 52.7 55.5 2.8 72.0 55.8 Lynx_303 Lynx
including 52.7 54.1 1.4 132 100
WST-20-0563 129.4 131.5 2.1 4.72   Lynx_365 Triple Lynx
including 129.4 130.0 0.6 15.1
WST-20-0579 58.0 60.5 2.5 5.62   Lynx_303 Lynx
WST-20-0581 268.4 274.0 5.6 4.56   Lynx SW Lynx SW
283.0 285.0 2.0 206 45.4 Lynx SW Lynx SW
including 283.0 283.9 0.9 458 100

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

 

Drill hole location

 

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-20-2133-W4 118 -49 987 453080 5435531 417 3525
OSK-W-20-2243-W6 122 -54 965 453086 5435526 417 3550
OSK-W-20-2252-W7 129 -54 1191 453241 5435694 415 3750
OSK-W-20-2256-W4 125 -51 1122 453160 5435686 411 3675
OSK-W-20-2256-W6 125 -51 1157 453160 5435686 411 3675
OSK-W-20-2256-W7 125 -51 1005 453160 5435686 411 3675
OSK-W-20-2264 292 -74 1119 454127 5435062 396 4225
OSK-W-20-2271-W1 120 -53 1200 453462 5435683 410 3950
OSK-W-20-2271-W2 120 -53 1223 453462 5435683 410 3950
OSK-W-20-2275-W3 127 -49 1050 452888 5435583 409 3400
OSK-W-20-2275-W4 127 -49 1052 452888 5435583 409 3400
OSK-W-20-2280-W2 127 -58 1211 453304 5435639 415 3775
OSK-W-20-2280-W3 127 -58 1191 453304 5435639 415 3775
OSK-W-20-2280-W4 127 -58 1215 453304 5435639 415 3775
OSK-W-20-2280-W5 127 -58 1134 453304 5435639 415 3775
OSK-W-20-2283-W1 135 -50 1035 452997 5435607 425 3500
OSK-W-20-2283-W2 135 -50 1011 452997 5435607 425 3500
OSK-W-20-2283-W6 135 -50 957 452997 5435607 425 3500
OSK-W-20-2292-W4 125 -54 984 453035 5435561 420 3525
OSK-W-20-2295-W2 132 -51 963 452933 5435473 415 3375
OSK-W-20-2295-W3 132 -51 969 452933 5435473 415 3375
OSK-W-20-2295-W4 132 -51 1082 452933 5435473 415 3375
OSK-W-20-2313-W5 134 -52 1086 452965 5435583 420 3450
OSK-W-20-2322-W1 130 -54 1233 453608 5435715 403 4075
OSK-W-20-2334 125 -53 1166 453397 5435557 413 3825
OSK-W-20-2367 349 -46 279 452742 5434761 398 2875
WST-20-0406 135 -8 202 453494 5435287 117 3775
WST-20-0486 130 -37 162 453359 5435209 154 3625
WST-20-0498 132 -11 169 453228 5435126 136 3475
WST-20-0502 144 -40 115 453105 5435065 231 3325
WST-20-0503 148 6 99 453105 5435065 232 3325
WST-20-0505A 183 -45 331 453227 5435125 134 3475
WST-20-0506 175 20 141 453357 5435208 156 3625
WST-20-0509 126 -20 148 453316 5435166 124 3575
WST-20-0512 159 -10 139 453315 5435164 125 3575
WST-20-0513 147 -25 184 453418 5435305 69 3725
WST-20-0514 154 -26 181 453418 5435305 69 3725
WST-20-0523A 166 -46 387 453104 5435065 231 3325
WST-20-0525 165 -20 187 453418 5435305 69 3725
WST-20-0537 132 -32 139 453316 5435166 124 3575
WST-20-0538 130 -37 142 453316 5435166 124 3575
WST-20-0539 122 -29 139 453316 5435166 124 3575
WST-20-0540 129 -42 147 453316 5435166 124 3575
WST-20-0541 150 -28 138 453315 5435165 124 3575
WST-20-0544 144 -43 144 453315 5435165 124 3575
WST-20-0563 324 -40 248 453255 5435214 96 3525
WST-20-0579 162 -38 144 453315 5435165 124 3575
WST-20-0581 181 -60 474 453177 5435126 173 3425

 

 

Lynx Zone

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

 

Triple Lynx

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

 

Qualified Person

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

 

Quality Control and Reporting Protocols

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

 

About the Windfall Gold Deposit

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

 

About Osisko Mining Inc.

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

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

OSISKO WINDFALL INFILL DRILL PROGRAM 2020 TOP 20 HIT PARADE

(Toronto, December 3, 2020) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide a recap of the top 20 previously released intercepts of 2020 from its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Since the release of the February 2020 mineral resource estimate (see Osisko news release dated February 19, 2020), approximately 250,000 metres of new drilling has been completed, focused on infill and expansion drilling of the known mineralized zones at Windfall.

Osisko Chief Executive Officer John Burzynski commented: “It has been a very busy year for the Osisko exploration team, complicated by global events.  The Corporation has managed to maintain a steady pace at Windfall, significantly growing the deposit with the resource update released in February, and we expect this year’s program to further grow the deposit.  Our exploration team successfully completed the Discovery One drill hole, providing solid extensions to the Underdog and Triple 8 zones, while providing strong indications for further discovery at depth in the deposit.  The pace of drilling has increased throughout the year, with over 30 surface and underground drills on site to complete the infill program and explore extensions of the principal mineralized zones, all of which remain open down plunge.  The exploration ramp has continued to advance towards Triple Lynx for the next planned bulk sample, and at present we have eight underground rigs on the Lynx infill program. Drilling began in November on promising near-deposit exploration targets with three additional drills, and we expect to be shifting more rigs to these targets in the New Year.  Our cash balance remains very strong, with approximately $300M in cash and equity positions.”

“Osisko recognizes the essential contribution of our employees and contractors, and we wish to thank our hosts and partners in the community of Waswanipi, the Cree Nation government, the municipality of Lebel-sur-Quevillon, the Quebec government and all of our stakeholders for their strong support through what has been an unusual year.  Our achievements and success are attributable to our working relationship with our partners, and the dedication and commitment of our employees to maintaining a safe work environment.”

Osisko anticipates a busy 2021, steadily working towards the delivery of the next resource update and advancing the feasibility work for the Windfall project.

The table below presents the previously released 2020 top 20 drill intercepts from Lynx.

 

WINDFALL TOP 20 INTERCEPTS BY METAL FACTOR

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut g*metres uncut Zone
WST-20-0543 74.0 76.0 2.0 13,634 27,268 Lynx_323
OSK-W-19-1731-W2 882.7 887.3 4.6 1,475 6,785 Lynx_348
OSK-W-20-2059-W4 1038.1 1066.1 28.0 202 5,643 Lynx_348
OSK-W-19-2226 55.7 58.1 2.4 948 2,275 Lynx_311
OSK-W-20-2256-W5 858.5 873.0 14.5 86 1,250 Lynx_361
WST-20-0312 105.0 110.0 5.0 199 993 Lynx_304
OSK-W-20-2260-W1 843.0 846.0 3.0 314 941 Lynx_361
OSK-W-20-2133-W2 783.6 786 2.4 391 939 Lynx_361
OSK-W-20-2264 766.5 778.8 12.3 76 931 Lynx_334
OSK-W-20-2133-W4 928.8 939.6 10.8 85 918 Triple Lynx
OSK-W-20-2292-W1 1040.7 1043.0 2.3 395 909 Lynx_374
OSK-W-20-2170-W2 971 976.6 5.6 149 835 Lynx_363
OSK-W-20-2100-W7 933.0 935.0 2.0 415 830 Lynx_361
WST-20-0310 63.7 65.7 2.0 376 751 Lynx_311
WST-20-0569 310.5 312.7 2.2 327 719 Lynx_356
WST-20-0295 142.0 144.0 2.0 337 675 Lynx_304
OSK-W-20-2256-W2 874.7 880.3 5.6 115 642 Lynx_361
OSK-W-20-2256-W4 862.0 871.2 9.2 62 566 Lynx_361
WST-19-0234 69.2 72.6 3.4 153 520 Lynx_311
WST-20-0295 134.0 136.0 2.0 243 485 Lynx_304

 

Qualified Person

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

 

Quality Control and Reporting Protocols

True width determination is estimated at 55-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.0 g/t Au diluted over core lengths of at least 2.0 metres. All NQ core assays reported were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Thunder Bay, Ontario, Sudbury, Ontario or Vancouver, British Colombia, or (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold, present a higher percentage of pyrite than surrounding intervals or any samples exceeding 10 g/t Au. A 1-kilogram split is passed through a 75-um stainless steel screen to separate the oversize fraction. Any +75-μm material remaining on the screen is retained and analyzed in its entirety by fire assay with gravimetric finish and reported as the Au (+) fraction results. The 75μm fraction is homogenized and two 50-gram sub-samples are analyzed by fire assay with Atomic absorption finish. The average of the two atomic absorption finish is taken and reported as the Au (-) fraction result. As of August 7, 2019, the -75μm fractions have been analyzed using gravimetric finish. All three values are used in calculating the combined gold content of the plus and minus fractions. Selected samples are also analyzed for multi-elements, including silver, using a four acids digestion -MS61 method at ALS Laboratories. Drill program design, Quality Assurance/Quality Control (“QA/QC”) and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assay.

 

About the Windfall Gold Deposit

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

 

About Osisko Mining Inc.

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

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

 

OSISKO WINDFALL INFILL DRILLING: VERY GOOD

Record Intercept of 13,634 g/t Au over 2.0 Metres

(Toronto, December 1, 2020) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing expansion and definition drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Infill drilling at Lynx has returned the highest-grade result at Windfall to date of 13,634 g/t Au over 2.0 metres including 90,700 g/t Au over 0.3 metres in hole WST-20-0543. This infill hole from the definition program is located 70 metres down plunge from WST-20-0310 (376 g/t Au over 2.0 metres, see Osisko news release dated June 23, 2020) and confirms the continuity of the Lynx 323 wireframe.

Osisko Chief Executive Officer John Burzynski commented: “Today’s spectacular result, certainly one the highest gold grades in terms of metal factor (grade x width) ever reported, continues to demonstrate the exceptional high-grade characteristics of Lynx.  Our infill drilling program continues to show the strength of our deposit, and is confirming both the continuity and high-grade nature of Windfall.  We encourage people to go to our social media page or website and view some of the recent photos of the spectacular visible gold in this sample and other recent drill core coming from the ongoing work at Windfall.”

 

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t) cut to 100 g/t Zone Corridor
WST-20-0543 74.0 76.0 2.0 13,634 30.0 Lynx Lynx_323
including 74.3 74.6 0.3 90,700 100

 

Drill hole location

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
WST-20-0543 150 -40 144 453315 5435165 123 3575

 

WST-20-0543 intersected 13,634 g/t Au over 2.0 metres. Mineralization consists of up to 15% local visible gold and up to 5% disseminated pyrite hosted in an intensely silica flooded, sericitized, and strongly fuchsite altered gabbro.

 

Lynx Zone

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

 

Qualified Person

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

 

Quality Control and Reporting Protocols

True width determination is estimated at 55-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.0 g/t Au diluted over core lengths of at least 2.0 metres. All NQ core assays reported were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Thunder Bay, Ontario, Sudbury, Ontario or Vancouver, British Colombia, or (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold, present a higher percentage of pyrite than surrounding intervals or any samples exceeding 10 g/t Au. A 1-kilogram split is passed through a 75-um stainless steel screen to separate the oversize fraction. Any +75-μm material remaining on the screen is retained and analyzed in its entirety by fire assay with gravimetric finish and reported as the Au (+) fraction results. The 75μm fraction is homogenized and two 50-gram sub-samples are analyzed by fire assay with Atomic absorption finish. The average of the two atomic absorption finish is taken and reported as the Au (-) fraction result. As of August 7, 2019, the -75μm fractions have been analyzed using gravimetric finish. All three values are used in calculating the combined gold content of the plus and minus fractions. Selected samples are also analyzed for multi-elements, including silver, using a four acids digestion -MS61 method at ALS Laboratories. Drill program design, Quality Assurance/Quality Control (“QA/QC”) and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assay.

 

About the Windfall Gold Deposit

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

 

About Osisko Mining Inc.

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

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

OSISKO INFILL DRILLING WINDFALL. GOOD.

Results Include 86.2 g/t Au over 14.5 Metres and 327 g/t Au over 2.2 Metres

(Toronto, November 24, 2020) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing expansion and definition drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Drilling is currently focused on the Lynx deposit. Osisko Chief Executive Officer John Burzynski commented: “We remain very pleased with Lynx’s consistent good results on grade and widths.”

The table below contains resource definition infill intercepts located inside the February 2020 mineral resource estimate wireframes (see Osisko news release dated February 19, 2020). Significant new analytical results are presented below and include 27 intercepts in 10 drill holes and 9 wedges.

Selected high-grade intercepts from the new results include: 86.2 g/t Au over 14.5 metres in OSK-W-2256-W5; 327 g/t Au over 2.2 metres in WST-20-0569; 85.0 g/t Au over 10.8 metres in OSK-W-20-2133-W4; 94.9 g/t Au over 2.1 metres in WST-20-0508; and 71.3 g/t Au over 4.0 metres in OSK-W-2252-W5. Maps showing hole locations and full analytical results are available at www.osiskomining.com.

 

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-20-2133-W4 928.8 939.6 10.8 85.0 22.7 Lynx_331 Triple Lynx
including 931.0 933.1 2.1 420 100
OSK-W-20-2252-W5 854.7 856.9 2.2 18.6   Lynx_371 Triple Lynx
including 855.6 856.0 0.4 97.3
882.3 886.3 4.0 71.3 43.8 Lynx_371 Triple Lynx
including 884.1 884.6 0.5 234 100
and 885.9 886.3 0.4 375 100
OSK-W-20-2252-W7 943.6 950.1 6.5 36.0 25.8 Lynx_368 Triple Lynx
including 943.9 945.2 1.3 151 100
OSK-W-20-2256-W5 858.5 873.0 14.5 86.2 16.4 Lynx_361 Triple Lynx
including 868.1 868.4 0.3 230 100
and 868.4 868.7 0.3 3120 100
and 869.0 869.3 0.3 321 100
OSK-W-20-2275-W2 906.6 910.3 3.7 7.56   Triple Lynx Triple Lynx
including 909.0 909.5 0.5 25.7
OSK-W-20-2280-W2 998.4 1001.1 2.7 11.2   Lynx_368 Triple Lynx
  1027.9 1031.3 3.4 5.60   Lynx_363 Triple Lynx
including 1027.9 1028.3 0.4 28.3
OSK-W-20-2295-W2 654.0 656.0 2.0 16.1   Lynx_376 Triple Lynx
including 654.5 655.0 0.5 51.9
OSK-W-20-2295-W3 697.0 699.0 2.0 5.11   Triple Lynx Triple Lynx
including 698.1 698.5 0.4 22.8
OSK-W-20-2313-W2 986.3 988.3 2.0 6.69   Triple Lynx Triple Lynx
OSK-W-20-2339 608.3 610.5 2.2 8.59   Triple Lynx Triple Lynx
WST-20-0473 101.0 103.0 2.0 12.3   Lynx_304 Lynx
including 102.5 103.0 0.5 48.6
WST-20-0486 93.0 95.0 2.0 5.03   Lynx_323 Lynx
WST-20-0487 103.7 106.0 2.3 25.2   Lynx_359 Lynx
including 104.4 105.0 0.6 53.2
WST-20-0500 132.0 134.5 2.5 10.1   Lynx_304 Lynx
including 132.9 133.6 0.7 35.9
WST-20-0506 82.7 85.1 2.4 6.21   Lynx_311 Lynx
WST-20-0508 51.4 53.5 2.1 6.01   Lynx_311 Lynx
including 52.8 53.1 0.3 37.7
70.5 72.8 2.3 9.05   Lynx_323 Lynx
77.4 80.0 2.6 4.45   Lynx_308 Lynx
including 77.7 78.1 0.4 21.9
93.9 96.0 2.1 94.9 22.0 Lynx_304 Lynx
including 93.9 94.3 0.4 483 100
109.0 111.2 2.2 19.2   Lynx_359 Lynx
including 110.7 111.2 0.5 71.7
WST-20-0511 82.5 88.4 5.9 15.6   Lynx_308 Lynx
including 83.4 84.0 0.6 79.7
92.0 94.0 2.0 9.36   Lynx_304 Lynx
including 93.6 94.0 0.4 45.0
WST-20-0515 156.0 158.0 2.0 24.4 20.4 Lynx_323 Lynx
including 157.0 157.4 0.4 120 100
169.0 171.0 2.0 25.0 21.0 Lynx_304 Lynx
including 169.0 169.4 0.4 120 100
WST-20-0569 310.5 312.7 2.2 327 28.2 Lynx_356 Lynx
including 310.5 311.1 0.6 1195 100

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

 

Drill hole location

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-20-2133-W4 118 -49 987 453080 5435531 417 3525
OSK-W-20-2252-W5 129 -54 1092 453241 5435694 415 3750
OSK-W-20-2252-W7 129 -54 1089 453241 5435694 415 3750
OSK-W-20-2256-W5 125 -51 1022 453160 5435686 414 3675
OSK-W-20-2275-W2 127 -49 1035 452886 5435584 409 3400
OSK-W-20-2280-W2 127 -58 1211 453304 5435639 415 3775
OSK-W-20-2295-W2 132 -51 963 452938 5435472 415 3375
OSK-W-20-2295-W3 132 -51 969 452938 5435472 415 3375
OSK-W-20-2313-W2 134 -52 1047 452965 5435583 420 3450
OSK-W-20-2339 144 -50 1025 452960 5435442 415 3400
WST-20-0473 149 -16 202 453493 5435287 117 3775
WST-20-0486 130 -37 162 453359 5435209 154 3625
WST-20-0487 140 -5 177 453358 5435208 155 3625
WST-20-0500 139 -30 166 453228 5435126 135 3475
WST-20-0506 175 20 141 453357 5435208 156 3625
WST-20-0508 136 -12 138 453316 5435165 124 3575
WST-20-0511 137 8 162 453316 5435165 125 3575
WST-20-0515 158 -33 186 453418 5435305 68 3725
WST-20-0569 165 -59 526 453104 5435065 231 3325

 

Lynx Zone

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

 

Triple Lynx

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

 

Qualified Person

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

 

Quality Control and Reporting Protocols

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

 

About the Windfall Gold Deposit

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

 

About Osisko Mining Inc.

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

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

OSISKO WINDFALL INFILL DRILLING INTERSECTS SOME MORE GOLD

Including 75.7 g/t Au Over 12.3 Metres and 193 g/t Au Over 2.3 Metres

(Toronto, November 17, 2020) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing expansion and definition drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Drilling is currently focused on the Lynx deposit. Osisko Chief Executive Officer John Burzynski commented: “Lynx continues to deliver on high-grade and width with consistency, as illustrated by today’s headline intercepts of 193 g/t Au over 2.3 metres and 75.7 g/t Au over 12.3 metres.”

The table below contains resource definition infill intercepts located inside the February 2020 mineral resource estimate wireframes (see Osisko news release dated February 19, 2020). Significant new analytical results are presented below and include 38 intercepts in 11 drill holes and 11 wedges.

Selected high-grade intercepts from the new results include: 75.7 g/t Au over 12.3 metres in OSK-W-20-2264; 193 g/t Au over 2.3 metres in OSK-W-20-2133-W3; and 37.6 g/t Au over 2.0 metres in OSK-W-20-2275-W3. Maps showing hole locations and full analytical results are available at www.osiskomining.com

 

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-20-2133-W2 901.3 903.5 2.2 9.27   Lynx_331 Lynx
including 901.7 902.0 0.3 59.4
OSK-W-20-2133-W3 791.2 793.5 2.3 193 41.7 Triple Lynx Triple Lynx
including 792.7 793.1 0.4 972 100
  874.8 877.0 2.2 9.52   Triple Lynx Triple Lynx
including 875.8 876.3 0.5 32.5
  931.1 933.2 2.1 8.05   Triple Lynx Triple Lynx
including 932.7 933.2 0.5 20.2
OSK-W-20-2139-W11 882.9 885.0 2.1 8.33   Lynx_361 Triple Lynx
896.3 898.6 2.3 13.6   Lynx_361 Triple Lynx
including 896.3 896.6 0.3 35.3
912.2 914.4 2.2 4.36   Lynx_363 Triple Lynx
including 914.0 914.4 0.4 13.7
954.0 956.0 2.0 7.91   Lynx_369 Triple Lynx
including 954.5 955.2 0.7 20.4
OSK-W-20-2256-W5 892.1 894.1 2.0 4.85 Lynx_368 Triple Lynx
OSK-W-20-2264 766.5 778.8 12.3 75.7 21 Lynx_334 Lynx
including 773.8 774.4 0.6 1085 100
and 774.4 775.3 0.9 190 100
OSK-W-20-2275-W3 669.5 672.3 2.8 11.8   Triple Lynx Triple Lynx
including 669.5 670.2 0.7 46.5
776.7 781.0 4.3 9.73   Lynx_376 Triple Lynx
  807.5 809.5 2.0 37.6 15.5 Triple Lynx Triple Lynx
including 807.5 807.8 0.3 247 100    
OSK-W-20-2280-W2 1012.2 1014.9 2.7 7.72   Lynx_368 Triple Lynx
  1073.6 1075.6 2.0 13.9   Lynx_364 Triple Lynx
including 1074.2 1074.9 0.7 35.9
1083.0 1086.0 3.0 9.71   Lynx_364 Triple Lynx
1113.4 1115.4 2.0 4.29   Lynx_370 Triple Lynx
including 1113.7 1114.0 0.3 19.1
OSK-W-20-2280-W3 1011.0 1013.0 2.0 9.31   Lynx_368 Triple Lynx
1075.0 1078.0 3.0 10.1   Lynx_364 Triple Lynx
OSK-W-20-2283-W1 553.9 556.0 2.1 7.37   Lynx_365 Triple Lynx
including 554.5 555.3 0.8 16.7
  794.5 797.7 3.2 22.1   Triple Lynx Triple Lynx
  818.0 822.0 4.0 6.80   Triple Lynx Triple Lynx
OSK-W-20-2292-W3 817.0 819.0 2.0 4.11   Lynx_361 Triple Lynx
OSK-W-20-2295-W2 885.7 888.0 2.3 4.53   Triple Lynx Triple Lynx
OSK-W-20-2295-W3 890.7 892.7 2.0 12.7 Triple Lynx Triple Lynx
including 891.7 892.2 0.5 45.2
WST-20-0404 109.1 111.1 2.0 5.90   Lynx_304 Lynx
including 110.4 111.1 0.7 16.0
137.5 139.6 2.1 6.17   Lynx_321 Lynx
WST-20-0407 178.4 180.5 2.1 4.24   Lynx_315 Lynx
WST-20-0425 66.6 70.5 3.9 7.09   Lynx_311 Lynx
including 66.6 67.6 1.0 16.5
109.0 111.3 2.3 3.55   Lynx_304 Lynx
WST-20-0483 98.0 100.0 2.0 4.93   Lynx_304 Lynx
including 98.4 98.7 0.3 24.1
WST-20-0487 89.0 91.5 2.5 6.87   Lynx_304 Lynx
including 91.1 91.5 0.4 36.4
WST-20-0494 164.4 166.4 2.0 10.8   Lynx_301 Lynx
including 165.2 165.5 0.3 64.8
WST-20-0495 119.0 121.0 2.0 6.89   Lynx_304 Lynx
including 120.6 121.0 0.4 20.8
131.2 133.5 2.3 3.67   Lynx_321 Lynx
including 133.1 133.5 0.4 16.9
WST-20-0498 108.0 110.0 2.0 3.23   Lynx_320 Lynx
including 108.5 109.0 0.5 12.9
WST-20-0499 56.0 58.2 2.2 16.5   Lynx_311 Lynx
including 57.0 57.4 0.4 83.5
WST-20-0500 56.1 58.4 2.3 10.2   Lynx_311 Lynx
including 57.0 57.4 0.4 43.0

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

 

Drill hole location

 

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-20-2133-W2 118 -49 1139 453080 5435531 417 3525
OSK-W-20-2133-W3 118 -49 965 453080 5435531 417 3525
OSK-W-20-2139-W11 115 -52 995 452980 5435549 420 3450
OSK-W-20-2256-W5 125 -51 1022 453160 5435686 414 3675
OSK-W-20-2264 292 -74 1119 454127 5435062 396 4225
OSK-W-20-2275-W3 127 -49 1050 452886 5435584 409 3400
OSK-W-20-2280-W2 127 -58 1211 453304 5435639 415 3775
OSK-W-20-2280-W3 127 -58 1191 453304 5435639 415 3775
OSK-W-20-2283-W1 135 -50 1035 452997 5435607 425 3500
OSK-W-20-2292-W3 125 -54 943 453037 5435563 420 3525
OSK-W-20-2295-W2 132 -51 963 452938 5435472 415 3375
OSK-W-20-2295-W3 132 -51 969 452938 5435472 415 3375
WST-20-0404 163 -4 192 453493 5435286 117 3775
WST-20-0407 106 9 202 453495 5435288 118 3775
WST-20-0425 161 18 166 453358 5435208 156 3625
WST-20-0483 170 2 193 453449 5435264 116 3725
WST-20-0487 140 -5 177 453358 5435208 155 3625
WST-20-0494 124 0 189 453495 5435288 117 3775
WST-20-0495 165 2 184 453495 5435288 117 3775
WST-20-0498 132 -11 169 453228 5435126 136 3475
WST-20-0499 131 -21 163 453228 5435126 135 3475
WST-20-0500 139 -30 166 453228 5435126 135 3475

 

Lynx Zone

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

 

Triple Lynx

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

 

Qualified Person

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

 

Quality Control and Reporting Protocols

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

 

About the Windfall Gold Deposit

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

 

About Osisko Mining Inc.

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

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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