OSISKO LYNX 600 LEVEL BULK SAMPLE AVERAGES 65.5 g/t Au

169% Reconciliation vs Grade in Mineral Resource Estimate

10,135 ounces Gold and 4,378 ounces Silver Contained within 4,809 tonnes

 

(Toronto, Oct 27, 2022) Osisko Mining Inc. (OSK:TSX “Osisko” or the “Corporation”) is pleased to provide new results from the continuing exploration program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

 

Highlights

  • Average grade of 65.5 g/t Au (2.11 ounces per Ton Au) for the bulk sample, 169% positive reconciliation
  • 4,809 tonnes bulk sample contained 10,135 ounces Au and 4,378 ounces of Ag
  • 93.1% Au recovery (including 52.2% Au recovery in gravity concentrates) from floatation processing circuit
  • Windfall bulk samples processed to date (Zone 27, Lynx 311, and Lynx 600) using floatation processing comprised an aggregate of 16,025 tonnes containing 14,914 ounces of gold and 8,004 ounces of silver, with the average gold recovery for the three samples of 94.1%

 

Results from processing 4,809 tonnes mined from Triple Lynx (the “bulk sample”) presented in Table 1 and Table 2, have exceeded technical expectations. The sample produced a positive reconciliation of 169%, returning an average grade of 65.5 g/t Au, well above the predicted capped grade based on the 12.5-metres infill model using the same block model parameters as the current mineral resource estimate “MRE” (technical report filed on SEDAR under Osisko’s issuer profile on September 14, 2022). Significant visual gold mineralization was encountered along the length of the mined stope.  Highlights and full results are presented below, diagrams and sections can be found at www.osiskomining.com. Map: Bulk TLX-3161 Long section Final

 

Table 1: Lynx Bulk Sample Reconciled Results

 

tonnes (dry)

Head Grade Contained Ounces Gravity Concentrate Flotation Concentrate Overall Recovery Recovered Ounces
Au (g/t) Ag (g/t)  

Au

 

Ag

t (dry) Au Rec (%) t (dry) Au Rec (%) Au (%) Ag (%)  

Au

 

Ag

4,809 65.5 28.3 10,135 4,378 11.5 52.2 316.5 85.7 93.1 88.2 9,439 3,864

Mill feed tonnages used in the sample processing reconciliation were provided by Northern Sun. Day and night shift daily composite samples collected during the processing of the bulk sample were assayed by external independent laboratories. Bulk sample results were reconciled by Soutex Inc., an external independent consultant using Bilmat.

 

Osisko Chairman and Chief Executive Officer John Burzynski commented: “On the back of our strongly positive MRE announced in late August and the significant new high-grade down plunge intercepts in September (Osisko news release dated September 27, 2022), today’s bulk sample results underscore the potential for Windfall to become one of the largest and highest-grade underground gold deposits in Canada. The grade has – for the third time in as many bulk samples – significantly exceeded expectations based on capped drilling block models. The empirical results from our bulk samples have consistently returned strong positive reconciliations, and give strong support to the existing geological model.  They have proved invaluable in increasing our confidence in the grade, continuity and predictability of the mineralized zones at Windfall.”

Geology

The Triple Lynx wireframe 3161 bulk sample is characterized by a West-South-West oriented mineralization corridor moderately dipping to the north, with an average width of 3.3 metres. Banded grey quartz veins contain 5 – 15% pyrite, trace chalcopyrite and local visible gold. The mineralization is hosted within a granodiorite dyke and gabbro, both showing strong sericite and silica alteration.

 

Processing

A total of 4,809 tonnes of mineralized material were processed in September 2022 at the Northern Sun Redstone concentrator, producing gravity and flotation concentrates. The reconciled head grade obtained from the processed sample is 65.5 g/t Au and 28.3 g/t Ag. The sample contained 10,135 oz Au and 4,378 oz Ag, with a total of 9,439 oz Au and 3,864 oz Ag recovered.  Reconciled recoveries are 93.1% for gold and 88.2% for silver. The Windfall MRE metallurgical test work considered a communition, gravity and leaching circuit process flowsheet, giving an average recovery of 96.4% for the Lynx zone. Test mill availability dictated the use of a mill with a communition, gravity and flotation flowsheet. The reconciled results from the processing of the bulk sample material are presented in Table 1.

 

Block Model

The bulk sample was taken from Triple Lynx mineralization wireframe 3161 of the Windfall MRE. The sample area was infill drilled at 12.5-metres spacings and predicted to contain 4,800 tonnes averaging 38.9 g/t Au, and 6,009 ounces of gold (Table 2).

 

Table 2: Infill Resource Block Model Predictions vs. Processed Material

Block Model – Predictions Processed Material – Actual
Tonnes Au g/t Au Ounces Tonnes Au g/t Au Ounces
4,800 38.9 6,009 4,809 65.5 10,135

 

Concentrates

Both the gravity concentrates and flotation concentrate produced from the sample are considered high- grade.  The gravity concentrate averaged 14,339 g/t Au (461.0 oz/t Au), while the flotation concentrate averaged 408.2 g/t Au (13.1 oz/t Au).

 

Mining and Grade Control

The Triple Lynx bulk sample was mined using long hole mining methods. Two development drifts were mined conventionally at 20 metres floor-to-floor vertical intervals between 580 and 600 metres below surface. While mining the development drifts, sampling of the face was completed to test the width and grade of the mineralization. A V30 borehole was used in the slot raise and three-inch production holes were drilled down and blasted. The blasted ore was retrieved using a remote scoop tram, sampled, trucked to a surface stockpile, then trucked to the Northern Sun mill site.

 

Previous Bulk Samples

All three bulk samples completed by Osisko have reconciled positively. Table 3 summarizes Windfall’s three bulk sample results, which have returned in aggregate 14,914 ounces gold and 8,004 ounces silver from a combined 16,025 tonnes, or an average of 0.93 ounces Au per tonne and 0.50 ounces Ag per tonne, with an average gold recovery of 94.1 percent, and average silver recovery of 90.8 percent.

 

 

Table 3: Bulk Samples Completed at Windfall

Bulk Sample Predicted Actual Reconciliation
Zone 27* Tonnage (t) 5,512 5,500 100%
Au g/t 6.8 8.5 126%
Au oz 1,198 1,508 126%
Lynx 311* Tonnage (t) 5,717 5,716 100%
Au g/t 9.4 17.8 189%
Au oz 1,736 3,271 189%
Lynx 600 Tonnage (t) 4,800 4,809 100%
Au g/t 38.9 65.5 169%
Au oz 6,009 10,135 169%

*See Osisko news releases dated June 11, 2019, and December 11, 2019, respectively.

 

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared and approved by Kim-Quyên Nguyên, MBA., P.Eng. (OIQ 146014), Project Director for Osisko, who is a “qualified person” within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The block model in the bulk area of the Triple Lynx zone, with an effective date of February 3, 2022, was prepared by Judith St-Laurent, P.Geo (OGQ #1023), Director of Mineral Resource Estimation of Osisko Mining, who is a “qualified person” within the meaning 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 Mining, who is a “qualified person” within the meaning of NI 43-101.

 

Technical Info, Quality Control and Reporting Protocols

Process reconciliation was performed using Bilmat software by Soutex Inc., an external consultant. A reconciled balance was calculated for each day and night shift as well as for the overall bulk sample processing. Day and night shift mill throughput was estimated using the load cell on the Redstone primary ball mill feed conveyor. Composite samples were taken each day and night shift on the streams required for the reconciliation. The total quantity of material processed was estimated based on the Redstone Mill truck scale which has been calibrated before the bulk sample processing. The flotation concentrate was bagged and weighed on the same truck scale and drill samples were taken from each bag. The gravity concentrate bags were weighed on a scale and each bag was drill sampled. The material remaining in the equipment at the end of the bulk processing after the clean-up was collected in bags, weighed, and sampled. All samples were sent out to an external independent lab for preparation and assaying. All shift samples were assayed for gold, silver, iron, sulfur, and moisture. The drill samples from the bags were assayed for gold, silver and moisture. Gold assay from all streams except the rougher flotation feed and tails was obtained by screened metallics fire assay. Remaining process cleaning bags data was redistributed through the flotation concentrate.

 

About Windfall

The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The MRE for Windfall is supported by the technical report titled “NI 43-101 Technical Report, Mineral Resource Estimate for the Windfall Project”, dated September 14, 2022 (with an effective date of June 7, 2022), prepared for the Corporation by BBA Inc. and PLR Resources Inc. (the “Windfall MRE (2022)”), and assuming a cut-off grade of 3.50 g/t Au, comprises 811,000 tonnes at 11.4 g/t Au (297,000 ounces) in the measured mineral resource category, 10,250,000 tonnes at 11.4 g/t Au (3,754,000 ounces) in the indicated mineral resource category and 12,287,000 tonnes at 8.4 g/t Au (3,337,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the MRE for Windfall are further described in the Windfall MRE (2022), being the full technical report for this updated MRE prepared in accordance with NI 43-101 and is available on SEDAR (www.sedar.com) under Osisko’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 areas: Lynx, Main, and Underdog. Mineralization is generally comprised of sub-vertical lenses following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres, including the Triple 8 (TP8) zone. The resources excluding TP8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified 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 the Urban Barry area and nearby Quévillon area (over 2,400 square kilometres).

 

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the potential for Windfall to become one of the largest and highest-grade underground deposits in Canada; the Windfall gold deposit being one of the highest grade resource-stage gold projects in Canada; the significance of the results from the bulk sample described in this news release; the bulk sample having a higher than expected grade; any prediction arising from the bulk sample; the average grade of the bulk sample having any predictive value; the MRE for Windfall being possibly conservative on the grade of the deposit; the geology of the bulk sample; the deposit remaining open along strike and at depth; potential depth extensions of the mineralized zones down-plunge and at depth; potential mineralization; the ability to realize upon any mineralization in a manner that is economic; the ability to complete any proposed exploration activities and the results of such activities, including the continuity or extension of any mineralization; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, 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”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward- looking information is based on reasonable assumptions and estimates of management of the Corporation at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the ability of exploration activities (including drill results and bulk samples) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property interests in the Windfall project; the ability of the Corporation to obtain required approvals and complete transactions on terms announced; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions. Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information, Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

 

For further information please contact:

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

OSISKO DISCOVERS LYNX 4 HIGH-GRADE EXTENSION 625 METRES DOWN PLUNGE

Intercepts Confirm Potential for Significant Expansion of Windfall

81.8 g/t Au Over 3.5 Metres; 22.3 g/t Au Over 4.1 metres

(Toronto, September 27, 2022) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new exploration results from its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Hole OSK-22-1109-W2 targeted the projected down plunge extension of Lynx 4 at a vertical depth from surface of 1,670 metres. The hole successfully intercepted significant widths of high-grade gold mineralization, including 81.8 g/t Au over 3.5 metres (2.39 ounces per ton over 11.5 feet) and 22.3 g/t Au over 4.1 metres (0.65 ounces per ton over 13.4 feet). These intercepts confirm potential for a major down-plunge extension of the Lynx 4 high-grade zone, which could have significant implications for the future potential expansion of the Windfall deposit.

The new intercepts are 625 metres (2,050 feet) down plunge from the nearest resource block (Lynx 4 wireframe 3449) included in the most recent Mineral Resource Estimate (“MRE”) for Windfall (see Windfall MRE (2022) (as defined herein). The technical report was filed on SEDAR (www.sedar.com) under Osisko’s issuer profile on September 14, 2022). The new mineralization is typical of Lynx 4 wireframe 3449, including disseminated pyrite associated with strong pervasive silica alteration hosted in a sericitized gabbro, with local visible gold.

Osisko Chief Executive Officer John Burzynski commented: “Windfall has scale and grade unparalleled in the global near-term development category. With the recent on-time delivery of our Windfall MRE (based on approximately 1.7 million metres of drilling since 2015), we have now focused on completion of the definitive feasibility study which is on schedule for delivery before the end of the year. Today’s down-plunge results are a strong indication of a much larger deposit, underscoring the consistency and predictability of the geology model we have developed for Windfall over the past six years. The addition of 625 metres length to one of our highest-grade Lynx 4 zones shows there is great potential for Windfall to move to the top of the class, when compared to other significant Canadian long-life, high-grade gold deposits.”

Maps showing hole locations and full analytical results are available at www.osiskomining.com. Maps: 20220927_Lynx 4_EXT_EN MRE, 20220927_Lynx 4_EXT_EN plan, 20220927_Lynx 4_EXT_EN long section, PR_EN_20220927_Surface.

Exploration drilling

Hole No. From (m) To

(m)

Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
 OSK-W-22-1109-W2 1993.0 1997.1 4.1 22.3 19.6 LX4-3449 Lynx 4
including 1993.4 1994.0 0.6 119 100    
2001.8 2005.3 3.5 81.8  31.0 LX4-3449 Lynx 4
including 2004.4 2005.3 0.9 298 100    
OSK-W-19-1992-W1* 1708.4 1714.3 5.9 14.3 Lynx 4 Lynx 4
OSK-W-20-2251-W1** 2112.0 2114.0 2.0 8.45 Lynx 4 Lynx 4

Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below. * See Osisko news released dated October 21, 2019, ** see Osisko news release dated January 11, 2021.

Drill hole location

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-22-1109-W2 131 -56 2100 454385 5436238 402 5025
OSK-W-19-1992-W1 106 -61 1875 454007 5436004 401 4575
OSK-W-20-2251-W1 96 -53 2278 453262 5435936 407 3900

Lynx Zone

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

 

Qualified Person

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

 

Quality Control and Reporting Protocols

True width determination is estimated at 55-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.5 g/t Au diluted over core lengths of at least 2.0 metres. NQ core assays were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at: (i) ALS Laboratories in Val d’Or, Québec, Vancouver, British Colombia, Lima, Peru or Vientiane, Laos; and (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 MRE for Windfall is supported by the technical report entitled “Mineral Resource Estimate Update for the Windfall Project” dated September 14, 2022 (with an effective date  of June 7, 2022) (the “Windfall MRE (2022)”), and assuming a cut-off grade of 3.50 g/t Au, comprises 811,000 tonnes at 11.4 g/t Au (297,000 ounces) in the measured mineral resource category, 10,250,000 tonnes at 11.4 g/t Au (3,754,000 ounces) in the indicated mineral resource category and 12,287,000 tonnes at 8.4 g/t Au (3,337,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the MRE for Windfall are further described in the Windfall MRE (2022), being the full technical report for this updated MRE prepared in accordance with NI 43-101, and is available on SEDAR (www.sedar.com) under Osisko’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 areas: Lynx, Main, and Underdog.  Mineralization is generally comprised of sub-vertical lenses following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres, including the Triple 8 (TP8) zone. The resources excluding TP8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified 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 the Urban Barry area and nearby Quévillon area (over 2,400 square kilometres).

 

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the significance of the Lynx 4 high-grade extension; the significance of any resource described herein; the potential of expanding Windfall beyond the current known deposit; any scientific and technical information not supported by the Windfall MRE (2022); the key assumptions, parameters and methods used to estimate the MRE disclosed in this news release; the prospects, if any, of the Windfall gold deposit; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the amount and type of drilling to be completed and the timing to complete such drilling; the focus of the remaining infill drilling; the trend of grade increase; the Lynx zone remaining open to expansion down plunge; upgrading a inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the significance of historic exploration activities and results. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including (infill) drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

CONTACT INFORMATION:

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

OSISKO WINDFALL DRILLING UPDATE: MORE HIGH-GRADE IN EXPANSION AND INFILL

Including 203 g/t Au over 5.2 metres and 93.9 g/t Au over 7.6 metres

(Toronto, September 15, 2022) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Significant new analytical results presented below include 103 intercepts in 46 drill holes (4 from surface, 42 from underground) and 6 wedges. The infill intercepts are located inside defined mineral resource estimate (“MRE”) blocks (see Osisko news release dated August 30, 2022). The expansion intercepts are located outside the MRE blocks and either expand resource wireframes or are in a defined zone or corridor not yet correlated to a specific wireframe.

A new Lynx 4 zone announced earlier this year (see Osisko news release dated March 23, 2022) was included in the recent MRE as Lynx 4 wireframe 3466. Two expansion holes confirmed the growth potential of this wireframe with intercepts 56.9 g/t Au over 2.4 metres and 14.0 g/t Au over 2.9 metres, 170 metres and 80 metres below the current MRE blocks, respectively.

Expansion intercepts extending wireframes include: 29.1 g/t Au over 5.8 metres, a 231-meter extension of Triple Lynx wireframe 3155 below the MRE blocks, 203 g/t Au over 5.2 metres, a 33-meter extension of Triple Lynx wireframe 3120 to the west, and 51.4 g/t Au over 2.1 meters, a 39-meter extension of Triple Lynx wireframe 3161 to the east.

Infill results in this release were received after the June 7, 2022 database closed for use in the recently released MRE, and were not included. These infill results will be used in future mine planning.

Osisko Chief Executive Officer John Burzynski commented: “Our drill program continues to deliver significant high-grade results. The expansion holes continue to clearly demonstrate additional potential growth of the resource base at Windfall. As the focus shifts to engineering and the pending feasibility study, we are reducing the number of active drills at site, however we will maintain exploration work on high-potential expansion areas as well as drilling on key infill areas for mine planning.”

Select infill high-grade intercepts include: 93.9 g/t Au over 7.6 metres in WST-22-1040, 127 g/t Au over 5.7 metres in WST-22-1032; 112 g/t Au over 5.9 metres in WST-22-1033; 57.0 g/t Au over 9.3 metres in OSK-W-22-2601-W7; 53.4 g/t Au over 8.2 metres in WST-22-1026; 214 g/t Au over 2.0 metres in WST-22-1029; 176 g/t Au over 2.1 metres in WST-22-1048; 151 g/t Au over 2.2 metres in WST-22-1068 and 155 g/t Au over 2.0 metres in WST-22-1071A. Maps showing hole locations and full analytical results are available at www.osiskomining.com. Maps: Long Section_Infill EN 20220915, Long Section_LX4-3466 EN 20220915, Long Section_Expan EN 20220915, PR_EN_20220915_Surface, PR_EN_20220915_UG.

 

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-19-2108-W2 1736.9 1739.3 2.4 56.9 36.3 LX4_3466 Lynx 4
including 1737.9 1738.7 0.8 162 100
OSK-W-22-2540-W13 1293.8 1296.0 2.2 7.08   LX4 Lynx 4
  1374.0 1376.4 2.4 4.57   LX4_3463 Lynx 4
  1471.1 1474.0 2.9 14.0   LX4_3466 Lynx4
including 1471.1 1472.2 1.1 27.4  
OSK-W-22-2601-W7 1061.3 1067.1 5.8 29.1   TLX_3155 Triple Lynx
including 1062.2 1063.3 1.1 69.3  
  1091.0 1093.0 2.0 16.3   TLX Triple Lynx
including 1091.0 1092.0 1.0 30.1  
  1126.0 1128.7 2.7 4.49   TLX Triple Lynx
including 1127.4 1127.8 0.4 15.7  
OSK-W-22-2646-W8 1037.9 1043.8 5.9 7.27   TLX_3148 Triple Lynx
  1137.5 1139.5 2.0 6.18   TLX_3162 Triple Lynx
OSK-W-22-2655 310.6 313.3 2.7 10.7   BCT Bobcat
including 310.6 311.4 0.8 23.6  
  344.0 346.0 2.0 3.64   BCT Bobcat
  385.0 387.0 2.0 80.8 50.0 LXM Lynx
including 385.0 386.0 1.0 162 100
  432.0 434.0 2.0 6.10   LXM Lynx
  653.0 655.0 2.0 3.82   LSW_3508 Lynx SW
including 653.9 654.4 0.5 15.0  
OSK-W-22-2656 579.0 581.2 2.2 4.57   LSW_3500 Lynx SW
WST-22-1024 160.0 162.0 2.0 5.74   TLX Triple Lynx
including 160.0 160.6 0.6 18.9  
WST-22-1025 135.4 137.7 2.3 4.10   LXM_3357 Lynx
including 137.0 137.7 0.7 11.9  
WST-22-1026 351.8 354.0 2.2 4.82   TLX Triple Lynx
including 353.1 354.0 0.9 10.8  
WST-22-1032 109.0 111.1 2.1 6.17   TLX Triple Lynx
including 109.8 110.1 0.3 17.1  
  189.7 191.7 2.0 43.8 25.3 TLX Triple Lynx
including 190.2 190.7 0.5 174 100
  205.9 208.1 2.2 24.6   TLX_3148 Triple Lynx
including 206.3 206.9 0.6 59.3  
WST-22-1040 242.8 248.0 5.2 203 43.8 TLX_3120 Triple Lynx
including 246.3 248.0 1.7 586 100
WST-22-1047 41.0 43.0 2.0 125 25.2 LXM Lynx
including 41.6 42.1 0.5 498 100
WST-22-1049 224.0 226.0 2.0 8.88   TLX Triple Lynx
including 225.0 226.0 1.0 17.6  
WST-22-1052 446.0 448.0 2.0 7.83   LX4 Lynx 4
including 447.1 447.7 0.6 25.8  
WST-22-1053A 50.0 52.0 2.0 6.64   LXM Lynx
including 50.0 50.4 0.4 33.0  
WST-22-1061 142.6 144.7 2.1 51.4 43.2 TLX_3161 Triple Lynx
including 143.3 144.0 0.7 125 100
and 144.4 144.7 0.3 60.8  
WST-22-1073 211.7 214.8 3.1 4.85   LHW_3216 Lynx HW
WST-22-1085 254.0 256.1 2.1 4.23   TLX_3163 Triple Lynx
including 255.2 255.5 0.3 29.2  

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

Infill Drilling

Hole No. From (m) To

(m)

Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-22-2120-W4 1245.9 1248.0 2.1 16.4   LX4_3449 Lynx 4
including 1246.5 1247.0 0.5 65.8  
  1251.9 1254.2 2.3 3.52   LX4_3449 Lynx 4
  1263.4 1265.6 2.2 24.1   LX4_3445 Lynx 4
including 1264.2 1264.7 0.5 78.6  
OSK-W-22-2601-W7 1104.0 1106.0 2.0 5.59   TLX_3162 Triple Lynx
including 1104.0 1104.5 0.5 18.2  
  1112.0 1114.6 2.6 6.07   TLX_3162 Triple Lynx
including 1113.1 1113.8 0.7 17.6  
  1163.7 1173.0 9.3 57.0 24.9 TLX_3172 Triple Lynx
including 1166.1 1166.6 0.5 689 100
and 1170.3 1170.8 0.5 108 100
OSK-W-22-2605-W5 1339.7 1344.0 4.3 3.52   LX4_3445 Lynx 4
OSK-W-22-2651 534.0 536.0 2.0 5.35   LSW_3508 Lynx SW
including 535.0 536.0 1.0 10.4  
  563.0 565.0 2.0 5.78   LSW_3500 Lynx SW
including 564.0 565.0 1.0 11.1  
OSK-W-22-2652 599.6 601.7 2.1 9.69   LSW_3500 Lynx SW
including 600.0 600.4 0.4 45.4  
OSK-W-22-2656 554.4 556.4 2.0 19.9   LSW_3508 Lynx SW
including 555.0 555.5 0.5 59.1  
WST-22-1026 253.6 261.8 8.2 53.4 27.0 TLX_3158 Triple Lynx
including 257.6 258.2 0.6 214 100
and 258.2 258.8 0.6 347 100
WST-22-1027 234.4 236.7 2.3 19.8   TLX_3131 Triple Lynx
  403.0 405.0 2.0 9.17   LX4_3410 Lynx 4
including 403.4 404.2 0.8 22.7  
WST-22-1029 143.1 145.1 2.0 214 53.4 LXM_3388 Lynx
including 143.1 143.4 0.3 1130 100
WST-22-1032 241.3 247.0 5.7 127 50.1 TLX_3158 Triple Lynx
including 243.4 244.9 1.5 370 100
WST-22-1033 324.9 327.3 2.4 37.8   TLX_3158 Triple Lynx
including 325.6 326.4 0.8 90.2  
  373.0 376.0 3.0 3.52   TLX_3155 Triple Lynx
  467.4 473.3 5.9 112 44.5 TLX_3172 Triple Lynx
including 467.8 468.4 0.6 505 100
and 469.2 470.0 0.8 240 100
WST-22-1034 169.7 173.1 3.4 26.5   LXM_3388 Lynx
including 171.8 172.4 0.6 56.6  
  579.0 581.9 2.9 54.1 41.7 LX4_3430 Lynx 4
including 581.0 581.9 0.9 140 100
WST-22-1035 212.2 215.0 2.8 12.2   TLX_3148 Triple Lynx
  277.0 279.2 2.2 23.3   TLX_3158 Triple Lynx
including 278.7 279.2 0.5 93.0  
WST-22-1037 212.3 214.3 2.0 10.4   TLX_3120 Triple Lynx
including 212.9 213.4 0.5 36.4  
  248.0 250.2 2.2 68.4 46.6 TLX_3158 Triple Lynx
including 248.9 249.9 1.0 148 100
  336.0 338.2 2.2 6.37   TLX_3162 Triple Lynx
including 336.6 337.0 0.4 29.6  
WST-22-1038 272.0 275.3 3.3 5.62   TLX_3120 Triple Lynx
  277.9 280.2 2.3 28.4 18.9 TLX_3158 Triple Lynx
including 279.8 280.2 0.4 155 100
  455.4 459.0 3.6 6.28   TLX_3172 Triple Lynx
including 458.5 459.0 0.5 37.3  
WST-22-1039 255.3 258.0 2.7 25.6   TLX_3158 Triple Lynx
including 256.6 257.0 0.4 58.8  
WST-22-1040 310.7 318.3 7.6 93.9 61.0 TLX_3158 Triple Lynx
including 311.7 313.1 1.4 236 100
  361.3 366.7 5.4 11.2   TLX_3162 Triple Lynx
including 363.1 364.0 0.9 46.3  
  374.0 376.3 2.3 40.7 25.6 TLX_3162 Triple Lynx
including 375.9 376.3 0.4 187 100
WST-22-1041B 170.0 172.5 2.5 15.6   LXM_3388 Lynx
including 170.6 171.1 0.5 66.8  
  492.0 494.0 2.0 4.21   LX4_3404 Lynx 4
including 493.0 493.7 0.7 8.43  
WST-22-1042 309.1 311.3 2.2 20.5   TLX_3158 Triple Lynx
including 309.1 309.5 0.4 47.6  
WST-22-1043 501.4 503.5 2.1 130 26.7 LX4_3410 Lynx 4
including 502.7 503.2 0.5 536 100
  529.9 533.1 3.2 5.60   LX4_3411 Lynx 4
including 532.6 533.1 0.5 27.8  
WST-22-1044 57.0 59.2 2.2 90.2 27.0 LXM_3388 Lynx
including 58.7 59.2 0.5 378 100
WST-22-1045 233.1 236.5 3.4 7.40   TLX_3148 Triple Lynx
including 236.2 236.5 0.3 16.4  
WST-22-1046B 403.0 405.3 2.3 5.55   TLX_3162 Triple Lynx
including 403.5 403.8 0.3 29.7  
WST-22-1047 47.0 49.0 2.0 9.49   LXM_3354 Lynx
including 48.0 49.0 1.0 18.7  
WST-22-1048 39.5 41.5 2.0 144 20.4 LXM_3354 Lynx
including 40.0 40.4 0.4 718 100
  61.4 63.5 2.1 176 34.0 LXM_3388 Lynx
including 61.9 62.6 0.7 526 100
WST-22-1052 177.0 179.0 2.0 17.7   LXM_3388 Lynx
including 177.9 178.4 0.5 40.6  
  514.5 517.0 2.5 28.1   LX4_3430 Lynx 4
including 515.1 515.8 0.7 92.2  
  519.0 521.0 2.0 6.81   LX4_3430 Lynx 4
WST-22-1053 48.5 50.5 2.0 8.51   LXM_3388 Lynx
including 50.0 50.5 0.5 33.8  
WST-22-1058C 402.2 412.5 10.3 6.41   TLX_3162 Triple Lynx
including 405.6 406.0 0.4 95.3  
WST-22-1061 112.0 114.2 2.2 15.5   TLX_3121 Triple Lynx
including 113.1 114.2 1.1 30.9  
WST-22-1063A 175.3 180.3 5.0 22.4   TLX_3148 Triple Lynx
including 175.3 176.3 1.0 93.6  
and 179.9 180.3 0.4 27.7  
  185.0 187.0 2.0 5.35   TLX_3148 Triple Lynx
  241.3 246.2 4.9 51.7 46.6 TLX_3158 Triple Lynx
including 242.0 243.0 1.0 125 100
WST-22-1065 156.0 158.1 2.1 7.44   LXM_3317 Lynx
including 157.5 158.1 0.6 18.4  
WST-22-1066 77.9 80.0 2.1 29.9   LXM_3388 Lynx
including 78.5 78.8 0.3 78.4  
WST-22-1068 190.0 192.0 2.0 45.9   TLX_3161 Triple Lynx
including 191.0 191.3 0.3 96.7  
  580.3 582.5 2.2 151 27.6 LX4_3430 Lynx 4
including 580.3 580.9 0.6 554 100
  586.0 588.5 2.5 52.9 23.8 LX4_3430 Lynx 4
including 586.6 587.0 0.4 282 100
WST-22-1070 161.8 163.9 2.1 62.4 38.7 TLX_3121 Triple Lynx
including 162.1 162.8 0.7 171 100
WST-22-1071A 188.0 190.9 2.9 68.9 36.4 TLX_3161 Triple Lynx
including 189.2 190.2 1.0 194 100
  203.8 205.8 2.0 155 65.5 TLX_3161 Triple Lynx
including 203.8 204.6 0.8 131 100
and 204.6 205.1 0.5 408 100
  242.0 244.0 2.0 5.63   TLX_3163 Triple Lynx
including 243.3 243.7 0.4 18.4  
  264.0 266.5 2.5 9.18   TLX_3149 Triple Lynx
including 264.0 265.0 1.0 20.0  
WST-22-1073 64.5 67.0 2.5 5.62   LXM_3388 Lynx
WST-22-1076 156.6 159.4 2.8 10.9   TLX_3161 Triple Lynx
including 156.6 156.9 0.3 74.0  
WST-22-1078 100.6 106.1 5.5 34.6 33.2 TLX_3161 Triple Lynx
including 100.6 101.2 0.6 101 100
WST-22-1083 117.0 119.0 2.0 29.5 15.5 LXM_3317 Lynx
including 118.0 118.3 0.3 193 100
WST-22-1085 225.0 231.6 6.6 6.98   TLX_3161 Triple Lynx
including 227.0 228.0 1.0 23.0  
  296.0 299.0 3.0 4.66   TLX_3158 Triple Lynx
WST-22-1090 179.2 181.7 2.5 63.1 48.7 TLX_3161 Triple Lynx
including 179.9 180.7 0.8 145 100
WST-22-1091 64.5 67.0 2.5 3.54   LXM_3388 Lynx
WST-22-1092 275.0 277.1 2.1 6.26   LHW_3212 Lynx HW
including 276.2 276.8 0.6 20.8  
WST-22-1095 464.0 466.0 2.0 13.4   TLX_3162 Triple Lynx
including 465.1 466.0 0.9 28.9  
  508.0 512.0 4.0 45.0 30.4 TLX_3172 Triple Lynx
including 508.7 509.2 0.5 217 100

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

 

Drill hole location

Hole No. Azimuth (°) Dip

(°)

Length (m) UTM E UTM N Elevation Section
OSK-W-19-2108-W2 117 -53 2013 453215 5435858 414 3825
OSK-W-22-2120-W4 114 -60 1337 453800 5435747 401 4275
OSK-W-22-2540-W13 117 -60 1773 453466 5435639 410 3925
OSK-W-22-2601-W7 125 -61 1209 453425 5435656 412 3900
OSK-W-22-2605-W5 112 -55 1401 453551 5435669 408 4025
OSK-W-22-2646-W8 109 -58 1254 453326 5435648 414 3825
OSK-W-22-2651 146 -57 567 452988 5435242 417 3325
OSK-W-22-2652 143 -55 633 453010 5435274 416 3350
OSK-W-22-2655 146 -60 675 452976 5435277 411 3325
OSK-W-22-2656 147 -56 672 452941 5435243 411 3275
WST-22-1024 131 -57 271 453701 5435376 -198 4000
WST-22-1025 122 -20 189 453507 5435332 -47 3825
WST-22-1026 153 -65 361 453646 5435347 -189 3950
WST-22-1027 138 -30 468 453444 5435276 -99 3725
WST-22-1029 155 -40 180 453506 5435331 -47 3825
WST-22-1032 147 -61 268 453646 5435347 -188 3950
WST-22-1033 128 -63 508 453510 5435330 -127 3825
WST-22-1034 130 -45 625 453507 5435331 -48 3825
WST-22-1035 122 -60 325 453701 5435376 -198 4000
WST-22-1037 163 -63 342 453646 5435347 -188 3950
WST-22-1038 170 -67 490 453645 5435346 -189 3950
WST-22-1039 113 -55 312 453701 5435376 -198 4000
WST-22-1040 134 -60 480 453510 5435330 -127 3825
WST-22-1041B 127 -43 585 453507 5435331 -48 3825
WST-22-1042 108 -57 342 453701 5435376 -198 4000
WST-22-1043 133 -26 561 453344 5435312 -66 3650
WST-22-1044 138 -16 193 453647 5435347 -187 3950
WST-22-1045 104 -54 339 453702 5435376 -198 4000
WST-22-1046B 124 -58 436 453510 5435331 -127 3825
WST-22-1047 130 -12 226 453647 5435347 -187 3950
WST-22-1048 139 -1 169 453647 5435347 -187 3950
WST-22-1049 129 -44 621 453507 5435328 -90 3825
WST-22-1052 119 -42 613 453506 5435331 -48 3825
WST-22-1053 115 -13 64 453648 5435348 -187 3950
WST-22-1053A 115 -12 193 453648 5435348 -187 3950
WST-22-1058C 121 -60 520 453511 5435331 -127 3825
WST-22-1061 160 -59 166 453600 5435324 -181 3900
WST-22-1063A 119 -55 291 453702 5435377 -198 4000
WST-22-1065 106 -18 238 453648 5435348 -187 3950
WST-22-1066 104 -26 237 453648 5435348 -188 3950
WST-22-1068 122 -46 628 453507 5435328 -90 3825
WST-22-1070 167 -57 181 453645 5435346 -188 3950
WST-22-1071A 139 -59 393 453509 5435330 -127 3825
WST-22-1073 155 19 255 453701 5435376 -195 4000
WST-22-1076 177 -60 208 453599 5435324 -181 3900
WST-22-1078 186 -52 133 453599 5435324 -181 3900
WST-22-1083 123 -36 187 453702 5435377 -198 4000
WST-22-1085 134 -58 423 453509 5435330 -127 3825
WST-22-1090 145 -57 317 453509 5435330 -127 3825
WST-22-1091 152 30 254 453701 5435376 -195 4000
WST-22-1092 147 -7 349 453510 5435330 -126 3825
WST-22-1095 125 -66 561 453510 5435330 -127 3825

 

Bobcat

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

 

Lynx Zone

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

 

Qualified Person

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

 

Quality Control and Reporting Protocols

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

 

About the Windfall Gold Deposit

The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The Mineral Resource Estimate (“MRE“) defined by Osisko, as disclosed in the news release dated August 30, 2022, will be further described, including the key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the August 30, 2022, news release, 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, and assumes a cut-off grade of 3.50 g/t Au, comprises 811,000 tonnes at 11.4 g/t Au (297,000 ounces) in the measured mineral resource category, 10,250,000 tonnes at 11.4 g/t Au (3,754,000 ounces) in the indicated mineral resource category and 12,287,000 tonnes at 8.4 g/t Au (3,337,000 ounces) in the inferred mineral resource category. 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 areas: Lynx, Main, and Underdog.  Mineralization is generally comprised of sub-vertical lenses following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres, including the Triple 8 (TP8) zone. The resources excluding TP8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified 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 the Urban Barry area and nearby Quévillon area (over 2,400 square kilometres).

 

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may”, “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; the 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; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; future exploration activities, including drilling, at the Windfall gold deposit; the deposit remaining open along strike and at depth; the plunge potential of the Lynx and Underdog zones; expected grade and resource growth; cut-off grade and sensitivity analysis; and the significance of historic exploration activities and results. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, 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. 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 FILES TECHNICAL REPORT FOR WINDFALL MINERAL RESOURCE ESTIMATE UPDATE

(Toronto, September 14, 2022) Osisko Mining Inc. (OSK:TSX, “Osisko” or the “Corporation”) is pleased to announce that it has filed a technical report in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101“) to update the mineral resource estimate on its 100% owned Windfall gold deposit. The technical report entitled Mineral Resource Estimate Update for the Windfall Project, Eeyou Istchee James Bay, Québec, Canada” and dated September 14, 2022 (with an effective date of June 7, 2022) has been prepared for Osisko by BBA Inc. The technical report is available on SEDAR (www.sedar.com) under Osisko’s issuer profile.

 

The technical report contains a non-material change from the news release published on August 30, 2022. Sensitivity Table 1 has been corrected for the 2.5g/t cut-off grade. This change does not impact the results of the August 30, 2022 news release as the modification affects only numbers presented for reference purposes in the news release.  The NI 43-101 Technical Report cut-off grade has been determined with reference to a 3.5g/t cut-off grade.  The Table 1 below (which is included in the Technical Report) should replace the Table 1 from the August 30, 2022 news release.

 

Table 1: Windfall Gold Deposit Mineral Resource Estimate Sensitivity Table

Cut-off 2
(g/t Au)
Measured + Indicated Inferred
Tonnes1
(000 t)
Gold

(g/t)

Ag

(g/t)

Ounces Au1

 (000 oz)

Ounces Ag1

(000 oz)

Tonnes1
(000 t)
Gold

(g/t)

Ag

(g/t)

Ounces Au1

 (000 oz)

Ounces Ag1

(000 oz)

5.0 8,213 13.9 7.0 3,667 1,854 7,986 10.7 6.0 2,760 1,545
4.5 9,029 13.1 6.7 3,791 1,935 9,078 10.0 5.6 2,927 1,638
4.0 9,950 12.2 6.3 3,917 2,020 10,561 9.2 5.2 3,129 1,754
3.5 11,061 11.4 5.9 4,050 2,114 12,287 8.4 4.8 3,337 1,892
3.0 12,388 10.5 5.6 4,188 2,217 14,299 7.7 4.4 3,547 2,033
2.5 14,728 10.1 5.1 4,772 2,423 17,178 6.9 4.0 3,801 2,219

Notes:  1Values are rounded to nearest thousand which may cause apparent discrepancies.  2MRE cut-off: 3.5 g/t Au. 3The cut-off grade variation is not applicable to the material in the Stockpiles.

 

Qualified Person

The technical report entitled, “Mineral Resource Estimate Update for the Windfall Project, Eeyou Istchee James Bay, Québec, Canada” and dated September 14, 2022 with an effective date of June 7, 2022, was prepared for Osisko by BBA Inc. (Pierre-Luc Richard, M.Sc., P.Geo (OGQ#1119) and Mathieu Belisle, P. Eng. (OIQ#128549)). Mr. Richard is an employee of PLR Resources Inc., subcontracted by BBA Inc.  for purposes of the technical report and Mr. Belisle is an employee of BBA Inc. Each of Pierre-Luc Richard and Mathieu Belisle 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).

 

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 2,400 square kilometres).

 Cautionary Statements Regarding Mineral Resource Estimate

Readers are cautioned that mineral resources are not mineral reserves and that the economic viability of mineral resources that are not mineral reserves has not been demonstrated. The mineral resource estimate described 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. Readers are cautioned not to assume that further work on the stated mineral resources will lead to mineral reserves that can be mined economically.

 

CONTACT INFORMATION:

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

OSISKO DELIVERS UPDATED WINDFALL MINERAL RESOURCE ESTIMATE FOR PENDING YE2022 FEASIBILITY STUDY

4.1 Million Ounces Measured and Indicated Resource Averaging 11.4 g/t Au

3.3 Million Ounces Inferred Resource Averaging 8.4 g/t Au

 

(Toronto, August 30, 2022) Osisko Mining Inc. (OSK:TSX, “Osisko” or the “Corporation”) is pleased to provide an updated mineral resource estimate (“MRE”) for its 100% owned world-class high-grade Windfall gold deposit, located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

 

This robust MRE includes approximately 1.9 million metres of drilling, with 1.7 million metres completed by Osisko since October 2015, completed as of May 2022 and all analytical results received as of June 7, 2022.  The MRE will form the basis of the pending Windfall Project Feasibility Study, scheduled for delivery by YE2022.2022-08-30 MRE and upside potential_EN

 

HIGHLIGHTS

  • 4.1 M oz Au measured & indicated (“M&I”) resource averaging 11.4 g/t Au
  • M&I resource ounces increase of 26% (0.8 M oz Au)
  • M&I resource grade increase of 8%
  • Lynx contains 65% of MRE total (M&I 3.1 M oz averaging 13.0 g/t Au; Inferred 1.7 M oz averaging 10.8 g/t Au)
  • 50% of the MRE is hosted in 26 wireframes; 75% of MRE is hosted in 97 wireframes
  • 98% of MRE is located from surface to 1200 m vertical depth
  • Exploration ramp access is currently at 635 m vertical depth in Lynx
  • Extraction and transportation of the Lynx 600 bulk sample is completed, processing at custom mill pending and results on schedule for early Q4 2022
  • Feasibility study on schedule for YE2022.

 

Chief Executive Officer of Osisko John Burzynski commented: “We’ve had a busy summer and have successfully completed another significant milestone at Windfall. With this final MRE update prior to our pending feasibility study, we have met and exceeded our objectives for the Windfall drill program:  a robust measured and indicated resource of over 4 million ounces with an average grade of over 10 g/t Au. The scale of Windfall and the deposit grade has steadily increased since Osisko’s discovery of Lynx in late 2016.  Lynx now represents almost two-thirds (65%) of the total gold in the MRE, and it continues to impress with a stand-alone total M&I resource of 3.1 M oz averaging 13.0 g/t Au.”

 

Mr. Burzynski continued: “Importantly, we completed the extraction and the transportation of the Lynx 600 (Triple Lynx) bulk sample in August, and the custom mill is being prepared for treating the test material.  We expect to have the processed results in hand for this high-grade sample by early October and anticipate that it will once again confirm a higher grade than indicated by drilling. As a reminder, the processing of the prior two bulk samples from the upper areas of the deposit returned results that were 26% and 89% higher grade than anticipated from drilling (please see Osisko news releases dated June 11 and December 11, 2019).  Finally, work is advancing well on the Windfall feasibility study, and we are on track for delivery by YE2022.”

 

The MRE tables below show the sensitivity to cut-off grades (Table 1) and the resources by area of the Windfall deposit (Table 2).

 

Table 1: Windfall Gold Deposit Mineral Resource Estimate Sensitivity Table

Cut-off 2
(g/t Au)
Measured + Indicated Inferred
Tonnes1
(000 t)
Gold

(g/t)

Ag

(g/t)

Ounces Au1

 (000 oz)

Ounces Ag1

(000 oz)

Tonnes1
(000 t)
Gold

(g/t)

Ag

(g/t)

Ounces Au1

 (000 oz)

Ounces Ag1

(000 oz)

5.0 8,213 13.9 7.0 3,667 1,854 7,986 10.7 6.0 2,760 1,545
4.5 9,029 13.1 6.7 3,791 1,935 9,078 10.0 5.6 2,927 1,638
4.0 9,950 12.2 6.3 3,917 2,020 10,561 9.2 5.2 3,129 1,754
3.5 11,061 11.4 5.9 4,050 2,114 12,287 8.4 4.8 3,337 1,892
3.0 12,388 10.5 5.6 4,188 2,217 14,299 7.7 4.4 3,547 2,033
2.5 18,526 9.8 4.8 5,848 2,849 20,397 7.0 3.8 4,583 2,496

Notes:  1Values are rounded to nearest thousand which may cause apparent discrepancies.  2MRE cut-off: 3.5 g/t Au. 3The cut-off grade variation is not applicable to the material in the Stockpiles.

 

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

Area Measured Indicated Inferred
Tonnes1 (000 t) Gold

(g/t)

Ag

(g/t)

Gold1

(000 oz)

Ag1

(000 oz)

Tonnes1 (000 t) Gold

(g/t)

Ag

(g/t)

Gold1

(000 oz)

Ag1

(000 oz)

Tonnes1 (000 t) Gold

(g/t)

Ag

(g/t)

Gold1

(000 oz)

Ag1

(000 oz)

Lynx2 671 11.4 7.2 247 154 6,638 13.2 6.7 2,814 1,426 4,774 10.8 6.9 1,663 1,063
Underdog 928 9.5 3.4 284 101 4,072 7.7 3.0 1,011 397
Main3 109 9.4 4.4 33 16 2,685 7.6 4.8 655 412 2,799 5.8 3.3 518 296
Triple 8 642 7.0 6.6 145 136
Total (in situ) 780 11.1 6.8 279 170 10,250 11.4 5.9 3,754 1,939 12,287 8.4 4.8 3,337 1,892
Stockpiles4 32 16.9 4.3 17 4
Total 811 11.4 6.7 297 174 10,250 11.4 5.9 3,754 1,939 12,287 8.4 4.8 3,337 1,892

Notes:  1Values are rounded to nearest thousand which may cause apparent discrepancies. 2Lynx area includes: Lynx Main, Lynx HW, Lynx SW, Lynx 4 and Triple Lynx. 3Main area includes: Zone 27, Caribou 1&2, Caribou Extension, Bobcat, Mallard, Windfall Nord, and F-Zones. 4Cut-off grade is not applicable to the stockpiles. See Windfall Gold Deposit Mineral Resource Estimate notes further below.

 

This MRE is the result of 4,834 drill holes (1,852,861 metres of core) in the resource area, including 4,152 drill holes (1,665,282 metres of core) completed by Osisko from October 2015 to May 2022 with assays up to June 7, 2022. The Windfall MRE (with an effective date of June 7, 2022) 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. Lynx and Underdog mineralized lenses predominantly form an extensive anastomosed network of quartz-rich and pyrite-rich veins. The mineralization system is located near contacts between volcanic and pre-mineral intrusive rocks in the Main and Lynx areas, and more specifically, within pre-mineral intrusive units in Underdog.

 

The MRE is 50% contained within 26 wireframes, and 75% contained within 97 wireframes. The MRE considers a total of 579 mineralized lenses defined by individual wireframes with a minimum true thickness of 2.0 metres. The MRE reports grade blocks inside volumes potentially mineable by underground methods at a cut-off grade of 3.5 g/t Au (Table 3).

 

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

for the Windfall Gold Deposit Mineral Resource Estimation

Parameters Unit Value
Gold Price USD/oz 1,600
Exchange Rate USD/CAD 1.28
Mill Recovery % 93.0
Payability % 99.95
Sell Cost USD/oz 5
Royalties (NSR) % 2
Mining Cost CAD/t milled 125
G&A Cost CAD/t milled 39
Processing Cost CAD/t milled 42
Environment CAD/t milled 4
Calculated Cut-off Grade g/t Au 3.5
MRE Cut-off Grade g/t Au 3.5

 

Windfall Gold Deposit Mineral Resource Estimate Notes

 

  1. The independent qualified person for the 2022 MRE, as defined by NI 43-101 guidelines, is Pierre-Luc Richard, P. Geo. (OGQ#1119), of PLR Resources Inc. The effective date of the estimate is June 07, 2022.

 

  1. The Windfall mineral resource estimate follows the November 29, 2019, CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines.

 

  1. 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. 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.

 

  1. As of June 07, 2022, the database comprises a total of 4,834 drill holes for 1,852,861 m of drilling in the area extent of the mineral resource estimate, of which 4,152 drill holes (1,665,282 m) were completed and assayed by Osisko. The drill hole grid spacing is approximately 12.5 m x 12.5 m for definition drilling, 25 m x 25 m for infill drilling and larger for extension drilling.

 

  1. All core assays reported by Osisko were obtained by analytical methods described below under “Quality Control and Reporting Protocols”.

 

  1. 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 579 tabular, mostly sub-vertical domains defined by individual wireframes with a minimum true thickness of 2.0 m

 

  1. Assays were composited within the mineralization domains into 2.0 m 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.

 

  1. High-grade composites were capped. Capping was determined in each zone from statistical studies on groups of lenses sharing similar mineralization characteristics. Capping varies from 6 g/t Au to 200 g/t Au and from 5 g/t Ag to 150 g/t Ag. A three-pass capping strategy defined by capping values decreasing as interpolation search distances increase was used during grade estimation.

 

  1. Block models were produced using Datamine™ Studio RM Software. The models are defined by parent cell sizes of 5 m EW, 2 m NS and 5 m height, and sub-blocked to minimum sub-cell sizes of 1.25 m EW, 0.5 m NS and 1.25 m height.

 

  1. Ordinary Kriging (OK) based interpolations were produced for gold estimations in each zone of the Windfall deposit, while silver grade estimations were produced using Inverse Distance Squared (ID2) interpolations. Gold estimation parameters are based on composite variography analyses. The gold estimation parameters were used for the silver estimation.

 

  1. Density values between 2.74 and 2.93 were applied to the mineralized lenses.

 

  1. The Windfall mineral resource estimate is categorized as Measured, Indicated, and Inferred mineral resource as follows:

The Measured mineral resource category is manually defined and encloses areas where:

  1. drill spacing is less than 12.5 m;
  2. blocks are mostly informed by four drill holes;
  • geological evidence is sufficient to confirm geological and grade continuity;
  1. lenses have generally been accessed by underground workings.

The Indicated mineral resource category is manually defined and encloses areas where:

  1. drill spacing is generally less than 25 m;
  2. blocks are informed by mostly three drill holes;
  • geological evidence is sufficient to assume geological and grade continuity.

The Inferred mineral resource category is manually defined and encloses areas where:

  1. drill spacing is less than 100 m;
  2. blocks are informed by a minimum of two drill holes;
  • geological evidence is sufficient to imply, but not verify geological and grade continuity.

 

  1. Tonnage and gold grade of the stockpiles were estimated using the grade control model. Densities by lithologies, ranging from 2.76 to 2.84, were used in the estimation of the tonnages. Gold grades were estimated using muck samples weighted average results for every round tonnage, based on muck samples with an average sample weight of 3.4 kg taken every 8-yard scoop bucket. Capping varying between 60 g/t Au to 80 g/t Au was applied on the muck gold grade results. Silver grade in the stockpiles was reported from the resource block model as silver was not analyzed in the muck samples.

 

  1. The mineral resource is reported at 3.5 g/t Au cut-off. The cut-off grade is based on the following economic parameters: gold price at 1,600 USD/oz, exchange rate at 1.28 USD/CAD, 93.0% mill recovery; payability of 99.95%; selling cost at 5 USD/oz, 2% NSR royalties, mining cost at 125 CAD/t milled, G&A cost at 39 CAD/t milled, processing cost at 42 CAD/t, and environment cost at 4 CAD/t.

 

  1. Estimates use metric units (metres (m), tonnes (t), and g/t). Metal contents are presented in troy ounces (metric tonne x grade / 31.103475).

 

  1. 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.

 

Qualified Person

The Windfall mineral resource estimate, with an effective date of June 7, 2022, was (i) prepared by Judith St-Laurent, P.Geo (OGQ #1023), Director of Resource 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 PLR Resources Inc., subcontracted by BBA Inc. and is considered to be “independent” of Osisko for purposes of section 1.5 of NI 43-101. The scientific and technical content in this news release has been reviewed and approved by Mr. Mathieu Savard, P.Geo (OGQ #510), President of Osisko, who is a “qualified person” within the meaning of NI 43-101.

Quality Control and Reporting Protocols

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

 

About the Windfall Gold Deposit

The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec, Canada. The mineral resource defined by Osisko, as disclosed in this news release and assuming a cut-off grade of 3.5 g/t Au, comprises 811,000 tonnes at 11.4 g/t Au (297,000 ounces) in the measured mineral resource category, 10,250,000 tonnes at 11.4 g/t Au (3,754,000 ounces) in the indicated mineral resource category and 12,287,000 tonnes at 8.4 g/t Au (3,337,000 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 areas: Lynx, Main, and Underdog.  Mineralization is generally comprised of sub-vertical lenses following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres, including the Triple 8 (TP8) zone. The resources excluding TP8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified 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 the Urban Barry area and nearby Quévillon area (over 2,400 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”, “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; the 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; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; future exploration activities, including drilling, at the Windfall gold deposit; the deposit remaining open along strike and at depth; the plunge potential of the Lynx and Underdog zones; expected grade and resource growth; cut-off grade and sensitivity analysis; and the significance of historic exploration activities and results. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, 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. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

 

CONTACT INFORMATION:

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

OSISKO WINDFALL INFILL DRILLING ADDS WIDE HIGH-GRADE

Including 293 g/t Au Over 11.0 Metres

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

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

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

Selected high-grade intercepts include: 293 g/t Au over 11.0 metres in OSK-W-22-2605-W6, 199 g/t Au over 2.9 metres in OSK-W-22-2587-W6; 24.3 g/t Au over 13.4 metres in OSK-W-22-2587-W5; 73.4 g/t Au over 2.3 metres in WST-22-1041B and 54.9 g/t Au over 3.0 metres in WST-22-1046B. Maps showing hole locations and full analytical results are available at www.osiskomining.com. Maps: Long Section_All zones In EN 20220607, Long Section_All zones Ex EN 20220607, PR_EN_20220607_Surface, PR_EN_20220607_UG.

Infill Drilling

Hole No. From (m) To

(m)

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

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

 

Expansion Drilling

Hole No. From (m) To

(m)

Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-22-2587-W3 1101.8 1104.7 2.9 17.8   TLX Triple Lynx
OSK-W-22-2587-W5 1094.3 1096.7 2.4 8.91   TLX Triple Lynx
including 1096.3 1096.7 0.4 36.9  
OSK-W-22-2587-W6 1104.0 1106.0 2.0 9.11   TLX Triple Lynx
including 1104.3 1104.7 0.4 38.5  
OSK-W-22-2601-W6 1096.2 1099.1 2.9 3.97   TLX_3162 Triple Lynx
including 1096.5 1096.9 0.4 13.9  
OSK-W-22-2605-W4 1377.1 1379.1 2.0 6.74   LX4 Lynx 4
including 1378.0 1378.7 0.7 14.2  
OSK-W-22-2646-W6 1069.7 1072.4 2.7 30.6   TLX_3158 Triple Lynx
including 1070.1 1070.5 0.4 72.0  
and 1071.0 1071.4 0.4 75.8  
  1190.1 1194.2 4.1 16.1   TLX_3172 Triple Lynx
including 1190.1 1190.8 0.7 58.1  
OSK-W-22-2646-W7 1110.4 1112.5 2.1 8.53   TLX Triple Lynx
including 1111.7 1112.0 0.3 57.1  
OSK-W-22-2646-W8 1165.0 1167.3 2.3 7.79   TLX_3162 Triple Lynx
including 1166.0 1166.3 0.3 38.8  
  1220.2 1222.3 2.1 9.82   TLX_3172 Triple Lynx
including 1220.2 1221.0 0.8 23.2  
WST-22-1017 467.0 469.0 2.0 7.03   LX4 Lynx 4
including 468.0 469.0 1.0 12.4  

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

 

Drill hole location

Hole No. Azimuth (°) Dip

(°)

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

 

Lynx Zone

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

 

Qualified Person

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

 

Quality Control and Reporting Protocols

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

 

About the Windfall Gold Deposit

The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The Mineral Resource Estimate (“MRE“) defined by Osisko, as disclosed in the news release dated January 10, 2022 is supported by the technical report entitled “Mineral Resource Estimate Update for the Windfall Project” dated February 10, 2022 (with an effective date  of October 21, 2021), and assuming a cut-off grade of 3.50 g/t Au, comprises 565,000 tonnes at 11.6 g/t Au (210,000 ounces) in the measured mineral resource category, 8,907,000 tonnes at 10.5 g/t Au (2,994,000 ounces) in the indicated mineral resource category and 13,035,000 tonnes at 8.6 g/t Au (3,585,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the January 10, 2022, news release, certain of which are described in the January 10, 2022, news release, are further described in the full technical report for this updated mineral resource estimate in accordance with NI 43-101 and is available on SEDAR (www.sedar.com) under the Corporation’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres as it now includes the Triple 8 (T8) zone. The resources excluding T8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.

 

About Osisko Mining Inc.

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

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

OSISKO WINDFALL DRILLING INTERCEPTS HIGH-GRADE IN MULTIPLE LYNX ZONES

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

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

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

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

Selected high-grade intercepts include: 272 g/t Au over 2.3 metres in WST-22-1018-W1, 26.3 g/t Au over 15.8 metres in OSK-W-22-2587-W3; 95.8 g/t Au over 3.1 metres in OSK-W-22-2601-W6; 131 g/t Au over 2.2 metres in OSK-W-22-2646-W5; 21.4 g/t Au over 13.2 metres in OSK-W-22-2605-W3; 39.9 g/t Au over 6.8 metres in OSK-W-22-2605-W2; 80.0 g/t Au over 3.2 metres in OSK-W-22-2646-W4, 125 g/t Au over 2.0 metres in WST-22-1019, 112 g/t Au over 2.2 metres in WST-22-1021 and 24.6 g/t Au over 9.6 metres in WST-22-1020. Maps showing hole locations and full analytical results are available at www.osiskomining.com. Maps: Long Section_All zones In EN 20220525, Long Section_All zones Ex EN 20220525, PR_EN_20220525_Surface, PR_EN_20220525_UG.

Infill Drilling

Hole No. From (m) To

(m)

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

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

 

Expansion Drilling

Hole No. From (m) To

(m)

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

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

 

Drill hole location

Hole No. Azimuth (°) Dip

(°)

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

 

Bobcat

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

 

Lynx Zone

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

 

Mallard

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

 

Qualified Person

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

 

Quality Control and Reporting Protocols

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

 

About the Windfall Gold Deposit

The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The Mineral Resource Estimate (“MRE“) defined by Osisko, as disclosed in the news release dated January 10, 2022 is supported by the technical report entitled “Mineral Resource Estimate Update for the Windfall Project” dated February 10, 2022 (with an effective date  of October 21, 2021), and assuming a cut-off grade of 3.50 g/t Au, comprises 565,000 tonnes at 11.6 g/t Au (210,000 ounces) in the measured mineral resource category, 8,907,000 tonnes at 10.5 g/t Au (2,994,000 ounces) in the indicated mineral resource category and 13,035,000 tonnes at 8.6 g/t Au (3,585,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the January 10, 2022, news release, certain of which are described in the January 10, 2022, news release, are further described in the full technical report for this updated mineral resource estimate in accordance with NI 43-101 and is available on SEDAR (www.sedar.com) under the Corporation’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres as it now includes the Triple 8 (T8) zone. The resources excluding T8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.

 

About Osisko Mining Inc.

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

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

OSISKO WINDFALL INFILLS AND EXPANDS WITH MORE HIGH-GRADE

243 g/t Au Over 2.8 Metres

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

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

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

Selected high-grade intercepts include: 243 g/t Au over 2.8 metres in WST-22-1016, 20.6 g/t Au over 9.5 metres in WST-22-1006-W1; 16.3 g/t Au over 7.9 metres in OSK-W-22-2587-W3; 48.4 g/t Au over 2.1 metres in WST-22-1003A; 37.9 g/t Au over 2.1 metres in WST-22-1010; 36.8 g/t Au over 2.1 metres in WST-21-0940; 38.2 g/t Au over 2.0 metres in OSK-W-21-2601-W2, 37.1 g/t Au over 2.0 meters in WST-21-0991, and 36.1 g/t Au over 2.0 metres in WST-22-1006-W2. Maps showing hole locations and full analytical results are available at www.osiskomining.com. Maps: Long Section_In EN 20220504, Long Section_Ex EN 20220504, PR_EN_20220504_Surface, PR_EN_20220504_UG.

Infill Drilling

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-21-2605-W1 1352.7 1355.1 2.4 7.53 LX4_3445 Lynx 4
including 1352.7 1353.0 0.3 19.4
OSK-W-22-2587-W3 1047.6 1055.5 7.9 16.3 TLX_3158 Lynx HW
including 1052.0 1053.0 1.0 39.9
WST-21-0708 522.3 524.4 2.1 22.9 LX4_3401 Lynx 4
including 522.3 523.0 0.7 68.4
WST-21-0892 70.0 72.1 2.1 8.41 LXM_3336 Lynx
  111.1 113.6 2.5 15.7 LXM_3359 Lynx
including 112.8 113.3 0.5 48.5
WST-21-0926 61.9 64.0 2.1 18.9 LXM_3336 Lynx
including 61.9 62.4 0.5 74.2
WST-21-0938 96.0 98.0 2.0 8.39 LXM_3371 Lynx
including 96.3 96.7 0.4 41.4
WST-21-0939A 60.3 62.5 2.2 3.81 LXM_3336 Lynx
including 60.3 60.7 0.4 17.4
WST-21-0939A 96.5 99.0 2.5 11.7 LXM_3371 Lynx
including 97.4 98.1 0.7 41.5
WST-21-0942 95.0 97.0 2.0 28.7 15.6 LXM_3371 Lynx
including 95.5 95.8 0.3 188 100
WST-21-0991 173.0 175.0 2.0 37.1 30.0 LHW_3206 Lynx
including 174.4 175.0 0.6 124 100
WST-22-1006-W1 505.5 515.0 9.5 20.6 14.8 LX4_3404 Lynx 4
including 505.5 505.8 0.3 89.6
and 507.1 507.5 0.4 240 100
and 509.1 509.4 0.3 92.8
  560.9 563.0 2.1 8.21   LX4_3430 Lynx 4
including 560.9 561.3 0.4 41.2
WST-22-1006-W2 519.4 521.4 2.0 4.30   LX4_3404 Lynx 4
including 519.4 519.8 0.4 17.6
  523.3 527.0 3.7 3.93   LX4_3404 Lynx 4
including 523.3 524.1 0.8 8.29
  582.0 584.0 2.0 36.1 30.4 LX4_3430 Lynx 4
including 582.0 582.6 0.6 119 100
WST-22-1003A 78.0 80.1 2.1 48.4 33.5 MAL_5219 Mallard
including 78.5 79.2 0.7 145 100
WST-22-1010 400.0 402.2 2.2 3.62 LX4_3410 Lynx 4
  406.0 408.0 2.0 4.35 LX4_3440 Lynx 4
WST-22-1012 529.0 531.3 2.3 12.5 LX4_3450 Lynx 4
including 529.6 530.4 0.8 35.5
WST-22-1013 147.3 152.5 5.2 9.62   TLX_3161 Triple Lynx
including 151.2 151.7 0.5 24.6
  206.5 212.8 6.3 3.54   TLX_3164 Triple Lynx
including 206.5 207.1 0.6 12.5
and 212.1 212.8 0.7 9.90
WST-22-1014 463.1 465.1 2.0 4.56 LX4_3430 Lynx 4
including 463.6 463.9 0.3 21.4
  489.7 493.3 3.6 4.30 LX4_3461 Lynx 4
  516.6 519.0 2.4 9.53 LX4_3443 Lynx 4
including 516.6 517.0 0.4 25.6

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

 

 Expansion Drilling

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-21-2601-W2 1296.2 1298.2 2.0 38.2 LX4 Lynx 4
including 1296.6 1297.2 0.6 100
OSK-W-22-2605-W2 1329.8 1335.0 5.2 6.56 LX4_3462 Lynx 4
including 1331.7 1332.3 0.6 28.9
  1374.0 1376.0 2.0 10.7 LX4_3445 Lynx 4
  1407.3 1409.9 2.6 17.4 LX4 Lynx 4
including 1408.5 1409.4 0.9 46.9
OSK-W-22-2605-W3 1433.9 1436.3 2.4 4.74 LX4 Lynx 4
WST-21-0939A 113.8 115.8 2.0 13.1 LXM_3359 Lynx
including 113.8 114.5 0.7 30.1
WST-21-0940 111.0 113.1 2.1 36.8 30.9 LXM_3359 Lynx
including 112.5 113.1 0.6 121 100
WST-21-0941 115.2 117.3 2.1 14.4 LXM_3359 Lynx
including 115.2 115.6 0.4 75.1
WST-21-0946 175.0 177.2 2.2 26.0 18.3 TLX_3161 Triple Lynx
including 176.8 177.2 0.4 143 100
WST-22-1003A 95.4 97.5 2.1 9.97 MAL Mallard
including 97.1 97.5 0.4 34.9
  166.1 169.6 3.5 8.29   MAL Mallard
including 168.7 169.6 0.9 25.4
WST-22-1006-W1 434.8 437.4 2.6 13.6   LX4 Lynx 4
including 434.8 436.0 1.2 29.0
WST-22-1010 387.9 390.0 2.1 37.9 LX4 Lynx 4
including 387.9 388.8 0.9 87.7
WST-22-1011 343.5 345.5 2.0 3.65 TLX Triple Lynx
including 343.8 344.1 0.3 13.8
WST-22-1014 254.7 257.7 3.0 3.89 LHW_3224 Lynx HW
  318.8 322.0 3.2 4.38 LXM Lynx
WST-22-1016 174.0 177.3 3.3 4.92 TLX Triple Lynx
including 176.6 177.3 0.7 15.3
  195.2 198.0 2.8 243 41.4 TLX Triple Lynx
including 195.7 196.0 0.3 1495 100

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

 Drill hole location

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

 

Lynx Zone

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

 

Mallard

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

 

 

Qualified Person

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

 

Quality Control and Reporting Protocols

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

 

About the Windfall Gold Deposit

The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The Mineral Resource Estimate (“MRE“) defined by Osisko, as disclosed in the news release dated January 10, 2022 is supported by the technical report entitled “Mineral Resource Estimate Update for the Windfall Project” dated February 10, 2022 (with an effective date  of October 21, 2021), and assuming a cut-off grade of 3.50 g/t Au, comprises 565,000 tonnes at 11.6 g/t Au (210,000 ounces) in the measured mineral resource category, 8,907,000 tonnes at 10.5 g/t Au (2,994,000 ounces) in the indicated mineral resource category and 13,035,000 tonnes at 8.6 g/t Au (3,585,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the January 10, 2022, news release, certain of which are described in the January 10, 2022, news release, are further described in the full technical report for this updated mineral resource estimate in accordance with NI 43-101 and is available on SEDAR (www.sedar.com) under the Corporation’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres as it now includes the Triple 8 (T8) zone. The resources excluding T8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.

 

About Osisko Mining Inc.

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

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

OSISKO WINDFALL DRILLING INTERCEPTS MORE HIGH-GRADE

Including 120 g/t Au Over 6.2 Metres

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

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

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

Selected high-grade intercepts include: 120 g/t Au over 6.2 metres in OSK-W-21-2287-W14; 67.1 g/t Au over 4.4 metres in OSK-W-22-2646-W3; 111 g/t Au over 2.5 metres in WST-22-1009A; 82.6 g/t Au over 2.2 metres in WST-21-0997; 76.0 g/t Au over 2.3 metres in WST-21-0974; 63.9 g/t Au over 2.1 metres in WST-22-0999 and 60.8 g/t Au over 2.2 metres in OSK-W-22-2540-W13. Maps showing hole locations and full analytical results are available at www.osiskomining.com. Maps: Long Section_Infill EN 20220413, Long Section_Expan EN 20220413, PR_EN_20220413_Surface, PR_EN_20220413_UG.

Infill Drilling

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-21-2287-W14 1253.0 1259.2 6.2 120 51.4 LX4_3449 Lynx 4
including 1256.7 1257.2 0.5 768 100
OSK-W-22-2646-W3 1057.6 1062.5 4.9 15.6   TLX_3158 Triple Lynx
including 1058.3 1058.7 0.4 99.1  
WST-21-0839 512.0 514.0 2.0 5.16   LX4_3470 Lynx 4
including 512.3 512.7 0.4 21.9  
WST-21-0974 44.0 46.3 2.3 76.0 31.8 TLX_3161 Triple Lynx
including 45.2 45.9 0.7 245 100
WST-21-0979 189.4 194.8 5.4 15.6 12.9 TLX_3154 Triple Lynx
including 192.0 192.5 0.5 130 100
  197.1 199.2 2.1 19.3   TLX_3184 Triple Lynx
including 197.4 197.7 0.3 44.4  
WST-21-0980 602.8 605.0 2.2 50.3 31.9 LX4_3448 Lynx 4
including 602.8 603.5 0.7 158 100
WST-21-0997 191.1 193.3 2.2 82.6 44.7 TLX_3121 Triple Lynx
including 191.7 192.4 0.7 219 100
WST-22-0999 227.0 229.0 2.0 9.37   TLX_3131 Triple Lynx
including 227.7 228.5 0.8 23.4  
  351.0 353.1 2.1 4.13   LX4_3405 Lynx 4
including 352.7 353.1 0.4 20.8  
  376.9 379.0 2.1 63.9 38.8 LX4_3410 Lynx 4
including 377.2 378.0 0.8 166 100
  390.5 394.0 3.5 27.4   LX4_3440 Lynx 4
including 393.0 394.0 1.0 76.3  
WST-22-1000 202.3 212.0 9.7 3.83   TLX_3145 Triple Lynx
including 204.0 205.2 1.2 11.7  
WST-22-1004 320.5 325.3 4.8 5.78   TLX_3131 Triple Lynx
including 324.5 324.8 0.3 18.1  
  504.0 506.0 2.0 44.7 25.4 LX4_3402 Lynx 4
including 505.5 506.0 0.5 177 100
WST-22-1005 149.2 157.6 8.4 4.96   TLX_3161 Triple Lynx
WST-22-1006 566.7 569.1 2.4 15.1   LX4_3430 Lynx 4
including 566.7 567.0 0.3 89.3  
WST-22-1008 147.8 150.0 2.2 8.76   TLX_3161 Triple Lynx
  210.0 212.1 2.1 11.0   TLX_3169 Triple Lynx
  217.7 220.0 2.3 3.98   TLX_3175 Triple Lynx
  226.0 228.0 2.0 5.42   TLX_3175 Triple Lynx
WST-22-1009A 172.0 174.0 2.0 8.64   LXM_3388 Lynx
including 172.8 173.3 0.5 22.9  
  485.5 488.0 2.5 111 60.3 LX4_3404 Lynx 4
including 485.5 486.1 0.6 240 100
  499.0 501.1 2.1 11.7   LX4_3430 Lynx 4
including 499.9 500.6 0.7 32.8  
  511.0 513.0 2.0 3.52   LX4_3454 Lynx 4
including 511.9 512.3 0.4 14.9  

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

 

Expansion Drilling

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-21-2381-W3 1204.2 1210.7 6.5 4.41   TLX_3172 Triple Lynx
including 1209.7 1210.7 1.0 15.6  
OSK-W-21-2646-W1 1046.0 1055.4 9.4 11.6   TLX_3158 Triple Lynx
including 1048.4 1048.7 0.3 65.8  
and 1054.5 1055.4 0.9 54.7  
OSK-W-22-2540-W13 987.8 990.0 2.2 60.8 24.2 TLX_3158 Triple Lynx
including 988.1 988.6 0.5 261 100
OSK-W-22-2646-W3 1181.7 1186.1 4.4 67.1 31.7 TLX_3172 Triple Lynx
including 1184.9 1186.1 1.2 230 100
WST-22-1008 249.0 251.5 2.5 5.05   TLX Triple Lynx
WST-22-1009A 576.1 578.3 2.2 3.54   LX4 Lynx 4
including 577.5 578.3 0.8 9.57  

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

 

Drill hole location

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

 

Lynx Zone

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

 

Qualified Person

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

 

Quality Control and Reporting Protocols

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

 

About the Windfall Gold Deposit

The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The Mineral Resource Estimate (“MRE“) defined by Osisko, as disclosed in the news release dated January 10, 2022 is supported by the technical report entitled “Mineral Resource Estimate Update for the Windfall Project” dated February 10, 2022 (with an effective date  of October 21, 2021), and assuming a cut-off grade of 3.50 g/t Au, comprises 565,000 tonnes at 11.6 g/t Au (210,000 ounces) in the measured mineral resource category, 8,907,000 tonnes at 10.5 g/t Au (2,994,000 ounces) in the indicated mineral resource category and 13,035,000 tonnes at 8.6 g/t Au (3,585,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the January 10, 2022, news release, certain of which are described in the January 10, 2022, news release, are further described in the full technical report for this updated mineral resource estimate in accordance with NI 43-101 and is available on SEDAR (www.sedar.com) under the Corporation’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres as it now includes the Triple 8 (T8) zone. The resources excluding T8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.

 

About Osisko Mining Inc.

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

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

OSISKO WINDFALL DRILLING INTERCEPTS WIDE HIGH-GRADE IN LYNX

58.9 g/t Au Over 14.7 Metres

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

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

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

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

Infill Drilling

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

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

 

Expansion Drilling

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

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

 

Drill hole location

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

 

Caribou Zone

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

 

Lynx Zone

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

 

Underdog

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

 

Qualified Person

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

 

Quality Control and Reporting Protocols

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

 

About the Windfall Gold Deposit

The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The Mineral Resource Estimate (“MRE“) defined by Osisko, as disclosed in the news release dated January 10, 2022 is supported by the technical report entitled “Mineral Resource Estimate Update for the Windfall Project” dated February 10, 2022 (with an effective date  of October 21, 2021), and assuming a cut-off grade of 3.50 g/t Au, comprises 565,000 tonnes at 11.6 g/t Au (210,000 ounces) in the measured mineral resource category, 8,907,000 tonnes at 10.5 g/t Au (2,994,000 ounces) in the indicated mineral resource category and 13,035,000 tonnes at 8.6 g/t Au (3,585,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the January 10, 2022, news release, certain of which are described in the January 10, 2022, news release, are further described in the full technical report for this updated mineral resource estimate in accordance with NI 43-101 and is available on SEDAR (www.sedar.com) under the Corporation’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres as it now includes the Triple 8 (T8) zone. The resources excluding T8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.

 

About Osisko Mining Inc.

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

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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