OSISKO DRILLING RETURNS HIGH GRADE AT LYNX

369 g/t Au Over 3.5 Metres in Lynx

155 g/t Au Over 3.0 Metres in Triple Lynx

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

Significant new analytical results presented below include 78 intercepts in 46 drill holes (12 from surface, 22 from underground) and 12 wedges. The infill intercepts are located inside defined February 2021 mineral resource estimate (“MRE”) blocks (see Osisko news release dated February 17, 2021). The expansion intercepts are located outside the February 2021 mineral resource estimate (“MRE”) and either expand resource wireframes or are located in a defined zone or corridor but do not yet correlate to a specific wireframe.

Osisko Chief Executive Officer John Burzynski commented: “Once again the drilling in the Lynx area delivers both inside and outside of the February 2021 MRE blocks. Further, expansion drilling in the Triple Lynx corridor continues to provide strong targets for growth as demonstrated by Hole OSK-W-20-2371-W1, one of our top results today. As we noted in our April 7, 2021 PEA update, ongoing drilling is showing great potential to see further increases in the already strong economic base case of the Windfall deposit.”

Selected high-grade intercepts include: 369 g/t Au over 3.5 metres in OSK-W-21-2369-W3; 155 g/t Au over 3.0 metres and 45.7 g/t Au over 2.1 metres in WST-21-0670; 129 g/t Au over 3.2 metres in OSK-W-20-2252-W11, 144 g/t Au over 2.5 metres in WST-21-0657; 123 g/t Au over 2.4 metres in OSK-W-20-2371-W1, 78.4 g/t Au over 3.1 metres in OSK-W-21-2480, 70.0 g/t Au over 2.6 metres in WST-20-0568, 76.4 g/t Au over 2.2 metres in WST-20-0578, and 52.6 g/t Au over 2.3 metres in OSK-W-20-2420. Maps showing hole locations and full analytical results are available at www.osiskomining.com

Infill Drilling

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-20-2416 1019.1 1021.1 2.0 7.61   TLX_3162 Triple Lynx
including 1019.4 1020.0 0.6 21.6  
OSK-W-20-2426 346.0 348.0 2.0 5.84   TLX_3178 Triple Lynx
including 347.0 347.3 0.3 34.2  
OSK-W-20-2428 720.0 722.4 2.4 25.0   Lynx_3304 Lynx
including 721.1 721.9 0.8 61.0  
OSK-W-20-2431 759.0 761.0 2.0 3.86   TLX_3129 Triple Lynx
including 760.0 760.7 0.7 10.9  
  806.0 808.1 2.1 6.53   TLX_3195 Triple Lynx
including 807.6 808.1 0.5 25.9  
OSK-W-21-2363-W4 748.2 750.8 2.6 16.3   TLX_3171 Triple Lynx
including 750.0 750.5 0.5 33.7  
OSK-W-21-2369-W3 672.8 676.3 3.5 369 100 LXM_3304 Lynx
Including 672.8 673.5 0.7 127 100
and 673.5 674.2 0.7 545 100
and 674.2 674.6 0.4 192 100
and 674.6 675.0 0.4 155 100
and 675.0 675.6 0.6 557 100
and 675.6 676.3 0.7 500 100
OSK-W-21-2394-W4 668.7 671.0 2.3 40.9   TLX_3184 Triple Lynx
including 669.1 670.0 0.9 99.7  
  882.0 884.0 2.0 3.11   TLX_3130 Triple Lynx
OSK-W-21-2394-W5 652.5 655.4 2.9 3.86   TLX_3171 Triple Lynx
including 654.5 655.4 0.9 7.79  
OSK-W-21-2416-W2 927.5 929.7 2.2 7.16   TLX_3161 Triple Lynx
including 928.2 928.8 0.6 22.5  
  936.9 944.0 7.1 5.15   TLX_3161 Triple Lynx
including 937.5 938.2 0.7 15.8  
OSK-W-21-2436-W1 698.2 703.0 4.8 4.28   LX4_3424 Lynx 4
including 698.2 699.0 0.8 11.2  
OSK-W-21-2443 1062.9 1065.0 2.1 6.51   Triple Lynx Triple Lynx
including 1064.3 1065.0 0.7 16.6  
OSK-W-21-2452 714.0 716.6 2.6 13.5   TLX_3198 Triple Lynx
  747.0 749.2 2.2 4.46   TLX_3129 Triple Lynx
including 747.0 747.7 0.7 10.2  
OSK-W-21-2457 773.7 776.0 2.3 33.4 18.6 Lynx_3437 Lynx
including 774.8 775.2 0.4 185 100
OSK-W-21-2464 720.8 731.5 10.7 7.23   Lynx_3304 Lynx
including 725.8 726.8 1.0 17.2  
OSK-W-21-2480 741.4 744.5 3.1 78.4 31.5 LXM_3304 Lynx
including 742.8 743.5 0.7 308 100
WST-20-0573 336.1 338.3 2.2 4.76   LXSW_3556 Lynx
including 336.1 336.8 0.7 12.3  
WST-20-0605A 461.0 463.0 2.0 9.11   LXSW_3502 Lynx
including 461.7 462.3 0.6 30.2  
WST-21-0614 308.0 310.0 2.0 3.74   TLX_3169 Triple Lynx
  313.0 315.3 2.3 8.89   TLX_3169 Triple Lynx
including 314.9 315.3 0.4 17.8  
WST-21-0620A 274.0 276.0 2.0 4.97   TLX_3164 Triple Lynx
WST-21-0636 114.0 116.0 2.0 4.42   LXM_3334 Lynx
WST-21-0637 323.0 327.0 4.0 7.64   TLX_3167 Triple Lynx
including 326.0 327.0 1.0 15.4  
  475.5 478.0 2.5 3.47   Lynx 4 Lynx
  507.0 509.0 2.0 9.77   LX4_3450 Lynx 4
including 507.3 507.6 0.3 60.5  
WST-21-0647 311.0 313.0 2.0 5.83   TLX_3166 Triple Lynx
including 312.3 313.0 0.7 14.9  
WST-21-0648B 59.0 61.4 2.4 4.28   Lynx_3339 Lynx
WST-21-0656 284.0 286.2 2.2 3.16   TLX_3164 Triple Lynx
WST-21-0657 219.5 222.0 2.5 144 55.3 TLX_3161 Triple Lynx
including 220.8 221.3 0.5 543 100
WST-21-0659 360.9 364.0 3.1 6.83   TLX_3131 Triple Lynx
WST-21-0670 364.3 367.3 3.0 155 64.8 TLX_3166 Triple Lynx
including 364.3 365.3 1.0 369 100
  369.3 371.4 2.1 45.7 23.8 TLX_3166 Triple Lynx
including 369.9 370.4 0.5 191 100
  409.5 412.0 2.5 6.63   TLX_3165 Triple Lynx
including 410.0 410.4 0.4 30.6  
WST-21-0690 274.5 276.9 2.4 7.31   TLX_3164 Triple Lynx

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 LXSW = Lynx Southwest.

 

Expansion Drilling

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-20-2252-W11 944.0 946.0 2.0 4.53   Triple Lynx Triple Lynx
961.1 963.5 2.4 19.1 15.2 Triple Lynx Triple Lynx
including 961.4 961.7 0.3 131 100
965.8 969.0 3.2 129 21.2 Triple Lynx Triple Lynx
including 967.8 968.1 0.3 1250 100
975.0 977.0 2.0 4.58   Triple Lynx Triple Lynx
OSK-W-20-2313-W10 1009.0 1011.0 2.0 3.49   Triple Lynx Triple Lynx
  1052.0 1054.0 2.0 22.4   Triple Lynx Triple Lynx
including 1052.0 1053.0 1.0 44.6  
OSK-W-20-2363-W3 957.0 961.7 4.7 6.61   Triple Lynx Triple Lynx
including 957.0 957.6 0.6 18.4  
OSK-W-20-2371-W1 1007.3 1009.7 2.4 123 27.2 Triple Lynx Triple Lynx
including 1007.3 1007.9 0.6 483 100
OSK-W-20-2397-W1 652.0 654.0 2.0 13.4   LXM_3304 Lynx
including 652.3 653.1 0.8 33.1  
OSK-W-20-2416 946.0 948.0 2.0 7.01   Triple Lynx Triple Lynx
967.0 976.4 9.4 10.0   Triple Lynx Triple Lynx
including 971.0 972.0 1.0 29.5  
OSK-W-20-2420 744.0 746.3 2.3 52.6 51.3 Lynx Lynx
including 744.5 745.5 1.0 103 100
983.0 985.1 2.1 4.06   Triple Lynx Triple Lynx
including 983.0 984.0 1.0 8.45  
OSK-W-20-2426 634.0 636.0 2.0 17.6   Triple Lynx Triple Lynx
including 635.0 636.0 1.0 32.4  
751.0 753.0 2.0 11.7   Triple Lynx Triple Lynx
OSK-W-20-2428 665.0 667.3 2.3 19.3   Lynx Lynx
including 665.0 666.3 1.3 34.1  
686.5 690.3 3.8 4.58   Lynx Lynx
including 686.5 687.0 0.5 12.2  
OSK-W-20-2431 759.0 761.0 2.0 3.86   Triple Lynx Triple Lynx
including 760.0 760.7 0.7 10.9  
806.0 808.1 2.1 6.53   TLX_3195 Triple Lynx
including 807.6 808.1 0.5 25.9  
OSK-W-21-2363-W4 806.6 809.0 2.4 11.5   Triple Lynx Triple Lynx
including 806.6 806.9 0.3 91.9  
812.5 816.0 3.5 15.5   Triple Lynx Triple Lynx
including 812.5 813.4 0.9 33.9  
OSK-W-21-2394-W5 600.0 602.0 2.0 6.49   Triple Lynx Triple Lynx
OSK-W-21-2443 1062.9 1065.0 2.1 6.51   Triple Lynx Triple Lynx
including 1064.3 1065.0 0.7 16.6  
OSK-W-21-2445 590.4 593.0 2.6 3.28   Triple Lynx Triple Lynx
including 590.4 590.8 0.4 19.7  
852.0 854.1 2.1 3.56   Triple Lynx Triple Lynx
OSK-W-21-2445-W1 596.2 598.5 2.3 4.04   Triple Lynx Triple Lynx
618.0 620.0 2.0 3.69   Triple Lynx Triple Lynx
including 618.0 619.0 1.0 7.22  
OSK-W-21-2459 705.6 707.9 2.3 4.49   Triple Lynx Triple Lynx
WST-20-0568 273.6 276.2 2.6 70.0 13.6 Lynx SW Lynx SW
including 275.9 276.2 0.3 589 100
WST-20-0570 290.7 292.9 2.2 3.46   Lynx SW Lynx SW
including 291.1 291.9 0.8 9.09  
WST-20-0578 151.5 153.7 2.2 76.4 14.4 Lynx Lynx
including 152.4 152.7 0.3 555 100
WST-20-0605A 258.0 260.0 2.0 3.58   Lynx SW Lynx SW
including 258.0 259.0 1.0 7.12  
WST-20-0613 376.0 385.0 9.0 7.47   Triple Lynx Triple Lynx
including 380.4 380.8 0.4 16.5  
and 381.1 382.0 0.9 27.6  
and 383.4 384.0 0.6 15.5  
396.0 398.0 2.0 5.05   Triple Lynx Triple Lynx
WST-20-0616 241.8 244.0 2.2 4.37   Lynx SW Lynx SW
377.9 380.0 2.1 8.67   Lynx SW Lynx SW
including 377.9 378.4 0.5 36.2  
WST-21-0637 172.0 174.0 2.0 5.30   Triple Lynx Triple Lynx
including 172.0 172.5 0.5 18.1  
WST-21-0662 212.0 214.0 2.0 12.7   Lynx SW Lynx SW
including 212.5 213.0 0.5 34.1  
WST-21-0678 48.0 50.0 2.0 4.30   Lynx Lynx
including 48.0 48.5 0.5 11.7  
WST-21-0689A 389.0 391.2 2.2 8.67   Triple Lynx Triple Lynx
WST-21-0683 538.6 540.7 2.1 7.03   Lynx 4 Lynx

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

 

Drill hole location

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-20-2252-W11 129 -54 1191 453241 5435694 415 3750
OSK-W-20-2313-W10 134 -52 1059 452965 5435583 420 3450
OSK-W-20-2363-W3 139 -52 1185 452930 5435548 419 3425
OSK-W-20-2371-W1 123 -53 1032 452996 5435363 412 3375
OSK-W-20-2397-W1 131 -58 1200 453451 5435594 412 3900
OSK-W-20-2416 123 -54 1128 453169 5435624 412 3650
OSK-W-20-2420 124 -59 1185 453397 5435557 413 3825
OSK-W-20-2426 134 -56 1035 453008 5435388 413 3400
OSK-W-20-2428 127 -53 1257 453412 5435633 412 3875
OSK-W-20-2431 136 -57 849 453008 5435388 412 3400
OSK-W-21-2363-W4 139 -52 1270 452930 5435548 419 3425
OSK-W-21-2369-W3 130 -56 1415 453424 5435566 410 3850
OSK-W-21-2394-W4 138 -52 920 452923 5435467 414 3375
OSK-W-21-2394-W5 138 -52 915 452923 5435467 414 3375
OSK-W-21-2416-W2 123 -54 1266 453169 5435624 412 3650
OSK-W-21-2436-W1 130 -57 744 453709 5435618 400 4125
OSK-W-21-2443 127 -56 1164 453304 5435639 415 3775
OSK-W-21-2445 141 -50 945 452906 5435434 415 3325
OSK-W-21-2445-W1 141 -50 909 452906 5435434 415 3325
OSK-W-21-2452 137 -56 891 453008 5435388 412 3400
OSK-W-21-2457 15 -77 957 454135 5435058 397 4225
OSK-W-21-2459 132 -52 1227 452997 5435607 425 3500
OSK-W-21-2464 120 -53 1031 453412 5435633 412 3875
OSK-W-21-2480 121 -55 1230 453412 5435633 412 3875
WST-20-0568 157 -58 493 453104 5435065 231 3325
WST-20-0570 159 -51 454 453104 5435065 231 3325
WST-20-0573 148 -59 436 452955 5435003 253 3175
WST-20-0578 154 -47 802 453418 5435305 69 3725
WST-20-0605A 148 -61 532 453105 5435065 231 3325
WST-20-0613 123 -55 442 453358 5435273 16 3650
WST-20-0616 179 -61 459 453228 5435126 135 3475
WST-21-0614 131 -59 427 453357 5435273 16 3650
WST-21-0620A 174 -57 300 453507 5435327 -7 3800
WST-21-0636 133 -36 178 453322 5435235 55 3600
WST-21-0637 151 -47 550 453321 5435235 54 3600
WST-21-0647 150 -59 345 453228 5435126 135 3475
WST-21-0648B 166 -59 345 453228 5435126 135 3475
WST-21-0656 139 -61 322 453357 5435272 16 3650
WST-21-0657 141 -56 448 453357 5435272 16 3650
WST-21-0659 126 -45 397 453357 5435272 16 3650
WST-21-0662 149 -50 220 452955 5435003 253 3175
WST-21-0670 142 -43 471 453257 5435209 96 3525
WST-21-0678 153 -50 574 453321 5435235 55 3600
WST-21-0683 146 -40 636 453257 5435210 95 3525
WST-21-0689A 161 -64 397 453356 5435272 16 3650
WST-21-0690 150 -63 307 453356 5435272 16 3650

 

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), Project Manager of Osisko’s Windfall Lake gold project, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

 

Quality Control and Reporting Protocols

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

 

About the Windfall Gold Deposit

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

 

About Osisko Mining Inc.

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

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

OSISKO MINING DELIVERS POSITIVE PEA UPDATE FOR WINDFALL

300,000 oz Au Average in First Seven Years of Full Production

39.3% After-Tax IRR and C$1.5 Billion After-Tax NPV at US$1,500/oz Au with 18 Year LOM

C$253 Million Average Annual After-Tax Free Cash Flow in First Seven Years of Full Production

 

(Toronto, April 7, 2021) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide significant positive results from the independent Preliminary Economic Assessment (“PEA”) prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) on its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

The PEA provides a robust base case assessment for developing the Windfall gold deposit as an underground dual ramp-access mine with a central processing mill at the site.  The study includes drill results available as of November 30, 2020.  Osisko is rapidly advancing surface and underground work at Windfall, with over 8.5 kilometres of underground exploration ramp, recently achieving 500 metres vertical depth (see Osisko news release dated March 25, 2021).

 

Highlights

 

  • First 7 years of full production: 300,000 oz Au per year average, 8.1 g/t Au average diluted grade 
  • Peak recovery of 328,000 oz Au in year 6; average production over 18 year life of mine (“LOM”) of 238,000 oz Au per year (based on MRE database as of November 2020)* 
  • 50.6% Pre-Tax Internal Rate of Return (“IRR”), 39.3% After-Tax IRR; C$2.6 Billion Pre-Tax Net Present Value (“NPV”), C$1.5 Billion After-Tax NPV; After-Tax Payback Period 2.2 years from start of production 
  • Average annual after-tax free cash flow of C$253 Million in the first seven years of full production (C$1.8 Billion cumulative), cumulative LOM after-tax free cash flow of C$2.6 Billion 
  • AISC of US$610/oz Au 
  • Capital expenditure (“Capex”) of C$544 Million (includes power line construction and C$55 Million as contingency in direct and indirect costs), NPV/Capex ratio of 2.7 
  • PEA assumes 3,100 tonnes per day (“tpd”) milling operation 
  • Average gold recovery of 94.8%; total operating cost of C$122/tonne 
  • Windfall will generate over C$8.2 Billion of gross revenue and C$1.7 Billion in taxes 
  • Creation of approximately 400 direct jobs and 200 indirect jobs during operation, over 500 jobs during construction

*Cautionary Statement – The reader is advised that the PEA summarized in this news release is intended to provide only an initial, high-level review of the project potential and design options. The PEA mine plan and economic model include numerous assumptions and the use of inferred mineral resources. Inferred mineral resources are considered to be too speculative to be used in an economic analysis except as allowed for by NI 43-101 in PEA studies. There is no guarantee that inferred mineral resources can be converted to indicated or measured mineral resources, and as such, there is no guarantee the project economics described herein will be achieved.

Osisko Chief Executive Officer John Burzynski commented: “The sum of our work to date outlines the very strong base-case for a significant and highly profitable new gold mine in Québec . This PEA is an important interim update on the progress of our extensive work program at Windfall, with a robust 39% after-tax IRR and C$1.5 Billion after-tax NPV using US$1,500 oz gold.  We believe this highly positive PEA is conservative.  The eventual inclusion of high-grade infill results received since November 2020, and the results we anticipate as we complete the infill drilling for the Definitive Feasibility Study (“DFS”) by the early fall of 2021, should convert a significant number of additional high-grade mineral resource estimate (“MRE”) inferred ounces to the measured and indicated categories.  In the next 12 months we are focused on completing drilling, the DFS, optimizing the capital program and operating plans, and securing project financing, as we advance our goal to move the project to first production in 2024.”

This independent study was prepared by BBA Inc. (Montreal) under the supervision of Mr. Don Njegovan, Chief Operating Officer of Osisko, Ms. Kim-Quyên Nguyên, P. Eng., MBA, Project Director for Osisko, the Osisko Group technical team, and included contributions from the geological and engineering teams at BBA Inc., Entech Mining Ltd. (Toronto), Andrieux & Associates Geomechanics Consulting LP (A2GC, Montreal), GCM Consultants (Montreal), Golder Associates Ltd. (Montreal) and WSP Canada Inc. (Val d’Or). These firms provided mineral resource estimates, design parameters and cost estimates for mine operations, process facilities, major equipment selection, waste and tailings storage, reclamation, permitting, and operating and capital expenditures. Table 5 details the contributors and their area of responsibility.

Table 1: PEA Summary (reported in C$, except where noted)

Total mineralized material mined (t) 19,699,688
Average stope diluted grade (Au g/t) 7.38
Average stockpile development diluted grade (Au g/t) 5.43
Average mill feed diluted grade (Au g/t) 6.95
Total gold contained (oz) 4,400,711
Total gold produced (oz) 4,174,870
Total gold payable (oz) 4,172,782
Gold payable recovery (%) 94.8%
Average annual gold produced (oz) 238,314
Total initial Capex (C$M) (less incurred camp and mill costs) 543.5
Sustaining capital (C$M) 761.5
Unit Operating Cost (per tonne milled)  
Mining (C$) 57.29
Processing (C$) 26.85
Tailings & water management (C$) 9.91
General & administration (C$) 27.71
Total unit operating cost per tonne milled (C$) 121.76

 

Table 2: Summary Economics at US$1,500 gold per oz total

LOM Net Smelter Return Revenue (C$M) 8,150
Total LOM Pre-Tax Cash Flow (C$M) 4,286
Average Annual Pre-Tax Cash Flow (C$M) 245
LOM Income Taxes (C$M) 1,686.6
Total LOM After-Tax Free Cash Flow (C$M) 2,599.7
Average Annual After-Tax Free Cash Flow (C$M) 148
Discount Rate (%) 5.0
Pre-Tax NPV (C$M) 2,571
Pre-Tax IRR 50.6
Pre-Tax Payback after start of production (Years) 2.0
After-Tax NPV (C$M) 1,534
After-Tax IRR 39.3%
After-Tax Payback after start of production (Years) 2.2

 

Table 3: All-In Sustaining Cost

Mining Cost (C$M) 1,128.6
Processing Cost (C$M) 528.9
Tailing & Water Management (C$M) 195.3
General & Administrative (C$M) 545.8
Refining & Smelting (C$M) 28.1
Royalties (C$M) 163.0
Silver Credit ($M) (41.5)
Adjusted Operating Costs 2,548.2
Sustaining (C$M) 666.4
Closure cost (C$M) 95.1
Total (C$M) 3,309.7
All-in Sustaining Cost (C$/oz)** 793.2
All-in Sustaining Cost (US$/oz)** 610.1

** All-in Sustaining Costs are presented as defined by the World Gold Council less Corporate G&A

 

Table 4: Sensitivities (base case in bold)

Gold Price US$/oz $1300 $1400 $1500 $1600 $1700 $1800 $1900 $2000
Pre-Tax NPV 5% (C$M) 1,906.0 2,238.6 2,571.3 2,903.9 3,236.5 3,569.2 3,901.8 4,234.4
After-Tax NPV 5% (C$M) 869.1 1,201.7 1,534.4 1,867.0 2,199.6 2,532.3 2,864.9 3,197.5
Pre-Tax IRR 41.1% 45.9% 50.6% 55.1% 59.5% 63.8% 68.0% 72.1%
After-Tax IRR 27.3% 33.6% 39.3% 44.8% 49.9% 54.9% 59.7% 64.3%
Pre-Tax Payback at production start (yrs) 2.4 2.2 2.0 1.8 1.7 1.6 1.5 1.4
After-Tax Payback at production start (yrs) 3.0 2.5 2.2 2.0 1.8 1.6 1.5 1.4

 

 

FX C$1:US$ 0.90 0.85 0.80 0.77 0.70 0.65 0.60 0.55
Pre-Tax NPV 5% (C$M) 1,844.9 2,096.2 2,379.0 2,571.3 3,065.7 3,488.3 3,981.3 4,563.9
After-Tax NPV 5% (C$M) 808.0 1,059.3 1,342.1 1,534.4 2,028.8 2,451.4 2,944.4 3,527.1
Pre-Tax IRR 40.2% 43.9% 47.9% 50.6% 57.2% 62.7% 69.0% 76.1%
After-Tax IRR 26.1% 30.9% 36.0% 39.3% 47.3% 53.7% 60.8% 68.7%
Pre-Tax Payback at production start (yrs) 2.5 2.3 2.1 2.0 1.7 1.6 1.4 1.3
After-Tax Payback at production start (yrs) 3.1 2.7 2.4 2.2 1.9 1.6 1.5 1.3

 

 Table 5: Consulting Firm and Area of Responsibility

Consulting Firm
A2GC –        Rock mass characterization and rock engineering in support of the underground mine design
BBA Inc. –        Historical data review;

–        Current and historical geology, exploration, drilling;

–        Sample preparation, QA/QC, and data verification;

–        Geological modelling and mineral resource estimate;

–        Metallurgical test work management and analysis,

–        Crusher and process plant mass and water balance,

–        Crusher and process plant design, capital costs and operating costs;

–        Electrical infrastructure design and costs (supply);

–        IT and communications infrastructure design and costs (supply and on-site);

–        Integrated Remote Operations Centre (IROC) design and costs;

–        General and administration operating costs;

–        Financial Analysis and overall NI 43-101 integration.

Entech Mining Ltd. –        Underground mine design, underground infrastructure, ventilation, production scheduling, underground capital costs and operating costs.
Golder Associates Ltd. –        Waste rock, tailings, and ore a geochemical characterization;

–        Surface tailings management facility designs and costs;

–        Site wide water balance;

–        Hydrogeology and groundwater quality input to environmental studies;

–        Hydrogeology input to underground mine design;

WSP Canada Inc. –        Design and costs of surface infrastructure for Windfall site;

–        Site utilities design and costs;

–        Off-site access road to Windfall evaluation and costs;

–        On-site roads and pads design and costs;

–        Site Infrastructure electrical distribution design and costs;

–        Surface mineralized material, waste rock, overburden and topsoil management facility design and costs;

–        Surface water management infrastructure design and costs;

–        Tailings filtration plant and dry tailings storage / handling design and costs;

–        Underground paste backfill distribution and infrastructure design and costs;

–        Environmental studies, permitting and closure costs;

–        Regulatory context, social considerations, and anticipated environmental issues;

–        Geotechnical input for the surface infrastructure design.

GCM Consultants –        Water treatment plant design, capital and operating costs

 

 

Resource Estimate

The PEA is based on measured, indicated and inferred mineral resource estimates completed by Mr. Pierre-Luc Richard (P.Geo., M.Sc) of BBA Inc. (who is an independent qualified person for purposes of NI 43-101) for the Windfall deposit (Table 6). This mineral estimate uses a base cut-off of 3.5 g/t Au.

Table 6: Windfall Deposit Mineral Resource Estimate (1)

Area Measured Indicated Inferred
Tonnes (t) Grade Au (g/t) Grade Ag (g/t) Ounces Au (000 oz) Ounces Ag (000 oz) Tonnes (t) Grade Au (g/t) Grade Ag (g/t) Ounces Au (000 oz) Ounces Ag (000 oz) Tonnes (t) Grade Au (g/t) Grade Ag (g/t) Ounces Au (000 oz) Ounces Ag (000 oz)
Lynx 521 11.3 8.1 189 135 3,075 11.0 6.6 1,088 655 7,418 9.9 3.5 2,355 833
Underdog 562 8.0 1.1 145 20 4,788 6.9 0.9 1,068 139
Main 1,865 7.3 5.7 436 339 3,540 5.9 3.3 673 375
Triple 8 655 7.1 4.7 149 99
Total 521 11.3 8.1 189 135 5,502 9.4 5.7 1,668 1,013 16,401 8.0 2.7 4,244 1,446

Resources estimate notes and resource modeling notes are shown below.

 

 Table 7: Capital Cost Summary

Capital Costs (C$M) Pre-Production Sustaining Total
Mining 75.2 575.4 650.5
Mineral Processing Plant 131.9 47.1 179.0
Mine Surface Facilities 12.6 4.0 16.7
Electrical and Communication 49.2 0.8  50.0
Plant Surface Facilities 12.2 2.1 14.3
Tailings and Water Management 61.5 15.1 76.6
Indirect and Owner’s Costs 145.4 9.2 154.6
Site Restoration  – 95.1 95.1
Subtotal 488.1 748.8 1,236.8
Contingency 55.4 12.8 68.2
Total Capital Costs 543.5 761.5 1,305.0
Production Revenue NSR 8,150.2 8,150.2

Notes: Totals may differ due to rounding. The total excludes grinding mills and camp sunk cost total of C$33.1M.

 

Table 8: Operating Cost Summary

Operating Costs (C$M) Production
Mining 1,128.6
Processing 528.9
Tailings and Water Management 195.3
General & Administration 545.8
Total Operating Costs 2,398.6

 

Mining

The mineral resources used in the mine plan are contained in three different zones (Lynx, Main and Underdog) over a strike length of 2,300 metres and span from surface to a depth of approximately 1,500 metres. Each zone is characterized by multiple tabular panels, which mainly trend ENE and dip vertically to sub-vertically.

The underground mine will have a production rate of 3,100 tpd. The selected mining method is long-hole open stoping with longitudinal retreat. Stope dimensions vary from 10 to 30 metres in strike length and 20 to 25 metres in height, with a minimum thickness of 4 metres. Mineralized material will be extracted using a fleet of 15 tonne load-haul-dump trucks and 51 tonne haul trucks using a ramp to surface.

 

Processing

A total of 3,100 tpd of material will be processed in a plant that consists of primary crushing, followed by a grinding circuit consisting of a semi-autogenous grinding mill (22’ x 12’ in closed circuit with a pebble crusher) and ball mill (17’ x 25’ in closed circuit with cyclones – SABC circuit). A gravity circuit followed by leaching will recover coarse gold from the cyclone underflow, while the cyclone overflow, at a P80= 37 microns, is treated in an eight (8) tank carbon-in–leach circuit, followed by SO2/air cyanide destruction. Gold and silver will be recovered in an adsorption-desorption-recovery circuit and electrowinning cells, with gold room recovery and production of bullion bars.

The process plant is followed by a tailings pond for the first year, and then by a tailings filtration plant with filter press to produce paste backfill to send underground and/or dry material for tailings dry stack storage.

The process plant payable gold recovery is estimated to average 94.8% and 78.3% for silver over the LOM.

The process plant building will include a laboratory, mine and mill offices, a dry, warehouse and a first aid office.

 

Surface Infrastructure and Indirect Costs

The mining and processing infrastructure will be located at the Windfall site. The mine envisions the upgrade of existing surface infrastructure: site access road; potable water and sewage systems; underground mine portal(s); mine ventilation systems (intake and exhaust); main and remote gatehouses; surface truck shop; waste rock stockpile; overburden stockpile; mineralized material stockpile; and construction of the following infrastructure items:  process plant complex, including crushing line, offices, dry and warehouse; 94 kilometre 120 kV overhead transmission line from Lebel-sur-Quévillon; 120 kV main substation; final effluent water treatment plant; surface water management facility, including ditches, pond and pumping stations; service and haulage roads; and tailings management facility. Existing infrastructure includes waste rock stockpile, overburden stockpile and camp complex items such as dormitories and cafeteria.

Indirect costs including owner’s costs, engineering, procurement and construction management, temporary facilities for construction and other related items are estimated at C$146 million. An additional C$55.4 million (pre-production) has been budgeted as contingency for specific direct and indirect costs.

Environment and Closure

The Windfall project is located on territory governed by the James Bay and Northern Québec Agreement (“JBNQA”) and, as such subject to the Environmental and Social Impact Assessment (“ESIA”) and review process outlined in the JBNQA. All mining projects located in the JBNQA territory are also subject to the Environment Quality Act (Québec). If the ESIA report for the Windfall project is submitted prior to August 29, 2022, the project would be grandfathered under the prevailing Canadian Environmental Assessment Act (2012) regime and, as a result, require a federal environmental assessment (“EA”).  However, if the report is submitted after August 29, 2022, the project would not require a federal EA under the Impact Assessment Agency of Canada (2019), as the daily tonnage rate is less than 5,000 tpd threshold.

Environmental baseline data collection has been initiated and all collected baseline data will inform the ESIA, which is currently underway.

In addition to provincial EA approval, the project will require permits and authorizations prior to construction and operation of the mine. Requests for these approvals will be submitted following the EA approval.

A closure plan for the Windfall project has been developed in accordance with the Mining Act (Québec), the closure costs are estimated at C$95.1 million. The objective of site closure is to return the site to a fully satisfactory state that includes eliminating all unacceptable health hazards and ensuring public safety, eliminating the production and spread of contaminants that could damage the receiving environment and, in the long term (aiming to cease the necessity of maintenance and monitoring) returning the site to environmentally sound condition. This estimate includes all costs for site restoration as well as post-closure monitoring, 30% of direct costs for engineering and a contingency of 15% as prescribed in the MERN Guidelines. In accordance with the regulations, the Corporation will post a bond as a guarantee for the site closure costs.

 

Stakeholder Engagement

The Windfall project is located on the traditional lands of the Cree community of Waswanipi. Osisko has been proactive in stakeholder consultation, holding more than 170 communication activities since 2015, primarily with the Cree First Nation of Waswanipi and Lebel-sur-Quévillon communities.  Information has also been shared with the communities of Chapais, Chibougamau, Senneterre, the Lac Simon Anishinabeg First Nation and the Atikamekw First Nation of Obedjiwan, as they have expressed an interest in learning about the project. Consultation on the project with Aboriginal and non-Aboriginal communities was initiated in 2015 and has continued with frequent notifications on project activities, meetings, open house presentations, committees and employment and contracting opportunities.

Concerns raised by communities include land disturbance, water quality, impacts to wildlife and the cumulative effects of all projects in the area. Osisko is committed to addressing concerns and continuing the dialogue with potentially affected communities through the environmental assessment process.

Both the Aboriginal and non-Aboriginal communities have expressed strong support for the project. Their main interest in the project is to maximize the economic benefits for local communities – specifically with a focus on employment and entrepreneurial opportunities throughout the phases of the project. In 2020 more than 100 First Nations’ community members worked at the Windfall site. Since 2016, Osisko has purchased over C$115 Million dollars in goods and services from First Nations-owned companies or joint ventures.

 

Royalties

A 2.0% net smelter return (“NSR”) royalty on all metals produced from the Windfall project has been applied in the PEA.

Notes

(1) Mineral Resource Estimates notes for Windfall Deposit

1. The independent qualified person for the 2021 MRE, as defined by NI 43-101 guidelines, is Pierre-Luc Richard, P.Geo.(OGQ#1119), of BBA Inc. The effective date of the estimate is November 30, 2020.
2. The Windfall mineral resource estimate is compliant with the November 29, 2019 CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines.
3. These mineral resources are not mineral reserves as they have not demonstrated economic viability. The quantity and grade of reported inferred mineral resources in this news release are uncertain in nature and there has been insufficient exploration to define these resources as indicated or measured mineral resources; however, it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.
4. Resources are presented undiluted and in situ and are considered to have reasonable prospects for economic extraction. Isolated and discontinuous blocks above the stated cut-off grade are excluded from the mineral resource estimate. Must-take material, i.e. isolated blocks below cut-off grade located within a potentially mineable volume, was included in the mineral resource estimate.
5. As of November 30, 2020, the drill database comprised a total of 3,612 drill holes for 1,343,593 metres of drilling in the area extent of the mineral resource estimate, of which 2,959 drill holes (1,161,872 metres) were completed and assayed by Osisko. The drill hole grid spacing is approximately 12.5 metre x 12.5 metre for definition drilling, 25 metre x 25 metre for infill drilling and larger for extension drilling.
6. All core assays reported by Osisko were obtained by analytical methods described below under “Quality Control and Reporting Protocols”.
7. Geological interpretation of the deposit is based on lithologies, mineralization style, alteration and structural features. Most mineralization envelopes are subvertical, striking NE-SW and plunging approximately 40 degrees towards the North-East. The 3D wireframing was generated in Leapfrog Geo, a modelling software, from hand selections of mineralization intervals. The mineral resource estimate includes a total of 374 tabular, mostly sub-vertical domains defined by individual wireframes with a minimum true thickness of 2.0 metres.
8. Assays were composited within the mineralization domains into 2.0 metres length composites. A value of 0.00125 g/t Au and 0.0025 g/t Ag (¼ of the detection limit) was applied to unassayed core intervals.
9. High-grade composites were capped. Cappings were determined in each area from statistical studies on groups of zones sharing similar mineralization characteristics. Cappings vary from 10 g/t Au to 200 g/t Au and from 5 g/t Ag to 150 g/t Ag. A multiple capping strategy defined by capping values decreasing as interpolation search distances increase was used in the grade estimations.
10. Block models were produced using Datamine™ Studio RM Software. The models are defined by parent cell sizes of 5 metres NE, 2 meters NW and 5 metres height, and sublocked to minimum subcell sizes of 1.25 meters NE, 0.5 metres NW and 1.25 metres height.
11. Ordinary Kriging (OK) based interpolations were produced for gold estimations in each area of the Windfall deposit, while silver grade estimations were produced using Ordinary Kriging (OK) or Inverse Distance Squared (ID2) interpolations. Gold estimation parameters are based on composite variography analyses. The gold estimation parameters were used for the silver estimation.
12. Density values of 2.8 were applied to the mineralized zones.
13. The Windfall mineral resource estimate categorizes the measured, indicated and inferred mineral resources using the following criteria:
a. The measured mineral resource category is manually defined and enclosed areas where:
i. the drill spacing is less than 12.5 metres,
ii. blocks are informed by a minimum of four drill holes,
iii. geological evidence is sufficient to confirm geological and grade continuity,
iv. zones have been accessed by underground workings.
b. The indicated mineral resource category is manually defined and encloses areas where:
i. the drill spacing is generally less than 12.5 metres,
ii. blocks are informed by a minimum of two drill holes,
iii. geological evidence is sufficient to assume geological and grade continuity.
c. The inferred mineral resource category is manually defined and encloses areas where:
i. drill spacing is less than 100 metres,
ii. blocks are informed by a minimum of two drill holes,
iii. geological evidence is sufficient to imply, but not verify geological and grade continuity.

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

Independent Qualified Persons

This PEA was prepared for Osisko by BBA Inc. and other industry consultants, with each being a “qualified person” under NI 43-101. Each “qualified person” has reviewed and approved the content of this news release, including the following who are independent for the purposes of NI 43-101:

  • Nicolas St-Onge, P.Eng. (A2GC)
  • Colin Hardie, P.Eng., Martin Houde, P.Eng., Pierre-Luc Richard, P. Geo., Charlotte Athurion, P. Geo. (BBA)
  • Patrick Langlais, P.Eng. (Entech Mining)
  • Yves Boulianne, P. Eng., Michel Mailloux, P. Eng. (Golder)
  • Eric Poirier, P. Eng., Isabelle Larouche, P.Eng., Simon Latulippe, P.Eng. (WSP)
  • Marie-Claude Dion St-Pierre, P. Eng. (GCM Consultants)

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

 About Osisko Mining Inc.

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

 Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: estimates and assumptions underlying the PEA; projected production; after-tax IRR; pre-tax IRR; after tax NPV; after-tax NPV; pre-tax NPV; life of mine estimates; after-tax free cash flows; AISC and break-even cost estimates; capex estimates; NPV/capex ratios; tpd milling operations at the Windfall mill; processing estimates; average recovery; projected gross revenue and taxes; job creation estimates; the profitability of Windfall; future drilling results; Osisko’s ability to convert additional inferred resource ounces into measured and indicated categories; timing for production (if at all); mining and processing infrastructure; environmental assessment and closure plans matters; stakeholder engagement and relationships; the significance of the results disclosed in this news release; the PEA providing a robust base case analysis; the viability of ramp-access to the underground deposit; the advancement of the ramp; Osisko’s ability to convert additional high-grade mineral resources; the timing and ability to publish a DFS, including in H1 2022 (or at all); the key assumptions, parameters and methods used to estimate the mineral resource estimate in the Windfall MRE (2021) and PEA; the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the prospects, if any, of the Windfall gold deposit; the timing and ability of Osisko, if at all, to publish the DFS; 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; key assumptions, parameters or methods used to estimate the mineral resource estimate in the Windfall MRE (2021) or PEA becoming untrue or unachievable; the ability of the Corporation to obtain required approvals; the results of exploration activities; title deficiencies; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

 

CONTACT INFORMATION:

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

OSISKO INFILL DRILLING RETURNS HIGH GRADE AT WINDFALL

73.3 g/t Au over 4.4 metres in Underdog

67.3 g/t Au Over 2.3 Metres in Caribou

(Toronto, March 30, 2021) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Significant new analytical results presented below include 52 intercepts in 15 drill holes (12 from surface, 3 from underground) and 7 wedges. The intercepts are located inside defined February 2021 mineral resource estimate (“MRE”) blocks (see Osisko news release dated February 17, 2021).

Selected high-grade intercepts include: 73.3 g/t Au over 4.4 metres in OSK-W-20-2407-W1; 36.7 g/t Au over 5.9 metres in OSK-W-20-2423; 67.3 g/t Au over 2.3 metres in OSK-W-21-2460-W1; 21.3 g/t Au over 5.2 metres in OSK-W-20-2415-W1 and 50.2 g/t Au over 2.1 metres in OSK-W-20-2414. Maps showing hole locations and full analytical results are available at www.osiskomining.com

Infill Drilling

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-20-2359 631.7 633.7 2.0 21.1   Caribou_2214 Caribou
  636.1 644.0 7.9 10.2   Caribou_2214 Caribou
including 642.0 643.0 1.0 30.6
OSK-W-20-2387 639.0 641.0 2.0 6.72   Caribou_2214 Caribou
  647.0 649.4 2.4 4.55   Caribou_2214 Caribou
OSK-W-20-2387-W1 652.4 654.7 2.3 16.7   Caribou_2233 Caribou
including 653.0 653.6 0.6 55.9
OSK-W-20-2399 663.0 665.0 2.0 9.93   Caribou_2212 Caribou
including 663.7 664.6 0.9 20.6
OSK-W-20-2399-W2 690.0 692.0 2.0 44.9 15.4 Caribou_2212 Caribou
including 691.7 692.0 0.3 297 100
OSK-W-20-2405-W2 631.4 633.4 2.0 7.61   Caribou_2214 Caribou
including 631.9 632.4 0.5 24.9
OSK-W-20-2407-W1 649.0 651.1 2.1 28.2   Underdog_4101 Underdog
including 649.0 649.8 0.8 44.1
  702.6 707.0 4.4 73.3 Underdog_4102 Underdog
  748.0 750.0 2.0 18.0   Underdog_4106 Underdog
including 748.3 749.3 1.0 35.1
  812.0 814.3 2.3 13.6   Underdog_4906 Underdog
including 812.0 812.8 0.8 38.0
OSK-W-20-2414 827.6 829.7 2.1 50.2 33.3 Caribou_2252 Caribou
including 829.2 829.7 0.5 171 100
  858.0 860.1 2.1 30.6 24.8 Caribou_2219 Caribou
including 858.7 859.2 0.5 125 100
OSK-W-20-2415-W1 703.0 708.0 5.0 4.45   Caribou_2220 Caribou
  714.0 716.0 2.0 9.34   Caribou_2218 Caribou
  722.2 727.4 5.2 21.3   Caribou_2218 Caribou
including 722.2 722.6 0.4 79.8
  729.7 731.8 2.1 5.17   Caribou_2218 Caribou
including 729.7 730.0 0.3 29.7
OSK-W-20-2423 276.0 279.0 3.0 18.3   Caribou_2106 Caribou
including 277.0 277.5 0.5 48.3
  595.0 597.0 2.0 3.58   Caribou_2241 Caribou
  817.7 820.0 2.3 8.64   Underdog_4121 Underdog
including 817.7 818.3 0.6 17.8
  843.0 845.0 2.0 4.92   Underdog_4116 Underdog
including 843.5 844.0 0.5 18.8
  943.0 948.9 5.9 36.7 28.4 Underdog_4102 Underdog
including 948.2 948.9 0.7 171 100
  1019.0 1021.0 2.0 7.97   Underdog_4511 Underdog
  1048.0 1050.0 2.0 26.5   Underdog_4501 Underdog
including 1049.2 1050.0 0.8 66.2
  1187.8 1193.0 5.2 13.1   Underdog_4514 Underdog
  1200.3 1203.0 2.7 8.75   Underdog_4512 Underdog
OSK-W-20-2425 556.6 558.7 2.1 18.2   Caribou_2215 Caribou
including 557.1 557.4 0.3 86.2
  561.0 563.0 2.0 5.85   Caribou_2215 Caribou
OSK-W-20-2439 196.8 199.0 2.2 5.54   F11_6001 F-11
OSK-W-21-2442 747.0 749.0 2.0 3.61   Underdog_4107 Underdog
  754.0 756.0 2.0 6.78   Underdog_4107 Underdog
OSK-W-21-2460 652.0 654.0 2.0 16.1   Caribou_2220 Caribou
including 653.1 654.0 0.9 35.5
  708.6 711.4 2.8 4.06   Caribou_2219 Caribou
OSK-W-21-2460-W1 530.1 533.0 2.9 8.66   Caribou_2236 Caribou
including 530.1 531.0 0.9 19.6
  559.0 563.2 4.2 3.14   Caribou_2210 Caribou
  667.0 669.3 2.3 67.3 42.8 Caribou_2220 Caribou
including 668.5 669.0 0.5 209 100
  709.0 711.4 2.4 5.11   Caribou_2218 Caribou
including 710.5 711.4 0.9 13.1
OSK-W-21-2462 586.0 592.7 6.7 3.58   Caribou_2523 Caribou
  710.6 712.9 2.3 3.09   Caribou_2212 Caribou
  840.5 845.0 4.5 8.34   Caribou_2549 Caribou
including 844.0 844.4 0.4 17.9
OSK-W-21-2462-W1 480.9 483.0 2.1 20.4   Caribou_2536 Caribou
including 480.9 481.9 1.0 42.3
  594.8 597.0 2.2 4.77   Caribou_2523 Caribou
including 595.6 596.2 0.6 13.7
OSK-W-21-2463 582.1 586.0 3.9 6.72   Caribou_2241 Caribou
OSK-W-21-2476 506.4 508.6 2.2 6.94   Caribou_2536 Caribou
including 508.2 508.6 0.4 28.4
  671.6 674.0 2.4 11.0   Caribou_2212 Caribou
including 671.6 672.4 0.8 24.8
WST-20-0595 82.7 84.8 2.1 10.3   Bobcat_2350 Bobcat
including 83.1 83.7 0.6 28.2
WST-20-0604 332.2 334.5 2.3 3.91   Caribou_2253 Caribou
including 332.5 333.3 0.8 11.0
  336.3 338.5 2.2 6.00   Caribou_2253 Caribou
including 336.3 336.6 0.3 36.8
WST-21-0598 53.0 55.3 2.3 3.18   Bobcat Bobcat
  104.6 106.6 2.0 4.34   Bobcat_2335 Bobcat
  120.0 122.0 2.0 3.57   Bobcat Bobcat
including 120.7 121.0 0.3 20.6

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

 

Drill hole location

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-20-2359 335 -61 726 452694 5434440 401 2675
OSK-W-20-2387 336 -59 717 452694 5434440 401 2675
OSK-W-20-2387-W1 336 -59 738 452694 5434440 401 2675
OSK-W-20-2399 333 -54 864 452874 5434552 398 2875
OSK-W-20-2399-W2 333 -54 876 452874 5434552 398 2875
OSK-W-20-2405-W2 332 -58 710 452694 5434440 401 2675
OSK-W-20-2407-W1 347 -55 1044 452315 5434419 399 2325
OSK-W-20-2414 337 -54 882 452880 5434419 402 2825
OSK-W-20-2415-W1 328 -54 762 452738 5434474 401 2725
OSK-W-20-2423 332 -60 1326 452616 5434449 403 2600
OSK-W-20-2425 336 -60 747 452715 5434606 397 2775
OSK-W-20-2439 147 -50 360 452515 5436029 406 3275
OSK-W-21-2442 347 -53 1053 452315 5434419 399 2325
OSK-W-21-2460 332 -55 789 452732 5434537 399 2750
OSK-W-21-2460-W1 332 -55 795 452732 5434537 399 2750
OSK-W-21-2462 338 -57 888 452874 5434552 398 2875
OSK-W-21-2462-W1 338 -57 855 452874 5434552 398 2875
OSK-W-21-2463 339 -65 1335 452616 5434449 403 2600
OSK-W-21-2476 337 -58 807 452840 5434569 398 2850
WST-20-0595 111 -23 150 452818 5434944 274 3025
WST-20-0604 153 -58 373 452281 5434975 262 2575
WST-21-0598 135 5 144 452817 5434944 275 3025

 

Caribou Zone

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

F-Zone

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

 

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.

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), Project Manager of Osisko’s Windfall Lake gold project, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

 

Quality Control and Reporting Protocols

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

 

About the Windfall Gold Deposit

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

 

About Osisko Mining Inc.

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

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

OSISKO WINDFALL EXPLORATION RAMP REACHES 500 METRES VERTICAL DEPTH

Impressive Visible Gold Mineralization Encountered in Lynx Level 230

(Toronto, March 25, 2021) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide an update on the progress of the underground exploration ramp at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

The exploration ramp at Windfall has achieved 500 metres vertical depth from surface.  A total of 7,300 metres of advance including 16 Lynx Zone sub-level accesses spaced 20 metres vertically have been excavated by Osisko to date.  An additional 1,200 metres of ramp was developed by previous operators.

The exploration ramp is 5.2 metres wide x 5.5 metres high with a 15% decline angle and has allowed the Corporation to collect two bulk samples of approximately 5,000 tonnes each (please see Osisko news releases dated June 11, 2019 and December 11, 2019).  To date, 42 underground drill stations have been created and used to aid in resource delineation.  Infrastructure installed along the advance includes 13.8 kV electric cables, fiber optic cables, four refuge stations, nine electrical substations, and three dewatering substations. Ramp development is being conducted by Miyuukaa Corporation (“Miyuukaa”)/CMAC-Thyssen Mining Group. Miyuukaa CEO and President, John Kitchen commented: “The Windfall project is an excellent opportunity for community members from the Cree First Nation of Waswanipi and the other Cree communities of Eeyou Istchee to participate in learning valuable skills in the mining sector. In addition to underground exploration ramp advancement and drilling, our joint ventures in civil works and camp operations are key to providing over 100 First Nation workers at the Windfall site.”

In addition, a 240 metre ventilation raise from surface is scheduled to be completed by Technica Mining in early April 2021.  This six metre diameter raise includes a manway and provides additional ventilation to the Lynx Zone.

Work is advancing towards the Triple Lynx Zone for the collection of the third and final planned bulk sample at Windfall, with the expectation of reaching this mineralized zone at 600 metres vertical depth by December 2021.  Osisko also recently received permission from the Quebec Ministry of Energy and Natural Resources to conduct a test stope in Lynx, which will further help in grade determinations and provide valuable information for the feasibility study.  Impressive visible gold mineralization was recently encountered from the location of the Lynx test stope (wireframe 3304 on the 230 level) (please see photos at https://www.facebook.com/MiningOsisko/).

Advanced exploration and infill drilling is being conducted from the exploration ramp, with nine underground diamond drills currently using multiple drilling bays to complete the Windfall drill program.

Osisko Chief Executive Officer John Burzynski commented: “The underground exploration ramp at Windfall has advanced in step with the drill program over the past three years, to the point where we now have excellent access to the Lynx gold zones.  This has helped tremendously in confirming our confidence in our geological modelling and resource wireframe work.  Spectacular visual gold mineralization is being seen in the underground mineralized zones that reflects and confirms the high-grade intercepts reported in our ongoing infill drill program.  Most importantly we have done this safely, having gone 1,113 days without a lost time incident underground.”

 

 

About the Windfall Gold Deposit

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

 

About Osisko Mining Inc.

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

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

OSISKO INFILL DRILLING RETURNS HIGH GRADE AT LYNX

696 g/t Au Over 2.5 Metres in Triple Lynx

507 g/t Au Over 2.1 Metres in Lynx Main

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

Significant new analytical results presented below include 99 intercepts in 50 drill holes (8 from surface, 22 from underground) and 20 wedges. The intercepts are located inside defined February 2021 mineral resource estimate (“MRE”) blocks (see Osisko news release dated February 17, 2021).

Drilling is currently focused on the Lynx deposit. Osisko Chief Executive Officer John Burzynski commented: “Today’s infill results in Lynx and Triple Lynx continue to deliver outstanding numbers as demonstrated with our two headline holes, each of which has a subinterval over 1 kilogram of gold per tonne. The infill program continues to confirm the superb high-grade areas found within the Lynx zones.”

Selected high-grade intercepts include: 696 g/t Au over 2.5 metres in WST-20-0613; 507 g/t Au over 2.1 metres in WST-20-0632; 133 g/t Au over 3.7 metres in WST-21-0622; 70.0 g/t Au over 6.0 metres in OSK-W-20-2375-W2; 148 g/t Au over 2.0 metres in OSK-W-20-2283-W5; 71.2 g/t Au over 4.1 metres in OSK-W-21-2369-W2; 120 g/t Au over 2.3 metres in WST-21-0648B, and 56.4 g/t Au over 4.0 metres in WST-21-0656. Maps showing hole locations and full analytical results are available at www.osiskomining.com

 

Infill Drilling

Hole Number From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-20-2252-W11 926.4 929.2 2.8 5.83   TLX_3163 Triple Lynx
OSK-W-20-2256-W8 932.0 944.4 12.4 8.56   TLX_3183 Triple Lynx
including 935.8 937.0 1.2 22.2
  947.7 954.0 6.3 5.56   TLX_3163 Triple Lynx
including 948.4 949.4 1.0 12.0
and 953.4 954.0 0.6 13.1
OSK-W-20-2271-W4 757.7 759.7 2.0 5.90   LXM_3304 Lynx
including 759.2 759.7 0.5 23.5
OSK-W-20-2280-W6 994.1 997.5 3.4 15.7   TLX_3183 Triple Lynx
including 994.1 994.9 0.8 41.5
  1021.9 1024.4 2.5 5.30   TLX_3164 Triple Lynx
including 1022.7 1023.3 0.6 12.3
  1085.6 1087.8 2.2 42.3 35.0 TLX_3170 Triple Lynx
including 1085.6 1086.2 0.3 154 100
OSK-W-20-2280-W7 999.0 1001.0 2.0 78.4 39.1 TLX_3163 Triple Lynx
including 999.0 999.6 0.6 231 100
OSK-W-20-2280-W9 1045.0 1047.0 2.0 9.03   TLX_3163 Triple Lynx
  1100.0 1102.0 2.0 16.3   TLX_3170 Triple Lynx
including 1100.7 1101.0 0.3 66.7
OSK-W-20-2280-W10 982.0 986.3 4.3 9.60   TLX_3180 Triple Lynx
including 983.3 983.6 0.3 67.4
and 986.0 986.3 0.3 39.4
  1010.0 1012.0 2.0 8.40   Triple Lynx Triple Lynx
including 1011.3 1012.0 0.7 22.4
  1014.0 1016.0 2.0 5.34   Triple Lynx Triple Lynx
  1023.4 1026.8 3.4 7.49   TLX_3183 Triple Lynx
including 1023.4 1024.0 0.6 19.6
  1046.4 1048.4 2.0 3.59   TLX_3163 Triple Lynx
including 1047.6 1048.4 0.8 8.18
  1069.4 1071.4 2.0 5.56   TLX_3164 Triple Lynx
  1101.0 1105.0 4.0 10.3   TLX_3170 Triple Lynx
including 1104.0 1105.0 1.0 33.3
OSK-W-20-2283-W3 811.0 813.3 2.3 9.66   TLX_3184 Triple Lynx
including 811.7 812.0 0.3 67.4
OSK-W-20-2283-W5 990.0 992.0 2.0 148 35.8 TLX_3194 Triple Lynx
including 990.0 990.7 0.7 421 100
OSK-W-20-2283-W6 969.0 971.0 2.0 6.38   TLX_3193 Triple Lynx
including 970.2 970.6 0.4 31.1
OSK-W-20-2283-W8 810.4 816.0 5.6 7.64   TLX_3171 Triple Lynx
including 810.4 811.0 0.6 25.8
and 814.4 814.7 0.3 25.5
  833.0 835.0 2.0 4.18   TLX_3184 Triple Lynx
  864.8 867.0 2.2 30.4   TLX_3161 Triple Lynx
including 865.4 866.0 0.6 96.8
  889.9 892.0 2.1 3.84   TLX_3169 Triple Lynx
including 890.2 890.5 0.3 23.2
  895.0 897.0 2.0 6.94   TLX_3175 Triple Lynx
including 895.0 895.5 0.5 25.5
  1122.9 1125.5 2.6 3.55   TLX_3176 Triple Lynx
including 1122.9 1123.2 0.3 15.8
OSK-W-20-2313-W8 839.0 841.0 2.0 3.69   TLX_3184 Triple Lynx
including 839.5 839.8 0.3 17.3
OSK-W-20-2313-W9 815.0 817.1 2.1 3.27   TLX_3171 Triple Lynx
  844.0 846.4 2.4 32.5 19.5 TLX_3184 Triple Lynx
including 846.1 846.4 0.3 204 100
  948.0 950.5 2.5 3.77   TLX_3194 Triple Lynx
  1006.5 1008.6 2.1 7.12   TLX_3195 Triple Lynx
including 1007.2 1007.6 0.4 23.4
OSK-W-20-2322-W3 1160.0 1162.0 2.0 16.4   LX4_3430 Lynx 4
including 1160.4 1161.1 0.7 35.5
OSK-W-20-2346 958.4 960.5 2.1 7.26   Lynx 4 Lynx
including 958.9 959.4 0.5 29.2
  1013.2 1015.5 2.3 8.49   LX4_3429 Lynx 4
including 1014.0 1014.7 0.7 27.5
OSK-W-20-2363 794.3 796.3 2.0 8.59   Triple Lynx Triple Lynx
including 795.1 795.6 0.5 34.2
  946.5 948.9 2.4 22.3   TLX_3195 Triple Lynx
OSK-W-20-2369-W1 654.0 657.0 3.0 31.1   LXM_3304 Lynx
including 655.0 655.9 0.9 52.1
  993.1 995.2 2.1 8.73   LX4_3430 Lynx 4
  1012.5 1015.0 2.5 22.3   Lynx 4 Lynx
including 1012.5 1013.0 0.5 97.9
OSK-W-20-2375 931.8 934.1 2.3 4.03   LX4_3437 Lynx 4
including 931.8 932.2 0.4 18.9
OSK-W-20-2375-W2 909.0 911.0 2.0 3.58   LX4_3414 Lynx 4
  926.8 932.8 6.0 70.0 14.4 LX4_3437 Lynx 4
including 926.8 927.4 0.6 656 100
OSK-W-20-2375-W4 904.0 906.3 2.3 3.53   Lynx 4 Lynx
including 905.6 905.9 0.3 19.7
  910.0 912.0 2.0 20.0   Lynx 4 Lynx
including 911.5 912.0 0.5 76.5
OSK-W-20-2381 1182.5 1185.0 2.5 12.5   LX4_3449 Lynx 4
including 1184.2 1185.0 0.8 32.0
OSK-W-20-2384 1125.8 1127.9 2.1 15.7   LX4_3451 Lynx 4
including 1127.5 1127.9 0.4 81.1
OSK-W-20-2385 785.0 787.0 2.0 45.5 26.0 LX4_3426 Lynx 4
including 786.0 786.5 0.5 178 100
OSK-W-20-2385-W1 819.3 821.4 2.1 39.2 19.6 LX4_3414 Lynx 4
including 819.6 820.0 0.4 203 100
OSK-W-20-2385-W2 799.0 801.5 2.5 39.4 25.1 LX4_3424 Lynx 4
including 799.5 799.9 0.4 190 100
OSK-W-20-2416 866.7 868.9 2.2 11.1   Triple Lynx Triple Lynx
  911.0 913.0 2.0 3.66   TLX_3161 Triple Lynx
  923.0 925.1 2.1 9.86   TLX_3161 Triple Lynx
including 923.3 923.8 0.5 38.9
  960.0 962.0 2.0 6.21   TLX_3163 Triple Lynx
  1001.2 1004.0 2.8 6.38   TLX_3162 Triple Lynx
including 1002.0 1003.0 1.0 15.9
  1076.4 1079.0 2.6 4.90   Triple Lynx Triple Lynx
including 1077.2 1077.5 0.3 19.5
OSK-W-20-2431 587.9 590.0 2.1 76.3 51.7 TLX_3171 Triple Lynx
including 588.2 588.6 0.4 229 100
OSK-W-21-2369-W2 675.0 679.1 4.1 71.2 40.8 LXM_3304 Lynx
including 675.7 677.0 1.3 196 100
WST-20-0522 297.0 300.0 3.0 4.42   LXSW_3556 Lynx
  305.4 307.5 2.1 24.4 19.9 LXSW_3556 Lynx
including 306.0 306.3 0.3 132 100
  312.7 315.0 2.3 3.70   LXSW_3556 Lynx
including 312.7 313.3 0.6 9.20
WST-20-0543 52.0 54.0 2.0 10.3   LXM_3303 Lynx
including 52.0 52.3 0.3 52.4
  58.0 60.4 2.4 6.48   LXM_3303 Lynx
including 58.0 58.7 0.7 20.4
WST-20-0554 295.2 297.2 2.0 7.69   TLX_3131 Triple Lynx
  353.9 356.0 2.1 12.2   TLX_3166 Triple Lynx
including 354.4 354.9 0.5 41.2
  490.8 495.1 4.3 19.4   LX4_3450 Lynx 4
including 490.8 492.0 1.2 49.0
WST-20-0574 342.0 344.0 2.0 30.2   LXSW_3556 Lynx
including 343.0 343.7 0.7 85.4
  365.0 367.3 2.3 3.15   LXSW_3556 Lynx
including 366.5 366.9 0.4 14.7
WST-20-0591 144.0 146.2 2.2 23.7   LXM_3338 Lynx
including 145.5 146.2 0.7 43.2
  167.1 169.3 2.2 4.98   LXM_3304 Lynx
WST-20-0592 137.5 139.5 2.0 4.67   LXM_3338 Lynx
including 137.5 138.0 0.5 17.2
WST-20-0603 297.0 299.0 2.0 4.71   TLX_3166 Triple Lynx
including 298.1 298.5 0.4 22.8
  476.0 478.0 2.0 7.78   Lynx SW Lynx SW
including 476.8 477.6 0.8 19.1
WST-20-0608 704.0 706.1 2.1 6.11   LX4_3438 Lynx 4
including 704.0 704.9 0.9 13.7
WST-20-0612 247.1 252.6 5.5 6.36   TLX_3161 Triple Lynx
including 250.8 251.1 0.3 20.2
  295.5 297.6 2.1 9.18   TLX_3163 Triple Lynx
  311.0 313.2 2.2 19.1   TLX_3164 Triple Lynx
including 311.6 312.2 0.6 66.5
WST-20-0613 237.8 240.3 2.5 696 43.4 TLX_3161 Triple Lynx
including 238.4 239.0 0.6 2820 100
  284.0 286.0 2.0 4.18   TLX_3163 Triple Lynx
  345.0 347.1 2.1 3.56   TLX_3182 Triple Lynx
  357.8 360.5 2.7 3.94   TLX_3182 Triple Lynx
  399.0 401.3 2.3 49.1 44.4 TLX_3188 Triple Lynx
including 400.0 400.5 0.5 122 100
WST-20-0615 278.8 280.8 2.0 26.2 15.9 TLX_3166 Triple Lynx
including 279.5 279.8 0.3 169 100
WST-20-0618 221.5 223.6 2.1 73.5 49.5 TLX_3161 Triple Lynx
including 221.9 222.9 1.0 151 100
WST-20-0624 118.0 120.0 2.0 9.10   LXM_3303 Lynx
including 118.0 118.8 0.8 21.9
WST-20-0629 102.0 104.0 2.0 7.39   LXM_3334 Lynx
including 102.5 103.1 0.6 24.5
WST-20-0630 96.0 98.0 2.0 3.85   LXM_3334 Lynx
including 96.0 96.5 0.5 14.2
  129.6 134.2 4.6 5.18   LXM_3304 Lynx
including 129.6 130.0 0.4 26.7
WST-20-0631 128.0 130.0 2.0 25.8   LXM_3304 Lynx
including 128.0 128.7 0.7 73.5
  144.5 146.5 2.0 4.51   LXM_3359 Lynx
including 144.5 145.1 0.6 14.6
WST-20-0632 123.8 125.9 2.1 507 36.0 LXM_3334 Lynx
including 124.9 125.5 0.6 1750 100
WST-20-0633 152.8 155.1 2.3 12.2   Lynx Lynx
including 152.8 153.3 0.5 26.1
WST-21-0614 233.1 236.8 3.7 39.5 29.6 TLX_3161 Triple Lynx
including 235.4 235.9 0.5 173 100
  277.9 280.2 2.3 13.7   TLX_3163 Triple Lynx
including 278.8 279.2 0.4 65.6
WST-21-0622 232.7 236.4 3.7 133 74.3 TLX_3161 Triple Lynx
WST-21-0648B 313.5 315.8 2.3 120 43.7 TLX_3166 Triple Lynx
including 314.8 315.8 1.0 276 100
WST-21-0656 233.0 237.0 4.0 56.4 32.2 TLX_3161 Triple Lynx
including 234.5 235.1 0.6 261 100
  274.0 276.0 2.0 5.97   TLX_3164 Triple Lynx
  279.0 281.0 2.0 14.5   TLX_3164 Triple Lynx
including 279.6 280.2 0.6 46.4
  284.0 286.2 2.2 3.16   TLX_3164 Triple Lynx

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 LXSW = Lynx Southwest.

 

Drill hole location

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-20-2252-W11 129 -54 1191 453241 5435694 415 3750
OSK-W-20-2256-W8 125 -51 1056 453160 5435686 411 3675
OSK-W-20-2271-W4 120 -53 1134 453462 5435682 410 3950
OSK-W-20-2280-W6 127 -58 1152 453304 5435639 415 3775
OSK-W-20-2280-W7 127 -58 1131 453304 5435639 415 3775
OSK-W-20-2280-W9 127 -58 1176 453304 5435639 415 3775
OSK-W-20-2280-W10 127 -58 1182 453304 5435639 415 3775
OSK-W-20-2283-W3 135 -50 1004 452997 5435607 425 3500
OSK-W-20-2283-W5 135 -50 1043 452997 5435607 425 3500
OSK-W-20-2283-W6 135 -50 1013 452997 5435607 425 3500
OSK-W-20-2283-W8 135 -50 1236 452997 5435607 425 3500
OSK-W-20-2313-W8 134 -52 1152 452965 5435583 420 3450
OSK-W-20-2313-W9 134 -52 1218 452965 5435583 420 3450
OSK-W-20-2322-W3 130 -54 1274 453608 5435715 403 4075
OSK-W-20-2346 130 -53 1161 453397 5435557 413 3825
OSK-W-20-2363 139 -52 1031 452930 5435548 419 3425
OSK-W-20-2369-W1 130 -56 1193 453424 5435566 410 3850
OSK-W-20-2375 122 -56 1160 453810 5435779 400 4300
OSK-W-20-2375-W2 122 -56 987 453810 5435779 400 4300
OSK-W-20-2375-W4 122 -56 1008 453810 5435779 400 4300
OSK-W-20-2381 134 -53 1230 453620 5435791 402 4125
OSK-W-20-2384 127 -52 1248 453397 5435557 413 3825
OSK-W-20-2385 125 -54 873 453687 5435679 401 4150
OSK-W-20-2385-W1 125 -54 937 453687 5435679 401 4150
OSK-W-20-2385-W2 125 -54 918 453687 5435679 401 4150
OSK-W-20-2416 123 -54 1128 453169 5435624 412 3650
OSK-W-20-2431 136 -57 849 453008 5435388 412 3400
OSK-W-21-2369-W2 130 -56 788 453424 5435566 410 3850
WST-20-0522 177 -52 457 453104 5435064 231 3325
WST-20-0543 150 -41 144 453315 5435165 124 3575
WST-20-0554 148 -44 562 453257 5435209 96 3525
WST-20-0574 139 -63 523 452955 5435003 253 3175
WST-20-0591 136 -35 220 453257 5435209 96 3525
WST-20-0592 137 -26 205 453257 5435209 96 3525
WST-20-0603 161 -59 525 453227 5435125 134 3475
WST-20-0608 152 -44 760 453418 5435305 69 3725
WST-20-0612 128 -62 432 453357 5435273 16 3650
WST-20-0613 123 -55 442 453358 5435273 16 3650
WST-20-0615 177 -58 519 453227 5435125 134 3475
WST-20-0618 181 -63 264 453506 5435327 -7 3800
WST-20-0624 165 -12 148 453256 5435209 96 3525
WST-20-0629 146 -21 175 453321 5435235 55 3600
WST-20-0630 142 -13 166 453321 5435235 55 3600
WST-20-0631 136 -3 166 453322 5435235 55 3600
WST-20-0632 160 -41 172 453321 5435235 55 3600
WST-20-0633 161 -32 171 453321 5435235 55 3600
WST-21-0614 131 -59 427 453357 5435273 16 3650
WST-21-0622 193 -59 270 453506 5435326 -7 3800
WST-21-0648B 166 -59 345 453228 5435126 135 3475
WST-21-0656 139 -61 322 453357 5435272 16 3650

 

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), Project Manager of Osisko’s Windfall Lake gold project, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

 

Quality Control and Reporting Protocols

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

 

About the Windfall Gold Deposit

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

 

About Osisko Mining Inc.

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

 

 

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

OSISKO EXPANSION DRILLING ADDS NEW HIGH GRADE AT LYNX

177 g/t Au Over 3.0 Metres

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

Drilling is currently focused on the Lynx deposit. Significant new analytical results presented below include 66 intercepts in 22 drill holes (5 from surface, 17 from underground) and 21 wedges. The intercepts are located outside the February 2021 mineral resource estimate (“MRE”) (see Osisko news release dated February 17, 2021) and either expand resource wireframes or are located in a defined zone or corridor but do not yet correlate to a specific wireframe.

Osisko Chief Executive Officer John Burzynski commented: “Today’s expansion results in Lynx and Triple Lynx continue to confirm the growth potential of these zones. The higher-grade intercept in OSK-W-20-2381-W1 extends Lynx 90 metres from the nearest MRE block and WST-20-0602 extends Triple Lynx 100 metres from the nearest MRE block”.

Selected high-grade intercepts include: 177 g/t Au over 3.0 metres and 66.6 g/t Au over 2.0 metres in OSK-W-20-2381-W1; 43.4 g/t Au over 5.3 metres in WST-20-0602; 56.4 g/t Au over 3.2 metres in WST-20-0603; 52.1 g/t Au over 3.4 metres in WST-20-0611; 70.2 g/t Au over 2.2 metres in OSK-W-20-2313-W7;  57.2 g/t Au over 2.1 metres in OSK-W-20-2391; and 25.1 g/t Au over 4.8 metres in OSK-W-20-2252-W8. Maps showing hole locations and full analytical results are available at www.osiskomining.com

Expansion Drilling

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-20-2170-W7 1029.6 1031.9 2.3 11.1   Triple Lynx Triple Lynx
including 1029.6 1030.0 0.4 59.7
OSK-W-20-2252-W10 1182.6 1184.8 2.2 3.89   Triple Lynx Triple Lynx
1190.2 1192.4 2.2 13.8   Triple Lynx Triple Lynx
including 1191.2 1192.1 0.9 31.3
1204.3 1206.3 2.0 4.22   Triple Lynx Triple Lynx
OSK-W-20-2252-W8 975.2 980.0 4.8 25.1 22.6 Triple Lynx Triple Lynx
including 976.5 977.7 1.2 85.8 75.6
OSK-W-20-2271-W2 1133.5 1135.5 2.0 3.64   Lynx 4 Lynx
including 1134.0 1134.5 0.5 14.5
OSK-W-20-2271-W5 1064.6 1067.4 2.8 4.74   Lynx 4 Lynx
including 1064.6 1065.0 0.4 13.1
OSK-W-20-2280-W7 977.0 981.8 4.8 7.78   Triple Lynx Triple Lynx
including 977.0 977.4 0.4 30.4
OSK-W-20-2283-W2 951.0 953.0 2.0 3.94   Triple Lynx Triple Lynx
OSK-W-20-2287 1245.0 1247.0 2.0 3.51   Lynx 4 Lynx
OSK-W-20-2292-W1 1131.8 1134.0 2.2 3.66   Triple Lynx Triple Lynx
including 1131.8 1132.1 0.3 23.5
OSK-W-20-2313-W7 993.0 995.2 2.2 70.2 14.4 Triple Lynx Triple Lynx
including 994.9 995.2 0.3 509 100
OSK-W-20-2313-W9 793.0 797.5 4.5 5.65   Triple Lynx Triple Lynx
including 796.5 797.5 1.0 13.4
OSK-W-20-2322-W1 1047.4 1049.7 2.3 3.69   Lynx 4 Lynx
including 1047.4 1048.0 0.6 13.7
OSK-W-20-2328 898.2 900.5 2.3 3.64   Lynx 4 Lynx
OSK-W-20-2363 578.0 582.0 4.0 6.19   Triple Lynx Triple Lynx
including 581.3 582.0 0.7 24.4
OSK-W-20-2363-W1 662.0 664.1 2.1 4.43   Triple Lynx Triple Lynx
OSK-W-20-2363-W2 751.0 753.5 2.5 5.90   Triple Lynx Triple Lynx
including 753.0 753.5 0.5 12.0
867.6 870.0 2.4 5.18   Triple Lynx Triple Lynx
including 867.6 868.0 0.4 27.7
887.0 889.0 2.0 3.75   Triple Lynx Triple Lynx
OSK-W-20-2363-W3 999.1 1001.6 2.5 4.52   Triple Lynx Triple Lynx
OSK-W-20-2371-W1 654.0 656.3 2.3 17.9   Triple Lynx Triple Lynx
including 655.2 655.8 0.6 60.8
717.0 719.0 2.0 5.97   Triple Lynx Triple Lynx
937.0 939.0 2.0 3.68   Triple Lynx Triple Lynx
including 938.1 938.4 0.3 20.4
977.5 980.9 3.4 10.8   Triple Lynx Triple Lynx
including 977.5 977.8 0.3 70.1
OSK-W-20-2371-W2 815.0 817.0 2.0 3.60   Triple Lynx Triple Lynx
1047.0 1049.0 2.0 4.04   Lynx 4 Lynx
including 1047.4 1048.1 0.7 11.4
OSK-W-20-2375-W3 918.0 920.0 2.0 3.86   Lynx 4 Lynx
OSK-W-20-2381-W1 1332.0 1335.0 3.0 177 38.2 Lynx 4 Lynx
including 1332.0 1333.0 1.0 515 100
1364.5 1366.5 2.0 66.6 26.6 Lynx 4 Lynx
including 1366.1 1366.5 0.4 300 100
OSK-W-20-2391 1183.3 1185.4 2.1 57.2 26.2 Triple Lynx Triple Lynx
including 1185.1 1185.4 0.3 317 100
1283.0 1285.1 2.1 9.73   Triple Lynx Triple Lynx
including 1283.7 1284.0 0.3 58.1
OSK-W-20-2391-W2 1380.0 1382.0 2.0 10.7   Triple Lynx Triple Lynx
including 1380.9 1381.2 0.3 65.3  
  1390.3 1394.7 4.4 21.2   Triple Lynx Triple Lynx
including 1392.8 1393.1 0.3 65.3  
and 1393.9 1394.7 0.8 58.0  
OSK-W-20-2394-W1 889.0 891.0 2.0 5.04   Triple Lynx Triple Lynx
OSK-W-20-2394-W3 1012.6 1015.0 2.4 33.5   Triple Lynx Triple Lynx
including 1013.2 1014.0 0.8 99.9
OSK-W-21-2445 445.0 447.0 2.0 10.3   Triple Lynx Triple Lynx
including 446.7 447.0 0.3 61.6
WST-20-0522 243.0 245.1 2.1 3.79   Lynx SW Lynx SW
WST-20-0523A 297.0 299.0 2.0 3.83   Lynx SW Lynx SW
WST-20-0524 238.7 241.0 2.3 3.60   Lynx SW Lynx SW
including 239.6 240.0 0.4 16.9
WST-20-0548A 271.4 273.6 2.2 3.60   Triple Lynx Triple Lynx
including 272.1 272.8 0.7 10.9
WST-20-0554 357.4 359.4 2.0 6.43   Triple Lynx Triple Lynx
424.0 426.2 2.2 3.77   Triple Lynx Triple Lynx
WST-20-0569 412.0 414.0 2.0 4.31   Lynx SW Lynx
including 412.4 412.7 0.3 27.6
WST-20-0570 323.0 325.0 2.0 3.85   Lynx SW Lynx SW
WST-20-0574 302.9 305.7 2.8 9.11   Lynx SW Lynx SW
  308.0 310.0 2.0 4.07   Lynx SW Lynx SW
  394.5 396.9 2.4 5.64   Lynx SW Lynx SW
  416.0 418.7 2.7 9.20   Lynx SW Lynx SW
including 418.4 418.7 0.3 78.9
510.8 513.0 2.2 4.58   Lynx SW Lynx SW
including 511.7 512.2 0.5 20.0
WST-20-0575 159.0 161.0 2.0 3.54   Triple Lynx Triple Lynx
WST-20-0602 397.1 400.4 3.3 9.53   Lynx SW Lynx SW
including 397.6 398.0 0.4 28.7
572.0 577.3 5.3 43.4 29.9 Lynx SW Lynx SW
including 572.0 573.0 1.0 172 100
WST-20-0603 250.5 253.7 3.2 56.4 34.3 Lynx SW Lynx SW
including 252.0 252.7 0.7 201 100
  257.8 260.0 2.2 5.07   Lynx SW Lynx SW
  278.0 280.0 2.0 28.0   Triple Lynx Triple Lynx
including 278.7 279.2 0.5 95.2
WST-20-0606A 248.5 250.5 2.0 5.41   Lynx SW Lynx SW
273.2 275.2 2.0 15.3   Lynx SW Lynx SW
including 273.7 274.0 0.3 37.3
329.0 331.0 2.0 4.41   Lynx SW Lynx SW
WST-20-0609 299.0 301.4 2.4 12.9   Lynx SW Lynx SW
including 300.9 301.4 0.5 57.0
326.7 329.0 2.3 4.77   Triple Lynx Triple Lynx
including 326.7 327.4 0.7 11.1
346.7 349.0 2.3 3.90   Lynx SW Lynx SW
including 346.7 347.2 0.5 17.4
WST-20-0611 289.0 292.4 3.4 52.1 27.0 Triple Lynx Triple Lynx
including 291.8 292.4 0.6 242 100
WST-20-0615 258.1 260.5 2.4 12.0   Lynx SW Lynx SW
WST-20-0626 451.7 453.8 2.1 4.51   Lynx SW Lynx SW
WST-20-0631 14.8 17.0 2.2 7.22   Lynx Lynx
including 14.8 15.6 0.8 19.7

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

 

 

 

Drill hole location

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-20-2170-W7 128 -59 1205 453425 5435657 413 3900
OSK-W-20-2252-W10 129 -54 1226 453241 5435694 415 3750
OSK-W-20-2252-W8 129 -54 1239 453241 5435694 415 3750
OSK-W-20-2271-W2 120 -53 1223 453462 5435682 410 3950
OSK-W-20-2271-W5 120 -53 1247 453462 5435682 410 3950
OSK-W-20-2280-W7 127 -58 1131 453304 5435639 415 3775
OSK-W-20-2283-W2 135 -50 1011 452997 5435607 425 3500
OSK-W-20-2287 116 -53 1406 453607 5435714 404 4075
OSK-W-20-2292-W1 125 -54 1149 453035 5435561 420 3525
OSK-W-20-2313-W7 134 -52 1086 452965 5435583 420 3450
OSK-W-20-2313-W9 134 -52 1218 452965 5435583 420 3450
OSK-W-20-2322-W1 130 -54 1233 453608 5435715 403 4075
OSK-W-20-2328 136 -56 942 452872 5435153 409 3175
OSK-W-20-2363 139 -52 1031 452930 5435548 419 3425
OSK-W-20-2363-W1 139 -52 1059 452930 5435548 419 3425
OSK-W-20-2363-W2 139 -52 1035 452930 5435548 419 3425
OSK-W-20-2363-W3 139 -52 1185 452930 5435548 419 3425
OSK-W-20-2371-W1 123 -53 1032 452996 5435364 412 3375
OSK-W-20-2371-W2 123 -53 1251 452996 5435364 412 3375
OSK-W-20-2375-W3 122 -56 1020 453810 5435779 400 4300
OSK-W-20-2381-W1 134 -53 1512 453620 5435791 402 4125
OSK-W-20-2391 117 -57 1629 453281 5435894 408 3900
OSK-W-20-2391-W2 117 -57 1888 453281 5435894 408 3900
OSK-W-20-2394-W1 138 -52 1065 452922 5435468 415 3375
OSK-W-20-2394-W3 138 -52 1020 452922 5435468 415 3375
OSK-W-21-2445 141 -50 945 452906 5435434 415 3325
WST-20-0522 177 -52 457 453104 5435064 231 3325
WST-20-0523A 165 -46 387 453104 5435065 231 3325
WST-20-0524 182 -44 243 453103 5435064 231 3325
WST-20-0548A 166 -60 370 453228 5435126 135 3475
WST-20-0554 148 -44 562 453257 5435209 96 3525
WST-20-0569 164 -59 526 453104 5435065 231 3325
WST-20-0570 159 -51 454 453104 5435065 231 3325
WST-20-0574 139 -63 523 452955 5435003 253 3175
WST-20-0575 280 -33 280 453413 5435309 69 3725
WST-20-0602 160 -62 651 453227 5435126 134 3475
WST-20-0603 161 -59 525 453227 5435125 134 3475
WST-20-0606A 141 -56 531 453105 5435065 231 3325
WST-20-0609 188 -56 461 453177 5435126 173 3425
WST-20-0611 118 -63 378 453358 5435273 16 3650
WST-20-0615 177 -58 519 453227 5435125 134 3475
WST-20-0626 194 -59 471 453176 5435125 173 3425
WST-20-0631 136 -3 166 453322 5435235 55 3600

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), Project Manager of Osisko’s Windfall Lake gold project, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

 

Quality Control and Reporting Protocols

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

 

About the Windfall Gold Deposit

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

 

About Osisko Mining Inc.

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

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

OSISKO EXPANSION DRILLING ADDS NEW HIGH GRADE AT WINDFALL

58.7 g/t Au Over 4.6 Metres in Caribou

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

Significant new analytical results presented below include 40 intercepts in 18 drill holes (15 from surface, 3 from underground) and 11 wedges. The intercepts are located outside the February 2021 mineral resource estimate (see Osisko news release dated February 17, 2021) and either expand resource wireframes or are located in a defined zone or corridor but do not yet correlate to a specific wireframe.

Osisko Chief Executive Officer John Burzynski commented: “Windfall continues to grow in scale across the deposit as demonstrated by today’s results in five different zones, all of which still remain open to growth.”

Selected intercepts include: 58.7 g/t Au over 4.6 metres in OSK-W-20-2421; 39.2 g/t Au over 2.5 metres in OSK-W-20-2399-W1; 36.8 g/t Au over 2.3 metres in OSK-W-20-2410-W1; 21.2 g/t Au over 3.6 metres in OSK-W-21-2467-W1; and 36.2 g/t Au over 2.0 metres in OSK-W-21-2462. Maps showing hole locations and full analytical results are available at www.osiskomining.com

Expansion Drilling

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-20-2354-W1 705.8 707.8 2.0 3.62   Caribou Caribou
including 706.6 707.1 0.5 12.5
OSK-W-20-2354-W2 633.5 638.1 4.6 8.60   Caribou Caribou
including 633.5 634.9 1.4 20.0
OSK-W-20-2354-W4 629.0 633.0 4.0 11.2   Caribou Caribou
including 629.0 630.0 1.0 34.8
OSK-W-20-2359 673.0 675.0 2.0 4.87   Caribou Caribou
OSK-W-20-2366 299.9 302.0 2.1 3.61   Caribou Caribou
OSK-W-20-2377-W1 889.5 895.5 6.0 7.36   Caribou Caribou
including 889.5 890.0 0.5 25.5
OSK-W-20-2387 575.5 577.5 2.0 4.70   Caribou Caribou
including 576.1 576.6 0.5 15.2
OSK-W-20-2387-W1 521.0 523.0 2.0 18.8   Caribou Caribou
including 521.8 523.0 1.2 29.7
OSK-W-20-2390 622.6 625.0 2.4 4.91   Caribou Caribou
including 623.8 624.5 0.7 14.7
OSK-W-20-2399-W1 621.5 624.0 2.5 39.2   Caribou Caribou
650.0 652.4 2.4 6.67   Caribou Caribou
including 651.0 651.4 0.4 36.5
OSK-W-20-2399-W2 580.0 582.4 2.4 3.83   Caribou Caribou
including 582.1 582.4 0.3 18.5
656.0 658.0 2.0 3.66   Caribou Caribou
OSK-W-20-2400 768.0 770.2 2.2 4.20   Caribou Caribou
OSK-W-20-2401 382.0 384.0 2.0 6.16   Caribou Caribou
including 382.0 383.0 1.0 11.8
OSK-W-20-2407-W1 686.0 688.0 2.0 9.14   Underdog Underdog
including 686.5 687.0 0.5 29.5
OSK-W-20-2410-W1 720.7 723.0 2.3 36.8   Caribou Caribou
including 722.0 723.0 1.0 67.0
OSK-W-20-2414 837.0 839.1 2.1 3.92   Caribou Caribou
OSK-W-20-2415-W1 453.0 455.0 2.0 24.7 20.2 Caribou Caribou
including 453.9 454.3 0.4 123 100
OSK-W-20-2421 530.0 532.1 2.1 6.56   Caribou Caribou
including 530.0 531.0 1.0 13.3
534.0 538.6 4.6 58.7 40.6 Caribou Caribou
including 536.0 537.0 1.0 123 100
and 537.0 537.4 0.4 251 100
OSK-W-20-2424 109.2 111.5 2.3 4.70   F11 F11
including 109.8 110.3 0.5 17.8
OSK-W-20-2433 78.0 80.0 2.0 3.60   F11 F11
including 78.8 79.3 0.5 13.9
216.0 218.0 2.0 3.95   F11 F11
including 216.0 216.5 0.5 11.7
OSK-W-20-2439 45.3 48.0 2.7 4.05   F11 F11
OSK-W-21-2451 647.4 649.4 2.0 4.90   Caribou Caribou
including 648.0 648.4 0.4 15.0
748.0 750.5 2.5 19.1   Caribou Caribou
OSK-W-21-2460 535.8 538.0 2.2 18.8   Caribou Caribou
724.6 726.7 2.1 3.95   Caribou Caribou
OSK-W-21-2462 480.0 482.0 2.0 36.2 25.7 Caribou Caribou
including 480.9 481.4 0.5 142 100
678.0 680.4 2.4 5.78   Caribou Caribou
OSK-W-21-2466 539.0 541.0 2.0 9.76   Caribou Caribou
OSK-W-21-2467-W1 421.0 423.0 2.0 3.65   Caribou Caribou
602.0 604.0 2.0 21.9   Caribou Caribou
including 603.0 604.0 1.0 43.6
636.1 639.7 3.6 21.2   Caribou Caribou
including 636.1 636.6 0.5 89.3
687.0 689.0 2.0 14.0   Caribou Caribou
including 687.0 688.0 1.0 25.0
WST-20-0519 148.0 150.0 2.0 6.76   Z27 Zone 27
WST-20-0558 98.0 100.0 2.0 4.57   Bobcat Bobcat
including 98.4 99.1 0.7 12.8
166.0 168.0 2.0 7.15   Bobcat Bobcat
including 167.7 168.0 0.3 47.5
WST-20-0566A 93.9 96.3 2.4 3.57   Z27 Zone 27
including 95.0 95.6 0.6 12.0

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

Drill hole location

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-20-2354-W1 336 -60 792 452739 5434474 401 2725
OSK-W-20-2354-W2 336 -60 750 452739 5434474 401 2725
OSK-W-20-2354-W4 336 -60 783 452739 5434474 401 2725
OSK-W-20-2359 335 -61 726 452694 5434440 401 2675
OSK-W-20-2366 323 -55 534 452682 5434624 398 2750
OSK-W-20-2377-W1 132 -49 1314 452702 5435548 409 3225
OSK-W-20-2387 336 -59 717 452694 5434440 401 2675
OSK-W-20-2387-W1 336 -59 738 452694 5434440 401 2675
OSK-W-20-2390 330 -65 647 452595 5434393 401 2550
OSK-W-20-2399-W1 333 -54 876 452874 5434552 398 2875
OSK-W-20-2399-W2 333 -54 876 452874 5434552 398 2875
OSK-W-20-2400 336 -53 884 452876 5434419 402 2825
OSK-W-20-2401 330 -55 705 452688 5434637 397 2750
OSK-W-20-2407-W1 347 -55 1044 452315 5434419 399 2325
OSK-W-20-2410-W1 338 -62 750 452727 5434358 402 2650
OSK-W-20-2414 337 -54 882 452880 5434419 402 2825
OSK-W-20-2415-W1 328 -54 762 452738 5434474 401 2725
OSK-W-20-2421 332 -59 699 452632 5434280 400 2525
OSK-W-20-2424 150 -45 267 452638 5436000 403 3375
OSK-W-20-2433 148 -47 411 452558 5436073 405 3350
OSK-W-20-2439 147 -50 360 452515 5436029 406 3275
OSK-W-21-2451 330 -58 803 452809 5434415 404 2750
OSK-W-21-2460 332 -55 789 452732 5434537 399 2750
OSK-W-21-2462 338 -57 888 452874 5434552 398 2875
OSK-W-21-2466 330 -66 639 452597 5434393 401 2550
OSK-W-21-2467-W1 331 -54 708 452687 5434471 402 2675
WST-20-0519 136 -45 162 452282 5434976 262 2575
WST-20-0558 155 -32 169 452955 5435003 253 3175
WST-20-0566A 132 -16 368 452208 5434898 248 2475

 

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.

 

Zone 27

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

F-Zone

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

 

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.

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), Project Manager of Osisko’s Windfall Lake gold project, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

 

Quality Control and Reporting Protocols

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

 

About the Windfall Gold Deposit

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

 

About Osisko Mining Inc.

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

 

Cautionary Note Regarding Forward-Looking Information

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

 

CONTACT INFORMATION:

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

OSISKO MINING ORDERS MILLING EQUIPMENT FOR WINDFALL

(Toronto, March 9, 2021) Osisko Mining Inc. (OSK:TSX: “Osisko” or the “Corporation”) is pleased to announce that it has placed an order for grinding equipment and ancillaries from FLSmidth, a leading technology and equipment supply company, for its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

 

The order consists of a 7.3 meters (24 foot) diameter x 3.4 meters (11 foot) long gear-driven semi-autogenous grinding (SAG) mill and a 5.2 meters (17 foot) diameter x 9.4 meters (31 foot) long gear-driven ball mill.  Current planning foresees installation and operation of the grinding mills in a SABC[1] configuration.  The grinding mills have a capacity of processing up to 176.6 dry tonnes per hour, or 3,900 tonnes per day based on 92% availability.  The equipment is expected to be delivered to the Windfall project in the second half of 2022. Installation will follow pending successful receipt of all permits and authorizations.

 

John Burzynski, Chief Executive Officer of Osisko commented: “FLSmidth is a recognized global leader in grinding technologies with a long track record of providing high quality products, and we are looking forward to be working with them on our developing Windfall project.  Securing these critical long lead time components of the grinding circuit is an important first step in solidifying detailed engineering for the Windfall plant.  We continue to advance all aspects of work on Windfall including our environmental assessment and consultation with our host communities and look forward to additional near-term announcements regarding our infrastructure plans.”

 

About the Windfall Gold Deposit

The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 17, 2021 and assuming a cut-off grade of 3.50 g/t Au, comprises 521,000 tonnes at 11.3 g/t Au (189,000 ounces) in the measured mineral resource category, 5,502,000 tonnes at 9.4 g/t Au (1,668,000 ounces) in the indicated mineral resource category and 16,401,000 tonnes at 8.0 g/t Au (4,244,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 17, 2021 news release, certain of which are described in the February 17, 2021 news release, will be further described in the full technical report being prepared for this updated mineral resource estimate in accordance with NI 43-101, and will be available on SEDAR (www.sedar.com) under the Corporation’s issuer profile within 45 days from February 17, 2021. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog.  Mineralization is generally comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres as it now includes the Triple 8 (T8) zone. The resources excluding T8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.

 

About Osisko Mining Inc.

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

 

About FLSmidth

FlSmidth is the market-leading supplier of sustainable productivity to the global mining and cement industries.  Headquartered in Copenhagen, Denmark, and with offices in more than 50 countries including Canada, FLSmidth delivers engineering, equipment and service solutions to customers worldwide.  Productivity, sustainability, and quality are focus areas for the 12,000 employees in FLSmidth.

 

 

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

[1] In a SABC configuration, the SAG and ball mill are in closed circuit, with the SAG mill closed with a crusher to control the amount of ‘critical size’ material in the circuit.

OSISKO FILES TECHNICAL REPORT FOR WINDFALL MINERAL RESOURCE ESTIMATE UPDATE

(Toronto, March 8, 2021) 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 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 March 8, 2021 (effective date of November 30, 2020) has been prepared for Osisko by BBA Inc. The technical report is available on SEDAR (www.sedar.com) under Osisko’s issuer profile.

 

About Osisko Mining Inc.

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

 

Cautionary 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 National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“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
Chief Executive Officer
Telephone (416) 363-8653

OSISKO WINDFALL INFILLS WITH HIGH-GRADE IN MULTIPLE ZONES 35.7 g/t Au Over 9.8 Metres in Underdog 65.6 g/t Au over 4.2 meters in Caribou

(Toronto, March 03, 2021) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Today’s infill results are from the southwestern areas of the deposit including Zone 27, Underdog, Caribou, F11, Mallard, and Bobcat. Osisko Chief Executive Officer John Burzynski commented: “Infill drilling continues to deliver impressive grade and width results from the Windfall deposit.”

The table below contains resource definition infill intercepts located inside defined February 2021 mineral resource estimate blocks (see Osisko news release dated February 17, 2021). Significant new analytical results are presented below, including 73 intercepts in 33 drill holes (24 from surface, 9 from underground) and 10 wedges.

Selected intercepts include: 35.7 g/t Au over 9.8 metres, 70.7 g/t Au over 2.0 metres, and 50.4 g/t Au over 3.6 metres in OSK-W-20-2407; 65.6 g/t Au over 4.2 metres in OSK-W-20-2390; 60.8 g/t Au over 2.0 metres in OSK-W-20-2405; 39.0 g/t Au over 3.0 metres in OSK-W-20-2400; 55.2 g/t Au over 2.0 metres in OSK-W-20-2399 and 18.9 g/t Au over 5.5 metres in OSK-W-20-2354-W2. Maps showing hole locations and full analytical results are available at www.osiskomining.com

Infill Drilling

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-20-852-W4 725.0 727.0 2.0 6.83   Caribou_2212 Caribou
including 725.6 726.0 0.4 27.6
OSK-W-20-913-W1 634.7 637.0 2.3 3.39   Caribou_2523 Caribou
including 634.7 635.0 0.3 18.6
  851.0 853.3 2.3 11.1   Caribou_2219 Caribou
including 851.0 851.5 0.5 47.2
OSK-W-20-913-W2 715.0 717.8 2.8 3.89   Caribou_2210 Caribou
  846.0 848.0 2.0 15.5   Caribou_2219 Caribou
including 846.0 846.7 0.7 44.0
OSK-W-20-2354-W1 647.0 650.5 3.5 14.6   Caribou_2233 Caribou
  674.2 677.4 3.2 24.7   Caribou_2208 Caribou
including 677.0 677.4 0.4 77.9
OSK-W-20-2354-W2 641.0 646.5 5.5 18.9   Caribou_2233 Caribou
including 642.8 643.1 0.3 61.9
OSK-W-20-2354-W3 632.0 635.0 3.0 8.61   Caribou_2214 Caribou
  665.7 670.0 4.3 7.53   Caribou_2208 Caribou
including 669.0 670.0 1.0 17.1
OSK-W-20-2354-W4 498.8 501.0 2.2 3.79   Caribou Caribou
  649.0 651.0 2.0 6.43   Caribou_2233 Caribou
  673.0 676.0 3.0 16.7   Caribou_2208 Caribou
  708.0 711.0 3.0 4.97   Caribou_2220 Caribou
OSK-W-20-2359 360.8 363.0 2.2 5.96   Caribou Caribou
OSK-W-20-2359-W1 361.0 363.0 2.0 6.17   Caribou Caribou
  662.0 664.9 2.9 4.88   Caribou_2206 Caribou
OSK-W-20-2366 459.0 461.0 2.0 4.90   Caribou_2210 Caribou
including 460.0 461.0 1.0 9.13
OSK-W-20-2373 600.0 602.0 2.0 3.14   Caribou_2241 Caribou
including 600.6 601.4 0.8 7.07
OSK-W-20-2376 320.3 322.3 2.0 3.56   Caribou_2116 Caribou
  432.6 436.0 3.4 5.32   Caribou_2235 Caribou
including 435.0 436.0 1.0 13.3
OSK-W-20-2377 741.0 743.2 2.2 3.22   Caribou_2553 Caribou
OSK-W-20-2387 661.2 663.2 2.0 8.69   Caribou_2233 Caribou
OSK-W-20-2388 537.0 539.7 2.7 4.76   Caribou_2215 Caribou
  610.7 614.2 3.5 13.8   Caribou_2217 Caribou
including 610.7 611.0 0.3 87.5
639.3 641.8 2.5 4.14   Caribou_2218 Caribou
including 640.4 641.1 0.7 11.0
  645.4 647.5 2.1 3.87   Caribou_2218 Caribou
including 646.0 646.5 0.5 16.1
OSK-W-20-2390 594.8 599.0 4.2 65.6 51.2 Caribou_2241 Caribou
including 596.9 597.2 0.3 147 100
and 597.5 598.1 0.6 178 100
OSK-W-20-2399 673.0 675.0 2.0 55.2 20.2 Caribou_2212 Caribou
including 674.0 674.4 0.4 275 100
OSK-W-20-2400 750.0 753.0 3.0 39.0 36 Caribou_2215 Caribou
including 752.0 753.0 1.0 109 100
  797.0 802.0 5.0 6.32   Caribou_2220 Caribou
including 798.0 799.0 1.0 16.4
  858.0 861.7 3.7 6.19   Caribou_2219 Caribou
including 860.0 861.3 1.3 12.6
OSK-W-20-2405 262.0 264.0 2.0 60.8 42.4 Caribou_2106 Caribou
including 262.7 263.5 0.8 146 100
  622.0 624.0 2.0 4.35   Caribou_2214 Caribou
including 622.0 622.6 0.6 11.2
  626.5 630.0 3.5 16.8   Caribou_2214 Caribou
including 627.5 628.0 0.5 56.0
OSK-W-20-2405-W1 655.9 657.9 2.0 16.6   Caribou_2233 Caribou
including 656.5 657.0 0.5 44.4
OSK-W-20-2407 662.0 665.6 3.6 50.4 46.6 Underdog_4101 Underdog
including 663.6 664.4 0.8 184 100
  681.0 683.0 2.0 3.77   Underdog_4100 Underdog
  690.0 699.8 9.8 35.7   Underdog_4100 Underdog
including 690.0 691.0 1.0 85.0
and 695.0 696.0 1.0 76.4
  705.0 707.0 2.0 70.7 21.9 Underdog_4102 Underdog
including 706.3 706.7 0.4 344 100
OSK-W-20-2410 686.4 688.4 2.0 6.69   Caribou_2214 Caribou
OSK-W-20-2414 628.0 630.0 2.0 12.0   Caribou_2524 Caribou
including 629.0 630.0 1.0 23.7
OSK-W-20-2415 608.8 611.0 2.2 9.96   Caribou_2211 Caribou
including 608.8 609.2 0.4 45.9
  703.4 707.4 4.0 17.4   Caribou_2220 Caribou
including 703.4 703.7 0.3 78.4
OSK-W-20-2415-W1 638.3 643.2 4.9 12.0   Caribou_2233 Caribou
including 638.3 639.3 1.0 32.5
OSK-W-20-2425 621.0 624.1 3.1 19.3 14.2 Caribou_2220 Caribou
including 623.8 624.1 0.3 152 100
  709.4 711.4 2.0 3.91   Caribou_2219 Caribou
including 710.0 710.6 0.6 11.5
OSK-W-20-2432 749.6 751.7 2.1 11.0   Caribou_2208 Caribou
including 750.2 750.9 0.7 28.9
OSK-W-20-2437 608.4 610.4 2.0 6.62   Caribou_2214 Caribou
including 608.4 609.1 0.7 17.6
OSK-W-20-2438 600.0 603.9 3.9 10.4   Caribou_2211 Caribou
including 600.0 601.0 1.0 18.6
OSK-W-20-2440 690.0 692.0 2.0 6.68   Caribou_2217 Caribou
  702.0 705.0 3.0 10.3   Caribou_2220 Caribou
  738.0 740.0 2.0 3.29   Caribou_2218 Caribou
OSK-W-21-2444 451.2 453.4 2.2 4.06   Caribou_2236 Caribou
  558.1 562.1 4.0 17.5   Caribou_2215 Caribou
including 561.1 562.1 1.0 38.1
  572.0 574.0 2.0 4.30   Caribou_2250 Caribou
including 572.9 573.2 0.3 19.8
OSK-W-21-2451 729.0 734.6 5.6 8.55   Caribou_2208 Caribou
including 734.0 734.6 0.6 34.0
  739.5 742.3 2.8 20.7   Caribou_2208 Caribou
OSK-W-21-2455 594.0 596.1 2.1 5.35   Caribou_2211 Caribou
  666.7 668.8 2.1 3.55   Caribou_2208 Caribou
OSK-W-21-2460 438.9 441.7 2.8 9.51   Caribou_2116 Caribou
including 441.4 441.7 0.3 28.0
WST-20-0479B 36.4 38.5 2.1 4.19   Mallard_5208 Mallard
  269.0 271.0 2.0 9.08   Z27_1123 Zone 27
including 269.0 270.0 1.0 18.0
WST-20-0517 77.4 79.5 2.1 18.9   Mallard_5211 Mallard
including 77.4 78.0 0.6 47.1
WST-20-0519 59.0 61.0 2.0 6.07   Mallard_5208 Mallard
WST-20-0520 176.2 178.3 2.1 6.20   Z27_1123 Zone 27
including 176.2 176.7 0.5 20.5
WST-20-0521 191.3 193.7 2.4 4.40   Z27_1102 Zone 27
  195.2 197.2 2.0 4.76   Z27_1102 Zone 27
  231.9 234.3 2.4 7.99   Z27_1123 Zone 27
including 233.9 234.3 0.4 31.7
WST-20-0555 118.8 121.6 2.8 10.8   Bobcat_2350 Bobcat
including 119.5 119.9 0.4 24.6
and 121.0 121.6 0.6 23.2
WST-20-0566 13.0 15.3 2.3 5.64   Mallard_5211 Mallard
including 14.0 14.3 0.3 15.7
WST-20-0566A 255.5 259.3 3.8 13.4   Caribou_2100 Caribou
including 255.8 256.1 0.3 37.6
and 259.0 259.3 0.3 83.6
WST-20-0627 14.0 16.9 2.9 8.32   Mallard_5211 Mallard

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

Drill hole location

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-20-852-W4 330 -55 873 452874 5434552 398 2875
OSK-W-20-913-W1 334 -52 939 452878 5434419 401 2825
OSK-W-20-913-W2 334 -52 913 452878 5434419 401 2825
OSK-W-20-2354-W1 336 -60 792 452739 5434474 401 2725
OSK-W-20-2354-W2 336 -60 750 452739 5434474 401 2725
OSK-W-20-2354-W3 336 -60 750 452739 5434474 401 2725
OSK-W-20-2354-W4 336 -60 783 452739 5434474 401 2725
OSK-W-20-2359 335 -61 726 452694 5434440 401 2675
OSK-W-20-2359-W1 335 -61 696 452694 5434440 401 2675
OSK-W-20-2366 323 -55 534 452682 5434624 398 2750
OSK-W-20-2373 335 -65 647 452595 5434393 401 2550
OSK-W-20-2376 325 -55 510 452689 5434637 397 2750
OSK-W-20-2377 132 -49 1326 452702 5435548 409 3225
OSK-W-20-2387 336 -59 717 452694 5434440 401 2675
OSK-W-20-2388 326 -61 699 452715 5434606 397 2775
OSK-W-20-2390 330 -65 647 452595 5434393 401 2550
OSK-W-20-2399 333 -54 864 452874 5434552 398 2875
OSK-W-20-2400 336 -53 884 452876 5434419 402 2825
OSK-W-20-2405 332 -58 723 452694 5434440 401 2675
OSK-W-20-2405-W1 332 -58 716 452694 5434440 401 2675
OSK-W-20-2407 347 -55 993 452315 5434419 399 2325
OSK-W-20-2410 338 -62 768 452727 5434358 402 2650
OSK-W-20-2414 337 -54 882 452880 5434419 402 2825
OSK-W-20-2415 328 -54 755 452738 5434474 401 2725
OSK-W-20-2415-W1 328 -54 762 452738 5434474 401 2725
OSK-W-20-2425 336 -60 747 452715 5434606 397 2775
OSK-W-20-2432 333 -57 864 452809 5434415 404 2750
OSK-W-20-2437 329 -62 630 452597 5434393 401 2550
OSK-W-20-2438 331 -60 729 452695 5434401 402 2650
OSK-W-20-2440 330 -52 807 452738 5434474 401 2725
OSK-W-21-2444 337 -59 636 452715 5434606 397 2775
OSK-W-21-2451 330 -58 803 452809 5434415 404 2750
OSK-W-21-2455 328 -53 780 452738 5434474 401 2725
OSK-W-21-2460 332 -55 786 452732 5434537 399 2750
WST-20-0479B 138 -59 402 452281 5434975 262 2575
WST-20-0517 140 -55 400 452281 5434975 262 2575
WST-20-0519 136 -45 162 452282 5434976 262 2575
WST-20-0520 135 -46 388 452281 5434975 263 2575
WST-20-0521 153 -57 385 452281 5434975 262 2575
WST-20-0555 145 -25 160 452955 5435003 254 3175
WST-20-0566 132 -16 20 452208 5434898 248 2475
WST-20-0566A 132 -16 368 452208 5434898 248 2475
WST-20-0627 130 -18 84 452208 5434899 249 2475

 

 

 

Caribou Zone

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

 

Underdog

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

 

F-Zone

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

 

Bobcat

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

 

Mallard

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

 

Qualified Person

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

 

Quality Control and Reporting Protocols

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

 

About the Windfall Gold Deposit

The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 17, 2021 and assuming a cut-off grade of 3.50 g/t Au, comprises 521,000 tonnes at 11.3 g/t Au (189,000 ounces) in the measured mineral resource category, 5,502,000 tonnes at 9.4 g/t Au (1,668,000 ounces) in the indicated mineral resource category and 16,401,000 tonnes at 8.0 g/t Au (4,244,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 17, 2021 news release, certain of which are described in the February 17, 2021 news release, will be further described in the full technical report being prepared for this updated mineral resource estimate in accordance with NI 43-101, and will be available on SEDAR (www.sedar.com) under the Corporation’s issuer profile within 45 days from February 17, 2021. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog.  Mineralization is generally comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres as it now includes the Triple 8 (T8) zone. The resources excluding T8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.

 

About Osisko Mining Inc.

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

 

Cautionary Note Regarding Forward-Looking Information

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

 

 

CONTACT INFORMATION:

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