OSISKO ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

(Toronto, December 20, 2019) Osisko Mining Inc. (TSX:OSK) (the “Corporation” or “Osisko“) today announces renewal of the normal course issuer bid program of the Corporation to purchase for cancellation, from time to time over a 12-month period, common shares of the Corporation (“Common Shares“) listed on the Toronto Stock Exchange (“TSX“) in an aggregate amount of up to 10% of the “public float” of the Corporation (the “NCIB Program“), being 18,415,707 Common Shares.

Repurchases under the NCIB Program may commence on January 2, 2020 and will terminate on January 1, 2021 or on such earlier date as the NCIB Program is complete. Purchases of Common Shares under the NCIB Program will be made in Canada through the facilities of the TSX and other alternative Canadian trading systems, in accordance with the rules of the TSX. Daily purchases will be limited to 138,139 Common Shares, other than block purchase exemptions, representing 25% of the average daily trading volume of the Common Shares on the TSX for the six month period ending November 30, 2019, being 552,558 Common Shares.

The price that the Corporation may pay for any Common Shares purchased under the NCIB Program will be the prevailing market price at the time of purchase and any Common Shares purchased by the Corporation will be cancelled. The actual number of Common Shares repurchased under the NCIB Program and the timing of such repurchases will be at Osisko’s discretion and shall be subject to the limitations set out in the TSX Company Manual.

The board of directors of Osisko believes that the underlying value of the Corporation may not be reflected in the market price of the Common Shares from time to time and that, accordingly, the purchase of Common Shares will increase the proportionate interest in the Corporation of, and be advantageous to, all remaining shareholders of the Corporation.

As of December 19, 2019, there were 289,677,909 Common Shares issued and outstanding, and the Corporation had a public float of 184,157,070 Common Shares.

Osisko has appointed BMO Nesbitt Burns Inc. to make any purchases under the NCIB Program on its behalf. The commencement of the NCIB Program is subject to TSX approval.

During the prior NCIB Program of the Corporation, which commenced on January 2, 2019 and will terminate on January 1, 2020, Osisko had approval to acquire up to 14,251,609 Common Shares, but nil Common Shares were acquired.

About Osisko Mining Inc.

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

Forward-looking statements

This press release contains forward-looking statements. These forward-looking statements, by their nature, require the Corporation to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Words such as “may”, “will”, “would”, “could”, “expect”, “believe”, “plan”, “anticipate”, “intend”, “estimate”, “continue”, or the negative or comparable terminology, as well as terms usually used in the future and the conditional, are intended to identify forward-looking statements including the fact that the Corporation “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled” and similar expressions or variations (including negative variations), or that events or conditions “will”, “would”, “may”, “could” or “should” occur including, without limitation, statements about the board of directors of Osisko’s belief that the NCIB Program is advantageous to shareholders and that underlying value of the Corporation may not be reflected in the market price of the Common Shares, the Corporation’s intentions regarding the NCIB Program and whether the Corporation will receive the requisite acceptance of the TSX in respect of the NCIB Program. Although Osisko believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve known and unknown risks, uncertainties and other factors and are not guarantees of future performance and actual results may accordingly differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include, without limitation: fluctuations in the prices of the commodities; fluctuations in the value of the Canadian dollar relative to the U.S. dollar; regulatory changes by national and local government, including corporate law, permitting and licensing regimes and taxation policies; continued availability of capital and financing and general economic, market or business conditions; business opportunities that become available to, or are pursued by Osisko; other uninsured risks. The forward looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property interests in the Windfall Lake gold project; the ability of the Corporation to obtain required approvals and complete transactions on terms announced; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions. Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information, Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

For further information, please contact Osisko Mining Inc.:

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

OSISKO INTERSECTS HIGH GRADE AT LYNX

Including 33.5 g/t Au Over 10.5 Metres

(Toronto, December 18, 2019) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new drilling results from the ongoing definition and expansion drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

The program is currently focused on the Lynx deposit, exploration on the main mineralized zones, and deep exploration in the central areas of the mineralized intrusive system. Twenty-two drills are active at Lynx and Triple Lynx, with another two drills conducting infill and exploration drilling on other areas of the deposit.

Osisko President and Chief Executive Officer John Burzynski commented: “Lynx and Triple Lynx continue to deliver strong results with infill drilling. We are seeing some wider intervals of high-grade material, which should have a very positive effect on the pending resource update.”

Significant new analytical results from 85 intercepts in 22 surface drill holes, 23 wedges and 2 extension focused on Lynx infill and expansion drilling are presented below. Additionally, 23 intercepts from 14 underground infill drill holes are included in the table below.

Intercepts from new results include: 248 g/t Au over 3.0 metres in OSK-19-1995; 337 g/t Au over 2.2 metres and 56.6 g/t Au over 4.2 metres in OSK-W-19-2120-W2; 174 g/t Au over 2.5 metres in OSK-W-19-2107-W1; 33.5 g/t Au over 10.5 metres in OSK-W-19-1166-W5; 104 g/t Au over 3.0 metres in OSK-W-19-2171; 24.9 g/t Au over 9.0 metres in OSK-W-19-2123-W1; 56.9 g/t Au over 3.8 metres in OSK-W-19-2139-W1; 35.0 g/t Au over 5.6 metres in OSK-W-19-2067-W2; 21.2 g/t Au over 5.5 metres in OSK-W-19-2139 and 54.4 g/t Au over 2.0 metres in WST-19-0249. Maps showing hole locations and full analytical results are available at www.osiskomining.com.

Surface Drilling

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-17-886 1066.0 1068.0 2.0 6.10   Triple Lynx Triple Lynx
OSK-W-17-921 544.7 547.0 2.3 9.20   Lynx Lynx
OSK-W-18-1104-W1 522.0 524.0 2.0 4.56   Lynx_321 Lynx
including 523.6 524.0 0.4 22.7
  532.3 537.4 5.1 3.60   Lynx Lynx
including 537.1 537.4 0.3 28.9
OSK-W-19-1104-W2 468.6 471.0 2.4 4.55   Lynx_305 Lynx
including 469.7 470.4 0.7 14.8
  558.2 560.6 2.4 6.08   Lynx_321 Lynx
including 559.6 560.6 1.0 14.6
  826.0 828.2 2.2 7.59   Lynx_313 Lynx
including 827.2 827.7 0.5 31.7
  848.0 850.5 2.5 4.00   Lynx_327 Lynx
  853.3 855.7 2.4 12.0   Lynx_327 Lynx
including 855.3 855.7 0.4 46.8
  858.2 862.6 4.4 4.54   Lynx_327 Lynx
OSK-W-19-1104-W3 777.0 779.0 2.0 8.24   Lynx Lynx
including 777.6 778.0 0.4 39.2
OSK-W-19-1166-W5 959.0 964.7 5.7 4.92   Lynx_333 Lynx
  974.9 985.4 10.5 33.5 23.0 Lynx_317 Lynx
including 974.9 975.8 0.9 197 100
and 984.6 985.4 0.8 130 100    
  996.0 998.2 2.2 8.05   Lynx_330 Lynx
OSK-W-19-1169-W3 948.0 950.0 2.0 9.89   Lynx_333 Lynx
OSK-W-19-1181-W11 806.0 808.9 2.9 3.11   Lynx Lynx
OSK-W-19-1193-W4 912.0 914.0 2.0 3.64   Lynx_314 Lynx
including 912.8 913.2 0.4 16.3
OSK-W-19-1272-W2 846.0 848.0 2.0 33.6   Triple Lynx Triple Lynx
including 847.0 848.0 1.0 65.2
OSK-W-19-1272-W3 807.0 809.0 2.0 7.73   Triple Lynx Triple Lynx
  842.0 856.6 14.6 6.15   Triple Lynx Triple Lynx
including 854.5 856.6 2.1 16.5
  1140.3 1142.3 2.0 23.6   Triple Lynx Triple Lynx
including 1140.9 1141.4 0.5 91.8
OSK-W-19-1414-W8 965.0 969.1 4.1 6.60   Lynx_330 Lynx
OSK-W-19-1731-W2 877.0 879.0 2.0 12.3   Lynx_313 Lynx
OSK-W-19-1949-W3 1295.0 1297.0 2.0 10.8   Lynx 4 Lynx
including 1295.5 1296.2 0.7 30.2
OSK-W-19-1969 305.0 307.0 2.0 7.82   Lynx corridor Lynx
including 306.0 307.0 1.0 15.6
OSK-W-19-1995 133.3 136.3 3.0 248 35.0 Lynx_335 Lynx
including 135.3 136.3 1.0 740 100
OSK-W-19-2026-W1 932.2 939.0 6.8 4.12   Triple Lynx Triple Lynx
including 932.2 932.6 0.4 22.3
  1026.0 1028.9 2.9 4.88   Triple Lynx Triple Lynx
including 1028.6 1028.9 0.3 22.0
  1058.0 1064.0 6.0 3.92   Triple Lynx Triple Lynx
including 1063.1 1063.4 0.3 16.6
  1083.0 1085.1 2.1 6.74   Triple Lynx Triple Lynx
including 1083.8 1084.1 0.3 37.3
OSK-W-19-2067 925.4 927.7 2.3 12.6   Triple Lynx Triple Lynx
including 927.2 927.7 0.5 28.8
  1058.1 1060.8 2.7 6.85   Triple Lynx Triple Lynx
including 1060.4 1060.8 0.4 24.4
OSK-W-19-2067-W2 986.0 991.6 5.6 35.0 33.2 Triple Lynx Triple Lynx
including 987.3 988.2 0.9 112 100
OSK-W-19-2067-W3 1063.0 1065.0 2.0 5.09   Triple Lynx Triple Lynx
  1078.0 1080.0 2.0 3.97   Triple Lynx Triple Lynx
OSK-W-19-2075 146.0 149.1 3.1 3.75   Lynx_344 Lynx
OSK-W-19-2081 198.4 201.4 3.0 16.1   Lynx_344 Lynx
OSK-W-19-2100 945.0 953.0 8.0 9.23   Triple Lynx Triple Lynx
including 945.0 948.0 3.0 20.7
OSK-W-19-2100-W2 964.8 967.0 2.2 3.15   Triple Lynx Triple Lynx
  994.3 997.1 2.8 11.2   Triple Lynx Triple Lynx
including 995.0 995.7 0.7 29.4
OSK-W-19-2107-W1 631.0 633.0 2.0 4.13   Lynx 4 Lynx
  639.0 641.0 2.0 5.58   Lynx 4 Lynx
including 639.7 640.5 0.8 13.7
  646.0 648.0 2.0 4.65   Lynx 4 Lynx
  733.0 737.0 4.0 3.72   Triple Lynx Triple Lynx
  782.0 784.0 2.0 6.28   Triple Lynx Triple Lynx
  890.5 893.0 2.5 174 56.6 Triple Lynx Triple Lynx
including 891.2 892.0 0.8 464 100
OSK-W-19-2107-W2 636.4 639.0 2.6 5.19   Lynx 4 Lynx
  779.0 781.0 2.0 15.5 15.1 Triple Lynx Triple Lynx
including 779.5 779.8 0.3 103 100
OSK-W-19-2108-W1 1352.6 1357.8 5.2 18.8   Triple Lynx Triple Lynx
including 1355.3 1357.8 2.5 34.8
OSK-W-19-2120-W2 1058.4 1060.4 2.0 28.5   Lynx 4 Lynx
  1128.0 1132.2 4.2 56.6 35.9 Lynx 4 Lynx
including 1131.8 1132.2 0.4 317 100
  1201.4 1203.6 2.2 337 60.0 Lynx 4 Lynx
including 1201.4 1202.7 1.3 569 100
  1209.5 1212.6 3.1 8.82   Lynx 4 Lynx
including 1211.5 1212.0 0.5 23.2
OSK-W-19-2123 1164.4 1167.0 2.6 9.97   Triple Lynx Triple Lynx
  1197.0 1199.3 2.3 26.7 20.8 Triple Lynx Triple Lynx
including 1198.9 1199.3 0.4 134 100
  1203.0 1205.0 2.0 3.26   Triple Lynx Triple Lynx
OSK-W-19-2123-W1 1048.0 1051.5 3.5 3.84   Triple Lynx Triple Lynx
  1123.0 1125.0 2.0 8.72   Triple Lynx Triple Lynx
including 1123.8 1124.4 0.6 27.9
  1191.0 1194.0 3.0 5.19   Triple Lynx Triple Lynx
  1217.0 1226.0 9.0 24.9 24.1 Triple Lynx Triple Lynx
including 1221.0 1222.3 1.3 80.3 74.7
and 1224.0 1225.0 1.0 71.4
OSK-W-19-2133 796.3 798.8 2.5 37.0   Lynx Lynx
including 797.5 798.4 0.9 79.7
OSK-W-19-2133-W1 887.0 889.8 2.8 6.06   Lynx 4 Lynx
OSK-W-19-2139 909.7 915.2 5.5 21.2   Triple Lynx Triple Lynx
  918.2 920.6 2.4 3.06   Triple Lynx Triple Lynx
  1120.0 1122.1 2.1 27.5 15.4 Triple Lynx Triple Lynx
including 1121.5 1121.8 0.3 185 100
OSK-W-19-2139-W1 898.8 902.6 3.8 56.9 37.1 Triple Lynx Triple Lynx
  910.0 912.2 2.2 8.46   Triple Lynx Triple Lynx
including 910.0 910.7 0.7 22.5
OSK-W-19-2151 671.3 674.0 2.7 4.41   Lynx_320 Lynx
including 671.3 671.7 0.4 16.2
  684.9 689.0 4.1 6.48   Lynx_320 Lynx
including 684.9 685.4 0.5 29.4
OSK-W-19-2154 126.4 128.4 2.0 7.18   Lynx_305 Lynx
including 127.4 127.7 0.3 46.8
  174.0 176.0 2.0 34.5   Lynx_310 Lynx
including 174.3 175.1 0.8 86.0
OSK-W-19-2155 522.9 525.0 2.1 11.3   Lynx Lynx
including 523.4 524.1 0.7 27.1
  532.6 535.1 2.5 9.00   Lynx Lynx
OSK-W-19-2160 869.0 871.2 2.2 4.50   Lynx_331 Lynx
OSK-W-19-2161 118.1 120.1 2.0 10.4   Lynx_305 Lynx
  151.7 154.0 2.3 19.1   Lynx_307 Lynx
including 153.6 154.0 0.4 52.8
OSK-W-19-2165 142.2 145.0 2.8 18.4   Lynx_310 Lynx
including 143.2 144.0 0.8 63.0
OSK-W-19-2166 177.1 179.4 2.3 12.0   Lynx_307 Lynx
including 177.1 178.2 1.1 23.9
OSK-W-19-2168 443.7 445.7 2.0 5.92   Lynx Lynx
including 445.0 445.7 0.7 14.1
OSK-W-19-2169 596.6 598.7 2.1 4.61   Lynx Lynx
OSK-W-19-2171 167.0 170.0 3.0 104 39.4 Lynx_307 Lynx
including 168.5 169.0 0.5 488 100
OSK-W-19-2172 157.8 161.5 3.7 7.86   Lynx_307 Lynx
including 160.8 161.5 0.7 23.5
OSK-W-19-2176 149.5 153.7 4.2 4.69   Lynx_307 Lynx
including 151.0 151.6 0.6 14.9
  158.5 160.5 2.0 5.08   Lynx_307 Lynx
OSK-W-19-2179 104.0 106.0 2.0 9.15   Lynx_305 Lynx
including 104.9 105.6 0.7 25.5

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

 

 

 

Underground Drilling

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
WST-19-0201 67.6 70.0 2.4 15.0   Lynx_307 Lynx
including 67.6 68.5 0.9 36.0
  94.0 96.0 2.0 10.2   Lynx Lynx
including 94.8 95.1 0.3 66.7
WST-19-0210 91.2 95.7 4.5 10.3   Lynx_307 Lynx
including 91.2 92.2 1.0 24.7
WST-19-0230 50.0 52.0 2.0 8.98   Lynx Lynx
including 50.0 51.0 1.0 17.8
  70.0 72.0 2.0 13.7   Lynx_308 Lynx
including 70.0 70.3 0.3 80.4
WST-19-0231 69.0 71.6 2.6 5.17   Lynx_308 Lynx
including 71.0 71.6 0.6 16.6
WST-19-0232 66.0 68.0 2.0 10.5   Lynx_311 Lynx
WST-19-0233 88.0 90.0 2.0 4.16   Lynx Lynx
WST-19-0236 119.6 121.9 2.3 8.63   Lynx_304 Lynx
WST-19-0237 72.0 74.9 2.9 4.88   Lynx_308 Lynx
including 74.6 74.9 0.3 26.5
WST-19-0242 4.0 6.0 2.0 5.15   Lynx_310 Lynx
including 4.0 5.0 1.0 10.1
  10.0 12.0 2.0 8.15   Lynx Lynx
including 10.0 11.0 1.0 16.1
  16.0 18.8 2.8 20.2 14.7 Lynx_305 Lynx
including 17.4 17.8 0.4 139 100
WST-19-0243 15.0 17.3 2.3 5.08   Lynx Lynx
including 16.5 16.8 0.3 33.9
  46.2 48.2 2.0 10.1   Lynx_304 Lynx
including 46.6 46.9 0.3 65.1
WST-19-0246 7.0 9.0 2.0 5.02   Lynx_310 Lynx
  12.5 15.0 2.5 5.05   Lynx Lynx
including 14.7 15.0 0.3 33.9
  33.0 35.0 2.0 3.47   Lynx_305 Lynx
including 34.7 35.0 0.3 21.8
WST-19-0247 5.0 9.8 4.8 3.65   Lynx_310 Lynx
including 9.5 9.8 0.3 22.2
WST-19-0249 83.0 85.0 2.0 17.3   Lynx_308 Lynx
including 83.8 84.2 0.4 80.8
  88.0 90.5 2.5 3.73   Lynx_310 Lynx
including 88.6 88.9 0.3 30.2
  110.0 112.0 2.0 54.4 32.8 Lynx_305 Lynx
including 110.4 111.0 0.6 172 100
WST-19-0251 75.6 78.0 2.4 6.11   Lynx_308 Lynx
including 76.3 76.8 0.5 25.2

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-17-886 130 -56 1191 453466 5435585 410 3900
OSK-W-17-921 331 -57 834 453428 5434865 396 3525
OSK-W-18-1104-W1 142 -50 600 453383 5435455 402 3775
OSK-W-19-1104-W2 142 -50 927 453383 5435455 402 3775
OSK-W-19-1104-W3 142 -50 834 453383 5435455 402 3775
OSK-W-19-1166-W5 132 -59 1155 453621 5435638 405 4050
OSK-W-19-1169-W3 129 -55 1266 453332 5435467 406 3725
OSK-W-19-1181-W11 133 -58 1025 453789 5435790 401 4275
OSK-W-19-1193-W4 141 -59 1067 453807 5435721 400 4275
OSK-W-19-1272-W2 127 -60 1064 453246 5435535 412 3675
OSK-W-19-1272-W3 127 -60 1164 453246 5435535 412 3675
OSK-W-19-1414-W8 133 -57 1092 453656 5435645 403 4100
OSK-W-19-1731-W2 139 -51 996 453383 5435518 409 3800
OSK-W-19-1949-W3 105 -57 1326 453440 5435479 401 3825
OSK-W-19-1969 164 -51 336 452832 5434947 405 3025
OSK-W-19-1995 336 -59 564 452818 5434775 397 2950
OSK-W-19-2026-W1 123 -56 1152 453214 5435642 414 3700
OSK-W-19-2067 123 -53 1212 453241 5435696 415 3750
OSK-W-19-2067-W2 123 -53 1159 453241 5435696 415 3750
OSK-W-19-2067-W3 123 -53 1227 453241 5435696 415 3750
OSK-W-19-2075 177 -50 288 452940 5435029 411 3175
OSK-W-19-2081 152 -47 291 452838 5435047 407 3100
OSK-W-19-2100 122 -47 1110 453093 5435726 419 3650
OSK-W-19-2100-W2 122 -47 1134 453093 5435726 419 3650
OSK-W-19-2107-W1 23 -70 1059 453426 5434778 396 3475
OSK-W-19-2107-W2 23 -70 932 453426 5434778 396 3475
OSK-W-19-2108-W1 117 -53 1506 453215 5435858 414 3825
OSK-W-19-2120-W2 114 -60 1317 453800 5435747 401 4275
OSK-W-19-2123 126 -57 1293 453231 5435774 400 3775
OSK-W-19-2123-W1 126 -57 1308 453231 5435774 400 3775
OSK-W-19-2133 118 -49 1055 453080 5435531 417 3525
OSK-W-19-2133-W1 118 -49 987 453080 5435531 417 3525
OSK-W-19-2139 115 -52 1149 452980 5435549 420 3450
OSK-W-19-2139-W1 115 -52 1152 452980 5435549 420 3450
OSK-W-19-2151 125 -56 834 453420 5435559 410 3850
OSK-W-19-2154 338 -52 225 453178 5434912 397 3325
OSK-W-19-2155 138 -51 909 453215 5435512 410 3650
OSK-W-19-2160 124 -50 1032 453087 5435527 404 3550
OSK-W-19-2161 323 -45 183 453177 5434912 397 3325
OSK-W-19-2165 335 -48 162 453177 5434897 397 3300
OSK-W-19-2166 326 -48 228 453177 5434897 397 3300
OSK-W-19-2168 149 -56 537 453457 5435342 399 3775
OSK-W-19-2169 130 -50 1268 453215 5435512 410 3650
OSK-W-19-2171 329 -45 201 453177 5434898 397 3300
OSK-W-19-2172 329 -53 207 453148 5434907 398 3300
OSK-W-19-2176 328 -48 195 453148 5434907 398 3300
OSK-W-19-2179 335 -45 213 453149 5434907 398 3300
WST-19-0201 162 -8 130 453177 5435125 174 3425
WST-19-0210 187 22 157 453176 5435125 175 3425
WST-19-0230 161 20 151 453215 5435114 224 3450
WST-19-0231 161 10 154 453215 5435114 224 3450
WST-19-0232 161 -1 148 453215 5435114 223 3450
WST-19-0233 183 12 94 453215 5435114 224 3450
WST-19-0236 150 0 169 453216 5435114 223 3450
WST-19-0237 173 22 97 453216 5435114 224 3450
WST-19-0242 119 31 72 453307 5435063 206 3500
WST-19-0243 124 42 67 453306 5435063 206 3500
WST-19-0246 143 40 73 453306 5435063 206 3500
WST-19-0247 155 33 73 453306 5435063 205 3500
WST-19-0249 134 20 115 453217 5435115 224 3450
WST-19-0251 143 17 155 453217 5435115 224 3450

 

Lynx Zone

Mineralization in the Lynx zone is typically characterized by trace to 15% disseminated, clustered or stringer pyrite (locally up to 70%), local visible gold, trace to 3% sphalerite, chalcopyrite, and galena, local ptygmatic pyrite-tourmaline or tourmaline veinlets, quartz-carbonate veins (locally crustiform), smoky quartz veins and veinlets, and local chlorite-calcite or quartz-carbonate chlorite fracture filling. Alteration consists of weak to strong sericite, weak to strong silica with areas of local pervasive silica flooding, weak to moderate chlorite and carbonate, and locally weak to strong fuchsite. Mineralization is hosted in or at the contacts of felsic porphyritic or fragmental intrusions with rhyolites, andesites (locally bleached), or gabbros.

Triple Lynx Zone

Mineralization in the Triple Lynx zone is typically characterized by trace to 30% disseminated, clustered or stringer pyrite, local visible gold, trace sphalerite, chalcopyrite, and galena, local quartz-tourmaline veins (up to 20%), local ptygmatic tourmaline veins, and local smoky quartz and quartz-carbonate veins. Alteration consists of weak to strong sericite, weak to strong silica with areas of local pervasive silica flooding, weak to moderate chlorite and carbonate, and locally weak to strong fuchsite. Mineralization is hosted in or at the contacts of felsic porphyritic dikes with rhyolites (locally bleached) or gabbros.

Qualified Person

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

 Quality Control and Reporting Protocols

True width determination is estimated at 55-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.0 g/t Au diluted over core lengths of at least 2.0 metres. All NQ core assays reported were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Thunder Bay, Ontario, Sudbury, Ontario or Vancouver, British Colombia, or (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using an Aqua Regia-ICP-AES method at ALS Laboratories. Drill program design, 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 Lake Gold Deposit

The Windfall Lake 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 Windfall Lake Technical Report (as defined below) and November 27, 2018 Lynx resource update, comprises 2,874,000 tonnes at 8.17 g/t Au (754,000 ounces) in the indicated mineral resource category and 10,352,000 tonnes at 7.11 g/t Au (2,366,000 ounces) in the inferred mineral resource category. For details regarding the key assumptions, parameters and methods used to estimate the mineral resources presented in respect of the Windfall Lake gold project, please see the technical report entitled “Technical Report and Mineral Resource Estimate for the Windfall Lake Project, Windfall Lake and Urban-Barry Properties” and dated June 12, 2018 (effective date of May 14, 2018), which has been prepared by InnovExplo Inc. from Val-d’Or, Québec (the “Windfall Lake Technical Report”) and the press release “Osisko Releases Mineral Resource Update for Lynx” dated November 27, 2018, which has been prepared by Osisko and reviewed and approved by Micon International, Ltd. from Toronto, Ontario. The Windfall Lake Technical Report and press release are available on Osisko’s website at www.osiskomining.com and on SEDAR under Osisko’s issuer profile at www.sedar.com. The Windfall Lake gold deposit is currently one of the highest-grade resource-stage gold projects in Canada. Mineralization occurs in four principal zones: Lynx, Zone 27, Caribou and Underdog. All zones comprise sub-vertical lenses following intrusive porphyry contacts plunging to the northeast. The deposit is well defined from surface to a depth of 900 metres and remains open along strike and at depth. Mineralization has been identified 30 metres from surface in some areas and as deep as 2,000 metres in others, with significant potential to extend mineralization down-plunge and at depth.

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall Lake gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding the Urban Barry area and nearby Quévillon area (over 2,700 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. The information in this news release about the Windfall Lake gold deposit being one of the highest grade resource-stage gold projects in Canada; the significance of results from the new infill drilling and ongoing drill definition and expansion program at the Windfall Lake gold project; the significance of assay results presented in this news release; the deposit remaining open along strike and at depth; potential depth extensions of the mineralized zones down-plunge and at depth; the actual mineralization of local visible gold; the current drill program; the type of drilling included in the drill program; potential mineralization; the potential to extend mineralization up and down-plunge and at depth at the Windfall Lake gold deposit; the ability to realize upon any mineralization in a manner that is economic; the ability to complete any proposed exploration activities and the results of such activities, including the continuity or extension of any mineralization; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward- looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Corporation at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property interests in the Windfall Lake gold project; the ability of the Corporation to obtain required approvals and complete transactions on terms announced; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions. Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information, Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

For further information please contact:

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

OSISKO INTERSECTS 1475 g/t Au OVER 4.6 METRES IN LYNX

(Toronto, December 16, 2019) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new drilling results from the ongoing definition and expansion drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

The program is currently focused on infill and expansion drilling at the Lynx deposit, exploration on the main mineralized zones, and deep exploration in the central areas of the mineralized intrusive system. Twenty-one drills are active at Lynx and Triple Lynx, with another three drills conducting infill and exploration drilling on other areas of the deposit.

Infill drilling at Lynx has returned the highest-grade metal factor (grade x length) result intersected at Windfall to date of 1475 g/t Au over 4.6 metres in hole OSK-W-19-1731-W2.  This infill hole from the definition program is 50 metres up plunge of OSK-19-2068-W2 (161 g/t Au over 8.0 meters, see Osisko news release dated November 25, 2019) and confirms the high-grade continuity in the Lynx 313 wireframe. The zone remains open down plunge and definition drilling will continue to pursue the open areas.

Osisko President and Chief Executive Officer John Burzynski commented: “Today’s very impressive results again underscore that Lynx is a well mineralized part of the Windfall system.  Lynx, discovered by Osisko in late 2016, is shaping up to be one of the best new gold discoveries in a long time in Eastern Canada. The recently announced Lynx bulk sample results (see Osisko news release dated December 12, 2019) and our infill drill program are demonstrating the strong continuity of grade inside the known mineralized zones, which remain open down plunge. Our exploration team is excited by the continuing potential of what we feel is an emerging world-class high-grade gold deposit.”

Significant new analytical results in thirteen intercepts from one surface drill hole and six wedges focused on Lynx infill and expansion drilling are presented below.

Maps showing hole locations and full analytical results are available at www.osiskomining.com.

Surface Drilling

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-19-1104-W2 834.6 836.7 2.1 50.4 Lynx_313 Lynx
OSK-W-19-1181-W9 907.9 910.1 2.2 25.4 Lynx_324 Lynx
including 907.9 908.7 0.8 68.8
OSK-W-19-1181-W12 1149.0 1151.0 2.0 12.2 Lynx 4 Lynx
including 1150.0 1150.7 0.7 32.0
1158.4 1166.0 7.6 16.5 Lynx_317 Lynx
including 1159.4 1161.9 2.5 37.5
1171.0 1174.0 3.0 94.6 48.9 Lynx_317 Lynx
including 1171.0 1172.0 1.0 237 100
  1185.0 1187.3 2.3 4.27   Lynx_317 Lynx
  1189.2 1192.0 2.8 179 100 Lynx_317 Lynx
OSK-W-18-1673 925.5 941.6 16.1 23.4 21.8 Lynx_313 Lynx
including 937.8 938.6 0.8 132 100
OSK-W-19-1731-W2 882.7 887.3 4.6 1475 64.3 Lynx_313 Lynx
including 886.3 887.0 0.7 8030 100
  891.0 893.2 2.2 33.6   Lynx_313 Lynx
OSK-W-19-1949-W2 1080.6 1085.4 4.8 25.4 18.1 Lynx_313 Lynx
including 1082.4 1083.1 0.7 150 100
  1097.8 1100.5 2.7 3.92 Lynx_313 Lynx
OSK-W-19-2068-W3 893.5 896.0 2.5 22.3 Lynx_313 Lynx

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

 

Drill hole location

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-19-1104-W2 142 -50 927 453383 5435455 402 3775
OSK-W-19-1181-W9 133 -58 1058 453789 5435790 401 4275
OSK-W-19-1181-W12 133 -58 1371 453789 5435790 401 4275
OSK-W-18-1673 135 -46 984 453260 5435472 407 3675
OSK-W-19-1731-W2 154 -44 996 453383 5435518 409 3800
OSK-W-19-1949-W2 105 -57 1127 453440 5435479 401 3825
OSK-W-19-2068-W3 116 -53 1458 453316 5435389 403 3675

 

OSK-W-19-1104-W2 intersected 50.4 g/t Au over 2.1 metres. Mineralization consists of local visible gold, 8% disseminated, clustered and stringer pyrite, trace sphalerite clusters with pervasive silica flooding, and 2% ptygmatic tourmaline veinlets hosted in a weakly sericitized rhyolite and moderately beached andesite.

 

OSK-W-19-1181-W9 intersected 25.4 g/t Au over 2.2 metres. Mineralization consists of 3% finely disseminated pyrite and ptygmatic quartz-tourmaline veins hosted in a moderate chlorite and fuchsite altered gabbro.

 

OSK-W-19-1181-W12 intersected five intervals: 12.2 g/t Au over 2.0 metres, 16.5 g/t Au over 7.6 metres, 94.6 g/t Au over 3.0 metres, 4.27 g/t Au over 2.3 metres and 179 g/t Au over 2.8 metres. The first interval consists of trace stringer and clustered pyrite associated with strong pervasive silica flooding hosted in a felsic porphyritic dike. The second interval consists of 5% pyrite stringers, 1% disseminated sphalerite and chalcopyrite and local visible native silver at the contact between a moderate chlorite altered gabbro and a moderate sericite altered rhyolite. The third and fourth intervals consist of 1% pyrite stringers hosted in a moderate sericite altered rhyolite. The last interval consists of local visible gold, up to 8% pyrite stringers, and trace sphalerite and chalcopyrite in clusters with a strong silica, fuchsite and sericite altered gabbro.

 

OSK-W-18-1673 intersected 23.4 g/t Au over 16.1 metres. Mineralization consists of local visible gold, up to 5% pyrite stringers, up to 5% disseminated sphalerite, 2% chalcopyrite and trace of galena within a strong sericite and silica altered rhyolite.

 

OSK-W-19-1731-W2 intersected 1475 g/t Au over 4.6 metres and 33.6 g/t Au over 2.2 metres. The first interval contains up to 5% local visible gold, up to 8% disseminated and stringer pyrite hosted in an intensely pervasive silica flooded, moderately sericitized, and strong fuchsite altered rhyolite. The second interval contains local visible gold, 3% disseminated and stringer pyrite hosted in a moderate silica, sericite and fuchsite altered rhyolite.

 

OSK-W-19-1949-W2 intersected 25.4 g/t Au over 4.8 metres and 3.92 g/t Au over 2.7 metres. The first interval contains local visible gold, up to 15% semi-massive and stringer pyrite and ptygmatic tourmaline veins hosted in a strong silica altered rhyolite. The second interval contains semi-massive and stringer pyrite hosted in a strong silica and moderate sericite altered rhyolite.

 

OSK-W-19-2068-W3 intersected 22.3 g/t Au over 2.5 metres. Mineralization consists of 2% pyrite clusters and 1% pyrite-tourmaline stringers in a moderate silica, sericite and weak fuchsite altered rhyolite.

 

Qualified Person

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

 

Quality Control and Reporting Protocols

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

 

About the Windfall Lake Gold Deposit

The Windfall Lake 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 Windfall Lake Technical Report (as defined below) and November 27, 2018 Lynx resource update, comprises 2,874,000 tonnes at 8.17 g/t Au (754,000 ounces) in the indicated mineral resource category and 10,352,000 tonnes at 7.11 g/t Au (2,366,000 ounces) in the inferred mineral resource category. For details regarding the key assumptions, parameters and methods used to estimate the mineral resources presented in respect of the Windfall Lake gold project, please see the technical report entitled “Technical Report and Mineral Resource Estimate for the Windfall Lake Project, Windfall Lake and Urban-Barry Properties” and dated June 12, 2018 (effective date of May 14, 2018), which has been prepared by InnovExplo Inc. from Val-d’Or, Québec (the “Windfall Lake Technical Report”) and the press release “Osisko Releases Mineral Resource Update for Lynx” dated November 27, 2018, which has been prepared by Osisko and reviewed and approved by Micon International, Ltd. from Toronto, Ontario. The Windfall Lake Technical Report and press release are available on Osisko’s website at www.osiskomining.com and on SEDAR under Osisko’s issuer profile at www.sedar.com. The Windfall Lake gold deposit is currently one of the highest-grade resource-stage gold projects in Canada. Mineralization occurs in four principal zones: Lynx, Zone 27, Caribou and Underdog. All zones comprise sub-vertical lenses following intrusive porphyry contacts plunging to the northeast. The deposit is well defined from surface to a depth of 900 metres and remains open along strike and at depth. Mineralization has been identified 30 metres from surface in some areas and as deep as 2,000 metres in others, with significant potential to extend mineralization down-plunge and at depth.

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall Lake gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding the Urban Barry area and nearby Quévillon area (over 2,700 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. The information in this news release about the Windfall Lake gold deposit being one of the highest grade resource-stage gold projects in Canada; the significance of results from the new infill drilling and ongoing drill definition and expansion program at the Windfall Lake gold project; the significance of assay results presented in this news release; the deposit remaining open along strike and at depth; potential depth extensions of the mineralized zones down-plunge and at depth; the actual mineralization of local visible gold; the current drill program; the type of drilling included in the drill program; potential mineralization; the potential to extend mineralization up and down-plunge and at depth at the Windfall Lake gold deposit; the ability to realize upon any mineralization in a manner that is economic; the ability to complete any proposed exploration activities and the results of such activities, including the continuity or extension of any mineralization; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward- looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Corporation at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property interests in the Windfall Lake gold project; the ability of the Corporation to obtain required approvals and complete transactions on terms announced; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions. Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information, Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

 

For further information please contact:

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

OSISKO LYNX BULK SAMPLE RETURNS 17.8 g/t Au RECONCILED HEAD GRADE

89% Higher Grade than Predicted in Resource Block Model

(Toronto, Dec 11, 2019) Osisko Mining Inc. (OSK:TSX “Osisko” or the “Corporation”) is pleased to provide new results from the ongoing exploration program at its 100% owned Windfall Lake gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.  Results from processing 5,716 tonnes mined from Lynx (the “bulk sample”) have exceeded expectations, returning an average grade of 17.8 g/t Au. The bulk sample average grade is 89% higher than the 9.40 g/t Au predicted by infill drilling on the Lynx zone 311 resource block model wireframe. Mining of the bulk sample successfully confirmed the presence of mineralization predicted in the resource model, and the analytical results have confirmed the visual mineralization encountered along the stope. Highlights and full results are presented below.

Highlights

  • Average grade of 17.8 g/t Au for the bulk sample is 89% higher than predicted in the 12.5 metre infill drilling block model
  • Higher than anticipated average Au recovery of 97.2% achieved
  • 66.7% of the gold was recovered in the gravity concentrate
  • The sample contained 3,271 ounces Au and 2,176 ounces of Ag

President and Chief Executive Officer John Burzynski commented: “We are highly encouraged with the excellent results from this second bulk sample completed from the Windfall deposit.  The average grade greatly exceeded our expectations based on the infill drilling, returning 89% higher grade than anticipated.   The significant grade increase from the block model appears to correspond well with the very regular visible gold observed in Lynx drilling. The bulk sampling work is greatly helping to build our confidence in the continuity, grade, recoveries and the predictability of the mineralized zones at Windfall.”

Geology

The Lynx zone 311 bulk sample is characterized by an East-North-East sub vertical silica altered corridor with an average width of approximately 2.5 meters. Banded grey quartz veins contain 3 to 15% disseminated pyrite and local visible gold, cross-cutting foliated rhyolite and granodiorite with strong sericite and local fuchsite alteration. The continuous vein system was mapped along sills over three levels.

Processing

A total of 5,716 tonnes were processed in November 2019. The bulk sample test was performed at the Northern Sun Redstone concentrator. Processing produced gravity and flotation concentrates. Ore transportation trucks were sampled for moisture and weighed on a calibrated weight scale. The sample material was crushed and milled to a particle size favorable to the flotation recovery process. Gravity and flotation concentrates produced will be sent to a local smelter for sale. Day and night shift daily composite samples of streams for the reconciliation process were prepared and analyzed by an external independent lab. Concentrate production tonnage and assays were used to reconcile the bulk sample mass balance process in the concentrator. The reconciliation was performed by an external independent consultant using Bilmat (a reconciliation software) on a dry tonnes basis.

The reconciled head grade obtained from the processed sample is 17.8 g/t Au and 11.8 g/t Ag. The sample contained 3,271 oz Au and 2,176 oz Ag, with a total of 3,181 oz Au and 2,052 oz Ag recovered.  Reconciled recoveries are 97.2% for gold and 94.3% for silver. The Preliminary Economic Assessment (or “PEA”, see Osisko news release dated July 17th, 2018) metallurgical test work considered a communition, gravity and carbon in leach process flowsheet, giving an average recovery of 93.8% for Lynx zone. Test mill availability dictated the use of a mill with a communition, gravity and flotation flowsheet. The reconciled results from the processing of the bulk sample material are presented in Table 1 below:

Table 1: Lynx Bulk Sample Reconciled Results

tonnes (dry) Head

Grade

Contained

Ounces

Gravity Concentrate Flotation Concentrate Overall

Recovery

Recovered

Ounces

Au (g/t) Ag (g/t) Au Ag tonnes (dry) Au Rec (%) tonnes (dry) Au Rec (%) Au Recovery (%) Ag Recovery (%) Au Ag
5,716 17.8 11.8 3,271 2,176 9.7 66.7 284.4 91.7 97.2 94.3 3,181 2,052

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

Block Model

The area mined was located in mineralization wireframe 311 from the Windfall Lynx updated resources block model. The area was prepared for mining with infill drilling at 12.5 metre spacing. The same parameters used in the November 2018 Mineral Resource Estimation (see Osisko news release dated November 28, 2018) were used for an internal update of the resource block model in the bulk sample area. The infill drilling block model predicted 5,717 tonnes at 9.40 g/t Au containing 1,736 ounces of gold inside the excavated area (see Table 2 below).

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

Predicted from Block Model

(12.5m Infill Spacing)

Actual Processed Material
Tonnes Au g/t Au Ounces Tonnes Au g/t Au Ounces
5,717 9.40 1,736 5,716 17.8 3,271

 

Concentrates

Both the gravity concentrate and flotation concentrate produced from the sample are considered high-grade. The gravity concentrate averaged 7,020 g/t Au (225.7 oz/T Au), while the flotation concentrate averaged 110.6 g/t Au (3.6 oz/T Au), or respectively CDN$381,464/t and CDN$6,010/t (using US$1300/oz and 1.3 US/CDN exchange rate). Further work will be conducted on the process flowsheet prior to feasibility in light of these high-value numbers.

 Mining and Grade Control

The Lynx bulk sample was mined in wireframe 311 with the long hole mining method proposed in the PEA. Two development drifts were mined conventionally at 20 metre vertical intervals between 210 and 230 meters below surface. A third development drift was mined 20 metres above the stope at 190 meters below surface to confirm grade and continuity of the Lynx 311 wireframe. While mining the development drifts, split blasts of the face were completed to test the width and grade of the mineralization. A V30 borehole was used in the slot raise and two and one-half inch production holes were drilled down and blasted. The blasted ore was retrieved with remote scoop tram equipment and trucked to the mill with muck samples taken.

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared and approved by Miss. Kim-Quyên Nguyên, MBA., P.Eng. (OIQ 146014), Project Manager of Windfall gold project Technical Studies, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The infill block model in the bulk sample area from the Lynx 311 zone of the Windfall Lake Deposit, with an effective date of June 10th, 2019, was prepared by Judith St-Laurent, P.Geo (OGQ #1023)., B.Sc., of Osisko Mining, who is a “qualified person” within the meaning of NI 43-101. The scientific and technical content in this press release has been reviewed and approved by Mr. Mathieu Savard, P.Geo (OGQ #510), Senior Vice President Exploration of Osisko Mining, who is a “qualified person” within the meaning of NI 43-101.

Technical Info, Quality Control and Reporting Protocols

Process reconciliation was performed using Bilmat software and validated by Soutex Inc., an external consultant. Day and night shift daily and global reconciliations were performed. Day and night shift daily mill throughput was estimated using the load cell on the Redstone primary ball mill feed conveyor. Day and night shift daily composite samples were taken on streams required for reconciliation. Global Mill throughput was estimated based on the Redstone Mill truck scale which is calibrated once per year. Global flotation concentrate was weighed on the same truck scale and samples were taken from each bucket used to load the concentrate trucks. Global gravity concentrate was weighed on a scale and each bag was drill sampled. All samples were sent out to an external independant lab for preparation and assaying. They were all assayed for gold, silver, iron, sulfur and moisture. Gold assay from all streams was obtained by screened metallics fire assay.

About the Windfall Lake 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 Windfall Lake Technical Report (as defined below) and November 27, 2018 Lynx resource update, comprises 2,874,000 tonnes at 8.17 g/t Au (754,000 ounces) in the indicated mineral resource category and 10,352,000 tonnes at 7.11 g/t Au (2,366,000 ounces) in the inferred mineral resource category. For details regarding the key assumptions, parameters and methods used to estimate the mineral resources presented in respect of the Windfall Lake gold project, please see the technical report entitled “Technical Report and Mineral Resource Estimate for the Windfall Lake Project, Windfall Lake and Urban-Barry Properties” and dated June 12, 2018 (effective date of May 14, 2018), which has been prepared by InnovExplo Inc. from Val-d’Or, Québec (the “Windfall Lake Technical Report”) and the press release “Osisko Releases Mineral Resource Update for Lynx” dated November 27, 2018, which has been prepared by Osisko and reviewed and approved by Micon International, Ltd. from Toronto, Ontario. The Windfall Lake Technical Report and press release are available on Osisko’s website at www.osiskomining.com and on SEDAR under Osisko’s issuer profile at www.sedar.com. The Windfall Lake gold deposit is currently one of the highest-grade resource-stage gold projects in Canada. Mineralization occurs in four principal zones: Lynx, Zone 27, Caribou and Underdog. All zones comprise sub-vertical lenses following intrusive porphyry contacts plunging to the northeast. The deposit is well defined from surface to a depth of 900 metres and remains open along strike and at depth. Mineralization has been identified 30 metres from surface in some areas and as deep as 2,000 metres in others, with significant potential to extend mineralization down-plunge and at depth.

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding the 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. The information in this news release about the Windfall gold deposit being one of the highest grade resource-stage gold projects in Canada; the significance of results from the new infill drilling and ongoing drill definition and expansion program at the Windfall gold project; the results from the bulk sample; the bulk sample having a higher grade than predicted; any prediction arising from the bulk sample; the average grade of the bulk sample having any predictive value; the results of the bulk sample being better than expected; the results of the bulk sample being within management’s expectations for the overall grade of the deposit; the timing and ability to complete the second bulk test in the Lynx Zone; the geology of the bulk sample; any results from the infill drilling block model; the deposit remaining open along strike and at depth; potential depth extensions of the mineralized zones down-plunge and at depth; the type of drilling included in the drill program; potential mineralization; the potential to extend mineralization up and down-plunge and at depth at the Windfall Lake gold deposit; the ability to realize upon any mineralization in a manner that is economic; the ability to complete any proposed exploration activities and the results of such activities, including the continuity or extension of any mineralization; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Corporation at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property interests in the Windfall Lake gold project; the ability of the Corporation to obtain required approvals and complete transactions on terms announced; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions. Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information, Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

For further information please contact:

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

 

OSISKO WINDFALL UPDATE ON DISCOVERY 1 DEEP DRILL HOLE

Wide Zones of Anomalous Gold Intercepted As Hole Nears Interpreted Source Area

(Toronto, December 10, 2019) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide an update on the Discovery 1 (OSK-W-19-1970) drill hole. Discovery 1 is a planned 3000 metre to 3500 metre deep drill hole, designed to target two down plunge extensions of known gold zones and investigate the projected source area of the Windfall deposit at depth. The working model for the Windfall deposit interprets an outer shell and centre of a possible porphyry intrusion feeding the Windfall-Lynx gold system.

Prior results from Discovery 1 included successful intersections in the targeted Underdog Zone (500 metre extension:  14.1 g/t Au over 2.1 metres), and the Triple 8 Zone (100 metre extension:  9.58 g/t Au over 7.6 metres) (see Osisko news release dated September 11, 2019).

Discovery 1 completed approximately 2275 metres before requiring a wedge at 2170 metres to drill past blocked rods.  To date, the hole has progressed to 3225 metres of the planned 3500 metres.

The drill hole has intersected several wide zones of anomalous gold mineralization between 2300 metres – 2900 metres down-hole. Analytical results below 2900 metres are pending. The newly detected anomalous gold zones range up to 116 metres in length, and occur in chlorite, sericite, and biotite altered andesites.  Wide zones of anomalous gold have similarly been observed in the proximity of Triple 8, Triple Lynx, and Lynx zones.

Osisko President and Chief Executive Officer John Burzynski commented: “Discovery 1 gave early dividends with the discovery of the Underdog and Triple 8 extensions. As we approach the main target depth, these wide intercepts of anomalous gold values are a positive indication that we may be approaching another mineralized zone. We are at the really interesting part of this hole as Discovery 1 continues its voyage to the hypothetical roots and feeder system of the Windfall deposit.”

Maps showing hole locations and full analytical results are available at www.osiskomining.com.

Hole No. From (m) To (m) Interval (m) Au (ppb) Host
OSK-W-19-1970-W1 2290.0 2305.0 15.0 790 Andesite
  2358.2 2360.7 2.5 4010 Felsic intrusive
  2377.0 2392.0 15.0 1340 Andesite
2437.4 2520.6 83.2 320 Andesite
  2650.2 2670.0 19.8 750 Andesite
2681.0 2738.0 57.0 460 Andesite
2738.0 2740.0 2.0 7410 Felsic intrusive
2760.0 2856.0 116.0 420 Andesite
2879.3 2900.0 20.7 540 Andesite

 

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-19-1970 090 -51 In Progress 451913 5435346 401 2425

 

Qualified Person

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

Quality Control and Reporting Protocols

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

About the Windfall Lake Gold Deposit

The Windfall Lake 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 Windfall Lake Technical Report (as defined below) and November 27, 2018 Lynx resource update, comprises 2,874,000 tonnes at 8.17 g/t Au (754,000 ounces) in the indicated mineral resource category and 10,352,000 tonnes at 7.11 g/t Au (2,366,000 ounces) in the inferred mineral resource category. For details regarding the key assumptions, parameters and methods used to estimate the mineral resources presented in respect of the Windfall Lake gold project, please see the technical report entitled “Technical Report and Mineral Resource Estimate for the Windfall Lake Project, Windfall Lake and Urban-Barry Properties” and dated June 12, 2018 (effective date of May 14, 2018), which has been prepared by InnovExplo Inc. from Val-d’Or, Québec (the “Windfall Lake Technical Report”) and the press release “Osisko Releases Mineral Resource Update for Lynx” dated November 27, 2018, which has been prepared by Osisko and reviewed and approved by Micon International, Ltd. from Toronto, Ontario. The Windfall Lake Technical Report and press release are available on Osisko’s website at www.osiskomining.com and on SEDAR under Osisko’s issuer profile at www.sedar.com. The Windfall Lake gold deposit is currently one of the highest-grade resource-stage gold projects in Canada. Mineralization occurs in four principal zones: Lynx, Zone 27, Caribou and Underdog. All zones comprise sub-vertical lenses following intrusive porphyry contacts plunging to the northeast. The deposit is well defined from surface to a depth of 900 metres and remains open along strike and at depth. Mineralization has been identified 30 metres from surface in some areas and as deep as 2,000 metres in others, with significant potential to extend mineralization down-plunge and at depth. 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall Lake gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding the Urban Barry area and nearby Quévillon area (over 2,700 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. The information in this news release about the Windfall Lake gold deposit being one of the highest grade resource-stage gold projects in Canada; the significance of results from the new infill drilling and ongoing drill definition and expansion program at the Windfall Lake gold project; the significance of assay results presented in this news release; the deposit remaining open along strike and at depth; potential depth extensions of the mineralized zones down-plunge and at depth; the actual mineralization of local visible gold; the current drill program; the type of drilling included in the drill program; potential mineralization; the potential to extend mineralization up and down-plunge and at depth at the Windfall Lake gold deposit; the ability to realize upon any mineralization in a manner that is economic; the ability to complete any proposed exploration activities and the results of such activities, including the continuity or extension of any mineralization; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward- looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Corporation at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property interests in the Windfall Lake gold project; the ability of the Corporation to obtain required approvals and complete transactions on terms announced; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions. Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information, Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

For further information please contact:
John Burzynski
President and Chief Executive Officer
Telephone: (416) 363-8653

 

OSISKO MINING RECAPS WINDFALL DRILL PROGRAM AND 
50 TOP INTERCEPTS

(Toronto, December 9, 2019) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide a recap of the drill program and 50 top intercepts to date at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

The ongoing drill program at Windfall started in October 2015 and has included over 900,000 metres of reported drilling to date from approximately 3000 holes. An additional approximately 180,000 metres were drilled at Windfall and reported by previous operators, and are included in the database.  Previously released intercepts described in this news release reflect management’s interpretation of the drill results reported to date in news releases of the Corporation, and should be read with reference to the full drill results described in such news releases issued by the Corporation from time to time since October 2015, which are available on SEDAR under Osisko’s issuer profile and on Osisko’s website (https://www.osiskomining.com/news/).

The drill program is focused on infill and expansion drilling of the known mineralized zones, deep exploration in the central areas of the mineralized intrusive system, and general exploration. Currently, there are 21 drills active at Lynx and Triple Lynx, with another three drills conducting infill and exploration drilling on other areas of the deposit.

Presented below are three tables describing the “50 Top Intercepts” from the Windfall drill program, based on: (I) Metal Factor (Grade*Length); (II) Grade; and (III) Length, with a corresponding grade greater than one ounce.

Osisko President and Chief Executive Officer John Burzynski commented: “As we approach the completion of drilling that will be included in the February 2020 resource update, we are pleased to review some of the top intercepts returned from Windfall to date.  In the past four years, we have seen high-grade intercepts in all the main mineralized zones and across varying depths in the deposit.  And even after four years and 900,000 metres of drilling, we are still finding new extensions of the mineralized zones, and infill holes continue to return exceptional results.  An example is last Monday’s news release headline intercept (OSK-W-19-991-W8), which is our third longest interval with an average grade over an ounce, and is also in the top 20 by metal factor.  Windfall continues to be an exciting deposit to drill.”

WINDFALL: 50 TOP INTERCEPTS – METAL FACTOR (GRADE*LENGTH)

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Interval

(feet)

Au (oz/T) uncut       Zone
WST-18-0025 65.0 67.0 2.0 2223 6.6 64.8 Zone 27
EAG-13-466 490.8 497.2 6.4 558 21.0 16.3 Zone 27
EAG-13-527 226.2 234.0 7.8 416 25.6 12.1 Zone 27
OSK-W-18-1725 283.3 286.0 2.7 1026 8.9 29.9 Lynx
OSK-W-18-1639 475.8 481.0 5.2 510 17.1 14.9 Lynx
OSK-W-17-1166-W1 1027.0 1032.9 5.9 415 19.4 12.1 Lynx
OSK-W-17-820 616.5 619.0 2.5 936 8.2 27.3 Caribou
OSK-W-17-909 912.0 918.2 6.2 301 20.3 8.8 Lynx 4
OSK-W-19-934-W1 918.0 921.7 3.7 489 12.1 14.3 Lynx 4
OSK-W-17-743-W4 796.2 799.0 2.8 585 9.2 17.1 Caribou
OSK-W-18-1589 101.6 103.8 2.2 742 7.2 21.6 Zone 27
OSK-W-19-1193-W2 996.5 999.8 3.3 491 10.8 14.3 Lynx 4
OSK-W-17-834 292.0 295.7 3.7 421 12.1 12.3 Lynx
OSK-W-19-1857 1278.3 1282.6 4.3 322 14.1 9.4 Lynx Extension
OSK-W-18-1593 228.1 230.9 2.8 494 9.2 14.4 Lynx
OSK-W-19-991-W8 1449.0 1462.0 13.0 106 42.7 3.1 Lynx Extension
OSK-W-19-2068-W2 853.8 861.8 8.0 161 26.2 4.7 Lynx 4
OSK-W-17-913 719.0 721.0 2.0 611 6.6 17.8 Caribou
OSK-W-16-728 478.1 481.2 3.1 391 10.2 11.4 Caribou
EAG-12-318 69.0 94.0 25.0 44.0 82.0 1.3 Zone 27
OSK-W-18-1412-W1 720.0 722.7 2.7 403 8.9 11.7 Lynx
OSK-W-19-909-W11 912.2 924.0 11.8 84.6 38.7 2.5 Lynx 4
OSK-W-17-1363 373.6 382.0 8.4 115 27.6 3.3 Lynx
OSK-W-17-1169 761.0 763.0 2.0 479 6.6 14.0 Lynx
OSK-W-19-934-W2 901.8 904.0 2.2 429 7.2 12.5 Lynx 4
OSK-W-19-1272-W1 762.2 774.9 12.7 72.3 41.7 2.1 Triple Lynx
OSK-W-18-1550 886.3 889.5 3.2 284 10.5 8.3 Lynx 4
WST-19-0202 81.0 83.0 2.0 453 6.6 13.2 Lynx
OSK-W-19-1883 100.2 102.4 2.2 393 7.2 11.5 Windfall North
OSK-W-16-760 223.0 232.0 9.0 95.3 29.5 2.8 Lynx
OSK-W-17-837 320.0 328.4 8.4 97.4 27.6 2.8 Lynx
OSK-W-16-743 1233.7 1236.3 2.6 303 8.5 8.8 Underdog
OBM-15-557 894.5 901.3 6.8 115 22.3 3.4 Underdog
OSK-W-17-821-W1 1110.0 1141.0 31.0 24.9 101.7 0.7 Underdog
OSK-W-17-881 412.0 414.0 2.0 379 6.6 11.0 Lynx
WST-19-0209 72.4 75.1 2.7 267 8.9 7.8 Lynx
OSK-W-17-1343 541.0 546.0 5.0 140 16.4 4.1 Lynx
OSK-W-18-1768 268.7 273.0 4.3 161 14.1 4.7 Lynx
OSK-W-18-1066-W1 779.5 789.3 9.8 68.5 32.2 2.0 Underdog
WST-19-0117 84.5 89.5 5.0 132 16.4 3.9 Lynx
OSK-W-19-1272-W2 775.6 788.0 12.4 52.0 40.7 1.5 Triple Lynx
OSK-W-17-1168 503.6 506.0 2.4 265 7.9 7.7 VNCR
OSK-W-18-1804 280.0 282.8 2.8 224 9.2 6.5 Lynx
OSK-W-17-862-W2 712.7 714.8 2.1 297 6.9 8.7 Vein
OSK-W-16-735 101.8 137.2 35.4 17.0 116.1 0.5 Caribou
OSK-W-18-1546 347.7 349.9 2.2 273 7.2 8.0 Lynx
EAG-11-251 332.6 336.0 3.4 170 11.5 5.0 Zone 27
OSK-W-17-1272 858.4 870.5 12.1 47.8 39.7 1.4 Triple Lynx
OSK-W-18-1603 1491.3 1519.6 28.3 20.4 92.8 0.6 Triple 8
OSK-W-19-1949-W2 719.0 721.0 2.0 288.1 6.6 8.4 Lynx

WINDFALL: 50 TOP INTERCEPTS – BY GRADE

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Interval

(feet)

Au (oz/T) uncut       Zone
WST-18-0025 65.0 67.0 2.0 2223 6.6 64.8 Zone 27
OSK-W-18-1725 283.3 286.0 2.7 1026 8.9 29.9 Lynx
OSK-W-17-820 616.5 619.0 2.5 936 8.2 27.3 Caribou
OSK-W-18-1589 101.6 103.8 2.2 742 7.2 21.6 Zone 27
OSK-W-17-913 719.0 721.0 2.0 611 6.6 17.8 Caribou
OSK-W-17-743-W4 796.2 799.0 2.8 585 9.2 17.1 Caribou
EAG-13-466 490.8 497.2 6.4 558 21.0 16.3 Zone 27
OSK-W-18-1639 475.8 481.0 5.2 510 17.1 14.9 Lynx
OSK-W-18-1593 228.1 230.9 2.8 494 9.2 14.4 Lynx
OSK-W-19-1193-W2 996.5 999.8 3.3 491 10.8 14.3 Lynx 4
OSK-W-19-934-W1 918.0 921.7 3.7 489 12.1 14.3 Lynx 4
OSK-W-17-1169 761.0 763.0 2.0 479 6.6 14.0 Lynx
WST-19-0202 81.0 83.0 2.0 453 6.6 13.2 Lynx
OSK-W-19-934-W2 901.8 904.0 2.2 429 7.2 12.5 Lynx 4
OSK-W-17-834 292.0 295.7 3.7 421 12.1 12.3 Lynx
EAG-13-527 226.2 234.0 7.8 416 25.6 12.1 Zone 27
OSK-W-17-1166-W1 1027.0 1032.9 5.9 415 19.4 12.1 Lynx 4
OSK-W-18-1412-W1 720.0 722.7 2.7 403 8.9 11.7 Lynx
OSK-W-19-1883 100.2 102.4 2.2 393 7.2 11.5 Windfall North
OSK-W-16-728 478.1 481.2 3.1 391 10.2 11.4 Caribou
OSK-W-17-881 412.0 414.0 2.0 379 6.6 11.0 Lynx
OSK-W-19-1857 1278.3 1282.6 4.3 322 14.1 9.4 Lynx Extension
OSK-W-16-743 1233.7 1236.3 2.6 303 8.5 8.8 Underdog
OSK-W-17-909 912.0 918.2 6.2 301 20.3 8.8 Lynx 4
OSK-W-17-862-W2 712.7 714.8 2.1 297 6.9 8.7 Vein
OSK-W-19-1949-W2 719.0 721.0 2.0 288 6.6 8.4 Lynx
OBM-16-584 57.0 59.0 2.0 287 6.6 8.4 Vein
OSK-W-18-1550 886.3 889.5 3.2 284 10.5 8.3 Lynx 4
OSK-W-18-1546 347.7 349.9 2.2 273 7.2 8.0 Lynx
WST-19-0209 72.4 75.1 2.7 267 8.9 7.8 Lynx
OSK-W-17-1168 503.6 506.0 2.4 265 7.9 7.7 Vein
OSK-W-17-903 668.5 670.5 2.0 251 6.6 7.3 Vein
OSK-W-18-1804 280.0 282.8 2.8 224 9.2 6.5 Lynx
OSK-W-17-1191 235.4 237.5 2.1 218 6.9 6.4 Zone 27
OSK-W-17-923 890.1 892.5 2.4 210 7.9 6.1 Lynx 4
OSK-W-19-1414-W6 923.4 925.5 2.1 200 6.9 5.8 Lynx 4
OSK-W-18-1638 515.0 517.0 2.0 198 6.6 5.8 Lynx
OSK-EAG-12-333 934.0 936.3 2.3 198 7.5 5.8 Underdog
OSK-W-17-824 28.4 31.0 2.6 195 8.5 5.7 Zone 27
OSK-W-17-1087 354.0 356.6 2.6 191 8.5 5.6 Mallard
OSK-W-17-814 118.5 120.5 2.0 189 6.6 5.5 Zone 27
OSK-W-19-1831 629.6 632.0 2.4 189 7.9 5.5 Lynx 4
OBM-16-610 222.0 224.5 2.5 175 8.2 5.1 Zone 27
OSK-W-17-1383 38.1 40.4 2.3 173 7.5 5.0 Bobcat
EAG-11-251 332.6 336.0 3.4 170 11.5 5.0 Zone 27
OSK-W-19-2068-W2 853.8 861.8 8.0 161 26.2 4.7 Lynx 4
OSK-W-18-1768 268.7 273.0 4.3 161 14.1 4.7 Lynx
OSK-W-17-1142-W1 370.0 372.0 2.0 160 6.6 4.7 Vein
OSK-W-17-857 361.5 364.2 2.7 159 8.9 4.6 Vein
OSK-W-19-1857 1287.8 1290.6 2.8 153 9.2 4.5 Lynx 4

 

WINDFALL: 50 TOP INTERCEPTS – BY LENGTH*

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Interval

(feet)

Au (oz/T) uncut       Zone
EAG-12-318 69.0 94.0 25.0 44.0 82.0 1.3 Zone 27
OSK-W-18-1139-W1 713.0 726.7 13.7 38.9 44.9 1.1 Underdog
OSK-W-19-991-W8 1449.0 1462.0 13.0 106 42.7 3.1 Lynx Extension
OSK-W-19-1272-W1 762.2 774.9 12.7 72.3 41.7 2.1 Triple Lynx
OSK-W-19-1272-W2 775.6 788.0 12.4 52.0 40.7 1.5 Triple Lynx
OSK-W-17-1272 858.4 870.5 12.1 47.8 39.7 1.4 Triple Lynx
OSK-W-19-909-W11 912.2 924.0 11.8 84.6 38.7 2.5 Lynx 4
OSK-W-18-1066-W1 779.5 789.3 9.8 68.5 32.2 2.0 Underdog
OSK-W-17-792 309.5 318.7 9.2 42.1 30.2 1.2 Lynx
OSK-W-16-760 223.0 232.0 9.0 95.3 29.5 2.8 Lynx
OSK-W-17-1336-W1 1064.1 1073.0 8.9 56.1 29.2 1.6 Underdog
OSK-W-17-1363 373.6 382.0 8.4 115 27.6 3.3 Lynx
OSK-W-17-837 320.0 328.4 8.4 97.4 27.6 2.8 Lynx
OSK-W-19-2068-W2 853.8 861.8 8.0 161 26.2 4.7 Lynx 4
EAG-13-527 226.2 234.0 7.8 416 25.6 12.1 Zone 27
OSK-W-19-934-W4 1031.4 1039.2 7.8 37.6 25.6 1.1 Lynx 4
OSK-OBM-16-609 654.3 662.0 7.7 63.2 25.3 1.8 Underdog
OSK-W-17-1006 383.3 390.2 6.9 36.0 22.6 1.0 Lynx
OSK-W-18-1551 249.7 256.3 6.6 49.1 21.7 1.4 Lynx
EAG-13-466 490.8 497.2 6.4 558 21.0 16.3 Zone 27
OSK-W-19-909-W7 976.7 983.0 6.3 51.0 20.7 1.5 Lynx 4
OSK-W-17-909 912.0 918.2 6.2 301 20.3 8.8 Lynx 4
OSK-W-17-1166-W1 1027.0 1032.9 5.9 415 19.4 12.1 Lynx 4
OSK-W-19-1958-W2 1001.3 1007.1 5.8 80.7 19.0 2.4 Lynx 4
OSK-W-19-1857-W8 1415.1 1420.8 5.7 62.4 18.7 1.8 Lynx Extension
OSK-W-18-1557 279.0 284.6 5.6 39.3 18.4 1.1 Lynx
OSK-W-18-1731 585.2 590.5 5.3 83.9 17.4 2.4 Lynx
OSK-W-18-1639 475.8 481.0 5.2 510 17.1 14.9 Lynx
OSK-W-18-1613 221.4 226.6 5.2 46.4 17.1 1.4 Lynx
OSK-W-17-1343-W1 596.7 601.8 5.1 58.7 16.7 1.7 Lynx
OSK-W-17-1343 541.0 546.0 5.0 140 16.4 4.1 Lynx
WST-19-0117 84.5 89.5 5.0 132 16.4 3.9 Lynx
OSK-W-17-1275 844.0 849.0 5.0 76.5 16.4 2.2 Underdog
OSK-W-19-1891 515.8 520.6 4.8 96.7 15.7 2.8 Lynx
OSK-W-17-799 319.8 324.4 4.6 50.9 15.1 1.5 Lynx
OSK-W-17-799 339.8 344.2 4.4 63.8 14.4 1.9 Lynx
OSK-W-19-1857 1278.3 1282.6 4.3 322 14.1 9.4 Lynx Extension
OSK-W-18-1768 268.7 273.0 4.3 161 14.1 4.7 Lynx
OSK-W-17-1345 684.0 688.3 4.3 86.7 14.1 2.5 Caribou
OSK-W-19-2012 303.0 307.2 4.2 52.3 13.8 1.5 Lynx
OSK-EAG-13-480-W2 656.0 660.1 4.1 87.9 13.5 2.6 Underdog
WST-19-0106 126.6 130.7 4.1 64.2 13.5 1.9 Lynx
OSK-W-18-1681 1071.0 1075.1 4.1 61.6 13.5 1.8 Lynx 4
OSK-W-19-1181-W7 1038.9 1042.9 4.0 75.8 13.1 2.2 Lynx 4
OSK-W-19-934-W1 918.0 921.7 3.7 489 12.1 14.3 Lynx 4
OSK-W-17-834 292.0 295.7 3.7 421 12.1 12.3 Lynx
OSK-W-18-1477 783.3 787.0 3.7 86.9 12.1 2.5 Lynx 4
OSK-W-19-1539-W1 468.2 471.8 3.6 104 11.8 3.0 Lynx
EAG-11-251 332.6 336.0 3.5 170 11.5 5.0 Zone 27
OSK-W-1857-W4 1312.8 1316.3 3.5 145 11.5 4.2 Lynx 4

*Length with a corresponding grade greater than one ounce Au per Ton.

 

 

Qualified Person

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

 

Quality Control and Reporting Protocols

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

 

About the Windfall Lake Gold Deposit

The Windfall Lake 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 Windfall Lake Technical Report (as defined below) and November 27, 2018 Lynx resource update, comprises 2,874,000 tonnes at 8.17 g/t Au (754,000 ounces) in the indicated mineral resource category and 10,352,000 tonnes at 7.11 g/t Au (2,366,000 ounces) in the inferred mineral resource category. For details regarding the key assumptions, parameters and methods used to estimate the mineral resources presented in respect of the Windfall Lake gold project, please see the technical report entitled “Technical Report and Mineral Resource Estimate for the Windfall Lake Project, Windfall Lake and Urban-Barry Properties” and dated June 12, 2018 (effective date of May 14, 2018), which has been prepared by InnovExplo Inc. from Val-d’Or, Québec (the “Windfall Lake Technical Report”) and the news release “Osisko Releases Mineral Resource Update for Lynx” dated November 27, 2018, which has been prepared by Osisko and reviewed and approved by Micon International, Ltd. from Toronto, Ontario. The Windfall Lake Technical Report and news release are available on Osisko’s website (www.osiskomining.com) and on SEDAR (www.sedar.com) under Osisko’s issuer profile. The Windfall Lake gold deposit is currently one of the highest-grade resource-stage gold projects in Canada. Mineralization occurs in four principal zones: Lynx, Zone 27, Caribou and Underdog. All zones comprise sub-vertical lenses following intrusive porphyry contacts plunging to the northeast. The deposit is well defined from surface to a depth of 900 metres and remains open along strike and at depth. Mineralization has been identified 30 metres from surface in some areas and as deep as 2,000 metres in others, with significant potential to extend mineralization down-plunge and at depth.

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall Lake gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding the Urban Barry area and nearby Quévillon area (over 2,700 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. The information in this news release about the Windfall Lake gold deposit being one of the highest grade resource-stage gold projects in Canada; management’s interpretation of the intercepts from the Windfall drill program; the significance of the intercepts described in this news release; the drill results from the drill program being encouraging or illustrating any potential for mineralization at Windfall; the significance of results from the new infill drilling and ongoing drill definition and expansion program at the Windfall Lake gold project; the significance of intercepts presented in this news release; the deposit remaining open along strike and at depth; potential depth extensions of the mineralized zones down-plunge and at depth; the actual mineralization of local visible gold; the current 800,000 metre drill program; the type of drilling included in the drill program; potential mineralization; the potential to extend mineralization up and down-plunge and at depth at the Windfall Lake gold deposit; the ability to realize upon any mineralization in a manner that is economic; the ability to complete any proposed exploration activities and the results of such activities, including the continuity or extension of any mineralization; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward- looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Corporation at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property interests in the Windfall Lake gold project; the ability of the Corporation to obtain required approvals and complete transactions on terms announced; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions. Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information, Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

For further information please contact:
John Burzynski
President and Chief Executive Officer
Telephone: (416) 363-8653

 

OSISKO MINING CLOSES $61 MILLION “BOUGHT DEAL” PRIVATE PLACEMENT
OF FLOW-THROUGH SHARES, INCLUDING FULL UNDERWRITERS’ OPTION

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

(Toronto, December 5, 2019) – Osisko Mining Inc. (TSX:OSK) (“Osisko” or the “Corporation”) is pleased to announce the completion of its previously-announced “bought deal” brokered private placement of an aggregate of 14,848,800 “flow-through shares” of the Corporation (“Flow-Through Shares”) in two tranches as follows:

  • Tranche One: 8,050,000 Flow-Through Shares at an issue price of $4.70 per Flow-Through Share for aggregate gross proceeds of approximately $37.8 million, including the exercise in full of the underwriters’ option (the “T1 Offering”); 
  • Tranche Two: 6,798,800 Flow-Through Shares at an issue price of $3.40 per Flow-Through Share for aggregate gross proceeds of approximately $23.1 million, including the exercise in full of the underwriters’ option (the “T2 Offering” and, together with the T1 Offering, the “Offering”).

The total proceeds of the Offering are approximately $61 million.

The T1 Offering was co-led by Canaccord Genuity Corp. and Eight Capital. The T2 Offering was led by Canaccord Genuity Corp., on behalf of itself and a syndicate of underwriters that included BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., Cormark Securities Inc., Echelon Wealth Partners Inc., Industrial Alliance Securities Inc., Beacon Securities Limited, and Haywood Securities Inc.

The gross proceeds from the sale of Flow-Through Shares will be used by the Corporation to incur eligible “Canadian exploration expenses” that will qualify as “flow-through mining expenditures” (within the meaning of Income Tax Act (Canada)) related to the Corporation’s projects in Québec on or prior to December 31, 2020 for renunciation to subscribers of Flow-Through Shares effective December 31, 2019.

All securities issued under the Offering will be subject to a hold period expiring four months and one day from the date hereof. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. 

About Osisko Mining Inc.

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

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the use of proceeds of the Offering; the timing and ability of the Corporation, if at all, to obtain final approval of the Offering from the Toronto Stock Exchange; the tax treatment of the Flow-Through Shares; the timing of the tax renunciation to the subscribers; objectives, goals or future plans; statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates; the preliminary nature of metallurgical test results; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in the Corporation’s public documents filed on SEDAR at www.sedar.com. Although the Corporation believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

For further information please contact:

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

OSISKO INTERSECTS 106 g/t Au OVER 13 METRES IN LYNX EXTENSION

(Toronto, December 2, 2019) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new drilling results from the ongoing definition and expansion drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

The program is currently focused on infill drilling and expansion drilling at the Lynx deposit, exploration on the main mineralized zones, and deep exploration in the central areas of the mineralized intrusive system. Twenty-one drills are active at Lynx and Triple Lynx, with another three drills conducting infill and exploration drilling on other areas of the deposit.

Infill drilling at Lynx Extension has returned one of the highest-grade intervals intersected a Windfall to date, returning 106 g/t Au over 13.0 metres in OSK-W-19-991-W8. A second infill hole in the Lynx Extension (OSK-W-19-1857-W8) returned 62.4 g/t over 5.7 metres. The infill holes from the 50-metre spacing definition program continue to confirm the continuity of the Lynx Extension zone 315 metres down plunge of the nearest resource wireframe (see Osisko news releases dated June 3, 2019, April 16, 2019 and November 27, 2018). The Lynx Extension remains open down plunge, and definition drilling will continue in the open areas.

Osisko President and Chief Executive Officer John Burzynski commented: “Lynx continues to deliver strong results and is underpinning the high-grade potential of the Windfall deposit. Infill drilling in Lynx Extension is adding good connectivity and meaningful ounces, which should have a positive effect on the upcoming resource update.  Exploration is pursuing the down plunge areas of the Lynx zones, all of which remain open at depth.”

Maps and sections showing hole locations and full analytical results are available at www.osiskomining.com.

Hole No. From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)         cut to 100 g/t Zone Corridor
OSK-W-19-991-W8 1449.0 1462.0 13.0 106 48.0 Lynx Ext Lynx
including 1449.0 1449.5 0.5 16.1 Lynx Ext. Lynx
1449.5 1450.0 0.5 13.2
1450.0 1451.0 1.0 9.97
1451.0 1451.6 0.6 789 100
1451.6 1452.3 0.7 447 100
1452.3 1453.1 0.8 149 100
1453.1 1453.5 0.4 75.7
1453.5 1454.3 0.8 93.9
1454.3 1455.0 0.7 7.99  
1455.0 1455.4 0.4 4.37  
1455.4 1456.0 0.6 2.43  
1456.0 1457.0 1.0 2.08  
1457.0 1457.8 0.8 2.85  
1457.8 1458.7 0.9 43.8  
1458.7 1459.2 0.5 79.2  
1459.2 1459.8 0.6 41.9  
1459.8 1460.3 0.5 182 100
1460.3 1461.0 0.7 24.4
1461.0 1462.0 1.0 113 100

 

OSK-W-19-1857-W8 1415.1 1420.8 5.7 62.4 38.3 LYNX Ext. LYNX
including 1418.3 1419.6 1.3 206 100

 

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

 

Drill hole location

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-19-991-W8 128 -58 1652 453980 5435993 401 4550
OSK-W-19-1857-W8 108 -58 1527 453525 5435704 405 4000

 

OSK-W-19-991-W8 intersected 106 g/t Au over 13.0 metres. Mineralization contains local visible gold and electrum, up to 7% pyrite clusters, and local chalcopyrite, sphalerite and galena hosted in a bleached, fuchsite and silica altered gabbro.

OSK-W-19-1857-W8 intersected 62.4 g/t Au over 5.7 metres. Mineralization contains local visible gold and native silver, up to 10% disseminated pyrite and local chalcopyrite associated with strong pyrite-silica flooding hosted in a strong silica, sericite and fuchsite altered gabbro.

Qualified Person

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

 Quality Control and Reporting Protocols

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

 

About the Windfall Lake Gold Deposit

The Windfall Lake 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 Windfall Lake Technical Report (as defined below) and November 27, 2018 Lynx resource update, comprises 2,874,000 tonnes at 8.17 g/t Au (754,000 ounces) in the indicated mineral resource category and 10,352,000 tonnes at 7.11 g/t Au (2,366,000 ounces) in the inferred mineral resource category. For details regarding the key assumptions, parameters and methods used to estimate the mineral resources presented in respect of the Windfall Lake gold project, please see the technical report entitled “Technical Report and Mineral Resource Estimate for the Windfall Lake Project, Windfall Lake and Urban-Barry Properties” and dated June 12, 2018 (effective date of May 14, 2018), which has been prepared by InnovExplo Inc. from Val-d’Or, Québec (the “Windfall Lake Technical Report”) and the press release “Osisko Releases Mineral Resource Update for Lynx” dated November 27, 2018, which has been prepared by Osisko and reviewed and approved by Micon International, Ltd. from Toronto, Ontario. The Windfall Lake Technical Report and press release are available on Osisko’s website at www.osiskomining.com and on SEDAR under Osisko’s issuer profile at www.sedar.com. The Windfall Lake gold deposit is currently one of the highest-grade resource-stage gold projects in Canada. Mineralization occurs in four principal zones: Lynx, Zone 27, Caribou and Underdog. All zones comprise sub-vertical lenses following intrusive porphyry contacts plunging to the northeast. The deposit is well defined from surface to a depth of 900 metres and remains open along strike and at depth. Mineralization has been identified 30 metres from surface in some areas and as deep as 2,000 metres in others, with significant potential to extend mineralization down-plunge and at depth.

 

About Osisko Mining Inc.

Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall Lake gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding the Urban Barry area and nearby Quévillon area (over 2,700 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. The information in this news release about the Windfall Lake gold deposit being one of the highest grade resource-stage gold projects in Canada; the significance of results from the new infill drilling and ongoing drill definition and expansion program at the Windfall Lake gold project; the significance of assay results presented in this news release; the deposit remaining open along strike and at depth; potential depth extensions of the mineralized zones down-plunge and at depth; the actual mineralization of local visible gold; the current drill program; the type of drilling included in the drill program; potential mineralization; the potential to extend mineralization up and down-plunge and at depth at the Windfall Lake gold deposit; the ability to realize upon any mineralization in a manner that is economic; the ability to complete any proposed exploration activities and the results of such activities, including the continuity or extension of any mineralization; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward- looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Corporation at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property interests in the Windfall Lake gold project; the ability of the Corporation to obtain required approvals and complete transactions on terms announced; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions. Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information, Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

 

For further information please contact:

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