OSISKO INTERSECTS 83.9 g/t Au OVER 5.3 METRES AT LYNX
Resource Update on Schedule
(Toronto, November 21, 2018) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new infill drilling results from the ongoing drill definition and expansion program at its 100% owned Windfall Lake gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec. The 800,000 metre drill program commenced in late 2015. The program is currently focussed on infill drilling within the main Windfall gold deposit and the adjacent Lynx deposit (located immediately NE of Windfall), exploration and expansion drilling on the main mineralized zones, and deep exploration in the central areas of the intrusive system. Significant new analytical results from 53 intercepts in 23 drill holes and 6 wedges focused on infill drilling are presented below.
The database for the Lynx interim resource update was closed on October 27th, 2018. Results are on schedule to be released prior to the end of the month. This interim resource update is focused on the Lynx zones above 500 metres, and was planned in May 2018 as a follow-up to demonstrate the results of infill drilling on the May 2018 preliminary resource estimate (see Osisko press release dated May 14, 2018). The complete Windfall resource is scheduled for release in 2019 upon the completion of the ongoing infill drilling program.
Bulk sampling in Zone 27 is also progressing, with over 1,000 tonnes of sample material already shipped to the custom processing facility in Ontario. Preliminary results from Zone 27 bulk sampling are also on schedule to be available before the end of December.
Highlights from today’s new infill drilling results include: 83.9 g/t Au over 5.3 metres and 89.3 g/t Au over 2.4 metres in OSK-W-18-1731; 56.3 g/t Au over 3.3 metres in OSK-W-18-1728-W1; 29.3 g/t Au over 2.9 metres in OSK-W-18-1738; 27.2 g/t Au over 2.6 metres in OSK-W-18-1508; 23.7 g/t Au over 2.9 metres in OSK-W-18-1754 and 13.5 g/t Au over 4.7 metres in OSK-W-18-1762. Maps showing hole locations and full analytical results are available at www.osiskomining.com.
|Hole No.||From (m)||To (m)||Interval (m)||Au (g/t) uncut||Au (g/t) cut to 100 g/t||Type||Mineralized zone|
Note: True widths are estimated at 65 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below.
|Hole Number||Azimuth (°)||Dip (°)||Length (m)||UTM E||UTM N||Elevation
OSK-W-18-1508 intersected four intervals in Lynx: 18.3 g/t Au over 3.0 metres, 25.3 g/t Au over 2.2 metres, 27.2 g/t Au over 2.6 metres and 5.31 g/t Au over 6.5 metres. The first interval contains 2% pyrite with intense pervasive silica flooding hosted in a strongly silicified, moderately sericitized and lightly bleached felsic porphyritic dike. The second and third intervals contain local visible gold and 1% pyrite with pervasive silica flooding in a silicified rhyolite. The fourth interval contains trace pyrite with pervasive silica flooding in a strongly silicified and moderately sericitized rhyolite.
OSK-W-18-1558-W1 intersected 4.48 g/t Au over 5.5 metres, 4.30 g/t Au over 2.0 metres, 3.06 g/t Au over 4.0 metres and 4.79 g/t Au over 2.7 metres in Zone 27. The first interval contains local visible gold in ptygmatic pyrite-tourmaline veinlets, 2% pyrite stringers and 1% disseminated pyrite hosted in a bleached andesite. The other intervals are composed of up to 3% pyrite stringers and trace disseminated pyrite hosted in a bleached andesite and felsic porphyritic intrusion.
OSK-W-18-1674 intersected 3.10 g/t Au over 2.0 metres and 5.10 g/t Au over 2.0 metres in Caribou. Mineralization consists of up to 20% pyrite-tourmaline stringers, tourmaline ptygmatic veinlets with strong and patchy silica alteration in a moderate sericite altered rhyolite.
OSK-W-18-1689 intersected 3.72 g/t Au over 2.0 metres in Caribou. Mineralization is composed of trace pyrite-tourmaline stringers and disseminated pyrite within a sericite, chlorite and carbonate altered rhyolite.
OSK-W-18-1702 intersected 15.4 g/t Au over 2.0 metres in Caribou. Mineralization consists of 3% pyrite clusters and 2% disseminated pyrite hosted in an andesite with moderate hematite alteration.
OSK-W-18-1721 intersected 4.46 g/t Au over 2.3 metres in Caribou. Mineralization is composed of 5% pyrite stringers and 1% disseminated pyrite hosted in a strongly faulted, moderately sericitized and silicified rhyolite.
OSK-W-18-1725 intersected 9.73 g/t Au over 2.4 metres in Lynx. Mineralization is composed of a crustiform vein with 3% pyrite, trace disseminated sphalerite and 2% pyrite-tourmaline stringers with local fuchsite alteration hosted in a gabbro.
OSK-W-18-1728 intersected 4.89 g/t Au over 2.0 metres in Lynx. Mineralization includes 1% pyrite with pervasive silica flooding, pyrite clusters and quartz-tourmaline veins at the contact between a rhyolite and a gabbro.
OSK-W-18-1728-W1 intersected 56.3 g/t Au over 3.3 metres and 9.83 g/t Au over 2.1 metres in Lynx. The first interval contains local visible gold, 3% pyrite clusters, and trace disseminated sphalerite and chalcopyrite with pervasive silica flooding hosted in a strong silica and weak fuchsite altered felsic intrusion. The second interval contains 1% pyrite with pervasive silica flooding, 1% disseminated pyrite, and quartz-tourmaline veins hosted in a moderate sericite and silica altered rhyolite.
OSK-W-18-1731 intersected 89.3 g/t Au over 2.4 metres and 83.9 g/t Au over 5.3 metres in Lynx. The first interval contains local visible gold, 1% disseminated pyrite, 2% pyrite stringers in fracture filling, and 1% sphalerite with pervasive silica flooding hosted in a moderate sericite and strong silica altered felsic porphyritic dike. The second interval contains local visible gold, trace sphalerite with pervasive silica flooding and quartz veins, 1% pyrite stringers and trace pyrite in quartz-tourmaline veins hosted in a moderate fuchsite altered, strong sericite and silica altered gabbro.
OSK-W-18-1734 intersected 3.02 g/t Au over 2.3 metres in Lynx. Mineralization is composed of 2% pyrite stringers and 1% pyrite with pervasive silica flooding in a silicified fragmental felsic dike.
OSK-W-18-1735 intersected three intervals: 6.54 g/t Au over 4.3 metres, 5.20 g/t Au over 2.0 metres in Caribou and 5.40 g/t Au over 2.1 metres in Zone 27. The first and second intervals contain up to 5% pyrite stringers and clusters with trace sphalerite hosted in moderately silicified, sericitized and bleached porphyritic felsic dike. The third interval contains 2% disseminated pyrite, 1% pyrite-tourmaline stringers, 5% pyrite with pervasive silica flooding and trace sphalerite in a sericitized and chloritized porphyritic felsic dike.
OSK-W-18-1738 intersected 7.99 g/t Au over 3.5 metres, and 29.3 g/t Au over 2.9 metres in Lynx. The first interval contains 3% pyrite with pervasive silica flooding, 1% disseminated or stringer pyrite or hosted in a sericitized and silicified porphyritic felsic dike. The second interval contains local visible gold, locally 20% pyrite with pervasive silica flooding, 7% disseminated pyrite, up to 7% pyrite in crustiform veins and 2% disseminated sphalerite hosted in a bleached, sericitized, silicified and fuchsite altered gabbro.
OSK-W-18-1739 intersected 13.0 g/t Au over 2.0 metres in Lynx. Mineralization is composed of a decimetre scale quartz-carbonate vein with 1% pyrite hosted in a carbonate altered gabbro.
OSK-W-18-1741-W1 intersected 9.72 g/t Au over 2.5 metres and 5.13 g/t Au over 3.3 metres in Lynx. Mineralization includes local visible gold and 3% disseminated pyrite in fracture filling in a pervasive silica flooding zone. The host is a strong sericite and fuchsite altered gabbro. The second interval contains 2% pyrite clusters, 1% pyrite with ptygmatic tourmaline veins within a sericitized gabbro.
OSK-W-18-1742 intersected 9.64 g/t Au over 2.0 metres in Caribou. Mineralization includes 2% pyrite with quartz-tourmaline veins at low core angle, trace pyrite clusters and stringers within a weak sericite altered rhyolite.
OSK-W-18-1743-W1 intersected 6.46 g/t Au over 2.3 metres, 18.6 g/t Au over 3.0 metres and 3.35 g/t Au over 2.1 metres in Lynx. The first interval contains up to 10% pyrite with pervasive silica flooding, 2% pyrite stringers in a silica, sericite and carbonate altered contact between a bleached gabbro and a felsic porphyritic dike. The second interval contains local visible gold, up to 15% pyrite with pervasive silica flooding, 2% pyrite stringers and clusters, and 1% disseminated pyrite hosted in a bleached, sericitized and silicified gabbro in contact with a sericitized and silicified rhyolite. The third interval is composed of 3% pyrite in low core angle crustiform veins and 2% disseminated pyrite in a bleached, sericitized and silicified gabbro.
OSK-W-18-1744 intersected 8.38 g/t Au over 2.4 metres in Lynx. Mineralization is composed of local visible gold within a 10 centimetre wide quartz-tourmaline vein hosted in moderately bleached, fuchsite, sericite and carbonate altered gabbro in contact with a felsic porphyritic intrusion.
OSK-W-18-1744-W1 intersected 9.71 g/t Au over 4.5 metres in Lynx. Mineralization consists of local visible gold, up to 8% pyrite stringers with pervasive silica flooding, trace chalcopyrite, and local crustiform and ptygmatic tourmaline veins forming a stockwork texture. The host is a moderate fuchsite altered gabbro.
OSK-W-18-1745 intersected 20.4 g/t Au over 2.0 metres, 13.0 g/t Au over 2.0 metres and 7.05 g/t Au over 2.3 metres in Lynx. The frist interval contains local visible gold, up to 15% pyrite-tourmaline stringers with pervasive silica flooding hosted in a silicified rhyolite. The second interval contains 7% disseminated and interstitial pyrite in a dismembered crustiform vein and pervasive silica flooding within a weak fuchsite and silica altered gabbro. The third interval contains 2% disseminated pyrite and 3% pyrite-tourmaline stringers in quartz-carbonate veinlets within a weak silica, moderate fuchsite and chlorite altered gabbro.
OSK-W-18-1746 intersected 3.23 g/t Au over 2.1 metres in Lynx. Mineralization includes 2% disseminated pyrite and 3% pyrite-tourmaline stringers in tourmaline-quartz-carbonate veinlets hosted in a weak silica, moderate fuchsite and chlorite altered gabbro.
OSK-W-18-1747-W1 intersected 3.78 g/t Au over 2.0 metres in Zone 27. Mineralization is composed of 3% pyrite stringers with weak silica alteration hosted in a felsic porphyritic intrusion.
OSK-W-18-1750 intersected 20.0 g/t Au over 2.2 metres, 6.10 g/t Au over 2.4 metres, 6.27 g/t Au 2.4 metres and 5.67 g/t Au over 2.3 metres in Lynx. The first interval contains local visible gold, 4% pyrite stringers with pervasive silica flooding in a moderately sericitized and weakly bleached rhyolite at the contact with an andesite. The second interval contains up to 15% pyrite in intense pervasive silica flooding with trace sphalerite and up to 3% pyrite disseminated and as stringers, clusters and fragments within a sericite altered felsic fragmental dike. The third interval contains local visible gold, up to 5% pyrite disseminated and as fragments and stringers, and trace sphalerite and chalcopyrite with pervasive silica flooding, and local ptygmatic tourmaline veinlets hosted in a sericitized and bleached felsic fragmental dike. The fourth interval contains 5% pyrite with pervasive silica flooding and trace sphalerite hosted in a sericitized and bleached felsic fragmental dike.
OSK-W-18-1754 intersected 23.7 g/t Au over 2.9 metres, 5.28 g/t Au over 2.0 metres, 22.9 g/t Au over 2.0 metres, 3.19 g/t Au over 2.2 metres and 3.93 g/t Au over 2.7 metres in Lynx. The first and second intervals contain local visible gold, and 5% disseminated pyrite with pervasive silica flooding within a strongly silicified felsic fragmental dike. The third and fourth intervals contain up to 10% disseminated pyrite in pervasive silica flooding within a strong silica and fuchsite altered felsic fragmental dike. The fifth interval contains 20 % pyrite with pervasive silica flooding hosted in a sericitized and silicified felsic fragmental intrusion.
OSK-W-18-1758 intersected 5.96 g/t Au over 3.2 metres in Zone 27. Mineralization includes 5% pyrite stringers, and ptygmatic tourmaline veins within a moderate sericite altered felsic porphyritic fragmental intrusive.
OSK-W-18-1762 intersected 13.5 g/t Au over 4.7 metres in Lynx. Mineralization consists of local visible gold, 20% pyrite and 1% sphalerite with pervasive silica flooding hosted in a moderately sericitized and silicified rhyolite.
OSK-W-18-1763 intersected 7.75 g/t Au over 2.4 metres in Caribou. Mineralization includes up to 5% pyrite stringers, trace pyrite in quartz-carbonate veins and quartz-tourmaline veins within moderate silica and carbonate altered gabbro.
WST-18-004 intersected 13.0 g/t Au over 2.3 metres in Zone 27. Mineralization is composed of 1% pyrite in quartz-tourmaline veins and trace pyrite-tourmaline stringers within a moderate sericite altered felsic porphyritic dike.
WST-18-006 intersected 8.80 g/t Au over 2.0 metres in Zone 27. Mineralization is composed of 1% pyrite stringers and 2% disseminated pyrite within a chloritized felsic porphyritic dike.
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 currently unknown but is estimated at 65-80% 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), comprises 2,382,000 tonnes at 7.85 g/t Au (601,000 ounces) in the indicated mineral resource category and 10,605,000 tonnes at 6.70 g/t Au (2,284,000 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”). The Windfall Lake Technical Report is 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 2000 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% 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 Urban Barry area and nearby Quevillon area (over 3,300 square kilometres), a 100% interest in the Marban project located in the heart of Québec’s prolific Abitibi gold mining district, and properties in the Larder Lake Mining Division in northeast Ontario, including the Jonpol and Garrcon deposits on the Garrison property, the Buffonta past producing mine and the Gold Pike mine property. The Corporation also holds interests and options in a number of additional properties in northern Québec and Ontario.
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 Windfall Lake gold deposit being a world-class gold system; the significance of new results from the ongoing deep-hole drill/exploration program at the Windfall Lake gold project; the significance of assay results presented in this news release; potential depth extensions of the Lynx and Underdog mineralized zones; the potential, if any of the Deep Underdog and Deep Lynx zones; the type and extend of drilling on the Deep Underdog and Deep Lynx zones, including planned wedge holes; the success of Osisko’s deep-hole drill/exploration program at the Windfall Lake gold project, if any; the down-plunge projection of the gold mineralized structures; 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:
President and Chief Executive Officer
Telephone: (416) 363-8653