Osisko Continues to Add High-Grade at Lynx

2021-06-17 / @nasdaq

 

184 g/t Au Over 2.1 Metres

34.1 g/t Au over 7.1 Metres

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

Significant new analytical results presented below include 68 intercepts in 22 drill holes (2 from surface, 20 from underground) and 14 wedges. The infill intercepts are located inside defined February 2021 mineral resource estimate (“MRE”) blocks (see Osisko news release dated February 17, 2021). The expansion intercepts are located outside the February 2021 MRE blocks and either expand resource wireframes or are in a defined zone or corridor but do not yet correlate to a specific wireframe.

Osisko Chief Executive Officer John Burzynski commented: “The continued success of the infill and expansion drill programs at Lynx demonstrate how robust the system is with respect to grade and growth. Windfall is demonstrating its consistency with more high-grade infill and expansion holes, and we expect to complete our major drill program as scheduled this fall.”

Selected high-grade intercepts include: 184 g/t Au over 2.1 metres in OSK-W-21-2480-W3; 34.1 g/t Au over 7.1 metres in OSK-W-21-2495-W1, 94.1 g/t Au over 2.0 metres in OSK-W-21-2480-W4, 40.3 g/t Au over 4.0 metres and 41.2 g/t Au over 2.9 metres in OSK-W-21-2067-W7; 36.0 g/t Au over 4.0 metres in OSK-W-21-2503; and 41.0 g/t Au over 2.5 metres in OSK-W-21-2465-W2. Maps showing hole locations and full analytical results are available at www.osiskomining.com

Infill Drilling

Hole NumberFrom (m)To (m)Interval (m)Au (g/t) uncutAu (g/t) cut to 100 g/tZoneCorridor
OSK-W-21-2067-W71029.01033.04.05.08 TLX_3183Triple Lynx
 1039.51042.42.941.221.7TLX_3183
Triple Lynx
including1039.51039.80.3180100
and1042.11042.40.3209100
 1115.01119.04.040.318.6TLX_3170
Triple Lynx
including1117.01117.50.5274100
 1132.11134.22.134.215.5TLX_3172
Triple Lynx
including1133.91134.20.3231100
OSK-W-21-2478-W3891.1893.42.35.78 TLX_3161
Triple Lynx
including892.7893.40.714.2 
OSK-W-21-2478-W4842.8846.53.77.00 TLX_3171Triple Lynx
 863.9866.02.14.13 TLX_3184Triple Lynx
 874.3876.32.026.2 TLX_3184
Triple Lynx
including874.3874.70.490.3 
 877.7880.22.55.65 TLX_3161
Triple Lynx
including879.7880.20.520.0 
OSK-W-21-2480-W3757.4759.52.118478.2LXM_3304
Lynx
including758.4759.20.8350100
OSK-W-21-2480-W4734.6737.22.68.59 LXM_3304
Lynx
including734.6735.20.623.3 
 686.0688.02.094.127.2LX4_3414
Lynx 4
including686.7687.00.3546100
OSK-W-21-2492-W3803.4805.52.18.19 LX4_3414
Lynx 4
including804.0804.50.518.4 
 864.0866.02.010.1 LX4_3437Lynx 4
OSK-W-21-2495-W11038.01045.17.134.133.5LX4_3430
Lynx 4
including1040.01041.01.0105100
OSK-W-21-25031008.01013.05.06.59 TLX_3163Triple Lynx
 1087.01089.02.03.53 TLX_3162
Triple Lynx
including1088.31088.60.312.6 
 1113.01117.04.036.022.4TLX_3172
Triple Lynx
including1115.11115.80.7178100
 1120.01122.12.111.5 TLX_3172
Triple Lynx
including1120.31120.60.372.8 
OSK-W-21-2522735.0737.02.04.54 LXM_3345Lynx
WST-21-0650232.5236.13.69.91 LXSW_3507
Lynx
including232.5233.00.551.3 
WST-21-0684267.9269.92.06.55 LXSW_3556
Lynx
including268.6269.00.432.0 
WST-21-0725262.4264.52.17.65 TLX_3185Triple Lynx
WST-21-0727A334.1336.12.015.0 TLX_3163
Triple Lynx
including334.1334.70.644.7 
WST-21-0734A323.7325.92.26.99 LXSW_3556
Lynx
including325.2325.90.721.1 
WST-21-0736202.0204.02.014.0 LXSW_3507
Lynx
including202.0202.70.735.1 
 297.0299.62.613.4 LXSW_3556
Lynx
including297.0297.90.931.6 
 354.0356.22.212.7 LXSW_3502
Lynx
including355.3355.60.333.9 
WST-21-0768365.0367.02.017.0 LXSW_3502
Lynx
including366.1366.70.656.2 
WST-21-076979.181.32.210.3 LXM_3311
Lynx
including79.179.90.827.0 
WST-21-0774479.6482.02.412.1 LX4_3450
Lynx 4
including480.3481.10.835.5 
WST-21-0782169.3172.02.720.6 LXM_3304
Lynx
including169.3170.20.949.1 
WST-21-0787129.4133.03.65.66 LXM_3334Lynx
WST-21-079095.097.32.35.00 LXM_3339
Lynx
including96.096.70.712.3 
 105.0107.02.010.7 LXM_3339
Lynx
including105.4106.00.624.3 

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

Expansion Drilling

Hole NumberFrom (m)To (m)Interval (m)Au (g/t) uncutAu (g/t) cut to 100 g/tZoneCorridor
OSK-W-21-2275-W51053.01057.14.117.2 Triple Lynx
Triple Lynx
including1053.51053.80.337.2 
and1056.31057.10.872.5 
OSK-W-21-2391-W31251.01253.12.13.64 Triple LynxTriple Lynx
OSK-W-21-2391-W41404.51406.52.06.39 Triple Lynx
Triple Lynx
including1404.51404.80.336.2 
 1409.01412.23.26.03 Triple Lynx
Triple Lynx
including1409.01409.90.918.0 
 1417.01419.02.03.90 Triple Lynx
Triple Lynx
including1417.61418.10.512.5 
OSK-W-21-2465-W2763.7766.22.541.039.1Triple Lynx
Triple Lynx
including765.0765.30.3111100
and765.6766.20.699.697.1
OSK-W-21-2470-W2921.0923.02.04.27 Triple LynxTriple Lynx
 925.4928.63.26.01 Triple Lynx
Triple Lynx
including925.4925.90.518.5 
 991.7995.03.34.20 Triple Lynx
Triple Lynx
including991.7992.10.419.1 
 1125.01127.02.07.82 Triple Lynx
Triple Lynx
including1125.31125.60.329.8 
OSK-W-21-2470-W3975.7977.72.08.24 Triple LynxTriple Lynx
OSK-W-21-2480-W2678.8682.03.27.66 LynxLynx
OSK-W-21-2495-W1604.0606.12.14.18 Lynx
Lynx
including605.3605.70.415.4 
 1157.91160.02.15.79 Lynx 4
Lynx
including1158.51159.30.812.6 
 1190.71193.02.34.83 Lynx 4
Lynx
including1191.81192.20.426.8 
WST-21-0661171.0173.02.05.37 Lynx SW
Lynx SW
including171.9172.40.521.4 
WST-21-0663191.0193.02.05.65 Lynx SW
Lynx SW
including191.0191.40.427.4 
WST-21-0681419.0421.92.910.4 Triple LynxTriple Lynx
 444.0446.02.08.90 Triple Lynx
Triple Lynx
including445.0446.01.017.4 
WST-21-0734A192.0194.02.04.76 Lynx SWLynx SW
WST-21-0736247.0249.02.011.6 Lynx SWLynx SW
WST-21-0767268.0270.22.24.67 Lynx SW
Lynx SW
including268.6269.30.712.1 
WST-21-0768263.0265.22.218.214.3Lynx SW
Lynx SW
including264.1264.40.3129100
 312.0314.02.013.5 Lynx SW
LynSW
including313.0313.30.383.5 
WST-21-0769320.0322.02.04.38 Lynx SW
Lynx SW
including320.4321.20.810.9 
 329.3331.32.017.115.6LXSW_3502
Lynx SW
including329.3329.60.3110100
WST-21-0774332.0334.02.03.64 Triple LynxTriple Lynx
 677.5683.05.516.411.0Lynx 4
Lynx
including677.5677.80.3198100
WST-21-0777311.0313.02.03.59 Lynx SWLynx SW
WST-21-0781227.8229.82.023.5 Triple Lynx
Triple Lynx
including229.2229.50.399.6 
WST-21-0782151.0153.02.04.26 Lynx
Lynx
including151.3151.60.327.2 
WST-21-0783170.5172.52.012.4 Lynx
Lynx
including170.5170.80.368.0 
WST-21-0803157.0159.42.423.1 Triple LynxTriple Lynx

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

Drill hole location

Hole NumberAzimuth (°)Dip (°)Length (m)UTM EUTM NElevationSection
OSK-W-21-2067-W7123-53116645324154356974163750
OSK-W-21-2275-W5127-49124245288854355834093400
OSK-W-21-2391-W3117-57156645328154358944083900
OSK-W-21-2391-W4117-57121245328154358944083900
OSK-W-21-2465-W2123-6183145339754355574133825
OSK-W-21-2470-W2132-59119745330454356394153775
OSK-W-21-2470-W3132-59120945330454356394153775
OSK-W-21-2478-W3128-54108045299754356074253500
OSK-W-21-2478-W4127-5374445299754356074253500
OSK-W-21-2480-W2121-5578945341254356334123875
OSK-W-21-2480-W3121-5581045341254356334123875
OSK-W-21-2480-W4121-5578045341254356334123875
OSK-W-21-2492-W3122-5372045368754356764014125
OSK-W-21-2495-W1123-54130145342654355654103850
OSK-W-21-2503126-58108045333354356414133800
OSK-W-21-2522128-5445045345154355944113900
WST-21-0650139-6046645295454350032533175
WST-21-0661163-3425345295454350032543175
WST-21-0663164-4021445295454350032533175
WST-21-0681160-437214533225435235553600
WST-21-0684150-4430145295554350032533175
WST-21-0725160-673914535065435327-73800
WST-21-0727A146-693614535075435327-73800
WST-21-0734A129-5636045295654350032533175
WST-21-0736146-5344845295554350032533175
WST-21-0767175-5535445310454350652313325
WST-21-0768169-5345345310454350652313325
WST-21-0769171-4939645310354350642313325
WST-21-0774148-407244533735435296-263675
WST-21-0777144-4935245295454350032533175
WST-21-0781129-592834535085435327-73800
WST-21-0782123-362074535085435327-73800
WST-21-0783119-282014535085435327-63800
WST-21-0787143-465174533205435235543600
WST-21-0790171-656445310454350652313325
WST-21-0803162-443644533565435271163650

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

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

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

About the Windfall Gold Deposit
The Windfall gold deposit is located between Val-d'Or and Chibougamau in the Abitibi region of Québec, Canada. The Mineral Resource Estimate (MRE) defined by Osisko, as disclosed in the news release dated February 17, 2021 is supported by the technical report entitled “Preliminary Economic Assessment Update for the Windfall Project” dated April 26, 2021 (that includes Windfall Mineral Resource Estimate with an effective date  of November 30, 2020), and assuming a cut-off grade of 3.50 g/t Au, comprises 521,000 tonnes at 11.3 g/t Au (189,000 ounces) in the measured mineral resource category, 5,502,000 tonnes at 9.4 g/t Au (1,668,000 ounces) in the indicated mineral resource category and 16,401,000 tonnes at 8.0 g/t Au (4,244,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 17, 2021 news release are further described in the full technical report prepared by BBA Inc. in accordance with NI 43-101 and is available on SEDAR (www.sedar.com) under the Corporation's issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres as it now includes the Triple 8 (T8) zone. The resources excluding T8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.

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

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

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


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