Osisko Drilling Returns 2181 g/t Au over 2.5 Metres in Lynx

2021-08-03 / @nasdaq

 

TORONTO, Aug. 03, 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 73 intercepts in 22 drill holes (6 from surface, 16 from underground) and 16 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: “Windfall once again delivers outstanding results across the deposit. Six of our top results this week are greater than 200 g/t Au over 2.0 metres and three of these intervals have sub-intervals between two to six kilograms of gold per ton. These six holes are infill holes, once again confirming the high-grade nature of the deposit. Expansion drilling is also delivering; OSK-W-21-1949-W6 is 80 metres from the nearest resource block in the Lynx 4 corridor”.

Selected high-grade intercepts include: 2181 g/t Au over 2.5 metres and 403 g/t Au over 2.2 metres in OSK-W-21-2287-W1; 293 g/t Au over 4.4 metres in WST-21-0814; 350 g/t Au over 2.1 metres in OSK-W-21-2470-W6; 209 g/t Au over 2.9 metres in OSK-W-21-1432-W4; 218 g/t Au over 2.0 metres in OSK-W-21-2503-W2; 91.0 g/t Au over 3.8 metres in OSK-W-21-1432-W3; 82.1 g/t Au over 3.2 metres in WST-21-0811A; 89.0 g/t Au over 2.6 metres in OSK-W-21-2509; 94.2 g/t Au over 2.1 metres in OSK-W-21-2492-W5. Maps showing hole locations and full analytical results are available at www.osiskomining.com.

Infill Drilling

Hole No.From
(m)
To
(m)
Interval
(m)
Au (g/t)
uncut
Au (g/t)
cut to
100 g/t
ZoneCorridor
OSK-W-21-1432-W31033.41037.23.891.041.3LX4_3446
Lynx 4
including1033.41034.30.9304100
OSK-W-21-1432-W4866.0868.92.920965.9LX4_3424
Lynx 4
including867.0867.90.9480100
OSK-W-21-1827-W3946.0948.42.45.84 UDD_4515
Underdog
including947.4947.90.527.2 
OSK-W-21-1949-W5643.2648.04.88.18 LXM_3304
Lynx
including645.3645.90.625.5 
 1095.01097.22.27.28 LX4_3430Lynx 4
OSK-W-21-2067-W91136.01138.32.336.423.7TLX_3172
Triple Lynx
including1137.51137.80.3198100
OSK-W-21-2287-W11209.91212.42.5218157.4LX4_3449
Lynx 4
including1210.41211.30.95950100
 1215.01217.22.240399.3LX4_3449
Lynx 4
including1216.11217.21.1708100
OSK-W-21-2287-W21149.71152.12.46.15 LX4_3455
Lynx 4
including1151.31152.10.816.4 
 1245.01248.43.44.54 LX4_3449Lynx 4
 1262.41264.72.340.930.4LX4_3445
Lynx 4
including1264.11264.70.6140100
 1278.61280.72.157.034.1LX4_3445
Lynx 4
including1279.01279.70.7169100
OSK-W-21-2470-W6812.5814.72.24.27 TLX_3173Triple Lynx
 958.0960.12.135036.0TLX_3163
Triple Lynx
including959.8960.10.32300100
 967.0969.52.510.1 TLX_3163Triple Lynx
 1037.01039.02.05.73 TLX_3162Triple Lynx
 1044.01046.22.210.3 TLX_3170
Triple Lynx
including1045.61045.90.350.1 
 1081.01083.02.05.45 TLX_3172
Triple Lynx
including1082.31082.60.323.1 
OSK-W-21-2492-W5788.7790.82.194.255.2LX4_3424
Lynx 4
including789.5789.90.4239100
OSK-W-21-2503-W21121.01123.02.021837.3TLX_3172
Triple Lynx
including1121.71122.40.7617100
OSK-W-21-2528-W1625.2627.32.14.35 UDD_4914Underdog
OSK-W-21-25311086.51092.05.53.57 UDD_4501Underdog
OSK-W-21-2532764.0767.73.77.35 UDD_4116
Underdog
including767.0767.70.719.9 
 997.0999.02.05.04 UDD_4501Underdog
 1023.01027.04.09.34 UDD_4502
Underdog
including1024.11024.50.448.6 
 1032.01034.02.04.05 UDD_4513
Underdog
including1032.91033.30.417.0 
OSK-W-21-2534984.0986.12.17.81 UDD_4106
Underdog
including985.2985.50.349.8 
 1018.41020.42.016.1 UDD_4515
Underdog
including1019.81020.10.375.7 
OSK-W-21-2537583.9585.92.03.96 TLX_3178Triple Lynx
OSK-W-21-2541196.0198.02.011.5 F51_6010
F-51
including196.9197.50.637.9 
 210.0212.52.57.42 F51_6008F-51
WST-21-0679314.7317.02.34.79 TLX_3131Triple Lynx
WST-21-0726235.7237.82.132.9 TLX_3161Triple Lynx
WST-21-0763A503.0505.02.05.08 LX4_3434Lynx 4
including 507.0509.02.03.73 LX4_3434Lynx 4
WST-21-0794266.3268.32.022.7 LHW_3201
Lynx HW
including267.2267.80.668.7 
WST-21-0797A486.0489.93.94.92 LX4_3450Lynx 4
 694.0696.42.424.1 LX4
Lynx 4
including694.6695.00.496.8 
 716.9720.63.76.16 LX4_3415Lynx 4
 724.0726.02.039.532.1LX4_3415
Lynx 4
including725.7726.00.3149100
WST-21-0811A209.0211.02.073.455.0TLX_3161
Triple Lynx
including210.0210.50.5158100
 310.0313.23.282.134.2TLX_3182
Triple Lynx
including312.5313.20.7304100
WST-21-081483.187.54.429317.1Z27_1102
Zone 27
including83.183.50.43140100
WST-21-0814A67.369.72.427.222.4Z27_1115
Zone 27
including68.168.60.5123100
 75.177.52.48.13 Z27_1102
Zone 27
including76.376.60.346.4 
WST-21-081774.076.02.04.64 Z27_1115Zone 27
WST-21-0823451.7454.02.34.57 LX4_3430Lynx 4
WST-21-0829556.0558.02.028.0 LX4_3450
Lynx 4
including556.4557.00.692.5 
WST-21-0838267.0269.02.013.0 LSW_3506
Lynx SW
including267.5268.00.550.8 
WST-21-0841349.9352.02.119.1 TLX_3166
Triple Lynx
including350.5351.51.039.6 

Notes: True widths are estimated at 55 – 80% of the reported core length interval. See "Quality Control and Reporting Protocols" below. Z27 = Zone 27, LXM = Lynx Main, LX4 = Lynx 4, LHW = Lynx Hanging Wall, TLX = Triple Lynx and UDD = Underdog.

Expansion Drilling

Hole No.From
(m)
To
(m)
Interval
(m)
Au (g/t)
uncut
Au (g/t)
cut to
100 g/t
ZoneCorridor
OSK-W-21-777-W2627.6629.62.09.53 CaribouCaribou
including628.0628.80.821.4   
OSK-W-21-1432-W4907.8910.02.216.4 LX4
Lynx 4
including908.6909.00.459.1 
 915.1917.82.723.0 LX4
Lynx 4
including916.2917.00.860.9 
OSK-W-21-1827-W4548.0550.12.17.94 Caribou
Caribou
including549.3550.10.820.6 
OSK-W-21-1949-W61175.01177.02.013.2 LX4
Lynx 4
including1175.51176.00.530.1 
OSK-W-21-2470-W6927.0929.22.24.18 TLXTriple Lynx
OSK-W-21-2478-W6857.7860.12.417.0 TLX_3171
Triple Lynx
including859.4860.10.754.8 
OSK-W-21-2479-W5754.5757.42.935.723.0Underdog
Underdog
including754.5755.10.6162100
OSK-W-21-2503-W21142.51144.62.185.715.4TLX
Triple Lynx
including1144.01144.30.3592100
OSK-W-21-2509619.1621.72.689.044.3Triple Lynx
Triple Lynx
including620.3621.00.7266100
OSK-W-21-25311035.01037.02.04.11 Underdog
Underdog
including1035.71036.10.417.2 
 1173.01176.63.65.85 UDD
Underdog
including1173.01174.01.015.9 
OSK-W-21-2532935.0937.52.58.95 Underdog
Underdog
including936.5936.90.441.6 
 1012.81015.02.225.3 UDD
Underdog
including1012.81013.30.597.6 
OSK-W-21-2534887.4889.62.23.90 UnderdogUnderdog
WST-21-0726337.3339.42.124.417.6TLX
Triple Lynx
including338.3338.60.3148100
 348.7351.02.317.7 TLX_3131
Triple Lynx
including349.1349.90.849.9 
WST-21-0776229.6231.62.010.0 Triple Lynx
Triple Lynx
including230.9231.60.728.2 
WST-21-0811A471.8474.52.73.60 LX4Lynx 4
WST-21-0823445.0447.02.05.10 LX4Lynx 4
WST-21-0826347.9350.02.113.8 TLX_3166
Triple Lynx
including348.4348.70.357.3 
WST-21-0842323.3325.72.414.712.8TLX
Triple Lynx
including323.3323.60.3116100
 333.8337.33.55.28 TLX
Triple Lynx
including335.4336.00.612.8 
 344.7347.02.35.75 Triple Lynx
Triple Lynx
including346.2347.00.815.4 

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

Drill hole location

Hole NumberAzimuth (°)Dip (°)Length (m)UTM EUTM NElevationSection
OSK-W-21-777-W2330-59117045267854345004032675
OSK-W-21-1432-W3132-55109445381154357794004300
OSK-W-21-1432-W4132-55105345381154357794004300
OSK-W-21-1827-W3331-58125145250654343904032475
OSK-W-21-1827-W4331-58104645250654343904032475
OSK-W-21-1949-W5105-57130145344054354794013825
OSK-W-21-1949-W6105-57122745344054354794013825
OSK-W-21-2067-W9123-53116445324154356974163750
OSK-W-21-2287-W1116-53137445360754357144044075
OSK-W-21-2287-W2116-53139245360754357144044075
OSK-W-21-2470-W6132-59111945330454356394153775
OSK-W-21-2478-W6128-5494845299754356074253500
OSK-W-21-2479-W5344-5597845231554344193992325
OSK-W-21-2492-W5122-5388845368754356764014125
OSK-W-21-2503-W2126-58119945333354356414133800
OSK-W-21-2509132-5666345282554353404143225
OSK-W-21-2528-W1333-5472045246954346824032600
OSK-W-21-2531344-62118845256654344154032550
OSK-W-21-2532341-60110745248054344284012475
OSK-W-21-2534343-59120345254954343634012500
OSK-W-21-2537114-54124345298154355494203450
OSK-W-21-2541149-4728545354154360074054175
WST-21-0679145-464414532575435209963525
WST-21-0726149-644544535075435327-73800
WST-21-0763A120-395674535075435332-473800
WST-21-0776160-443764532575435209963525
WST-21-0794121-113154534635435327333775
WST-21-0797A138-467514533215435235543600
WST-21-0811A125-447084533755435296-263675
WST-21-0814154-69645196054347342492175
WST-21-0814A15459745196054347342502175
WST-21-0817169-1011145195854347342492175
WST-21-0823120-355454535075435332-473800
WST-21-0826129-5940345310654350662313325
WST-21-0829131-495764532585435209963525
WST-21-0838131-5636645310654350662313325
WST-21-0841125-6543845310654350662313325
WST-21-0842156-694454535065435327-73800

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

Zone 27
Mineralization most commonly occurs as replacement-type characterized by 5% to 50% disseminated, stringer, semi-massive or stockwork pyrite, ptygmatic tourmaline veins, quartz-tourmaline crustiform veins, local quartz-carbonate veins, and local visible gold. Mineralization is associated with moderate to strong sericite, weak to strong silica, weak chlorite and carbonate and locally weak fuchsite and is hosted in strongly altered andesites, in or at the contact of the rhyolite, or along the contacts with felsic porphyritic intrusions.

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

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.

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

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

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

About the Windfall Gold Deposit
The Windfall gold deposit is located between Val-d'Or and Chibougamau in the Abitibi region of Québec, Canada. The Mineral Resource Estimate (MRE) defined by Osisko, as disclosed in the news release dated 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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