Osisko Drilling Returns 319 g/t Au Over 10.5 Metres in Lynx

2021-11-17 / @nasdaq

 

TORONTO, Nov. 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 54 intercepts in 14 drill holes (7 from surface, 7 from underground) and 11 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 main infill drill campaign at Windfall, with the objective of converting inferred resources into measured and indicated resources, has been successfully completed with the continued intersection of high-grade intervals as illustrated by today’s headline hole. Selective expansion drilling continues to successfully extend previously defined zones and define new ones. Both programs are in support of the mineral resource estimate update, expected to be completed early in the New Year. We have recently reduced our drill count from 35 rigs to 15 rigs with the completion of the infill program, but selective infill drilling will continue throughout the winter, as well as an expanded focus on exploration drilling in the vicinity of Windfall.”

Selected high-grade intercepts include: 319 g/t Au over 10.5 metres in OSK-W-21-2287-W6; 124 g/t Au over 4.3 metres, 89.2 g/t Au over 3.5 metres and 133 g/t Au over 2.3 metres in OSK-W-21-2547-W1; 143 g/t Au over 2.2 metres in OSK-W-21-2503-W3; 48.5 g/t Au over 3.2 metres in OSK-W-21-2552; 62.5 g/t Au over 2.2 metres in WST-21-0881A; 10.7 g/t Au over 11.6 metres in OSK-W-21-2537-W4; 37.3 g/t Au over 3.2 metres in OSK-W-21-1882-W7 and 32.1 g/t Au over 3.5 metres in WST-21-0812. 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-21-1882-W7795.1797.32.215.0 UDD_4100

Underdog

including795.9796.30.449.2 
 799.0802.23.237.317.5UDD_4100

Underdog

including801.9802.20.3312100
OSK-W-21-1882-W8749.7752.02.34.38 UDD_4121

Underdog

including750.6751.20.614.8 
 829.5831.52.015.1 UDD_4100

Underdog

including831.2831.50.394.2 
OSK-W-21-1949-W91063.01065.02.028.5 LX4_3430

Lynx 4

including1063.01063.90.959.3 
OSK-W-21-1958-W4978.4982.33.917.7 LX4_3431Lynx 4
OSK-W-21-2287-W61259.21269.710.531932.5LX4_3449

Lynx 4

including1259.21260.41.22550100
OSK-W-21-2503-W31111.81114.02.214361.3TLX_3172

Triple Lynx

including1111.81112.10.3316100
 1117.01119.02.04.55 TLX_3172Triple Lynx
OSK-W-21-2532-W2963.0965.52.54.37 UDD_4515

Underdog

including963.4963.80.422.9 
 976.0978.02.08.96 UDD_4511

Underdog

including976.3976.60.353.8 
OSK-W-21-2537-W4920.7922.82.113.6 TLX_3161

Triple Lynx

including920.7921.00.362.9 
 928.0932.04.012.8 TLX_3161

Triple Lynx

including928.0928.30.390.9 
 935.4947.011.610.7 TLX_3161



Triple Lynx



including935.4935.80.444.1 
and940.0941.01.041.0 
OSK-W-21-2547-W1698.0700.02.05.97 TLX_3171

Triple Lynx

including699.2699.50.337.9 
 723.0725.02.04.66 TLX_3184Triple Lynx
 747.0749.32.313313.3TLX_3184

Triple Lynx

including749.0749.30.31020100
OSK-W-21-2551-W3886.0888.22.220.7 LX4_3437

Lynx 4

including886.8887.30.588.3 
OSK-W-21-2552116.0118.42.45.48 CA1_2504Caribou
 153.2156.43.248.514.4CA1_2518

Caribou

including153.2153.50.3464100
 339.7343.53.819.0 Z27_1123

Zone 27

including342.1342.50.442.7 
 521.7523.82.18.37 MAL_5215

Mallard

including521.7522.00.354.9 
OSK-W-21-2578-W1862.0864.02.011.8 UDD_4910

Underdog

including862.5863.20.733.2 
OSK-W-21-2581687.0689.02.04.60 UDD_4103Underdog
OSK-W-21-2585134.6137.02.439.227.0F51_6008

F-51

including135.7136.20.5159100
OSK-W-21-2586647.4651.03.66.73 CA2_2241

Caribou

including647.4648.00.614.1 
 657.3660.02.74.15 CA2_2214Caribou
OSK-W-21-260450.552.82.312.1 WFN_7003

Windfall North

including51.652.00.427.9 
 105.0107.02.08.72 WFN_7008

Windfall North

including106.0107.01.017.4 
WST-21-0812319.5323.03.532.1 LSW_3502Lynx SW
WST-21-0862C339.0341.52.55.75 LSW_3556

Lynx SW

including339.8340.10.330.8 
WST-21-0865C243.0245.12.118.614.4LHW_3221

Lynx HW

including244.8245.10.3129100
 273.0275.32.36.32 LHW_3215

Lynx HW

including273.5274.30.817.8 
 277.0279.12.19.83 LHW_3215

Lynx HW

including278.1279.11.020.6 
WST-21-0867B304.5306.72.28.34 LHW_3201

Lynx HW

including304.8305.20.445.2 
WST-21-0881A76.078.22.262.514.4LXM_3361

Lynx

including76.676.90.3453100

Notes: True widths are estimated at 55 – 80% of the reported core length interval. See "Quality Control and Reporting Protocols" below. CA1 and CA2 = Caribou, LX4 = Lynx 4, LHW = Lynx Hanging Wall, LSW = Lynx Southwest, LXM = Lynx Main, MAL = Mallard, TLX = Triple Lynx, UDD = Underdog, WNF = Windfall North, and Z27 = Zone 27.

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-21-1949-W91080.01082.02.020.8 Lynx 4Lynx
OSK-W-21-2547-W1786.0788.02.06.19 Triple LynxTriple Lynx
 800.7805.04.312427.1Triple Lynx

Triple Lynx

including802.9803.30.41145100
 807.0810.03.05.51 Triple LynxTriple Lynx
 813.8817.33.589.220.0Triple Lynx

Triple Lynx

including813.8814.10.3908100
OSK-W-21-2552217.4219.62.23.93 Caribou

Caribou

including219.0219.60.613.2 
 421.9424.22.35.47 Z27Zone 27
OSK-W-21-2572339.0341.02.07.39 Bobcat

Bobcat

including339.7340.20.527.9 
OSK-W-21-2578-W1653.3655.32.010.2 UDD

Underdog

including653.3653.70.450.3 
 698.0700.32.312.2 UnderdogUnderdog
 732.8736.23.43.56 Underdog



Underdog



including732.8733.10.318.3 
and735.9736.20.314.4 
OSK-W-21-2598125.0127.02.04.15 WFN

Windfall North

including126.1126.40.326.0 
WST-21-0862C92.594.72.212.1 BCTBobcat
 349.0351.22.24.21 Lynx SW

Lynx SW

including350.1350.70.68.89 
WST-21-0881A274.4276.62.25.93 Lynx SW

Lynx SW

including275.5275.90.420.5 
WST-21-0882A153.0155.32.35.74 Lynx SW

Lynx SW

including153.0153.60.612.8 
 230.0232.02.04.35 Lynx SW

Lynx SW

including231.4232.00.614.2 
WST-21-0884274.0276.12.125.1 TLX_3161

Triple Lynx

including274.5275.51.047.2 

Notes: True widths are estimated at 55 – 80% of the reported core length interval. See "Quality Control and Reporting Protocols" below. BCT = Bobcat, SW = Southwest, TLX = Triple Lynx, UDD = Underdog, WFN = Windfall North and Z27 = Zone 27.

Drill hole location

Hole NumberAzimuth (°)Dip (°)Length (m)UTM EUTM NElevationSection
OSK-W-21-1882-W7328-5880745246954344054002450
OSK-W-21-1882-W8328-5887945246954344054002450
OSK-W-21-1949-W9105-57114045344054354794013825
OSK-W-21-1958-W4111-52106645343054355724113850
OSK-W-21-2287-W6116-53144345360754357144044075
OSK-W-21-2503-W3126-58125745333354356414133800
OSK-W-21-2532-W2341-60114545248054344284012475
OSK-W-21-2537-W4114-5494745298154355504203450
OSK-W-21-2547-W1140-5579045288654354844093350
OSK-W-21-2551-W3120-5595445362254356354054050
OSK-W-21-2552335-5268445240454346744002525
OSK-W-21-2572146-5077745288654354844093350
OSK-W-21-2578-W1350-5391845217854343973992200
OSK-W-21-2581333-4975545246954346274032550
OSK-W-21-2585169-6218045342654358584054000
OSK-W-21-2586334-6070645268254343514022625
OSK-W-21-2598343-4621045211854350984062475
OSK-W-21-2604353-4827045219754351064062550
WST-21-0812149-5137045295454350032533175
WST-21-0862C147-5640545295454350032523175
WST-21-0865C115-043044534625435327333775
WST-21-0867B110-133464534625435327333775
WST-21-0881A148-5745745310554350652313325
WST-21-0882A120-6035045295554350032533175
WST-21-0884123-663224535095435328-73800

Lynx Zones
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.

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

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.

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.

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

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.

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.

Windfall North
Mineralization is hosted in sheared andesites and most commonly occurs in gold-bearing quartz veins with trace to 10% pyrite, traces of sphalerite and chalcopyrite, and local visible gold. Mineralization is hosted in a silica-carbonate-sericite alteration envelope and is constrained within shear zones with pervasive sericite-carbonate ± fuchsite ± silica alteration.

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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