Osisko Drilling Returns High Grade at Lynx

2021-04-08 / @nasdaq

 

369 g/t Au Over 3.5 Metres in Lynx

155 g/t Au Over 3.0 Metres in Triple Lynx

TORONTO, April 08, 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 78 intercepts in 46 drill holes (12 from surface, 22 from underground) and 12 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 mineral resource estimate (“MRE”) and either expand resource wireframes or are located in a defined zone or corridor but do not yet correlate to a specific wireframe.

Osisko Chief Executive Officer John Burzynski commented: “Once again the drilling in the Lynx area delivers both inside and outside of the February 2021 MRE blocks. Further, expansion drilling in the Triple Lynx corridor continues to provide strong targets for growth as demonstrated by Hole OSK-W-20-2371-W1, one of our top results today. As we noted in our April 7, 2021 PEA update, ongoing drilling is showing great potential to see further increases in the already strong economic base case of the Windfall deposit.”

Selected high-grade intercepts include: 369 g/t Au over 3.5 metres in OSK-W-21-2369-W3; 155 g/t Au over 3.0 metres and 45.7 g/t Au over 2.1 metres in WST-21-0670; 129 g/t Au over 3.2 metres in OSK-W-20-2252-W11, 144 g/t Au over 2.5 metres in WST-21-0657; 123 g/t Au over 2.4 metres in OSK-W-20-2371-W1, 78.4 g/t Au over 3.1 metres in OSK-W-21-2480, 70.0 g/t Au over 2.6 metres in WST-20-0568, 76.4 g/t Au over 2.2 metres in WST-20-0578, and 52.6 g/t Au over 2.3 metres in OSK-W-20-2420. 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-20-24161019.11021.12.07.61 TLX_3162

Triple Lynx

including1019.41020.00.621.6 
OSK-W-20-2426346.0348.02.05.84 TLX_3178

Triple Lynx

including347.0347.30.334.2 
OSK-W-20-2428720.0722.42.425.0 Lynx_3304

Lynx

including721.1721.90.861.0 
OSK-W-20-2431759.0761.02.03.86 TLX_3129

Triple Lynx

including760.0760.70.710.9 
 806.0808.12.16.53 TLX_3195

Triple Lynx

including807.6808.10.525.9 
OSK-W-21-2363-W4748.2750.82.616.3 TLX_3171

Triple Lynx

including750.0750.50.533.7 
OSK-W-21-2369-W3672.8676.33.5369100LXM_3304











Lynx











Including672.8673.50.7127100
and673.5674.20.7545100
and674.2674.60.4192100
and674.6675.00.4155100
and675.0675.60.6557100
and675.6676.30.7500100
OSK-W-21-2394-W4668.7671.02.340.9 TLX_3184

Triple Lynx

including669.1670.00.999.7 
 882.0884.02.03.11 TLX_3130Triple Lynx
OSK-W-21-2394-W5652.5655.42.93.86 TLX_3171

Triple Lynx

including654.5655.40.97.79 
OSK-W-21-2416-W2927.5929.72.27.16 TLX_3161

Triple Lynx

including928.2928.80.622.5 
 936.9944.07.15.15 TLX_3161

Triple Lynx

including937.5938.20.715.8 
OSK-W-21-2436-W1698.2703.04.84.28 LX4_3424

Lynx 4

including698.2699.00.811.2 
OSK-W-21-24431062.91065.02.16.51 Triple Lynx

Triple Lynx

including1064.31065.00.716.6 
OSK-W-21-2452714.0716.62.613.5 TLX_3198Triple Lynx
 747.0749.22.24.46 TLX_3129

Triple Lynx

including747.0747.70.710.2 
OSK-W-21-2457773.7776.02.333.418.6Lynx_3437

Lynx

including774.8775.20.4185100
OSK-W-21-2464720.8731.510.77.23 Lynx_3304

Lynx

including725.8726.81.017.2 
OSK-W-21-2480741.4744.53.178.431.5LXM_3304

Lynx

including742.8743.50.7308100
WST-20-0573336.1338.32.24.76 LXSW_3556

Lynx

including336.1336.80.712.3 
WST-20-0605A461.0463.02.09.11 LXSW_3502

Lynx

including461.7462.30.630.2 
WST-21-0614308.0310.02.03.74 TLX_3169Triple Lynx
 313.0315.32.38.89 TLX_3169

Triple Lynx

including314.9315.30.417.8 
WST-21-0620A274.0276.02.04.97 TLX_3164Triple Lynx
WST-21-0636114.0116.02.04.42 LXM_3334Lynx
WST-21-0637323.0327.04.07.64 TLX_3167

Triple Lynx

including326.0327.01.015.4 
 475.5478.02.53.47 Lynx 4Lynx
 507.0509.02.09.77 LX4_3450

Lynx 4

including507.3507.60.360.5 
WST-21-0647311.0313.02.05.83 TLX_3166

Triple Lynx

including312.3313.00.714.9 
WST-21-0648B59.061.42.44.28 Lynx_3339Lynx
WST-21-0656284.0286.22.23.16 TLX_3164Triple Lynx
WST-21-0657219.5222.02.514455.3TLX_3161

Triple Lynx

including220.8221.30.5543100
WST-21-0659360.9364.03.16.83 TLX_3131Triple Lynx
WST-21-0670364.3367.33.015564.8TLX_3166

Triple Lynx

including364.3365.31.0369100
 369.3371.42.145.723.8TLX_3166

Triple Lynx

including369.9370.40.5191100
 409.5412.02.56.63 TLX_3165

Triple Lynx

including410.0410.40.430.6 
WST-21-0690274.5276.92.47.31 TLX_3164Triple Lynx

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 No.From
(m)
To
(m)
Interval
(m)
Au (g/t)
uncut
Au (g/t)
cut to
100 g/t
ZoneCorridor
OSK-W-20-2252-W11944.0946.02.04.53 Triple LynxTriple Lynx
 961.1963.52.419.115.2Triple Lynx

Triple Lynx

including961.4961.70.3131100
 965.8969.03.212921.2Triple Lynx

Triple Lynx

including967.8968.10.31250100
 975.0977.02.04.58 Triple LynxTriple Lynx
OSK-W-20-2313-W101009.01011.02.03.49 Triple LynxTriple Lynx
 1052.01054.02.022.4 Triple Lynx

Triple Lynx

including1052.01053.01.044.6 
OSK-W-20-2363-W3957.0961.74.76.61 Triple Lynx

Triple Lynx

including957.0957.60.618.4 
OSK-W-20-2371-W11007.31009.72.412327.2Triple Lynx

Triple Lynx

including1007.31007.90.6483100
OSK-W-20-2397-W1652.0654.02.013.4 LXM_3304

Lynx

including652.3653.10.833.1 
OSK-W-20-2416946.0948.02.07.01 Triple LynxTriple Lynx
 967.0976.49.410.0 Triple Lynx

Triple Lynx

including971.0972.01.029.5 
OSK-W-20-2420744.0746.32.352.651.3Lynx

Lynx

including744.5745.51.0103100
 983.0985.12.14.06 Triple Lynx

Triple Lynx

including983.0984.01.08.45 
OSK-W-20-2426634.0636.02.017.6 Triple Lynx

Triple Lynx

including635.0636.01.032.4 
 751.0753.02.011.7 Triple LynxTriple Lynx
OSK-W-20-2428665.0667.32.319.3 Lynx

Lynx

including665.0666.31.334.1 
 686.5690.33.84.58 Lynx

Lynx

including686.5687.00.512.2 
OSK-W-20-2431759.0761.02.03.86 Triple Lynx

Triple Lynx

including760.0760.70.710.9 
 806.0808.12.16.53 TLX_3195

Triple Lynx

including807.6808.10.525.9 
OSK-W-21-2363-W4806.6809.02.411.5 Triple Lynx

Triple Lynx

including806.6806.90.391.9 
 812.5816.03.515.5 Triple Lynx

Triple Lynx

including812.5813.40.933.9 
OSK-W-21-2394-W5600.0602.02.06.49 Triple LynxTriple Lynx
OSK-W-21-24431062.91065.02.16.51 Triple Lynx

Triple Lynx

including1064.31065.00.716.6 
OSK-W-21-2445590.4593.02.63.28 Triple Lynx

Triple Lynx

including590.4590.80.419.7 
 852.0854.12.13.56 Triple LynxTriple Lynx
OSK-W-21-2445-W1596.2598.52.34.04 Triple LynxTriple Lynx
 618.0620.02.03.69 Triple Lynx

Triple Lynx

including618.0619.01.07.22 
OSK-W-21-2459705.6707.92.34.49 Triple LynxTriple Lynx
WST-20-0568273.6276.22.670.013.6Lynx SW

Lynx SW

including275.9276.20.3589100
WST-20-0570290.7292.92.23.46 Lynx SW

Lynx SW

including291.1291.90.89.09 
WST-20-0578151.5153.72.276.414.4Lynx

Lynx

including152.4152.70.3555100
WST-20-0605A258.0260.02.03.58 Lynx SW

Lynx SW

including258.0259.01.07.12 
WST-20-0613376.0385.09.07.47 Triple Lynx





Triple Lynx





including380.4380.80.416.5 
and381.1382.00.927.6 
and383.4384.00.615.5 
WST-20-0613396.0398.02.05.05 Triple LynxTriple Lynx
 241.8244.02.24.37 Lynx SWLynx SW
 377.9380.02.18.67 Lynx SW

Lynx SW

including377.9378.40.536.2 
WST-21-0637172.0174.02.05.30 Triple Lynx

Triple Lynx

including172.0172.50.518.1 
WST-21-0662212.0214.02.012.7 Lynx SW

Lynx SW

including212.5213.00.534.1 
WST-21-067848.050.02.04.30 Lynx

Lynx

including48.048.50.511.7 
WST-21-0689A389.0391.22.28.67 Triple LynxTriple Lynx
WST-21-0683538.6540.72.17.03 Lynx 4Lynx

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

Drill hole location

Hole NumberAzimuth
(°)
Dip
(°)
Length
(m)
UTM EUTM NElevationSection
OSK-W-20-2252-W11129-54119145324154356944153750
OSK-W-20-2313-W10134-52105945296554355834203450
OSK-W-20-2363-W3139-52118545293054355484193425
OSK-W-20-2371-W1123-53103245299654353634123375
OSK-W-20-2397-W1131-58120045345154355944123900
OSK-W-20-2416123-54112845316954356244123650
OSK-W-20-2420124-59118545339754355574133825
OSK-W-20-2426134-56103545300854353884133400
OSK-W-20-2428127-53125745341254356334123875
OSK-W-20-2431136-5784945300854353884123400
OSK-W-21-2363-W4139-52127045293054355484193425
OSK-W-21-2369-W3130-56141545342454355664103850
OSK-W-21-2394-W4138-5292045292354354674143375
OSK-W-21-2394-W5138-5291545292354354674143375
OSK-W-21-2416-W2123-54126645316954356244123650
OSK-W-21-2436-W1130-5774445370954356184004125
OSK-W-21-2443127-56116445330454356394153775
OSK-W-21-2445141-5094545290654354344153325
OSK-W-21-2445-W1141-5090945290654354344153325
OSK-W-21-2452137-5689145300854353884123400
OSK-W-21-245715-7795745413554350583974225
OSK-W-21-2459132-52122745299754356074253500
OSK-W-21-2464120-53103145341254356334123875
OSK-W-21-2480121-55123045341254356334123875
WST-20-0568157-5849345310454350652313325
WST-20-0570159-5145445310454350652313325
WST-20-0573148-5943645295554350032533175
WST-20-0578154-478024534185435305693725
WST-20-0605A148-6153245310554350652313325
WST-20-0613123-554424533585435273163650
WST-20-0616179-6145945322854351261353475
WST-21-0614131-594274533575435273163650
WST-21-0620A174-573004535075435327-73800
WST-21-0636133-361784533225435235553600
WST-21-0637151-475504533215435235543600
WST-21-0647150-5934545322854351261353475
WST-21-0648B166-5934545322854351261353475
WST-21-0656139-613224533575435272163650
WST-21-0657141-564484533575435272163650
WST-21-0659126-453974533575435272163650
WST-21-0662149-5022045295554350032533175
WST-21-0670142-434714532575435209963525
WST-21-0678153-505744533215435235553600
WST-21-0683146-406364532575435210953525
WST-21-0689A161-643974533565435272163650
WST-21-0690150-633074533565435272163650

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), 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. 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 defined by Osisko, as disclosed in the news release dated February 17, 2021 and supported by the technical report entitled “Mineral Resource Estimate Update for the Windfall Project, Eeyou Istchee James Bay, Québec, Canada” dated March 8, 2021 (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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