Osisko Expansion Drilling Adds New High Grade at Lynx

2021-03-17 / @nasdaq

 

177 g/t Au Over 3.0 Metres

TORONTO, March 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.

Drilling is currently focused on the Lynx deposit. Significant new analytical results presented below include 66 intercepts in 22 drill holes (5 from surface, 17 from underground) and 21 wedges. The intercepts are located outside the February 2021 mineral resource estimate (“MRE”) (see Osisko news release dated February 17, 2021) 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: “Today’s expansion results in Lynx and Triple Lynx continue to confirm the growth potential of these zones. The higher-grade intercept in OSK-W-20-2381-W1 extends Lynx 90 metres from the nearest MRE block and WST-20-0602 extends Triple Lynx 100 metres from the nearest MRE block”.

Selected high-grade intercepts include: 177 g/t Au over 3.0 metres and 66.6 g/t Au over 2.0 metres in OSK-W-20-2381-W1; 43.4 g/t Au over 5.3 metres in WST-20-0602; 56.4 g/t Au over 3.2 metres in WST-20-0603; 52.1 g/t Au over 3.4 metres in WST-20-0611; 70.2 g/t Au over 2.2 metres in OSK-W-20-2313-W7; 57.2 g/t Au over 2.1 metres in OSK-W-20-2391; and 25.1 g/t Au over 4.8 metres in OSK-W-20-2252-W8. Maps showing hole locations and full analytical results are available at www.osiskomining.com

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-20-2170-W71029.61031.92.311.1 Triple Lynx

Triple Lynx

including1029.61030.00.459.7 
OSK-W-20-2252-W101182.61184.82.23.89 Triple LynxTriple Lynx
 1190.21192.42.213.8 Triple Lynx

Triple Lynx

including1191.21192.10.931.3 
 1204.31206.32.04.22 Triple LynxTriple Lynx
OSK-W-20-2252-W8975.2980.04.825.122.6Triple Lynx

Triple Lynx

including976.5977.71.285.875.6
OSK-W-20-2271-W21133.51135.52.03.64 Lynx 4

Lynx

including1134.01134.50.514.5 
OSK-W-20-2271-W51064.61067.42.84.74 Lynx 4

Lynx

including1064.61065.00.413.1 
OSK-W-20-2280-W7977.0981.84.87.78 Triple Lynx

Triple Lynx

including977.0977.40.430.4 
OSK-W-20-2283-W2951.0953.02.03.94 Triple LynxTriple Lynx
OSK-W-20-22871245.01247.02.03.51 Lynx 4Lynx
OSK-W-20-2292-W11131.81134.02.23.66 Triple Lynx

Triple Lynx

including1131.81132.10.323.5 
OSK-W-20-2313-W7993.0995.22.270.214.4Triple Lynx

Triple Lynx

including994.9995.20.3509100
OSK-W-20-2313-W9793.0797.54.55.65 Triple Lynx

Triple Lynx

including796.5797.51.013.4 
OSK-W-20-2322-W11047.41049.72.33.69 Lynx 4

Lynx

including1047.41048.00.613.7 
OSK-W-20-2328898.2900.52.33.64 Lynx 4Lynx
OSK-W-20-2363578.0582.04.06.19 Triple Lynx

Triple Lynx

including581.3582.00.724.4 
OSK-W-20-2363-W1662.0664.12.14.43 Triple LynxTriple Lynx
OSK-W-20-2363-W2751.0753.52.55.90 Triple Lynx

Triple Lynx

including753.0753.50.512.0 
 867.6870.02.45.18 Triple Lynx

Triple Lynx

including867.6868.00.427.7 
 887.0889.02.03.75 Triple LynxTriple Lynx
OSK-W-20-2363-W3999.11001.62.54.52 Triple LynxTriple Lynx
OSK-W-20-2371-W1654.0656.32.317.9 Triple Lynx

Triple Lynx

including655.2655.80.660.8 
 717.0719.02.05.97 Triple LynxTriple Lynx
 937.0939.02.03.68 Triple Lynx

Triple Lynx

including938.1938.40.320.4 
 977.5980.93.410.8 Triple Lynx

Triple Lynx

including977.5977.80.370.1 
OSK-W-20-2371-W2815.0817.02.03.60 Triple LynxTriple Lynx
 1047.01049.02.04.04 Lynx 4

Lynx

including1047.41048.10.711.4 
OSK-W-20-2375-W3918.0920.02.03.86 Lynx 4Lynx
OSK-W-20-2381-W11332.01335.03.017738.2Lynx 4

Lynx

including1332.01333.01.0515100
 1364.51366.52.066.626.6Lynx 4

Lynx

including1366.11366.50.4300100
OSK-W-20-23911183.31185.42.157.226.2Triple Lynx

Triple Lynx

including1185.11185.40.3317100
 1283.01285.12.19.73 Triple Lynx

Triple Lynx

including1283.71284.00.358.1 
OSK-W-20-2391-W21380.01382.02.010.7 Triple Lynx

Triple Lynx

including1380.91381.20.365.3 
 1390.31394.74.421.2 Triple Lynx



Triple Lynx



including1392.81393.10.365.3 
and1393.91394.70.858.0 
OSK-W-20-2394-W1889.0891.02.05.04 Triple LynxTriple Lynx
OSK-W-20-2394-W31012.61015.02.433.5 Triple Lynx

Triple Lynx

including1013.21014.00.899.9 
OSK-W-21-2445445.0447.02.010.3 Triple Lynx

Triple Lynx

including446.7447.00.361.6 
WST-20-0522243.0245.12.13.79 Lynx SWLynx SW
WST-20-0523A297.0299.02.03.83 Lynx SWLynx SW
WST-20-0524238.7241.02.33.60 Lynx SW

Lynx SW

including239.6240.00.416.9 
WST-20-0548A271.4273.62.23.60 Triple Lynx

Triple Lynx

including272.1272.80.710.9 
WST-20-0554357.4359.42.06.43 Triple LynxTriple Lynx
 424.0426.22.23.77 Triple LynxTriple Lynx
WST-20-0569412.0414.02.04.31 Lynx SW

Lynx

including412.4412.70.327.6 
WST-20-0570323.0325.02.03.85 Lynx SWLynx SW
WST-20-0574302.9305.72.89.11 Lynx SWLynx SW
 308.0310.02.04.07 Lynx SWLynx SW
 394.5396.92.45.64 Lynx SWLynx SW
 416.0418.72.79.20 Lynx SW

Lynx SW

including418.4418.70.378.9 
 510.8513.02.24.58 Lynx SW

Lynx SW

including511.7512.20.520.0 
WST-20-0575159.0161.02.03.54 Triple LynxTriple Lynx
WST-20-0602397.1400.43.39.53 Lynx SW

Lynx SW

including397.6398.00.428.7 
 572.0577.35.343.429.9Lynx SW

Lynx SW

including572.0573.01.0172100
WST-20-0603250.5253.73.256.434.3Lynx SW

Lynx SW

including252.0252.70.7201100
 257.8260.02.25.07 Lynx SWLynx SW
 278.0280.02.028.0 Triple Lynx

Triple Lynx

including278.7279.20.595.2 
WST-20-0606A248.5250.52.05.41 Lynx SWLynx SW
 273.2275.22.015.3 Lynx SW

Lynx SW

including273.7274.00.337.3 
 329.0331.02.04.41 Lynx SWLynx SW
WST-20-0609299.0301.42.412.9 Lynx SW

Lynx SW

including300.9301.40.557.0 
 326.7329.02.34.77 Triple Lynx

Triple Lynx

including326.7327.40.711.1 
 346.7349.02.33.90 Lynx SW

Lynx SW

including346.7347.20.517.4 
WST-20-0611289.0292.43.452.127.0Triple Lynx

Triple Lynx

including291.8292.40.6242100
WST-20-0615258.1260.52.412.0 Lynx SWLynx SW
WST-20-0626451.7453.82.14.51 Lynx SWLynx SW
WST-20-063114.817.02.27.22 Lynx

Lynx

including14.815.60.819.7 

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

Drill hole location

Hole NumberAzimuth (°)Dip (°)Length (m)UTM EUTM NElevationSection
OSK-W-20-2170-W7128-59120545342554356574133900
OSK-W-20-2252-W10129-54122645324154356944153750
OSK-W-20-2252-W8129-54123945324154356944153750
OSK-W-20-2271-W2120-53122345346254356824103950
OSK-W-20-2271-W5120-53124745346254356824103950
OSK-W-20-2280-W7127-58113145330454356394153775
OSK-W-20-2283-W2135-50101145299754356074253500
OSK-W-20-2287116-53140645360754357144044075
OSK-W-20-2292-W1125-54114945303554355614203525
OSK-W-20-2313-W7134-52108645296554355834203450
OSK-W-20-2313-W9134-52121845296554355834203450
OSK-W-20-2322-W1130-54123345360854357154034075
OSK-W-20-2328136-5694245287254351534093175
OSK-W-20-2363139-52103145293054355484193425
OSK-W-20-2363-W1139-52105945293054355484193425
OSK-W-20-2363-W2139-52103545293054355484193425
OSK-W-20-2363-W3139-52118545293054355484193425
OSK-W-20-2371-W1123-53103245299654353644123375
OSK-W-20-2371-W2123-53125145299654353644123375
OSK-W-20-2375-W3122-56102045381054357794004300
OSK-W-20-2381-W1134-53151245362054357914024125
OSK-W-20-2391117-57162945328154358944083900
OSK-W-20-2391-W2117-57188845328154358944083900
OSK-W-20-2394-W1138-52106545292254354684153375
OSK-W-20-2394-W3138-52102045292254354684153375
OSK-W-21-2445141-5094545290654354344153325
WST-20-0522177-5245745310454350642313325
WST-20-0523A165-4638745310454350652313325
WST-20-0524182-4424345310354350642313325
WST-20-0548A166-6037045322854351261353475
WST-20-0554148-445624532575435209963525
WST-20-0569164-5952645310454350652313325
WST-20-0570159-5145445310454350652313325
WST-20-0574139-6352345295554350032533175
WST-20-0575280-332804534135435309693725
WST-20-0602160-6265145322754351261343475
WST-20-0603161-5952545322754351251343475
WST-20-0606A141-5653145310554350652313325
WST-20-0609188-5646145317754351261733425
WST-20-0611118-633784533585435273163650
WST-20-0615177-5851945322754351251343475
WST-20-0626194-5947145317654351251733425
WST-20-0631136-31664533225435235553600

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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