Osisko Infill Continues to Deliver With 342 g/t Au Over 2.5 Metres

2021-03-01 / @nasdaq

 

TORONTO, March 01, 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.

Infill drilling is currently focused on the Lynx deposit. Osisko Chief Executive Officer John Burzynski commented: “Lynx continues to deliver with high-grade and width as we infill the mineral resource estimate (“MRE”) areas published earlier this month.”

The table below contains resource definition infill intercepts located inside defined February 2021 MRE blocks (see Osisko news release dated February 17, 2021). Significant new analytical results are presented below, including 80 intercepts in 21 drill holes (7 from surface, 14 from underground) and 26 wedges.

Select intercepts include: 342 g/t Au over 2.5 metres in OSK-W-20-1432-W2; 37.7 g/t Au over 7.2 metres in OSK-W-20-2283-W5; 56.4 g/t Au over 4.0 metres, 18.3 g/t Au over 5.5 metres and 45.3 g/t Au over 2.1 metres in OSK-W-20-2256-W8; 79.8 g/t Au over 2.4 metres in OSK-W-20-2397; 63.8 g/t Au over 2.4 metres in OSK-W-20-2271-W6; 36.0 g/t Au over 2.7 metres in WST-20-0548A; 42.2 g/t Au over 2.0 metres in OSK-W-20-2280-W6; and 21.1 g/t Au over 4.0 metres in OSK-W-20-2283-W4. 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-20-1432-W2959.5962.02.534272.1LX4_3437

Lynx
including960.2961.00.8596100
OSK-W-20-2133-W4966.4969.02.63.85 TLX_3188Triple Lynx
OSK-W-20-2170-W7971.0973.02.025.5 TLX_3163
Triple Lynx
including971.0972.01.041.1 
 995.0997.52.54.18 TLX_3163Triple Lynx
 1051.01053.02.04.07 TLX_3162Triple Lynx
OSK-W-20-2252-W5901.0903.02.03.30 TLX_3185Triple Lynx
OSK-W-20-2252-W10939.9942.02.13.31 TLX_3163Triple Lynx
OSK-W-20-2256-W8872.5877.04.54.39 TLX_3189Triple Lynx
 883.2887.03.84.17 TLX_3161
Triple Lynx
including886.0886.50.58.68 
 888.5890.52.07.73 TLX_3161
Triple Lynx
including889.4889.90.530.2 
 901.7905.74.056.448.5TLX_3161
Triple Lynx
including901.7902.20.5139100
and903.0903.50.5125100
 907.7913.25.518.3 TLX_3161
Triple Lynx
including911.7912.50.844.5 
 921.0923.12.145.3 TLX_3161
Triple Lynx
including922.1923.11.092.7 
 961.0966.35.313.4 TLX_3163
Triple Lynx
including965.7966.30.687.2 
 972.0974.02.03.59 TLX_3163Triple Lynx
 1001.21003.62.413.8 TLX_3164
Triple Lynx
including1002.21002.60.440.5 
OSK-W-20-2271-W31093.01095.02.04.59 LX4_3440Lynx
OSK-W-20-2271-W41085.01087.02.09.68 LX4_3418
Lynx
including1085.01085.50.521.0 
OSK-W-20-2271-W5825.5828.02.529.512.4LXM_3317
Lynx
including826.2826.50.3242100
 1177.21179.82.66.19 LX4_3430Lynx
OSK-W-20-2271-W6849.0851.02.05.07 LXM_3345Lynx
 1131.61133.72.110.5 LX4_3434
Lynx
including1132.71133.00.346.1 
 1135.61138.02.463.826.7LX4_3434
Lynx
including1137.31137.70.4323100
OSK-W-20-2280-W21096.41098.82.46.46 TLX_3170Triple Lynx
OSK-W-20-2280-W6916.0918.12.13.88 TLX_3161
Triple Lynx
including916.7917.10.416.3 
 951.0953.72.73.43 TLX_3180Triple Lynx
 956.0958.02.03.64 TLX_3180Triple Lynx
 965.0967.02.042.2 TLX_3180
Triple Lynx
including966.0967.01.082.8 
 1033.11036.02.94.53 TLX_3164
Triple Lynx
including1033.41033.80.425.0 
 1062.61064.92.37.50 TLX_3162
Triple Lynx
including1063.51064.30.820.5 
OSK-W-20-2280-W71017.21019.62.44.06 TLX_3164Triple Lynx
OSK-W-20-2280-W9979.0981.02.03.17 TLX_3180Triple Lynx
 985.0987.02.04.84 TLX_3180
Triple Lynx
including986.7987.00.321.0 
 1020.01022.52.55.00 TLX_3183Triple Lynx
 1066.11069.02.95.01 TLX_3164
Triple Lynx
including1066.11066.40.326.0 
 1082.01089.07.04.51 TLX_3162
Triple Lynx
including1087.71088.10.422.2 
OSK-W-20-2283-W3787.0789.02.05.52 TLX_3171
Triple Lynx
including788.0788.30.335.6 
 805.0807.02.03.51 TLX_3184Triple Lynx
OSK-W-20-2283-W4792.0796.04.021.1 TLX_3171Triple Lynx
 808.0810.92.99.76 TLX_3184
Triple Lynx
including809.1810.00.919.6 
 921.0926.05.05.16 TLX_3194
Triple Lynx
including922.7924.01.313.9 
OSK-W-20-2283-W5803.8811.07.237.7 TLX_3171
Triple Lynx
including807.7809.01.376.5 
OSK-W-20-2283-W7840.0847.07.010.4 TLX_3184
Triple Lynx
including844.0845.01.042.3 
 849.0852.03.06.33 TLX_3184Triple Lynx
OSK-W-20-2295-W4882.0884.32.326.821.5TLX_3195
Triple Lynx
including882.4882.70.3141100
and884.0884.30.355.8 
OSK-W-20-2313-W7960.0962.02.03.92 TLX_3193
Triple Lynx
including960.7961.40.711.0 
OSK-W-20-2313-W8827.8830.02.23.82 TLX_3171
Triple Lynx
including828.6828.90.320.8 
OSK-W-20-2322-W31138.01140.22.26.26 LX4_3430
Lynx
including1139.61140.20.616.5 
OSK-W-20-2346978.0980.02.012.1 LX4_3413Lynx
 1092.01094.12.13.83 LX4_3438Lynx
OSK-W-20-2363630.0632.12.116.7 TLX_3178
Triple Lynx
including630.4630.90.562.2 
OSK-W-20-2363-W1955.0957.02.07.28 TLX_3195Triple Lynx
OSK-W-20-2375887.3890.02.79.19 LX4_3414
Lynx
including888.3889.00.731.4 
OSK-W-20-2381-W11228.01230.02.08.54 LX4_3449
Lynx
including1228.01228.70.724.3 
OSK-W-20-2384991.0993.02.07.24 LX4_3430Lynx
 1000.51003.02.526.522.2LX4_3430
Lynx
including1001.21001.70.5122100
 1013.01015.02.019.5 LX4_3430Lynx
OSK-W-20-2385755.0757.32.317.0 LX4_3426
Lynx
including755.0756.01.038.1 
 776.0778.02.031.2 LX4_3426
Lynx
including777.0777.50.598.0 
OSK-W-20-2385-W1778.7781.02.36.32 LX4_3426
Lynx
including779.2779.60.424.3 
OSK-W-20-2394652.0654.02.05.93 TLX_3184
Triple Lynx
including652.4652.80.417.7 
OSK-W-20-2394-W1642.8645.02.214.5 TLX_3171
Triple Lynx
including643.3643.70.453.1 
OSK-W-20-2397660.8664.43.611.1 LXM_3304
Lynx
including660.8661.40.643.3 
 667.5669.92.479.841.9LXM_3304
Lynx
including668.2669.10.9201100
 676.9679.12.220.5 LXM_3304
Lynx
including678.1678.60.582.9 
WST-20-0492116.9119.22.322.317.6LXM_3303
Lynx
including116.9117.30.4127100
WST-20-052481.986.24.33.58 LXM_3311Lynx
WST-20-0548A67.670.32.736.0 LXM_3339
Lynx
including67.668.30.764.9 
WST-20-0553131.7134.12.48.67 LXM_3303
Lynx
including132.3132.80.533.0 
WST-20-057070.772.72.08.74 LXM_3361
Lynx
including70.771.71.016.9 
 274.1276.12.06.79 LXSW_3556
Lynx SW
including274.1275.00.913.0 
WST-20-0571394.4396.52.110.3 LXSW_3502
Lynx SW
including395.8396.10.360.1 
WST-20-0572A285.0287.02.06.39 LXSW_3556
Lynx
including286.0287.01.012.6 
WST-20-0577A75.077.52.512.9 LXM_3303
Lynx
including75.876.70.935.6 
WST-20-0582129.5131.52.09.97 LXM_3339Lynx
WST-20-0583117.0119.02.03.80 LXM_3307
Lynx
including118.5119.00.58.03 
WST-20-0592129.8132.02.24.61 LXM_3303
Lynx
including130.3131.00.713.1 
WST-20-0593118.9121.42.54.63 LXM_3303
Lynx
including118.9119.91.011.5 
WST-20-0611262.7265.22.526.8 TLX_3161
Triple Lynx
including262.7263.60.966.9 
WST-20-0628112.1114.52.46.47 LXM_3334
Lynx
including113.0113.50.518.0 

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-20-1432-W2132-5599345381154357794004300
OSK-W-20-2133-W4118-4998745308054355314173525
OSK-W-20-2170-W7128-59120545342554356574133900
OSK-W-20-2252-W5129-54109245324154356944153750
OSK-W-20-2252-W10129-5482445324154356944153750
OSK-W-20-2256-W8125-51105645316054356864113675
OSK-W-20-2271-W3120-53123545346254356834103950
OSK-W-20-2271-W4120-53113445346254356834103950
OSK-W-20-2271-W5120-53124745346254356834103950
OSK-W-20-2271-W6120-53123245346254356834103950
OSK-W-20-2280-W2127-58121145330454356394153775
OSK-W-20-2280-W6127-58115245330454356394153775
OSK-W-20-2280-W7127-58113145330454356394153775
OSK-W-20-2280-W9127-58103745330454356394153775
OSK-W-20-2283-W3135-50100445299754356074253500
OSK-W-20-2283-W4135-50101245299754356074253500
OSK-W-20-2283-W5135-50104345299754356074253500
OSK-W-20-2283-W7135-50104945299754356074253500
OSK-W-20-2295-W4132-51108245293354354734153375
OSK-W-20-2313-W7134-52108645296554355834203450
OSK-W-20-2313-W8134-52109845296554355834203450
OSK-W-20-2322-W3130-54127445360854357154034075
OSK-W-20-2346130-53116145339754355574133825
OSK-W-20-2363139-52103145293054355484193425
OSK-W-20-2363-W1139-52105945293054355484193425
OSK-W-20-2375122-56116045381054357794004300
OSK-W-20-2381-W1134-53127445362054357914024125
OSK-W-20-2384127-52116445339754355574133825
OSK-W-20-2385125-5487345368754356794014150
OSK-W-20-2385-W1125-5493745368754356794014150
OSK-W-20-2394138-5286445292254354684153375
OSK-W-20-2394-W1138-5264545292254354684153375
OSK-W-20-2397131-58119745345154355944123900
WST-20-0492158-71424532565435209973525
WST-20-0524182-4424345310454350642313325
WST-20-0548A166-5937045322754351261343475
WST-20-0553148-282244532575435209963525
WST-20-0570159-5045445310454350652313325
WST-20-0571167-5546545310454350652313325
WST-20-0572A136-5146345295554350042523175
WST-20-0577A117-5519645331654351671243575
WST-20-0582176-5614445317754351251733425
WST-20-0583176-5012945317754351251733425
WST-20-0592137-262054532575435209963525
WST-20-0593149-162024532575435209963525
WST-20-0611118-633784533585435273163650
WST-20-0628150-311644533215435235553600

Lynx Zone
Mineralization occurs as grey to translucent quartz-carbonate-pyrite-tourmaline veins and pyrite replacement zones and stockworks. The vein-type 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 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, certain of which are described in the February 17, 2021 news release, will be further described in the full technical report being prepared for this updated mineral resource estimate in accordance with NI 43-101, and will be available on SEDAR (www.sedar.com) under the Corporation's issuer profile within 45 days from February 17, 2021. 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 precious metal 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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