Osisko Infill Drilling Returns More High Grade Values In Lynx

2020-04-14 / @nasdaq

 

TORONTO, April 14, 2020 (GLOBE NEWSWIRE) -- Osisko Mining Inc. (OSK:TSX. "Osisko" or the "Corporation") is pleased to provide new infill drilling results from the definition drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Operations remain temporarily suspended in respect of the Government of Québec’s closure of all non-essential business in effort to contain COVID-19. Osisko is ready to resume drilling activities at Windfall once the temporary suspension is lifted. Drilling will remain focused on the Lynx deposit, exploration on the main mineralized zones, and deep exploration in the central areas of the mineralized system.  Additional results from pre-shut down drilling will continue to be released as they become available in the coming weeks. These analytical results are from laboratories outside Québec that have continued sample processing operations.

Significant new analytical results from Lynx and Triple Lynx are presented below, including 62 intercepts in 27 drill holes and 8 wedges.

Selected high-grade intercepts include: 153 g/t Au over 3.4 metres in WST-19-0234; 108 g/t Au over 2.2 metres in WST-20-0372; 99.2 g/t Au over 2.0 metres in WST-20-0286; 91.3 g/t Au over 2.0 metres in OSK-W-20-2139-W6 and 51.6 g/t Au over 2.8 metres in OSK-W-20-2100-W6. Maps showing hole locations and full analytical results are available at www.osiskomining.com.


Hole No.From (m)To (m)Interval (m)Au (g/t) uncutAu (g/t)  cut to 100 g/tZoneCorridor
OSK-W-18-1639875.0877.02.023.7 Lynx_350Lynx
including875.0876.01.045.3 
OSK-W-20-1072-W5867.1869.12.054.118.0Lynx_330Lynx
including868.8869.10.3341100
 884.0886.02.030.8 Lynx_340Lynx
including884.0885.01.056.5 
 1079.51081.52.03.17 Lynx 4Lynx
including1080.41080.70.319.4 
OSK-W-20-1272-W6789.2792.02.88.13 Lynx_371Lynx
including790.1790.80.722.2 
 797.0799.12.17.56 Lynx_371Lynx
 804.0806.02.04.66 Lynx_361Lynx
 809.6812.02.45.94 Lynx_361Lynx
 818.1821.02.94.82 Lynx_361Lynx
 823.0825.02.03.28 Lynx_361Lynx
 831.9835.43.55.94 Lynx_361Lynx
including835.0835.40.428.0 
 853.0856.03.04.36 Lynx_368Lynx
 859.0861.02.03.67 Lynx_368Lynx
 901.0903.02.018.3 Lynx_364Lynx
including902.0903.01.034.6 
OSK-W-20-1731-W6542.4545.02.639.335.9Lynx_310Lynx
including543.0543.90.9110100
 577.4580.22.811.5 Lynx_305Lynx
including577.4577.70.359.9 
 1000.51003.02.54.90 Lynx_327Lynx
OSK-W-20-2100-W6927.5930.32.851.634.3Lynx_361Lynx
including928.9929.20.3262100
OSK-W-20-2100-W9931.0933.02.04.38 Lynx_361Lynx
OSK-W-20-2123-W41112.01114.02.03.13 Lynx_368Lynx
 1168.01173.05.08.48 Lynx_364Lynx
 1184.01186.52.57.70 Lynx_370Lynx
OSK-W-20-2139-W6874.8876.82.091.345.7Lynx_361Lynx
including876.0876.40.4328100
OSK-W-20-2202-W2969.6972.02.414.213.3Lynx_363Lynx
including970.1970.40.3107100
OSK-W-20-2243789.6792.02.419.418.4Lynx_361Lynx
including790.2790.50.3108100
 795.0797.02.07.13 Lynx_361Lynx
 800.1802.42.35.01 Lynx_361Triple Lynx
WST-19-023469.272.63.415317.8Lynx_311Lynx
Including69.269.50.31630100
WST-19-023966.669.12.59.88 Lynx_311Lynx
including68.569.10.637.9 
WST-19-024074.477.02.69.52 Lynx_308Lynx
including74.474.80.456.2 
WST-20-028365.668.02.46.95 Lynx_311Lynx
including66.366.80.524.8 
WST-20-0285113.9116.02.13.93 Lynx_320Lynx
including114.8115.30.515.3 
 118.0120.02.03.35 Lynx_319Lynx
including118.6119.20.610.9 
WST-20-028654.356.32.099.255.1Lynx_311Lynx
including55.756.30.6247100
WST-20-029467.970.02.119.7 Lynx_311Lynx
including67.968.80.945.5 
WST-20-029563.665.62.027.021.0Lynx_311Lynx
including64.965.30.4130100
WST-20-030274.076.22.25.09 Lynx_311Lynx
including75.676.20.617.7 
WST-20-032268.871.02.224.613.8Lynx_323Lynx
including68.869.10.3179100
 129.5131.52.012.3 Lynx_306Lynx
including130.6131.50.926.0 
WST-20-033768.070.12.16.21 Lynx_323Lynx
including69.470.10.712.6 
 90.092.52.56.10 Lynx_304Lynx
including90.090.30.338.7 
WST-20-034078.580.62.18.07 Lynx_323Lynx
including78.579.20.723.9 
 87.789.72.069.262.2Lynx_304Lynx
including88.389.10.8118100
 111.0113.02.04.40 Lynx_359Lynx
WST-20-0359107.0109.32.33.04 Lynx_304Lynx
WST-20-0362119.0121.02.03.45 Lynx_359Lynx
WST-20-036368.971.02.14.49 Lynx_311Lynx
 115.5118.02.53.16 Lynx_304Lynx
including116.3116.70.417.9 
 122.0124.52.516.3 Lynx_359Lynx
including123.0123.80.850.2 
WST-20-0364110.0112.02.07.37 Lynx_304Lynx
including111.3111.60.317.9 
WST-20-0365120.7123.02.33.44 Lynx_359Lynx
including122.7123.00.314.6 
WST-20-0371136.8138.92.113.7 Lynx_304Lynx
including138.3138.90.643.9 
WST-20-0372126.5128.52.05.67 Lynx_304Lynx
including127.7128.00.331.4 
 130.0132.72.723.217.5Lynx_304Lynx
including132.3132.70.4139100
 205.6207.82.210831.7Lynx_322Lynx
including206.6207.20.6378100
WST-20-0378146.0148.32.320.6 Lynx_304Lynx
including147.0147.70.745.9 
 200.0202.22.218.6 Lynx_322Lynx
including200.5200.90.495.3 
WST-20-0379A132.0134.42.44.54 Lynx_304Lynx
including133.5133.90.418.8 
WST-20-038154.156.42.338.135.2Lynx_311Lynx
including54.154.90.8109100
WST-20-038252.154.42.36.08 Lynx_309Lynx
WST-20-038350.052.02.03.03 Lynx_309Lynx
including50.451.30.96.69 
WST-20-0390111.0113.82.822.918.2Lynx_304Lynx
including112.1112.60.5127100

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


Drill hole location

Hole NumberAzimuth (°)Dip (°)Length (m)UTM EUTM NElevationSection
OSK-W-18-1639142-53116445326654353974053625
OSK-W-20-1072-W5145-57126245361254355323994000
OSK-W-20-1272-W6127-60103545324654355354123675
OSK-W-20-1731-W6139-51106845338354355184093800
OSK-W-20-2100-W6122-47126045309354357264193650
OSK-W-20-2100-W9122-47107445309354357264193650
OSK-W-20-2123-W4126-57123645323154357744003775
OSK-W-20-2139-W6115-52108945298054355494203450
OSK-W-20-2202-W2127-54114645299954356064243500
OSK-W-20-2243122-5481545308754355274183550
WST-19-02341501715745321654351142243450
WST-19-023917319145321554351142233450
WST-19-0240135-317845321754351152233450
WST-20-02831652521445322854351261373475
WST-20-02851612521145322854351261373475
WST-20-0286153168545322854351261363475
WST-20-0294131139645322854351261353475
WST-20-0295131-716645322954351271353475
WST-20-0302112-3012045322954351261353475
WST-20-0322125615445329254351401633525
WST-20-0337145-620345341154352301143675
WST-20-0340147-2613545341054352291143675
WST-20-0359151-1714545345054352641153725
WST-20-0362156-1414845345054352641153725
WST-20-0363157-3015445345054352641153725
WST-20-0364157-2528245345054352641153725
WST-20-0365158-814245345054352641163725
WST-20-0371145-4716345349354352871163775
WST-20-0372148-4245145349354352871163775
WST-20-0378144-5025345349354352871163775
WST-20-0379A143-4127745349354352871163775
WST-20-038114598245322854351261363475
WST-20-0382147-315845322854351261353475
WST-20-0383155-179245322754351251353475
WST-20-0390158-3517545345054352641153725


Lynx Zone
Mineralization in the Lynx zone is typically characterized by trace to 15% disseminated, clustered or stringer pyrite (locally up to 70%), local visible gold, trace to 3% sphalerite, chalcopyrite, and galena, local ptygmatic pyrite-tourmaline or tourmaline veinlets, quartz-carbonate veins (locally crustiform), smoky quartz veins and veinlets, and local chlorite-calcite or quartz-carbonate chlorite fracture filling. Alteration consists of weak to strong sericite, weak to strong silica with areas of local pervasive silica flooding, weak to moderate chlorite and carbonate, and locally weak to strong fuchsite. Mineralization is hosted in or at the contacts of felsic porphyritic or fragmental intrusions with rhyolites, andesites (locally bleached), or gabbros.

Triple Lynx Zone
Mineralization in the Triple Lynx zone is typically characterized by trace to 30% disseminated, clustered or stringer pyrite, local visible gold, trace sphalerite, chalcopyrite, and galena, local quartz-tourmaline veins (up to 20%), local ptygmatic tourmaline veins, and local smoky quartz and quartz-carbonate veins. Alteration consists of weak to strong sericite, weak to strong silica with areas of local pervasive silica flooding, weak to moderate chlorite and carbonate, and locally weak to strong fuchsite. Mineralization is hosted in or at the contacts of felsic porphyritic dikes with rhyolites (locally bleached) or gabbros.

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. All NQ core assays reported 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, Thunder Bay, Ontario, Sudbury, Ontario or Vancouver, British Colombia, or (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 an Aqua Regia-ICP-AES 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 Eeyou Istchee James Bay, Québec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 19, 2020, and assuming a cut-off grade of 3.5 g/t, comprises 4,127,000 tonnes at 9.1 g/t Au (1,206,000 ounces) in the indicated mineral resource category and 14,532,000 tonnes at 8.40 g/t Au (3,938,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 19,2020 news release are further described in the full technical report in accordance with NI 43-101, 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 deposit is well defined from surface to a depth of 1,200 metres and remains open along strike and at depth. Mineralization has been identified 30 metres from surface in some areas and as deep as 2,000 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; the prospects, if any, of the Windfall gold deposit; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the projected capital expenditures of mining activities at the Windfall gold deposit; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the deposit remaining open along strike to the northeast and at depth; significant high-grade zones (Lynx 4, Triple Lynx) remaining open down plunge; the plunge potential of the Lynx and Underdog zones; 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 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
President & Chief Executive Officer
Telephone (416) 363-8653

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