Osisko Windfall Drilling Returns 3,979 g/t Au Over 2.3 Metres

2021-10-05 / @nasdaq

 

TORONTO, Oct. 05, 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 40 intercepts in 15 drill holes (7 from surface, 8 from underground) and 13 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: “Windfall continues to deliver high-grade values. Today’s spectacular headline result includes a sub-interval of over 15 kilograms per tonne gold and is the second highest sample ever recorded at Windfall (see Osisko news release date December 1, 2020). Our resource infill and expansion drill program has continuously demonstrated the high-grade nature of the Windfall deposit.”

Selected high-grade intercepts include: 3979 g/t Au over 2.3 metres in OSK-W-21-2565; 118 g/t Au over 3.4 metres in WST-21-0763A; 110 g/t Au over 2.3 metres and 79.7 g/t Au over 2.0 metres in WST-21-0858A; 82.7 g/t Au over 2.2 metres in OSK-W-21-1949-W8; 25.6 g/t Au over 4.2 metres in OSK-W-21-2551-W3; and 35.8 g/t Au over 2.9 metres in OSK-W-21-2564-W1. 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) uncutAu (g/t) cut to 100 g/tZoneCorridor
OSK-W-21-1432-W6879.6881.62.08.62 LX4_3424
Lynx 4
including879.6880.20.628.7 
OSK-W-21-1432-W71045.01047.02.013.4 LX4_3430
Lynx 4
including1045.71046.40.728.4 
OSK-W-21-1827-W5877.0879.02.05.25 UDD_4100Underdog
OSK-W-21-1949-W81069.81072.02.282.732.0LX4_3430
Lynx 4
including1071.01071.60.6286100
OSK-W-21-2287-W31158.51161.53.05.00 LX4_3446Lynx 4
OSK-W-21-2503-W5934.0936.02.014.6 TLX_3163
Triple Lynx
including934.9935.20.382.5 
OSK-W-21-2544914.0916.52.57.51 TLX_3194
Triple Lynx
including914.6915.61.018.4 
OSK-W-21-2551-W3867.4871.64.225.6 LX4_3414
Lynx 4
including867.9868.40.584.2 
OSK-W-21-2560349.9352.02.19.71 Z27_1123Zone 27
 355.0357.02.040.1 Z27_1102
Zone 27
including355.7356.30.691.4 
 370.1372.52.45.09 Z27_1115
Zone 27
including370.1371.00.910.7 
OSK-W-21-2564-W1784.5787.42.935.8 TLX_3159Lynx HW
 902.0904.02.06.70 TLX_3194Triple Lynx
OSK-W-21-2577797.6799.62.05.68 Z27_1108Zone 27
OSK-W-21-2581257.0259.02.05.28 CA1_2500
Caribou
including257.4258.00.616.5 
 469.0471.02.014.6 Z27_1115Zone 27
 476.5480.03.53.96 Z27_1115Zone 27
WST-21-0763A472.6476.03.411841.9LX4_3430
Lynx 4
including472.6473.50.9386100
WST-21-0771C313.4317.03.63.90 LSW_3556
Lynx SW
including313.4313.80.421.4 
and316.6317.00.412.0 
WST-21-0855172.0174.12.118.1 LXM_3304
Lynx
including173.8174.10.395.3 
WST-21-0858A180.2182.52.311044.3LXM_3304
Lynx
including181.0181.30.3607100
 517.0519.02.079.728.3LX4_3430
Lynx 4
including518.1518.50.4357100
WST-21-0877305.6307.72.14.37 Lynx SW
Lynx SW
including305.6305.90.328.7 

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, LSW = Lynx Southwest, TLX = Triple Lynx, UDD = Underdog, CA1 = Caribou, and Z27 = Zone 27.

Expansion Drilling

Hole No.From (m)To (m)Interval (m)Au (g/t) uncutAu (g/t) cut to 100 g/tZoneCorridor
OSK-W-17-841966.3968.82.511.2 UnderdogUnderdog
OSK-W-21-1432-W71053.01055.12.113.5 Lynx 4
Lynx
including1053.01054.01.027.5 
OSK-W-21-1827-W61084.01086.02.04.75 Underdog
Underdog
including1084.81085.30.518.9 
OSK-W-21-1871-W1561.7564.22.510.8 Caribou
Caribou
including563.4564.20.830.8 
OSK-W-21-2503-W51004.01006.02.036.422.6Triple Lynx
Triple Lynx
including1004.71005.00.3193100
OSK-W-21-2532-W1703.0705.12.13.50 Underdog
Underdog
including704.7705.10.417.6 
OSK-W-21-2540-W21149.01151.02.05.93 Triple LynxTriple Lynx
OSK-W-21-2548-W1488.0490.02.015.9 Caribou
Caribou
including488.0489.01.031.8 
OSK-W-21-2561611.2613.52.39.05 Triple Lynx
Triple Lynx
including612.3612.80.541.2 
OSK-W-21-2565535.8538.12.3397927.2Caribou
Caribou
including537.5538.10.615250100
OSK-W-21-2577593.0595.02.06.61 CaribouCaribou
OSK-W-21-2581188.4191.02.66.65 Caribou
Caribou
including189.8190.60.813.8 
WST-21-0771C222.0225.23.27.83 Lynx SW
Lynx SW
including224.7225.20.531.5 
WST-21-0834B302.0304.02.03.54 Lynx HW
Lynx HW
including302.0302.40.417.5 
WST-21-0874253.0255.22.26.25 Triple LynxTriple Lynx
WST-21-0881A247.5249.52.012.2 Lynx SWLynx SW
 444.3446.32.05.25 Lynx SW
Lynx SW
including444.8445.20.426.1 

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

Drill hole location

Hole NumberAzimuth (°)Dip (°)Length (m)UTM EUTM NElevationSection
OSK-W-17-841330-60103245268954347023972800
OSK-W-21-1432-W6132-55106545381154357794004300
OSK-W-21-1432-W7132-55118545381154357794004300
OSK-W-21-1827-W5331-58120345250654343904032475
OSK-W-21-1827-W6331-58128145250654343904032475
OSK-W-21-1871-W1331-5661245249654343974022475
OSK-W-21-1949-W8105-57128445344054354794013825
OSK-W-21-2287-W3116-53136845360754357144044075
OSK-W-21-2503-W5126-58121145333354356414133800
OSK-W-21-2532-W1341-60103545248054344284012475
OSK-W-21-2540-W2117-60131445346554356404103925
OSK-W-21-2544128-50116145296054355394193425
OSK-W-21-2548-W1331-5783745282954345503982850
OSK-W-21-2551-W3120-5595445362254356354054050
OSK-W-21-2560333-5368445240454346744002525
OSK-W-21-2561142-5180145288654354844093350
OSK-W-21-2564-W1132-50115245296054355394193425
OSK-W-21-2565136-5771745276854353124063150
OSK-W-21-2577325-5282245282954345503982850
OSK-W-21-2581333-4975545246954346274032550
WST-21-0763A120-395674535075435332-473800
WST-21-0771C127-5235745295454350032523175
WST-21-0834B114-233784534635435327323775
WST-21-0855122-442654535065435332-483800
WST-21-0858A118-416434535075435332-483800
WST-21-0874137-634034535085435327-73800
WST-21-0877158-6049045310454350652313325
WST-21-0881A147-5745745310554350652313325

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.

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.

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.

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), 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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