Osisko Windfall Infill and Expansion Drilling Adds High-Grade

2021-06-29 / @nasdaq

 

232 g/t Au Over 2.0 Metres

195 g/t Au over 2.3 Metres

TORONTO, June 29, 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 60 intercepts in 16 drill holes (8 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: “Drilling at Windfall continues to progress well in both infill and expansion holes. Today’s result include four intervals greater than 180 g/t gold over two metres in three different zones in Lynx and Caribou. Also of note is hole WST-21-0706, which extends a Lynx Southwest wireframe 30 metres towards furface. Results continue to add confidence in the continuity of the deposit and our modelling.”

Selected high-grade intercepts include: 232 g/t Au over 2.0 metres in OSK-W-21-2522; 195 g/t Au over 2.3 metres in OSK-W-21-2470-W3; 180 g/t Au over 2.3 metres in OSK-W-21-777-W1; 186 g/t Au over 2.2 metres in WST-21-0725; 148 g/t Au over 2.2 metres in OSK-W-21-2478-W3; 16.0 g/t Au over 8.2 metres in WST-21-0734A; 24.2 g/t Au over 5.0 metres in OSK-W-21-2526; 52.3 g/t Au over 2.2 metres in OSK-W-21-2520. 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-17-777821.0823.42.43.91 UDD_4116Underdog
 1075.01077.02.011.1 UDD_4915
Underdog
including1075.91076.20.367.3 
OSK-W-17-838674.0676.02.08.27 Caribou_2558
Caribou
including674.9675.30.440.7 
OSK-W-20-2280-W8996.0998.32.331.430.2TLX_3163
Triple Lynx
including997.2997.70.5106100
OSK-W-21-1827-W3796.0798.02.06.31 UDD_4121
Underdog
including796.9797.30.427.0 
OSK-W-21-1882-W3809.7812.02.33.63 UDD_4100
Underdog
including810.7811.00.326.8 
OSK-W-21-2067-W81029.01031.22.29.66 TLX_3183Triple Lynx
 1053.01055.02.020.8 TLX_3163Triple Lynx
 1087.01089.02.012.8 TLX_3162Triple Lynx
 1103.01105.02.07.17 TLX_3170
Triple Lynx
including1104.01104.30.337.4 
 1126.01128.02.04.11 TLX_3172Triple Lynx
OSK-W-21-2275-W6812.0814.12.117.015.5TLX_3184
Triple Lynx
including813.5813.80.3111100
OSK-W-21-2470-W4967.0969.02.015.5 TLX_3163Triple Lynx
OSK-W-21-2478-W3862.5864.72.214876.9TLX_3171
Triple Lynx
including863.4864.30.9252100
 875.1877.22.114.4 TLX_3184
Triple Lynx
including875.1875.40.391.2 
OSK-W-21-2479-W3891.0893.42.48.36 UDD_4501
Underdog
including892.0892.70.723.6 
OSK-W-21-2479-W4662.9665.02.19.62 UDD_4102
Underdog
including664.0664.60.624.1 
 678.0680.02.019.5 UDD_4102
Underdog
including679.0679.60.646.6 
 755.0757.02.06.31 UDD_4107Underdog
OSK-W-21-2512759.6761.72.120.9 UDD_4106
Underdog
including759.6760.50.947.3 
 781.0783.02.022.2 UDD_4106
Underdog
including781.8782.40.672.1 
 862.0864.32.36.75 UDD_4905
Underdog
including864.0864.30.323.8 
OSK-W-21-2512-W1667.0671.74.712.1 UDD_4116
Underdog
including668.2668.50.364.3 
 673.0675.02.04.19 UDD_4116
Underdog
including674.6675.00.418.0 
 697.0699.02.03.85 UDD_4100Underdog
OSK-W-21-2520535.8538.02.252.324.8Caribou_2232
Caribou
including537.5538.00.5221100
 541.0543.02.05.92 Caribou_2232
Caribou
including542.5543.00.519.0 
 611.0613.02.012.9 Caribou_2233
Caribou
including611.6612.20.639.3 
 653.0655.02.025.0 Caribou_2206
Caribou
including654.0655.01.049.9 
OSK-W-21-2522654.0656.02.03.88 LXM_3304Lynx
 746.3748.32.023237.2LXM_3345
Lynx
including747.6748.00.41075100
OSK-W-21-2523992.0994.02.011.7 UDD_4501
Underdog
including993.0994.01.023.3 
OSK-W-21-2526248.3253.35.024.2 F51_6008
F-51
including248.3249.20.963.5 
OSK-W-21-2534538.3540.42.117.5 Caribou_2211
Caribou
including538.3538.70.453.0 
 543.0545.42.425.921.6Caribou_2211
Caribou
including543.0543.50.5121100
WST-21-0682B116.0118.02.06.21 LXM_3311Lynx
WST-21-0725238.6240.82.218656.9TLX_3161
Triple Lynx
including239.0239.80.8400100
 292.0294.22.28.13 TLX_3163
Triple Lynx
including293.6294.20.626.8 
WST-21-0727A328.0330.12.118.617.5TLX_3163
Triple Lynx
including328.4328.70.3108100
WST-21-0775429.5431.52.04.21 TLX_3165Triple Lynx
WST-21-0790283.0285.12.112.9 LXSW_3500
Lynx SW
including283.4283.70.387.9 
WST-21-0824304.9307.52.611.4 TLX_3185Triple Lynx
 314.4318.03.64.79 TLX_3163Triple Lynx

Notes: True widths are estimated at 55 – 80% of the reported core length interval. See "Quality Control and Reporting Protocols" below. UDD = Underdog, LXM = Lynx Main, 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-21-777-W1377.6381.64.08.48 Caribou
Caribou
including377.6377.90.346.2 
 442.4444.72.318033.5Caribou
Caribou
including444.3444.70.4942100
OSK-W-21-2067-W81080.01082.02.04.39 Triple LynxTriple Lynx
OSK-W-21-2470-W31151.01153.32.319515.9Triple Lynx
Triple Lynx
including1152.41152.70.31470100
OSK-W-21-2478-W31055.01057.02.016.4 Triple Lynx
Triple Lynx
including1056.51057.00.564.1 
OSK-W-21-2479-W3624.7627.02.311.6 UDD_4100
Underdog
including625.1625.50.461.4 
OSK-W-21-2487-W5691.5693.52.014.8 Lynx 4Lynx
OSK-W-21-2522944.3946.72.43.90 Lynx 4
Lynx
including946.2946.70.511.1 
OSK-W-21-2523958.0960.02.03.80 UnderdogUnderdog
 1057.01059.02.07.28 UnderdogUnderdog
 1069.01071.02.06.76 Underdog
Underdog
including1069.81070.50.719.2 
WST-21-0706215.0217.52.57.45 Lynx SW
Lynx SW
including215.9216.50.624.6 
WST-21-0725313.5315.52.024.1 Triple Lynx
Triple Lynx
including313.5314.51.047.8 
 326.0328.02.011.6 Triple Lynx
Triple Lynx
including327.0328.01.022.8 
WST-21-0734A259.1267.38.216.012.3Lynx SW
Lynx SW
including266.0266.50.5161100
WST-21-0775211.0213.02.014.1 Triple LynxTriple Lynx
WST-21-0790327.0329.32.37.41 Lynx SW
Lynx SW
including327.9328.20.354.3 

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

Drill hole location

Hole NumberAzimuth (°)Dip (°)Length (m)UTM EUTM NElevationSection
OSK-W-17-777330-59122145267854345004032675
OSK-W-17-838329-6572645314454349003983275
OSK-W-20-2280-W8127-58113445330454356394153775
OSK-W-21-777-W1330-5996945267854345004032675
OSK-W-21-1827-W3331-5899645250654343904032475
OSK-W-21-1882-W3328-58100445246954344064002450
OSK-W-21-2067-W8123-5386645324154356964153750
OSK-W-21-2275-W6127-4986445288854355834093400
OSK-W-21-2470-W3132-59120945330454356394153775
OSK-W-21-2470-W4132-59115545330454356394153775
OSK-W-21-2478-W3128-54108045299754356074253500
OSK-W-21-2479-W3344-55101445231554344193992325
OSK-W-21-2479-W4344-5540245231554344193992325
OSK-W-21-2487-W5359-7377145413554350583974225
OSK-W-21-2512331-5485545244854344654002475
OSK-W-21-2512-W1331-54108945244854344654002475
OSK-W-21-2520337-5635145259654343924012550
OSK-W-21-2522128-5445045345154355944113900
OSK-W-21-2523340-58110545248054344284022475
OSK-W-21-2526159-4428745351954360294064150
OSK-W-21-2534343-59120345254954343634012500
WST-21-0682B129-6447245310654350662313325
WST-21-0706165-5441745310454350652313325
WST-21-0725160-673914535075435327-73800
WST-21-0727A146-693614535075435327-73800
WST-21-0734A129-5636045295654350032533175
WST-21-0775153-444694532565435210953525
WST-21-0790171-6540645310454350652313325
WST-21-0824156-703434535065435327-73800

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.

F-Zones
Mineralization is hosted in sheared andesites with carbonate replacement or quartz veining and occurs as quartz ± ankerite veinlets or as replacement type in shear zones and is characterised by trace to 10% pyrite with local visible gold. Alteration is dominated by sericite-fuchsite-tourmaline-pyrite.

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.

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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