Osisko Windfall Infill Drilling

2021-01-18 / @nasdaq

 

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

New Intercepts Include 90.5 g/t Au Over 9.7 Metres in Triple Lynx

TORONTO, Jan. 18, 2021 (GLOBE NEWSWIRE) -- Osisko Mining Inc. (OSK:TSX. "Osisko" or the "Corporation") is pleased to provide new analytical results from the ongoing expansion and definition 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. Osisko Chief Executive Officer John Burzynski commented: “Broken record alert, infill drilling continues to show both the continuity and high-grade nature of Lynx, consistently returning good results on grade and widths as demonstrated by today’s headline hole. We are advancing our work on the deposit at full speed, with over 35 drills active on surface and underground.”

The table below contains resource definition infill intercepts located inside the February 2020 mineral resource estimate wireframes (see Osisko news release dated February 19, 2020). Significant new analytical results are presented below and include 46 intercepts in 17 drill holes and 14 wedges.

Selected high-grade intercepts from the new results include: 90.5 g/t Au over 9.7 meters in OSK-W-20-2252-W7; 59.5 g/t Au over 2.0 metres in OSK-W-20-2292-W5; 38.4 g/t Au over 5.5 meters in OSK-W-20-2252-W8; 37.1 g/t Au over 2.0 metres in WST-20-0542A; 32.2 g/t Au over 3.7 metres in OSK-W-20-2243-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-20-2139-W12913.0915.02.03.96 Lynx_361Triple Lynx
OSK-W-20-2243-W6925.2928.93.732.2 Triple Lynx
Triple Lynx
including927.2928.21.055.2 
OSK-W-20-2252-W7861.3866.65.34.54 Triple Lynx
Triple Lynx
including866.3866.60.316.6 
 871.0876.05.05.45 Triple LynxTriple Lynx
 900.0909.79.790.532.3Lynx_371
Triple Lynx
including904.7905.20.5324100
and905.6906.20.6725100
 911.2913.32.17.79 Lynx_361
Triple Lynx
including912.1912.40.333.7 
 961.9964.02.113.7 Lynx_363
Triple Lynx
including962.8963.10.375.9 
 987.0989.32.33.76 Lynx_364Triple Lynx
OSK-W-20-2252-W8877.0879.02.04.30 Lynx_371Triple Lynx
 921.8924.12.323.7 Lynx_361
Triple Lynx
including922.8923.40.662.1 
 967.0972.55.538.4 Lynx_363
Triple Lynx
including969.6970.61.091.7 
and970.6971.61.069.5 
OSK-W-20-2271-W21038.01040.02.03.79 Lynx_330Lynx
OSK-W-20-2275756.0758.02.04.76 Triple LynxTriple Lynx
OSK-W-20-2275-W3864.7867.22.53.68 Triple LynxTriple Lynx
OSK-W-20-2275-W4933.9936.22.33.62 Triple LynxTriple Lynx
OSK-W-20-2280-W31039.01041.02.04.33 Lynx_363
Triple Lynx
including1039.61039.90.326.3 
 1045.01047.02.04.58 Lynx_363
Triple Lynx
including1046.21046.50.328.8 
OSK-W-20-2280-W41124.01129.05.07.04 Lynx_370
Triple Lynx
including1125.31125.80.530.0 
OSK-W-20-2280-W5888.7890.72.019.2 Triple Lynx
Triple Lynx
including890.1890.70.662.3 
OSK-W-20-2283-W1826.0828.02.03.91 Triple LynxTriple Lynx
OSK-W-20-2283-W6844.8847.02.23.62 Triple Lynx
Triple Lynx
including844.8845.30.513.0 
OSK-W-20-2292-W51039.01041.02.059.520.3Triple Lynx
Triple Lynx
including1039.41039.80.4296100
OSK-W-20-2292-W6884.4886.52.18.95 Triple LynxTriple Lynx
OSK-W-20-2345144.2150.05.84.23 Lynx_355Lynx
OSK-W-20-2350112.5115.02.522.920.6Lynx_335
Lynx
including113.5113.90.4115100
 137.0139.02.016.315.8Lynx_355
Lynx
including137.5137.80.3103100
OSK-W-20-2363686.0688.02.03.82 Lynx_365Triple Lynx
WST-20-0011295.4297.62.23.66 Lynx SW
Lynx
including296.4297.00.611.4 
WST-20-0490114.0116.12.128.127.7Lynx_339
Lynx
including115.4115.80.4102100
 294.3296.42.15.57 Triple Lynx
Triple Lynx
including295.7296.10.421.7 
WST-20-0498142.0144.02.03.38 LynxLynx
WST-20-050354.056.02.03.76 Lynx_311Lynx
WST-20-0505A280.0282.02.03.19 Lynx SWLynx SW
WST-20-0516168.0170.02.023.8 Lynx_359
Lynx
including168.5169.30.843.0 
WST-20-0525159.7161.82.110.8 Lynx_359
Lynx
including160.3160.60.352.7 
WST-20-053691.093.02.014.2 Lynx_304
Lynx
including91.792.10.466.9 
 98.0100.02.013.5 Lynx_304
Lynx
including98.698.90.383.8 
 111.0113.02.08.90 Lynx_359
Lynx
including111.8112.60.822.2 
 117.0119.02.03.26 Lynx_359Lynx
WST-20-053799.8101.92.15.28 Lynx_304Lynx
WST-20-0542A46.949.12.230.3 Lynx_303
Lynx
including46.947.60.794.0 
 64.366.32.037.1 Lynx_323
Lynx
including65.266.31.163.3 
WST-20-054595.798.02.318.1 Lynx_304Lynx
 124.0127.13.110.6 Lynx_359
Lynx
including126.6127.10.546.2 
WST-20-0569243.0245.02.013.7 Lynx SW
Lynx SW
including243.8244.20.467.3 
WST-20-0571413.0415.02.06.65 Lynx SW
Lynx SW
including413.0414.01.013.3 

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-20-2139-W12115-52103845298054355494203450
OSK-W-20-2243-W6122-5496545308654355264173550
OSK-W-20-2252-W7129-54119145324154356944153750
OSK-W-20-2252-W8129-54123945324154356944153750
OSK-W-20-2271-W2120-53122345346254356834103950
OSK-W-20-2275127-49109445288854355834093400
OSK-W-20-2275-W3127-49105045288854355834093400
OSK-W-20-2275-W4127-49105245288854355834093400
OSK-W-20-2280-W3127-58119145330454356394153775
OSK-W-20-2280-W4127-58121545330454356394153775
OSK-W-20-2280-W5127-58113445330454356394153775
OSK-W-20-2283-W1135-50103545299754356074253500
OSK-W-20-2283-W6135-5095745299754356074253500
OSK-W-20-2292-W5125-54113445303554355614203525
OSK-W-20-2292-W6125-54111045303554355614203525
OSK-W-20-2345336-6216245282854347803972950
OSK-W-20-2350324-6217745285454347933972975
OSK-W-20-2363139-52103145293054355484193425
WST-20-0011157-5445145310554350652313325
WST-20-0490160-314304532565435209973525
WST-20-0498132-1116945322854351261363475
WST-20-050314869945310554350652323325
WST-20-0505A183-4533145322754351251343475
WST-20-0516168-331954534185435305693725
WST-20-0525165-201874534185435305693725
WST-20-0536132-2713545331654351661243575
WST-20-0537132-3213945331654351661243575
WST-20-0542A156-3013845331554351651243550
WST-20-0545112-2414845331654351661243575
WST-20-0569165-5952645310454350652313325
WST-20-0571167-5546545310454350652313325

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.

Triple Lynx
Mineralization in the Triple Lynx zone is vein-type, quartz-carbonate-pyrite-tourmaline veins, associated with pervasive sericite-pyrite ± silica alteration and contain sulphides similar to the main Lynx Zone, pyrite dominated with minor other sulphides, ranging from trace to up to 70% locally, and local visible gold. Locally fuchsite is present when proximal to the gabbros. 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 a four acids digestion -MS61 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 supported by the technical report entitled “An updated mineral resource estimate for the Windfall Lake Project, Located in the Abitibi Greenstone Belt, Urban Township, Eeyou Istchee James Bay, Québec, Canada” and dated April 3, 2020 (with an effective date of January 3, 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 prepared by Micon International Limited ("Micon") and BBA Inc ("BBA"), 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 deformed sub-vertical zones plunging to the northeast. Vein-type or pyrite replacement-type styles of mineralization crosscut syn-volcanic host rocks and syn-deformation felsic porphyry intrusions and are spatially associated with the contacts of the intrusions. 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
Chief Executive Officer
Telephone (416) 363-8653


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