Osisko Windfall Infill Drilling: Insert Superlative Here

2021-01-26 / @nasdaq

 

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

TORONTO, Jan. 26, 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: “Infill drilling at Windfall continues with more good results with respect to grade and width, particularly in the Lynx zones. Both underground and surface drills continue to infill our resources and explore open down plunge areas.”

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 63 intercepts in 38 drill holes and 7 wedges.

Selected high-grade intercepts from the new results include: 108 g/t Au over 10.5 metres in OSK-W-20-2256-W7; 21.7 g/t Au over 11.3 metres in OSK-W-20-2271-W3; 76.7 g/t Au over 3.0 metres in OSK-W-20-2377; 30.9 g/t Au over 4.5 metres in OSK-W-20-2292-W4; 35.1 g/ t Au over 2.8 metres in OSK-W-20-2325; and 36.5 g/t Au over 2.1 metres in OSK-W-20-2283-W3. Maps showing hole locations and full analytical results are available at www.osiskomining.com

Hole NumberFrom (m)To (m)Interval (m)Au (g/t) uncutAu (g/t) cut to 100 g/tZoneCorridor
OSK-W-20-847-W3628.8631.02.24.32 Caribou_2214
Caribou
including629.5630.00.512.9 
OSK-W-20-852-W4548.0550.02.08.55 Caribou_2524Caribou
OSK-W-20-2256-W7881.0891.510.510830.7Lynx_361
Triple Lynx
including885.8887.01.2567100
and887.5888.61.1302100
OSK-W-20-2271-W31057.61068.911.321.7 Lynx_330
Lynx
including1061.81062.10.364.1 
and1064.01064.30.392.8 
OSK-W-20-2283-W3870.0872.02.011.2 Triple Lynx
Triple Lynx
including871.1871.50.441.8 
 984.6987.02.44.47 Triple Lynx
Triple Lynx
including985.5986.00.520.5 
 991.4993.52.136.5 Triple Lynx
Triple Lynx

including992.0992.80.895.7 
OSK-W-20-22871158.91161.02.17.64 Lynx_346Lynx
OSK-W-20-2292-W4884.3888.84.530.921.7Lynx_375
Triple Lynx
including887.3888.00.7159100
OSK-W-20-230194.796.72.08.14 F17_6003
F-17
including96.096.70.721.6 
 101.2103.62.43.54 F17_6003
F-17
including101.2101.70.516.9 
OSK-W-20-2306199.5205.35.87.48 Bobcat
Bobcat
including202.3202.80.543.8 
OSK-W-20-2313-W2979.3981.42.18.56 Triple Lynx
Triple Lynx
including979.8980.20.421.8 
OSK-W-20-2319210.0212.02.04.83 BobcatBobcat
OSK-W-20-2325128.0130.82.835.125.6Mallard_5200
Mallard
including130.1130.80.7138100
 143.6145.82.213.1 Mallard_5213Mallard
OSK-W-20-232682.086.04.09.47 Mallard_5213
Mallard
including82.083.01.029.5 
OSK-W-20-232794.096.72.714.1 Mallard_5213
Mallard
including96.096.70.733.7 
OSK-W-20-2328177.0182.55.56.50 Caribou_2527Caribou
OSK-W-20-2330137.7140.02.39.57 Mallard_5213
Mallard
including138.8139.40.635.1 
OSK-W-20-2332191.7194.73.06.03 Mallard_5213Mallard
OSK-W-20-2346892.0894.22.212.2 Lynx_330
Lynx
including893.5893.80.378.5 
OSK-W-20-2354653.3655.92.65.39 Caribou_2233
Caribou
including654.1654.50.419.7 
OSK-W-20-2362137.0139.02.04.19 BobcatBobcat
OSK-W-20-2377105.0108.03.076.722.7F17_6003
F-17
including106.0106.40.4505100
OSK-W-20-2384644.5646.92.426.2 Lynx_341
Lynx
including645.3645.90.696.5 
OSK-W-20-2389589.0591.02.05.72 CaribouCaribou
WST-20-0011278.8280.82.015.5 Lynx SWLynx SW
WST-20-034629.031.02.04.57 Mallard_5212Mallard
WST-20-0347270.0272.92.93.31 Caribou_2572
Caribou
including272.1272.90.811.4 
WST-20-0348237.6239.72.17.49 Caribou_2573Caribou
 271.5273.52.04.68 Caribou_2572
Caribou
including272.5272.90.422.6 
WST-20-0349293.2296.02.83.64 Caribou_2572
Caribou
including294.0295.01.09.56 
WST-20-0476154.9157.12.24.85 Caribou_2551
Caribou
including154.9155.60.711.9 
 172.9175.52.63.33 Caribou_2551Caribou
WST-20-0477151.5154.02.55.90 Caribou_2551Caribou
WST-20-0480B60.062.02.012.3 Mallard_5211Mallard
WST-20-0518168.0170.02.04.53 Z27_1102Zone 27
WST-20-052063.566.02.55.53 Mallard_5211Mallard
 81.584.02.512.3 Mallard_5211
Mallard
including82.482.70.394.8 
 157.0159.32.34.53 Z27_1102Zone 27
 352.4354.42.011.8 Caribou_2253
Caribou
including352.8353.91.121.2 
WST-20-053396.098.12.17.13 Lynx_304
Lynx
including97.298.10.916.6 
WST-20-053469.071.02.021.4 Lynx_323
Lynx
including70.271.00.853.5 
WST-20-053546.949.12.25.83 Lynx_303
Lynx
including46.947.50.618.1 
WST-20-053683.085.02.017.9 Lynx
Lynx
including83.483.80.484.1 
WST-20-054911.013.02.012.3 Mallard_5211Mallard
 263.0265.02.05.39 Caribou_2518Caribou
 269.5271.52.03.94 Caribou_2518Caribou
 306.0308.02.03.26 Caribou_2521
Caribou
including307.2308.00.87.40 
 373.9377.03.14.60 Caribou_2542Caribou
WST-20-056511.013.22.211.6 Mallard_5211
Mallard
including11.612.40.824.0 
WST-20-0566A306.4311.75.39.25 Caribou_2521
Caribou
including307.3308.31.036.2 
WST-20-0568295.9298.02.17.62 Lynx SW
Lynx SW
including296.6297.40.815.7 
 317.0319.02.03.94 Lynx SW
Lynx SW
including317.7318.10.419.5 
WST-20-0582103.1106.02.97.01 Lynx_339Lynx
 129.5131.52.09.97 Lynx_311
Lynx
including130.0131.01.019.9 
WST-20-058699.5101.52.06.81 Lynx_311Lynx
 141.0143.12.120.0 Lynx
Lynx
including142.2142.70.579.3 
 160.0162.52.514.4 Lynx_359
Lynx
including161.3161.80.554.1 
WST-20-0587165.0167.22.23.33 Lynx_304
Lynx
including166.6167.20.610.9 
WST-20-058963.565.62.18.09 Mallard_5211Mallard
 330.4332.42.06.21 Caribou_2253Caribou

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-20-847-W3334-6964945264554344294032625
OSK-W-20-852-W4330-5587345287454345523982875
OSK-W-20-2256-W7125-51100545316054356864113675
OSK-W-20-2271-W3120-53123545346254356834103950
OSK-W-20-2283-W3135-50100445299754356074253500
OSK-W-20-2287116-53140645360754357144044075
OSK-W-20-2292-W4125-5498445303554355614203525
OSK-W-20-2301149-4914045269654355344103200
OSK-W-20-2306152-5553145287254351554093175
OSK-W-20-2313-W2134-52104745296554355834203450
OSK-W-20-2319141-5076845287254351534093175
OSK-W-20-2325331-5317145194654348094062200
OSK-W-20-2326335-5015645192054348284032175
OSK-W-20-2327334-4913245189954348124012150
OSK-W-20-2328136-5694245287254351534093175
OSK-W-20-2330333-4815645191254347924022150
OSK-W-20-2332335-4922245201954347904062250
OSK-W-20-2346130-53116145339754355574133825
OSK-W-20-2354336-6075945273954344744012725
OSK-W-20-2362350-4525645271954347773982850
OSK-W-20-2377132-49132645270254355484093225
OSK-W-20-2384127-52116445339754355574133825
OSK-W-20-2389328-5770145268954346353982750
WST-20-0011157-5445145310554350652313325
WST-20-0346136-1839145228254349752642575
WST-20-0347134-1436945228254349752642575
WST-20-0348127-1431145228254349762642575
WST-20-0349140-1937845228254349752632575
WST-20-0476132-3340345228254349752632575
WST-20-0477131-3039445228254349762632575
WST-20-0480B142-5238245228154349752622575
WST-20-0518135-5344145228254349752632575
WST-20-0520133-4638845228154349752632575
WST-20-0533143-2613345331554351651243575
WST-20-0534143-3213545331554351651243575
WST-20-0535143-3713845331554351651243575
WST-20-0536132-2713545331654351661243575
WST-20-0549141-1339645220854348982492475
WST-20-0565134-1235445220854348982492475
WST-20-0566A133-1636845220854348982482475
WST-20-0568158-5849345310454350652313325
WST-20-0582176-5614445317754351251733425
WST-20-0586167-131934534185435305693725
WST-20-0587145-432054534185435305693725
WST-20-0589147-5537645228154349752632575

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 occurs as quartz-carbonate-pyrite-tourmaline vein-type 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.

Zone 27
Mineralization is typically characterized by 5% to 50% disseminated, stringer, semi-massive or stockwork pyrite, ptygmatic tourmaline veins, quartz-tourmaline crustiform veins, and local quartz-carbonate veins. Local visible gold is observed as small specks or clusters with quartz veins. Alteration consists of moderate to strong sericite, weak to strong silica, weak chlorite and carbonate and locally weak fuchsite. Mineralization is hosted in strongly altered andesites or in or at the contact of the rhyolite.

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

Mallard
Mineralization is hosted in sheared mafic volcanics with felsic porphyritic intrusions and occurs as veins associated with sericite-pyrite ± silica ± chlorite alteration and contains pyrite ranging from trace to 30% and local visible gold.

Bobcat
Mineralization most commonly occurs in gold-bearing quartz-pyrite veins controlled by northeast trending faults and shears and to a lesser extent in minor crustiform quartz-tourmaline-ankerite-pyrite veins and pyrite replacement zones and stockwork. Local visible gold is associated with carbonate ± silica ± chlorite alteration. Mineralization is hosted in sheared mafic volcanics, rhyolites near faults, or at the contact with felsic porphyritic intrusions.

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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