Osisko Windfall Infills With High-Grade in Multiple Zones

2021-03-03 / @nasdaq

 

35.7 g/t Au Over 9.8 Metres in Underdog

65.6 g/t Au over 4.2 meters in Caribou

TORONTO, March 03, 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.

Today’s infill results are from the southwestern areas of the deposit including Zone 27, Underdog, Caribou, F11, Mallard, and Bobcat. Osisko Chief Executive Officer John Burzynski commented: “Infill drilling continues to deliver impressive grade and width results from the Windfall deposit.”

The table below contains resource definition infill intercepts located inside defined February 2021 mineral resource estimate blocks (see Osisko news release dated February 17, 2021). Significant new analytical results are presented below, including 73 intercepts in 33 drill holes (24 from surface, 9 from underground) and 10 wedges.

Selected intercepts include: 35.7 g/t Au over 9.8 metres, 70.7 g/t Au over 2.0 metres, and 50.4 g/t Au over 3.6 metres in OSK-W-20-2407; 65.6 g/t Au over 4.2 metres in OSK-W-20-2390; 60.8 g/t Au over 2.0 metres in OSK-W-20-2405; 39.0 g/t Au over 3.0 metres in OSK-W-20-2400; 55.2 g/t Au over 2.0 metres in OSK-W-20-2399 and 18.9 g/t Au over 5.5 metres in OSK-W-20-2354-W2. 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-20-852-W4725.0727.02.06.83 Caribou_2212
Caribou
including725.6726.00.427.6 
OSK-W-20-913-W1634.7637.02.33.39 Caribou_2523
Caribou
including634.7635.00.318.6 
 851.0853.32.311.1 Caribou_2219
Caribou
including851.0851.50.547.2 
OSK-W-20-913-W2715.0717.82.83.89 Caribou_2210Caribou
 846.0848.02.015.5 Caribou_2219
Caribou
including846.0846.70.744.0 
OSK-W-20-2354-W1647.0650.53.514.6 Caribou_2233Caribou
 674.2677.43.224.7 Caribou_2208
Caribou
including677.0677.40.477.9 
OSK-W-20-2354-W2641.0646.55.518.9 Caribou_2233
Caribou
including642.8643.10.361.9 
OSK-W-20-2354-W3632.0635.03.08.61 Caribou_2214Caribou
 665.7670.04.37.53 Caribou_2208
Caribou
including669.0670.01.017.1 
OSK-W-20-2354-W4498.8501.02.23.79 CaribouCaribou
 649.0651.02.06.43 Caribou_2233Caribou
 673.0676.03.016.7 Caribou_2208Caribou
 708.0711.03.04.97 Caribou_2220Caribou
OSK-W-20-2359360.8363.02.25.96 CaribouCaribou
OSK-W-20-2359-W1361.0363.02.06.17 CaribouCaribou
 662.0664.92.94.88 Caribou_2206Caribou
OSK-W-20-2366459.0461.02.04.90 Caribou_2210
Caribou
including460.0461.01.09.13 
OSK-W-20-2373600.0602.02.03.14 Caribou_2241
Caribou
including600.6601.40.87.07 
OSK-W-20-2376320.3322.32.03.56 Caribou_2116Caribou
 432.6436.03.45.32 Caribou_2235
Caribou
including435.0436.01.013.3 
OSK-W-20-2377741.0743.22.23.22 Caribou_2553Caribou
OSK-W-20-2387661.2663.22.08.69 Caribou_2233Caribou
OSK-W-20-2388537.0539.72.74.76 Caribou_2215Caribou
 610.7614.23.513.8 Caribou_2217
Caribou
including610.7611.00.387.5 
 639.3641.82.54.14 Caribou_2218
Caribou
including640.4641.10.711.0 
 645.4647.52.13.87 Caribou_2218
Caribou
including646.0646.50.516.1 
OSK-W-20-2390594.8599.04.265.651.2Caribou_2241
Caribou
including596.9597.20.3147100
and597.5598.10.6178100
OSK-W-20-2399673.0675.02.055.220.2Caribou_2212
Caribou
including674.0674.40.4275100
OSK-W-20-2400750.0753.03.039.036Caribou_2215
Caribou
including752.0753.01.0109100
 797.0802.05.06.32 Caribou_2220
Caribou
including798.0799.01.016.4 
 858.0861.73.76.19 Caribou_2219
Caribou
including860.0861.31.312.6 
OSK-W-20-2405262.0264.02.060.842.4Caribou_2106
Caribou
including262.7263.50.8146100
 622.0624.02.04.35 Caribou_2214
Caribou
including622.0622.60.611.2 
 626.5630.03.516.8 Caribou_2214
Caribou
including627.5628.00.556.0 
OSK-W-20-2405-W1655.9657.92.016.6 Caribou_2233
Caribou
including656.5657.00.544.4 
OSK-W-20-2407662.0665.63.650.446.6Underdog_4101
Underdog
including663.6664.40.8184100
 681.0683.02.03.77 Underdog_4100Underdog
 690.0699.89.835.7 Underdog_4100
Underdog
including690.0691.01.085.0 
and695.0696.01.076.4 
 705.0707.02.070.721.9Underdog_4102
Underdog
including706.3706.70.4344100
OSK-W-20-2410686.4688.42.06.69 Caribou_2214Caribou
OSK-W-20-2414628.0630.02.012.0 Caribou_2524
Caribou
including629.0630.01.023.7 
OSK-W-20-2415608.8611.02.29.96 Caribou_2211
Caribou
including608.8609.20.445.9 
 703.4707.44.017.4 Caribou_2220
Caribou
including703.4703.70.378.4 
OSK-W-20-2415-W1638.3643.24.912.0 Caribou_2233
Caribou
including638.3639.31.032.5 
OSK-W-20-2425621.0624.13.119.314.2Caribou_2220
Caribou
including623.8624.10.3152100
 709.4711.42.03.91 Caribou_2219
Caribou
including710.0710.60.611.5 
OSK-W-20-2432749.6751.72.111.0 Caribou_2208
Caribou
including750.2750.90.728.9 
OSK-W-20-2437608.4610.42.06.62 Caribou_2214
Caribou
including608.4609.10.717.6 
OSK-W-20-2438600.0603.93.910.4 Caribou_2211
Caribou
including600.0601.01.018.6 
OSK-W-20-2440690.0692.02.06.68 Caribou_2217Caribou
 702.0705.03.010.3 Caribou_2220Caribou
 738.0740.02.03.29 Caribou_2218Caribou
OSK-W-21-2444451.2453.42.24.06 Caribou_2236Caribou
 558.1562.14.017.5 Caribou_2215
Caribou
including561.1562.11.038.1 
 572.0574.02.04.30 Caribou_2250
Caribou
including572.9573.20.319.8 
OSK-W-21-2451729.0734.65.68.55 Caribou_2208
Caribou
including734.0734.60.634.0 
 739.5742.32.820.7 Caribou_2208Caribou
OSK-W-21-2455594.0596.12.15.35 Caribou_2211Caribou
 666.7668.82.13.55 Caribou_2208Caribou
OSK-W-21-2460438.9441.72.89.51 Caribou_2116
Caribou
including441.4441.70.328.0 
WST-20-0479B36.438.52.14.19 Mallard_5208Mallard
 269.0271.02.09.08 Z27_1123
Zone 27
including269.0270.01.018.0 
WST-20-051777.479.52.118.9 Mallard_5211
Mallard
including77.478.00.647.1 
WST-20-051959.061.02.06.07 Mallard_5208Mallard
WST-20-0520176.2178.32.16.20 Z27_1123
Zone 27
including176.2176.70.520.5 
WST-20-0521191.3193.72.44.40 Z27_1102Zone 27
 195.2197.22.04.76 Z27_1102Zone 27
 231.9234.32.47.99 Z27_1123
Zone 27
including233.9234.30.431.7 
WST-20-0555118.8121.62.810.8 Bobcat_2350
Bobcat
including119.5119.90.424.6 
and121.0121.60.623.2 
WST-20-056613.015.32.35.64 Mallard_5211
Mallard
including14.014.30.315.7 
WST-20-0566A255.5259.33.813.4 Caribou_2100
Caribou
including255.8256.10.337.6 
and259.0259.30.383.6 
WST-20-062714.016.92.98.32 Mallard_5211Mallard

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-20-852-W4330-5587345287454345523982875
OSK-W-20-913-W1334-5293945287854344194012825
OSK-W-20-913-W2334-5291345287854344194012825
OSK-W-20-2354-W1336-6079245273954344744012725
OSK-W-20-2354-W2336-6075045273954344744012725
OSK-W-20-2354-W3336-6075045273954344744012725
OSK-W-20-2354-W4336-6078345273954344744012725
OSK-W-20-2359335-6172645269454344404012675
OSK-W-20-2359-W1335-6169645269454344404012675
OSK-W-20-2366323-5553445268254346243982750
OSK-W-20-2373335-6564745259554343934012550
OSK-W-20-2376325-5551045268954346373972750
OSK-W-20-2377132-49132645270254355484093225
OSK-W-20-2387336-5971745269454344404012675
OSK-W-20-2388326-6169945271554346063972775
OSK-W-20-2390330-6564745259554343934012550
OSK-W-20-2399333-5486445287454345523982875
OSK-W-20-2400336-5388445287654344194022825
OSK-W-20-2405332-5872345269454344404012675
OSK-W-20-2405-W1332-5871645269454344404012675
OSK-W-20-2407347-5599345231554344193992325
OSK-W-20-2410338-6276845272754343584022650
OSK-W-20-2414337-5488245288054344194022825
OSK-W-20-2415328-5475545273854344744012725
OSK-W-20-2415-W1328-5476245273854344744012725
OSK-W-20-2425336-6074745271554346063972775
OSK-W-20-2432333-5786445280954344154042750
OSK-W-20-2437329-6263045259754343934012550
OSK-W-20-2438331-6072945269554344014022650
OSK-W-20-2440330-5280745273854344744012725
OSK-W-21-2444337-5963645271554346063972775
OSK-W-21-2451330-5880345280954344154042750
OSK-W-21-2455328-5378045273854344744012725
OSK-W-21-2460332-5578645273254345373992750
WST-20-0479B138-5940245228154349752622575
WST-20-0517140-5540045228154349752622575
WST-20-0519136-4516245228254349762622575
WST-20-0520135-4638845228154349752632575
WST-20-0521153-5738545228154349752622575
WST-20-0555145-2516045295554350032543175
WST-20-0566132-162045220854348982482475
WST-20-0566A132-1636845220854348982482475
WST-20-0627130-188445220854348992492475

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 and 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.

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.

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. Mineralization is hosted in sheared mafic volcanics, rhyolites near faults, or at the contact with felsic porphyritic intrusions.

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.

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. 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 defined by Osisko, as disclosed in the news release dated February 17, 2021 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, certain of which are described in the February 17, 2021 news release, will be further described in the full technical report being prepared for this updated mineral resource estimate in accordance with NI 43-101, and will be available on SEDAR (www.sedar.com) under the Corporation's issuer profile within 45 days from February 17, 2021. 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 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 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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