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Message: Osisko Infill Drilling Returns More High Grade Values In Lynx

 

 
2020-04-14 08:00:12 AM ET (GlobeNewswire)
   
   

Osisko Mining Inc. (OSK:TSX. "Osisko" or the "Corporation") is pleased to provide new infill drilling results from the definition drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Quebec.

Operations remain temporarily suspended in respect of the Government of Quebec's closure of all non-essential business in effort to contain COVID-19. Osisko is ready to resume drilling activities at Windfall once the temporary suspension is lifted. Drilling will remain focused on the Lynx deposit, exploration on the main mineralized zones, and deep exploration in the central areas of the mineralized system. Additional results from pre-shut down drilling will continue to be released as they become available in the coming weeks. These analytical results are from laboratories outside Quebec that have continued sample processing operations.

Significant new analytical results from Lynx and Triple Lynx are presented below, including 62 intercepts in 27 drill holes and 8 wedges.

Selected high-grade intercepts include: 153 g/t Au over 3.4 metres in WST-19-0234; 108 g/t Au over 2.2 metres in WST-20-0372; 99.2 g/t Au over 2.0 metres in WST-20-0286; 91.3 g/t Au over 2.0 metres in OSK-W-20-2139-W6 and 51.6 g/t Au over 2.8 metres in OSK-W-20-2100-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) uncut Au (g/t)  cut to 100 g/t Zone     Corridor
OSK-W-18-1639    875.0    877.0  2.0          23.7                                    Lynx_350 Lynx
including        875.0    876.0  1.0          45.3
OSK-W-20-1072-W5 867.1    869.1  2.0          54.1           18.0                     Lynx_330 Lynx
including        868.8    869.1  0.3          341            100
                 884.0    886.0  2.0          30.8                                    Lynx_340 Lynx
including        884.0    885.0  1.0          56.5
                 1079.5   1081.5 2.0          3.17                                    Lynx 4   Lynx
including        1080.4   1080.7 0.3          19.4
OSK-W-20-1272-W6 789.2    792.0  2.8          8.13                                    Lynx_371 Lynx
including        790.1    790.8  0.7          22.2
                 797.0    799.1  2.1          7.56                                    Lynx_371 Lynx
                 804.0    806.0  2.0          4.66                                    Lynx_361 Lynx
                 809.6    812.0  2.4          5.94                                    Lynx_361 Lynx
                 818.1    821.0  2.9          4.82                                    Lynx_361 Lynx
                 823.0    825.0  2.0          3.28                                    Lynx_361 Lynx
                 831.9    835.4  3.5          5.94                                    Lynx_361 Lynx
including        835.0    835.4  0.4          28.0
                 853.0    856.0  3.0          4.36                                    Lynx_368 Lynx
                 859.0    861.0  2.0          3.67                                    Lynx_368 Lynx
                 901.0    903.0  2.0          18.3                                    Lynx_364 Lynx
including        902.0    903.0  1.0          34.6
OSK-W-20-1731-W6 542.4    545.0  2.6          39.3           35.9                     Lynx_310 Lynx
including        543.0    543.9  0.9          110            100
                 577.4    580.2  2.8          11.5                                    Lynx_305 Lynx
including        577.4    577.7  0.3          59.9
                 1000.5   1003.0 2.5          4.90                                    Lynx_327 Lynx
OSK-W-20-2100-W6 927.5    930.3  2.8          51.6           34.3                     Lynx_361 Lynx
including        928.9    929.2  0.3          262            100
OSK-W-20-2100-W9 931.0    933.0  2.0          4.38                                    Lynx_361 Lynx
OSK-W-20-2123-W4 1112.0   1114.0 2.0          3.13                                    Lynx_368 Lynx
                 1168.0   1173.0 5.0          8.48                                    Lynx_364 Lynx
                 1184.0   1186.5 2.5          7.70                                    Lynx_370 Lynx
OSK-W-20-2139-W6 874.8    876.8  2.0          91.3           45.7                     Lynx_361 Lynx
including        876.0    876.4  0.4          328            100
OSK-W-20-2202-W2 969.6    972.0  2.4          14.2           13.3                     Lynx_363 Lynx
including        970.1    970.4  0.3          107            100
OSK-W-20-2243    789.6    792.0  2.4          19.4           18.4                     Lynx_361 Lynx
including        790.2    790.5  0.3          108            100
                 795.0    797.0  2.0          7.13                                    Lynx_361 Lynx
                 800.1    802.4  2.3          5.01                                    Lynx_361 Triple Lynx
WST-19-0234      69.2     72.6   3.4          153            17.8                     Lynx_311 Lynx
Including        69.2     69.5   0.3          1630           100
WST-19-0239      66.6     69.1   2.5          9.88                                    Lynx_311 Lynx
including        68.5     69.1   0.6          37.9
WST-19-0240      74.4     77.0   2.6          9.52                                    Lynx_308 Lynx
including        74.4     74.8   0.4          56.2
WST-20-0283      65.6     68.0   2.4          6.95                                    Lynx_311 Lynx
including        66.3     66.8   0.5          24.8
WST-20-0285      113.9    116.0  2.1          3.93                                    Lynx_320 Lynx
including        114.8    115.3  0.5          15.3
                 118.0    120.0  2.0          3.35                                    Lynx_319 Lynx
including        118.6    119.2  0.6          10.9
WST-20-0286      54.3     56.3   2.0          99.2           55.1                     Lynx_311 Lynx
including        55.7     56.3   0.6          247            100
WST-20-0294      67.9     70.0   2.1          19.7                                    Lynx_311 Lynx
including        67.9     68.8   0.9          45.5
WST-20-0295      63.6     65.6   2.0          27.0           21.0                     Lynx_311 Lynx
including        64.9     65.3   0.4          130            100
WST-20-0302      74.0     76.2   2.2          5.09                                    Lynx_311 Lynx
including        75.6     76.2   0.6          17.7
WST-20-0322      68.8     71.0   2.2          24.6           13.8                     Lynx_323 Lynx
including        68.8     69.1   0.3          179            100
                 129.5    131.5  2.0          12.3                                    Lynx_306 Lynx
including        130.6    131.5  0.9          26.0
WST-20-0337      68.0     70.1   2.1          6.21                                    Lynx_323 Lynx
including        69.4     70.1   0.7          12.6
                 90.0     92.5   2.5          6.10                                    Lynx_304 Lynx
including        90.0     90.3   0.3          38.7
WST-20-0340      78.5     80.6   2.1          8.07                                    Lynx_323 Lynx
including        78.5     79.2   0.7          23.9
                 87.7     89.7   2.0          69.2           62.2                     Lynx_304 Lynx
including        88.3     89.1   0.8          118            100
                 111.0    113.0  2.0          4.40                                    Lynx_359 Lynx
WST-20-0359      107.0    109.3  2.3          3.04                                    Lynx_304 Lynx
WST-20-0362      119.0    121.0  2.0          3.45                                    Lynx_359 Lynx
WST-20-0363      68.9     71.0   2.1          4.49                                    Lynx_311 Lynx
                 115.5    118.0  2.5          3.16                                    Lynx_304 Lynx
including        116.3    116.7  0.4          17.9
                 122.0    124.5  2.5          16.3                                    Lynx_359 Lynx
including        123.0    123.8  0.8          50.2
WST-20-0364      110.0    112.0  2.0          7.37                                    Lynx_304 Lynx
including        111.3    111.6  0.3          17.9
WST-20-0365      120.7    123.0  2.3          3.44                                    Lynx_359 Lynx
including        122.7    123.0  0.3          14.6
WST-20-0371      136.8    138.9  2.1          13.7                                    Lynx_304 Lynx
including        138.3    138.9  0.6          43.9
WST-20-0372      126.5    128.5  2.0          5.67                                    Lynx_304 Lynx
including        127.7    128.0  0.3          31.4
                 130.0    132.7  2.7          23.2           17.5                     Lynx_304 Lynx
including        132.3    132.7  0.4          139            100
                 205.6    207.8  2.2          108            31.7                     Lynx_322 Lynx
including        206.6    207.2  0.6          378            100
WST-20-0378      146.0    148.3  2.3          20.6                                    Lynx_304 Lynx
including        147.0    147.7  0.7          45.9
                 200.0    202.2  2.2          18.6                                    Lynx_322 Lynx
including        200.5    200.9  0.4          95.3
WST-20-0379A     132.0    134.4  2.4          4.54                                    Lynx_304 Lynx
including        133.5    133.9  0.4          18.8
WST-20-0381      54.1     56.4   2.3          38.1           35.2                     Lynx_311 Lynx

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 Number      Azimuth (°) Dip (°) Length (m) UTM E  UTM N   Elevation Section
OSK-W-18-1639    142         -53     1164       453266 5435397 405       3625
OSK-W-20-1072-W5 145         -57     1262       453612 5435532 399       4000
OSK-W-20-1272-W6 127         -60     1035       453246 5435535 412       3675
OSK-W-20-1731-W6 139         -51     1068       453383 5435518 409       3800
OSK-W-20-2100-W6 122         -47     1260       453093 5435726 419       3650
OSK-W-20-2100-W9 122         -47     1074       453093 5435726 419       3650
OSK-W-20-2123-W4 126         -57     1236       453231 5435774 400       3775
OSK-W-20-2139-W6 115         -52     1089       452980 5435549 420       3450
OSK-W-20-2202-W2 127         -54     1146       452999 5435606 424       3500
OSK-W-20-2243    122         -54     815        453087 5435527 418       3550
WST-19-0234      150         17      157        453216 5435114 224       3450
WST-19-0239      173         1       91         453215 5435114 223       3450
WST-19-0240      135         -3      178        453217 5435115 223       3450
WST-20-0283      165         25      214        453228 5435126 137       3475
WST-20-0285      161         25      211        453228 5435126 137       3475
WST-20-0286      153         16      85         453228 5435126 136       3475
WST-20-0294      131         13      96         453228 5435126 135       3475
WST-20-0295      131         -7      166        453229 5435127 135       3475
WST-20-0302      112         -30     120        453229 5435126 135       3475
WST-20-0322      125         6       154        453292 5435140 163       3525
WST-20-0337      145         -6      203        453411 5435230 114       3675
WST-20-0340      147         -26     135        453410 5435229 114       3675
WST-20-0359      151         -17     145        453450 5435264 115       3725
WST-20-0362      156         -14     148        453450 5435264 115       3725
WST-20-0363      157         -30     154        453450 5435264 115       3725
WST-20-0364      157         -25     282        453450 5435264 115       3725
WST-20-0365      158         -8      142        453450 5435264 116       3725
WST-20-0371      145         -47     163        453493 5435287 116       3775
WST-20-0372      148         -42     451        453493 5435287 116       3775
WST-20-0378      144         -50     253        453493 5435287 116       3775
WST-20-0379A     143         -41     277        453493 5435287 116       3775
WST-20-0381      145         9       82         453228 5435126 136       3475
WST-20-0382      147         -3      158        453228 5435126 135       3475
WST-20-0383      155         -17     92         453227 5435125 135       3475
WST-20-0390      158         -35     175        453450 5435264 115       3725

Lynx Zone

Mineralization in the Lynx zone is typically characterized by trace to 15% disseminated, clustered or stringer pyrite (locally up to 70%), local visible gold, trace to 3% sphalerite, chalcopyrite, and galena, local ptygmatic pyrite-tourmaline or tourmaline veinlets, quartz-carbonate veins (locally crustiform), smoky quartz veins and veinlets, and local chlorite-calcite or quartz-carbonate chlorite fracture filling. Alteration consists of weak to strong sericite, weak to strong silica with areas of local pervasive silica flooding, weak to moderate chlorite and carbonate, and locally weak to strong fuchsite. Mineralization is hosted in or at the contacts of felsic porphyritic or fragmental intrusions with rhyolites, andesites (locally bleached), or gabbros.

Triple Lynx Zone

Mineralization in the Triple Lynx zone is typically characterized by trace to 30% disseminated, clustered or stringer pyrite, local visible gold, trace sphalerite, chalcopyrite, and galena, local quartz-tourmaline veins (up to 20%), local ptygmatic tourmaline veins, and local smoky quartz and quartz-carbonate veins. Alteration consists of weak to strong sericite, weak to strong silica with areas of local pervasive silica flooding, weak to moderate chlorite and carbonate, and locally weak to strong fuchsite. 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, Quebec, 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 an Aqua Regia-ICP-AES method at ALS Laboratories. Dri ll 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, Quebec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 19, 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 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 comp rised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. 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 Quebec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quevillon 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 rele ase 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 o thers, 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

President & Chief Executive Officer

Telephone (416) 363-8653

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