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Osisko Expansion Drilling Adds New High Grade at Lynx

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·18 min read
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177 g/t Au Over 3.0 Metres

TORONTO, March 17, 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.

Drilling is currently focused on the Lynx deposit. Significant new analytical results presented below include 66 intercepts in 22 drill holes (5 from surface, 17 from underground) and 21 wedges. The intercepts are located outside the February 2021 mineral resource estimate (“MRE”) (see Osisko news release dated February 17, 2021) and either expand resource wireframes or are located in a defined zone or corridor but do not yet correlate to a specific wireframe.

Osisko Chief Executive Officer John Burzynski commented: “Today’s expansion results in Lynx and Triple Lynx continue to confirm the growth potential of these zones. The higher-grade intercept in OSK-W-20-2381-W1 extends Lynx 90 metres from the nearest MRE block and WST-20-0602 extends Triple Lynx 100 metres from the nearest MRE block”.

Selected high-grade intercepts include: 177 g/t Au over 3.0 metres and 66.6 g/t Au over 2.0 metres in OSK-W-20-2381-W1; 43.4 g/t Au over 5.3 metres in WST-20-0602; 56.4 g/t Au over 3.2 metres in WST-20-0603; 52.1 g/t Au over 3.4 metres in WST-20-0611; 70.2 g/t Au over 2.2 metres in OSK-W-20-2313-W7; 57.2 g/t Au over 2.1 metres in OSK-W-20-2391; and 25.1 g/t Au over 4.8 metres in OSK-W-20-2252-W8. Maps showing hole locations and full analytical results are available at www.osiskomining.com

Expansion Drilling

Hole No.

From
(m)

To
(m)

Interval
(m)

Au (g/t)
uncut

Au (g/t)
cut to 100 g/t

Zone

Corridor

OSK-W-20-2170-W7

1029.6

1031.9

2.3

11.1

Triple Lynx

Triple Lynx

including

1029.6

1030.0

0.4

59.7

OSK-W-20-2252-W10

1182.6

1184.8

2.2

3.89

Triple Lynx

Triple Lynx

1190.2

1192.4

2.2

13.8

Triple Lynx

Triple Lynx

including

1191.2

1192.1

0.9

31.3

1204.3

1206.3

2.0

4.22

Triple Lynx

Triple Lynx

OSK-W-20-2252-W8

975.2

980.0

4.8

25.1

22.6

Triple Lynx

Triple Lynx

including

976.5

977.7

1.2

85.8

75.6

OSK-W-20-2271-W2

1133.5

1135.5

2.0

3.64

Lynx 4

Lynx

including

1134.0

1134.5

0.5

14.5

OSK-W-20-2271-W5

1064.6

1067.4

2.8

4.74

Lynx 4

Lynx

including

1064.6

1065.0

0.4

13.1

OSK-W-20-2280-W7

977.0

981.8

4.8

7.78

Triple Lynx

Triple Lynx

including

977.0

977.4

0.4

30.4

OSK-W-20-2283-W2

951.0

953.0

2.0

3.94

Triple Lynx

Triple Lynx

OSK-W-20-2287

1245.0

1247.0

2.0

3.51

Lynx 4

Lynx

OSK-W-20-2292-W1

1131.8

1134.0

2.2

3.66

Triple Lynx

Triple Lynx

including

1131.8

1132.1

0.3

23.5

OSK-W-20-2313-W7

993.0

995.2

2.2

70.2

14.4

Triple Lynx

Triple Lynx

including

994.9

995.2

0.3

509

100

OSK-W-20-2313-W9

793.0

797.5

4.5

5.65

Triple Lynx

Triple Lynx

including

796.5

797.5

1.0

13.4

OSK-W-20-2322-W1

1047.4

1049.7

2.3

3.69

Lynx 4

Lynx

including

1047.4

1048.0

0.6

13.7

OSK-W-20-2328

898.2

900.5

2.3

3.64

Lynx 4

Lynx

OSK-W-20-2363

578.0

582.0

4.0

6.19

Triple Lynx

Triple Lynx

including

581.3

582.0

0.7

24.4

OSK-W-20-2363-W1

662.0

664.1

2.1

4.43

Triple Lynx

Triple Lynx

OSK-W-20-2363-W2

751.0

753.5

2.5

5.90

Triple Lynx

Triple Lynx

including

753.0

753.5

0.5

12.0

867.6

870.0

2.4

5.18

Triple Lynx

Triple Lynx

including

867.6

868.0

0.4

27.7

887.0

889.0

2.0

3.75

Triple Lynx

Triple Lynx

OSK-W-20-2363-W3

999.1

1001.6

2.5

4.52

Triple Lynx

Triple Lynx

OSK-W-20-2371-W1

654.0

656.3

2.3

17.9

Triple Lynx

Triple Lynx

including

655.2

655.8

0.6

60.8

717.0

719.0

2.0

5.97

Triple Lynx

Triple Lynx

937.0

939.0

2.0

3.68

Triple Lynx

Triple Lynx

including

938.1

938.4

0.3

20.4

977.5

980.9

3.4

10.8

Triple Lynx

Triple Lynx

including

977.5

977.8

0.3

70.1

OSK-W-20-2371-W2

815.0

817.0

2.0

3.60

Triple Lynx

Triple Lynx

1047.0

1049.0

2.0

4.04

Lynx 4

Lynx

including

1047.4

1048.1

0.7

11.4

OSK-W-20-2375-W3

918.0

920.0

2.0

3.86

Lynx 4

Lynx

OSK-W-20-2381-W1

1332.0

1335.0

3.0

177

38.2

Lynx 4

Lynx

including

1332.0

1333.0

1.0

515

100

1364.5

1366.5

2.0

66.6

26.6

Lynx 4

Lynx

including

1366.1

1366.5

0.4

300

100

OSK-W-20-2391

1183.3

1185.4

2.1

57.2

26.2

Triple Lynx

Triple Lynx

including

1185.1

1185.4

0.3

317

100

1283.0

1285.1

2.1

9.73

Triple Lynx

Triple Lynx

including

1283.7

1284.0

0.3

58.1

OSK-W-20-2391-W2

1380.0

1382.0

2.0

10.7

Triple Lynx

Triple Lynx

including

1380.9

1381.2

0.3

65.3

1390.3

1394.7

4.4

21.2

Triple Lynx



Triple Lynx



including

1392.8

1393.1

0.3

65.3

and

1393.9

1394.7

0.8

58.0

OSK-W-20-2394-W1

889.0

891.0

2.0

5.04

Triple Lynx

Triple Lynx

OSK-W-20-2394-W3

1012.6

1015.0

2.4

33.5

Triple Lynx

Triple Lynx

including

1013.2

1014.0

0.8

99.9

OSK-W-21-2445

445.0

447.0

2.0

10.3

Triple Lynx

Triple Lynx

including

446.7

447.0

0.3

61.6

WST-20-0522

243.0

245.1

2.1

3.79

Lynx SW

Lynx SW

WST-20-0523A

297.0

299.0

2.0

3.83

Lynx SW

Lynx SW

WST-20-0524

238.7

241.0

2.3

3.60

Lynx SW

Lynx SW

including

239.6

240.0

0.4

16.9

WST-20-0548A

271.4

273.6

2.2

3.60

Triple Lynx

Triple Lynx

including

272.1

272.8

0.7

10.9

WST-20-0554

357.4

359.4

2.0

6.43

Triple Lynx

Triple Lynx

424.0

426.2

2.2

3.77

Triple Lynx

Triple Lynx

WST-20-0569

412.0

414.0

2.0

4.31

Lynx SW

Lynx

including

412.4

412.7

0.3

27.6

WST-20-0570

323.0

325.0

2.0

3.85

Lynx SW

Lynx SW

WST-20-0574

302.9

305.7

2.8

9.11

Lynx SW

Lynx SW

308.0

310.0

2.0

4.07

Lynx SW

Lynx SW

394.5

396.9

2.4

5.64

Lynx SW

Lynx SW

416.0

418.7

2.7

9.20

Lynx SW

Lynx SW

including

418.4

418.7

0.3

78.9

510.8

513.0

2.2

4.58

Lynx SW

Lynx SW

including

511.7

512.2

0.5

20.0

WST-20-0575

159.0

161.0

2.0

3.54

Triple Lynx

Triple Lynx

WST-20-0602

397.1

400.4

3.3

9.53

Lynx SW

Lynx SW

including

397.6

398.0

0.4

28.7

572.0

577.3

5.3

43.4

29.9

Lynx SW

Lynx SW

including

572.0

573.0

1.0

172

100

WST-20-0603

250.5

253.7

3.2

56.4

34.3

Lynx SW

Lynx SW

including

252.0

252.7

0.7

201

100

257.8

260.0

2.2

5.07

Lynx SW

Lynx SW

278.0

280.0

2.0

28.0

Triple Lynx

Triple Lynx

including

278.7

279.2

0.5

95.2

WST-20-0606A

248.5

250.5

2.0

5.41

Lynx SW

Lynx SW

273.2

275.2

2.0

15.3

Lynx SW

Lynx SW

including

273.7

274.0

0.3

37.3

329.0

331.0

2.0

4.41

Lynx SW

Lynx SW

WST-20-0609

299.0

301.4

2.4

12.9

Lynx SW

Lynx SW

including

300.9

301.4

0.5

57.0

326.7

329.0

2.3

4.77

Triple Lynx

Triple Lynx

including

326.7

327.4

0.7

11.1

346.7

349.0

2.3

3.90

Lynx SW

Lynx SW

including

346.7

347.2

0.5

17.4

WST-20-0611

289.0

292.4

3.4

52.1

27.0

Triple Lynx

Triple Lynx

including

291.8

292.4

0.6

242

100

WST-20-0615

258.1

260.5

2.4

12.0

Lynx SW

Lynx SW

WST-20-0626

451.7

453.8

2.1

4.51

Lynx SW

Lynx SW

WST-20-0631

14.8

17.0

2.2

7.22

Lynx

Lynx

including

14.8

15.6

0.8

19.7

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 Number

Azimuth (°)

Dip (°)

Length (m)

UTM E

UTM N

Elevation

Section

OSK-W-20-2170-W7

128

-59

1205

453425

5435657

413

3900

OSK-W-20-2252-W10

129

-54

1226

453241

5435694

415

3750

OSK-W-20-2252-W8

129

-54

1239

453241

5435694

415

3750

OSK-W-20-2271-W2

120

-53

1223

453462

5435682

410

3950

OSK-W-20-2271-W5

120

-53

1247

453462

5435682

410

3950

OSK-W-20-2280-W7

127

-58

1131

453304

5435639

415

3775

OSK-W-20-2283-W2

135

-50

1011

452997

5435607

425

3500

OSK-W-20-2287

116

-53

1406

453607

5435714

404

4075

OSK-W-20-2292-W1

125

-54

1149

453035

5435561

420

3525

OSK-W-20-2313-W7

134

-52

1086

452965

5435583

420

3450

OSK-W-20-2313-W9

134

-52

1218

452965

5435583

420

3450

OSK-W-20-2322-W1

130

-54

1233

453608

5435715

403

4075

OSK-W-20-2328

136

-56

942

452872

5435153

409

3175

OSK-W-20-2363

139

-52

1031

452930

5435548

419

3425

OSK-W-20-2363-W1

139

-52

1059

452930

5435548

419

3425

OSK-W-20-2363-W2

139

-52

1035

452930

5435548

419

3425

OSK-W-20-2363-W3

139

-52

1185

452930

5435548

419

3425

OSK-W-20-2371-W1

123

-53

1032

452996

5435364

412

3375

OSK-W-20-2371-W2

123

-53

1251

452996

5435364

412

3375

OSK-W-20-2375-W3

122

-56

1020

453810

5435779

400

4300

OSK-W-20-2381-W1

134

-53

1512

453620

5435791

402

4125

OSK-W-20-2391

117

-57

1629

453281

5435894

408

3900

OSK-W-20-2391-W2

117

-57

1888

453281

5435894

408

3900

OSK-W-20-2394-W1

138

-52

1065

452922

5435468

415

3375

OSK-W-20-2394-W3

138

-52

1020

452922

5435468

415

3375

OSK-W-21-2445

141

-50

945

452906

5435434

415

3325

WST-20-0522

177

-52

457

453104

5435064

231

3325

WST-20-0523A

165

-46

387

453104

5435065

231

3325

WST-20-0524

182

-44

243

453103

5435064

231

3325

WST-20-0548A

166

-60

370

453228

5435126

135

3475

WST-20-0554

148

-44

562

453257

5435209

96

3525

WST-20-0569

164

-59

526

453104

5435065

231

3325

WST-20-0570

159

-51

454

453104

5435065

231

3325

WST-20-0574

139

-63

523

452955

5435003

253

3175

WST-20-0575

280

-33

280

453413

5435309

69

3725

WST-20-0602

160

-62

651

453227

5435126

134

3475

WST-20-0603

161

-59

525

453227

5435125

134

3475

WST-20-0606A

141

-56

531

453105

5435065

231

3325

WST-20-0609

188

-56

461

453177

5435126

173

3425

WST-20-0611

118

-63

378

453358

5435273

16

3650

WST-20-0615

177

-58

519

453227

5435125

134

3475

WST-20-0626

194

-59

471

453176

5435125

173

3425

WST-20-0631

136

-3

166

453322

5435235

55

3600

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), 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 supported by the technical report entitled “Mineral Resource Estimate Update for the Windfall Project, Eeyou Istchee James Bay, Québec, Canada” dated March 8, 2021 (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