Osisko Drilling Returns 319 g/t Au Over 10.5 Metres in Lynx

TORONTO, Nov. 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.

Significant new analytical results presented below include 54 intercepts in 14 drill holes (7 from surface, 7 from underground) and 11 wedges. The infill intercepts are located inside defined February 2021 mineral resource estimate (“MRE”) blocks (see Osisko news release dated February 17, 2021). The expansion intercepts are located outside the February 2021 MRE blocks and either expand resource wireframes or are in a defined zone or corridor but do not yet correlate to a specific wireframe.

Osisko Chief Executive Officer John Burzynski commented: “The main infill drill campaign at Windfall, with the objective of converting inferred resources into measured and indicated resources, has been successfully completed with the continued intersection of high-grade intervals as illustrated by today’s headline hole. Selective expansion drilling continues to successfully extend previously defined zones and define new ones. Both programs are in support of the mineral resource estimate update, expected to be completed early in the New Year. We have recently reduced our drill count from 35 rigs to 15 rigs with the completion of the infill program, but selective infill drilling will continue throughout the winter, as well as an expanded focus on exploration drilling in the vicinity of Windfall.”

Selected high-grade intercepts include: 319 g/t Au over 10.5 metres in OSK-W-21-2287-W6; 124 g/t Au over 4.3 metres, 89.2 g/t Au over 3.5 metres and 133 g/t Au over 2.3 metres in OSK-W-21-2547-W1; 143 g/t Au over 2.2 metres in OSK-W-21-2503-W3; 48.5 g/t Au over 3.2 metres in OSK-W-21-2552; 62.5 g/t Au over 2.2 metres in WST-21-0881A; 10.7 g/t Au over 11.6 metres in OSK-W-21-2537-W4; 37.3 g/t Au over 3.2 metres in OSK-W-21-1882-W7 and 32.1 g/t Au over 3.5 metres in WST-21-0812. 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)
uncut
Au (g/t)
cut to
100 g/t
Zone Corridor
OSK-W-21-1882-W7 795.1 797.3 2.2 15.0   UDD_4100 Underdog
including 795.9 796.3 0.4 49.2  
  799.0 802.2 3.2 37.3 17.5 UDD_4100 Underdog
including 801.9 802.2 0.3 312 100
OSK-W-21-1882-W8 749.7 752.0 2.3 4.38   UDD_4121 Underdog
including 750.6 751.2 0.6 14.8  
  829.5 831.5 2.0 15.1   UDD_4100 Underdog
including 831.2 831.5 0.3 94.2  
OSK-W-21-1949-W9 1063.0 1065.0 2.0 28.5   LX4_3430 Lynx 4
including 1063.0 1063.9 0.9 59.3  
OSK-W-21-1958-W4 978.4 982.3 3.9 17.7   LX4_3431 Lynx 4
OSK-W-21-2287-W6 1259.2 1269.7 10.5 319 32.5 LX4_3449 Lynx 4
including 1259.2 1260.4 1.2 2550 100
OSK-W-21-2503-W3 1111.8 1114.0 2.2 143 61.3 TLX_3172 Triple Lynx
including 1111.8 1112.1 0.3 316 100
  1117.0 1119.0 2.0 4.55   TLX_3172 Triple Lynx
OSK-W-21-2532-W2 963.0 965.5 2.5 4.37   UDD_4515 Underdog
including 963.4 963.8 0.4 22.9  
  976.0 978.0 2.0 8.96   UDD_4511 Underdog
including 976.3 976.6 0.3 53.8  
OSK-W-21-2537-W4 920.7 922.8 2.1 13.6   TLX_3161 Triple Lynx
including 920.7 921.0 0.3 62.9  
  928.0 932.0 4.0 12.8   TLX_3161 Triple Lynx
including 928.0 928.3 0.3 90.9  
  935.4 947.0 11.6 10.7   TLX_3161 Triple Lynx
including 935.4 935.8 0.4 44.1  
and 940.0 941.0 1.0 41.0  
OSK-W-21-2547-W1 698.0 700.0 2.0 5.97   TLX_3171 Triple Lynx
including 699.2 699.5 0.3 37.9  
  723.0 725.0 2.0 4.66   TLX_3184 Triple Lynx
  747.0 749.3 2.3 133 13.3 TLX_3184 Triple Lynx
including 749.0 749.3 0.3 1020 100
OSK-W-21-2551-W3 886.0 888.2 2.2 20.7   LX4_3437 Lynx 4
including 886.8 887.3 0.5 88.3  
OSK-W-21-2552 116.0 118.4 2.4 5.48   CA1_2504 Caribou
  153.2 156.4 3.2 48.5 14.4 CA1_2518 Caribou
including 153.2 153.5 0.3 464 100
  339.7 343.5 3.8 19.0   Z27_1123 Zone 27
including 342.1 342.5 0.4 42.7  
  521.7 523.8 2.1 8.37   MAL_5215 Mallard
including 521.7 522.0 0.3 54.9  
OSK-W-21-2578-W1 862.0 864.0 2.0 11.8   UDD_4910 Underdog
including 862.5 863.2 0.7 33.2  
OSK-W-21-2581 687.0 689.0 2.0 4.60   UDD_4103 Underdog
OSK-W-21-2585 134.6 137.0 2.4 39.2 27.0 F51_6008 F-51
including 135.7 136.2 0.5 159 100
OSK-W-21-2586 647.4 651.0 3.6 6.73   CA2_2241 Caribou
including 647.4 648.0 0.6 14.1  
  657.3 660.0 2.7 4.15   CA2_2214 Caribou
OSK-W-21-2604 50.5 52.8 2.3 12.1   WFN_7003 Windfall North
including 51.6 52.0 0.4 27.9  
  105.0 107.0 2.0 8.72   WFN_7008 Windfall North
including 106.0 107.0 1.0 17.4  
WST-21-0812 319.5 323.0 3.5 32.1   LSW_3502 Lynx SW
WST-21-0862C 339.0 341.5 2.5 5.75   LSW_3556 Lynx SW
including 339.8 340.1 0.3 30.8  
WST-21-0865C 243.0 245.1 2.1 18.6 14.4 LHW_3221 Lynx HW
including 244.8 245.1 0.3 129 100
  273.0 275.3 2.3 6.32   LHW_3215 Lynx HW
including 273.5 274.3 0.8 17.8  
  277.0 279.1 2.1 9.83   LHW_3215 Lynx HW
including 278.1 279.1 1.0 20.6  
WST-21-0867B 304.5 306.7 2.2 8.34   LHW_3201 Lynx HW
including 304.8 305.2 0.4 45.2  
WST-21-0881A 76.0 78.2 2.2 62.5 14.4 LXM_3361 Lynx
including 76.6 76.9 0.3 453 100

Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below. CA1 and CA2 = Caribou, LX4 = Lynx 4, LHW = Lynx Hanging Wall, LSW = Lynx Southwest, LXM = Lynx Main, MAL = Mallard, TLX = Triple Lynx, UDD = Underdog, WNF = Windfall North, and Z27 = Zone 27.

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-21-1949-W9 1080.0 1082.0 2.0 20.8   Lynx 4 Lynx
OSK-W-21-2547-W1 786.0 788.0 2.0 6.19   Triple Lynx Triple Lynx
  800.7 805.0 4.3 124 27.1 Triple Lynx Triple Lynx
including 802.9 803.3 0.4 1145 100
  807.0 810.0 3.0 5.51   Triple Lynx Triple Lynx
  813.8 817.3 3.5 89.2 20.0 Triple Lynx Triple Lynx
including 813.8 814.1 0.3 908 100
OSK-W-21-2552 217.4 219.6 2.2 3.93   Caribou Caribou
including 219.0 219.6 0.6 13.2  
  421.9 424.2 2.3 5.47   Z27 Zone 27
OSK-W-21-2572 339.0 341.0 2.0 7.39   Bobcat Bobcat
including 339.7 340.2 0.5 27.9  
OSK-W-21-2578-W1 653.3 655.3 2.0 10.2   UDD Underdog
including 653.3 653.7 0.4 50.3  
  698.0 700.3 2.3 12.2   Underdog Underdog
  732.8 736.2 3.4 3.56   Underdog Underdog
including 732.8 733.1 0.3 18.3  
and 735.9 736.2 0.3 14.4  
OSK-W-21-2598 125.0 127.0 2.0 4.15   WFN Windfall North
including 126.1 126.4 0.3 26.0  
WST-21-0862C 92.5 94.7 2.2 12.1   BCT Bobcat
  349.0 351.2 2.2 4.21   Lynx SW Lynx SW
including 350.1 350.7 0.6 8.89  
WST-21-0881A 274.4 276.6 2.2 5.93   Lynx SW Lynx SW
including 275.5 275.9 0.4 20.5  
WST-21-0882A 153.0 155.3 2.3 5.74   Lynx SW Lynx SW
including 153.0 153.6 0.6 12.8  
  230.0 232.0 2.0 4.35   Lynx SW Lynx SW
including 231.4 232.0 0.6 14.2  
WST-21-0884 274.0 276.1 2.1 25.1   TLX_3161 Triple Lynx
including 274.5 275.5 1.0 47.2  

Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below. BCT = Bobcat, SW = Southwest, TLX = Triple Lynx, UDD = Underdog, WFN = Windfall North and Z27 = Zone 27.

Drill hole location

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-21-1882-W7 328 -58 807 452469 5434405 400 2450
OSK-W-21-1882-W8 328 -58 879 452469 5434405 400 2450
OSK-W-21-1949-W9 105 -57 1140 453440 5435479 401 3825
OSK-W-21-1958-W4 111 -52 1066 453430 5435572 411 3850
OSK-W-21-2287-W6 116 -53 1443 453607 5435714 404 4075
OSK-W-21-2503-W3 126 -58 1257 453333 5435641 413 3800
OSK-W-21-2532-W2 341 -60 1145 452480 5434428 401 2475
OSK-W-21-2537-W4 114 -54 947 452981 5435550 420 3450
OSK-W-21-2547-W1 140 -55 790 452886 5435484 409 3350
OSK-W-21-2551-W3 120 -55 954 453622 5435635 405 4050
OSK-W-21-2552 335 -52 684 452404 5434674 400 2525
OSK-W-21-2572 146 -50 777 452886 5435484 409 3350
OSK-W-21-2578-W1 350 -53 918 452178 5434397 399 2200
OSK-W-21-2581 333 -49 755 452469 5434627 403 2550
OSK-W-21-2585 169 -62 180 453426 5435858 405 4000
OSK-W-21-2586 334 -60 706 452682 5434351 402 2625
OSK-W-21-2598 343 -46 210 452118 5435098 406 2475
OSK-W-21-2604 353 -48 270 452197 5435106 406 2550
WST-21-0812 149 -51 370 452954 5435003 253 3175
WST-21-0862C 147 -56 405 452954 5435003 252 3175
WST-21-0865C 115 -04 304 453462 5435327 33 3775
WST-21-0867B 110 -13 346 453462 5435327 33 3775
WST-21-0881A 148 -57 457 453105 5435065 231 3325
WST-21-0882A 120 -60 350 452955 5435003 253 3175
WST-21-0884 123 -66 322 453509 5435328 -7 3800

Lynx Zones
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.

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.

Zone 27
Mineralization most commonly occurs as replacement-type characterized by 5% to 50% disseminated, stringer, semi-massive or stockwork pyrite, ptygmatic tourmaline veins, quartz-tourmaline crustiform veins, local quartz-carbonate veins, and local visible gold. Mineralization is associated with moderate to strong sericite, weak to strong silica, weak chlorite and carbonate and locally weak fuchsite and is hosted in strongly altered andesites, in or at the contact of the rhyolite, or along the contacts with felsic porphyritic intrusions.

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.

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.

Underdog
Mineralization most commonly occurs in gold-bearing quartz-pyrite (± tourmaline) veins and as disseminated, 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-Zones
Mineralization is hosted in sheared andesites with carbonate replacement or quartz veining and occurs as quartz ± ankerite veinlets or as replacement type in shear zones and is characterised by trace to 10% pyrite with local visible gold. Alteration is dominated by sericite-fuchsite-tourmaline-pyrite.

Windfall North
Mineralization is hosted in sheared andesites and most commonly occurs in gold-bearing quartz veins with trace to 10% pyrite, traces of sphalerite and chalcopyrite, and local visible gold. Mineralization is hosted in a silica-carbonate-sericite alteration envelope and is constrained within shear zones with pervasive sericite-carbonate ± fuchsite ± silica alteration.

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), Director of Exploration for Osisko’s Windfall 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 3.5 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 Estimate (MRE) defined by Osisko, as disclosed in the news release dated February 17, 2021 is supported by the technical report entitled “Preliminary Economic Assessment Update for the Windfall Project” dated April 26, 2021 (that includes Windfall Mineral Resource Estimate 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


Resource News, Oil and Gas News, Mining News, Renewable News