Month: March 2017
Osisko Appoints Amy Satov To Board Of Directors
(Montréal, March 28, 2017). Osisko Mining Inc. (OSK:TSX, “Osisko” or the “Corporation”) is pleased to announce that it has appointed Amy Satov to the board of directors of the Corporation.
Ms. Satov, B.A., LL.B., M.B.A. is the Chief Executive Officer and co-founder of Litron Distributors Ltd., a national lighting distributor. Founded in Montreal, Litron expanded across Canada in 2014, adding locations in Halifax, Ottawa, Toronto, Saskatoon, Calgary and Edmonton and subsequently in Quebec City and Vancouver. Litron has experienced exponential growth since inception.
For the 12 years prior to Litron, Ms. Satov was the Executive Vice President of Legal, Compliance and Distribution and Corporate Secretary of Dundee Wealth, a wealth management company with $80 billion dollars of assets under management that was acquired by The Bank of Nova Scotia in 2011. In her role as EVP, she was in charge of all legal and compliance matters, was actively involved in Dundee Wealth’s expansion into Europe and the U.S. and sat on various subsidiary boards. Ms. Satov advised on all M&A activities as well as securities, regulatory and all other corporate commercial matters. In 2010 Ms. Satov was recognized by Strathmore’s “Who’s Who” for excellence and achievement in her profession. Ms. Satov is also a member of the McGill University Chancellor’s Advisory Group.
John Burzynski, President and CEO of Osisko noted: “We are delighted to welcome Amy to the board of Osisko Mining. Amy’s business experience is a great match for the entrepreneurial culture that we have built at Osisko, and we look forward to benefiting from Amy’s securities, commercial and governance experience, a true diversity of skills that will be a valuable addition to the company.”
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% in the high-grade Windfall Lake gold deposit located between Val-dOr and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry and Lebel-sur-Quévillon areas, a 100% interest in the Marban project located in the heart of Québecs prolific Abitibi gold mining district, and properties in Ontario, including the Jonpol and Garrcon deposits on the Garrison property. Osisko continues to be well financed with approximately $190 million in cash and investments. Osisko Gold Royalties Ltd. (OR:TSX / NYSE) is a significant shareholder of the Corporation with approximately 14% ownership.
CONTACT INFORMATION:
John Burzynski
President & Chief Executive Officer
(416) 363-8653
Osisko Corporate Update
(Montréal, June 22, 2016) Osisko Mining Inc. (OSK:TSX, “Osisko” or the “Corporation”) is pleased to announce the addition to its senior management team of Mr. John Hayes, who will fill the position of Senior Vice President, Corporate Development. Mr. Hayes, a well-recognized and respected figure in the Canadian and international mining industry, is a professional geologist with over 17 years of exploration experience and many years of capital markets experience. John graduated from Memorial University of Newfoundland with an Honours Bachelor of Science in Geology (1989) and a Master of Science in Geology (1997). He also holds an MBA from Dalhousie University (2003), and is a member (P. Geo.) of the Professional Engineers and Geoscientists of Newfoundland and Labrador. From 2003 until 2014, Mr. Hayes was a Managing Director and mining analyst at BMO Capital Markets. As a mining equity analyst, John covered global precious and base metal companies from exploration to production stages. Mr. Hayes currently serves as a Director of Eco Oro Minerals Corp. and is a member of the Advisory Board of Aston Bay Holdings Inc..
The Corporation is also pleased to announce that Mr. Jose Vizquerra Benavides, formerly the Senior Vice President of Corporate Development and Chief Operating Officer, will now serve as Osisko’s Executive Vice President of Strategic Development.
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 Lake gold deposit located between Val-dOr and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area (82,400 hectares), a 100% interest in the Marban project located in the heart of Québecs prolific Abitibi gold mining district, and properties in the Larder Lake Mining Division in northeast Ontario, including the Jonpol and Garrcon deposits on the Garrison property, the Buffonta past producing mine and the Gold Pike mine property. The Company also holds interests and options in a number of additional properties in northern Ontario. Osisko is well financed with approximately $74 million in cash, cash equivalents and marketable securities.
For further information please contact:
John Burzynski
President and Chief Executive Officer
Osisko Mining Inc.
Telephone: (416) 363-8653
Osisko Intersects 71.4 g/t Au Over 5.4 Metres At Windfall
New High Grade Intercepts in Lynx Zone Discovery
(Montréal, March 28, 2017). Osisko Mining Inc. (OSK:TSX, “Osisko” or the “Corporation”) is pleased to announce new results from the ongoing drill program at its 100% owned Windfall Lake gold project located in Urban Township, Québec. The current 400,000 metre drill program combines definition drilling above the Red Dog intrusion (“Red Dog”), expansion drilling above and below Red Dog, expansion drilling to the NE of the main deposit, and exploration drilling on the greater deposit and Urban-Barry Project area. New analytical results from four drill holes focused on the Lynx Zone discovery are reported in this release, with significant assay results presented in the table below.
New results include: 71.4 g/t Au over 5.4 metres (uncut) in OSK-W-17-792; 57.0 g/t Au over 3.6 metres (uncut) and 21.1 g/t Au over 3.7 metres in OSK-W-17-788; and 21.6 g/t Au over 7.9 metres (uncut) in OSK-W-17-779. 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-17-779 |
268.0 | 275.9 | 7.9 | 21.6 | 16.9 | CV | Lynx |
| including | 274.3 | 275.0 | 0.7 | 154 | 100 | ||
| 282.0 | 284.5 | 2.5 | 18.1 | CV | Lynx | ||
|
|
298.0 | 300.7 | 2.7 | 15.6 | CV | Lynx | |
| including | 298.9 | 300.0 | 1.1 | 33.2 | |||
|
OSK-W-17-788 |
236.4 | 240.0 | 3.6 | 57.0 | 36.6 | PRSB | Lynx |
| including | 236.4 | 236.9 | 0.5 | 153 | 100 | ||
| and | 239.0 | 239.5 | 0.5 | 194 | 100 | ||
| 245.0 | 248.7 | 3.7 | 21.1 | PRSB | Lynx | ||
| including | 247.8 | 248.7 | 0.9 | 54.8 | |||
|
OSK-W-17-790 |
261.6 | 265.2 | 3.6 | 11.3 | PRSB | Lynx | |
| including | 261.6 | 262.3 | 0.7 | 28.7 | |||
| and | 264.7 | 265.2 | 0.5 | 39.9 | |||
|
OSK-W-17-790 |
269.5 | 272.5 | 3.0 | 4.32 | PRSB | Lynx | |
| including | 269.5 | 270.6 | 1.1 | 10.1 | |||
|
OSK-W-17-792 |
313.3 | 318.7 | 5.4 | 71.4 | 42.5 | PRSB | Lynx |
| including | 315.6 | 316.7 | 1.1 | 242.0 | 100 |
Notes:
- True Widths currently undetermined. See “Quality Control” below.
- Definitions: PRSB = pyrite-rich silicified bands. CV = crustiform veins.
| Hole Number | Azimuth (°) |
Dip (°) |
Length (m) |
UTM E | UTM N | Section |
| OSK-W-17-779 | 331 | -65 | 796.5 | 453301 | 5434978 | 3450 |
| OSK-W-17-788 | 331 | -65 | 376.5 | 453329 | 5434932 | 3450 |
| OSK-W-17-790 | 332 | -64 | 451.5 | 453456 | 5434998 | 3600 |
| OSK-W-17-792 | 335 | -63 | 439.5 | 453446 | 5434960 | 3575 |
The Lynx Zone is a recently discovered corridor of gold mineralization located to the East of the main Windfall deposit mineralized zones. To date it has been intersected at shallow depths (60 metres) and up to 330 metres below surface, over a strike length of over 300 metres and remains open laterally and at depth. The Lynx Zone was discovered as a result of the step-out drilling program which was designed to test an east-northeast magnetic low corridor containing altered porphyry dykes similar to those previously defined in the main deposit area. Mineralization consists of a series of crustiform veins and heavily silicified, pyrite-rich alteration bands hosted in strongly silicified and sericitized rhyolite and porphyry dikes. The veins and silicified bands are intersected at various angles, including low core angles, suggesting they may represent a vein network. Additional drilling will be conducted to the southeast to further evaluate the abundance and true thickness of the veins and silicified bands. True thicknesses of reported intersections are presently unknown.
OSK-W-17-779 tested the Lynx corridor and intersected 16.9 g/t Au over 7.9 metres (21.7 g/t Au over 7.9 metres uncut) followed by 18.1 g/t over 2.5 metres and 15.6 g/t Au over 2.7 metres in crustiform veins containing 1-5% pyrite and local visible gold. The veins are hosted in silicified and sericitized rhyolite. Veining was generally intersected at 20 to 40 degrees to the axis of the core and the true width of the vein system is undetermined at this time.
OSK-W-17-788 returned 36.6 g/t Au over 3.6 metres (57.0 g/t Au over 3.6 metres uncut) followed by 21.1 g/t Au over 3.7 metres in a series of sub-parallel highly silicified pyrite-rich alteration bands with local visible gold hosted in a sericitized and silicified rhyolite containing 1-5% pyrite stringers and disseminations.
OSK-W-17-790 intersected 11.3 g/t Au over 3.6 metres in a series of highly silicified pyrite-rich alteration bands hosted in a sericitized and silicified porphyry dyke containing 3-5% pyrite stringers and disseminations.
OSK-W-17-792 averaged 42.5 g/t Au over 5.4 metres (71.4 g/t Au over 5.4 metres uncut) in a series of silicified pyrite-rich alteration bands containing 5-20% pyrite and local visible gold hosted in a sericitized and silicified rhyolite. This interval is located 40 metres above and 20 metres to the east of 11.3 g/t Au over 3.6 metres in OSK-W-17-790 described above.
Qualified Person
The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Jean-Philippe Desrochers, Ph.D., P.Geo. Senior Project Manager of the 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 determinations in the Lynx Zone have yet to be determined. Assay are uncut except where indicated, and calculated intervals are reported over a minimum length of 2 metres using a lower cutoff of 3 g/t Au. All NQ core assays reported were obtained by either 1 kilogram whole rock metallic screen/fire assay or standard 50 gram fire-assaying with AA or gravimetric finish at ALS Laboratories in Val dOr, Québec or Sudbury, Ontario. The 1 kilogram metallic screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. All samples are also analyzed for multi-elements, including silver, using an Aqua Regia-ICP-AES method at ALS laboratories. Drill program design, Quality Assurance/Quality Control and interpretation of results is performed by qualified persons employing a Quality Assurance/Quality Control program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for Quality Assurance/Quality Control purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assays.
About the Windfall Lake Gold Deposit
The Windfall Lake gold deposit is located between Val-dOr and Chibougamau in the Abitibi region of Québec, Canada. The current mineral resource comprises 2,762,000 tonnes at 8.42 g/t Au (748,000 ounces) in the indicated category and 3,512,000 tonnes at 7.62 g/t Au (860,000 ounces) in the inferred category (sourced from a technical report dated June 10, 2015 entitled “Preliminary Economic Assessment of the Windfall Lake Gold Property, Québec, Canada” with an effective date of April 28, 2015, prepared in accordance with NI 43-101). The Windfall Lake gold deposit is currently one of the highest grade resource-stage gold projects in Canada. The bulk of the mineralization occurs in the Main Zone, a southwest/northeast trending zone of stacked mineralized lenses, measuring approximately 600 metres wide and at least 1,400 metres long. The deposit is well defined from surface to a depth of 500 metres, and remains open along strike and at depth. Mineralization has been identified only 30 metres from surface in some areas and as deep as 870 metres in others, with significant potential to extend mineralization up and 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% in the high-grade Windfall Lake gold deposit located between Val-dOr and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area (82,400 hectares), a 100% interest in the Marban project located in the heart of Québecs prolific Abitibi gold mining district, and properties in the Larder Lake Mining Division in northeast Ontario, including the Jonpol and Garrcon deposits on the Garrison property, the Buffonta past producing mine and the Gold Pike mine property. The Corporation also holds interests and options in a number of additional properties in northern Ontario. Osisko continues to be well financed with approximately $190 million in cash and investments.
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. The information in this news release about the Windfall Lake gold deposit being one of the highest grade resource-stage gold projects in Canada; the current 400,000 metre drill program at Red Dog; the significance of new results from the ongoing drill program at the Windfall Lake gold project; new analytics from the four drill holes focused on the Lynx Zone discovery; the significance of assay results presented in this press release; the type of drilling included in the drill program (definition drilling above Red Dog, expansion drilling above and below Red Dog, expansion drilling to the NE of the main deposit, and exploration drilling on the greater deposit and Urban-Barry project area); potential mineralization, including the recently discovered Lynx Zone; the potential to extend mineralization up and down-plunge and at depth at the Windfall Lake gold deposit; the ability to realize upon any mineralization in a manner that is economic; the ability to complete any proposed exploration activities and the results of such activities, including additional drilling proposed to be conducted to the southeast of the Lynx Zone to further evaluate the abundance and true thickness of the veins and silicified bands; the continuity or extension of any mineralization; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to 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”, “managements view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “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 forward-looking information is based on reasonable assumptions and estimates of management of the Corporation, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in managements geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property interests in the Windfall Lake gold project; the ability of the Corporation to obtain required approvals and complete transactions on terms announced; 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.
The securities offered under the financings of the Corporation announced on February 6, 2017 have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of such securities in any State in which such offer, solicitation or sale would be unlawful.
For further information please contact:
John Burzynski, President and Chief Executive Officer
Telephone: (416) 363-8653
Osisko Obtains Transfer Of Windfall Certificate Of Authorization
(Montréal, March 27, 2017) – Osisko Mining Inc. (TSX:OSK, “Osisko” or the “Corporation“) is pleased to announce it has received confirmation from the Québec Ministère du Développement durable, de lEnvironnement et de la Lutte contre les changements climatiques (“MDDELCC“) of the transfer of the existing certificate of authorization (CA) from a previous operator to Osisko for the purpose of extracting a bulk sample.
An underground exploration ramp was commenced at the Windfall deposit from surface in 2007 by a previous operator, eventually attained a vertical depth of approximately 110 metres and length of approximately 1.2 kilometres, with an additional 230 metres of exploration drifts. The exploration ramp was terminated prior to completion and was allowed to refill with water.
Pending approval of the water treatment system from MDDELCC, dewatering of the ramp will begin in the second quarter of 2017.
About the Windfall Lake Gold Deposit
The Windfall Lake gold deposit is located between Val-dOr and Chibougamau in the Abitibi region of Québec, Canada. The current mineral resource comprises 2,762,000 tonnes at 8.42 g/t Au (748,000 ounces) in the indicated category and 3,512,000 tonnes at 7.62 g/t Au (860,000 ounces) in the inferred category (sourced from a technical report dated June 10, 2015 entitled “Preliminary Economic Assessment of the Windfall Lake Gold Property, Québec, Canada” with an effective date of April 28, 2015, prepared in accordance with NI 43-101). The Windfall Lake gold deposit is currently one of the highest grade resource-stage gold projects in Canada. The bulk of the mineralization occurs in the Main Zone, a southwest/northeast trending zone of stacked mineralized lenses, measuring approximately 600 metres wide and at least 1,400 metres long. The deposit is well defined from surface to a depth of 500 metres, and remains open along strike and at depth. Mineralization has been identified only 30 metres from surface in some areas and as deep as 870 metres in others, with significant potential to extend mineralization up and 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% in the high-grade Windfall Lake gold deposit located between Val-dOr and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry and Lebel-sur-Quévillon areas, a 100% interest in the Marban project located in the heart of Québecs prolific Abitibi gold mining district, and properties in Ontario, including the Jonpol and Garrcon deposits on the Garrison property. Osisko continues to be well financed with approximately $190 million in cash and investments. Osisko Gold Royalties Ltd. (OR:TSX / NYSE) is a significant shareholder of the Corporation with approximately 14% ownership.
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. The information in this news release about the transfer of the existing certificate of authorization (CA) from a previous operator to Osisko for the purpose of extracting a bulk sample; the state of the underground exploration ramp; the timing and ability, if at all, of Osisko to dewater the underground exploration ramp; and any other information herein that is not a historical fact may be “forward-looking information”. This forward-looking information is based on reasonable assumptions and estimates of management of the Corporation, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to actions taken by governmental authorities, including MDDELCC; the state of the underground exploration ramp; the timing and ability, if at all, of Osisko to dewater the underground exploration ramp; risks relating to mining activities; the global economic climate; metal prices; 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.
For further information please contact:
John Burzynski, President and Chief Executive Officer
Telephone: (416) 363-8653
Osisko Closes Exploration Earn-In Agreement With Barrick On Kan
(Montréal, March 27, 2017) – Osisko Mining Inc. (TSX:OSK, “Osisko“) is pleased to announce, further to its press release issued on January 10, 2017, that it has entered into and commenced an earn-in agreement with Barrick Gold Corporation (TSX:ABX, NYSE:ABX, “Barrick“) in respect of an exploration earn-in (the “Exploration Earn-In“) on the Kan property located in northern Québec (“Kan Property“). See below under the heading “About the Kan Property”.
Under the Exploration Earn-In, Barrick must commit $15 million in work expenditures on or prior to December 31, 2020 to earn a 70% interest in the Kan Property, subject to certain annual work expenditure thresholds, including a guaranteed expenditure threshold of $6 million on or prior to December 31, 2018. Following the completion of the Exploration Earn-In, the Kan Property will be transferred to a new joint venture entity to be owned 30% by Osisko and 70% by Barrick. Osisko and Barrick will then enter into a joint venture agreement in respect of the Kan Property. In addition, Barrick may earn a further 5% interest in the joint venture entity (for a total interest of 75%) by electing to fund an additional $5 million of project level expenditures (such as a preliminary economic assessment or pre-feasibility study).
Qualified Person
The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Mathieu Savard, P.Geo. Vice President Exploration Québec, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About the Kan Property
The Kan Property is located in the Nunavik Territory in northern Québec. The property is a large gold and base-metal exploration project covering a surface area of over 30,000 hectares in the Labrador Trough, 85 kilometres southwest of Kuujjuaq. A silicate-carbonate iron formation of regional extent represents a significant auriferous unit on the property sharing similarities with the world-class Homestake gold deposit. Historical work conducted in the 1990’s led to the discovery of numerous gold showings within the iron formation, with drill results returning 5.1 g/t Au over 6 metres (Ferricrete Showing) and 9.46 g/t Au over 2 metres (Kan Showing). Work carried out by Rio Silver Inc. in 2011-2012 yielded 3.12 g/t Au over 13.9 metres in channels and 1.2 g/t Au over 10.4 metres in drilling on the Pump Pad Ridge showing. Exploration work performed in 2014-2016 by Virginia Mines Inc. (subsequently Osisko Exploration James Bay) led to the discovery of additional gold mineralization associated with the silicate-carbonate iron formation on the Kan Property. Best results from this work include values of: 8.1 g/t Au over 7 metres (Pump Pad Ridge showing); 10.7 g/t Au over 5 metres (Winchester showing); and 8.6 g/t Au over 3.2 metres (KTR showing) obtained from channels; and values of 2.13 g/t Au over 8 metres and 4.62 g/t over 8 metres obtained from drilling (Winchester-Pump-Pad Ridge).
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% in the high-grade Windfall Lake gold deposit located between Val-dOr and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry and Lebel-sur-Quévillon areas, a 100% interest in the Marban project located in the heart of Québecs prolific Abitibi gold mining district, and properties in Ontario, including the Jonpol and Garrcon deposits on the Garrison property. Osisko continues to be well financed with approximately $190 million in cash and investments. Osisko Gold Royalties Ltd. (OR:TSX / NYSE) is a significant shareholder of the Corporation with approximately 14% ownership.
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, assumptions and projections as at the date of this news release. The information in this news release about the work expenditures to be incurred by Barrick on or prior to December 31, 2018 ($6 million) and on or prior to December 31, 2020 ($15 million), if at all; the transfer of the Kan Property to a new joint venture entity, if at all; the respective ownership interests of Osisko and Barrick in the joint venture entity; and any other information herein that is not a historical fact may be “forward looking information”. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “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 forward-looking information is based on reasonable assumptions and estimates of management of Osisko, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the enforceability of the Exploration Earn-In, including that Barrick will incur $6 million in guaranteed work expenditures on the Kan Property on or prior to December 31, 2018; risks relating to the timing and ability of Osisko and Barrick to complete the definitive documentation relating to joint venture entity, if at all; risks relating to changes in tax laws; risks relating to property interests; 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 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.
For further information please contact:
John Burzynski
President & CEO
Telephone: (416) 363-8653
Osisko Intersects 15.6 g/t Au Over 5.8 Metres At Windfall
New Mineralized Zone Discovered in Main Caribou Corridor and
Caribou Corridor Extension Confirmed on 500 Metre Step Out Line
(Montréal, March 22, 2017). Osisko Mining Inc. (OSK:TSX, “Osisko” or the “Corporation”) is pleased to announce new results from the ongoing drill program at its 100% owned Windfall Lake gold project located in Urban Township, Québec. The current 400,000 metre drill program combines definition drilling above the Red Dog intrusion (“Red Dog”), expansion drilling above and below Red Dog, expansion drilling to the NE of the main deposit, and exploration drilling on the greater deposit and Urban-Barry Project area. New analytical results from 8 drill holes focused on infill and expansion drilling in the Caribou Corridor are reported in this release, with significant assay results presented in the table below.
Significant new results include: 15.6 g/t Au over 5.8 metres in OSK-W-16-766-W1 in a new mineralized zone discovered in the main Caribou Corridor; 15.0 g/t Au over 3.5 metres in OSK-W-17-778; and 7.21 g/t Au over 6.5 metres in OSK-W-17-787 in the newly confirmed Caribou Extension. 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 |
Zone | Corridor |
| OSK-W-17-776 | 797.0 | 803.0 | 6.0 | 6.42 | Caribou | Caribou |
| including | 797.7 | 800.3 | 2.6 | 10.1 | ||
| OSK-W-17-766-W1 | 674.8 | 680.6 | 5.8 | 15.6 | New Zone CS1 FW |
Caribou |
| including | 676.5 | 679.5 | 3.0 | 27.6 | ||
| OSK-W-17-777 | 617.0 | 621.0 | 4.0 | 9.01 | CS3 | Caribou |
| including | 618.0 | 619.0 | 1.0 | 18.5 | ||
| OSK-W-17-778 | 545.0 | 547.7 | 2.7 | 13.5 | Crustiform veins | Caribou |
| including | 546.6 | 547.0 | 0.4 | 90.2 | ||
| 642.7 | 646.2 | 3.5 | 15.0 | CS1 | Caribou | |
| including | 643.5 | 644.5 | 1.0 | 48.7 | ||
| OSK-W-17-781 | 518.5 | 520.5 | 2.0 | 15.3 | Crustiform veins | Caribou |
| including | 519.5 | 520.5 | 1.0 | 30.4 | ||
| OSK-W-17-786 | 664.0 | 668.9 | 4.9 | 6.64 | CS3 | Caribou |
| OSK-W-17-787 | 507.9 | 514.4 | 6.5 | 7.21 | Caribou Extension | Caribou |
| including | 512.6 | 513.6 | 1.0 | 24.1 | ||
| OSK-W-17-789 | 526.1 | 533.5 | 7.4 | 5.12 | CS1 | Caribou |
| including | 527.9 | 530.0 | 2.1 | 16.4 |
Notes:
- True Widths are estimated at 65 – 80% of the reported core length interval. See “Quality Control” below.
- Definitions: HW = hanging wall; FW = footwall.
| Hole Number | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Section |
| OSK-W-17-776 | 330 | -57 | 858.5 | 452851 | 5434434 | 2800 |
| OSK-W-17-766-W1 | 328 | -55 | 742.5 | 452690 | 5434340 | 2600 |
| OSK-W-17-777 | 339 | -58 | 714.3 | 452678 | 5434499 | 2675 |
| OSK-W-17-778 | 331 | -58 | 700.1 | 452689 | 5434338 | 2600 |
| OSK-W-17-781 | 332 | -61 | 1520.0 | 452844 | 5434221 | 2700 |
| OSK-W-17-786 | 337 | -55 | 718.5 | 452673 | 5434412 | 2625 |
| OSK-W-17-787 | 333 | -63 | 1207.3 | 453324 | 5435040 | 3500 |
| OSK-W-17-789 | 331 | -58 | 1279.5 | 452546 | 5434390 | 2500 |
Caribou Corridor
OSK-W-17-776 tested the down-plunge extension of the Caribou Zone and intersected 6.42g/t Au over 6.0 metres. This intercept is located 115 metres down-plunge from previously reported hole OSK-W-16-753 (7.92 g/t Au over 7.5 metres). The zone consists of 1 to 5% pyrite stringers and disseminations at the contact between a porphyry and mafic volcanics.
OSK-W-17-766-W1 intersected a new zone in the Caribou Corridor with 15.6 g/t Au over 5.8 metres. This new zone, located 40 metres in the footwall of the CS1 Zone, consists of 2 to 15% pyrite stringers with several specks of visible gold. This zone was cross-cut at depth by Red Dog.
OSK-W-17-777 extended the CS3 zone by 16 metres in its down-dip extension with 9.01 g/t Au over 4.0 metres. The zone contains 15% pyrite stringers hosted in a strongly silicified and sericitized porphyry dyke.
OSK-W-17-778 is an infill hole on the CS1 zone assaying 15.0 g/t Au over 3.5 metres. The hole is located 57 metres up and to the east of previously reported hole OBM-15-560 (11.0 g/t Au over 6.1 metres). The zone contains of 10-30% pyrite stringers hosted in strongly silicified and sericitized andesite. This hole also intersected 13.5 g/t Au over 2.7 metres in a crustiform vein containing several specks of visible gold located in the hanging wall of Caribou Zone.
OSK-W-17-781 intersected 15.3 g/t Au over 2.0 metres in a zone containing 5-10% pyrite stringers and crustiform veinlets located in the footwall of a shear zone. The hole also extended the CS1 zone down-plunge by 120 metres with 3.05 g/t Au over 2.5 metres in a bleached andesite containing 5-10% pyrite stringers.
OSK-W-17-786 tested the continuity of the CS3 zone and extended the zone by another 35 metres in its down-plunge extension with 6.64 g/t au over 4.9 metres. This intercept is located 30 metres down-plunge of OSK-W-17-777 described above. Mineralization consists of 5-10% pyrite stringers and disseminations hosted in silicified and sericitized andesite.
OSK-W-17-789 is an infill hole testing the CS1 Zone. It returned 5.12 g/t Au over 7.4 metres in silicified and sericitized porphyry dyke containing 7% pyrite stringers. This new intercept is located 60 metres down plunge of previously reported hole OSK-W-16-749 (12.7 g/t Au over 5.4 metres) and 60 metres up-plunge from previously reported hole OSK-W-16-706 (8.65 g/t Au over 3.0 metres).
Caribou Corridor Extension Drilling
OSK-W-17-787 confirms high grade gold mineralization on the 500 metre step-out section testing the ENE extension of the Caribou Corridor. The new hole intersected 7.21 g/t Au over 6.5 metres (including 24.1 g/t Au over 1 metre) in a silicified rhyolite containing 4-7% pyrite stringers and disseminations and crustiform veining. This intersection is located 60 metres above and 100 metres east of hole previously reported OSK-W-16-755 (2.1 g/t Au over 4.9 metres) which indicated the possible extension of the Caribou Corridor. Further results are pending for this hole.
Qualified Person
The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Jean-Philippe Desrochers, Ph.D., P.Geo. Senior Project Manager of the 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 widths of the new exploration intercepts below Red Dog reported in this press release have yet to be determined. Additional drilling is planned for the immediate area which will enable the true width determination. True widths of intercepts in the zones above the Red Dog are estimated at 65-80% of the reported core length intervals. Assays are uncut except where indicated, and calculated intervals are reported over a minimum length of 2 metres using a lower cutoff of 3 g/t Au. All NQ core assays reported were obtained by either 1 kilogram whole rock metallic screen/fire assay or standard 50 gram fire-assaying with AA or gravimetric finish at ALS Laboratories in Val dOr, Québec or Sudbury, Ontario. The 1 kilogram metallic screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. All samples are also analyzed for multi-elements, including silver, using an Aqua Regia-ICP-AES method at ALS laboratories. Drill program design, Quality Assurance/Quality Control and interpretation of results is performed by qualified persons employing a Quality Assurance/Quality Control program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for Quality Assurance/Quality Control purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assays.
About the Windfall Lake Gold Deposit
The Windfall Lake gold deposit is located between Val-dOr and Chibougamau in the Abitibi region of Québec, Canada. The current mineral resource comprises 2,762,000 tonnes at 8.42 g/t Au (748,000 ounces) in the indicated category and 3,512,000 tonnes at 7.62 g/t Au (860,000 ounces) in the inferred category (sourced from a technical report dated June 10, 2015 entitled “Preliminary Economic Assessment of the Windfall Lake Gold Property, Québec, Canada” with an effective date of April 28, 2015, prepared in accordance with NI 43-101). The Windfall Lake gold deposit is currently one of the highest grade resource-stage gold projects in Canada. The bulk of the mineralization occurs in the Main Zone, a southwest/northeast trending zone of stacked mineralized lenses, measuring approximately 600 metres wide and at least 1,400 metres long. The deposit is well defined from surface to a depth of 500 metres, and remains open along strike and at depth. Mineralization has been identified only 30 metres from surface in some areas and as deep as 870 metres in others, with significant potential to extend mineralization up and 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% in the high-grade Windfall Lake gold deposit located between Val-dOr and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area (82,400 hectares), a 100% interest in the Marban project located in the heart of Québecs prolific Abitibi gold mining district, and properties in the Larder Lake Mining Division in northeast Ontario, including the Jonpol and Garrcon deposits on the Garrison property, the Buffonta past producing mine and the Gold Pike mine property. The Corporation also holds interests and options in a number of additional properties in northern Ontario. Osisko continues to be well financed with approximately $190 million in cash and investments.
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. The information in this news release about the significance of new results from the ongoing drill program at the Windfall Lake gold project; five new drills being added by the end of this month; the significance of assay results presented in this press release; the type of drilling included in the drill program (definition drilling above Red Dog, expansion drilling above and below Red Dog, expansion drilling to the NE of the main deposit, and exploration drilling on the greater deposit and Urban-Barry project area); potential mineralization; the ability to realize upon any mineralization in a manner that is economic; the ability to complete any proposed exploration activities and the results of such activities; the continuity or extension of any mineralization; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to 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”, “managements view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “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 forward-looking information is based on reasonable assumptions and estimates of management of the Corporation, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in managements geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property interests in the Windfall Lake gold project; the ability of the Corporation to obtain required approvals and complete transactions on terms announced; 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.
The securities offered under the financings of the Corporation announced on February 6, 2017 have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of such securities in any State in which such offer, solicitation or sale would be unlawful.
For further information please contact:
John Burzynski, President and Chief Executive Officer
Telephone: (416) 363-8653
Osisko Signs Binding Letter Of Intent On Large Land Package Near Lebel-Sur-Quévillon, Quebec
(Montreal, March 15, 2017). Osisko Mining Inc. (OSK:TSX, “Osisko” or the “Corporation”) is pleased to announce that it has entered into a binding letter of intent with Deloitte Restructuring (“Deloitte”), acting as trustee in bankruptcy for the Maudore Minerals Ltd., to acquire ownership over an additional property package in the Lebel-sur-Quévillon area of Québec in consideration of a cash payment of $1,000,000 and the issuance of 100,000 shares of the Corporation, subject to the approval of the Toronto Stock Exchange. The purchase, once finalized in a sales agreement, will add 1,205 claims to the recently announced acquisition through staking in the same area (see March 6, 2017 press release), giving Osisko a total of 4,150 claims covering a 216,000 hectare (2,160 square kilometres) land package (the “Quévillon Project”).
The Quévillon Project includes approximately thirty known gold showings as well as the historical Osbell gold deposit, which is located 17 kilometres northwest of the town of Lebel-sur-Quévillon and 112 kilometres west of the Windfall Lake gold deposit. The Osbell deposit has been the object of significant historical drilling over the past fifteen years, and will be the focus of new drilling and resource re-evaluation by Osisko.
“The acquisition of this additional property in the Quévillon area consolidates our position west of Windfall and the existing Urban-Barry property, giving us a total regional land package of over 3,000 square kilometers. Furthermore, it provides a new high-potential gold target in the immediate area of the historical Osbell deposit.” said John Burzynski, Osiskos President and Chief Executive Officer.
Qualified Person
The scientific and technical content of this press release has been reviewed by Mr. Robert Wares, P.Geo. Executive Vice President Exploration for Osisko Mining Inc., Qualified Person as defined by National Instruments 43-101 – Standards of Disclosure for Mineral Projects.
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% in the high-grade Windfall Lake gold deposit located between Val-dOr and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area (82,400 hectares), a 100% interest in the Marban project located in the heart of Québecs prolific Abitibi gold mining district, and properties in the Larder Lake Mining Division in northeast Ontario, including the Jonpol and Garrcon deposits on the Garrison property, the Buffonta past producing mine and the Gold Pike mine property. The Corporation also holds interests and options in a number of additional properties in northern Ontario. Osisko continues to be well financed with approximately $190 million in cash and investments.
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 discussions with respect to 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”, “managements view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “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 forward-looking information is based on reasonable assumptions and estimates of management of the Corporation, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the binding nature of the letter of intent with Deloitte, acting as trustee in bankruptcy for Maudore Minerals Ltd.; the timing and ability, if at all, of Osisko to acquire ownership over the additional package in the Lebel-sur-Quévillon area of Québec; the timing and ability, if at all, to obtain the approval of the Toronto Stock Exchange for the issuance of 100,000 shares of the Corporation; the potential, if any, of the Quévillon Project; the regional land package of Osisko comprising the Quévillon Project; the Quévillon Project being a high-potential gold target in the immediate area of the historical Osbell deposit; the ability of Osisko to complete further exploration activities, including drilling; property interests in Québec; the ability of the Corporation to obtain required approvals and complete transactions on terms announced; 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
(416) 363-8653
Osisko Intersects 10.9 g/t Au Over 3.9 Metres At Garrison
(Montréal, March 15, 2017). Osisko Mining Inc. (OSK:TSX, “Osisko” or the “Corporation”) is pleased to announce new results from the ongoing drill program at its 100% owned Garrison gold project located in Garrison Township, Ontario. The current 35,000 metre drill program is designed to further test the known Garrcon, Jonpol and 903 zones. A total of ten new holes are reported in this release, with significant assay results presented in the table below.
Significant new results include: 10.9 g/t Au over 3.9 metres in OSK-G17-331, 13.8 g/t Au over 2.0 metres in OSK-G17-324, 1.07 g/t Au over 32.4 metres in OSK-G17-328 and 1.38 g/t Au over 26.0 metres in OSK-G16-317.
The new results have demonstrated the potential to expand the extent of known mineralization in the 903 zone and along strike west of the Garrcon zone. The ongoing drill program for 2017 will continue to follow new extensions of the mineralized zones within the Garrcon, Jonpol and 903 zones.
Maps and sections showing hole locations and complete drilling results are available at www.osiskomining.com.
| Hole No. | From (m) |
To (m) |
Interval (m) |
Au (g/t) uncut |
Au (g/t) cut to 30 g/t |
Zone |
|
OSK-G16-317 |
54.0 | 80.0 | 26.0 | 1.38 | Garrcon | |
|
OSK-G17-317A |
689.5 | 691.5 | 2.0 | 4.6 | Garrcon | |
|
|
788.0 | 790.0 | 2.0 | 6.4 | Garrcon | |
|
OSK-G17-331 |
588.6 | 592.5 | 3.9 | 10.9 | 2.8 | Garrcon |
|
Including |
588.6 | 589.10 | 0.5 | 77.2 | 15.0 | Garrcon |
|
OSK-G17-324 |
398.0 | 400.0 | 2.0 | 13.8 | 903 | |
|
OSK-G17-328 |
259.7 | 292.1 | 32.4 | 1.07 | 903 | |
|
OSK-G17-332 |
85.0 | 102.0 | 17.0 | 1.09 | 903 |
Notes: True Widths are estimated at 65 – 80% of the reported core length interval. See “Quality Control” below.
| Hole Number | Azimuth (°) |
Dip (°) | Length (m) |
UTM E | UTM N | Section |
| OSK-G16-317 | 0 | -90 | 639 | 578529 | 5373835 | 1350W |
| OSK-G17-317A | 0 | -90 | 361 | 578529 | 5373835 | 1350W |
| OSK-G16-321 | 340 | -55 | 570 | 577068 | 5373010 | 3000W |
| OSK-G17-324 | 340 | -50 | 468 | 576859 | 5372999 | 3200W |
| OSK-G17-327 | 340 | -45 | 289 | 577336 | 5373162 | 2700W |
| OSK-G17-328 | 340 | -50 | 477 | 577133 | 5373138 | 2900W |
| OSK-G17-330 | 340 | -45 | 306 | 576830 | 5373091 | 3200W |
| OSK-G17-331 | 340 | -45 | 819 | 577840 | 5373240 | 2200W |
| OSK-G17-332 | 340 | -50 | 339 | 577396 | 5373291 | 2600W |
| OSK-G17-335 | 340 | -45 | 354 | 577242 | 5373128 | 2800W |
| OSK-G17-342 | 340 | -45 | 204 | 577286 | 5373303 | 2700W |
OSK-G16-317 was a vertical hole targeting 100 metres west of hole OSK-G16-209X in the Garrcon Deep Zone. Drilling in the Garrcon resource intersecting shallow mineralization averaging 1.38 g/t Au over 26.0 metres. Hole OSK-G17-317A was a wedge from hole OSK-G16-317 which did intersect the target zone, including 4.6 g/t Au over 2.0 metres and 6.4 g/t Au over 2.0 metres.
OSK-G17-331 drilled through the Destor Porcupine Fault Zone, intersected the 903 Zone and later along the footwall of the fault zone intersected the western extension of the Garrcon Zone, including an interval averaging 10.9 g/t Au over 3.9 metres. This represents a 650 metre extension west of the defined Garrcon Zone resource area. Additional drill holes are planned to follow up on these potentially significant new results. The mineralization within the hole shows the same character as the Garrcon Zone with areas of strong silicification and alteration of the Temiskaming metasediments.
OSK-G17-324 targeted the western extension of the 903 Zone and intersected 13.8 g/t Au over 2.0 metres within syenite. This hole is 500 metres west of previously reported results from drill hole OSK-G17-326 (16.7 g/t Au over 16.4 metres).
OSK-G17-328 was drilled within the central section of the 903 Zone and intersected an interval averaging 1.07 g/t Au over 32.4 metres within altered syenite.
OSK-G17-332 was drilled within the central portion of the 903 Zone intersecting shallow gold mineralization averaging 1.09 g/t Au over 17.0 metres.
OSK-G17-321, 327, 330, 335 and 342 did not return any significant intervals.
Qualified Person
The scientific and technical content of this press release has been reviewed, prepared and approved by Mr. Greg Matheson, P.Geo. Senior Project Manager of the Garrison 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
True widths of the new exploration intercepts reported in this press release have yet to be determined. Additional drilling is planned for the immediate area which will enable the true width determination. Assays are uncut except where indicated, and calculated intervals are reported over a minimum length of 2 metres using a lower cutoff of 3 g/t Au. All HQ core assays reported were obtained by either whole sample rock metallic screen/fire assay or standard 30 gram fire-assaying with AA finish at SGS Minerals Services in Cochrane, Ontario. The whole sample metallic screen assay method is selected by the geologist when samples contain coarse gold or any samples displaying gold initial fire assay values greater than 4g/t. Drill program design, Quality Assurance/Quality Control and interpretation of results is performed by qualified persons employing a Quality Assurance/Quality Control program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for Quality Assurance/Quality Control purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assays
About the Garrison Project
The Garrison Project area is comprised of 214 mineral claims, 25 mining leases, and 87 patent claims encompassing approximately 8,000 hectares.
Both Garrcon and Jonpol have resource estimates that are described in a technical report prepared in accordance with NI 43-101, which was completed by a previous operator Northern Gold Mining Inc. (entitled “Technical Report on the Golden Bear Project – Garrison Property: Larder Lake Mining Division, Garrison Township, Ontario, Canada”) dated December 30, 2013, with an effective date of December 30, 2013 (the “Garrison Technical Report”). The Garrison Technical Report was prepared by A.C.A. Howe International Limited for Northern Gold Mining Inc. (a wholly-owned subsidiary of Osisko) and is available on Osiskos website at www.osiskomining.com and on SEDAR under Northern Gold Mining Inc.s issuer profile at www.sedar.com.
Resource estimates were conducted by A.C.A. Howe International Limited according to CIM standards. The Garrcon Zone estimates showed 15.1 million tonnes with an average grade of 1.07 g/t Au (521,000 oz) in measured resources; 14.1 million tonnes averaging 1.16 g/t Au (526,000 oz) in indicated resources; and 1.7 million tonnes averaging 0.72 g/t Au (39,000 oz) in inferred resources. Potential underground resources of 5.1 million tonnes averaging 3.49 g/t Au (577,000 oz) in the inferred category were also outlined. Resources were reported at a cut-off grade of 0.4 g/t Au for open pit extraction and 1.5 g/t in a bulk underground mining scenario using a gold price of US$1,250/oz.
At the Jonpol Zone, resources were estimated as 0.87 million tonnes averaging 5.34 g/t Au (150,000 oz) in the indicated category; and 1.07 million tonnes averaging 5.56 g/t Au (192,000 oz) in inferred resources. Resources were reported at a cut-off grade of 3.0 g/t Au and assume an underground extraction scenario using a gold price of US$1,250/oz.
Readers are cautioned that inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Garrcon Zone
The Garrcon Zone has a shallow plunge eastward along the footwall of the Destor-Porcupine Fault Zone with the bulk of the resource in the western, more densely drilled area. The zone is exposed at surface and has potential for open pit bulk mining at an estimated overall stripping ratio of 1.8:1. There is potential for additional underground resources below the pit and along the easterly plunge of the zone, which is open for further exploration down dip and along strike.
The Garrcon shaft was sunk in 1935 and 1936 by the Consolidated Mining and Smelting Co. of Canada (“Cominco”) and the Shaft and South Zones were tested for high grade gold mineralization. Cominco drove approximately 1,430 metres of drifts and cross cuts, mining underground veins. Diamond drilling by Cominco and Lac Minerals Ltd. in the mid-to-late 1980s identified broad sections of low grade mineralization. In 2006-2007, ValGold Resources Ltd. conducted additional drilling confirming these zones. From 2009-2013 Northern Gold Mining Inc. conducted 97,000 metres of diamond drilling which delineated the current resource.
In 2014, Northern Gold Mining Inc. was granted a trial mining permit allowing the extraction of up to 150,000 tonnes. Northern Gold Mining Inc. mined 73,534 dry tonnes which was processed at the nearby Holt mill facility recovering 3,516.3 oz at an average head grade of 1.55 g/t and recovery of 95.9%. The trial production permit remains active.
Jonpol Zone
Jonpol is situated in the Munro Fault Zone, a west striking splay off the north side of the Destor-Porcupine Fault. Hosted in a shear zone tens of metres wide in altered mafic volcanic rocks, the deposit consists of four high grade gold mineralized zones (JP, JD, RP and East) over a strike length of 1.7 kilometers. Gold mineralization is hosted in quartz carbonate veins, in mafic and ultramafic host rocks, and is associated with intense albite and/or sericite alteration and pyrite mineralization.
In 1997, a 49,087 tonne bulk sample was extracted from the central part of the JP zone by Hillsborough Resources Limited with an average grade of 6.7 g/t which produced 9,476 ounces Au. From 1985-2013, over 130,000 metres of drilling was completed on the property by previous operators. Development work on the JP zone included the sinking of a 184 metre shaft as well as development of a ramp to the 150 metre level with mining on six sublevels. The Jonpol infrastructure underwent reclamation in the late 1990s and was closed out in 2001, but the existing ramp and shaft are preserved.
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% in the high-grade Windfall Lake gold deposit located between Val-dOr and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area (82,400 hectares), a 100% interest in the Marban project located in the heart of Québecs prolific Abitibi gold mining district, and properties in the Larder Lake Mining Division in northeast Ontario, including the Garrcon and Jonpol zones on the Garrison property, the Buffonta past producing mine and the Gold Pike mine property. The Corporation also holds interests and options in a number of additional properties in northern Ontario. Osisko continues to be well financed and has approximately $190 million in cash and equity investment.
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. The information in this news release about the ongoing drill program at the Garrison gold project; results of the current 35,000 metre drill program; the significance of new drill results reported in this press release; the ability of new drill results to demonstrate potential for expansion of the previously defined Garrcon, Jonpol and 903 mineralized zones at the Garrison project; the scope of the 2017 drill program; that the 2017 drill program will follow new extensions of these mineralized zones to further define the scale of mineralization at the Garrison project; potential mineralization; the ability to realize upon any mineralization in a manner that is economic; the ability to complete any proposed exploration activities and the results of such activities; the continuity or extension of any mineralization; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to 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”, “managements view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “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 forward-looking information is based on reasonable assumptions and estimates of management of the Corporation, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in managements geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property interests; the ability of the Corporation to obtain required approvals and complete transactions on terms announced; 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.
For further information please contact:
John Burzynski, President and Chief Executive Officer
Telephone: (416) 363-8653
Osisko Mining Announces Major Land Acquisition In Lebel-Sur-Quevillon Area, Quebec
(Montréal, March 6, 2017). Osisko Mining Inc. (OSK:TSX, “Osisko” or the “Corporation”) is pleased to announce that it has acquired though staking a significant land position in the Lebel-sur Quévillon area of the Abibiti Greenstone Belt of Quebec, located approximately 110 kilometers west of the Windfall Lake project. Map staking of 2942 claims was recently completed and resulted in the acquisition of a large land package covering 157,000 hectares (157 sq. km).
The land position of the Quévillon area covers volcano-sedimentary Archean greenstones that host a number of know gold showings and porphyry igneous intrusions that are of strong exploration interest to the company.
“The acquisition of the Quévillon land package to the west of Windfall strengthens our position in this region and is consistent with our strategy of controlling significant land positions in the Abitibi where we believe Osisko will unlock the exploration potential and develop the next generation of Canadian gold mines.” said John Burzynski, Osiskos President and Chief Executive Officer.
Qualified Person
The scientific and technical content of this press release has been reviewed by Mr. Mathieu Savard, P.Geo. Vice President Exploration for Osisko Mining Inc. in Québec, Qualified Person as defined by National Instruments 43-101 – Standards of Disclosure for Mineral Projects.
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% in the high-grade Windfall Lake gold deposit located between Val-dOr and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area (82,400 hectares), a 100% interest in the Marban project located in the heart of Québecs prolific Abitibi gold mining district, and properties in the Larder Lake Mining Division in northeast Ontario, including the Jonpol and Garrcon deposits on the Garrison property, the Buffonta past producing mine and the Gold Pike mine property. The Corporation also holds interests and options in a number of additional properties in northern Ontario. Osisko continues to be well financed with approximately $200 million in cash and investments.
Cautionary Statements Regarding Technical Information
Mineral resources are not mineral reserves and do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing or other relevant issues. In particular, the quantity and grade of reported inferred mineral resources in the estimates referenced in this press release are uncertain in nature and there is insufficient exploration to define these inferred mineral resources as an indicated or measured mineral resource in all cases. It is uncertain in all cases whether further exploration will result in upgrading the inferred mineral resources to an indicated or measured mineral resource category.
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 discussions with respect to 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”, “managements view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “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 forward-looking information is based on reasonable assumptions and estimates of management of the Corporation, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in managements geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property interests in Quebec and Ontario; the ability of the Corporation to obtain required approvals and complete transactions on terms announced; 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
(416) 363-8653
© 2024 OSISKO MINING | LEGAL & PRIVACY