Month: August 2018
OSISKO MINING INC. FILES EARLY WARNING REPORT IN RESPECT OF KILO GOLDMINES INC.
(Toronto, August 27, 2018) Osisko Mining Inc. (TSX:OSK) (the “Corporation” or “Osisko“) today announces that it has filed an early earning report in respect of its holdings in Kilo Goldmines Inc. (“Kilo“) as a result of the expiry, on August 25, 2018, of 5,000,000 common shares purchase warrants of Kilo (“Warrants“) held by the Corporation (the “Warrant Expiration“).
Prior to giving effect to the Warrant Expiration, the Corporation owned or controlled 19,100,000 Warrants, representing approximately 10.1% of the issued and outstanding common shares of Kilo (“Common Shares“) on a partially-diluted basis, after giving effect only to the exercise of the 19,100,000 Warrants held by the Corporation.
After giving effect to the Warrant Expiration, the Corporation owns or controls 14,100,000 Warrants, representing approximately 7.7% of the issued and outstanding Common Shares on a partially-diluted basis, after giving effect only to the exercise of the 14,100,000 Warrants held by the Corporation.
Osisko reviews its holdings from time to time and may increase or decrease its position as future circumstances may dictate. Osisko, after reviewing market and other conditions, permitted the 5,000,000 Warrants to expire, unexercised. The 5,000,000 Warrants were “out-of-the money”.
This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated August 27, 2018. The early warning report has been filed on the System for Electronic Document Analysis and Review (“SEDAR“) under Kilo’s issuer profile at www.sedar.com. To obtain a copy of the early warning report filed by Osisko, please contact John Burzynski at (416) 363-8653 or refer to SEDAR under Kilo’s issuer profile at www.sedar.com.
For further information, please contact Osisko Mining Inc.:
| John Burzynski
President and Chief Executive Officer Osisko Mining Inc. 155 University Avenue Toronto, ON M5H 3B7 Telephone: (416) 363-8653 |
OSISKO WINDFALL INFILL DRILLING CONTINUES TO CONFIRM HIGH-GRADE
510 g/t Au Over 5.2 Metres in Lynx
742 g/t Au Over 2.2 Metres in Zone 27
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
(Toronto, August 22, 2018) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new infill drilling results from the ongoing drill definition and expansion program at its 100% owned Windfall Lake gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec. The 800,000 metre drill program commenced in late 2015. The program is now focussed on infill drilling within the main Windfall gold deposit and the adjacent Lynx deposit (located immediately NE of Windfall), and exploration and expansion drilling on main mineralized zones with several deep holes in progress to investigate the down-plunge areas in and around the Underdog and Lynx zones.
Significant new analytical results from 80 intercepts in 53 drill holes and one wedge focused on infill of the Main Windfall Lake and Lynx deposits and on deep-exploration targets are presented below.
Highlights from the new results include: 510 g/t Au over 5.2 metres in OSK-W-18-1639; 742 g/t Au over 2.2 metres in OSK-W-18-1589; 21.6 g/t Au over 19.4 metres in OSK-W-18-1655; 198 g/t Au over 2.0 metres in OSK-W-18-1638; 25.7 g/t Au over 8.9 metres in OSK-W-17-1313. 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 | Type | Mineralized Zone |
| OSK-W-17-907 | 436.7 | 441.6 | 4.9 | 7.56 | infill | Lynx | |
| including | 440.0 | 440.7 | 0.7 | 31.3 | |||
| OSK-W-17-936-W2 | 522.4 | 524.8 | 2.4 | 16.7 | infill | Caribou | |
| including | 523.4 | 523.8 | 0.4 | 95.0 | |||
| OSK-W-17-958 | 480.9 | 483.0 | 2.1 | 36.5 | 25.9 | infill | Lynx |
| including | 481.5 | 482.0 | 0.5 | 145 | 100 | ||
| OSK-W-17-1070 | 21.0 | 23.8 | 2.8 | 8.12 | infill | Zone 27 | |
| including | 22.0 | 22.7 | 0.7 | 32.3 | |||
| OSK-W-17-1119 | 548.1 | 551.0 | 2.9 | 5.63 | infill | Caribou | |
| including | 548.1 | 549.0 | 0.9 | 17.0 | |||
| OSK-W-17-1143 | 85.0 | 87.0 | 2.0 | 20.4 | 15.4 | infill | Lynx |
| including | 86.0 | 86.3 | 0.3 | 134 | 100 | ||
| OSK-W-17-1158 | 145.0 | 147.0 | 2.0 | 71.4 | 50.1 | Bobcat | Bobcat |
| including | 146.0 | 147.0 | 1.0 | 143 | 100 | ||
| OSK-W-17-1186 | 770.0 | 772.0 | 2.0 | 18.0 | 15.3 | infill | Underdog |
| including | 771.0 | 771.3 | 0.3 | 118 | 100 | ||
| OSK-W-17-1313 | 351.4 | 360.3 | 8.9 | 25.7 | infill | Zone 27 | |
| OSK-W-18-1440 | 144.1 | 146.5 | 2.4 | 6.61 | infill | Caribou | |
| including | 145.6 | 146.5 | 0.9 | 17.6 | |||
| OSK-W-18-1518 | 218.0 | 221.0 | 3.0 | 3.74 | infill | Caribou | |
| OSK-W-18-1530 | 90.0 | 92.0 | 2.0 | 11.4 | infill | Lynx | |
| including | 91.0 | 92.0 | 1.0 | 22.7 | |||
| OSK-W-18-1552 | 316.0 | 318.0 | 2.0 | 3.70 | infill | Zone 27 | |
| including | 316.0 | 316.3 | 0.3 | 19.9 | |||
| OSK-W-18-1559 | 303.0 | 305.0 | 2.0 | 4.47 | infill | Zone 27 | |
| OSK-W-18-1561 | 195.0 | 197.2 | 2.2 | 7.33 | infill | Lynx | |
| including | 195.0 | 196.0 | 1.0 | 15.7 | |||
| OSK-W-18-1564 | 160.0 | 162.0 | 2.0 | 4.49 | infill | Caribou | |
| 279.0 | 281.0 | 2.0 | 4.71 | infill | Caribou | ||
| OSK-W-18-1589 | 101.6 | 103.8 | 2.2 | 742 | 24.0 | infill | Zone 27 |
| including | 102.9 | 103.4 | 0.5 | 3260 | 100 | ||
| OSK-W-18-1594 | 177.8 | 180.4 | 2.6 | 10.4 | infill | Zone 27 | |
| OSK-W-18-1598 | 434.8 | 437.0 | 2.2 | 5.47 | infill | Lynx | |
| including | 435.4 | 436.1 | 0.7 | 14.7 | |||
| OSK-W-18-1613 | 171.7 | 174.0 | 2.3 | 8.12 | infill | Lynx | |
| including | 173.0 | 174.0 | 1.0 | 18.2 | |||
| OSK-W-18-1618 | 160.5 | 163.0 | 2.5 | 3.00 | infill | Caribou | |
| including | 160.8 | 161.4 | 0.6 | 11.0 | |||
| OSK-W-18-1622 | 32.5 | 34.6 | 2.1 | 16.0 | infill | Zone 27 | |
| OSK-W-18-1623 | 175.0 | 177.3 | 2.3 | 6.51 | Caribou | Caribou | |
| including | 175.5 | 176.0 | 0.5 | 19.7 | |||
| and | 177.0 | 177.3 | 0.3 | 14.3 | |||
| OSK-W-18-1624 | 62.2 | 65.1 | 2.9 | 6.01 | Caribou | Caribou | |
| including | 62.2 | 62.9 | 0.7 | 15.5 | |||
| 181.6 | 184.0 | 2.4 | 7.97 | Caribou | Caribou | ||
| including | 181.6 | 182.1 | 0.5 | 36.1 | |||
| 306.2 | 311.0 | 4.8 | 4.30 | Zone 27 | Zone 27 | ||
| OSK-W-18-1627 | 406.6 | 409.0 | 2.4 | 9.25 | VNCR | VNCR | |
| OSK-W-18-1628 | 533.1 | 535.7 | 2.6 | 57.5 | 38.8 | infill | Lynx |
| including | 533.1 | 533.7 | 0.6 | 181 | 100 | ||
| 555.5 | 557.6 | 2.1 | 23.0 | infill | Lynx | ||
| including | 555.9 | 556.6 | 0.7 | 68.8 | |||
| OSK-W-18-1631 | 76.0 | 81.1 | 5.1 | 4.50 | infill | Caribou | |
| OSK-W-18-1632 | 322.0 | 324.5 | 2.5 | 3.28 | infill | Zone 27 | |
| OSK-W-18-1634 | 169.0 | 172.9 | 3.9 | 6.29 | infill | Caribou | |
| including | 169.0 | 169.3 | 0.3 | 32.1 | |||
| and | 170.5 | 170.9 | 0.4 | 23.3 | |||
| and | 172.6 | 172.9 | 0.3 | 14.3 | |||
| OSK-W-18-1638 | 515.0 | 517.0 | 2.0 | 198 | 97.4 | infill | Lynx |
| including | 516.0 | 517.0 | 1.0 | 302 | 100 | ||
| 538.6 | 540.6 | 2.0 | 14.6 | infill | Lynx | ||
| including | 538.6 | 539.6 | 1.0 | 29.1 | |||
| OSK-W-18-1639 | 452.0 | 455.5 | 3.5 | 3.27 | infill | Lynx | |
| 475.8 | 481.0 | 5.2 | 510 | 19.8 | infill | Lynx | |
| including | 476.8 | 477.7 | 0.9 | 2930 | 100 | ||
| 502.0 | 504.0 | 2.0 | 4.87 | infill | Lynx | ||
| including | 502.0 | 502.7 | 0.7 | 13.8 | |||
| OSK-W-18-1640 | 106.7 | 109.0 | 2.3 | 6.27 | infill | Caribou | |
| including | 108.2 | 108.6 | 0.4 | 31.7 | |||
| 121.2 | 124.2 | 3.0 | 50.0 | 43.6 | infill | Caribou | |
| including | 122.4 | 124.2 | 1.8 | 80.6 | 69.9 | ||
| OSK-W-18-1642 | 127.9 | 131.7 | 3.8 | 12.8 | infill | Caribou | |
| 372.0 | 374.3 | 2.3 | 5.95 | infill | Zone 27 | ||
| including | 372.0 | 372.3 | 0.3 | 23.6 | |||
| OSK-W-18-1643 | 155.0 | 157.7 | 2.7 | 5.99 | infill | Bobcat | |
| including | 156.8 | 157.7 | 0.9 | 17.8 | |||
| OSK-W-18-1644 | 197.0 | 199.6 | 2.6 | 3.32 | infill | Caribou | |
| 322.5 | 325.8 | 3.3 | 41.1 | infill | Zone 27 | ||
| OSK-W-18-1645 | 560.0 | 562.0 | 2.0 | 5.39 | infill | Lynx | |
| including | 560.8 | 561.5 | 0.7 | 15.2 | |||
| OSK-W-18-1646 | 152.8 | 155.2 | 2.4 | 7.51 | infill | Caribou | |
| 254.3 | 257.0 | 2.7 | 6.28 | infill | Zone 27 | ||
| OSK-W-18-1647 | 496.3 | 498.3 | 2.0 | 17.4 | infill | Lynx | |
| OSK-W-18-1648 | 50.0 | 52.0 | 2.0 | 3.74 | infill | Caribou | |
| 330.0 | 334.4 | 4.4 | 9.19 | infill | Zone 27 | ||
| OSK-W-18-1649 | 66.8 | 68.8 | 2.0 | 4.61 | infill | Caribou | |
| 266.0 | 268.0 | 2.0 | 48.4 | 45.0 | infill
|
Caribou
|
|
| including | 266.4 | 267.3 | 0.9 | 108 | 100 | ||
| 334.9 | 337.0 | 2.1 | 14.9 | infill | Zone 27 | ||
| including | 334.9 | 335.2 | 0.3 | 88.6 | |||
| OSK-W-18-1650 | 265.9 | 270.0 | 4.1 | 6.11 | infill | Zone 27 | |
| including | 269.0 | 270.0 | 1.0 | 16.1 | |||
| 295.0 | 298.2 | 3.2 | 4.22 | infill | Zone 27 | ||
| OSK-W-18-1651 | 226.9 | 229.1 | 2.2 | 4.01 | infill | Caribou | |
| 305.0 | 307.0 | 2.0 | 3.68 | infill | Caribou | ||
| 320.0 | 322.0 | 2.0 | 7.39 | infill | Zone 27 | ||
| including | 321.0 | 322.0 | 1.0 | 14.3 | |||
| 337.3 | 342.0 | 4.7 | 3.45 | infill | Zone 27 | ||
| OSK-W-18-1653 | 285.4 | 288.0 | 2.6 | 4.15 | infill | Zone 27 | |
| OSK-W-18-1654 | 259.0 | 261.0 | 2.0 | 9.10 | infill | Zone 27 | |
| OSK-W-18-1655 | 318.8 | 321.1 | 2.3 | 4.99 | infill | Zone 27 | |
| 343.6 | 363.0 | 19.4 | 21.6 | 19.9 | infill | Zone 27 | |
| including | 343.6 | 344.6 | 1.0 | 60.5 | |||
| including | 351.0 | 353.6 | 2.6 | 62.2 | 56.7 | ||
| including | 360.0 | 360.9 | 0.9 | 122 | 100 | ||
| 365.8 | 368.1 | 2.3 | 11.1 | infill | Zone 27 | ||
| including | 367.6 | 368.1 | 0.5 | 50.3 | |||
| OSK-W-18-1656 | 550.9 | 556.7 | 5.8 | 8.28 | infill
|
Lynx
|
|
| including | 553.3 | 554.3 | 1.0 | 28.6 | |||
| OSK-W-18-1657 | 391.0 | 393.3 | 2.3 | 5.00 | infill | Lynx | |
| 447.0 | 449.1 | 2.1 | 8.41 | Lynx | |||
| OSK-W-18-1659 | 260.3 | 267.1 | 6.8 | 4.09 | infill | Zone 27 | |
| 274.3 | 279.5 | 5.2 | 5.88 |
infill |
Zone 27
|
||
| including | 275.4 | 275.8 | 0.4 | 27.1 | |||
| OSK-W-18-1660 | 51.2 | 53.4 | 2.2 | 7.19 |
infill |
Caribou
|
|
| including | 51.8 | 52.6 | 0.8 | 18.3 | |||
| OSK-W-18-1661 | 347.2 | 349.3 | 2.1 | 9.28 | infill | Zone 27 | |
| OSK-W-18-1662 | 257.9 | 261.5 | 3.6 | 4.08 | infill | Zone 27 | |
| 269.0 | 278.0 | 9.0 | 14.8 | 12.2 | infill | Zone 27 | |
| including | 270.9 | 271.8 | 0.9 | 126 | 100 | ||
| OSK-W-18-1665 | 341.2 | 343.9 | 2.7 | 4.65 | infill | Zone 27 | |
| OSK-W-18-1669 | 323.6 | 327.0 | 3.4 | 4.75 | infill | Zone 27 | |
| including | 325.2 | 326.0 | 0.8 | 12.8 | |||
| OSK-W-18-1671 | 248.0 | 250.3 | 2.3 | 12.7 | infill | Zone 27 | |
| including | 249.0 | 249.3 | 0.3 | 95.0 | |||
| 253.9 | 257.8 | 3.9 | 5.64 | infill | Zone 27 | ||
| including | 256.8 | 257.4 | 0.6 | 22.3 | |||
| 287.9 | 290.4 | 2.5 | 24.1 | infill | Zone 27 | ||
| including | 289.8 | 290.4 | 0.6 | 85.5 | |||
| 294.5 | 296.8 | 2.3 | 3.52 | infill | Zone 27 |
Note: VNCR = Crustiform veins. True widths are estimated at 65 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below.
| Hole Number | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Section |
| OSK-W-17-907 | 134 | -51 | 1317 | 453219 | 5435340 | 3575 |
| OSK-W-17-1070 | 141 | -49 | 66 | 452024 | 5434701 | 2200 |
| OSK-W-17-1119 | 331 | -55 | 609 | 452540 | 5434453 | 2550 |
| OSK-W-17-1143 | 331 | -46 | 159 | 453253 | 5435003 | 3425 |
| OSK-W-17-1158 | 331 | -59 | 696 | 453046 | 5434870 | 3175 |
| OSK-W-17-1186 | 331 | -54 | 984 | 452417 | 5434558 | 2475 |
| OSK-W-17-1313 | 331 | -51 | 876 | 452280 | 5434572 | 2375 |
| OSK-W-17-936-W2 | 332 | -56 | 819 | 452773 | 5434547 | 2775 |
| OSK-W-17-958 | 143 | -55 | 1212 | 453359 | 5435437 | 3725 |
| OSK-W-18-1440 | 329 | -57 | 870 | 452418 | 5434448 | 2425 |
| OSK-W-18-1518 | 330 | -54 | 393 | 452266 | 5434569 | 2350 |
| OSK-W-18-1530 | 329 | -46 | 141 | 453258 | 5434988 | 3425 |
| OSK-W-18-1552 | 332 | -52 | 366 | 452308 | 5434640 | 2425 |
| OSK-W-18-1559 | 331 | -53 | 330 | 452299 | 5434661 | 2425 |
| OSK-W-18-1561 | 334 | -52 | 302 | 453403 | 5434957 | 3550 |
| OSK-W-18-1564 | 324 | -47 | 366 | 452429 | 5434680 | 2550 |
| OSK-W-18-1589 | 138 | -48 | 123 | 452235 | 5434944 | 2500 |
| OSK-W-18-1594 | 140 | -50 | 270 | 452212 | 5434966 | 2500 |
| OSK-W-18-1598 | 145 | -51 | 525 | 453345 | 5435474 | 3750 |
| OSK-W-18-1613 | 141 | -52 | 381 | 453199 | 5435178 | 3475 |
| OSK-W-18-1618 | 326 | -45 | 255 | 452312 | 5434665 | 2450 |
| OSK-W-18-1622 | 139 | -48 | 303 | 452159 | 5434944 | 2450 |
| OSK-W-18-1623 | 332 | -45 | 279 | 452292 | 5434648 | 2425 |
| OSK-W-18-1624 | 330 | -47 | 333 | 452311 | 5434665 | 2450 |
| OSK-W-18-1627 | 141 | -51 | 513 | 453228 | 5435374 | 3600 |
| OSK-W-18-1628 | 145 | -48 | 579 | 453286 | 5435494 | 3700 |
| OSK-W-18-1631 | 330 | -45 | 315 | 452356 | 5434670 | 2475 |
| OSK-W-18-1632 | 329 | -47 | 390 | 452341 | 5434666 | 2475 |
| OSK-W-18-1634 | 330 | -46 | 354 | 452304 | 5434658 | 2425 |
| OSK-W-18-1638 | 147 | -49 | 555 | 453297 | 5435476 | 3700 |
| OSK-W-18-1639 | 142 | -53 | 519 | 453266 | 5435395 | 3625 |
| OSK-W-18-1640 | 318 | -59 | 407 | 452289 | 5434578 | 2375 |
| OSK-W-18-1642 | 331 | -55 | 473 | 452331 | 5434629 | 2450 |
| OSK-W-18-1643 | 139 | -45 | 377 | 452868 | 5435083 | 3125 |
| OSK-W-18-1644 | 352 | -45 | 342 | 452070 | 5434450 | 2125 |
| OSK-W-18-1645 | 141 | -50 | 618 | 453308 | 5435500 | 3725 |
| OSK-W-18-1646 | 2 | -53 | 330 | 452014 | 5434504 | 2100 |
| OSK-W-18-1647 | 142 | -53 | 534 | 453266 | 5435395 | 3625 |
| OSK-W-18-1648 | 343 | -47 | 342 | 452056 | 5434462 | 2125 |
| OSK-W-18-1649 | 357 | -46 | 369 | 452070 | 5434450 | 2125 |
| OSK-W-18-1650 | 360 | -56 | 306 | 452014 | 5434504 | 2100 |
| OSK-W-18-1651 | 2 | -45 | 378 | 452070 | 5434450 | 2125 |
| OSK-W-18-1653 | 341 | -45 | 336 | 452056 | 5434462 | 2125 |
| OSK-W-18-1654 | 355 | -52 | 282 | 452014 | 5434504 | 2100 |
| OSK-W-18-1655 | 351 | -45 | 375 | 452087 | 5434442 | 2150 |
| OSK-W-18-1656 | 144 | -45 | 573 | 453260 | 5435472 | 3675 |
| OSK-W-18-1657 | 146 | -51 | 504 | 453277 | 5435392 | 3650 |
| OSK-W-18-1659 | 4 | -55 | 315 | 452014 | 5434504 | 2100 |
| OSK-W-18-1660 | 359 | -45 | 387 | 452056 | 5434462 | 2125 |
| OSK-W-18-1661 | 353 | -45 | 393 | 452103 | 5434436 | 2150 |
| OSK-W-18-1662 | 6 | -52 | 303 | 452014 | 5434504 | 2100 |
| OSK-W-18-1665 | 347 | -46 | 375 | 452103 | 5434436 | 2150 |
| OSK-W-18-1669 | 3 | -47 | 405 | 452056 | 5434462 | 2125 |
| OSK-W-18-1671 | 359 | -52 | 309 | 452014 | 5434504 | 2100 |
OSK-W-17-907 intersected 7.56 g/t Au over 4.9 metres related to a crustiform vein in Lynx. Mineralization consists of local visible gold, up to 5% pyrite, and 1% molybdenite and sphalerite in quartz-carbonate crustiform veins injected in a gabbro.
OSK-W-17-936-W2 intersected 16.7 g/t Au over 2.4 metres in Caribou. Mineralization consists of 5% clustered pyrite and trace pyrite-tourmaline stringers in pervasive silica flooding within a strongly silicified porphyritic felsic dike.
OSK-W-17-958 intersected 36.5 g/t Au over 2.1 metres in Lynx. Mineralization consists of up to 5% pyrite-tourmaline stringers and disseminated pyrite in a gabbro with silica and fuchsite alteration.
OSK-W-18-1070 intersected 8.12 g/t Au over 2.8 metres in Zone 27. Mineralization consists of trace disseminated pyrite and a centimetre-scale quartz-carbonate vein in a sericitized rhyolite.
OSK-W-17-1119 intersected 5.63 g/t Au over 2.9 metres in Caribou. Interval contains up to 10% pyrite stringers in a strongly chloritized gabbro with weak sericitization and silicification.
OSK-W-17-1143 intersected 20.4 g/t Au over 2.0 metres in Lynx. Mineralization contains local visible gold and 5% pyrite with pervasive silica flooding zone in a sericitized fragmental felsic unit.
OSK-W-17-1158 intersected 71.4 g/t Au over 2.0 metres in Bobcat. Mineralization consists of trace disseminated pyrite, trace quartz-carbonate veins in a chloritized and sericitized fragmental dike.
OSK-W-17-1186 intersected 18.0 g/t Au over 2.0 metres in Underdog. Mineralization consists of 25% pyrite with intense pervasive silica flooding hosted in a porphyritic felsic dike with moderate sericite alteration.
OSK-W-17-1313 intersected 25.7 g/t Au over 8.9 metres in Zone 27. Mineralization consists of up to 25% pyrite with intense silica flooding and trace sphalerite clusters at the silicified and sericitized contact between a porphyritic felsic dike and an andesite.
OSK-W-18-1440 intersected 6.61 g/t Au over 2.4 metres in Caribou. Mineralization contains 7% disseminated pyrite and trace pyrite stringers in an andesite with moderate chlorite and carbonate alteration and weak silica and sericite alteration.
OSK-W-18-1518 intersected 3.74 g/t Au over 3.0 metres in Caribou. Mineralization consists of 5% pyrite with pervasive silica flooding in a sericitized rhyolite.
OSK-W-18-1530 intersected 11.4 g/t Au over 2.0 metres in Lynx. Mineralization contains trace fragmental pyrite and trace pyrite stringers in a sericite, chlorite and silica altered fragmental felsic dike.
OSK-W-18-1552 intersected a vein returning 3.70 g/t Au over 2.0 metres in Lynx. Mineralization contains up to 20% pyrite stringers at the sericitized contact between a porphyritic felsic dike and an andesite.
OSK-W-18-1559 intersected 4.47 g/t Au over 2.0 metres in Zone 27. Mineralization consists of trace pyrite stringers and pyrite-quartz clusters in a chloritized andesite.
OSK-W-18-1561 intersected 7.33 g/t Au over 2.2 metres in Lynx. Mineralization consists of trace disseminated pyrite and 90% quartz clusters over 40 cm in a strongly silicified rhyolite with light sericite and carbonate alteration.
OSK-W-18-1564 intersected 4.49 g/t Au over 2.0 metres and 4.71 g/t Au over 2.0 metres in Caribou. Mineralization consists of 2% disseminated pyrite and stringers hosted in a bleached and sericitized porphyritic dike or a chloritized andesite with carbonate and hematite alteration.
OSK-W-18-1589 intersected 742 g/t Au over 2.2 metres in Zone 27. Mineralization consists of local visible gold clusters within a pyrite-tourmaline stringer hosted in a moderately sericitized rhyolite.
OSK-W-18-1594 intersected 10.4 g/t Au over 2.6 metres in Zone 27. Mineralization consists of 10% to locally 60% pyrite stringers in a silicified and sericitized fragmental rhyolite.
OSK-W-18-1598 intersected 5.47 g/t Au over 2.2 metres in Lynx. Mineralization consists of 2% pyrite with quartz-carbonate ± tourmaline crustiform veins and 1% pyrite stringers in a bleached and fuchsite altered gabbro.
OSK-W-18-1613 intersected 8.12 g/t Au over 2.3 metres in Lynx. Mineralization consists of up to 5% pyrite with pervasive silica flooding in a moderately silica altered porphyritic felsic dike.
OSK-W-18-1618 intersected 3.00 g/t Au over 2.5 metres in Caribou. Mineralization consists of trace pyrite clusters in a moderately sericite altered rhyolite.
OSK-W-18-1622 intersected 16.0 g/t Au over 2.1 metres with in Zone 27. Mineralization consists of up 25% pyrite in stockwork in a chlorite-rich matrix and a local centimetre band of pyrite massive, hosted in a bleached andesite.
OSK-W-18-1623 intersected 6.51 g/t Au over 2.3 metres in Caribou. Mineralization consists of local visible gold and 25% pyrite-tourmaline stringers within a strongly silicified and moderately sericitized rhyolite.
OSK-W-18-1624 intersected 6.01 g/t Au over 2.9 metres and 7.97 g/t Au over 2.4 metres in Caribou and 4.30 g/t Au over 4.8 metres in Zone 27. The first and second intervals contain 1% pyrite stringers and trace pyrite in quartz or quartz-tourmaline veins and locally 5% pyrite infilling fractures within a moderately sericitized and silicified rhyolite. The third interval contains 5% pyrite stringers, 1% disseminated pyrite and trace chalcopyrite in a strongly bleached andesite.
OSK-W-18-1627 intersected a crustiform vein returning 9.25 g/t Au over 2.4 metres. Mineralization consists of 2% pyrite stringers in a metre-scale crustiform vein composed of quartz-carbonate with 1% ptygmatic tourmaline veinlets hosted in a lightly fuchsite altered gabbro.
OSK-W-18-1628 intersected 57.5 g/t Au over 2.6 metres and 23.0 g/t Au over 2.1 metres in Lynx. Both intervals contain local visible gold and up to 7% disseminated pyrite and stringers in a strongly sericite, locally silica and fuchsite altered gabbro.
OSK-W-18-1631 intersected 4.50 g/t Au over 5.1 metres in Caribou. Mineralization consists of 10% pyrite stringers hosted in a porphyritic felsic dike and gabbroic unit.
OSK-W-18-1632 intersected 3.28 g/t Au over 2.5 metres in Zone 27. Mineralization consists of 10% pyrite stockwork and 3% disseminated pyrite in a sericitized andesite.
OSK-W-18-1634 intersected 6.29 g/t Au over 3.9 metres in Caribou. Mineralization consists of up to 25% pyrite clusters with local patches of silica flooding, quartz-carbonate veins and ptygmatic tourmaline veinlets in a moderately sericitized rhyolite.
OSK-W-18-1638 intersected 198 g/t Au over 2.0 metres and 14.6 g/t Au over 2.0 metres in Lynx. The first interval is composed of 6% pyrite stringers and clusters, 1% pyrite in two 30-centimetre scale quartz-carbonate crustiform veins, 1% pyrite in ptygmatic tourmaline veinlets hosted in bleached and fuchsite altered gabbro. The second interval contains local visible gold with 3% pyrite stringers and trace pyrite in ptygmatic tourmaline veins hosted in a silicified and fuchsite altered gabbro.
OSK-W-18-1639 intersected three intervals: 3.27 g/t Au over 3.5 metres, 510 g/t Au over 5.2 metres and 4.87 g/t Au over 2.0 metres in Lynx. The first interval contains 1% pyrite stringers with 70% quartz clusters in a chlorite and carbonate altered gabbro. The second interval contains local visible gold in veinlets and as disseminated grains and 5% pyrite stringers in a crustiform vein hosted in a sericite and fuchsite altered gabbro. The third interval contains local visible gold and 3% pyrite stringers in a sericitized and weakly fuchsite altered gabbro.
OSK-W-18-1640 intersected two intervals: 6.27 g/t Au over 2.3 metres and 50.0 g/t Au over 3.0 metres in Caribou. The first interval contains 8% pyrite stockwork with pervasive silica flooding, 1% sphalerite and trace chalcopyrite hosted in a moderately bleached and sericitized felsic porphyritic dike. The second interval contains 35% semi-massive pyrite within a bleached, moderately to strongly sericite and silica-altered andesite and felsic porphyritic dike.
OSK-W-18-1642 intersected 12.8 g/t Au over 3.8 metres in Caribou and 5.95 g/t Au over 2.3 metres in Zone 27. The first interval contains 20% (to locally 60%) pyrite ± tourmaline stringers with trace sphalerite hosted in a strongly silicified and sericitized rhyolite and strongly sericitized andesite injected locally by quartz-carbonate-tourmaline veins. The second interval contains up to 15% disseminated pyrite, stringers or clusters with quartz-carbonate veins and quartz tourmaline breccia in a bleached and sericitized and chloritized gabbro.
OSK-W-18-1643 intersected 5.99 g/t Au over 2.7 metres in Bobcat. Mineralization consists of 3% pyrite-tourmaline stringers at the margins of quartz-carbonate veins hosted in a weakly sericitized rhyolite.
OSK-W-18-1644 intersected two intervals: 3.32 g/t Au over 2.6 metres in Caribou and 41.1 g/t Au over 3.3 metres in Zone 27. The first interval contains 5% pyrite with quartz-carbonate veins, 8% pyrite stockwork with pervasive silica flooding, 1% sphalerite and trace chalcopyrite hosted in a moderately bleached and sericitized felsic porphyritic intrusion. The second interval contains local visible gold, up to 30% disseminated, stringer, or cluster pyrite with trace chalcopyrite with silica patches and trace ptygmatic tourmaline veinlets hosted in a bleached and moderately to strongly sericite altered andesite.
OSK-W-18-1645 intersected 5.39 g/t Au over 2.0 metres in Lynx. Mineralization consists of 5% pyrite and 1% sphalerite with pervasive silica flooding in a gabbro.
OSK-W-18-1646 intersected two intervals: 7.51 g/t Au over 2.4 metres in Caribou and 6.28 g/t Au over 2.7 metres in Zone 27. The first interval contains 5% pyrite in ptygmatic tourmaline veins in a moderately sericite, chlorite and fuchsite altered porphyritic felsic dike. The second interval contains 3% disseminated and cluster pyrite in chloritized and silicified andesite alternating with sericitized porphyritic felsic dike.
OSK-W-18-1647 intersected 17.4 g/t Au over 2.0 metres in Lynx. Mineralization consists of trace pyrite in ptygmatic tourmaline veinlets in a crustiform carbonate vein overprinted by silica and fuchsite alteration hosted in a gabbro.
OSK-W-18-1648 intersected two intervals: 3.74 g/t Au over 2.3 metres in Caribou and 9.19 g/t Au over 4.4 metres in Zone 27. The first interval contains 7% pyrite with quartz-carbonates veins in a weakly sericitized porphyritic felsic dike. The second interval contains 1% pyrite stringers and 2% disseminated pyrite in a moderately sericite and fuchsite altered porphyritic felsic dike at the contact with Red Dog intrusion.
OSK-W-18-1649 intersected three intervals: 4.61 g/t Au over 2.0 metres and 48.4 g/t Au over 2.0 metres in Caribou and 14.9 g/t Au over 2.1 metres in Zone 27. The first interval contains 3% pyrite stringers, 2% sphalerite stringers and 3% disseminated pyrite in a sericite and silica altered porphyritic felsic dike. The second interval contains 3% disseminated pyrite and clusters with 2% ptygmatic tourmaline veins in a chloritized and sericitized porphyritic felsic dike. The third interval contains local visible gold, 7% pyrite with silica flooding, 2% pyrite stringers, 2% pyrite-tourmaline stringers and 3% disseminated pyrite in sericitized and silicified fragmental porphyritic felsic dike.
OSK-W-18-1650 intersected two intervals: 6.11 g/t Au over 4.1 metres and 4.22 g/t Au over 3.2 metres in Zone 27. Mineralization consists of 5% pyrite-tourmaline stringers and 2% pyrite with silica flooding in a moderately sericitized and bleached porphyritic felsic dike.
OSK-W-18-1651 intersected fourth intervals: 4.01 g/t Au over 2.2 metres and 3.68 g/t Au over 2.0 metres in Caribou, and 7.39 g/t Au over 2.0 metres and 3.45 g/t Au over 4.7 metres in Zone 27. The first and second intervals contain 15% semi-massive pyrite, 3% pyrite stringers and clusters and 3% disseminated pyrite within a sericitized and silicified rhyolite or porphyritic felsic dike. The third interval contains 5% pyrite stringers and 5% disseminated pyrite in a bleached and moderately silicified and sericitized andesite with weak fuchsite alteration. The fourth interval contains up to 40% semi-massive pyrite, 10% pyrite stringers, 10% clustered or disseminated pyrite, 2% pyrite in smoky quartz veins or ptygmatic tourmaline veinlets and trace chalcopyrite hosted in sericitized, silicified and bleached porphyritic dike and sericitized andesite.
OSK-W-18-1653 intersected 4.15 g/t Au over 2.6 metres in Zone 27. Mineralization is composed of 5% pyrite-tourmaline clusters, 1% disseminated pyrite, trace pyrite with quartz-tourmaline veins and up to 10% pyrite with pervasive silica flooding. Host rocks are a sericitized rhyolite and a sericitized porphyritic felsic dike.
OSK-W-18-1654 intersected 9.10 g/t Au over 2.0 metres in Zone 27. Mineralization consists of up to 5% pyrite stringers with local tourmaline, 1% pyrite in quartz-tourmaline veins and trace chalcopyrite in a silicified and sericitized porphyritic felsic dike.
OSK-W-18-1655 intersected three intervals: 4.99 g/t Au over 2.3 metres, 21.6 g/t Au over 19.4 metres and 11.1 g/t Au over 2.3 metres in Zone 27. The first interval contains 5% pyrite with pervasive silica flooding, 2% pyrite stringers and 1% disseminated pyrite in a sericitized and silicified rhyolite at the contact with a porphyric felsic dike. The second interval contains local visible gold, up to 20% pyrite stockwork, 10% disseminated pyrite, up to 5% disseminated sphalerite and 1% disseminated chalcopyrite. Host is a bleached, silica and sericite altered porphyric felsic intrusion. The third interval contains 3% pyrite with quartz-tourmaline veins and 7% disseminated pyrite in a faulted zone at contact between a porphyritic felsic dike and an andesite.
OSK-W-18-1656 intersected 8.28 g/t Au over 5.8 metres in Lynx. Mineralization consists of 2% pyrite stringers in quartz-tourmaline-carbonate veins hosted in a chloritized gabbro.
OSK-W-18-1657 intersected 5.00 g/t Au over 2.3 metres and 8.41 g/t Au over 2.1 metres in Lynx. The first interval contains up to 7% disseminated pyrite in a strongly silica altered rhyolite. The second interval contains 10% disseminated pyrite and pyrite-tourmaline stringers in a strongly sericitized, chloritized and bleached gabbro with local silica-fuchsite alteration.
OSK-W-18-1659 intersected 4.09 g/t Au over 6.8 metres and 5.88 g/t Au over 5.2 metres in Zone 27. The first interval contains 7% pyrite stringers and up to 40% semi-massive pyrite (over 1.5 metres) with silica alteration in a sericitized andesite and porphyritic felsic dike. The second interval contains local visible gold with locally 30% massive pyrite and 10% pyrite stringers in a strongly sericitized andesite and porphyritic felsic intrusion.
OSK-W-18-1660 intersected 7.19 g/t Au over 2.2 metres in Caribou. Mineralization consists of up to 6% disseminated and stringer pyrite and 1% sphalerite in quartz veins hosted in a strongly silicified porphyritic felsic dike.
OSK-W-18-1661 intersected 9.28 g/t Au over 2.1 metres in Zone 27. Mineralization consists of up to 20% disseminated pyrite, 10% pyrite stringers, 3% disseminated sphalerite, trace of pyrite-tourmaline stringers and trace disseminated chalcopyrite in a bleached, sericitized and locally silicified porphyritic felsic intrusion.
OSK-W-18-1662 intersected two intervals: 4.08 g/t Au over 3.6 metres and 14.8 g/t Au over 9.0 metres in Zone 27. The first interval contains 2% pyrite stringers, 3% disseminated pyrite, 2% pyrite in quartz vein in a strongly sericitized porphyritic felsic dike at contact with a sericitized andesite. The second interval contains local visible gold, up to 5% pyrite stringers in a strongly sericitized and weakly silicified porphyritic felsic dike.
OSK-W-18-1665 intersected 4.65 g/t Au over 2.7 metres in Zone 27. Mineralization is composed of 30% pyrite-tourmaline stringers with local patchy silica alteration hosted in a sericitized porphyritic felsic dike and a sericitized rhyolite.
OSK-W-18-1669 intersected 4.75 g/t Au over 3.4 metres in Zone 27. Mineralization consists of up to 10% pyrite stringers and clusters, 6% disseminated pyrite in a breccia tourmaline quartz zone. Host rocks are a sericitized porphyritic felsic dike and a bleached and sericitized fragmental andesite.
OSK-W-18-1671 intersected four intervals: 12.7 g/t Au over 2.3 metres, 5.64 g/t Au over 3.9 metres, 24.1 g/t Au over 2.5 metres and 3.52 g/t Au over 2.3 metres in Zone 27. The first interval contains 12% pyrite stringers and clusters with local silica flooding in moderately sericitized and bleached andesite. The second, third and fourth intervals contain 30 to 70% pyrite-tourmaline stringers and local quartz veins hosted in a sericitized and bleached andesite and a porphyritic felsic dike with moderate fuchsite, and weak silica-sericite and chlorite 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), Project Manager of Osisko’s Windfall Lake gold project, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Quality Control and Reporting Protocols
True width determination is currently unknown but is estimated at 65-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.0 g/t Au diluted over core lengths of at least 2.0 metres. All NQ core assays reported were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Thunder Bay, Ontario, Sudbury, Ontario or Vancouver, British Colombia, or (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using an Aqua Regia-ICP-AES method at ALS Laboratories. 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 Lake Gold Deposit
The Windfall Lake gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The mineral resource defined by Osisko, as disclosed in the Windfall Lake Technical Report (as defined below), comprises 2,382,000 tonnes at 7.85 g/t Au (601,000 ounces) in the indicated mineral resource category and 10,605,000 tonnes at 6.70 g/t Au (2,284,000 ounces) in the inferred mineral resource category. For details regarding the key assumptions, parameters and methods used to estimate the mineral resources presented in respect of the Windfall Lake gold project, please see the technical report entitled “Technical Report and Mineral Resource Estimate for the Windfall Lake Project, Windfall Lake and Urban-Barry Properties” and dated June 12, 2018 (effective date of May 14, 2018), which has been prepared by InnovExplo Inc. from Val-d’Or, Québec (the “Windfall Lake Technical Report”). The Windfall Lake Technical Report is available on Osisko’s website at www.osiskomining.com and on SEDAR under Osisko’s issuer profile at www.sedar.com). The Windfall Lake gold deposit is currently one of the highest grade resource-stage gold projects in Canada. Mineralization occurs in four principal zones: Lynx, Zone 27, Caribou and Underdog. All zones comprise sub-vertical lenses following intrusive porphyry contacts plunging to the northeast. The deposit is well defined from surface to a depth of 900 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 1,200 metres in others, with significant potential to extend mineralization down-plunge and at depth.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall Lake 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 Quevillon area (over 3,300 square kilometres), a 100% interest in the Marban project located in the heart of Québec’s 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 Québec and Ontario.
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 Windfall Lake gold deposit being a world-class gold system; the significance of new results from the ongoing deep-hole drill/exploration program at the Windfall Lake gold project; the significance of assay results presented in this news release; potential depth extensions of the Lynx and Underdog mineralized zones; the potential, if any of the Deep Underdog and Deep Lynx zones; the type and extend of drilling on the Deep Underdog and Deep Lynx zones, including planned wedge holes; the success of Osisko’s deep-hole drill/exploration program at the Windfall Lake gold project, if any; the down-plunge projection of the gold mineralized structures; the current 800,000 metre drill program; the type of drilling included in the drill program; potential mineralization; 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 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”, “management’s 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 such assumptions and estimates were made, and 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 management’s 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.
For further information please contact:
John Burzynski
President and Chief Executive Officer
Telephone: (416) 363-8653
OSISKO MINING ANNOUNCES INCREASE TO PREVIOUSLY ANNOUNCED BOUGHT DEAL PRIVATE PLACEMENT
Upsized Offering to Include 2,647,000 Common Shares and, as initially announced, 26,176,471 Flow-Through Shares for Aggregate Gross Proceeds of $72.5 million
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
(Toronto, August 16, 2018) – Osisko Mining Inc. (TSX:OSK) (“Osisko” or the “Corporation”) is pleased to announce that it has amended its agreement dated August 15, 2018 with Canaccord Genuity Corp., on behalf of a syndicate of underwriters (collectively, the “Underwriters”) in relation to its previously announced two- tranche “bought deal” private placement of 26,176,471 common shares of the Corporation that will qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and, in relation to the first tranche of “flow-through shares”, section 359.1 of the Taxation Act (Québec)) for aggregate gross proceeds of approximately $68 million (the “Offering”).
The Offering has been amended to include an additional 2,647,000 common shares of the Corporation (the “Common Shares”) at a price of $1.70 per Common Share for additional gross proceeds of approximately $4.5 million. The terms of the previously announced two-tranche private placement financing of “flow-through shares” remain unchanged.
In addition, the Underwriters will have the option, exercisable in whole or in part at any time prior to the closing of the Offering, to increase the size of the Offering of the Common Shares by up to an additional 1,176,000 Common Shares at a price of $1.70 per Common Share for additional gross proceeds of approximately $2.0 million.
The Offering is expected to close on or about September 18, 2018 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and the applicable securities regulatory authorities. The securities to be issued under the Offering will be subject to a hold period in Canada expiring four months and one day from the closing date of the Offering.
The securities offered 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 the securities in any State in which such offer, solicitation or sale would be unlawful.
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 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 Quevillon area (over 3,300 square kilometres), a 100% interest in the Marban project located in the heart of Québec’s 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 Corporation also holds interests and options in a number of additional properties in northern Québec and Ontario.
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 and projections as at the date of this news release. The information in this news release about the Offering; the use of the proceeds from the Offering; the jurisdictions in which the securities will be offered or sold; the number of securities offered or sold; the size of the Offering; the timing and ability of the Corporation to close the Offering, if at all; the timing and ability of the Corporation to satisfy the customary listing conditions of the Toronto Stock Exchange, if at all; the timing and ability of the Corporation to obtain all necessary approvals; the tax treatment of the securities issued under the Offering under the Income Tax Act (Canada) and Taxation Act (Québec); 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 Offering; volatility in the trading price of common shares of the Corporation; risks relating to the ability of the Corporation to obtain required approvals, complete definitive documentation and complete the Offering; the ability of Osisko to complete further exploration activities, including drilling; property interests; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; changes in the tax and regulatory regime; 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 and Chief Executive Officer Telephone: (416) 363-8653
OSISKO MINING ANNOUNCES $68 MILLION “BOUGHT DEAL” PRIVATE PLACEMENT OF FLOW-THROUGH SHARES
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
(Toronto, August 15, 2018) – Osisko Mining Inc. (TSX:OSK) (“Osisko” or the “Corporation“) is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Canaccord Genuity Corp. and including Haywood Securities Inc., Macquarie Capital Markets Canada Ltd. and National Bank Financial Inc. (collectively, the “Underwriters“) in connection with a “bought deal” private placement financing (the “Offering“) of an aggregate of 26,176,471 common shares of the Corporation that will qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and, in relation to FT Tranche One (as defined herein), section 359.1 of the Taxation Act (Québec)) (collectively, the “Flow-Through Shares“).
The Flow-Through Shares will be issued in two tranches:
- Tranche 1 will consist of 14,035,088 Flow-Through Shares to be issued at a price of $2.85 to residents of Québec (“FT Tranche One“) for aggregate gross proceeds of approximately $40 million.
- Tranche 2 will consist of 12,141,383 Flow-Through Shares to be issued at a price of $2.30 to residents outside of Québec (“FT Tranche Two“) for aggregate gross proceeds of approximately $28 million.
The gross proceeds from the issue and sale of the Flow-Through Shares will be used by the Corporation to incur eligible “Canadian exploration expenses” that will qualify as “flow-through mining expenditures” as such terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures“) related to the Corporation’s projects in Québec on or before December 31, 2019. All Qualifying Expenditures will be renounced in favour of the subscribers of the Flow-Through Shares effective December 31, 2018.
The Offering is expected to close on or about September 18, 2018 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange and the applicable securities regulatory authorities. The Flow-Through Shares to be issued under the Offering will be subject to a hold period in Canada expiring four months and one day from the closing date of the Offering.
The securities offered 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 the securities in any State in which such offer, solicitation or sale would be unlawful.
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 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 Quevillon area (over 3,300 square kilometres), a 100% interest in the Marban project located in the heart of Québec’s 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 Corporation also holds interests and options in a number of additional properties in northern Québec and Ontario.
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 and projections as at the date of this news release. The information in this news release about the Offering; the use of the proceeds from the Offering; the jurisdictions in which the Flow-Through Shares will be offered or sold; the number of Flow-Through Shares offered or sold; the size of the Offering; the timing and ability of the Corporation to close the Offering, if at all; the timing and ability of the Corporation to satisfy the customary listing conditions of the Toronto Stock Exchange, if at all; the timing and ability of the Corporation to obtain all necessary approvals; the tax treatment of the securites issued under the Offerering under the Income Tax Act (Canada) and Taxation Act (Québec); the timing to renounce all Qualifying Expenditures in favour of the subscribers, if at all; 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 Offering; volatility in the trading price of common shares of the Corporation; risks relating to the ability of the Corporation to obtain required approvals, complete definitive documentation and complete the Offering; the ability of Osisko to complete further exploration activities, including drilling; property interests; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; changes in the tax and regulatory regime; 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 and Chief Executive Officer
Telephone: (416) 363-8653
OSISKO MINING TO ACQUIRE BEAUFIELD RESOURCES
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Toronto, Ontario (August 14, 2018) – Osisko Mining Inc. (TSX: OSK) (“Osisko”) and Beaufield Resources Inc. (TSX-V: BFD) (“Beaufield”) are pleased to announce that they have entered into a definitive arrangement agreement dated August 14, 2018 (the “Arrangement Agreement”) pursuant to which Osisko has agreed to acquire all of the issued and outstanding common shares of Beaufield (collectively, the “Beaufield Shares” and each whole share, a “Beaufield Share”) which it does not already own (the “Acquisition”). The Acquisition is expected to be completed by way of a statutory plan of arrangement under the Canada Business Corporations Act (the “Arrangement”).
John Burzynski, President and Chief Executive Officer of Osisko, stated: “We are very pleased to announce today’s proposed transaction with Beaufield. By joining Osisko in our large scale exploration and development program at Windfall, Beaufield Shareholders have the opportunity to capitalize on the strong premium offered today and to benefit from the future growth of our project.”
Ron Stewart, President and Chief Executive Officer of Beaufield, stated: “We are very pleased to be joining forces with Osisko, which continues to demonstrate its leadership and strength in advancing its portfolio of resource projects including the flagship Windfall district. We believe the combination of our projects will provide benefit to the shareholders of both companies and look forward to participating in the future success of Osisko.”
Particulars of the Transaction
Under the terms of the Arrangement Agreement, holders of Beaufield Shares (“Beaufield Shareholders”) will be entitled to receive 0.0482 of a common share of Osisko (each whole share, an “Osisko Share”) in exchange for each Beaufield Share held immediately prior to the effective time of the Arrangement, representing an implied offer price of $0.082 per Beaufield Share based on Osisko’s closing price as of August 14, 2018 and a premium of approximately 54{4a519b2e1b7ee41c07b52bf609655ec62dee46aaa3d3e6dbc7220444390e11ca} based on the 20-day volume weighted average price of both companies’ common shares on the Toronto Stock Exchange and TSX Venture Exchange, as the case may be, on August 14, 2018 (being the last trading day prior to the announcement of the Arrangement).
The Arrangement will require the approval of Beaufield Shareholders at a special meeting expected to take place in October 2018 (the “Beaufield Meeting”). In order to become effective, the Arrangement must be approved at the Beaufield Meeting by (i) at least 66⅔ percent of the votes cast by Beaufield Shareholders, and (ii) a simple majority of the votes cast by Beaufield Shareholders after excluding any Beaufield Shares held by any “interested party” or “related party” of an “interested party” (as such terms are defined in Multilateral Instrument 61-101 – Protection of Minority Shareholders in Special Transactions). Directors and officers of Beaufield and certain Beaufield Shareholders holding approximately 7.5{4a519b2e1b7ee41c07b52bf609655ec62dee46aaa3d3e6dbc7220444390e11ca} of the issued and outstanding Beaufield Shares have entered into voting and support agreements with Osisko in support of the Arrangement. The board of directors of Beaufield, on the recommendation of its independent special committee, has unanimously approved the Arrangement and will recommend that Beaufield Shareholders vote FOR the Arrangement.
The Arrangement Agreement includes representations, warranties and covenants typical of a transaction of this nature, including with respect to non-solicitation, a right to match, and a fiduciary-out. In addition, Beaufield has agreed to pay a termination fee to Osisko upon the occurrence of certain events. The Arrangement Agreement, which describes the full particulars of the Arrangement, will be made available on SEDAR under the issuer profile of Beaufield at www.sedar.com.
Full particulars of the Arrangement will also be included in a management information circular of Beaufield describing the matters to be considered at the Beaufield Meeting, which is expected to be mailed to the Beaufield Shareholders in September 2018 and made available on SEDAR under the issuer profile of Beaufield at www.sedar.com.
The distribution of the Osisko Shares in connection with the Arrangement (as defined herein) will not be registered under the United States Securities Act of 1933.
Advisors and Counsel
Eight Capital has acted as the exclusive financial advisor to Beaufield. Eight Capital has provided a fairness opinion to the special committee of the board of directors of Beaufield that, based upon and subject to certain assumptions, limitations and qualifications in the opinion, the consideration being offered by Osisko in respect of the Arrangement is fair, from a financial point of view, to Beaufield Shareholders. Lavery, de Billy, L.L.P. is acting as legal counsel to Beaufield.
Maxit Capital LP has acted as the exclusive financial advisor of Osisko. Bennett Jones LLP is acting as legal counsel to Osisko.
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{4a519b2e1b7ee41c07b52bf609655ec62dee46aaa3d3e6dbc7220444390e11ca} in the high-grade Windfall Lake gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100{4a519b2e1b7ee41c07b52bf609655ec62dee46aaa3d3e6dbc7220444390e11ca} undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quevillon area (over 3,300 square kilometres), a 100{4a519b2e1b7ee41c07b52bf609655ec62dee46aaa3d3e6dbc7220444390e11ca} interest in the Marban project located in the heart of Québec’s 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 Québec and Ontario.
For further information about Osisko please contact:
John Burzynski
President and Chief Executive Officer
Telephone: (416) 363-8653
About Beaufield Resources Inc.
Beaufield is a mineral exploration company with its exploration activity focused in Québec and Ontario. Please refer to Beaufield’s website at www.beaufield.com to view the Beaufield’s properties in Urban, Eléonore-Opinaca, Tortigny, Hemlo and Launay.
For further information about Beaufield please contact:
Ronald Stewart
President and Chief Executive Officer
Telephone: (647) 409 0293
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements“) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. 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 statements. In this news release, forward-looking statements relate, among other things, to: the anticipated benefits of the Arrangement to Osisko, Beaufield and their respective shareholders; the exchange ratio and value of the Osisko Shares being delivered as arrangement consideration; the timing and receipt (if at all) of the required shareholder, court, stock exchange and regulatory approvals for the Arrangement; the timing and ability (if at all) of Osisko and Beaufield to satisfy the conditions precedent to completing the Arrangement; the anticipated timing to mail the management information circular to the Beaufield Shareholders and hold the Beaufield Meeting; the closing of the Arrangement (if at all); the length of the current market cycle and requirements for an issuer to survive in the current market cycle; future growth potential of Osisko and Beaufield and their respective business; and future mine development plans.
These forward-looking statements are based on reasonable assumptions and estimates of management of Osisko and Beaufield, as the case may be, at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko or Beaufield, as the case may be, to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: satisfaction or waiver of all applicable conditions to closing of the Arrangement (including receipt of all necessary shareholder, court, stock exchange and regulatory approvals or consents and the absence of material changes with respect to the parties and their respective businesses, all as more particularly set forth in the Arrangement Agreement); the synergies expected from the Arrangement not being realized; business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets and the market price of Osisko Shares and Beaufield Shares; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties. Although the forward-looking statements contained in this news release are based upon what management of Beaufield and/or Osisko, as the case may be, believes, or believed at the time, to be reasonable assumptions, Beaufield and/or Osisko, as the case may be, cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended.
Readers should not place undue reliance on the forward‐looking statements and information contained in this news release. Except as required by law, Beaufield and Osisko assume no obligation to update the forward‐looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein.
OSISKO WINDFALL INFILL DRILLING CONFIRMING SHALLOW MINERALIZED ZONES
34.8 g/t Au Over 4.3 Metres in Zone 27
(Toronto, August 8, 2018) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new infill drilling results from the ongoing drill definition and expansion program at its 100% owned Windfall Lake gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec. The 800,000 metre drill program commenced in late 2015. The program is now focussed on infill drilling within the main Windfall gold deposit and the adjacent Lynx deposit (located immediately NE of Windfall), and exploration and expansion drilling on main mineralized zones with several deep holes in progress to investigate the down-plunge areas in and around the Underdog and Lynx zones.
Today’s results, presented in the table below, include significant new analytical results from 59 intercepts in 37 drill holes and extensions focused on shallow infill drilling in the Windfall deposit all above 400 metres vertical depth.
Highlights from the new results include: 34.8 g/t Au over 4.3 metres in OSK-W-18-1614; 12.6 g/t Au over 10.7 metres and 27.0 g/t Au over 4.2 metres in OSK-W-18-1547; 37.9 g/t Au over 3.2 metres in OSK-W-18-1586; and 34.6 g/t Au over 2.0 metres in OSK-W-18-1510. 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 |
Type | Mineralized
Area |
| OSK-OBM-16-662 | 395.0 | 400.0 | 5.0 | 4.25 | infill | Zone 27 | |
| OSK-W-18-1466 | 177.0 | 179.0 | 2.0 | 3.81 | infill | Zone 27 | |
| including | 178.1 | 178.5 | 0.4 | 17.8 | |||
| OSK-W-18-1481 | 89.0 | 91.0 | 2.0 | 12.7 | infill | Bobcat | |
| including | 89.4 | 90.5 | 1.1 | 22.9 | |||
| OSK-W-18-1487 | 44.5 | 50.0 | 5.5 | 3.62 | infill | Caribou | |
| OSK-W-18-1497 | 72.2 | 74.4 | 2.2 | 5.45 | infill | Caribou | |
| including | 72.2 | 72.8 | 0.6 | 14.1 | |||
| 91.3 | 94.0 | 2.7 | 3.84 | infill | Caribou | ||
| OSK-W-18-1505 | 46.0 | 49.0 | 3.0 | 9.78 | infill | Caribou | |
| 196.0 | 198.0 | 2.0 | 3.07 | infill | Zone 27 | ||
| OSK-W-18-1506 | 353.0 | 355.3 | 2.3 | 6.66 | infill | Zone 27 | |
| OSK-W-18-1509 | 14.8 | 17.0 | 2.2 | 6.23 | extension | Bobcat | |
| including | 15.5 | 15.8 | 0.3 | 38.7 | |||
| OSK-W-18-1510 | 304.7 | 306.7 | 2.0 | 34.6 | infill | Zone 27 | |
| including | 306.0 | 306.7 | 0.7 | 75.1 | |||
| OSK-W-18-1517 | 81.7 | 88.0 | 6.3 | 4.24 | infill | Caribou | |
| OSK-W-18-1518 | 71.6 | 74.0 | 2.4 | 5.39 | infill | Caribou | |
| OSK-W-18-1534 | 338.5 | 340.5 | 2.0 | 4.38 | infill | Zone 27 | |
| including | 338.8 | 339.2 | 0.4 | 18.5 | |||
| OSK-W-18-1538 | 279.0 | 281.0 | 2.0 | 5.69 | infill | Zone 27 | |
| including | 280.0 | 280.4 | 0.4 | 24.9 | |||
| 302.1 | 304.1 | 2.0 | 6.60 | infill | Zone 27 | ||
| including | 303.0 | 304.1 | 1.1 | 11.4 | |||
| OSK-W-18-1543 | 207.0 | 209.3 | 2.3 | 8.15 | infill | Zone 27 | |
| including | 208.5 | 209.3 | 0.8 | 19.0 | |||
| OSK-W-18-1545 | 189.6 | 196.3 | 6.7 | 3.31 | infill | Caribou | |
| 240.0 | 242.5 | 2.5 | 5.33 | infill | Caribou | ||
| OSK-W-18-1547 | 108.6 | 113.2 | 4.6 | 4.86 | infill | Caribou | |
| 286.4 | 288.8 | 2.4 | 3.67 | infill | Caribou | ||
| 294.6 | 296.8 | 2.2 | 3.60 | infill | Caribou | ||
| 338.0 | 348.7 | 10.7 | 12.6 | infill | Zone 27 | ||
| including | 342.0 | 343.0 | 1.0 | 93.7 | |||
| 371.0 | 375.2 | 4.2 | 27.0 | infill | Zone 27 | ||
| 379.5 | 382.0 | 2.5 | 22.5 | infill | Zone 27 | ||
| OSK-W-18-1552 | 101.2 | 103.5 | 2.3 | 5.98 | infill | Caribou | |
| including | 101.6 | 102.4 | 0.8 | 15.1 | |||
| OSK-W-18-1558 | 156.0 | 158.0 | 2.0 | 11.4 | infill | Caribou | |
| 273.8 | 276.2 | 2.4 | 3.30 | infill | Caribou | ||
| 365.7 | 372.8 | 7.1 | 6.98 | infill | Zone 27 | ||
| OSK-W-18-1559 | 256.0 | 258.0 | 2.0 | 3.43 | infill | Zone 27 | |
| OSK-W-18-1563 | 64.0 | 66.8 | 2.8 | 4.72 | infill | Caribou | |
| 158.0 | 160.0 | 2.0 | 4.52 | infill | Caribou | ||
| 283.0 | 285.9 | 2.9 | 5.20 | infill | Zone 27 | ||
| 302.0 | 304.0 | 2.0 | 4.67 | infill | Zone 27 | ||
| OSK-W-18-1567 | 172.0 | 174.0 | 2.0 | 3.34 | infill | Zone 27 | |
| 187.2 | 191.0 | 3.8 | 8.56 | infill | Zone 27 | ||
| including | 190.5 | 191.0 | 0.5 | 40.5 | |||
| OSK-W-18-1572 | 206.6 | 208.6 | 2.0 | 3.44 | infill | Caribou | |
| 532.0 | 534.0 | 2.0 | 6.61 | infill | Zone 27 | ||
| including | 532.0 | 532.6 | 0.6 | 21.4 | |||
| OSK-W-18-1577 | 88.8 | 91.2 | 2.4 | 8.83 | infill | Zone 27 | |
| including | 89.5 | 90.2 | 0.7 | 30.1 | |||
| OSK-W-18-1580 | 15.0 | 17.0 | 2.0 | 6.47 | infill | Zone 27 | |
| including | 15.0 | 15.7 | 0.7 | 18.1 | |||
| OSK-W-18-1586 | 52.4 | 55.6 | 3.2 | 37.9 | infill | Zone 27 | |
| including | 53.2 | 54.0 | 0.8 | 83.7 | |||
| OSK-W-18-1594 | 166.9 | 169.3 | 2.4 | 3.53 | infill | Zone 27 | |
| OSK-W-18-1596 | 245.0 | 247.1 | 2.1 | 5.52 | infill | Zone 27 | |
| including | 245.6 | 246.1 | 0.5 | 13.4 | |||
| OSK-W-18-1597 | 127.9 | 130.0 | 2.1 | 9.08 | infill | Caribou | |
| including | 127.9 | 129.0 | 1.1 | 17.3 | |||
| 205.0 | 207.5 | 2.5 | 5.08 | infill | Zone 27 | ||
| OSK-W-18-1601 | 33.0 | 35.0 | 2.0 | 4.38 | infill | Caribou | |
| OSK-W-18-1602 | 83.5 | 85.5 | 2.0 | 18.4 | infill | Caribou | |
| including | 83.5 | 84.5 | 1.0 | 36.4 | |||
| 140.7 | 143.1 | 2.4 | 7.94 | infill | Caribou | ||
| including | 141.8 | 142.4 | 0.6 | 22.4 | |||
| 170.5 | 172.5 | 2.0 | 4.13 | infill | Caribou | ||
| OSK-W-18-1605 | 248.0 | 250.0 | 2.0 | 3.05 | infill | Zone 27 | |
| OSK-W-18-1607 | 202.0 | 204.0 | 2.0 | 3.89 | infill | Zone 27 | |
| OSK-W-18-1609 | 58.5 | 61.0 | 2.5 | 5.54 | infill | Caribou | |
| including | 58.5 | 59.7 | 1.2 | 11.4 | |||
| 257.8 | 260.5 | 2.7 | 4.69 | infill | Zone 27 | ||
| including | 258.8 | 259.3 | 0.5 | 22.2 | |||
| OSK-W-18-1611 | 82.0 | 84.1 | 2.1 | 5.19 | infill | Caribou | |
| including | 83.3 | 84.1 | 0.8 | 12.6 | |||
| 215.9 | 218.0 | 2.1 | 5.41 | infill | Zone 27 | ||
| OSK-W-18-1614 | 71.0 | 73.1 | 2.1 | 6.47 | infill | Zone 27 | |
| 81.0 | 85.3 | 4.3 | 34.8 | 28.2 | infill | Zone 27 | |
| including | 84.0 | 85.3 | 1.3 | 100 | 78.5 | ||
| OSK-W-18-1617 | 151.7 | 154.3 | 2.6 | 3.49 | infill | Caribou | |
| including | 153.9 | 154.3 | 0.4 | 15.7 | |||
| OSK-W-18-1631 | 265.0 | 267.0 | 2.0 | 17.1 | infill | Zone 27 | |
| including | 266.0 | 267.0 | 1.0 | 34.0 |
Note: True widths are estimated at 65 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below.
| Hole No. | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Section |
| OSK-OBM-16-662 | 330 | -53 | 435 | 452423 | 5434665 | 2550 |
| OSK-W-18-1466 | 344 | -47 | 300 | 451979 | 5434531 | 2075 |
| OSK-W-18-1481 | 322 | -46 | 108 | 452706 | 5434972 | 2925 |
| OSK-W-18-1487 | 332 | -46 | 57 | 452341 | 5434658 | 2475 |
| OSK-W-18-1497 | 331 | -52 | 363 | 452350 | 5434664 | 2475 |
| OSK-W-18-1505 | 328 | -45 | 342 | 452350 | 5434661 | 2475 |
| OSK-W-18-1506 | 329 | -53 | 417 | 452366 | 5434643 | 2475 |
| OSK-W-18-1509 | 329 | -51 | 228 | 452907 | 5434997 | 3125 |
| OSK-W-18-1510 | 325 | -58 | 405 | 452279 | 5434572 | 2375 |
| OSK-W-18-1517 | 330 | -49 | 348 | 452385 | 5434672 | 2500 |
| OSK-W-18-1518 | 330 | -54 | 393 | 452266 | 5434569 | 2350 |
| OSK-W-18-1534 | 332 | -45 | 396 | 452462 | 5434676 | 2575 |
| OSK-W-18-1538 | 330 | -55 | 351 | 452253 | 5434616 | 2375 |
| OSK-W-18-1543 | 327 | -52 | 294 | 452251 | 5434639 | 2375 |
| OSK-W-18-1545 | 332 | -49 | 522 | 452452 | 5434662 | 2575 |
| OSK-W-18-1547 | 330 | -62 | 441 | 452299 | 5434640 | 2425 |
| OSK-W-18-1552 | 332 | -52 | 366 | 452308 | 5434640 | 2425 |
| OSK-W-18-1558 | 316 | -47 | 459 | 452462 | 5434664 | 2575 |
| OSK-W-18-1559 | 331 | -53 | 330 | 452299 | 5434661 | 2425 |
| OSK-W-18-1563 | 334 | -46 | 330 | 452297 | 5434656 | 2425 |
| OSK-W-18-1567 | 328 | -48 | 213 | 452238 | 5434684 | 2375 |
| OSK-W-18-1572 | 333 | -50 | 558 | 452469 | 5434627 | 2550 |
| OSK-W-18-1577 | 325 | -45 | 153 | 452235 | 5434845 | 2475 |
| OSK-W-18-1580 | 327 | -46 | 60 | 452264 | 5434853 | 2500 |
| OSK-W-18-1586 | 146 | -52 | 117 | 452270 | 5434955 | 2550 |
| OSK-W-18-1594 | 140 | -50 | 270 | 452212 | 5434966 | 2500 |
| OSK-W-18-1596 | 333 | -45 | 339 | 452328 | 5434668 | 2450 |
| OSK-W-18-1597 | 325 | -47 | 254 | 452276 | 5434661 | 2400 |
| OSK-W-18-1601 | 330 | -49 | 273 | 452266 | 5434629 | 2375 |
| OSK-W-18-1602 | 330 | -47 | 261 | 452276 | 5434661 | 2400 |
| OSK-W-18-1605 | 329 | -45 | 345 | 452328 | 5434668 | 2450 |
| OSK-W-18-1607 | 332 | -47 | 261 | 452244 | 5434627 | 2375 |
| OSK-W-18-1609 | 334 | -45 | 315 | 452312 | 5434665 | 2450 |
| OSK-W-18-1611 | 328 | -46 | 270 | 452278 | 5434651 | 2400 |
| OSK-W-18-1614 | 146 | -47 | 279 | 452157 | 5434953 | 2450 |
| OSK-W-18-1617 | 329 | -47 | 245 | 452273 | 5434674 | 2425 |
| OSK-W-18-1631 | 330 | -45 | 315 | 452356 | 5434670 | 2475 |
OSK-OBM-16-662 intersected 4.25 g/t Au over 5.0 metres in Zone 27. Mineralization consists of up to 1% disseminated pyrite within a strong sericite altered andesite in contact with a felsic dike.
OSK-W-18-1466 intersected 3.81 g/t Au over 2.0 metres in Zone 27. Mineralization consists of 2% disseminated pyrite and stringers within a strong sericite and chlorite altered andesite in contact with a felsic porphyritic dike.
OSK-W-18-1481 intersected 12.7 g/t Au over 2.0 metres in Bobcat. Mineralization consists of up to 3% pyrite stringers and quartz-tourmaline veins within a strong silica and moderate sericite altered felsic porphyritic dike.
OSK-W-18-1487 intersected 3.62 g/t Au over 5.5 metres in Caribou. Mineralization consists of 2% pyrite stringers and trace sphalerite within a strong sericite and silica altered felsic porphyritic dike.
OSK-W-18-1497 intersected 5.45 g/t Au over 2.2 metres and 3.84 g/t Au over 2.7 metres in Caribou. Both intervals contain up to 10% pyrite stringers at the contact between a strong silica altered rhyolite and a felsic porphyritic intrusion.
OSK-W-18-1505 intersected 9.78 g/t Au over 3.0 metres in Caribou and 3.07 g/t Au over 2.0 metres in Zone 27. The first interval contains 10% pyrite stringers within a strong sericite altered felsic porphyritic dike. The last interval contains up to 5% pyrite stringers within a strong sericite altered rhyolite.
OSK-W-18-1506 intersected 6.66 g/t Au over 2.3 metres in Zone 27. Mineralization consists of up to 10% disseminated pyrite and 3% pyrite-tourmaline veins within a strong sericite and weak silica altered felsic porphyritic intrusion.
OSK-W-18-1509 intersected 6.23 g/t Au over 2.2 metres in Bobcat. Mineralization consists of 3% disseminated pyrite included in silica flooding hosted in a moderate silica and weak sericite altered felsic fragmental dike. The interval extends the Bobcat zone 25 metres north-east from OSK-W-17-1251 (8.89 g/t Au over 3.0 metres, reported January 25, 2018).
OSK-W-18-1510 intersected 34.6 g/t Au over 2.0 metres in Zone 27. Mineralization consists of up to 10% pyrite stringers, locally semi-massive, hosted in a weak sericite and fuchsite altered andesite.
OSK-W-18-1517 intersected 4.24 g/t Au over 6.3 metres in Caribou. Mineralization consists of 10% pyrite clusters at a faulted contact between a moderate sericite altered gabbro and a rhyolite.
OSK-W-18-1518 intersected a vein returning 5.39 g/t Au over 2.4 metres. Mineralization consists of disseminated pyrite within the monzonitic “Red Dog” dike.
OSK-W-18-1534 intersected 4.38 g/t Au over 2.0 metres in Zone 27. Mineralization consists of up to 7% quartz-tourmaline stringers, 1% pyrite clusters and ptygmatic tourmaline veins within a strong sericite altered felsic porphyritic dike.
OSK-W-18-1538 intersected 5.69 g/t Au over 2.0 metres and 6.60 g/t Au over 2.0 metres in Zone 27. The first interval contains 2% disseminated and stringer pyrite within a moderate sericite altered felsic porphyritic intrusion. The second interval contains up to 3% pyrite stringers and 1% disseminated pyrite and quartz-tourmaline veins at the contact between a strong silica and sericite altered felsic porphyritic dike and a chlorite altered andesite.
OSK-W-18-1543 intersected 8.15 g/t Au over 2.3 metres in Zone 27. Mineralization consists of local visible gold, up to 7% pyrite with quartz-tourmaline veins and trace chalcopyrite hosted at a strong sericite altered contact between a felsic porphyritic intrusion and a rhyolite.
OSK-W-18-1545 intersected 3.31 g/t Au over 6.7 metres and 5.33 g/t Au over 2.5 metres in Caribou. Both intervals contain up to 10% pyrite, disseminated or in clusters, and trace pyrite-tourmaline stringers hosted in a moderate sericite altered rhyolite.
OSK-W-18-1547 intersected six intervals: 4.86 g/t Au over 4.6 metres, 3.67 g/t Au over 2.4 metres and 3.60 g/t Au over 2.2 metres in Caribou and, 12.6 g/t Au over 10.7 metres, 27.0 g/t Au over 4.2 metres and 22.5 g/t Au over 2.5 metres in Zone 27. The first interval contains 15% pyrite stockwork within a moderate sericite altered rhyolite. The second and third intervals contain up to 7% pyrite stringers, locally semi-massive, and trace tourmaline stringers within a strong sericite altered felsic porphyritic dike. The three Zone 27 intervals contain up to 15% pyrite stringers, locally semi-massive, pyrite-silica flooding, local visible gold, trace sphalerite and chalcopyrite hosted in strong silica altered felsic dike.
OSK-W-18-1552 intersected 5.98 g/t Au over 2.3 metres in Caribou. Mineralization consists of up to 7% pyrite stringers at the contact between moderate sericite altered rhyolite and a felsic porphyritic dike.
OSK-W-18-1558 intersected three intervals: 11.4 g/t Au over 2.0 metres and 3.30 g/t Au over 2.4 metres in Caribou and 6.98 g/t Au over 7.1 metres in Zone 27. The first interval contains trace pyrite, disseminated and clustered, within a moderate sericite altered felsic dike. The second interval contains up to 15% stringer and disseminated pyrite within a strong silica altered and moderate sericite altered rhyolite. The last interval contains up to 10% pyrite stringers, 1% disseminated pyrite within a moderate silica and sericite altered felsic porphyritic dike.
OSK-W-18-1559 intersected 3.43 g/t Au over 2.0 metres in Zone 27. Mineralization consists of 1% pyrite stringers within a moderate sericite altered contact between an andesite and a felsic intrusion.
OSK-W-18-1563 intersected four intervals: 4.72 g/t Au over 2.8 metres and 4.52 g/t Au over 2.0 metres in Caribou and, 5.20 g/t Au over 2.9 metres and 4.67 g/t Au over 2.0 metres in Zone 27. The first interval contains 30% semi-massive pyrite hosted in a moderate sericite altered rhyolite. The second interval contains trace disseminated pyrite within a moderate chlorite altered rhyolite. The third interval contains 2% disseminated pyrite and 1% pyrite stringers within a moderate silica and carbonate altered felsic porphyritic intrusion. The last interval contains 1% pyrite, disseminated and stringers, within a moderate chlorite altered andesite.
OSK-W-18-1567 intersected 3.34 g/t Au over 2.0 metres and 8.56 g/t Au over 3.8 metres in Zone 27. The first interval contains trace disseminated pyrite and ptygmatic tourmaline veins hosted in a moderate sericite altered rhyolite. The second interval contains 5% pyrite-tourmaline veins and 1% pyrite stringers hosted in quartz-carbonate and moderate sericite altered felsic porphyritic intrusion.
OSK-W-18-1572 intersected 3.44 g/t Au over 2.0 metres in Caribou and 6.61 g/t Au over 2.0 metres in Zone 27. The first interval contains 2% pyrite-silica flooding and 1% pyrite stringers within a moderate sericite, chlorite and carbonate altered rhyolite. The second interval contains up to 2% pyrite, disseminated and stringers, hosted in a moderate chlorite and carbonate altered felsic dike.
OSK-W-18-1577 intersected 8.83 g/t Au over 2.4 metres in Zone 27. Mineralization consists of 40% semi-massive pyrite at a strong sericite altered contact between a gabbro and felsic porphyritic intrusion.
OSK-W-18-1580 intersected 6.47 g/t Au over 2.0 metres in Zone 27. Mineralization consists of 5% quartz-tourmaline veins and 5% semi-massive pyrite hosted in a weak sericite altered rhyolite.
OSK-W-18-1586 intersected 37.9 g/t Au over 3.2 metres in Zone 27. Mineralization contains 25% pyrite-tourmaline stringers and local visible gold within a strong silica and moderate sericite altered rhyolite.
OSK-W-18-1594 intersected 3.53 g/t Au over 2.4 metres in Zone 27. Mineralization consists of up to 15% pyrite stringers hosted in a moderate sericite altered felsic porphyritic dike.
OSK-W-18-1596 intersected 5.52 g/t Au over 2.1 metres in Zone 27. Mineralization consists of up to 3% pyrite, disseminated and stringers, hosted in moderate sericite altered rhyolite.
OSK-W-18-1597 intersected two intervals: 9.08 g/t Au over 2.1 metres in Caribou and 5.08 g/t Au over 2.5 metres in Zone 27. The first interval contains up to 1% pyrite, disseminated and clusters, hosted in moderate sericite and chlorite altered rhyolite. The second interval contains up to 20% pyrite-tourmaline stringers within a moderate sericite altered rhyolite.
OSK-W-18-1601 intersected 4.38 g/t Au over 2.0 metres in Caribou. Mineralization consists of 2% pyrite stringers, 1% sphalerite clusters and quartz veins hosted in a moderate sericite, moderate chlorite and weak fuchsite altered gabbro.
OSK-W-18-1602 intersected three intervals: 18.4 g/t Au over 2.0 metres, 7.94 g/t Au over 2.4 metres and 4.13 g/t Au over 2.0 metres in Caribou. The first interval contains trace disseminated and stringer pyrite within a moderate sericite altered rhyolite. The second interval contains 10% pyrite stringers, ptygmatic tourmaline veins and trace sphalerite and chalcopyrite hosted in a strong silica and moderate sericite altered felsic porphyritic intrusion.
OSK-W-18-1605 intersected 3.05 g/t Au over 2.0 metres in Zone 27. Mineralization contains up to 8% pyrite stringers and 1% disseminated pyrite at the contact between a sericite felsic porphyritic intrusion and a bleached andesite.
OSK-W-18-1607 intersected 3.89 g/t Au over 2.0 metres in Zone 27. Mineralization consists of 1% pyrite stringers within a moderate chlorite altered rhyolite.
OSK-W-18-1609 intersected two intervals: 5.54 g/t Au over 2.5 metres in Caribou and 4.69 g/t Au over 2.7 metres in Zone 27. The first interval contains up to 15% pyrite stockwork and 1% disseminated pyrite hosted in moderate sericite and weak silica altered rhyolite.
OSK-W-18-1611 intersected two intervals: 5.19 g/t Au over 2.1 metres in Caribou and 5.41 g/t Au over 2.1 metres in Zone 27. The first interval contains 80% massive pyrite and pyrite stockwork hosted in a strong sericite and silica altered felsic porphyritic intrusion. The second interval contains 2% pyrite clusters, 1% pyrite stringers and fine disseminated pyrite hosted in a moderate chlorite altered andesite.
OSK-W-18-1614 intersected two intervals: 6.47 g/t Au 2.1 metres and 34.8 g/t Au over 4.3 metres in Zone 27. The first interval contains pyrite stringers within a strong sericite and fuchsite altered contact between a gabbro and a fragmental andesite. The second interval contains 20% pyrite stringers and 2% disseminated pyrite within a strong sericite altered fragmental andesite.
OSK-W-18-1617 intersected 3.49 g/t Au over 2.6 metres in Caribou. Mineralization consists of 20% pyrite stringers, 10% sphalerite, pyrite-silica flooding and 1% pyrite-tourmaline veins hosted in moderate sericite and silica altered rhyolite.
OSK-W-18-1631 intersected 17.1 g/t Au over 2.0 metres in Zone 27. Mineralization consists of trace pyrite stringers and clusters within a strong sericite altered felsic dike.
Qualified Person
The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Louis Grenier, M.Sc.A., P.Geo. (OGQ 800), Project Manager of Osisko’s Windfall Lake gold project, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Quality Control and Reporting Protocols
True width determination is currently unknown but is estimated at 65-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.0 g/t Au diluted over core lengths of at least 2.0 metres. All NQ core assays reported were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Thunder Bay, Ontario, Sudbury, Ontario or Vancouver, British Colombia, or (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using an Aqua Regia-ICP-AES method at ALS Laboratories. 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 Lake Gold Deposit
The Windfall Lake gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The mineral resource defined by Osisko, as disclosed in the Windfall Lake Technical Report (as defined below), comprises 2,382,000 tonnes at 7.85 g/t Au (601,000 ounces) in the indicated mineral resource category and 10,605,000 tonnes at 6.70 g/t Au (2,284,000 ounces) in the inferred mineral resource category. For details regarding the key assumptions, parameters and methods used to estimate the mineral resources presented in respect of the Windfall Lake gold project, please see the technical report entitled “Technical Report and Mineral Resource Estimate for the Windfall Lake Project, Windfall Lake and Urban-Barry Properties” and dated June 12, 2018 (effective date of May 14, 2018), which has been prepared by InnovExplo Inc. from Val-d’Or, Québec (the “Windfall Lake Technical Report”). The Windfall Lake Technical Report is available on Osisko’s website at www.osiskomining.com and on SEDAR under Osisko’s issuer profile at www.sedar.com). The Windfall Lake gold deposit is currently one of the highest grade resource-stage gold projects in Canada. Mineralization occurs in four principal zones: Lynx, Zone 27, Caribou and Underdog. All zones comprise sub-vertical lenses following intrusive porphyry contacts plunging to the northeast. The deposit is well defined from surface to a depth of 900 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 1,200 metres in others, with significant potential to extend mineralization down-plunge and at depth.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% in the high-grade Windfall Lake 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 Quevillon area (over 3,300 square kilometres), a 100% interest in the Marban project located in the heart of Québec’s 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 Québec and Ontario.
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 Windfall Lake gold deposit being a world-class gold system; the significance of new results from the ongoing deep-hole drill/exploration program at the Windfall Lake gold project; the significance of assay results presented in this news release; potential depth extensions of the Lynx and Underdog mineralized zones; the potential, if any of the Deep Underdog and Deep Lynx zones; the type and extend of drilling on the Deep Underdog and Deep Lynx zones, including planned wedge holes; the success of Osisko’s deep-hole drill/exploration program at the Windfall Lake gold project, if any; the down-plunge projection of the gold mineralized structures; the current 800,000 metre drill program; the type of drilling included in the drill program; potential mineralization; 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 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”, “management’s 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 such assumptions and estimates were made, and 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 management’s 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.
For further information please contact:
John Burzynski
President and Chief Executive Officer
Telephone: (416) 363-8653
OSISKO DEEP DRILLING GOLD DISCOVERY AT WINDFALL
650 Metres Down Plunge From Triple 8 Discovery Hole
22.4 g/t Au Over 3.4 Metres
(Toronto, August 7, 2018) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new results from the ongoing deep-hole exploration program at its 100% owned Windfall Lake gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.
In May 2018 Osisko commenced two deep exploration drill holes (“Deep Underdog” and “Deep Lynx”) to investigate the potential for depth extensions of the Lynx and Underdog mineralized zones, as well as to further test the intrusion-related geological model for the Windfall deposit at depths of approximately 2500 metres from surface. Drilling on the Deep Lynx hole is still in progress, and wedge holes for both Deep Lynx and Deep Underdog are planned.
Following the discovery of Triple 8 Zone in the “Deep Underdog” hole (as disclosed in Osisko’s news release dated July 11, 2018), the down-plunge projection of the gold mineralized structure was interpreted to lie in the path of the “Deep Lynx” hole, OSK-W-18-1616-W1, at target depth of approximately 1950 meters downhole. Alteration and mineralization related to the new intersection occurs in the Deep Lynx hole between 1985.1 metres and 1991.5 metres downhole (approximately 1900 metres vertical depth from surface), including two intervals containing visible gold. Maps and sections showing the location of the Deep Lynx drill hole and the new mineralized zone are provided on the Corporation’s website.
The new gold bearing zone appears to be sub-vertical and has an estimated true thickness of 2.5 metres. Mineralization occurs as up to 12% pyrite stringers, pyrrhotite, chalcopyrite and local visible gold associated with minor quartz-carbonate veins. The hosting andesite is bleached, with sericite alteration and is crosscut by metre scale felsic porphyritic dike. Exact geometries and relationship to the Triple 8 discovery is currently unknown. Drilling in the Deep Lynx hole is still in progress. Wedge holes are being planned to further investigate the new mineralized zone.
Osisko President and CEO John Burzynski commented: “We are very pleased with the continuing success of our deep hole exploration program at Windfall. Our geological model is predicting where to find new extensions of our deposit, and our extensive drill program is key in defining what we believe is a World Class gold system. We are currently planning wedge holes for the Triple 8 discovery area and this new potential extension to better understand the geometry of the gold mineralization in this exciting discovery.”
Today’s results include only partial significant analytical results from hole OSK-W-18-1616-W1. 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 |
Mineralized Area |
| OSK-W-18-1616-W1 | 1985.1 | 1988.5 | 3.4 | 22.4 | 18.9 | TBD |
| including | 1987.1 | 1987.7 | 0.6 | 120 | 100 |
Note: True widths are estimated at 65 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below.
| Hole Number | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Section |
| OSK-W-18-1616-W1 | 40 | -85 | in progress | 454135 | 5435060 | 4225E |
Qualified Person
The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Louis Grenier, M.Sc.A., P.Geo. (OGQ 800), Project Manager of Osisko’s Windfall Lake gold project, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Quality Control and Reporting Protocols
True width determination is currently unknown but is estimated at 65-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.0 g/t Au diluted over core lengths of at least 2.0 metres. All NQ core assays reported were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Thunder Bay, Ontario, Sudbury, Ontario or Vancouver, British Colombia, or (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using an Aqua Regia-ICP-AES method at ALS Laboratories. 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 Lake Gold Deposit
The Windfall Lake gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The mineral resource defined by Osisko, as disclosed in the Windfall Lake Technical Report (as defined below), comprises 2,382,000 tonnes at 7.85 g/t Au (601,000 ounces) in the indicated mineral resource category and 10,605,000 tonnes at 6.70 g/t Au (2,284,000 ounces) in the inferred mineral resource category. For details regarding the key assumptions, parameters and methods used to estimate the mineral resources presented in respect of the Windfall Lake gold project, please see the technical report entitled “Technical Report and Mineral Resource Estimate for the Windfall Lake Project, Windfall Lake and Urban-Barry Properties” and dated June 12, 2018 (effective date of May 14, 2018), which has been prepared by InnovExplo Inc. from Val-d’Or, Québec (the “Windfall Lake Technical Report”). The Windfall Lake Technical Report is available on Osisko’s website at www.osiskomining.com and on SEDAR under Osisko’s issuer profile at www.sedar.com). The Windfall Lake gold deposit is currently one of the highest grade resource-stage gold projects in Canada. Mineralization occurs in four principal zones: Lynx, Zone 27, Caribou and Underdog. All zones comprise sub-vertical lenses following intrusive porphyry contacts plunging to the northeast. The deposit is well defined from surface to a depth of 900 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 1,200 metres in others, with significant potential to extend mineralization down-plunge and at depth.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% in the high-grade Windfall Lake 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 Quevillon area (over 3,300 square kilometres), a 100% interest in the Marban project located in the heart of Québec’s 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 Québec and Ontario.
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 Windfall Lake gold deposit being a world-class gold system; the significance of new results from the ongoing deep-hole drill/exploration program at the Windfall Lake gold project; the significance of assay results presented in this news release; potential depth extensions of the Lynx and Underdog mineralized zones; the potential, if any of the Deep Underdog and Deep Lynx zones; the type and extend of drilling on the Deep Underdog and Deep Lynx zones, including planned wedge holes; the success of Osisko’s deep-hole drill/exploration program at the Windfall Lake gold project, if any; the down-plunge projection of the gold mineralized structures; the current 800,000 metre drill program; the type of drilling included in the drill program; potential mineralization; 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 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”, “management’s 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 such assumptions and estimates were made, and 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 management’s 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.
For further information please contact:
John Burzynski
President and Chief Executive Officer
Telephone: (416) 363-8653
OSISKO FILES PEA TECHNICAL REPORT FOR WINDFALL PROJECT
(Toronto, August 1, 2018) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to announce the filing of an independent preliminary economic assessment technical report on its Windfall project, which has been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The technical report, entitled “Preliminary Economic Assessment of the Windfall Lake Project, Lebel-sur-Quévillon, Québec, Canada” and dated August 1, 2018 (effective date of July 12, 2018), has been prepared for Osisko by BBA Inc., InnovExplo Inc., Golder Associates Ltd., WSP Canada Inc. and SNC-Lavalin Stavibel Inc. (the “Windfall PEA“). The Windfall PEA is available on SEDAR (www.sedar.com) under Osisko’s issuer profile.
Osisko’s news release dated July 17, 2018 (entitled “Osisko Delivers Positive PEA for Windfall project”) summarized certain key results, assumptions and estimates contained in the Windfall PEA. The Corporation is pleased to report that there are no material differences between the key results, assumptions and estimates contained in the Windfall PEA and Osisko’s news release dated July 17, 2018.
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 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 Quevillon area (over 3,300 square kilometres), a 100% interest in the Marban project located in the heart of Québec’s 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 Corporation also holds interests and options in a number of additional properties in northern Québec and Ontario.
Cautionary Statement Regarding Technical information
Readers are cautioned that the Windfall PEA is preliminary in nature and includes inferred mineral resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorize as mineral reserves. There is no certainty that the results, assumptions or estimates in the Windfall PEA will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
For further information please contact:
John Burzynski
President and Chief Executive Officer
Telephone: (416) 363-8653
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