Month: June 2022
OSISKO MINING CORPORATE UPDATE
(Toronto, June 23, 2022) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide the following corporate updates and to announce management appointments and departures.
WINDFALL UPDATES
The Corporation recently closed its Windfall Project drillhole database, on schedule for, and in preparation of, an updated Mineral Resource Estimate (“MRE”) scheduled for Q4 2022. The updated MRE will form the basis of the planned Windfall Project Feasibility Study (“FS”), scheduled for delivery by YE2022. The FS will form the basis of the Corporation’s Windfall Project production decision. Osisko plans to continue underground and surface exploration drilling, including expansion targets within the Windfall deposit; pursuing mineralization in the Golden Bear discovery area; and testing additional high-priority targets proximal to Windfall.
Extraction of the Lynx 600 bulk sample (600 metre vertical level located in the Triple Lynx zone) is expected to be completed in early July 2022. Processing of the approximately 5,000 tonnes of material is expected to commence in Q3 2022 at a custom mill located near Timmins, Ontario. Results of the test are expected to be released in early Q4 2022.
In Q2 2022 the Corporation applied for a certificate of authorization to extract a fourth bulk sample in Lynx 4 with the Ministère de l’Environnement et de Lutte aux les changements climatiques (“MELCC”). The authorization, anticipated to be received in Q3 2022, will permit the Corporation to advance the exploration ramp to the high-grade Lynx 4 zone. The advance of the exploration ramp will give access to the fourth bulk sample, and will also be used to conduct a Stope School in partnership with local stakeholders. The Stope School will provide certified training programs in ore extraction for local community trainees from the Eeeyou-Itshee James Bay area.
The Corporation has initiated work on elements of the detailed engineering for the proposed mill site and other major project components with its consultants as part of the ongoing work contributing to the FS.
As was the case in the successful on-budget and ahead of schedule construction of the Canadian Malartic Mine, Osisko intends, subject to a positive production decision and obtaining all necessary permits, to self-manage the construction of the proposed Windfall Mine. In this regard, Osisko recently obtained its entrepreneur license from the Régie du bâtiment du Québec.
MANAGEMENT APPOINTMENTS AND DEPARTURES
Osisko is pleased to announce the appointment of Mr. Ronald Bougie as Vice-President Construction and Engineering. Mr. Bougie has over 35 years of construction and project development experience, gained through building a number of successful mining and industrial projects. Mr. Bougie played a key role as General Manager, Engineering and Construction for Osisko Mining Corporation during the development and construction of the Canadian Malartic gold mine, the largest producing gold mine in Canada and 9th largest gold producer worldwide in 2021. Recently, Mr. Bougie was Executive Vice President, Construction and Operations for Alliance Magnesium (“Alliance”) and Vice President, Engineering and Construction for Falco Resources Inc. (“Falco”). Mr. Bougie remains technical adviser of Falco and Alliance. Prior to joining Falco, he served as Executive Vice President Engineering, Construction and Operations for the Ciment McInnis project. Mr. Bougie also previously led construction at the Renard diamond mine as General Manager, Engineering and Construction. Mr. Bougie reports directly to the COO of the Corporation.
Osisko is also pleased to announce the appointment of Ms. Andréanne Boisvert as Vice-President Environment and Community Relations. She has over 20 years of experience in environment and community relations positions. Prior to joining the Osisko team, Ms. Boisvert worked at Arcelor Mittal Mining Operations, first as a compliance and environmental projects expert, then as a senior environmental program manager. She also worked with WSP (formerly Genivar), leading various mandates (direction of environmental studies, strategic studies, pre-feasibility and feasibility and negotiations with government authorities). She also coordinated economic, social and cultural monitoring studies for the Eastmain-1-A hydroelectric project, working in close collaboration with First Nation communities. Ms. Boisvert holds a bachelor’s degree in geography and environmental studies, and a master’s degree in geography. Ms. Boisvert reports directly to the President of the Corporation.
With regret, Osisko announces the departure of Ms. Alix Drapack as Chief Sustainability Officer of the Corporation. We would like to thank Alix for her many contributions to Osisko Mining Inc., as well as acknowledge her work with the original Osisko Mining Corporation. An Osisko veteran who has worked with both iterations of the company, Alix has played a key role in fostering strong relationships with stakeholders in the corporations, particularly on the Windfall Project with our Cree First Nation hosts and the community of Waswanipi. She will be missed, and we wish Alix every success in her future endeavors. Ms. Drapack will continue with the Corporation as a member of the Technical Advisory Committee.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of gold resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,400 square kilometres).
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the updated MRE on the Windfall Project scheduled for Q4 2022 (if at all); the updated MRE on the Windfall Project forming the basis for a FS scheduled for YE 2022 (if at all); the exploration plans of the Corporation; the timing and ability of the Corporation (if at all) to process additional material; the expected results of the foregoing (if at all), including timing; the adequacy of permits to be received by MELCC; the framework and parameters of any components of a FS on the Windfall Project; there being any nexus between Osisko Mining Corporation and the Corporation, including the success of Osisko Mining Corporation and the Canadian Malartic Mine being related, in any way, to the success of the Corporation or the Windfall Project; the Windfall project being a high-grade gold deposit; the prospects, if any, of the Windfall gold deposit; timing and ability of Osisko to file a technical reports in respect of the MRE or FS, if at all; the timing and ability of Osisko to build a mine; the amount and type of drilling to be completed and the timing to complete such drilling. 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. 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; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
CONTACT INFORMATION:
John Burzynski
Chief Executive Officer
Telephone (416) 363-8653
OSISKO WINDFALL INFILL DRILLING ADDS WIDE HIGH-GRADE
Including 293 g/t Au Over 11.0 Metres
(Toronto, June 7, 2022) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.
Significant new analytical results presented below include 43 intercepts in 15 underground drill holes and 12 wedges. The infill intercepts are located inside defined January 2022 mineral resource estimate (“MRE”) blocks (see Osisko news release dated January 10, 2022). The expansion intercepts are located outside the January 2022 MRE blocks and either expand resource wireframes or are in a defined zone or corridor but do not yet correlate to a specific wireframe.
Osisko Chief Executive Officer John Burzynski commented: “Lynx continues to return wide high-grade intercepts which will be included in the upcoming feasibility study. Our headline hole, with an estimated true thickness of eight meters, and other holes with sub-intervals over a kilogram of gold per tonne, demonstrate the robust nature of the high-grade areas in the Lynx 4 and Triple Lynx zones.”
Selected high-grade intercepts include: 293 g/t Au over 11.0 metres in OSK-W-22-2605-W6, 199 g/t Au over 2.9 metres in OSK-W-22-2587-W6; 24.3 g/t Au over 13.4 metres in OSK-W-22-2587-W5; 73.4 g/t Au over 2.3 metres in WST-22-1041B and 54.9 g/t Au over 3.0 metres in WST-22-1046B. Maps showing hole locations and full analytical results are available at www.osiskomining.com. Maps: Long Section_All zones In EN 20220607, Long Section_All zones Ex EN 20220607, PR_EN_20220607_Surface, PR_EN_20220607_UG.
Infill Drilling
| Hole No. | From (m) | To
(m) |
Interval (m) | Au (g/t) uncut | Au (g/t) cut to 100 g/t | Zone | Corridor |
| OSK-W-22-2587-W4 | 1084.4 | 1093.7 | 9.3 | 5.67 | TLX_3155 | Triple Lynx | |
| including | 1088.5 | 1088.9 | 0.4 | 26.9 | |||
| OSK-W-22-2587-W5 | 1040.5 | 1043.0 | 2.5 | 8.52 | TLX_3158 | Triple Lynx | |
| including | 1040.5 | 1040.9 | 0.4 | 41.0 | |||
| 1052.4 | 1055.0 | 2.6 | 4.30 | TLX_3158 | Triple Lynx | ||
| including | 1052.4 | 1052.8 | 0.4 | 18.9 | |||
| 1110.0 | 1112.1 | 2.1 | 8.85 | TLX_3162 | Triple Lynx | ||
| including | 1110.7 | 1111.1 | 0.4 | 32.9 | |||
| 1120.7 | 1125.4 | 4.7 | 4.54 | TLX_3162 | Triple Lynx | ||
| including | 1125.0 | 1125.4 | 0.4 | 23.6 | |||
| 1129.0 | 1131.0 | 2.0 | 8.25 | TLX_3162 | Triple Lynx | ||
| 1136.3 | 1149.7 | 13.4 | 24.3 | 14.6 | TLX_3172 | Triple Lynx | |
| including | 1141.3 | 1142.3 | 1.0 | 129 | 100 | ||
| and | 1142.3 | 1142.8 | 0.5 | 302 | 100 | ||
| OSK-W-22-2587-W6 | 1122.0 | 1126.0 | 4.0 | 15.3 | 15.0 | TLX_3162 | Triple Lynx |
| including | 1122.0 | 1122.4 | 0.4 | 104 | 100 | ||
| 1134.6 | 1141.2 | 6.6 | 10.3 | TLX_3162 | Triple Lynx | ||
| including | 1134.6 | 1135.2 | 0.6 | 33.8 | |||
| 1149.1 | 1152.0 | 2.9 | 199 | 31.0 | TLX_3172 | Triple Lynx | |
| including | 1149.1 | 1149.6 | 0.5 | 423 | 100 | ||
| and | 1150.1 | 1150.4 | 0.3 | 1185 | 100 | ||
| OSK-W-22-2601-W5 | 1011.0 | 1013.6 | 2.6 | 37.5 | TLX_3158 | Triple Lynx | |
| including | 1011.7 | 1012.1 | 0.4 | 95.5 | |||
| OSK-W-22-2605-W4 | 1301.2 | 1303.4 | 2.2 | 5.95 | LX4_3449 | Lynx 4 | |
| including | 1302.5 | 1302.8 | 0.3 | 31.0 | |||
| OSK-W-22-2605-W6 | 1316.4 | 1327.4 | 11.0 | 293 | 32.3 | LX4_3449 | Lynx 4 |
| including | 1317.4 | 1320.7 | 3.3 | 961 | 92.3 | ||
| with | 1318.8 | 1319.1 | 0.3 | 3040 | 100 | ||
| with | 1319.9 | 1320.2 | 0.3 | 5400 | 100 | ||
| OSK-W-22-2646-W7 | 1066.0 | 1070.1 | 4.1 | 5.06 | TLX_3158 | Triple Lynx | |
| including | 1069.8 | 1070.1 | 0.3 | 30.6 | |||
| WST-21-0929A | 191.0 | 193.2 | 2.2 | 20.0 | TLX_3161 | Triple Lynx | |
| including | 192.4 | 192.9 | 0.5 | 78.5 | |||
| WST-22-1014-W1 | 257.0 | 259.0 | 2.0 | 40.7 | LXM_3367 | Lynx | |
| including | 257.0 | 258.0 | 1.0 | 81.2 | |||
| WST-22-1017 | 455.8 | 459.5 | 3.7 | 6.76 | LX4_3401 | Lynx 4 | |
| including | 456.1 | 456.5 | 0.4 | 19.2 | |||
| WST-22-1022 | 403.0 | 405.0 | 2.0 | 4.59 | TLX_3162 | Triple Lynx | |
| WST-22-1023 | 204.0 | 206.1 | 2.1 | 27.2 | TLX_3121 | Triple Lynx | |
| including | 205.2 | 206.1 | 0.9 | 61.1 | |||
| 566.0 | 571.1 | 5.1 | 10.2 | LX4_3404 | Lynx 4 | ||
| including | 567.0 | 567.3 | 0.3 | 54.9 | |||
| WST-22-1031A | 449.0 | 451.0 | 2.0 | 7.47 | LX4_3401 | Lynx 4 | |
| including | 450.2 | 450.7 | 0.5 | 19.4 | |||
| 499.6 | 503.1 | 3.5 | 4.52 | LX4_3457 | Lynx 4 | ||
| including | 499.6 | 500.1 | 0.5 | 13.0 | |||
| and | 502.7 | 503.1 | 0.4 | 17.5 | |||
| WST-22-1041B | 526.8 | 529.1 | 2.3 | 73.4 | 61.1 | LX4_3430 | Lynx 4 |
| including | 528.4 | 528.7 | 0.3 | 143 | 100 | ||
| WST-22-1043 | 330.7 | 332.7 | 2.0 | 6.19 | TLX_3131 | Triple Lynx | |
| including | 330.7 | 331.0 | 0.3 | 20.6 | |||
| WST-22-1045 | 291.5 | 293.7 | 2.2 | 29.8 | TLX_3158 | Triple Lynx | |
| including | 291.5 | 291.8 | 0.3 | 56.5 | |||
| WST-22-1046B | 315.0 | 318.0 | 3.0 | 54.9 | 41.8 | TLX_3158 | Triple Lynx |
| including | 315.0 | 315.6 | 0.6 | 157 | 100 | ||
| WST-22-1047 | 138.0 | 140.1 | 2.1 | 5.46 | LXM_3345 | Lynx | |
| WST-22-1048 | 111.3 | 113.6 | 2.3 | 32.2 | LXM_3314 | Lynx | |
| including | 112.7 | 113.2 | 0.5 | 95.2 | |||
| WST-22-1054 | 66.0 | 68.3 | 2.3 | 12.8 | LXM_3388 | Lynx | |
| including | 67.4 | 67.9 | 0.5 | 34.3 | |||
| WST-22-1058C | 339.3 | 344.7 | 5.4 | 10.6 | TLX_3158 | Triple Lynx | |
| including | 339.3 | 339.9 | 0.6 | 41.2 | |||
| WST-22-1060 | 99.6 | 102.1 | 2.5 | 19.4 | TLX_3121 | Triple Lynx | |
| including | 100.9 | 101.2 | 0.3 | 66.9 | |||
| WST-22-1062 | 153.6 | 156.0 | 2.4 | 35.6 | TLX_3121 | Triple Lynx | |
| including | 155.0 | 156.0 | 1.0 | 66.8 |
Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below., LXM = Lynx Main, LX4 = Lynx 4 and TLX = Triple Lynx.
Expansion Drilling
| Hole No. | From (m) | To
(m) |
Interval (m) | Au (g/t) uncut | Au (g/t) cut to 100 g/t | Zone | Corridor |
| OSK-W-22-2587-W3 | 1101.8 | 1104.7 | 2.9 | 17.8 | TLX | Triple Lynx | |
| OSK-W-22-2587-W5 | 1094.3 | 1096.7 | 2.4 | 8.91 | TLX | Triple Lynx | |
| including | 1096.3 | 1096.7 | 0.4 | 36.9 | |||
| OSK-W-22-2587-W6 | 1104.0 | 1106.0 | 2.0 | 9.11 | TLX | Triple Lynx | |
| including | 1104.3 | 1104.7 | 0.4 | 38.5 | |||
| OSK-W-22-2601-W6 | 1096.2 | 1099.1 | 2.9 | 3.97 | TLX_3162 | Triple Lynx | |
| including | 1096.5 | 1096.9 | 0.4 | 13.9 | |||
| OSK-W-22-2605-W4 | 1377.1 | 1379.1 | 2.0 | 6.74 | LX4 | Lynx 4 | |
| including | 1378.0 | 1378.7 | 0.7 | 14.2 | |||
| OSK-W-22-2646-W6 | 1069.7 | 1072.4 | 2.7 | 30.6 | TLX_3158 | Triple Lynx | |
| including | 1070.1 | 1070.5 | 0.4 | 72.0 | |||
| and | 1071.0 | 1071.4 | 0.4 | 75.8 | |||
| 1190.1 | 1194.2 | 4.1 | 16.1 | TLX_3172 | Triple Lynx | ||
| including | 1190.1 | 1190.8 | 0.7 | 58.1 | |||
| OSK-W-22-2646-W7 | 1110.4 | 1112.5 | 2.1 | 8.53 | TLX | Triple Lynx | |
| including | 1111.7 | 1112.0 | 0.3 | 57.1 | |||
| OSK-W-22-2646-W8 | 1165.0 | 1167.3 | 2.3 | 7.79 | TLX_3162 | Triple Lynx | |
| including | 1166.0 | 1166.3 | 0.3 | 38.8 | |||
| 1220.2 | 1222.3 | 2.1 | 9.82 | TLX_3172 | Triple Lynx | ||
| including | 1220.2 | 1221.0 | 0.8 | 23.2 | |||
| WST-22-1017 | 467.0 | 469.0 | 2.0 | 7.03 | LX4 | Lynx 4 | |
| including | 468.0 | 469.0 | 1.0 | 12.4 |
Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below., LX4 = Lynx 4 and TLX = Triple Lynx.
Drill hole location
| Hole No. | Azimuth (°) | Dip
(°) |
Length (m) | UTM E | UTM N | Elevation | Section |
| OSK-W-22-2587-W3 | 127 | -59 | 1221 | 453350 | 5435673 | 413 | 3850 |
| OSK-W-22-2587-W4 | 127 | -59 | 1218 | 453350 | 5435673 | 413 | 3850 |
| OSK-W-22-2587-W5 | 127 | -59 | 1227 | 453350 | 5435673 | 413 | 3850 |
| OSK-W-22-2587-W6 | 127 | -59 | 1203 | 453350 | 5435673 | 413 | 3850 |
| OSK-W-22-2601-W5 | 125 | -61 | 1215 | 453425 | 5435656 | 412 | 3900 |
| OSK-W-22-2601-W6 | 125 | -61 | 1212 | 453425 | 5435656 | 412 | 3900 |
| OSK-W-22-2605-W4 | 112 | -55 | 1425 | 453551 | 5435669 | 408 | 4025 |
| OSK-W-22-2605-W6 | 112 | -55 | 1404 | 453551 | 5435669 | 408 | 4025 |
| OSK-W-22-2646-W6 | 109 | -58 | 1263 | 453326 | 5435648 | 414 | 3800 |
| OSK-W-22-2646-W7 | 109 | -58 | 1227 | 453326 | 5435648 | 414 | 3800 |
| OSK-W-22-2646-W8 | 109 | -58 | 1254 | 453326 | 5435648 | 414 | 3800 |
| WST-21-0929A | 117 | -45 | 379 | 453506 | 5435326 | -90 | 3800 |
| WST-22-1014-W1 | 123 | -37 | 594 | 453507 | 5435332 | -47 | 3800 |
| WST-22-1017 | 138 | -26 | 561 | 453344 | 5435312 | -66 | 3650 |
| WST-22-1022 | 132 | -62 | 479 | 453510 | 5435330 | -127 | 3800 |
| WST-22-1023 | 120 | -48 | 646 | 453506 | 5435326 | -90 | 3800 |
| WST-22-1031A | 136 | -28 | 577 | 453344 | 5435312 | -66 | 3650 |
| WST-22-1041B | 127 | -43 | 585 | 453507 | 5435331 | -48 | 3800 |
| WST-22-1043 | 133 | -26 | 561 | 453344 | 5435312 | -66 | 3650 |
| WST-22-1045 | 104 | -54 | 339 | 453702 | 5435376 | -198 | 4000 |
| WST-22-1046B | 125 | -58 | 436 | 453510 | 5435331 | -127 | 3800 |
| WST-22-1047 | 130 | -12 | 226 | 453647 | 5435347 | -187 | 3950 |
| WST-22-1048 | 139 | -1 | 169 | 453647 | 5435347 | -187 | 3950 |
| WST-22-1054 | 120 | -29 | 196 | 453647 | 5435347 | -188 | 3950 |
| WST-22-1058C | 121 | -60 | 520 | 453511 | 5435331 | -127 | 3825 |
| WST-22-1060 | 140 | -55 | 156 | 453601 | 5435325 | -181 | 3900 |
| WST-22-1062 | 144 | -59 | 171 | 453601 | 5435325 | -181 | 3900 |
Lynx Zone
Mineralization occurs as grey to translucent quartz-carbonate-pyrite-tourmaline veins and pyrite replacement zones and stockworks. Vein-type mineralization is associated with haloes of pervasive sericite-pyrite ± silica alteration and contain sulphides (predominantly pyrite with minor amounts of chalcopyrite, sphalerite, galena, arsenopyrite, and pyrrhotite) and local visible gold. Replacement mineralization is associated with strong pervasive silica-sericite-ankerite ± tourmaline alteration and contains disseminated pyrite from trace to 80% with local visible gold. Pyrite stockworks can form envelopes that reach several tens of metres thick. Fuchsite alteration is common and is spatially constrained to near the gabbros. Mineralization occurs at or near geological contacts between felsic porphyritic or fragmental intrusions and the host rhyolites or gabbros and locally can be hosted along the gabbro-rhyolite contact.
Qualified Person
The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Louis Grenier, M.Sc.A., P.Geo. (OGQ 800), Director of Exploration for Osisko’s Windfall gold project, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Quality Control and Reporting Protocols
True width determination is estimated at 55-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.5 g/t Au diluted over core lengths of at least 2.0 metres. NQ core assays were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Vancouver, British Colombia, Lima, Peru or Vientiane, Laos (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using a Four Acid Digestion-ICP-MS method at ALS Laboratories. Drill program design, Quality Assurance/Quality Control (“QA/QC”) and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assay.
About the Windfall Gold Deposit
The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The Mineral Resource Estimate (“MRE“) defined by Osisko, as disclosed in the news release dated January 10, 2022 is supported by the technical report entitled “Mineral Resource Estimate Update for the Windfall Project” dated February 10, 2022 (with an effective date of October 21, 2021), and assuming a cut-off grade of 3.50 g/t Au, comprises 565,000 tonnes at 11.6 g/t Au (210,000 ounces) in the measured mineral resource category, 8,907,000 tonnes at 10.5 g/t Au (2,994,000 ounces) in the indicated mineral resource category and 13,035,000 tonnes at 8.6 g/t Au (3,585,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the January 10, 2022, news release, certain of which are described in the January 10, 2022, news release, are further described in the full technical report for this updated mineral resource estimate in accordance with NI 43-101 and is available on SEDAR (www.sedar.com) under the Corporation’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres as it now includes the Triple 8 (T8) zone. The resources excluding T8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of gold resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,500 square kilometres).
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in this news release; the prospects, if any, of the Windfall gold deposit; timing and ability of Osisko to file a technical report for the mineral resource estimate disclosed in this news release; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the amount and type of drilling to be completed and the timing to complete such drilling; the focus of the remaining infill drilling; the trend of grade increase; the Lynx zone remaining open to expansion down plunge; upgrading a inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the significance of historic exploration activities and results. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including (infill) drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
CONTACT INFORMATION:
John Burzynski
Chief Executive Officer
Telephone (416) 363-8653
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