Author: lboivin
OSISKO MINING CORPORATE UPDATE
(Toronto, March 15, 2021) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to announce the promotion of Ms. Alix Drapack to Chief Sustainability Officer (“CSO”). As part of the senior management team reporting to the President, the CSO will oversee the corporation’s sustainability activities including Health & Safety, Environment, Community relations and First Nation relations, agreements and partnerships.
Ms. Drapack joined Osisko Mining Inc. in 2016 and was most recently Senior Vice-President Sustainable Development. She is a professional engineer with over 28 years of experience in managing mining, environmental and transportation projects in Canada and the USA, spanning operations, consulting and corporate office settings. Alix graduated from UBC with a Bachelor of Applied Science in Mining and Mineral Process Engineering. She also holds an MBA from Arizona State University and is a member (P. Eng.) of the Professional Engineers of Ontario. From 2011 to 2014, as Director of Sustainable Development for Osisko Mining Corporation, Alix led the combined federal and provincial environmental assessment process for the Osisko Hammond Reef Project and was responsible for Aboriginal engagement, public consultation and government relations. Previously she developed and implemented the Environmental Management Program for TransLink and has had mining operations experience including working as a Mill Shift foreman for Inco Ltd.
The new appointment reflects Osisko’s values-based approach and commitment to best practice environmental, social and governance (ESG) principles as the Corporation advances the world-class Windfall deposit towards development.
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About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of gold resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,700 square kilometres).
CONTACT INFORMATION:
John Burzynski
Chief Executive Officer
Telephone (416) 363-8653
OSISKO EXPANSION DRILLING ADDS NEW HIGH GRADE AT WINDFALL
58.7 g/t Au Over 4.6 Metres in Caribou
(Toronto, March 15, 2021) 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 40 intercepts in 18 drill holes (15 from surface, 3 from underground) and 11 wedges. The intercepts are located outside the February 2021 mineral resource estimate (see Osisko news release dated February 17, 2021) and either expand resource wireframes or are located in a defined zone or corridor but do not yet correlate to a specific wireframe.
Osisko Chief Executive Officer John Burzynski commented: “Windfall continues to grow in scale across the deposit as demonstrated by today’s results in five different zones, all of which still remain open to growth.”
Selected intercepts include: 58.7 g/t Au over 4.6 metres in OSK-W-20-2421; 39.2 g/t Au over 2.5 metres in OSK-W-20-2399-W1; 36.8 g/t Au over 2.3 metres in OSK-W-20-2410-W1; 21.2 g/t Au over 3.6 metres in OSK-W-21-2467-W1; and 36.2 g/t Au over 2.0 metres in OSK-W-21-2462. Maps showing hole locations and full analytical results are available at www.osiskomining.com
Expansion Drilling
| Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) uncut | Au (g/t) cut to 100 g/t | Zone | Corridor |
| OSK-W-20-2354-W1 | 705.8 | 707.8 | 2.0 | 3.62 | Caribou | Caribou | |
| including | 706.6 | 707.1 | 0.5 | 12.5 | |||
| OSK-W-20-2354-W2 | 633.5 | 638.1 | 4.6 | 8.60 | Caribou | Caribou | |
| including | 633.5 | 634.9 | 1.4 | 20.0 | |||
| OSK-W-20-2354-W4 | 629.0 | 633.0 | 4.0 | 11.2 | Caribou | Caribou | |
| including | 629.0 | 630.0 | 1.0 | 34.8 | |||
| OSK-W-20-2359 | 673.0 | 675.0 | 2.0 | 4.87 | Caribou | Caribou | |
| OSK-W-20-2366 | 299.9 | 302.0 | 2.1 | 3.61 | Caribou | Caribou | |
| OSK-W-20-2377-W1 | 889.5 | 895.5 | 6.0 | 7.36 | Caribou | Caribou | |
| including | 889.5 | 890.0 | 0.5 | 25.5 | |||
| OSK-W-20-2387 | 575.5 | 577.5 | 2.0 | 4.70 | Caribou | Caribou | |
| including | 576.1 | 576.6 | 0.5 | 15.2 | |||
| OSK-W-20-2387-W1 | 521.0 | 523.0 | 2.0 | 18.8 | Caribou | Caribou | |
| including | 521.8 | 523.0 | 1.2 | 29.7 | |||
| OSK-W-20-2390 | 622.6 | 625.0 | 2.4 | 4.91 | Caribou | Caribou | |
| including | 623.8 | 624.5 | 0.7 | 14.7 | |||
| OSK-W-20-2399-W1 | 621.5 | 624.0 | 2.5 | 39.2 | Caribou | Caribou | |
| 650.0 | 652.4 | 2.4 | 6.67 | Caribou | Caribou | ||
| including | 651.0 | 651.4 | 0.4 | 36.5 | |||
| OSK-W-20-2399-W2 | 580.0 | 582.4 | 2.4 | 3.83 | Caribou | Caribou | |
| including | 582.1 | 582.4 | 0.3 | 18.5 | |||
| 656.0 | 658.0 | 2.0 | 3.66 | Caribou | Caribou | ||
| OSK-W-20-2400 | 768.0 | 770.2 | 2.2 | 4.20 | Caribou | Caribou | |
| OSK-W-20-2401 | 382.0 | 384.0 | 2.0 | 6.16 | Caribou | Caribou | |
| including | 382.0 | 383.0 | 1.0 | 11.8 | |||
| OSK-W-20-2407-W1 | 686.0 | 688.0 | 2.0 | 9.14 | Underdog | Underdog | |
| including | 686.5 | 687.0 | 0.5 | 29.5 | |||
| OSK-W-20-2410-W1 | 720.7 | 723.0 | 2.3 | 36.8 | Caribou | Caribou | |
| including | 722.0 | 723.0 | 1.0 | 67.0 | |||
| OSK-W-20-2414 | 837.0 | 839.1 | 2.1 | 3.92 | Caribou | Caribou | |
| OSK-W-20-2415-W1 | 453.0 | 455.0 | 2.0 | 24.7 | 20.2 | Caribou | Caribou |
| including | 453.9 | 454.3 | 0.4 | 123 | 100 | ||
| OSK-W-20-2421 | 530.0 | 532.1 | 2.1 | 6.56 | Caribou | Caribou | |
| including | 530.0 | 531.0 | 1.0 | 13.3 | |||
| 534.0 | 538.6 | 4.6 | 58.7 | 40.6 | Caribou | Caribou | |
| including | 536.0 | 537.0 | 1.0 | 123 | 100 | ||
| and | 537.0 | 537.4 | 0.4 | 251 | 100 | ||
| OSK-W-20-2424 | 109.2 | 111.5 | 2.3 | 4.70 | F11 | F11 | |
| including | 109.8 | 110.3 | 0.5 | 17.8 | |||
| OSK-W-20-2433 | 78.0 | 80.0 | 2.0 | 3.60 | F11 | F11 | |
| including | 78.8 | 79.3 | 0.5 | 13.9 | |||
| 216.0 | 218.0 | 2.0 | 3.95 | F11 | F11 | ||
| including | 216.0 | 216.5 | 0.5 | 11.7 | |||
| OSK-W-20-2439 | 45.3 | 48.0 | 2.7 | 4.05 | F11 | F11 | |
| OSK-W-21-2451 | 647.4 | 649.4 | 2.0 | 4.90 | Caribou | Caribou | |
| including | 648.0 | 648.4 | 0.4 | 15.0 | |||
| 748.0 | 750.5 | 2.5 | 19.1 | Caribou | Caribou | ||
| OSK-W-21-2460 | 535.8 | 538.0 | 2.2 | 18.8 | Caribou | Caribou | |
| 724.6 | 726.7 | 2.1 | 3.95 | Caribou | Caribou | ||
| OSK-W-21-2462 | 480.0 | 482.0 | 2.0 | 36.2 | 25.7 | Caribou | Caribou |
| including | 480.9 | 481.4 | 0.5 | 142 | 100 | ||
| 678.0 | 680.4 | 2.4 | 5.78 | Caribou | Caribou | ||
| OSK-W-21-2466 | 539.0 | 541.0 | 2.0 | 9.76 | Caribou | Caribou | |
| OSK-W-21-2467-W1 | 421.0 | 423.0 | 2.0 | 3.65 | Caribou | Caribou | |
| 602.0 | 604.0 | 2.0 | 21.9 | Caribou | Caribou | ||
| including | 603.0 | 604.0 | 1.0 | 43.6 | |||
| 636.1 | 639.7 | 3.6 | 21.2 | Caribou | Caribou | ||
| including | 636.1 | 636.6 | 0.5 | 89.3 | |||
| 687.0 | 689.0 | 2.0 | 14.0 | Caribou | Caribou | ||
| including | 687.0 | 688.0 | 1.0 | 25.0 | |||
| WST-20-0519 | 148.0 | 150.0 | 2.0 | 6.76 | Z27 | Zone 27 | |
| WST-20-0558 | 98.0 | 100.0 | 2.0 | 4.57 | Bobcat | Bobcat | |
| including | 98.4 | 99.1 | 0.7 | 12.8 | |||
| 166.0 | 168.0 | 2.0 | 7.15 | Bobcat | Bobcat | ||
| including | 167.7 | 168.0 | 0.3 | 47.5 | |||
| WST-20-0566A | 93.9 | 96.3 | 2.4 | 3.57 | Z27 | Zone 27 | |
| including | 95.0 | 95.6 | 0.6 | 12.0 |
Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below.
Drill hole location
| Hole Number | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Elevation | Section |
| OSK-W-20-2354-W1 | 336 | -60 | 792 | 452739 | 5434474 | 401 | 2725 |
| OSK-W-20-2354-W2 | 336 | -60 | 750 | 452739 | 5434474 | 401 | 2725 |
| OSK-W-20-2354-W4 | 336 | -60 | 783 | 452739 | 5434474 | 401 | 2725 |
| OSK-W-20-2359 | 335 | -61 | 726 | 452694 | 5434440 | 401 | 2675 |
| OSK-W-20-2366 | 323 | -55 | 534 | 452682 | 5434624 | 398 | 2750 |
| OSK-W-20-2377-W1 | 132 | -49 | 1314 | 452702 | 5435548 | 409 | 3225 |
| OSK-W-20-2387 | 336 | -59 | 717 | 452694 | 5434440 | 401 | 2675 |
| OSK-W-20-2387-W1 | 336 | -59 | 738 | 452694 | 5434440 | 401 | 2675 |
| OSK-W-20-2390 | 330 | -65 | 647 | 452595 | 5434393 | 401 | 2550 |
| OSK-W-20-2399-W1 | 333 | -54 | 876 | 452874 | 5434552 | 398 | 2875 |
| OSK-W-20-2399-W2 | 333 | -54 | 876 | 452874 | 5434552 | 398 | 2875 |
| OSK-W-20-2400 | 336 | -53 | 884 | 452876 | 5434419 | 402 | 2825 |
| OSK-W-20-2401 | 330 | -55 | 705 | 452688 | 5434637 | 397 | 2750 |
| OSK-W-20-2407-W1 | 347 | -55 | 1044 | 452315 | 5434419 | 399 | 2325 |
| OSK-W-20-2410-W1 | 338 | -62 | 750 | 452727 | 5434358 | 402 | 2650 |
| OSK-W-20-2414 | 337 | -54 | 882 | 452880 | 5434419 | 402 | 2825 |
| OSK-W-20-2415-W1 | 328 | -54 | 762 | 452738 | 5434474 | 401 | 2725 |
| OSK-W-20-2421 | 332 | -59 | 699 | 452632 | 5434280 | 400 | 2525 |
| OSK-W-20-2424 | 150 | -45 | 267 | 452638 | 5436000 | 403 | 3375 |
| OSK-W-20-2433 | 148 | -47 | 411 | 452558 | 5436073 | 405 | 3350 |
| OSK-W-20-2439 | 147 | -50 | 360 | 452515 | 5436029 | 406 | 3275 |
| OSK-W-21-2451 | 330 | -58 | 803 | 452809 | 5434415 | 404 | 2750 |
| OSK-W-21-2460 | 332 | -55 | 789 | 452732 | 5434537 | 399 | 2750 |
| OSK-W-21-2462 | 338 | -57 | 888 | 452874 | 5434552 | 398 | 2875 |
| OSK-W-21-2466 | 330 | -66 | 639 | 452597 | 5434393 | 401 | 2550 |
| OSK-W-21-2467-W1 | 331 | -54 | 708 | 452687 | 5434471 | 402 | 2675 |
| WST-20-0519 | 136 | -45 | 162 | 452282 | 5434976 | 262 | 2575 |
| WST-20-0558 | 155 | -32 | 169 | 452955 | 5435003 | 253 | 3175 |
| WST-20-0566A | 132 | -16 | 368 | 452208 | 5434898 | 248 | 2475 |
Caribou Zone
Mineralization most commonly occurs in gold-bearing pyrite stockworks as well as semi-massive pyrite replacement zones associated with phyllic alteration (sericite-pyrite ± silica) with sulphides, pyrite dominated with minor chalcopyrite and sphalerite ranging from trace to up to 20%, and local visible gold. Mineralization is hosted in rhyolites or mafic-intermediate volcanics frequently at or near faults or the contact with felsic porphyritic intrusions.
Zone 27
Mineralization most commonly occurs as replacement-type characterized by 5% to 50% disseminated, stringer, semi-massive or stockwork pyrite, ptygmatic tourmaline veins, quartz-tourmaline crustiform veins, local quartz-carbonate veins, and local visible gold. Mineralization is associated with moderate to strong sericite, weak to strong silica, weak chlorite and carbonate and locally weak fuchsite and is hosted in strongly altered andesites, in or at the contact of the rhyolite, or along the contacts with felsic porphyritic intrusions.
F-Zone
Mineralization is hosted in sheared andesites with carbonate replacement or quartz veining and occurs as quartz ± ankerite veinlets or as replacement type in shear zones and is characterised by trace to 10% pyrite with local visible gold. Alteration is dominated by sericite-fuchsite-tourmaline-pyrite.
Bobcat
Mineralization most commonly occurs in gold-bearing quartz-pyrite veins controlled by northeast trending faults and shears and to a lesser extent in minor crustiform quartz-tourmaline-ankerite-pyrite veins and pyrite replacement zones and stockwork. Mineralization is hosted in sheared mafic volcanics, rhyolites near faults, or at the contact with felsic porphyritic intrusions.
Underdog
Mineralization most commonly occurs in gold-bearing quartz-pyrite (± tourmaline) veins and as disseminated, stringer, semi-massive to massive pyrite with minor sphalerite, chalcopyrite and molybdenite associated with strong sericite and silica alteration. Mineralization is hosted along the intrusive contacts of a three-phase composite felsic porphyritic unit which cross-cuts felsic and mafic volcanic sequences.
Qualified Person
The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Louis Grenier, M.Sc.A., P.Geo. (OGQ 800), Project Manager of Osisko’s Windfall Lake gold project, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Quality Control and Reporting Protocols
True width determination is estimated at 55-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.0 g/t Au diluted over core lengths of at least 2.0 metres. NQ core assays were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Vancouver, British Colombia, Lima, Peru or Vientiane, Laos (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using a Four Acid Digestion-ICP-MS method at ALS Laboratories. Drill program design, Quality Assurance/Quality Control (“QA/QC”) and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assay.
About the Windfall Gold Deposit
The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 17, 2021 and supported by the technical report entitled “Mineral Resource Estimate Update for the Windfall Project, Eeyou Istchee James Bay, Québec, Canada” dated March 8, 2021 (with an effective date of November 30, 2020), and assuming a cut-off grade of 3.50 g/t Au, comprises 521,000 tonnes at 11.3 g/t Au (189,000 ounces) in the measured mineral resource category, 5,502,000 tonnes at 9.4 g/t Au (1,668,000 ounces) in the indicated mineral resource category and 16,401,000 tonnes at 8.0 g/t Au (4,244,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 17, 2021 news release are further described in the full technical report prepared by BBA Inc. in accordance with NI 43-101 and is available on SEDAR (www.sedar.com) under the Corporation’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres as it now includes the Triple 8 (T8) zone. The resources excluding T8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,700 square kilometres).
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in this news release; the prospects, if any, of the Windfall gold deposit; timing and ability of Osisko to file a technical report for the mineral resource estimate disclosed in this news release; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the amount and type of drilling to be completed and the timing to complete such drilling; the focus of the remaining infill drilling; the trend of grade increase; the Lynx zone remaining open to expansion down plunge; upgrading a inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the significance of historic exploration activities and results. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including (infill) drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
CONTACT INFORMATION:
John Burzynski
Chief Executive Officer
Telephone (416) 363-8653
OSISKO MINING ORDERS MILLING EQUIPMENT FOR WINDFALL
(Toronto, March 9, 2021) Osisko Mining Inc. (OSK:TSX: “Osisko” or the “Corporation”) is pleased to announce that it has placed an order for grinding equipment and ancillaries from FLSmidth, a leading technology and equipment supply company, for its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.
The order consists of a 7.3 meters (24 foot) diameter x 3.4 meters (11 foot) long gear-driven semi-autogenous grinding (SAG) mill and a 5.2 meters (17 foot) diameter x 9.4 meters (31 foot) long gear-driven ball mill. Current planning foresees installation and operation of the grinding mills in a SABC[1] configuration. The grinding mills have a capacity of processing up to 176.6 dry tonnes per hour, or 3,900 tonnes per day based on 92% availability. The equipment is expected to be delivered to the Windfall project in the second half of 2022. Installation will follow pending successful receipt of all permits and authorizations.
John Burzynski, Chief Executive Officer of Osisko commented: “FLSmidth is a recognized global leader in grinding technologies with a long track record of providing high quality products, and we are looking forward to be working with them on our developing Windfall project. Securing these critical long lead time components of the grinding circuit is an important first step in solidifying detailed engineering for the Windfall plant. We continue to advance all aspects of work on Windfall including our environmental assessment and consultation with our host communities and look forward to additional near-term announcements regarding our infrastructure plans.”
About the Windfall Gold Deposit
The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 17, 2021 and assuming a cut-off grade of 3.50 g/t Au, comprises 521,000 tonnes at 11.3 g/t Au (189,000 ounces) in the measured mineral resource category, 5,502,000 tonnes at 9.4 g/t Au (1,668,000 ounces) in the indicated mineral resource category and 16,401,000 tonnes at 8.0 g/t Au (4,244,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 17, 2021 news release, certain of which are described in the February 17, 2021 news release, will be further described in the full technical report being prepared for this updated mineral resource estimate in accordance with NI 43-101, and will be available on SEDAR (www.sedar.com) under the Corporation’s issuer profile within 45 days from February 17, 2021. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres as it now includes the Triple 8 (T8) zone. The resources excluding T8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of gold resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,700 square kilometres).
About FLSmidth
FlSmidth is the market-leading supplier of sustainable productivity to the global mining and cement industries. Headquartered in Copenhagen, Denmark, and with offices in more than 50 countries including Canada, FLSmidth delivers engineering, equipment and service solutions to customers worldwide. Productivity, sustainability, and quality are focus areas for the 12,000 employees in FLSmidth.
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
[1] In a SABC configuration, the SAG and ball mill are in closed circuit, with the SAG mill closed with a crusher to control the amount of ‘critical size’ material in the circuit.
OSISKO FILES TECHNICAL REPORT FOR WINDFALL MINERAL RESOURCE ESTIMATE UPDATE
(Toronto, March 8, 2021) Osisko Mining Inc. (OSK:TSX, “Osisko” or the “Corporation”) is pleased to announce that it has filed a technical report in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects to update the mineral resource estimate on its 100% owned Windfall gold deposit. The technical report entitled “Mineral Resource Estimate Update for the Windfall Project, Eeyou Istchee James Bay, Québec, Canada” and dated March 8, 2021 (effective date of November 30, 2020) has been prepared for Osisko by BBA Inc. The technical report is available on SEDAR (www.sedar.com) under Osisko’s issuer profile.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of gold resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,700 square kilometres).
Cautionary Statements Regarding Mineral Resource Estimate
Readers are cautioned that mineral resources are not mineral reserves and that the economic viability of mineral resources that are not mineral reserves has not been demonstrated. The mineral resource estimate described in this news release may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. The mineral resource estimate is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum’s “CIM Definition Standards on Mineral Resources and Mineral Reserves” incorporated by reference into National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Readers are cautioned not to assume that further work on the stated mineral resources will lead to mineral reserves that can be mined economically.
CONTACT INFORMATION:
John Burzynski
Chief Executive Officer
Telephone (416) 363-8653
OSISKO WINDFALL INFILLS WITH HIGH-GRADE IN MULTIPLE ZONES 35.7 g/t Au Over 9.8 Metres in Underdog 65.6 g/t Au over 4.2 meters in Caribou
(Toronto, March 03, 2021) 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.
Today’s infill results are from the southwestern areas of the deposit including Zone 27, Underdog, Caribou, F11, Mallard, and Bobcat. Osisko Chief Executive Officer John Burzynski commented: “Infill drilling continues to deliver impressive grade and width results from the Windfall deposit.”
The table below contains resource definition infill intercepts located inside defined February 2021 mineral resource estimate blocks (see Osisko news release dated February 17, 2021). Significant new analytical results are presented below, including 73 intercepts in 33 drill holes (24 from surface, 9 from underground) and 10 wedges.
Selected intercepts include: 35.7 g/t Au over 9.8 metres, 70.7 g/t Au over 2.0 metres, and 50.4 g/t Au over 3.6 metres in OSK-W-20-2407; 65.6 g/t Au over 4.2 metres in OSK-W-20-2390; 60.8 g/t Au over 2.0 metres in OSK-W-20-2405; 39.0 g/t Au over 3.0 metres in OSK-W-20-2400; 55.2 g/t Au over 2.0 metres in OSK-W-20-2399 and 18.9 g/t Au over 5.5 metres in OSK-W-20-2354-W2. Maps showing hole locations and full analytical results are available at www.osiskomining.com
Infill Drilling
| Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) uncut | Au (g/t) cut to 100 g/t | Zone | Corridor |
| OSK-W-20-852-W4 | 725.0 | 727.0 | 2.0 | 6.83 | Caribou_2212 | Caribou | |
| including | 725.6 | 726.0 | 0.4 | 27.6 | |||
| OSK-W-20-913-W1 | 634.7 | 637.0 | 2.3 | 3.39 | Caribou_2523 | Caribou | |
| including | 634.7 | 635.0 | 0.3 | 18.6 | |||
| 851.0 | 853.3 | 2.3 | 11.1 | Caribou_2219 | Caribou | ||
| including | 851.0 | 851.5 | 0.5 | 47.2 | |||
| OSK-W-20-913-W2 | 715.0 | 717.8 | 2.8 | 3.89 | Caribou_2210 | Caribou | |
| 846.0 | 848.0 | 2.0 | 15.5 | Caribou_2219 | Caribou | ||
| including | 846.0 | 846.7 | 0.7 | 44.0 | |||
| OSK-W-20-2354-W1 | 647.0 | 650.5 | 3.5 | 14.6 | Caribou_2233 | Caribou | |
| 674.2 | 677.4 | 3.2 | 24.7 | Caribou_2208 | Caribou | ||
| including | 677.0 | 677.4 | 0.4 | 77.9 | |||
| OSK-W-20-2354-W2 | 641.0 | 646.5 | 5.5 | 18.9 | Caribou_2233 | Caribou | |
| including | 642.8 | 643.1 | 0.3 | 61.9 | |||
| OSK-W-20-2354-W3 | 632.0 | 635.0 | 3.0 | 8.61 | Caribou_2214 | Caribou | |
| 665.7 | 670.0 | 4.3 | 7.53 | Caribou_2208 | Caribou | ||
| including | 669.0 | 670.0 | 1.0 | 17.1 | |||
| OSK-W-20-2354-W4 | 498.8 | 501.0 | 2.2 | 3.79 | Caribou | Caribou | |
| 649.0 | 651.0 | 2.0 | 6.43 | Caribou_2233 | Caribou | ||
| 673.0 | 676.0 | 3.0 | 16.7 | Caribou_2208 | Caribou | ||
| 708.0 | 711.0 | 3.0 | 4.97 | Caribou_2220 | Caribou | ||
| OSK-W-20-2359 | 360.8 | 363.0 | 2.2 | 5.96 | Caribou | Caribou | |
| OSK-W-20-2359-W1 | 361.0 | 363.0 | 2.0 | 6.17 | Caribou | Caribou | |
| 662.0 | 664.9 | 2.9 | 4.88 | Caribou_2206 | Caribou | ||
| OSK-W-20-2366 | 459.0 | 461.0 | 2.0 | 4.90 | Caribou_2210 | Caribou | |
| including | 460.0 | 461.0 | 1.0 | 9.13 | |||
| OSK-W-20-2373 | 600.0 | 602.0 | 2.0 | 3.14 | Caribou_2241 | Caribou | |
| including | 600.6 | 601.4 | 0.8 | 7.07 | |||
| OSK-W-20-2376 | 320.3 | 322.3 | 2.0 | 3.56 | Caribou_2116 | Caribou | |
| 432.6 | 436.0 | 3.4 | 5.32 | Caribou_2235 | Caribou | ||
| including | 435.0 | 436.0 | 1.0 | 13.3 | |||
| OSK-W-20-2377 | 741.0 | 743.2 | 2.2 | 3.22 | Caribou_2553 | Caribou | |
| OSK-W-20-2387 | 661.2 | 663.2 | 2.0 | 8.69 | Caribou_2233 | Caribou | |
| OSK-W-20-2388 | 537.0 | 539.7 | 2.7 | 4.76 | Caribou_2215 | Caribou | |
| 610.7 | 614.2 | 3.5 | 13.8 | Caribou_2217 | Caribou | ||
| including | 610.7 | 611.0 | 0.3 | 87.5 | |||
| 639.3 | 641.8 | 2.5 | 4.14 | Caribou_2218 | Caribou | ||
| including | 640.4 | 641.1 | 0.7 | 11.0 | |||
| 645.4 | 647.5 | 2.1 | 3.87 | Caribou_2218 | Caribou | ||
| including | 646.0 | 646.5 | 0.5 | 16.1 | |||
| OSK-W-20-2390 | 594.8 | 599.0 | 4.2 | 65.6 | 51.2 | Caribou_2241 | Caribou |
| including | 596.9 | 597.2 | 0.3 | 147 | 100 | ||
| and | 597.5 | 598.1 | 0.6 | 178 | 100 | ||
| OSK-W-20-2399 | 673.0 | 675.0 | 2.0 | 55.2 | 20.2 | Caribou_2212 | Caribou |
| including | 674.0 | 674.4 | 0.4 | 275 | 100 | ||
| OSK-W-20-2400 | 750.0 | 753.0 | 3.0 | 39.0 | 36 | Caribou_2215 | Caribou |
| including | 752.0 | 753.0 | 1.0 | 109 | 100 | ||
| 797.0 | 802.0 | 5.0 | 6.32 | Caribou_2220 | Caribou | ||
| including | 798.0 | 799.0 | 1.0 | 16.4 | |||
| 858.0 | 861.7 | 3.7 | 6.19 | Caribou_2219 | Caribou | ||
| including | 860.0 | 861.3 | 1.3 | 12.6 | |||
| OSK-W-20-2405 | 262.0 | 264.0 | 2.0 | 60.8 | 42.4 | Caribou_2106 | Caribou |
| including | 262.7 | 263.5 | 0.8 | 146 | 100 | ||
| 622.0 | 624.0 | 2.0 | 4.35 | Caribou_2214 | Caribou | ||
| including | 622.0 | 622.6 | 0.6 | 11.2 | |||
| 626.5 | 630.0 | 3.5 | 16.8 | Caribou_2214 | Caribou | ||
| including | 627.5 | 628.0 | 0.5 | 56.0 | |||
| OSK-W-20-2405-W1 | 655.9 | 657.9 | 2.0 | 16.6 | Caribou_2233 | Caribou | |
| including | 656.5 | 657.0 | 0.5 | 44.4 | |||
| OSK-W-20-2407 | 662.0 | 665.6 | 3.6 | 50.4 | 46.6 | Underdog_4101 | Underdog |
| including | 663.6 | 664.4 | 0.8 | 184 | 100 | ||
| 681.0 | 683.0 | 2.0 | 3.77 | Underdog_4100 | Underdog | ||
| 690.0 | 699.8 | 9.8 | 35.7 | Underdog_4100 | Underdog | ||
| including | 690.0 | 691.0 | 1.0 | 85.0 | |||
| and | 695.0 | 696.0 | 1.0 | 76.4 | |||
| 705.0 | 707.0 | 2.0 | 70.7 | 21.9 | Underdog_4102 | Underdog | |
| including | 706.3 | 706.7 | 0.4 | 344 | 100 | ||
| OSK-W-20-2410 | 686.4 | 688.4 | 2.0 | 6.69 | Caribou_2214 | Caribou | |
| OSK-W-20-2414 | 628.0 | 630.0 | 2.0 | 12.0 | Caribou_2524 | Caribou | |
| including | 629.0 | 630.0 | 1.0 | 23.7 | |||
| OSK-W-20-2415 | 608.8 | 611.0 | 2.2 | 9.96 | Caribou_2211 | Caribou | |
| including | 608.8 | 609.2 | 0.4 | 45.9 | |||
| 703.4 | 707.4 | 4.0 | 17.4 | Caribou_2220 | Caribou | ||
| including | 703.4 | 703.7 | 0.3 | 78.4 | |||
| OSK-W-20-2415-W1 | 638.3 | 643.2 | 4.9 | 12.0 | Caribou_2233 | Caribou | |
| including | 638.3 | 639.3 | 1.0 | 32.5 | |||
| OSK-W-20-2425 | 621.0 | 624.1 | 3.1 | 19.3 | 14.2 | Caribou_2220 | Caribou |
| including | 623.8 | 624.1 | 0.3 | 152 | 100 | ||
| 709.4 | 711.4 | 2.0 | 3.91 | Caribou_2219 | Caribou | ||
| including | 710.0 | 710.6 | 0.6 | 11.5 | |||
| OSK-W-20-2432 | 749.6 | 751.7 | 2.1 | 11.0 | Caribou_2208 | Caribou | |
| including | 750.2 | 750.9 | 0.7 | 28.9 | |||
| OSK-W-20-2437 | 608.4 | 610.4 | 2.0 | 6.62 | Caribou_2214 | Caribou | |
| including | 608.4 | 609.1 | 0.7 | 17.6 | |||
| OSK-W-20-2438 | 600.0 | 603.9 | 3.9 | 10.4 | Caribou_2211 | Caribou | |
| including | 600.0 | 601.0 | 1.0 | 18.6 | |||
| OSK-W-20-2440 | 690.0 | 692.0 | 2.0 | 6.68 | Caribou_2217 | Caribou | |
| 702.0 | 705.0 | 3.0 | 10.3 | Caribou_2220 | Caribou | ||
| 738.0 | 740.0 | 2.0 | 3.29 | Caribou_2218 | Caribou | ||
| OSK-W-21-2444 | 451.2 | 453.4 | 2.2 | 4.06 | Caribou_2236 | Caribou | |
| 558.1 | 562.1 | 4.0 | 17.5 | Caribou_2215 | Caribou | ||
| including | 561.1 | 562.1 | 1.0 | 38.1 | |||
| 572.0 | 574.0 | 2.0 | 4.30 | Caribou_2250 | Caribou | ||
| including | 572.9 | 573.2 | 0.3 | 19.8 | |||
| OSK-W-21-2451 | 729.0 | 734.6 | 5.6 | 8.55 | Caribou_2208 | Caribou | |
| including | 734.0 | 734.6 | 0.6 | 34.0 | |||
| 739.5 | 742.3 | 2.8 | 20.7 | Caribou_2208 | Caribou | ||
| OSK-W-21-2455 | 594.0 | 596.1 | 2.1 | 5.35 | Caribou_2211 | Caribou | |
| 666.7 | 668.8 | 2.1 | 3.55 | Caribou_2208 | Caribou | ||
| OSK-W-21-2460 | 438.9 | 441.7 | 2.8 | 9.51 | Caribou_2116 | Caribou | |
| including | 441.4 | 441.7 | 0.3 | 28.0 | |||
| WST-20-0479B | 36.4 | 38.5 | 2.1 | 4.19 | Mallard_5208 | Mallard | |
| 269.0 | 271.0 | 2.0 | 9.08 | Z27_1123 | Zone 27 | ||
| including | 269.0 | 270.0 | 1.0 | 18.0 | |||
| WST-20-0517 | 77.4 | 79.5 | 2.1 | 18.9 | Mallard_5211 | Mallard | |
| including | 77.4 | 78.0 | 0.6 | 47.1 | |||
| WST-20-0519 | 59.0 | 61.0 | 2.0 | 6.07 | Mallard_5208 | Mallard | |
| WST-20-0520 | 176.2 | 178.3 | 2.1 | 6.20 | Z27_1123 | Zone 27 | |
| including | 176.2 | 176.7 | 0.5 | 20.5 | |||
| WST-20-0521 | 191.3 | 193.7 | 2.4 | 4.40 | Z27_1102 | Zone 27 | |
| 195.2 | 197.2 | 2.0 | 4.76 | Z27_1102 | Zone 27 | ||
| 231.9 | 234.3 | 2.4 | 7.99 | Z27_1123 | Zone 27 | ||
| including | 233.9 | 234.3 | 0.4 | 31.7 | |||
| WST-20-0555 | 118.8 | 121.6 | 2.8 | 10.8 | Bobcat_2350 | Bobcat | |
| including | 119.5 | 119.9 | 0.4 | 24.6 | |||
| and | 121.0 | 121.6 | 0.6 | 23.2 | |||
| WST-20-0566 | 13.0 | 15.3 | 2.3 | 5.64 | Mallard_5211 | Mallard | |
| including | 14.0 | 14.3 | 0.3 | 15.7 | |||
| WST-20-0566A | 255.5 | 259.3 | 3.8 | 13.4 | Caribou_2100 | Caribou | |
| including | 255.8 | 256.1 | 0.3 | 37.6 | |||
| and | 259.0 | 259.3 | 0.3 | 83.6 | |||
| WST-20-0627 | 14.0 | 16.9 | 2.9 | 8.32 | Mallard_5211 | Mallard |
Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below.
Drill hole location
| Hole Number | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Elevation | Section |
| OSK-W-20-852-W4 | 330 | -55 | 873 | 452874 | 5434552 | 398 | 2875 |
| OSK-W-20-913-W1 | 334 | -52 | 939 | 452878 | 5434419 | 401 | 2825 |
| OSK-W-20-913-W2 | 334 | -52 | 913 | 452878 | 5434419 | 401 | 2825 |
| OSK-W-20-2354-W1 | 336 | -60 | 792 | 452739 | 5434474 | 401 | 2725 |
| OSK-W-20-2354-W2 | 336 | -60 | 750 | 452739 | 5434474 | 401 | 2725 |
| OSK-W-20-2354-W3 | 336 | -60 | 750 | 452739 | 5434474 | 401 | 2725 |
| OSK-W-20-2354-W4 | 336 | -60 | 783 | 452739 | 5434474 | 401 | 2725 |
| OSK-W-20-2359 | 335 | -61 | 726 | 452694 | 5434440 | 401 | 2675 |
| OSK-W-20-2359-W1 | 335 | -61 | 696 | 452694 | 5434440 | 401 | 2675 |
| OSK-W-20-2366 | 323 | -55 | 534 | 452682 | 5434624 | 398 | 2750 |
| OSK-W-20-2373 | 335 | -65 | 647 | 452595 | 5434393 | 401 | 2550 |
| OSK-W-20-2376 | 325 | -55 | 510 | 452689 | 5434637 | 397 | 2750 |
| OSK-W-20-2377 | 132 | -49 | 1326 | 452702 | 5435548 | 409 | 3225 |
| OSK-W-20-2387 | 336 | -59 | 717 | 452694 | 5434440 | 401 | 2675 |
| OSK-W-20-2388 | 326 | -61 | 699 | 452715 | 5434606 | 397 | 2775 |
| OSK-W-20-2390 | 330 | -65 | 647 | 452595 | 5434393 | 401 | 2550 |
| OSK-W-20-2399 | 333 | -54 | 864 | 452874 | 5434552 | 398 | 2875 |
| OSK-W-20-2400 | 336 | -53 | 884 | 452876 | 5434419 | 402 | 2825 |
| OSK-W-20-2405 | 332 | -58 | 723 | 452694 | 5434440 | 401 | 2675 |
| OSK-W-20-2405-W1 | 332 | -58 | 716 | 452694 | 5434440 | 401 | 2675 |
| OSK-W-20-2407 | 347 | -55 | 993 | 452315 | 5434419 | 399 | 2325 |
| OSK-W-20-2410 | 338 | -62 | 768 | 452727 | 5434358 | 402 | 2650 |
| OSK-W-20-2414 | 337 | -54 | 882 | 452880 | 5434419 | 402 | 2825 |
| OSK-W-20-2415 | 328 | -54 | 755 | 452738 | 5434474 | 401 | 2725 |
| OSK-W-20-2415-W1 | 328 | -54 | 762 | 452738 | 5434474 | 401 | 2725 |
| OSK-W-20-2425 | 336 | -60 | 747 | 452715 | 5434606 | 397 | 2775 |
| OSK-W-20-2432 | 333 | -57 | 864 | 452809 | 5434415 | 404 | 2750 |
| OSK-W-20-2437 | 329 | -62 | 630 | 452597 | 5434393 | 401 | 2550 |
| OSK-W-20-2438 | 331 | -60 | 729 | 452695 | 5434401 | 402 | 2650 |
| OSK-W-20-2440 | 330 | -52 | 807 | 452738 | 5434474 | 401 | 2725 |
| OSK-W-21-2444 | 337 | -59 | 636 | 452715 | 5434606 | 397 | 2775 |
| OSK-W-21-2451 | 330 | -58 | 803 | 452809 | 5434415 | 404 | 2750 |
| OSK-W-21-2455 | 328 | -53 | 780 | 452738 | 5434474 | 401 | 2725 |
| OSK-W-21-2460 | 332 | -55 | 786 | 452732 | 5434537 | 399 | 2750 |
| WST-20-0479B | 138 | -59 | 402 | 452281 | 5434975 | 262 | 2575 |
| WST-20-0517 | 140 | -55 | 400 | 452281 | 5434975 | 262 | 2575 |
| WST-20-0519 | 136 | -45 | 162 | 452282 | 5434976 | 262 | 2575 |
| WST-20-0520 | 135 | -46 | 388 | 452281 | 5434975 | 263 | 2575 |
| WST-20-0521 | 153 | -57 | 385 | 452281 | 5434975 | 262 | 2575 |
| WST-20-0555 | 145 | -25 | 160 | 452955 | 5435003 | 254 | 3175 |
| WST-20-0566 | 132 | -16 | 20 | 452208 | 5434898 | 248 | 2475 |
| WST-20-0566A | 132 | -16 | 368 | 452208 | 5434898 | 248 | 2475 |
| WST-20-0627 | 130 | -18 | 84 | 452208 | 5434899 | 249 | 2475 |
Caribou Zone
Mineralization most commonly occurs in gold-bearing pyrite stockworks as well as semi-massive pyrite replacement zones associated with phyllic alteration (sericite-pyrite ± silica) with sulphides, pyrite dominated with minor chalcopyrite and sphalerite ranging from trace to up to 20%, and local visible gold. Mineralization is hosted in rhyolites or mafic-intermediate volcanics frequently at or near faults or the contact with felsic porphyritic intrusions.
Underdog
Mineralization most commonly occurs in gold-bearing quartz-pyrite (± tourmaline) veins and as disseminated and stringer semi-massive to massive pyrite with minor sphalerite, chalcopyrite and molybdenite associated with strong sericite and silica alteration. Mineralization is hosted along the intrusive contacts of a three-phase composite felsic porphyritic unit which cross-cuts felsic and mafic volcanic sequences.
F-Zone
Mineralization is hosted in sheared andesites with carbonate replacement or quartz veining and occurs as quartz ± ankerite veinlets or in shear zones as replacement, characterised by trace to 10% pyrite with local visible gold. Alteration is dominated by sericite-fuchsite-tourmaline-pyrite.
Bobcat
Mineralization most commonly occurs in gold-bearing quartz-pyrite veins controlled by northeast trending faults and shears and to a lesser extent in minor crustiform quartz-tourmaline-ankerite-pyrite veins and pyrite replacement zones and stockwork. Mineralization is hosted in sheared mafic volcanics, rhyolites near faults, or at the contact with felsic porphyritic intrusions.
Mallard
Mineralization is hosted in sheared mafic volcanics with felsic porphyritic intrusions and occurs as veins associated with sericite-pyrite ± silica ± chlorite alteration and contains pyrite ranging from trace to 30% and local visible gold.
Qualified Person
The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Louis Grenier, M.Sc.A., P.Geo. (OGQ 800), Project Manager of Osisko’s Windfall Lake gold project, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Quality Control and Reporting Protocols
True width determination is estimated at 55-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.0 g/t Au diluted over core lengths of at least 2.0 metres. NQ core assays were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Vancouver, British Colombia, Lima, Peru or Vientiane, Laos (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using a Four Acid Digestion-ICP-MS method at ALS Laboratories. Drill program design, Quality Assurance/Quality Control (“QA/QC”) and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assay.
About the Windfall Gold Deposit
The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 17, 2021 and assuming a cut-off grade of 3.50 g/t Au, comprises 521,000 tonnes at 11.3 g/t Au (189,000 ounces) in the measured mineral resource category, 5,502,000 tonnes at 9.4 g/t Au (1,668,000 ounces) in the indicated mineral resource category and 16,401,000 tonnes at 8.0 g/t Au (4,244,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 17, 2021 news release, certain of which are described in the February 17, 2021 news release, will be further described in the full technical report being prepared for this updated mineral resource estimate in accordance with NI 43-101, and will be available on SEDAR (www.sedar.com) under the Corporation’s issuer profile within 45 days from February 17, 2021. 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 precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,700 square kilometres).
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in this news release; the prospects, if any, of the Windfall gold deposit; timing and ability of Osisko to file a technical report for the mineral resource estimate disclosed in this news release; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the amount and type of drilling to be completed and the timing to complete such drilling; the focus of the remaining infill drilling; the trend of grade increase; the Lynx zone remaining open to expansion down plunge; upgrading a inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the significance of historic exploration activities and results. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including (infill) drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
CONTACT INFORMATION:
John Burzynski
Chief Executive Officer
Telephone (416) 363-8653
Osisko Releases Resource Estimate For Osborne-Bell
(Toronto, March 15, 2018). Osisko Mining Inc. (OSK:TSX, “Osisko” or the “Corporation”) is pleased to provide a mineral resource estimate for its 100% owned Osborne-Bell gold deposit, located 15 kilometres northwest of the town of Lebel-sur-Quévillon, Québec. This estimate is the result of 927 drill holes (279,925 metres) completed by previous operators on the project since 1994, including 50 that were completed after their last resource estimate was published in 2012, and 4 new drill holes completed by Osisko in December 2017.
The mineral resource estimate has been prepared by Innov-Explo from Val-d’Or, Québec and the technical report, to be prepared and filed in accordance with National Instrument 43-101– Standards of Disclosure for Mineral Projects (“NI-43-101”) will be available on SEDAR (www.sedar.com) under the Corporation’s profile within 45 days.
Highlights
- Inferred resource of 2,587,000 tons at 6.13 g/t Au for 510,000 ounces of gold assuming US$1,300 per ounce gold price and a lower cut-off grade of 3.0 g/t Au
- Ongoing 50,000 metre 2018 exploration drill program, including definition/expansion drilling at Osborne-Bell
- Osborne-Bell deposit remains open at depth below 500 meters
John Burzynski, President and Chief Executive Officer commented, “We are very pleased with our initial resource estimate on Osborne-Bell, a project we acquired for approximately $1.5 million less than a year ago. We had made no assumptions regarding resources during the bankruptcy acquisition of the deposit and surrounding properties in 2017; this first estimate points to a potentially significant deposit that is located very close to the possible site for a planned future Windfall-Lynx gold mill in Lebel-sur-Quévillon. By virtue of its proximity to the proposed Lebel-sur-Quévillon mill site, mining of Osborne-Bell could be realized with essentially immaterial capital expenditures, assuming material can be transported directly to the nearby proposed mill site. We are continuing our 50,000 metre drill program at Osborne-Bell and the surrounding Quévillon area in order to expand the deposit, which remains open at depth, and focus on upgrading inferred resources to M&I categories. This is an excellent start to our year of building a resource base in the Urban-Barry – Quévillon camp. We are also on track for the eagerly awaited Windfall-Lynx resource update coming in May 2018.”
The total inferred mineral resource for the Osborne-Bell deposit has been estimated at 2,587,000 tonnes with an average grade of 6.13 g/t Au for 510,000 ounces of gold, using a 3.0 g/t lower cut-off grade (See Table 1: Osborne-Bell Inferred Mineral Resources below). The model for the resource estimate includes nine (9) individual, sub-vertical and tabular mineralized zones that were defined using a two-metre minimum true thickness. All mineral resources were classified as inferred mineral resources. Additional drilling and historical data validation through core re-assaying are underway to potentially upgrade portions of the resource to measured mineral resource and indicated mineral resource categories.
Table 1: Osborne-Bell Inferred Mineral Resources
| Cut-off Grade | Tonnes (t)(1) | Grade (g/t) | Oz Au(2) |
| > 6.00 g/t | 883,000 | 9.77 | 277,000 |
| > 5.00 g/t | 1,273,000 | 8.44 | 346,000 |
| > 4.00 g/t | 1,816,000 | 7.26 | 424,000 |
| > 3.50 g/t | 2,156,000 | 6.70 | 465,000 |
| > 3.00 g/t | 2,587,000 | 6.13 | 510,000 |
| > 2.50 g/t | 3,166,000 | 5.51 | 560,000 |
Notes:
(1) Rounded to nearest thousand which may cause apparent discrepancies.
(2) Rounded to nearest thousand which may cause apparent discrepancies.
This mineral resource estimate reflects geological re-modeling of the Osborne-Bell deposit, the re-evaluation of historical drilling results from previous operators and the addition of new information from drilling comprising 50 drill holes performed after the 2012 mineral resource estimate released by the previous owner (see the “43-101 Technical Report and Mineral Resource Estimate – Osbell Deposit, Comtois Property”, dated effective October 26, 2012, and filed on SEDAR on December 7, 2012, under the issuer profile of Maudore Minerals Ltd, at www.sedar.com) and four new Osisko verification drill holes completed in December 2017. The model focuses on definition of higher-grade sub domains as compared to the broad mineralized domain approach of earlier estimates. This estimate only considers mineralized zones potentially minable by underground methods at a lower cut-off grade of 3.0 g/t Au. The cut-off calculation is based on assumptions of (a) a mining cost of C$80/t mined, (b) a processing and transportation cost of C$58/t milled, (c) a G&A cost of C$10/t milled, (d) a gold price of US$1,300/oz and (e) an exchange rate of USD:CAD of 1.29. Other parameters are described in Table 2: Parameters used for Resource Estimation, below. The effective date of the current resource estimation is March 2, 2018.
Table 2: Parameters used for Resource Estimation
| Parameters | Unit | Value |
| Gold Price | US$/oz | 1,300 |
| Exchange Rate | US$/C$ | 1.29 |
| Mill Recovery | % | 93 |
| Selling Cost | C$/oz | 5 |
| Mining Cost | C$/t mined | 80 |
| G&A Cost | C$/t milled | 10 |
| Processing Cost | C$/t milled | 40 |
| Transport | C$/t milled | 18 |
| Calculated Cut-Off Grade | Au g/t | 2.96 |
Further details regarding the curent mineral resource estimate, including the key assumptions, parameters and methods used to prepare the mineral resource estimate of the Osborne-Bell gold deposit will be available on SEDAR (www.sedar.com) under the Corporation’s profile within 45 days. For further details about the 2012 resource estimate, please see the ” 43-101 Technical Report and Mineral Resource Estimate – Osbell Deposit, Comtois Property, dated effective October 26, 2012, and filed on SEDAR on December 7, 2012, under the issuer profile of Maudore Minerals Ltd at www.sedar.com.
Mineral Resource Estimate Notes:
- Resources are presented undiluted and in situ and are considered to have reasonable prospects for economic extraction.
- The estimate encompasses nine tabular gold-bearing zones each defined by individual wireframes with a minimum true thickness of 2 metres.
- High grade capping was done on composite data and established on a per zone basis for gold. It varies from 25 g/t Au to 55 g/t Au.
- Density values were applied on the following lithological basis (g/cm3): volcanic host rocks = 2.80; late barren dykes and Beehler stock = 2.78; Zebra felsic unit = 2.72.
- Grade model mineral resource estimation was evaluated from drill hole data using an Ordinary Kriging interpolation method on a block model using a block size of 2.5 metres x 2.5 metres x 2.5 metres.
- The mineral resource estimate presented herein is categorized as inferred mineral resource. The inferred mineral resource category is only defined within the areas where drill spacing is less than 100 metres and shows reasonable geological and grade continuity.
- The mineral resource estimate was prepared using Geovia GEMS 6.8. The estimate is based on 931 surface diamond drill holes. A minimum true thickness of 2.0 metres was applied, using the grade of the adjacent material when assayed, or a value of zero when not assayed.
- Estimates use metric units (metres, tonnes and g/t). Metal contents are presented in troy ounces (metric tonne x grade / 31.10348).
- The number of metric tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding errors.
- InnovExplo is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues, or any other relevant issue not reported in the technical report, that could materially affect the mineral resource estimate.
- These mineral resources are not mineral reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred resources in this Mineral Resource Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred resources as Indicated or Measured, and it is uncertain if further exploration will result in upgrading them to these categories.
Qualified Person
This mineral resource estimate was prepared by Pierre-Luc Richard, P.Geo., M.Sc., who is a “qualified person” within the meaning of NI 43-101. Mr. Richard is an employee of Innov-Explo and is considered to be independent of Osisko for purposes of section 1.5 of NI 43-101. The effective date of the mineral resource estimate is March 2, 2018.
The scientific and technical information contained in this news release has been reviewed and approved by Mr. Mathieu Savard, P.Geo., who is a “qualified person” within the meaning of NI 43-101, and serves as the Vice President Exploration Québec of Osisko.
Quality Control
For the sample processed by Osisko during late 2017 campaign and included in this resource estimation, 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 ALS Laboratories in Val d’Or, Québec, Thunder Bay and Sudbury, Ontario or Vancouver, British Colombia or 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 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 Quebec and Ontario. Osisko continues to be well financed with approximately $190 million in cash and investments as of the end of Q4, 2017.
Cautionary Statements Regarding Estimates of Mineral Resources
This news release uses the terms measured mineral resource, indicated mineral resource and inferred mineral resource as a relative measure of the level of confidence in the mineral resource estimate. Readers are cautioned that mineral resources are not economic mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing or other relevant issues. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to indicated mineral resource or measured mineral resource categories. The mineral resource estimate is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum’s “CIM Definition Standards- For Mineral Resources and Mineral Reserves” incorporated by reference into NI 43-101. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for a “preliminary economic assessment” as defined under NI 43-101. Readers are cautioned not to assume that further work on the stated mineral resources will lead to mineral reserves that can be mined economically.
- Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “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 news release contains the forward-looking information pertaining to, among other things, the timing and ability of Osisko to file a technical report in respect of this resource estimate; the prospects of the Osborne-Bell gold deposit; the potential for the Osborne-Bell gold deposit being a significant deposit; the potential future mill site for the Windfall Lake gold deposit; the timing and ability of Osisko, if at all, to publish a resource update for Windfall-Lynx; the projected capital expenditures of mining activities at the Osborne-Bell gold deposit; upgrading a inferred mineral resource to a measured mineral resource or indicated mineral resource category; the significance of historic exploration activities and results. This forward-looking information is based on reasonable assumptions and estimates of management of the Corporation, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property interests in the Quevillon project and the Osborne-Bell 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
President & Chief Executive Officer
(416) 363-8653
Osisko Intersects 265 g/t Au Over 2.4 Metres At Windfall
High-Grade Infill Hits in Underdog, Caribou, Caribou Extension, Bobcat and Mallard
(Toronto, March 2, 2018) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new results from the ongoing drill 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 combines definition, expansion and exploration drilling in and around the main Windfall gold deposit and the adjacent Lynx deposit (located immediately NE of Windfall).
Significant new analytical results from 61 intercepts in 34 drill holes and 5 wedges focused on infill and expansion drilling in the Main Windfall lake deposit are presented below.
Highlights from the new results include: 265 g/t Au over 2.4 metres in OSK-W-17-1168; 191 g/t Au over 2.6 metres in OSK-W-17-1087; 198 g/t Au over 2.3 metres and 116 g/t Au over 2.1 metres in OSK-EAG-12-333; 173 g/t Au over 2.3 metres in OSK-W-17-1383; 47.7 g/t Au over 2.2 metres in OSK-W-17-1402, 42.7 g/t Au over 2.0 metres in OSK-W-17-1391 and 9.53 g/t over 8.9 metres in OSK-W-18-823-W2. Maps showing hole locations and full analytical results are available at www.osiskomining.com.
| Hole Number | From (m) | To (m) |
Interval (m) | Au (g/t) uncut | Au (g/t) cut to 100 g/t |
Zone | Corridor |
|---|---|---|---|---|---|---|---|
| OSK-EAG-12-333 | 818.2 | 823.0 | 4.8 | 3.07 | FW3 | Underdog | |
| including | 822.7 | 823.0 | 0.3 | 23.1 | |||
| 848.1 | 850.2 | 2.1 | 116 | 59.4 | FW3 | Underdog | |
| including | 849.2 | 850.2 | 1.0 | 219 | 100 | ||
| 934.0 | 936.3 | 2.3 | 198 | 21.8 | FW3U | Underdog | |
| including | 935.2 | 935.7 | 0.5 | 910 | 100 | ||
| OSK-EAG-12-427 | 1110.0 | 1112.2 | 2.2 | 4.29 | VNCR | Underdog | |
| OSK-EAG-13-480 | 522.3 | 524.3 | 2.0 | 37.1 | 20.6 | Vein | |
| including | 524.0 | 524.3 | 0.3 | 210 | 100 | ||
| 692.0 | 694.0 | 2.0 | 6.68 | FW1 FW | Underdog | ||
| including | 692.0 | 693.0 | 1.0 | 12.4 | |||
| OSK-W-16-762 | 1158.0 | 1160.5 | 2.5 | 6.59 | FW3 | Underdog | |
| including | 1158.0 | 1158.8 | 0.8 | 17.8 | |||
| OSK-W-17-795 | 1110.3 | 1113.7 | 3.4 | 5.53 | FW1 | Underdog | |
| including | 1110.3 | 1110.9 | 0.6 | 23.1 | |||
| OSK-W-17-866-W2 | 933.3 | 935.5 | 2.2 | 4.92 | FW0 | Underdog | |
| 1221.0 | 1223.0 | 2.0 | 7.59 | FW3 | Underdog | ||
| including | 1221.7 | 1222.3 | 0.6 | 23.7 | |||
| OSK-W-17-901 | 675.5 | 678.0 | 2.5 | 8.27 | FW3U | Underdog | |
| including | 676.6 | 676.9 | 0.3 | 65.9 | |||
| OSK-W-17-903-W2 | 556.0 | 560.9 | 4.9 | 3.72 | Z27 | Zone 27 | |
| including | 556.0 | 557.1 | 1.1 | 8.88 | |||
| including | 560.0 | 560.9 | 0.9 | 8.94 | |||
| 593.0 | 595.0 | 2.0 | 8.52 | Z27 FW | Zone 27 | ||
| including | 593.0 | 594.0 | 1.0 | 16.7 | |||
| OSK-W-17-937-W1 | 756.2 | 758.6 | 2.4 | 26.6 | Wolf 2 | Wolf | |
| including | 757.0 | 758.6 | 1.6 | 39.0 | |||
| OSK-W-17-943 | 491.0 | 493.0 | 2.0 | 3.00 | CS1 | Caribou | |
| including | 492.0 | 493.0 | 1.0 | 5.57 | |||
| 614.0 | 616.0 | 2.0 | 4.51 | Wolf HW | Wolf | ||
| 688.0 | 690.0 | 2.0 | 4.96 | Wolf | Wolf | ||
| including | 688.0 | 689.0 | 1.0 | 9.64 | |||
| OSK-W-17-1025 | 690.0 | 692.3 | 2.3 | 3.13 | FW0 | Underdog | |
| OSK-W-17-1051 | 954.0 | 956.4 | 2.4 | 7.60 | FW3 | Underdog | |
| OSK-W-17-1087 | 354.0 | 356.6 | 2.6 | 191 | 19.6 | Mallard | Mallard |
| including | 354.0 | 354.5 | 0.5 | 991 | 100 | ||
| OSK-W-17-1168 | 503.6 | 506.0 | 2.4 | 265 | 13.3 | VNCR | Caribou |
| including | 504.3 | 504.6 | 0.3 | 2110 | 100 | ||
| OSK-W-17-1221 | 771.0 | 773.0 | 2.0 | 4.61 | Vein | Wolf | |
| including | 771.0 | 771.8 | 0.8 | 11.5 | |||
| OSK-W-17-1226 | 662.0 | 664.0 | 2.0 | 11.5 | Caribou Ext. | Caribou | |
| including | 662.6 | 663.5 | 0.9 | 24.4 | |||
| 673.0 | 675.0 | 2.0 | 10.4 | Caribou Ext. | Caribou | ||
| including | 673.0 | 674.0 | 1.0 | 20.3 | |||
| 823.8 | 826.0 | 2.2 | 6.57 | Caribou Ext. | Caribou | ||
| including | 823.8 | 825.0 | 1.2 | 12.0 | |||
| OSK-W-17-1232 | 331.0 | 333.0 | 2.0 | 4.70 | Vein | Caribou | |
| OSK-W-17-1275 | 553.1 | 556.1 | 3.0 | 4.49 | Z27 | Zone 27 | |
| including | 554.1 | 555.0 | 0.9 | 11.5 | |||
| OSK-W-17-1293 | 802.7 | 805.0 | 2.3 | 6.54 | Vein | ||
| including | 803.7 | 804.0 | 0.3 | 49.7 | |||
| OSK-W-17-1295 | 387.0 | 389.0 | 2.0 | 3.36 | FW3 | Underdog | |
| OSK-W-17-1310 | 54.0 | 57.0 | 3.0 | 3.61 | Caribou | Caribou | |
| 354.0 | 357.0 | 3.0 | 3.37 | Vein | Mallard | ||
| OSK-W-17-1319 | 162.0 | 165.0 | 3.0 | 5.80 | Z27 | Zone 27 | |
| including | 162.0 | 163.5 | 1.5 | 11.4 | |||
| OSK-W-17-1320 | 557.5 | 560.8 | 3.3 | 3.46 | Caribou Ext. | Caribou | |
| OSK-W-17-1334 | 86.0 | 88.0 | 2.0 | 4.05 | Bobcat | Bobcat | |
| OSK-W-17-1336 | 277.4 | 279.5 | 2.1 | 4.16 | Vein | ||
| 810.0 | 813.0 | 3.0 | 17.0 | FW0 | Underdog | ||
| 972.0 | 974.0 | 2.0 | 4.10 | FW2 | Underdog | ||
| OSK-W-17-1337 | 19.0 | 21.5 | 2.5 | 3.39 | Mallard | Mallard | |
| including | 20.0 | 20.4 | 0.4 | 13.7 | |||
| OSK-W-17-1342 | 211.9 | 214.0 | 2.1 | 8.19 | Mallard HW | Mallard | |
| including | 211.9 | 231.0 | 1.1 | 15.4 | |||
| OSK-W-17-1347 | 164.0 | 166.0 | 2.0 | 4.64 | Vein | ||
| including | 165.2 | 166.0 | 0.8 | 11.5 | |||
| 249.4 | 252.2 | 2.8 | 11.1 | Mallard FW | Mallard | ||
| including | 250.4 | 251.3 | 0.9 | 27.3 | |||
| OSK-W-17-1350 | 724.0 | 726.0 | 2.0 | 4.16 | Caribou Ext. | Caribou | |
| OSK-W-17-1376 | 198.7 | 201.0 | 2.3 | 10.2 | Vein | ||
| including | 198.7 | 199.0 | 0.3 | 72.7 | |||
| 816.5 | 818.6 | 2.1 | 33.6 | FW2 | Underdog | ||
| including | 816.5 | 817.3 | 0.8 | 73.3 | |||
| OSK-W-17-1383 | 38.1 | 40.4 | 2.3 | 173 | 18.2 | Bobcat | Bobcat |
| including | 39.0 | 39.4 | 0.4 | 990 | 100 | ||
| OSK-W-17-1391 | 453.0 | 455.0 | 2.0 | 42.7 | 33 | Caribou Ext. | Caribou |
| including | 454.0 | 454.6 | 0.6 | 133 | 100 | ||
| OSK-W-17-1399 | 684.5 | 686.5 | 2.0 | 3.72 | Caribou Ext. | Caribou | |
| OSK-W-17-1402 | 462.2 | 464.5 | 2.3 | 3.39 | Caribou | Caribou | |
| 820.1 | 822.3 | 2.2 | 47.7 | 18.4 | FW1 | Underdog | |
| including | 822.0 | 822.3 | 0.3 | 315 | 100 | ||
| 863.6 | 865.6 | 2.0 | 3.48 | FW1 FW | Underdog | ||
| including | 864.1 | 864.9 | 0.8 | 7.60 | |||
| 873.5 | 876.3 | 2.8 | 3.35 | FW1 FW | Underdog | ||
| 938.2 | 940.2 | 2.0 | 4.27 | FW2 | Underdog | ||
| OSK-W-18-823-W2 | 510.6 | 519.5 | 8.9 | 9.53 | CS1 | Caribou | |
| including | 510.6 | 513.5 | 2.9 | 18.0 | |||
| 526.0 | 528.0 | 2.0 | 5.22 | CS1 | Caribou | ||
| OSK-W-18-1402-W1 | 804.2 | 806.5 | 2.3 | 5.79 | FW0 | Underdog | |
| including | 805.0 | 805.5 | 0.5 | 23.5 | |||
| OSK-W-18-1418 | 660.0 | 665.0 | 5.0 | 4.78 | Caribou Ext. | Caribou | |
| 710.0 | 717.0 | 7.0 | 5.95 | Caribou Ext. | Caribou | ||
| including | 710.7 | 712.6 | 1.9 | 11.9 | |||
| 930.0 | 932.0 | 2.0 | 5.85 | Caribou Ext. | Caribou | ||
| OSK-W-18-1421 | 231.0 | 233.9 | 2.9 | 17.7 | CW2 | Caribou | |
| OSK-W-18-1423 | 521.2 | 523.5 | 2.3 | 6.04 | Caribou Ext. | Caribou | |
| 556.0 | 559.0 | 3.0 | 3.97 | Caribou Ext. | Caribou |
Notes:
- True widths are estimated at 65 – 80% of the reported core length interval. See “Quality Control” below.
- Definitions: HW = Hanging Wall, FW = footwall, VNCR = Crustiform Vein, Ext = extension.
| Hole Number | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Section |
|---|---|---|---|---|---|---|
| OSK-EAG-12-333 | 333 | -58 | 983 | 452459 | 5434565 | 2525 |
| OSK-EAG-12-427 | 330 | 51 | 1215 | 452701 | 5434438 | 2675 |
| OSK-EAG-13-480 | 331 | -57 | 991 | 452400 | 5434486 | 2450 |
| OSK-W-16-762 | 332 | -56 | 1311 | 452730 | 5434409 | 2675 |
| OSK-W-17-795 | 333 | -65 | 1428 | 452646 | 5434421 | 2625 |
| OSK-W-17-866-W2 | 332 | -57 | 1332 | 452633 | 5434280 | 2525 |
| OSK-W-17-901 | 328 | -55 | 810 | 452391 | 5434638 | 2500 |
| OSK-W-17-903-W2 | 329 | -56 | 795 | 452539 | 5434692 | 2650 |
| OSK-W-17-937-W1 | 333 | -57 | 945 | 452897 | 5434430 | 2850 |
| OSK-W-17-943 | 331 | -55 | 744 | 452660 | 5434495 | 2675 |
| OSK-W-17-1025 | 330 | -58 | 990 | 452486 | 5434439 | 2475 |
| OSK-W-17-1051 | 138 | -68 | 1248 | 452313 | 5435323 | 2775 |
| OSK-W-17-1087 | 328 | -61 | 381 | 452255 | 5434830 | 2475 |
| OSK-W-17-1168 | 329 | -57 | 717 | 453464 | 5435090 | 3650 |
| OSK-W-17-1221 | 335 | -51 | 1079 | 453082 | 5434544 | 3050 |
| OSK-W-17-1226 | 331 | -51 | 934 | 453371 | 5434726 | 3400 |
| OSK-W-17-1232 | 154 | -47 | 351 | 452025 | 5434834 | 2275 |
| OSK-W-17-1275 | 331 | -55 | 912 | 452499 | 5434592 | 2575 |
| OSK-W-17-1293 | 329 | -70 | 828 | 452904 | 5434849 | 3050 |
| OSK-W-17-1295 | 334 | 57 | 801 | 451559 | 5434288 | 1600 |
| OSK-W-17-1310 | 312 | -45 | 375 | 452209 | 5434617 | 2325 |
| OSK-W-17-1319 | 310 | -50 | 291 | 452222 | 5434607 | 2325 |
| OSK-W-17-1320 | 328 | -76 | 852 | 452904 | 5434849 | 3050 |
| OSK-W-17-1334 | 334 | -70 | 657 | 452839 | 5434895 | 3025 |
| OSK-W-17-1336 | 335 | -61 | 1149 | 452616 | 5434449 | 2600 |
| OSK-W-17-1337 | 140 | -57 | 360 | 452053 | 5434963 | 2350 |
| OSK-W-17-1342 | 333 | -50 | 282 | 452086 | 5434761 | 2300 |
| OSK-W-17-1347 | 151 | -61 | 489 | 452160 | 5435159 | 2550 |
| OSK-W-17-1350 | 328 | -55 | 843 | 452993 | 5434557 | 2975 |
| OSK-W-17-1376 | 330 | -50 | 1125 | 452426 | 5434380 | 2400 |
| OSK-W-17-1383 | 331 | -63 | 597 | 452767 | 5434864 | 2925 |
| OSK-W-17-1391 | 327 | -62 | 663 | 452981 | 5434900 | 3150 |
| OSK-W-17-1399 | 332 | -61 | 1053 | 453411 | 5434870 | 3500 |
| OSK-W-17-1402 | 330 | -59 | 1122 | 452616 | 5434449 | 2600 |
| OSK-W-18-823-W2 | 330 | -56 | 918 | 452565 | 5434414 | 2550 |
| OSK-W-18-1402-W1 | 330 | -59 | 1224 | 452616 | 5434449 | 2600 |
| OSK-W-18-1418 | 334 | -45 | 1077 | 453288 | 5434531 | 3225 |
| OSK-W-18-1421 | 340 | -47 | 918 | 452216 | 5434360 | 2200 |
| OSK-W-18-1423 | 327 | -61 | 792 | 453025 | 5434853 | 3150 |
OSK-EAG-12-333 intersected FW3 returning 3.07 g/t au over 4.8 metres and 116 g/t Au over 2.1 metres, and FW3U with 198 g /t Au over 2.3 metres in Underdog Corridor. The first interval is composed of up to 10% pyrite within pervasive silica flooding and 1% disseminated pyrite hosted in a porphyritic felsic dike with moderate chlorite, silica and sericite alteration. The second interval contains up to 20% pyrite and local visible gold within intense silica alteration. The third interval is composed of 3% pyrite stringers and local visible gold within a strongly sericitized and silicified felsic porphyritic dike.
OSK-EAG-12-427 intersected crustiform veins in FW4 returning 4.29 g/t Au over 2.2 metres in the Underdog Corridor. Mineralization is composed of 30% pyrite and 1% chalcopyrite in quartz-tourmaline-sericite veins.
OSK-EAG-13-480 intersected a vein in the Red Dog intrusion returning 37.1 g/t Au over 2.0 metres and FW1 FW with 6.68 g/t au over 2.0 metres. The first interval is composed of local visible gold in a quartz-carbonate vein with up to 3% pyrite and 1 % chalcopyrite. The second interval is composed of 1% pyrite stringers within porphyritic felsic dikes with moderate sericite, chlorite and fuchsite alteration.
OSK-W-17-762 intersected FW3 with 6.59 g/t Au over 2.5 metres in Underdog. Mineralization is composed of local visible gold within 10 centimetre silica flooding bands and 10% pyrite hosted in a porphyritic felsic intrusion.
OSK-W-17-795 intersected FW1 with 5.53 g/t Au over 3.4 metres in Underdog. Mineralization is composed of up to 10% pyrite stringers in silica flooding alteration hosted in a sericite altered felsic porphyritic dike.
OSK-W-17-866-W2 intersected FW0 with 4.92 g/t Au over 2.2 metres and FW3 with 7.59 g/t Au over 2.0 metres in Underdog Corridor. Mineralization from FW0 corresponds with 70% massive pyrite over 30 centimetres hosted within a felsic porphyritic dike with strong sericitization. The second interval is composed of up to 15% pyrite stringers and 1% disseminated pyrite hosted in a porphyritic felsic dike with moderate silica and sericite alteration.
OSK-W-17-901 intersected 8.27 g/t Au over 2.5 metres in FW3U. Mineralization is composed of a 10 centimetres silica flooding zone with 55% pyrite, 1% pyrite stringers and 7% disseminated pyrite in a bleached andesite.
OSK-W-17-903-W2 intersected 3.72 g/t Au over 4.9 metres in Zone 27 and 8.52 g/t Au over 2.0 metres in Z27 FW. The first interval is composed of disseminated and stringer pyrite at the contact between a silicified and weakly sericitized porphyritic dike and a weak chlorite, sericite altered andesite. The second interval is composed of pyrite traces hosted in an andesite with strong chlorite and carbonates alteration.
OSK-W-17-937-W1 intersected 26.6 g/t Au over 2.4 metres in Wolf 2. Mineralization is composed of up to 9% disseminated pyrite and 5% tourmaline-pyrite stringers at the contact between a bleached and strongly sericitized andesite and a small sericitized porphyritic felsic dike.
OSK-W-17-943 intersected 3.00 g/t Au over 2.0 metres in Caribou, and 4.51 g/t Au over 2.0 metres and 4.96 g/t Au over 2.0 metres in Wolf. The first interval is composed of up to 10% pyrite stringers and 2% disseminated pyrite hosted in a sericitized rhyolite and a sericitized porphyritic felsic dike. The second interval is composed of 3% pyrite stringers within a sericitized and chloritized porphyritic felsic dike. The third interval is composed of disseminated pyrite within an andesite with chlorite and carbonate alteration.
OSK-W-17-1025 intersected FW0 with 3.13 g/t Au over 2.3 metres. Mineralization is composed of 3% pyrite in silica flooding and 1% pyrite stringers in weakly sericitized porphyritic felsic dike.
OSK-W-17-1051 intersected FW3 with 7.6 g/t Au over 2.4 metres in Underdog Corridor. Mineralization is composed of up to 1% pyrite clusters and disseminated pyrite within a weak sericite and silica altered felsic porphyritic dike.
OSK-W-17-1087 intersected Mallard with 191 g/t Au over 2.6 metres. Mineralization is composed of 5% pyrite stringers and 1% disseminated pyrite within a sericite altered andesite.
OSK-W-17-1168 intersected 265 g/t Au over 2.4 metres in Caribou Corridor. Mineralization is composed of a crustiform vein with local visible gold and 1% pyrite clusters with tourmaline and fuchsite hosted in a gabbro with moderate chlorite alteration. The interval is 150 metres East of OSK-W-17-787 (7.21 g/t Au over 6.5 metres previously reported March 21, 2017).
OSK-W-17-1221 intersected 4.61 g /t Au over 2.0 metres in Wolf corridor. Mineralization is composed of a centimetre scale quartz carbonate vein in a chloritized and slightly silicified porphyritic felsic dike with traces of pyrite stringer.
OSK-W-17-1226 intersected 11.5 g/t Au over 2.0 metres, 10.4 g/t Au over 2.0 metres and 6.57 g/t Au over 2.2 metres in Caribou Extension. First and second intervals are composed of up to 10% pyrite-tourmaline stringers and disseminated pyrite in a sericitized rhyolite. The third interval is composed of 1% pyrite stringers hosted in porphyritic felsic dike with sericite alteration.
OSK-W-17-1232 intersected a vein returning 4.70 g/t Au over 2.0 metres in Caribou Corridor. Mineralization is composed of 3% disseminated pyrite and 7% ptygmatic tourmaline veins within a weak sericite altered rhyolite.
OSK-W-17-1275 intersected 4.49 g/t Au over 3.0 metres in Zone 27. Mineralization is composed of traces of pyrite stringers within a sericitized porphyritic felsic dike.
OSK-W-17-1293 intersected 6.54 g/t Au over 2.3 metres. Mineralization is composed of 1% pyrite and 1% chalcopyrite in quartz veins within a silicified, chloritized and carbonate altered monzonite (Red Dog intrusion).
OSK-W-17-1295 intersected FW3 with 3.36 g/t Au over 2.0 metres in Underdog. Mineralization is composed of 2% pyrite clusters in a sericitized and weakly silicified porphyritic felsic dike.
OSK-W-17-1310 intersected 3.61 g/t Au over 3.0 metres in Caribou and 3.37 g/t Au over 3.0 metres in Drake. The first interval is composed of 1% pyrite stingers within a chloritized and sericitized rhyolite. The second interval is composed of chloritized and sericitized andesite with 5% quartz-carbonate veins.
OSK-W-17-1319 intersected 5.80 g/t Au over 3.0 metres in Zone 27. Mineralization is composed of traces of disseminated pyrite within a sericitized porphyritic felsic dike.
OSK-W-17-1320 intersected 3.46 g/t Au over 3.3 metres in Caribou Extension. Mineralization is composed of disseminated pyrite and quartz-pyrite clusters in a chloritized, sericitized and silicified andesite.
OSK-W-17-1334 intersected 4.05 g/t Au over 2.0 metres in Bobcat. Mineralization is composed of disseminated pyrite and crustiform quartz-carbonate veins in a chloritized, silicified and carbonate altered gabbro.
OSK-W-17-1336 intersected three intervals: 4.16 g/t Au over 2.05 metres in a vein, 17.0 g/t Au over 3.0 metres in FW0 and 4.10 g/t Au over 2.0 metres in FW2, Underdog Corridor. The first interval is composed of 1% disseminated pyrite in a quartz vein within a strongly chloritized gabbro. The second interval is composed of up to 2% disseminated pyrite and 1% pyrite stringers in a sericitized porphyritic felsic dike. The third interval is composed of 1% pyrite stringers and 1% pyrite in quartz-carbonate veins within a moderate sericite and silica altered felsic porphyritic dike.
OSK-W-17-1337 intersected 3.39 g/t Au over 2.5 metres in Mallard. Mineralization is composed of up to 20% pyrite stringers within a sericitized, silicified and bleached andesite.
OSK-W-17-1342 intersected Mallard HW with 8.19 g/t Au over 2.1 metres. Mineralization is composed of traces of disseminated and clustered pyrite within a chloritized andesite.
OSK-W-17-1347 intersected 4.64 g/t Au over 2.0 metres in a vein and 11.1 g/t Au over 2.8 metres in Mallard FW. The first interval is composed of a five centimetre quartz vein with 15% pyrite clusters hosted in a chloritized, silicified and weakly sericitized andesite. The second interval is at the contact between a strongly chlorite, fuchsite altered andesite and a porphyritic felsic dike. Mineralization is composed of 10% pyrite clusters and 3% pyrite stringers. The vein is located 100 metres north-west of Mallard corridor and is not related to any known zones.
OSK-W-17-1350 intersected Caribou Extension with 4.16 g/t Au over 2.0 metres. The mineralization is composed of up to 2% pyrite stringers within a sericitized, chloritized and carbonate altered large quartz eyes felsic porphyritic dike.
OSK-W-17-1376 intersected a vein returning 10.2 g/t Au over 2.3 metres and FW2 with 33.6 g/t Au over 2.1 metres. The first interval is composed of 5-10% quartz-carbonate veining with 5% disseminated pyrite in an andesite with chlorite, carbonate, sericite and silica alteration. Mineralization in FW2 is composed of a silica and sericite altered porphyritic dike with up to 5%, locally 80%, pyrite-tourmaline stringers.
OSK-W-17-1383 intersected 173 g/t Au over 2.3 metres in Bobcat. Mineralization is composed of local visible gold, 3% pyrite stringers with pervasive silica flooding within a gabbro with silica, carbonate and sericite alteration.
OSK-W-17-1391 intersected 42.7 g/t Au over 2.0 metres in Caribou Extension. Mineralization is composed of up to 10% pyrite stringers and 1% chalcopyrite, local visible gold, tourmaline ptygmatic veins, quartz-tourmaline veins and crustiform veins hosted in a silicified and bleached andesite.
OSK-W-17-1399 intersected 3.72 g/t Au over 2.0 metres in Caribou Extension. Mineralization is composed of up to 10% pyrite-tourmaline stringers within a strongly silicified rhyolite.
OSK-W-17-1402 intersected Caribou with 3.39 g/t Au over 2.3 metres and multiples intervals in Underdog corridor: FW1 with 47.7 g/t Au over 2.2 metres, FW1 FW with 3.48 g/t Au over 2.0 metres and 3.35 g/t Au over 2.8 metres, and FW2 with 4.27 g/t au over 2.0 metres. The first interval is composed of 3% pyrite stringers, 5% pyrite clusters within a sericitized andesite with weak silica and fuchsite alteration. The second interval is composed of local visible gold, 2% disseminated pyrite and 1% pyrite clusters, hosted in a moderately sericitized porphyritic dike. The third and fourth intervals are composed of 3% pyrite stringers and 1% disseminated pyrite in pervasive silica flooding within a sericitized porphyritic felsic dike. The last interval is composed of 2% pyrite stringers and 1% pyrite-silica flooding within a sericite, silica and fuchsite altered felsic porphyritic dike.
OSK-W-18-823-W2 intersected CS1 with 9.53 g/t Au over 8.9 metres and 5.22 g/t Au over 2.0 metres in Caribou. Mineralization is composed of 10% semi-massive pyrite bands, 10% pyrite stringers, up to 10% disseminated pyrite and up to 2% ptygmatic tourmaline veinlets hosted in a sericitized, chloritized and bleached andesite.
OSK-W-18-1402-W1 intersected 5.79 g/t Au over 2.3 metres in FW0. The mineralization is composed of 3% pyrite in a ptygmatic tourmaline vein at low core angle within a silicified and sericitized fragmental felsic intrusion.
OSK-W-18-1418 intersected 4.78 g/t Au over 5.0 metres, 5.95 g/t Au over 7.0 metres and 5.85 g/t Au over 2.0 metres in Caribou Extension. The first interval is composed of up to 5% pyrite stringers within a silicified and sericitized felsic porphyritic dike. The second interval is composed of up to 15% pyrite-tourmaline stringers hosted in a silicified and sericitized rhyolite. The third interval is composed of up to 10% pyrite-silica flooding within a silica altered andesite.
OSK-W-18-1421 intersected CW2 with 17.7 g/t Au over 2.9 metres in Caribou Corridor. Mineralization is composed of up to 8% pyrite stringers, 1% chalcopyrite, 1% sphalerite, ptygmatic tourmaline veins and local visible gold within a strongly silica altered rhyolite.
OSK-W-18-1423 intersected 6.04 g/t Au over 2.3 metres and 3.97 g/t Au over 3.0 metres in Caribou Extension. The first interval is composed of 7% disseminated pyrite within a bleached andesite. The second interval is composed of 4% disseminated pyrite, 2% pyrite stringers at a bleached andesite contact with a felsic porphyritic 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 the Windfall Lake gold project, who is a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Quality Control and Reporting Protocols
True widths determinations are estimated at 65-80% of the reported core length intervals for most of the zones. 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 ALS Laboratories in Val d’Or, Québec, Thunder Bay and Sudbury, Ontario or Vancouver, British Colombia or 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 the previous operator comprises 2,762,000 tonnes at 8.42 g/t Au (748.000 ounces) in the indicated category and 3,512,000 tonnes at 7.62 g/t Au (860,000 ounces) in the inferred category (sourced from a technical report dated June 10, 2015 entitled “Preliminary Economic Assessment of the Windfall Lake Gold Property, Québec, Canada” with an effective date of April 28, 2015, prepared in accordance with NI 43-101). The Windfall Lake gold deposit is currently one of the highest grade resource-stage gold projects in Canada. The bulk of the mineralization occurs in the Main Zone, a southwest/northeast trending zone of stacked mineralized lenses, measuring approximately 600 metres wide and at least 1,400 metres long. The deposit is well defined from surface to a depth of 500 metres and remains open along strike and at depth. Mineralization has been identified only 30 metres from surface in some areas and as deep as 870 metres in others, with significant potential to extend mineralization up and down-plunge and at depth.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% in the high-grade Windfall Lake gold deposit located between Val-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 Quebec and Ontario. Osisko continues to be well financed with approximately $190 million in cash and investments as of December 31, 2017.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the Windfall Lake gold deposit being one of the highest grade resource-stage gold projects in Canada; the current 800,000 metre drill program; the significance of new results from the ongoing drill program at the Windfall Lake gold project; the significance of assay results presented in this press release; the type of drilling included in the drill program (definition drilling, expansion drilling to the NE of the main deposit and adjacent Lynx deposit, and exploration drilling on the greater deposit and Urban-Barry project area); 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 it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in 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 Intersects 71.9 g/t Au Over 2.9 Metres At Lynx
(Toronto, February 27, 2018) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new results from the ongoing drill program at its 100% owned Windfall Lake gold project located in the Abitibi greenstone belt, Urban ownship, Eeyou Istchee James Bay, Québec. The 800,000 metre drill program combines definition, expansion and exploration drilling in and around the main Windfall gold deposit and the adjacent Lynx deposit (located immediately NE of Windfall).
Significant new analytical results from 31 intercepts in 22 drill holes and 3 wedges focused on infill and expansion drilling in the Lynx deposit are presented below. Osisko continues to extend the known Lynx zones of mineralization through the application of the Windfall geological model and as the density of drilling increases.
Highlights from the new results include: 71.9 g/t Au over 2.9 metres OSK-W-17-941; 76.4 g/t Au over 2.4 metres and 52.5 g/t Au over 2.1 metres in OSK-W-17-1367-W1, 52.3 g/t Au over 2.1 metres in OSK-W-17-967, 40.6 g/t Au over 2.3 metres in OSK-W-17-1413; 48.0 g/t Au over 2.0 metres in OSK-W-18-1422 and 10.1 g/t Au over 6.5 metres in OSK-W-18-1415. Maps showing hole locations and full analytical results are available at www.osiskomining.com.
| Hole Number | From (m) |
To (m) |
Interval (m) |
Au (g/t) uncut |
Au (g/t) cut to 100 g/t |
Zone | Corridor |
|---|---|---|---|---|---|---|---|
| OSK-W-17-898 | 375.5 | 380.7 | 5.2 | 3.75 | Lynx 3 | Lynx | |
| including | 375.5 | 376.2 | 0.7 | 10.8 | |||
| including | 380.2 | 380.7 | 0.5 | 16.4 | |||
| OSK-W-17-907 | 893.0 | 895.0 | 2.0 | 5.71 | Lynx 4 | Lynx | |
| including | 894.0 | 895.0 | 1.0 | 10.3 | |||
| OSK-W-17-941 | 231.0 | 233.9 | 2.9 | 71.9 | 25.9 | Lynx 2 | Lynx |
| including | 231.85 | 232.15 | 0.3 | 545 | 100 | ||
| OSK-W-17-967 | 240.9 | 243.0 | 2.1 | 52.3 | 47.7 | VNCR | Lynx |
| including | 242.0 | 243.0 | 1.0 | 109 | 100 | ||
| OSK-W-17-1099 | 108.0 | 110.1 | 2.1 | 3.04 | Lynx 2 | Lynx | |
| including | 109.8 | 110.1 | 0.3 | 14.5 | |||
| OSK-W-17-1104 | 560.0 | 562.0 | 2.0 | 4.30 | Lynx HW | Lynx | |
| including | 560.5 | 561.3 | 0.8 | 10.4 | |||
| 591.8 | 594.0 | 2.2 | 4.06 | Lynx HW | Lynx | ||
| including | 591.8 | 592.3 | 0.5 | 17.8 | |||
| OSK-W-17-1113 | 363.4 | 366.0 | 2.6 | 3.33 | Vein | Lynx | |
| including | 365.6 | 366.0 | 0.4 | 19.5 | |||
| OSK-W-17-1115 | 693.0 | 695.0 | 2.0 | 11.7 | Vein | Lynx | |
| OSK-W-17-1147 | 712.8 | 716.5 | 3.7 | 3.29 | Lynx 4 | Lynx | |
| including | 712.8 | 713.1 | 0.3 | 24.4 | |||
| OSK-W-17-1177 | 575.0 | 577.0 | 2.0 | 3.21 | Lynx 1 | Lynx | |
| OSK-W-17-1181-W3 | 1113.7 | 1116.4 | 2.7 | 6.11 | Lynx 4 | Lynx | |
| OSK-W-17-1187 | 264.0 | 266.7 | 2.7 | 3.43 | Lynx 3 | Lynx | |
| OSK-W-17-1190 | 430.0 | 432.0 | 2.0 | 5.91 | Lynx 1 | Lynx | |
| including | 430.6 | 431.6 | 1.0 | 11.6 | |||
| OSK-W-17-1193 | 979.0 | 981.8 | 2.8 | 4.48 | Lynx 4 | Lynx | |
| OSK-W-17-1290 | 423.0 | 427.0 | 4.0 | 34.5 | Vein | Lynx | |
| including | 425.0 | 427.0 | 2.0 | 67.5 | |||
| OSK-W-17-1293 | 41.5 | 44.0 | 2.5 | 14.4 | Lynx 1 | Lynx | |
| including | 43.0 | 44.0 | 1.0 | 35.4 | |||
| OSK-W-17-1356 | 229.6 | 232.0 | 2.4 | 4.14 | Lynx 1 | Lynx | |
| OSK-W-17-1367-W1 | 1009.5 | 1011.6 | 2.1 | 52.5 | 29,2 | Lynx 4 | Lynx |
| including | 1010.3 | 1010.9 | 0.6 | 182 | 100 | ||
| 1016.6 | 1019.0 | 2.4 | 76.4 | 28.3 | Lynx 4 | Lynx | |
| including | 1016.6 | 1017.1 | 0.5 | 331 | 100 | ||
| OSK-W-17-1396 | 897.0 | 899.8 | 2.8 | 6.13 | Lynx 4 | Lynx | |
| OSK-W-17-1413 | 296.0 | 298.3 | 2.3 | 40.6 | 39.4 | Lynx 2 | Lynx |
| including | 297.4 | 298.3 | 0.9 | 103 | 100 | ||
| 967.8 | 970.2 | 2.4 | 8.35 | Lynx 6 | Lynx | ||
| including | 967.8 | 968.7 | 0.9 | 15.9 | |||
| OSK-W-18-1414-W1 | 842.4 | 846.0 | 3.6 | 8.20 | Lynx 1 | Lynx | |
| including | 842.4 | 843.0 | 0.6 | 20.6 | |||
| including | 844.8 | 845.3 | 0.5 | 17.1 | |||
| 855.2 | 857.9 | 2.7 | 26.5 | Lynx 1 | Lynx | ||
| OSK-W-18-1415 | 457.0 | 463.5 | 6.5 | 10.1 | Lynx HW | Lynx | |
| including | 457.0 | 457.7 | 0.7 | 68.8 | |||
| OSK-W-18-1418 | 544.0 | 546.3 | 2.3 | 8.09 | Lynx 4 | Lynx | |
| including | 545.2 | 545.5 | 0.3 | 61.0 | |||
| 551.0 | 553.2 | 2.2 | 4.02 | Lynx 4 | Lynx | ||
| OSK-W-18-1422 | 386.0 | 388.0 | 2.0 | 48.0 | 21.8 | Lynx HW | Lynx |
| including | 386.7 | 387.1 | 0.4 | 231 | 100 | ||
| OSK-W-18-1423 | 107.5 | 109.6 | 2.1 | 7.77 | Lynx 1 | Lynx | |
| including | 108.5 | 108.9 | 0.4 | 38.7 | |||
| 221.2 | 223.7 | 2.5 | 4.65 | VNCR | Lynx |
Notes:
- True widths are estimated at 65 – 80% of the reported core length interval. See “Quality Control” below.
- Definitions: HW = Hanging Wall, VNCR = Crustiform Vein
| Hole Number | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Section |
|---|---|---|---|---|---|---|
| OSK-W-17-898 | 148 | -51 | 555 | 453330 | 5435403 | 3675 |
| OSK-W-17-907 | 134 | -51 | 1317 | 453219 | 5435340 | 3575 |
| OSK-W-17-941 | 330 | -49 | 444 | 453434 | 5434969 | 3575 |
| OSK-W-17-967 | 337 | -62 | 720 | 453176 | 5434908 | 3300 |
| OSK-W-17-1099 | 335 | -56 | 264 | 453143 | 5434935 | 3300 |
| OSK-W-17-1104 | 142 | -50 | 1059 | 453383 | 5435455 | 3775 |
| OSK-W-17-1113 | 138 | -50 | 480 | 453280 | 5435347 | 3625 |
| OSK-W-17-1115 | 153 | -48 | 816 | 452796 | 5435118 | 3075 |
| OSK-W-17-1147 | 335 | -52 | 817 | 453241 | 5434380 | 3125 |
| OSK-W-17-1177 | 340 | -67 | 1422 | 454113 | 5435090 | 4225 |
| OSK-W-17-1181-W3 | 133 | -58 | 1247 | 453789 | 5435793 | 4275 |
| OSK-W-17-1187 | 333 | -55 | 477 | 453441 | 5435025 | 3600 |
| OSK-W-17-1190 | 151 | -49 | 1179 | 452905 | 5435152 | 3200 |
| OSK-W-17-1193 | 141 | -59 | 1803 | 453806 | 5435726 | 4275 |
| OSK-W-17-1290 | 130 | -52 | 462 | 453131 | 5435356 | 3500 |
| OSK-W-17-1293 | 329 | -70 | 828 | 452904 | 5434849 | 3050 |
| OSK-W-17-1356 | 334 | -67 | 429 | 453442 | 5435026 | 3600 |
| OSK-W-17-1367-W1 | 131 | -52 | 1161 | 453753 | 5435875 | 4300 |
| OSK-W-17-1396 | 134 | -52 | 956 | 453439 | 5435484 | 3825 |
| OSK-W-17-1413 | 137 | -53 | 996 | 453153 | 5435214 | 3450 |
| OSK-W-18-1414-W1 | 133 | -57 | 1198 | 453654 | 5435648 | 4100 |
| OSK-W-18-1415 | 139 | -49 | 561 | 453491 | 5435453 | 3850 |
| OSK-W-18-1418 | 334 | -45 | 1077 | 453288 | 5434531 | 3225 |
| OSK-W-18-1422 | 140 | -45 | 476 | 453492 | 5435452 | 3850 |
| OSK-W-18-1423 | 327 | -61 | 792 | 453025 | 5434853 | 3150 |
OSK-W-17-898 intersected Lynx 3 with 3.75 g/t Au over 5.2 metres. Mineralization is composed of 4% disseminated pyrite and 3% pyrite stringers hosted in quartz-tourmaline and quartz-carbonates veins in a fragmental felsic dike.
OSK-W-17-907 intersected Lynx 4 with 5.71 g/t Au over 2.0 metres. Mineralization is composed of 1% quartz-tourmaline veins with pyrite and 1% pyrite-silica flooding within a strongly sericitized and silicified rhyolite.
OSK-W-17-941 intersected 71.9 g/t Au over 2.9 metres in Lynx 2. Mineralization is composed of local visible gold within a silicified and weakly sericitized fragmental felsic dike.
OSK-W-17-967 intersected crustiform veins returning 52.3 g/t Au over 2.1 metres in the Lynx 2 Mineralization is composed of 1% disseminated pyrite in quartz-carbonate-chlorite veins within a sericitized gabbro.
OSK-W-17-1099 intersected 3.04 g/t Au over 2.1 metres in Lynx 2. Mineralization is composed of up to 2% pyrite clusters, 10% pyrite in pervasive silica flooding and 3% pyrite-tourmaline stringers hosted in a silica altered fragmental felsic dike.
OSK-W-17-1104 intersected 4.30 g/t Au over 2.0 metres and 4.06 g/t Au over 2.2 metres in Lynx HW. Mineralization is composed of up to 3% disseminated and stringer pyrite within a gabbro with sericite and fuchsite alteration.
OSK-W-17-1113 intersected 3.33 g/t Au over 2.6 metres. Mineralization is composed of quartz veins with trace pyrite stringers and 1% pyrite clusters and quartz-carbonate veins in a weakly sericitized rhyolite.
OSK-W-17-1115 intersected 11.7 g/t Au over 2.0 metres related to vein type mineralization. The interval is composed of 5% pyrite-tourmaline stringers and quartz veins within a chloritized andesite.
OSK-W-17-1147 intersected 3.29 g/t Au over 3.7 metres in Lynx 4. Mineralization is composed of 1% pyrite clusters with ptygmatic tourmaline veins within a sericitized rhyolite.
OSK-W-17-1177 intersected Lynx 1 with 3.21 g/t Au over 2.0 metres. Mineralization is composed of 1% pyrite stringers and tourmaline veins at a fuchsite altered contact between a gabbro and a porphyritic felsic dike.
OSK-W-17-1181-W3 intersected Lynx 4 with 6.11 g/t Au over 2.7 metres. Mineralization is composed of disseminated pyrite and tourmaline ptygmatic veins in a porphyritic felsic dike crosscutting a gabbro.
OSK-W-17-1187 intersected Lynx 3 with 3.43 g/t Au over 2.7 metres. Mineralization is composed of 4% pyrite clusters and 2% pyrite stringers with pervasive silica alteration in a sericitized porphyritic felsic dike.
OSK-W-17-1190 intersected 5.91 g/t Au over 2.0 metres in Lynx 1. Mineralization is composed of 5% pyrite stringers and 3% pyrite-silica flooding within a moderate sericite altered porphyritic felsic dike.
OSK-W-17-1193 intersected Lynx 4 with 4.48 g/t Au over 2.8 metres. Mineralization is composed of up to 2% pyrite stringers within a strongly sericitized felsic porphyritic dike.
OSK-W-17-1290 intersected 34.5 g/t Au over 4.0 metres in a vein within the Lynx Corridor. Mineralization is composed of traces of disseminated pyrite within a gabbro with strong chlorite and carbonate alteration.
OSK-W-17-1293 intersected Lynx 1 with 14.4 g/t Au over 2.5 metres. Mineralization is composed of disseminated pyrite, pyrite stringers and quartz-carbonates veins in a chloritized mafic intrusion bordered by the Bank fault deformation zone.
OSK-W-17-1356 intersected Lynx 1 with 4.14 g/t Au over 2.4 metres. Mineralization is composed of traces of pyrite clusters and/or fragments and pyrite stringers at the contact between a sericitized fragmental intrusive unit and an andesite.
OSK-W-17-1367-W1 intersected Lynx 4 with 52.5 g/t Au over 2.1 metres and 76.4 g/t Au over 2.4 metres. The first interval is composed of 4% pyrite clusters in 10 centimetres quartz-tourmaline veins and disseminated pyrite in a strongly fuchsite altered gabbro. The second interval is composed of trace pyrite-tourmaline stringer, 1% disseminated pyrite and 4% pyrite in ptygmatic tourmaline veinlets with trace chalcopyrite. Local visible gold is present in brittle fractures crosscutting tourmaline ptygmatic veins at contact between a small porphyritic dike and a fuchsite altered gabbro.
OSK-W-17-1396 intersected 6.13 g/t Au over 2.8 metres in Lynx 4. The mineralization is composed of up to 15% pyrite in quartz-tourmaline veins and 1% chalcopyrite within a sericitized and bleached mafic intrusion.
OSK-W-17-1413 intersected Lynx 2 with 40.6 g/t Au over 2.3 metres and Lynx 6 with 8.35 g/t Au over 2.4 metres. The first interval is composed of local visible gold and 1% pyrite clusters within a rhyolite with intense pervasive silica flooding. The second interval is composed of local visible gold and 3% disseminated pyrite in carbonate fracture filling, 2% pyrite stringers in smoky quartz veins hosted in a sheared andesite with chlorite alteration.
OSK-W-18-1414-W1 intersected Lynx 1 with 8.20 g/t Au over 3.6 metres and 26.5 g/t Au over 2.7 metres. The first interval is composed of up to 7% pyrite clusters, up to 3% pyrite stringers and ptygmatic quartz-tourmaline veins within a sericitized gabbro and rhyolite contact. The second interval is composed of up to 5% pyrite-silica flooding and 3% pyrite stringers within a strong silica altered rhyolite.
OSK-W-18-1415 intersected Lynx HW with 10.1 g/t Au over 6.5 metres. Mineralization is composed of local visible gold, up to 15% pyrite with pervasive silica flooding within a weakly bleached, sericitized and fuchsite altered gabbro.
OSK-W-18-1418 intersected Lynx 4 with 8.09 g/t Au over 2.3 metres and 4.02 g/t Au over 2.2 metres. Mineralization is composed of up to 5% pyrite stringers and 3% pyrite clusters in smoky quartz with, local carbonate in fracture filling and disseminated tourmaline hosted in a sericitized and silicified rhyolite.
OSK-W-18-1422 intersected Lynx hanging wall with 48.0 g/t Au over 2.0 metres. Mineralization is composed of up to 5% pyrite stringers, up to 3% pyrite clusters and 2% disseminated pyrite within a sericite, fuchsite and silica altered gabbro.
OSK-W-18-1423 intersected two interval 7.77 g/t Au over 2.1 metres in Lynx 1 and 4.65 g/t Au over 2.5 metres in a crustiform vein. The first interval is composed of 3% pyrite stringers, 1% pyrite clusters and crustiform quartz-carbonates veins within a strongly sericitized felsic porphyritic dike. The second interval is composed of up to 4% pyrite-tourmaline stringer and quartz-carbonate vein within a sericite, fuchsite, chlorite and carbonate altered andesite.
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 the Windfall Lake gold project, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Quality Control and Reporting Protocols
True widths determinations are estimated at 65-80% of the reported core length intervals for most of the zones. 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 ALS Laboratories in Val d’Or, Québec, Thunder Bay and Sudbury, Ontario or Vancouver, British Colombia or 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 the previous operator comprises 2,762,000 tonnes at 8.42 g/t Au (748.000 ounces) in the indicated category and 3,512,000 tonnes at 7.62 g/t Au (860,000 ounces) in the inferred category (sourced from a technical report dated June 10, 2015 entitled “Preliminary Economic Assessment of the Windfall Lake Gold Property, Québec, Canada” with an effective date of April 28, 2015, prepared in accordance with NI 43-101). The Windfall Lake gold deposit is currently one of the highest grade resource-stage gold projects in Canada. The bulk of the mineralization occurs in the Main Zone, a southwest/northeast trending zone of stacked mineralized lenses, measuring approximately 600 metres wide and at least 1,400 metres long. The deposit is well defined from surface to a depth of 500 metres, and remains open along strike and at depth. Mineralization has been identified only 30 metres from surface in some areas and as deep as 870 metres in others, with significant potential to extend mineralization up and down-plunge and at depth.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% in the high-grade Windfall Lake gold deposit located between Val-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 Quebec and Ontario. Osisko continues to be well financed with approximately $190 million in cash and investments (based on figures available as of December 31, 2017).
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the Windfall Lake gold deposit being one of the highest grade resource-stage gold projects in Canada; the current 800,000 metre drill program; the significance of new results from the ongoing drill program at the Windfall Lake gold project; the significance of assay results presented in this press release describing the analytical results from 31 intercepts in 22 holes and 3 wedges focused on infill and expansion drilling in the Lynx deposit; the high-grade core developing at Lynx 4; the type of drilling included in the drill program (definition, expansion and exploration drilling in and around the main Windfall Lake gold deposit and the adjacent Lynx deposit, and exploration drilling on the greater deposit and Urban-Barry project area); 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 it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in 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 Intersects 2.51 g/t Au Over 73.0 Metres At Garrison
(Toronto, February 15, 2018). Osisko Mining Inc. (OSK:TSX) (“Osisko” or the “Corporation”) is pleased to announce the final results from the 2017 drill program at its 100% owned Garrison gold project located in Garrison Township, Ontario. Over 85,000 metres of new drilling have been conducted by Osisko on the Garrison Project since its acquisition in late 2015. A total of fifteen new intercepts in seven holes are reported in this release, with significant assay results presented in the table below.
Significant new results include: 2.51 g/t Au over 73.0 metres in OSK-G17-453; 1.98 g/t Au over 14.5 metres and 1.76 g/t Au over 25.5 metres in OSK-G17-461; 2.18 g/t Au over 9.0 metres in OSK-G17-445; and 1.27 g/t Au over 22.3 metres in OSK-G17-467.
The new results continue to show the increasing potential of the 903 Zone with proven extension towards SW, NW and South and to confirm the extent of known mineralization in the Garrcon Zone. Maps and sections showing hole locations and complete drilling results are available at www.osiskomining.com.
| Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) uncut | Au (g/t) cut to 30 g/t |
Zone |
| OSK-G17-445 | 233.0 | 242.0 | 9.0 | 2.18 | Garrcon | |
| including | 241.0 | 242.0 | 1.0 | 16.0 | Garrcon | |
| 355.0 | 357.0 | 2.0 | 4.58 | Garrcon | ||
| OSK-G17-453 | 371.0 | 444.0 | 73.0 | 2.51 | 903 | |
| including | 375.0 | 376.0 | 1.0 | 8.54 | 903 | |
| and | 378.3 | 379.6 | 1.3 | 8.62 | 903 | |
| and | 384.5 | 387.0 | 2.5 | 4.59 | 903 | |
| and | 428.8 | 429.8 | 1.0 | 10.3 | 903 | |
| and | 438.8 | 442.8 | 4.0 | 6.10 | 903 | |
| OSK-G17-456 | 150.0 | 153.2 | 3.2 | 1.95 | 903 | |
| OSK-G17-461 | 42.0 | 56.5 | 14.5 | 1.98 | 903 | |
| including | 42.0 | 47.0 | 5.0 | 4.25 | 903 | |
| 81.0 | 106.5 | 25.5 | 1.76 | 903 | ||
| including | 81.0 | 86.5 | 5.5 | 3.81 | 903 | |
| OSK-G17-463 | 196.0 | 256.5 | 60.5 | 0.71 | 903 | |
| including | 212.0 | 230.5 | 18.5 | 1.39 | 903 | |
| OSK-G17-466 | 176.0 | 179.0 | 3.0 | 1.10 | 903 | |
| 244.7 | 245.1 | 0.4 | 14.1 | 903 | ||
| OSK-G17-467 | 326.2 | 348.5 | 22.3 | 1.27 | 903 | |
| including | 330.0 | 335.0 | 5.0 | 4.08 | 903 | |
| OSK-G17-468 | 313.4 | 332.6 | 19.2 | 0.75 | 903 | |
| including | 322.0 | 328.0 | 6.0 | 1.35 | 903 |
Notes: True Widths are estimated at 65 – 90% of the reported core length interval. See “Quality Control” below.
| Hole Number | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Section |
| OSK-G17-445 | 340 | -45 | 582.0 | 578739 | 5373697 | 1200W |
| OSK-G17-453 | 340 | -45 | 483.0 | 577579 | 5373080 | 2500W |
| OSK-G17-456 | 340 | -45 | 306.0 | 577329 | 5373183 | 2700W |
| OSK-G17-461 | 340 | -45 | 228.0 | 577180 | 5373229 | 2825W |
| OSK-G17-463 | 340 | -50 | 272.0 | 577442 | 5373164 | 2600W |
| OSK-G17-466 | 340 | -45 | 324.0 | 577034 | 5373406 | 2900W |
| OSK-G17-467 | 340 | -50 | 462.0 | 576885 | 5372790 | 3250W |
| OSK-G17-468 | 340 | -50 | 477.0 | 576980 | 5372828 | 3150W |
OSK-G17-445 intercepted two main mineralized intervals: 2.18 g/t Au over 9.0 metres; and 4.58 g/t Au over 2.0 metres. The intervals are associated with centimetre-scale quartz-carbonate stringers with trace sulfide as well as albite, sericite and carbonate alteration hosted by Temiskaming sediments.
OSK-G17-453 was drilled 25 metres underneath OSK-G17-390 (see press release Jan 15, 2018) as an infill hole intercepting 2.51 g/t Au over 73.0 metres. Mineralization is hosted by a thick syenite dyke with intense albite-hematite alteration and zones of strong fracturing, veining and coarse euhedral pyrite.
OSK-G17-456 was drilled in the south-central part of the 903 Zone, 250 metres northwest from OSK-G17-453 (described above). The hole intercepted a mineralized zone hosted in syenite dykes averaging 1.95 g/t Au over 3.2 metres. The syenite dykes are intruding fuchsite altered ultramafic rocks.
OSK-G17-461 intercepted two mineralized zones close to surface averaging 1.98 g/t Au over 14.5 metres and 1.76 g/t Au over 25.5 metres, both in syenite dykes with intense veining, albite alteration, specularite and pyrite.
OSK-G17-463 was drilled at the south part of the 903 Zone, intercepting a wide zone averaging 0.71 g/t Au over 60.5 metres that included 1.39 g/t Au over 18.5 metres. Mineralization is hosted by a crowded porphyritic syenite with moderate albite alteration and quartz veining.
OSK-G17-466 was drilled at the northern part of the 903 Zone and intersected 1.1 g/t Au over 3.0 metres in a syenite dyke. A small zone of hematite alteration in mafic volcanic rocks returned 14.1 g/t Au over 0.4 metres.
OSK-G17-467 was drilled 50m west of OSK-G17-439 (see press release Jan 15th 2018), to intercept the mineralization observed in the footwall of a diabase dyke. The hole successfully intercepted 1.27 g/t Au over 22.3 metres including 4.08 g/t Au over 5.0 metres in strongly sheared ultramafic rocks with quartz-sericite-pyrite alteration in the hanging wall of the mentioned diabase dyke.
OSK-G17-468 intercepted 0.75 g/t Au over 19.2 metres including 1.35 g/t Au over 6.0 metres in a deformed layer of sediments with albite-sericite alteration and disseminated pyrite.
Qualified Person
The scientific and technical content of this press release has been reviewed, prepared and approved by Mr. Gernot Wober, P.Geo. VP Exploration Canada for Osisko Mining Inc, who is a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Quality Control
True widths of the new exploration intercepts reported in this press release have yet to be determined, but are typically 65 – 90% of reported core lengths. Additional drilling is planned for the immediate area which will enable the true width determination. Assays are uncut except where indicated, and calculated intervals are reported over a minimum length of 2 metres using a lower cutoff of 1.0 g/t Au. All HQ core assays reported were obtained by either whole sample rock metallic screen/fire assay or standard 30 gram fire-assaying with ICP finish at SGS Minerals Services in Cochrane, Ontario; and Bureau Veritas in Timmins, Ontario. The whole sample metallic screen assay method is selected by the geologist when samples contain coarse gold or any samples displaying gold initial fire assay values greater than 3g/t. Drill program design, Quality Assurance/Quality Control and interpretation of results is performed by qualified persons employing a Quality Assurance/Quality Control program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for Quality Assurance/Quality Control purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assays.
About the Garrison Project
The Garrison Project area is comprised of 214 mineral claims, 25 mining leases, and 87 patent claims encompassing approximately 8,000 hectares. Both Garrcon and Jonpol have resource estimates that are described in a technical report prepared in accordance with NI 43-101, which was completed by a previous operator Northern Gold Mining Inc. (entitled “Technical Report on the Golden Bear Project – Garrison Property: Larder Lake Mining Division, Garrison Township, Ontario, Canada”) dated December 30, 2013, with an effective date of December 30, 2013 (the “Garrison Technical Report”). The Garrison Technical Report was prepared by A.C.A. Howe International Limited for Northern Gold Mining Inc. (a wholly-owned subsidiary of Osisko) and is available on Osisko’s website at www.osiskomining.com and on SEDAR under Northern Gold Mining Inc.’s issuer profile at www.sedar.com.
Resource estimates were conducted by A.C.A. Howe International Limited according to CIM standards. The Garrcon Zone estimates showed 15.1 million tonnes with an average grade of 1.07 g/t Au (521,000 oz) in measured resources; 14.1 million tonnes averaging 1.16 g/t Au (526,000 oz) in indicated resources; and 1.7 million tonnes averaging 0.72 g/t Au (39,000 oz) in inferred resources. Potential underground resources of 5.1 million tonnes averaging 3.49 g/t Au (577,000 oz) in the inferred category were also outlined. Resources were reported at a cut-off grade of 0.4 g/t Au for open pit extraction and 1.5 g/t in a bulk underground mining scenario using a gold price of US$1,250/oz.
At the Jonpol Zone, resources were estimated as 0.87 million tonnes averaging 5.34 g/t Au (150,000 oz) in the indicated category; and 1.07 million tonnes averaging 5.56 g/t Au (192,000 oz) in inferred resources. Resources were reported at a cut-off grade of 3.0 g/t Au and assume an underground extraction scenario using a gold price of US$1,250/oz.
Readers are cautioned that inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Garrcon Zone
The Garrcon Zone has a shallow plunge eastward along the footwall of the Destor-Porcupine Fault Zone with the bulk of the resource in the western, more densely drilled area. The zone is exposed at surface and has potential for open pit bulk mining at an estimated overall stripping ratio of 1.8:1. There is potential for additional underground resources below the pit and along the easterly plunge of the zone, which is open for further exploration down dip and along strike.
The Garrcon shaft was sunk in 1935 and 1936 by the Consolidated Mining and Smelting Co. of Canada (“Cominco”) and the Shaft and South Zones were tested for high grade gold mineralization. Cominco drove approximately 1,430 metres of drifts and cross cuts, mining underground veins. Diamond drilling by Cominco and Lac Minerals Ltd. in the mid-to-late 1980s identified broad sections of low grade mineralization. In 2006-2007, ValGold Resources Ltd. conducted additional drilling confirming these zones. From 2009-2013 Northern Gold Mining Inc. conducted 97,000 metres of diamond drilling which delineated the current resource.
In 2014, Northern Gold Mining Inc. was granted a trial mining permit allowing the extraction of up to 150,000 tonnes. Northern Gold Mining Inc. mined 73,534 dry tonnes which was processed at the nearby Holt mill facility recovering 3,516 oz at an average head grade of 1.55 g/t and recovery of 95.9%.
Jonpol Zone
Jonpol is situated in the Munro Fault Zone, a west striking splay off the north side of the Destor-Porcupine Fault. Hosted in a shear zone tens of metres wide in altered mafic volcanic rocks, the deposit consists of four high grade gold mineralized zones (JP, JD, RP and East) over a strike length of 1.7 kilometers. Gold mineralization is hosted in quartz carbonate veins, in mafic and ultramafic host rocks, and is associated with intense albite and/or sericite alteration and pyrite mineralization.
In 1997, a 49,087 tonne bulk sample was extracted from the central part of the JP zone by Hillsborough Resources Limited with an average grade of 6.7 g/t which produced 9,476 ounces Au. From 1985-2013, over 130,000 metres of drilling was completed on the property by previous operators. Development work on the JP zone included the sinking of a 184 metre shaft as well as development of a ramp to the 150 metres level with mining on six sublevels. The Jonpol infrastructure underwent reclamation in the late 1990s and was closed out in 2001, but the existing ramp and shaft are preserved.
903 Zone
This third mineralized zone present at Garrison was not included in the resource estimate reported by the previous operator in 2013. Mineralization at the 903 was discovered in 1945 by Wright-Hargreaves Mines Ltd. In 1988 Lac Minerals acquired the claims covering the current 903 Zone and completed 17 drill holes totaling 4,823 metres. The property was optioned in 1990 to Jonpol and T&H Resources and subsequently returned to Lac Minerals in 1991. Northern Gold acquired the claims from a subsidiary of Barrick Gold in 2013, conducting surface exploration and six drill holes.
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, 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 Garrcon, Jonpol and 903 zones on the Garrison property. Osisko continues to be well financed with approximately $190 million in cash and equity investments at the end of Q4 2017.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the ongoing drill program at the Garrison gold project; results of the current drill program; the significance of new drill results reported in this press release; the ability of new drill results to demonstrate potential for expansion of the previously defined Garrcon, Jonpol and 903 mineralized zones at the Garrison project; the scope of the 2017 drill program; that the 2017 drill program will follow new extensions of these mineralized zones to further define the scale of mineralization at the Garrison project; potential mineralization; the ability to realize upon any mineralization in a manner that is economic; the ability to complete any proposed exploration activities and the results of such activities; the continuity or extension of any mineralization; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “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 it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property interests; the ability of the Corporation to obtain required approvals and complete transactions on terms announced; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
For further information please contact:
John Burzynski, President and Chief Executive Officer
Telephone: (416) 363-8653
Osisko Mining Provides Ontario Exploration Update
(Toronto, February 13, 2018) Osisko Mining Inc. (OSK:TSX) (“Osisko” or the “Corporation”) is pleased to provide an update on the progress of exploration at its 100% owned Garrison gold project located in Garrison Township, Ontario.
Osisko has been conducting new exploration and definition drilling at Garrison for 20 months, since early 2016. As of the end of January 2018, Osisko has completed 85,000 metres of new drilling to complement the pre-existing 108,000 metres drilled at Garrison by previous operators. The company has re-evaluated previous drilling from the Jonpol Zone, continued resource delineation at the Garrcon Zone and substantially expanding the 903 Zone with exploration drilling in the southwest part of the property. Dewatering and geological mapping of the Garrcon bulk sample pits was conducted during 2017. Work is in progress on interpretation of the geological model of the Garrcon and 903 zones, including mineralization controls.
Exploration Budget for 2018: $3M
Osisko’s 2018 exploration budget for the Garrison deposit totals approximately $3 million. This includes resource estimation work, additional resource-oriented infill drilling, metallurgical work and exploration drilling on the Garrison property.
Garrison: Updated Resource Estimation Planned for July 2018
Osisko’s updated resource estimate for the Garrison Project is scheduled to be released in July 2018.
The Garrison property consists of three mineralized zones with different styles: the Garrcon Zone is hosted by Temiskaming sediments in the footwall of the Destor Porcupine Fault Zone (PDFZ); the Jonpol Zone comprises 1.7 km of structurally controlled mineralization along the Munro Shear Zone hosted by mafic to ultramafic volcanic rocks; and the 903 Zone is hosted by syenite dykes intruding ultramafic rocks along the PDFZ. The Jonpol and 903 zones remain open to the southwest and northwest respectively. The Garrcon, Jonpol and 903 zones will all be included in the 2018 updated resource.
Property Disposals
Through the course of 2017 Osisko vended the Catharine, DeSantis and Swayze exploration projects to other mining companies.
President and CEO of Osisko John Burzynski commented: “Although our main focus is on the Windfall project in Québec, Osisko has continued work on the Garrison project, with the goal of updating the resource and improving our understanding of the potential of the Garrcon, Jonpol and 903 zones. Drilling in 2017 was successful at significantly expanding the size of the 903 Zone. Our upcoming July resource estimate will include all three zones (Garrcon, Jonpol and 903), and we will continue to evaluate the extensions of known mineralization with exploration drilling in 2018.”
Qualified Person
The scientific and technical content of this press release has been reviewed, prepared and approved by Mr. Gernot Wober, P.Geo. VP Exploration Canada for Osisko Mining Inc, who is a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
About the Garrison Project
The Garrison Project area is comprised of 214 mineral claims, 25 mining leases, and 87 patent claims encompassing approximately 8,000 hectares. Both Garrcon and Jonpol have resource estimates that are described in a technical report prepared in accordance with NI 43-101, which was completed by a previous operator Northern Gold Mining Inc. (entitled “Technical Report on the Golden Bear Project – Garrison Property: Larder Lake Mining Division, Garrison Township, Ontario, Canada”) dated December 30, 2013, with an effective date of December 30, 2013 (the “Garrison Technical Report”). The Garrison Technical Report was prepared by A.C.A. Howe International Limited for Northern Gold Mining Inc. (a wholly-owned subsidiary of Osisko) and is available on Osiskos website at www.osiskomining.com and on SEDAR under Northern Gold Mining Inc.s issuer profile at www.sedar.com.
Resource estimates were conducted by A.C.A. Howe International Limited according to CIM standards. The Garrcon Zone estimates showed 15.1 million tonnes with an average grade of 1.07 g/t Au (521,000 oz) in measured resources; 14.1 million tonnes averaging 1.16 g/t Au (526,000 oz) in indicated resources; and 1.7 million tonnes averaging 0.72 g/t Au (39,000 oz) in inferred resources. Potential underground resources of 5.1 million tonnes averaging 3.49 g/t Au (577,000 oz) in the inferred category were also outlined. Resources were reported at a cut-off grade of 0.4 g/t Au for open pit extraction and 1.5 g/t in a bulk underground mining scenario using a gold price of US$1,250/oz.
At the Jonpol Zone, resources were estimated as 0.87 million tonnes averaging 5.34 g/t Au (150,000 oz) in the indicated category; and 1.07 million tonnes averaging 5.56 g/t Au (192,000 oz) in inferred resources. Resources were reported at a cut-off grade of 3.0 g/t Au and assume an underground extraction scenario using a gold price of US$1,250/oz.
Readers are cautioned that inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Garrcon Zone
The Garrcon Zone has a shallow plunge eastward along the footwall of the Destor-Porcupine Fault Zone with the bulk of the resource in the western, more densely drilled area. The zone is exposed at surface and has potential for open pit bulk mining at an estimated overall stripping ratio of 1.8:1. There is potential for additional underground resources below the pit and along the easterly plunge of the zone, which is open for further exploration down dip and along strike.
The Garrcon shaft was sunk in 1935 and 1936 by the Consolidated Mining and Smelting Co. of Canada (“Cominco”) and the Shaft and South Zones were tested for high grade gold mineralization. Cominco drove approximately 1,430 metres of drifts and cross cuts, mining underground veins. Diamond drilling by Cominco and Lac Minerals Ltd. in the mid-to-late 1980s identified broad sections of low grade mineralization. In 2006-2007, ValGold Resources Ltd. conducted additional drilling confirming these zones. From 2009-2013 Northern Gold Mining Inc. conducted 97,000 metres of diamond drilling which delineated the current resource.
In 2014, Northern Gold Mining Inc. was granted a trial mining permit allowing the extraction of up to 150,000 tonnes. Northern Gold Mining Inc. mined 73,534 dry tonnes which was processed at the nearby Holt mill facility recovering 3,516 oz at an average head grade of 1.55 g/t and recovery of 95.9%.
Jonpol Zone
Jonpol is situated in the Munro Fault Zone, a west striking splay off the north side of the Destor-Porcupine Fault. Hosted in a shear zone tens of metres wide in altered mafic volcanic rocks, the deposit consists of four high grade gold mineralized zones (JP, JD, RP and East) over a strike length of 1.7 kilometers. Gold mineralization is hosted in quartz carbonate veins, in mafic and ultramafic host rocks, and is associated with intense albite and/or sericite alteration and pyrite mineralization.
In 1997, a 49,087 tonne bulk sample was extracted from the central part of the JP zone by Hillsborough Resources Limited with an average grade of 6.7 g/t which produced 9,476 ounces Au. From 1985-2013, over 130,000 metres of drilling was completed on the property by previous operators. Development work on the JP zone included the sinking of a 184 metre shaft as well as development of a ramp to the 150 metres level with mining on six sublevels. The Jonpol infrastructure underwent reclamation in the late 1990s and was closed out in 2001, but the existing ramp and shaft are preserved.
903 Zone
This third mineralized zone present at Garrison was not included in the resource estimate reported by the previous operator in 2013. Mineralization at the 903 was discovered in 1945 by Wright-Hargreaves Mines Ltd. In 1988 Lac Minerals acquired the claims covering the current 903 Zone and completed 17 drill holes totaling 4,823 metres. The property was optioned in 1990 to Jonpol and T&H Resources and subsequently returned to Lac Minerals in 1991. Northern Gold acquired the claims from a subsidiary of Barrick Gold in 2013, conducting surface exploration and six drill holes.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% in the high-grade Windfall Lake gold deposit located between Val-dOr and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 3,300 square kilometres), a 100% interest in the Marban project located in the heart of Québecs prolific Abitibi gold mining district, and properties in the Larder Lake Mining Division in northeast Ontario, including the Jonpol and Garrcon deposits on the Garrison property, the Buffonta past producing mine and the Gold Pike mine property. The Corporation also holds interests and options in a number of additional properties in northern Québec and Ontario. Osisko continues to be well financed with approximately $190 million in cash and investments as of the end of Q4 2017.
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 timing and ability (if at all) of Osisko to prepare a Preliminary Economic Assessment and initial resource estimate for the Windfall deposit; the timing and ability (if at all) of Osisko to prepare a feasibility study for the Windfall deposit; Osiskos exploration budget for 2018; the advancement of the Windfall and Lynx deposits through drilling and exploration initiatives; the expansion of the previously known mineralized zones and the discovery of the new Lynx deposit, and Wolf and Bobcat zones; continued exploration and drilling at the Windfall and Lynx deposits and any extension of the mineralized zones; the continued advancement, and rate of advancement, of the exploration ramp; the timing and ability (if at all) of Osisko to obtain permits for the exploration ramp towards Lynx; the ability of the Windfall Lake gold project to be one of the highest-grade resource stage gold projects in Canada; the significance of drill results from the ongoing drill program at the Windfall Lake gold project; the timing and ability (if at all) of Osisko to complete additional property acquisitions in Lebel-sur-Quévillon; the benefits of a potential processing plant in Lebel-sur-Quévillon; the timing and ability (if at all) of Osisko to prepare an initial resource estimate in respect of the Osborne-Bell deposit; exploration planned at the Fox and Black Dog discoveries; proposed exploration work at the Urban Barry block; proposed exploration work on the Quévillon block; the continued fast pace of our work in 2018; our ability to sustain and add shareholder value; Osiskos ability (if at all) to develop into a mining camp; the type of drilling included in the drill program; potential mineralization; the ability to realize upon any mineralization in a manner that is economic; the ability to complete any proposed exploration activities and the results of such activities; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “managements view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Corporation at the time it was made. This forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any 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 to accurately predict mineralization; errors in managements geological modelling; delays in the turnaround of assay data; lack of adequate drill density; Osiskos timing and ability (if at all) to complete further exploration activities, including drilling; property interests in the Windfall Lake gold project and Osborne-Bell gold deposit; 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
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