1.86M oz Au M&I Resource Averaging 9.6 g/t Au

4.24M oz Au Inferred Resource Averaging 8.0 g/t Au

 

(Toronto, February 17, 2021) Osisko Mining Inc. (OSK:TSX, “Osisko” or the “Corporation”) is pleased to provide an updated mineral resource estimate (the “MRE”) for its 100% owned world-class Windfall gold deposit, located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

 

This MRE is based on drilling completed as of September 2020, and includes analytical results received as of November 30, 2020.  Approximately 100,000 metres of drilling has been completed since the above dates, with a further 200,000 metres in progress and expected to be completed by the third quarter of 2021.  A subsequent MRE for the Windfall feasibility study will follow the completion of the infill program.

 

HIGHLIGHTS

• M&I grade of 9.6 g/t Au continues trend of grade increase with infill program
• M&I ounces increased 54%
• Lynx represents over 60% of the total MRE ounces with average grades of 11.3 g/t Au Measured; 11.0 g/t Au Indicated; and 9.9 g/t Au Inferred
• Significant Lynx high-grade zones remain open to expansion down plunge
• Remainder of infill drilling is focused on Lynx with >30 drills
• Discovery and definition cost averages US$38/oz[1]
• Deposit average of 4.5 oz Au defined per metre drilled

 

John Burzynski, Chief Executive Officer of Osisko Mining, commented: “We are pleased to deliver this updated MRE, as Windfall continues to impress with increasing average grade and scale.  The infill drill program is exceeding our expectations, with the M&I resource average grade increasing to 9.6 g/t Au.  We anticipate that by the end of the infill program and in the subsequent MRE, we will see another significant addition to the M&I resource with increased grade, and further growth of the deposit scale.  We have had strong infill results since the cut-off date that have not been included in this current estimate, and ongoing drilling continues to be encouraging as we work steadily towards the completion of our drill program.”

 

Mr. Burzynski continued: “The past year has provided some unforeseen challenges, and despite this, we have managed to advance our work significantly.  We would like very much to thank our Cree First Nation hosts and partners, local and provincial governments, our employees and contractors, our stakeholders and our shareholders for their help and strong support.”

 

 

 

Table 1: Windfall Gold Deposit Mineral Resource Estimate Sensitivity Table

Cut-off Grade (g/t Au)	Measured + Indicated					Inferred
	Tonnes (000 t)	Grade Au (g/t)	Grade Ag (g/t)	Ounces Au (000 oz)	Ounces Ag (000 oz)	Tonnes (000 t)	Grade Au (g/t)	Grade Ag (g/t)	Ounces Au (000 oz)	Ounces Ag (000 oz)
5.00	4,214	11.9	6.8	1,614	918	10,525	10.2	3.3	3,454	1,133
4.50	4,721	11.1	6.5	1,692	981	12,090	9.5	3.1	3,693	1,215
4.00	5,304	10.4	6.2	1,771	1,059	14,045	8.8	2.9	3,960	1,319
3.50	6,023	9.6	5.9	1,857	1,149	16,401	8.0	2.7	4,244	1,446
3.00	6,882	8.8	5.7	1,947	1,257	19,561	7.3	2.6	4,574	1,604
2.50	7,971	8.0	5.4	2,043	1,381	23,676	6.5	2.4	4,937	1,806

 Note: The MRE uses a cut-off grade of 3.5 g/t Au.

 

 

Table 2: Windfall Gold Deposit Mineral Resource Estimate by Area (3.5 g/t Au cut-off)

 

Area	Measured						Indicated						Inferred
	Tonnes1(000 t)	Grade Au (g/t)	Grade Ag (g/t)	Ounces Au1 (000 oz)	Ounces Ag1 (000 oz)	Tonnes1(000 t)		Grade Au (g/t)	Grade Ag (g/t)	Ounces Au1 (000 oz)	Ounces Ag1 (000 oz)	Tonnes1(000 t)		Grade Au (g/t)	Grade Ag (g/t)	Ounces Au1 (000 oz)	Ounces Ag1 (000 oz)
Lynx2	521	11.3	8.1	189	135	3 075		11.0	6.6	1 088	655	7 418		9.9	3.5	2 355	833
Underdog	–	–	–	–	–	562		8.0	1.1	145	20	4 788		6.9	0.9	1 068	139
Main3	–	–	–	–	–	1 865		7.3	5.7	436	339	3 540		5.9	3.3	673	375
Triple 8	–	–	–	–	–	–		–	–	–	–	655		7.1	4.7	149	99
Total	521	11.3	8.1	189	135	5 502		9.4	5.7	1 668	1 013	16 401		8.0	2.7	4 244	1 446

    Notes: ¹ Values are rounded to nearest thousand which may cause apparent discrepancies.

 ² Lynx area includes: Lynx Main, Lynx HW, Lynx SW and Lynx 4, Triple Lynx.

 ³ Main area includes: Zone 27, Caribou, Mallard, Windfall Nord, and F-Zones.

 See Windfall Gold Deposit Mineral Resource Estimate notes further below.

 

“Located in Québec, one of the worlds best mining jurisdictions, this MRE places Windfall among the best high-grade development projects globally.” added Mr. Burzynski.  “Apart from the infill program, additional drills are exploring down plunge extensions of Lynx, the nearby Fox trend, and targets along strike from the Windfall deposit. The Windfall exploration ramp is advancing towards the third bulk sample in Triple Lynx, and we have received authorization to conduct test stopes in Lynx to optimize future mining parameters and grade distribution.”

 

This MRE is the result of 3,612 drill holes (1,343,593 metres of core) in the resource area, including 2,959 drill holes (1,161,872 metres of core) completed by Osisko from October 2015 to September 2020 with assays up to November 30, 2020. The Windfall MRE (with an effective date of November 30, 2020) was prepared by Osisko and reviewed and audited by BBA Inc., Montréal, Québec. The full technical report, which is being prepared 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 issuer profile within 45 days.

 

This mineral resource estimate reflects the current status of the geological interpretation supported by infill drilling, underground mapping and bulk sample results. Most mineralized envelopes in the Main area are associated with pyritic stringers occurring near contacts between volcanic rocks and younger intrusive rocks. The Lynx mineralized zones form an extensive anastomosed network of quartz-rich and pyrite-rich veins hosted within strongly silicified volcanic rocks. This system is located on the southern limb of an open fold plunging at 40 degrees towards ENE along the Bank fault-shear zone.

 

The MRE is 50% contained within 22 wireframes and 75% contained within 62 wireframes. The MRE considers a total of 374 mineralized zones defined by individual wireframes with a minimum true thickness of 2.0 metres. The MRE reports grade blocks inside volumes potentially mineable by underground methods at a cut-off grade of 3.5 g/t Au. The cut-off calculation below has been rounded up to 3.5 g/t Au to better represent a future mining cut-off.

 

Table 3: Parameters used to estimate the underground cut-off grade

for the Windfall Gold Deposit Mineral Resource Estimation

Parameters	Unit	Value
Gold Price	USD/oz	1,485
Exchange Rate	USD/CAD	1.3
Mill Recovery	%	94
Payability	%	99.95
Sell Cost	USD/oz	5
Royalties (NSR)	%	2
Mining Cost	C$/T milled	100
G&A Cost	C$/T milled	30
Processing Cost	C$/T milled	40
Transportation	C$/T milled	2
Environment	C$/T milled	10
Calculated Cut-off Grade	g/t Au	3.2
MRE Cut-off Grade	g/t Au	3.5

 

Windfall Gold Deposit Mineral Resource Estimate Notes

 

1. The independent qualified person for the 2021 MRE, as defined by NI 43-101 guidelines, is Pierre-Luc Richard, P.Geo.(OGQ#1119), of BBA Inc. The effective date of the estimate is November 30, 2020.
2. The Windfall mineral resource estimate is compliant with the November 29, 2019 CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines.
3. These mineral resources are not mineral reserves as they have not demonstrated economic viability. The quantity and grade of reported Inferred mineral resources in this news release are uncertain in nature and there has been insufficient exploration to define these resources as Indicated or Measured; however, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
4. Resources are presented undiluted and in situ and are considered to have reasonable prospects for economic extraction. Isolated and discontinuous blocks above the stated cut-off grade are excluded from the mineral resource estimate. Must-take material, i.e. isolated blocks below cut-off grade located within a potentially mineable volume, was included in the mineral resource estimate.
5. As of November 30, 2020, the database comprises a total of 3,612 drill holes for 1,343,593 metres of drilling in the area extent of the mineral resource estimate, of which 2,959 drill holes (1,161,872 metres) were completed and assayed by Osisko. The drill hole grid spacing is approximately 12.5 metre x 12.5 metre for definition drilling, 25 metre x 25 metre for infill drilling and larger for extension drilling.
6. All core assays reported by Osisko were obtained by analytical methods described below under “Quality Control and Reporting Protocols”.
7. Geological interpretation of the deposit is based on lithologies, mineralization style, alteration and structural features. Most mineralization envelopes are subvertical, striking NE-SW and plunging approximately 40 degrees towards the North-East. The 3D wireframing was generated in Leapfrog Geo, a modelling software, from hand selections of mineralization intervals. The mineral resource estimate includes a total of 374 tabular, mostly sub-vertical domains defined by individual wireframes with a minimum true thickness of 2.0 metres.
8. Assays were composited within the mineralization domains into 2.0 metres length composites. A value of 0.00125 g/t Au and 0.0025 g/t Ag (¼ of the detection limit) was applied to unassayed core intervals.
9. High-grade composites were capped. Cappings were determined in each area from statistical studies on groups of zones sharing similar mineralization characteristics. Cappings vary from 10 g/t Au to 200 g/t Au and from 5 g/t Ag to 150 g/t Ag. A multiple capping strategy defined by capping values decreasing as interpolation search distances increase was used in the grade estimations.
10. Block models were produced using Datamine™ Studio RM Software. The models are defined by parent cell sizes of 5 metres NE, 2 meters NW and 5 metres height, and sublocked to minimum subcell sizes of 1.25 meters NE, 0.5 metres NW and 1.25 metres height.
11. Ordinary Kriging (OK) based interpolations were produced for gold estimations in each area of the Windfall deposit, while silver grade estimations were produced using Ordinary Kriging (OK) or Inverse Distance Squared (ID²) interpolations. Gold estimation parameters are based on composite variography analyses. The gold estimation parameters were used for the silver estimation.
12. Density values of 2.8 were applied to the mineralized zones.
13. The Windfall mineral resource estimate is categorized as measured, indicated and inferred mineral resource as follows:

    a.    The measured mineral resource category is manually defined and enclosed areas where:
         i.    the drill spacing is less than 12.5 metres,
        ii.    blocks are informed by a minimum of four drill holes,
       iii.    geological evidence is sufficient to confirm geological and grade continuity,
       iv.    zones have been accessed by underground workings.
    b.    The indicated mineral resource category is manually defined and encloses areas where:
         i.    the drill spacing is generally less than 12.5 metres,
        ii.    blocks are informed by a minimum of two drill holes,
       iii.    geological evidence is sufficient to assume geological and grade continuity.

    
    c.    The inferred mineral resource category is manually defined and encloses areas where:
         i.    drill spacing is less than 100 metres,
        ii.    blocks are informed by a minimum of two drill holes,
       iii.   geological evidence is sufficient to imply, but not verify geological and grade continuity.

14. The mineral resource is reported at 3.5 g/t Au cut-off. The cut-off grade is based on the following economic parameters: gold price at 1,485 USD/oz, exchange rate at 1.30 USD/CAD, 94% mill recovery; payability of 99.95%; selling cost at 5 USD/oz, 2% NSR royalties, mining cost at 100 C$/t milled, G&A cost at 30 C$/t milled, processing cost at 40 C$/t, transportation cost at 2 C$/t considering mill at site, and environment cost at 10 C$/t. A cut-off grade of 3.5 g/t Au was selected over the calculated cut-off grade of 3.2 g/t Au to better reflect a realistic mining cut-off.
15. Estimates use metric units (metres, tonnes and g/t). Metal contents are presented in troy ounces (metric tonne x grade / 31.10348).
16. The independent qualified person is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues, or any other relevant issue, that could materially affect the mineral resource estimate.
17. Values in tonnes and ounces are rounded to nearest thousand which may cause apparent discrepancies.

 

Qualified Person

The Windfall mineral resource estimate, with an effective date of November 30, 2020, was (i) prepared by Judith St-Laurent, P.Geo (OGQ #1023), B.Sc., Director of Resources Estimation at Osisko, and (ii) reviewed and approved by Pierre-Luc Richard, M.Sc., P.Geo (OGQ#1119,), each of whom is a “qualified person” within the meaning of NI 43-101. Mr. Richard is an employee of BBA Inc. and is considered to be “independent” of Osisko for purposes of section 1.5 of NI 43-101. The scientific and technical content in this news release has been reviewed and approved by Mr. Mathieu Savard, P.Geo (OGQ #510), President of Osisko, who is a “qualified person” within the meaning of NI 43-101.

Quality Control and Reporting Protocols

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 this news release 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 this news release, certain of which are described in this 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. 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 2,625metres 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 a100% undivided interest in a large area of claims in the surrounding the Urban Barry area and nearby Quévillon area (over 2,700 square kilometres).

Cautionary Statements Regarding Estimates of Mineral Resources

This news release uses the terms measured, indicated and inferred mineral resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. The mineral resource estimate disclosed 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 NI 43-101 (“CIM”). Under NI 43-101, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for preliminary economic assessments. Readers are cautioned not to assume that further work on the stated 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 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
Office Telephone (416) 363-8653

¹Non-audited estimation using actual exploration expenditures as of December 31^st, 2020 (excluding exploration ramp expenditures), the amount of metres drilled by Osisko since 2015 and considering Quebec Tax Exploration Credit returns divided by global ounces. This is considered a non-GAAP number.

New Intercepts Include 90.5 g/t Au Over 9.7 Metres in Triple Lynx

(Toronto, January 18, 2021) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing expansion and definition drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Drilling is currently focused on the Lynx deposit. Osisko Chief Executive Officer John Burzynski commented: “Broken record alert, infill drilling continues to show both the continuity and high-grade nature of Lynx, consistently returning good results on grade and widths as demonstrated by today’s headline hole.  We are advancing our work on the deposit at full speed, with over 35 drills active on surface and underground.”

The table below contains resource definition infill intercepts located inside the February 2020 mineral resource estimate wireframes (see Osisko news release dated February 19, 2020). Significant new analytical results are presented below and include 46 intercepts in 17 drill holes and 14 wedges.

Selected high-grade intercepts from the new results include: 90.5 g/t Au over 9.7 meters in OSK-W-20-2252-W7; 59.5 g/t Au over 2.0 metres in OSK-W-20-2292-W5; 38.4 g/t Au over 5.5 meters in OSK-W-20-2252-W8; 37.1 g/t Au over 2.0 metres in WST-20-0542A; 32.2 g/t Au over 3.7 metres in OSK-W-20-2243-W6. Maps showing hole locations and full analytical results are available at www.osiskomining.com.

 

Hole No.	From (m)	To (m)	Interval (m)	Au (g/t) uncut	Au (g/t)         cut to 100 g/t	Zone	Corridor
OSK-W-20-2139-W12	913.0	915.0	2.0	3.96		Lynx_361	Triple Lynx
OSK-W-20-2243-W6	925.2	928.9	3.7	32.2		Triple Lynx	Triple Lynx
including	927.2	928.2	1.0	55.2
OSK-W-20-2252-W7	861.3	866.6	5.3	4.54		Triple Lynx	Triple Lynx
including	866.3	866.6	0.3	16.6
	871.0	876.0	5.0	5.45		Triple Lynx	Triple Lynx
	900.0	909.7	9.7	90.5	32.3	Lynx_371	Triple Lynx
including	904.7	905.2	0.5	324	100
and	905.6	906.2	0.6	725	100
	911.2	913.3	2.1	7.79		Lynx_361	Triple Lynx
including	912.1	912.4	0.3	33.7
	961.9	964.0	2.1	13.7		Lynx_363	Triple Lynx
including	962.8	963.1	0.3	75.9
	987.0	989.3	2.3	3.76		Lynx_364	Triple Lynx
OSK-W-20-2252-W8	877.0	879.0	2.0	4.30		Lynx_371	Triple Lynx
	921.8	924.1	2.3	23.7		Lynx_361	Triple Lynx
including	922.8	923.4	0.6	62.1
	967.0	972.5	5.5	38.4		Lynx_363	Triple Lynx
including	969.6	970.6	1.0	91.7
and	970.6	971.6	1.0	69.5
OSK-W-20-2271-W2	1038.0	1040.0	2.0	3.79		Lynx_330	Lynx
OSK-W-20-2275	756.0	758.0	2.0	4.76		Triple Lynx	Triple Lynx
OSK-W-20-2275-W3	864.7	867.2	2.5	3.68		Triple Lynx	Triple Lynx
OSK-W-20-2275-W4	933.9	936.2	2.3	3.62		Triple Lynx	Triple Lynx
OSK-W-20-2280-W3	1039.0	1041.0	2.0	4.33		Lynx_363	Triple Lynx
including	1039.6	1039.9	0.3	26.3
	1045.0	1047.0	2.0	4.58		Lynx_363	Triple Lynx
including	1046.2	1046.5	0.3	28.8
OSK-W-20-2280-W4	1124.0	1129.0	5.0	7.04		Lynx_370	Triple Lynx
including	1125.3	1125.8	0.5	30.0
OSK-W-20-2280-W5	888.7	890.7	2.0	19.2		Triple Lynx	Triple Lynx
including	890.1	890.7	0.6	62.3
OSK-W-20-2283-W1	826.0	828.0	2.0	3.91		Triple Lynx	Triple Lynx
OSK-W-20-2283-W6	844.8	847.0	2.2	3.62		Triple Lynx	Triple Lynx
including	844.8	845.3	0.5	13.0
OSK-W-20-2292-W5	1039.0	1041.0	2.0	59.5	20.3	Triple Lynx	Triple Lynx
including	1039.4	1039.8	0.4	296	100
OSK-W-20-2292-W6	884.4	886.5	2.1	8.95		Triple Lynx	Triple Lynx
OSK-W-20-2345	144.2	150.0	5.8	4.23		Lynx_355	Lynx
OSK-W-20-2350	112.5	115.0	2.5	22.9	20.6	Lynx_335	Lynx
including	113.5	113.9	0.4	115	100
	137.0	139.0	2.0	16.3	15.8	Lynx_355	Lynx
including	137.5	137.8	0.3	103	100
OSK-W-20-2363	686.0	688.0	2.0	3.82		Lynx_365	Triple Lynx
WST-20-0011	295.4	297.6	2.2	3.66		Lynx SW	Lynx
including	296.4	297.0	0.6	11.4
WST-20-0490	114.0	116.1	2.1	28.1	27.7	Lynx_339	Lynx
including	115.4	115.8	0.4	102	100
	294.3	296.4	2.1	5.57		Triple Lynx	Triple Lynx
including	295.7	296.1	0.4	21.7
WST-20-0498	142.0	144.0	2.0	3.38		Lynx	Lynx
WST-20-0503	54.0	56.0	2.0	3.76		Lynx_311	Lynx
WST-20-0505A	280.0	282.0	2.0	3.19		Lynx SW	Lynx SW
WST-20-0516	168.0	170.0	2.0	23.8		Lynx_359	Lynx
including	168.5	169.3	0.8	43.0
WST-20-0525	159.7	161.8	2.1	10.8		Lynx_359	Lynx
including	160.3	160.6	0.3	52.7
WST-20-0536	91.0	93.0	2.0	14.2		Lynx_304	Lynx
including	91.7	92.1	0.4	66.9
	98.0	100.0	2.0	13.5		Lynx_304	Lynx
including	98.6	98.9	0.3	83.8
	111.0	113.0	2.0	8.90		Lynx_359	Lynx
including	111.8	112.6	0.8	22.2
	117.0	119.0	2.0	3.26		Lynx_359	Lynx
WST-20-0537	99.8	101.9	2.1	5.28		Lynx_304	Lynx
WST-20-0542A	46.9	49.1	2.2	30.3		Lynx_303	Lynx
including	46.9	47.6	0.7	94.0
	64.3	66.3	2.0	37.1		Lynx_323	Lynx
including	65.2	66.3	1.1	63.3
WST-20-0545	95.7	98.0	2.3	18.1		Lynx_304	Lynx
	124.0	127.1	3.1	10.6		Lynx_359	Lynx
including	126.6	127.1	0.5	46.2
WST-20-0569	243.0	245.0	2.0	13.7		Lynx SW	Lynx SW
including	243.8	244.2	0.4	67.3
WST-20-0571	413.0	415.0	2.0	6.65		Lynx SW	Lynx SW
including	413.0	414.0	1.0	13.3

Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below.

SW= Southwest

 

Drill hole location

Hole Number	Azimuth (°)	Dip (°)	Length (m)	UTM E	UTM N	Elevation	Section
OSK-W-20-2139-W12	115	-52	1038	452980	5435549	420	3450
OSK-W-20-2243-W6	122	-54	965	453086	5435526	417	3550
OSK-W-20-2252-W7	129	-54	1191	453241	5435694	415	3750
OSK-W-20-2252-W8	129	-54	1239	453241	5435694	415	3750
OSK-W-20-2271-W2	120	-53	1223	453462	5435683	410	3950
OSK-W-20-2275	127	-49	1094	452888	5435583	409	3400
OSK-W-20-2275-W3	127	-49	1050	452888	5435583	409	3400
OSK-W-20-2275-W4	127	-49	1052	452888	5435583	409	3400
OSK-W-20-2280-W3	127	-58	1191	453304	5435639	415	3775
OSK-W-20-2280-W4	127	-58	1215	453304	5435639	415	3775
OSK-W-20-2280-W5	127	-58	1134	453304	5435639	415	3775
OSK-W-20-2283-W1	135	-50	1035	452997	5435607	425	3500
OSK-W-20-2283-W6	135	-50	957	452997	5435607	425	3500
OSK-W-20-2292-W5	125	-54	1134	453035	5435561	420	3525
OSK-W-20-2292-W6	125	-54	1110	453035	5435561	420	3525
OSK-W-20-2345	336	-62	162	452828	5434780	397	2950
OSK-W-20-2350	324	-62	177	452854	5434793	397	2975
OSK-W-20-2363	139	-52	1031	452930	5435548	419	3425
WST-20-0011	157	-54	451	453105	5435065	231	3325
WST-20-0490	160	-31	430	453256	5435209	97	3525
WST-20-0498	132	-11	169	453228	5435126	136	3475
WST-20-0503	148	6	99	453105	5435065	232	3325
WST-20-0505A	183	-45	331	453227	5435125	134	3475
WST-20-0516	168	-33	195	453418	5435305	69	3725
WST-20-0525	165	-20	187	453418	5435305	69	3725
WST-20-0536	132	-27	135	453316	5435166	124	3575
WST-20-0537	132	-32	139	453316	5435166	124	3575
WST-20-0542A	156	-30	138	453315	5435165	124	3550
WST-20-0545	112	-24	148	453316	5435166	124	3575
WST-20-0569	165	-59	526	453104	5435065	231	3325
WST-20-0571	167	-55	465	453104	5435065	231	3325

 

Lynx Zone

Mineralization occurs as grey to translucent quartz-carbonate-pyrite-tourmaline veins and pyrite replacement zones and stockworks. The vein-type is associated with haloes of pervasive sericite-pyrite ± silica alteration and contain sulphides (predominantly pyrite with minor amounts of chalcopyrite, sphalerite, galena, arsenopyrite, and pyrrhotite) and local visible gold. Replacement mineralization is associated with strong pervasive silica-sericite-ankerite ± tourmaline alteration and contains disseminated pyrite from trace to 80% with local visible gold. Pyrite stockworks can form envelopes that reach several tens of metres thick. Fuchsite alteration is common and is spatially constrained to near the gabbros. Mineralization occurs at or near geological contacts between felsic porphyritic or fragmental intrusions and the host rhyolites or gabbros and locally can be hosted along the gabbro-rhyolite contact.

 

Triple Lynx

Mineralization in the Triple Lynx zone is vein-type, quartz-carbonate-pyrite-tourmaline veins, associated with pervasive sericite-pyrite ± silica alteration and contain sulphides similar to the main Lynx Zone, pyrite dominated with minor other sulphides, ranging from trace to up to 70% locally, and local visible gold. Locally fuchsite is present when proximal to the gabbros. Mineralization is hosted in or at the contacts of felsic porphyritic dikes with rhyolites (locally bleached) or gabbros.

 

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. All NQ core assays reported were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Thunder Bay, Ontario, Sudbury, Ontario or Vancouver, British Colombia, or (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using a four acids digestion -MS61 method at ALS Laboratories. Drill program design, QualityAssurance/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 Eeyou Istchee James Bay, Québec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 19, 2020 and supported by the technical report entitled “An updated mineral resource estimate for the Windfall Lake Project, Located in the Abitibi Greenstone Belt, Urban Township, Eeyou Istchee James Bay, Québec, Canada” and dated April 3, 2020 (with an effective date of January 3, 2020), and assuming a cut-off grade of 3.5 g/t, comprises 4,127,000 tonnes at 9.1 g/t Au (1,206,000 ounces) in the indicated mineral resource category and 14,532,000 tonnes at 8.40 g/t Au (3,938,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 19,2020 news release are further described in the full technical report prepared by Micon International Limited (“Micon”) and BBA Inc (“BBA”), in accordance with NI 43-101 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 deformed sub-vertical zones plunging to the northeast. Vein-type or pyrite replacement-type styles of mineralization crosscut syn-volcanic host rocks and syn-deformation felsic porphyry intrusions and are spatially associated with the contacts of the intrusions. The deposit is well defined from surface to a depth of 1,200 metres and remains open along strike and at depth.Mineralization has been identified 30 metres from surface in some areas and as deep as 2,000 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 a100% 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; the prospects, if any, of the Windfall gold deposit; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the projected capital expenditures of mining activities at the Windfall gold deposit; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the deposit remaining open along strike to the northeast and at depth; significant high-grade zones (Lynx 4, Triple Lynx) remaining open down plunge; the plunge potential of the Lynx and Underdog zones; 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 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

New Intercepts Include 344 g/t Au Over 2.2 Metres in Triple Lynx

(Toronto, January 11, 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.

Drilling is currently focused on the Lynx deposit. Osisko Chief Executive Officer John Burzynski commented: “Today’s new intersections are all from outside the published 2020 resource area and highlight the strong upside growth potential of our deposit. Step-out drilling remains focused on the open down plunge areas of known mineralized corridors in the Lynx area as well as some other high potential areas.”

The table below shows intercepts located outside the February 2020 mineral resource estimate wireframes (see Osisko news release dated February 19, 2020). These intercepts either expand the resource wireframes or are located in a defined zone/corridor but not yet correlated to a specific wireframe. Significant new analytical results are presented below and include 80 intercepts in 27 drill holes and 22 wedges.

Selected high-grade intercepts from the new results include: 344 g/t Au over 2.2 metres in OSK-W-20-2313-W2; 114 g/t Au over 2.6 metres in OSK-W-20-2280-W5; 90.2 g/t Au over 2.0 metres in WST-20-0380; 74.2 g/t Au over 2.2 metres in OSK-W-19-1949-W3; and 26.7 g/t Au over 7.0 metres in WST-20-0078. 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-19-1949-W3	737.4	739.6	2.2	74.2	47	Lynx	Lynx
including	737.4	737.8	0.4	133	100
and	737.8	738.3	0.5	194	100
OSK-W-20-2133-W4	946.6	951.7	5.1	3.47		Lynx_331	Lynx
	956.7	960.1	3.4	23.2		Lynx_331	Lynx
including	957.7	958.7	1.0	60.6
OSK-W-20-2139-W12	873.4	875.4	2.0	10.2		Triple Lynx	Triple Lynx
	998.0	1000.0	2.0	5.67		Triple Lynx	Triple Lynx
OSK-W-20-2170-W6	1367.8	1370.0	2.2	6.61		Lynx 4	Lynx
	1379.0	1381.0	2.0	14.5		Lynx 4	Lynx
OSK-W-19-2182	97.0	99.0	2.0	9.65		Lynx	Lynx
OSK-W-20-2251	1836.0	1838.0	2.0	21.0	20.3	Triple Lynx	Triple Lynx
including	1836.9	1837.3	0.4	104	100
	1908.6	1910.6	2.0	5.24		Triple Lynx	Triple Lynx
including	1908.6	1909.2	0.6	15.9
OSK-W-20-2251-W1	2112.0	2114.0	2.0	8.45		Lynx 4	Lynx
OSK-W-20-2252-W4	1059.0	1061.0	2.0	12.5		Triple Lynx	Triple Lynx
	1100.2	1104.9	4.7	6.74		Triple Lynx	Triple Lynx
including	1100.2	1100.6	0.4	22.7
and	1104.3	1104.9	0.6	33.2
	1109.4	1113.6	4.2	19.2		Triple Lynx	Triple Lynx
including	1111.0	1111.7	0.7	40.6
OSK-W-20-2252-W5	1017.7	1020.0	2.3	8.54		Triple Lynx	Triple Lynx
including	1018.5	1019.0	0.5	35.3
OSK-W-20-2256-W6	1051.0	1054.0	3.0	12.0		Triple Lynx	Triple Lynx
including	1052.1	1053.0	0.9	37.7
OSK-W-20-2264	814.8	821.8	7.0	11.7		Lynx 4	Lynx
including	816.3	816.8	0.5	31.4
and	818.8	819.6	0.8	57.5
	863.3	865.3	2.0	6.29		Lynx 4	Lynx
OSK-W-20-2271-W1	752.1	754.2	2.1	5.05		Lynx	Lynx
	784.3	786.5	2.2	4.38		Lynx	Lynx
	840.1	842.2	2.1	4.57		Lynx	Lynx
including	841.9	842.2	0.3	19.7
	1032.0	1034.0	2.0	26.3		Lynx 4	Lynx
including	1033.0	1033.5	0.5	97.5
	1049.0	1051.0	2.0	7.98		Lynx	Lynx
OSK-W-20-2271-W2	814.0	816.9	2.9	6.00		Lynx	Lynx
OSK-W-20-2280-W2	1059.8	1062.0	2.2	30.7		Triple Lynx	Triple Lynx
including	1060.8	1062.0	1.2	53.2
OSK-W-20-2280-W5	976.8	979.4	2.6	114	29.3	Lynx_368	Triple Lynx
including	976.8	977.5	0.7	416	100
	1070.0	1074.0	4.0	22.0		Triple Lynx	Triple Lynx
including	1072.3	1073.2	0.9	52.3
OSK-W-20-2283-W2	945.0	947.0	2.0	15.7		Triple Lynx	Triple Lynx
including	946.0	947.0	1.0	31.1
OSK-W-20-2292-W1	559.2	561.5	2.3	11.6		Triple Lynx	Triple Lynx
	1014.6	1016.6	2.0	5.46		Triple Lynx	Triple Lynx
	1115.0	1117.0	2.0	4.39		Triple Lynx	Triple Lynx
	1122.6	1125.0	2.4	12.6		Triple Lynx	Triple Lynx
including	1123.8	1124.5	0.7	28.1
OSK-W-20-2292-W2	560.0	562.0	2.0	6.43		Triple Lynx	Triple Lynx
including	560.0	560.5	0.5	21.2
OSK-W-20-2295-W1	477.6	479.7	2.1	20.4		Lynx_365	Triple Lynx
including	477.9	478.5	0.6	69.8
	805.0	807.0	2.0	17.5		Triple Lynx	Triple Lynx
including	805.5	806.4	0.9	36.3
OSK-W-20-2295-W2	477.0	479.1	2.1	3.60		Lynx_365	Triple Lynx
	826.2	828.2	2.0	13.0		Triple Lynx	Triple Lynx
including	827.6	828.2	0.6	38.3
OSK-W-20-2295-W3	689.0	691.0	2.0	7.23		Triple Lynx	Triple Lynx
including	689.5	690.0	0.5	27.4
OSK-W-20-2295-W4	757.0	759.3	2.3	4.08		Triple Lynx	Triple Lynx
including	757.0	757.5	0.5	10.1
	1026.0	1028.1	2.1	16.3		Triple Lynx	Triple Lynx
including	1027.6	1028.1	0.5	65.5
OSK-W-20-2313	864.0	870.0	6.0	5.58		Triple Lynx	Triple Lynx
including	864.0	864.6	0.6	23.8
	1035.4	1037.6	2.2	13.0		Triple Lynx	Triple Lynx
including	1036.4	1037.0	0.6	47.4
OSK-W-20-2313-W2	645.8	648.0	2.2	344	13.7	Triple Lynx	Triple Lynx
including	647.1	647.4	0.3	2520	100
OSK-W-20-2313-W3	849.7	852.0	2.3	12.9		Triple Lynx	Triple Lynx
including	850.2	850.5	0.3	98.8
OSK-W-20-2313-W6	730.0	732.0	2.0	4.13		Triple Lynx	Triple Lynx
OSK-W-20-2317	621.0	623.0	2.0	7.24		Triple Lynx	Triple Lynx
	662.0	664.2	2.2	3.81		Triple Lynx	Triple Lynx
including	663.7	664.2	0.5	13.1
	741.0	743.4	2.4	5.05		Triple Lynx	Triple Lynx
including	741.8	742.4	0.6	19.8
OSK-W-20-2319	514.0	516.7	2.7	19.1		Lynx	Lynx
including	514.0	514.4	0.4	88.7
	589.4	591.9	2.5	21.9	20.7	Lynx	Lynx
including	591.4	591.9	0.5	106	100
OSK-W-20-2328	525.0	527.0	2.0	6.68		Lynx SW	Lynx SW
including	525.0	526.0	1.0	13.1
	669.0	671.7	2.7	6.43		Lynx SW	Lynx SW
including	670.4	670.7	0.3	45.8
	859.5	861.5	2.0	9.69		Lynx 4	Lynx
including	860.4	861.0	0.6	31.1
OSK-W-20-2334	728.0	730.3	2.3	7.87		Lynx	Lynx
OSK-W-20-2339	933.0	935.0	2.0	5.27		Triple Lynx	Triple Lynx
	944.0	946.0	2.0	5.05		Triple Lynx	Triple Lynx
OSK-W-20-2351	699.0	701.0	2.0	9.84		Lynx_376	Triple Lynx
including	699.7	700.2	0.5	37.6
OSK-W-20-2353	978.8	981.0	2.2	3.80		Triple Lynx	Triple Lynx
including	978.8	979.3	0.5	11.6
	1295.2	1297.3	2.1	4.49		Triple Lynx	Triple Lynx
OSK-W-20-2370	109.1	111.6	2.5	3.80		Lynx SW	Lynx SW
WST-20-0012D	305.6	308.0	2.4	4.47		Lynx SW	Lynx SW
	317.0	319.0	2.0	18.0		Lynx SW	Lynx SW
including	317.6	318.3	0.7	48.7
	394.5	396.5	2.0	6.59		Lynx SW	Lynx SW
including	395.3	395.9	0.6	21.4
WST-20-0078	263.4	270.4	7.0	26.7		Triple Lynx	Triple Lynx
	310.6	312.9	2.3	4.83		Triple Lynx	Triple Lynx
	417.0	419.1	2.1	3.46		Lynx SW	Lynx SW
WST-20-0330	383.8	386.1	2.3	5.00		Lynx SW	Lynx SW
including	385.2	385.6	0.4	28.6
WST-20-0380	14.0	16.0	2.0	90.2	50.2	Lynx	Lynx
including	15.0	16.0	1.0	180	100
WST-20-0401	141.0	143.0	2.0	4.33		Lynx_301	Lynx
WST-20-0425	59.0	61.7	2.7	3.73		Lynx	Lynx
WST-20-0475	155.0	157.6	2.6	16.6		Lynx_301	Lynx
including	155.7	156.3	0.6	65.6
WST-20-0482	38.0	40.4	2.4	4.25		Lynx	Lynx
WST-20-0485	44.2	46.4	2.2	3.97		Lynx_325	Lynx
WST-20-0489	277.0	279.0	2.0	6.36		Triple Lynx	Triple Lynx
WST-20-0516	106.0	108.0	2.0	5.56		Lynx	Lynx
WST-20-0523A	310.0	312.0	2.0	7.57		Lynx SW	Lynx SW
WST-20-0529	214.8	217.4	2.6	8.53		Lynx	Lynx
including	215.5	215.8	0.3	19.0
	227.9	230.1	2.2	8.48		Lynx	Lynx
including	227.9	228.4	0.5	28.0
WST-20-0541	116.1	118.2	2.1	8.87		Lynx_359	Lynx
including	116.1	116.7	0.6	30.4
WST-20-0546A	234.0	238.0	4.0	4.10		Lynx SW	Lynx SW
including	237.7	238.0	0.3	17.6

Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below. SW = Southwest.

Drill hole location

Hole Number	Azimuth (°)	Dip (°)	Length (m)	UTM E	UTM N	Elevation	Section
OSK-W-19-1949-W3	105	-57	1326	453440	5435479	401	3825
OSK-W-20-2133-W4	118	-49	987	453080	5435531	417	3525
OSK-W-20-2139-W12	115	-52	1038	452980	5435549	420	3450
OSK-W-20-2170-W6	128	-59	1407	453425	5435657	413	3900
OSK-W-19-2182	132	-50	141	453505	5435428	399	3850
OSK-W-20-2251	96	-53	2053	453261	5435936	407	3900
OSK-W-20-2251-W1	96	-53	2278	453261	5435936	407	3900
OSK-W-20-2252-W4	129	-54	1143	453241	5435694	415	3750
OSK-W-20-2252-W5	129	-54	1092	453241	5435694	415	3750
OSK-W-20-2256-W6	125	-51	1157	453160	5435686	411	3675
OSK-W-20-2264	292	-74	1119	454127	5435062	396	4225
OSK-W-20-2271-W1	120	-53	1200	453462	5435683	410	3950
OSK-W-20-2271-W2	120	-53	1223	453462	5435683	410	3950
OSK-W-20-2280-W2	127	-58	1211	453304	5435639	415	3775
OSK-W-20-2280-W5	127	-58	1134	453304	5435639	415	3775
OSK-W-20-2283-W2	135	-50	1011	452997	5435607	425	3500
OSK-W-20-2292-W1	125	-54	1149	453035	5435561	420	3525
OSK-W-20-2292-W2	125	-54	1002	453035	5435561	420	3525
OSK-W-20-2295-W1	132	-51	960	452933	5435473	415	3375
OSK-W-20-2295-W2	132	-51	963	452933	5435473	415	3375
OSK-W-20-2295-W3	132	-51	969	452933	5435473	415	3375
OSK-W-20-2295-W4	132	-51	1082	452933	5435473	415	3375
OSK-W-20-2313	134	-52	1080	452965	5435583	420	3450
OSK-W-20-2313-W2	134	-52	1047	452965	5435583	420	3450
OSK-W-20-2313-W3	134	-52	1041	452965	5435583	420	3450
OSK-W-20-2313-W6	134	-52	1029	452965	5435583	420	3450
OSK-W-20-2317	129	-55	900	453026	5435407	412	3425
OSK-W-20-2319	141	-50	768	452872	5435153	409	3175
OSK-W-20-2328	136	-56	942	452872	5435153	409	3175
OSK-W-20-2334	125	-53	1166	453397	5435557	413	3825
OSK-W-20-2339	144	-50	1025	452961	5435441	414	3400
OSK-W-20-2351	141	-49	1107	452895	5435539	410	3375
OSK-W-20-2353	129	-50	1338	452732	5435570	405	3250
OSK-W-20-2370	351	-46	297	452721	5434747	397	2850
WST-20-0012D	174	-62	465	453226	5435126	134	3475
WST-20-0078	154	-62	525	453227	5435125	134	3475
WST-20-0330	183	-34	422	453226	5435125	135	3475
WST-20-0380	159	11	85	453228	5435126	136	3475
WST-20-0401	159	29	162	453493	5435287	119	3775
WST-20-0425	161	18	166	453358	5435208	156	3625
WST-20-0475	135	41	174	453494	5435287	120	3775
WST-20-0482	165	9	181	453449	5435264	117	3725
WST-20-0485	148	-44	181	453359	5435209	154	3625
WST-20-0489	174	-31	415	453256	5435209	96	3525
WST-20-0516	168	-33	195	453418	5435305	69	3725
WST-20-0523A	166	-46	387	453104	5435065	231	3325
WST-20-0529	305	-42	426	453414	5435310	69	3725
WST-20-0541	150	-28	138	453315	5435165	124	3575
WST-20-0546A	175	-51	484	453228	5435126	135	3475

Lynx Zone

Mineralization occurs as grey to translucent quartz-carbonate-pyrite-tourmaline veins and pyrite replacement zones and stockworks. The vein-type is associated with haloes of pervasive sericite-pyrite ± silica alteration and contain sulphides (predominantly pyrite with minor amounts of chalcopyrite, sphalerite, galena, arsenopyrite, and pyrrhotite) and local visible gold. Replacement mineralization is associated with strong pervasive silica-sericite-ankerite ± tourmaline alteration and contains disseminated pyrite from trace to 80% with local visible gold. Pyrite stockworks can form envelopes that reach several tens of metres thick. Fuchsite alteration is common and is spatially constrained to near the gabbros. Mineralization occurs at or near geological contacts between felsic porphyritic or fragmental intrusions and the host rhyolites or gabbros and locally can be hosted along the gabbro-rhyolite contact.

 

Triple Lynx

Mineralization in the Triple Lynx zone is vein-type, quartz-carbonate-pyrite-tourmaline veins, associated with pervasive sericite-pyrite ± silica alteration and contain sulphides similar to the main Lynx Zone, pyrite dominated with minor other sulphides, ranging from trace to up to 70% locally, and local visible gold. Locally fuchsite is present when proximal to the gabbros. Mineralization is hosted in or at the contacts of felsic porphyritic dikes with rhyolites (locally bleached) or gabbros.

 

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. All NQ core assays reported were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Thunder Bay, Ontario, Sudbury, Ontario or Vancouver, British Colombia, or (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using an Aqua Regia-ICP-AES method at ALS Laboratories. Drill program design, QualityAssurance/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 Eeyou Istchee James Bay, Québec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 19, 2020 and supported by the technical report entitled “An updated mineral resource estimate for the Windfall Lake Project, Located in the Abitibi Greenstone Belt, Urban Township, Eeyou Istchee James Bay, Québec, Canada” and dated April 3, 2020 (with an effective date of January 3, 2020), and assuming a cut-off grade of 3.5 g/t, comprises 4,127,000 tonnes at 9.1 g/t Au (1,206,000 ounces) in the indicated mineral resource category and 14,532,000 tonnes at 8.40 g/t Au (3,938,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 19,2020 news release are further described in the full technical report prepared by Micon International Limited (“Micon”) and BBA Inc (“BBA”), in accordance with NI 43-101 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 deformed sub-vertical zones plunging to the northeast. Vein-type or pyrite replacement-type styles of mineralization crosscut syn-volcanic host rocks and syn-deformation felsic porphyry intrusions and are spatially associated with the contacts of the intrusions. The deposit is well defined from surface to a depth of 1,200 metres and remains open along strike and at depth.Mineralization has been identified 30 metres from surface in some areas and as deep as 2,000 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 a100% 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; the prospects, if any, of the Windfall gold deposit; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the projected capital expenditures of mining activities at the Windfall gold deposit; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the deposit remaining open along strike to the northeast and at depth; significant high-grade zones (Lynx 4, Triple Lynx) remaining open down plunge; the plunge potential of the Lynx and Underdog zones; 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 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

New Intercepts Include 206 g/t Au over 2.0 Metres

(Toronto, January 6, 2021) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing expansion and definition drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Drilling is currently focused on the Lynx deposit, with the near-term objective of completion of the infill program in preparation for feasibility work. Osisko Chief Executive Officer John Burzynski commented: “We anticipate a busy year ahead as we maintain the steady drill pace of 2020 and work towards the completion of infilling our resource. The principal mineralized zones also remain open down plunge, and near deposit exploration is continuing to give encouraging results, which we believe will lead to new mineralized extensions and additions.”

The table below contains resource definition infill intercepts located inside the February 2020 mineral resource estimate wireframes (see Osisko news release dated February 19, 2020). Significant new analytical results are presented below and include 90 intercepts in 25 drill holes and 23 wedges.

Selected high-grade intercepts from the new results include: 206 g/t Au over 2.0 metres in WST-20-0581; 60.0 g/t Au over 2.0 metres in WST-20-0498; 52.9 g/t Au over 2.8 metres in WST-20-0513; 47.5 g/t Au over 2.2 metres in OSK-W-20-2334; 42.4 g/t Au over 2.3 metres in WST-20-0523A; 40.4 g/t Au over 3.6 metres in OSK-W-20-2133-W4. Maps showing hole locations and full analytical results are available at www.osiskomining.com.

 

Hole No.	From (m)	To (m)	Interval (m)	Au (g/t) uncut	Au (g/t)         cut to 100 g/t	Zone	Corridor
OSK-W-20-2133-W4	798.8	802.4	3.6	40.4		Triple Lynx	Triple Lynx
including	799.2	800.2	1.0	73.3
OSK-W-20-2243-W6	804.7	806.8	2.1	9.02		Lynx_361	Triple Lynx
	851.4	854.8	3.4	23.5		Triple Lynx	Triple Lynx
including	853.1	853.9	0.8	68.9
OSK-W-20-2252-W7	842.6	849.0	6.4	6.93		Triple Lynx	Triple Lynx
including	844.8	845.1	0.3	41.7
	879.1	881.8	2.7	4.62		Lynx_371	Triple Lynx
including	879.4	879.7	0.3	16.0
	885.0	889.0	4.0	4.70		Lynx_371	Triple Lynx
	893.9	896.7	2.8	5.67		Lynx_371	Triple Lynx
	919.7	923.0	3.3	4.45		Lynx_361	Triple Lynx
including	919.7	920.0	0.3	13.3
OSK-W-20-2256-W4	1012.0	1014.0	2.0	14.6		Triple Lynx	Triple Lynx
OSK-W-20-2256-W6	868.8	872.6	3.8	24.4		Lynx_371	Triple Lynx
including	869.7	870.3	0.6	79.5
	875.0	879.0	4.0	4.91		Lynx_371	Triple Lynx
	883.0	892.0	9.0	18.2		Lynx_361	Triple Lynx
including	887.6	888.3	0.7	57.6
OSK-W-20-2256-W7	869.4	872.0	2.6	4.86		Lynx_361	Triple Lynx
	899.0	901.0	2.0	15.4		Triple Lynx	Triple Lynx
including	899.6	900.0	0.4	69.4
OSK-W-20-2264	782.2	790.0	7.8	10.5		Lynx_330	Lynx
including	786.9	787.6	0.7	38.4
OSK-W-20-2271-W1	847.5	849.5	2.0	4.50		Lynx	Lynx
OSK-W-20-2271-W2	1024.5	1026.9	2.4	32.1		Lynx_330	Lynx
including	1026.6	1026.9	0.3	90.1
	1064.0	1066.1	2.1	6.13		Lynx_334	Lynx
including	1065.2	1065.6	0.4	20.3
	1077.0	1079.0	2.0	5.15		Lynx_334	Lynx
OSK-W-20-2275-W3	899.0	901.0	2.0	10.8		Triple Lynx	Triple Lynx
including	900.3	900.7	0.4	43.3
OSK-W-20-2275-W4	635.0	637.1	2.1	7.18		Lynx_365	Triple Lynx
including	636.1	636.5	0.4	25.6
	804.8	810.4	5.6	11.8		Triple Lynx	Triple Lynx
including	806.3	806.9	0.6	55.1
	835.0	837.0	2.0	11.1		Triple Lynx	Triple Lynx
including	835.6	836.0	0.4	54.7
	889.5	892.0	2.5	5.40		Triple Lynx	Triple Lynx
including	890.4	891.0	0.6	22.4
OSK-W-20-2280-W2	1102.7	1105.0	2.3	5.46		Lynx_370	Triple Lynx
including	1103.5	1104.0	0.5	20.9
OSK-W-20-2280-W3	1099.2	1101.3	2.1	5.22		Triple Lynx	Triple Lynx
including	1101.0	1101.3	0.3	17.7
	1103.0	1108.9	5.9	4.92		Triple Lynx	Triple Lynx
including	1108.6	1108.9	0.3	18.2
	1112.9	1116.0	3.1	20.1		Lynx_370	Triple Lynx
including	1112.9	1113.5	0.6	77.8
OSK-W-20-2280-W4	1040.0	1042.0	2.0	6.32		Triple Lynx	Triple Lynx
	1044.0	1046.0	2.0	4.83		Triple Lynx	Triple Lynx
including	1044.6	1044.9	0.3	24.6		Triple Lynx	Triple Lynx
	1072.9	1077.5	4.6	12.8		Triple Lynx	Triple Lynx
including	1075.5	1075.9	0.4	97.2
	1091.2	1098.0	6.8	3.96		Triple Lynx	Triple Lynx
	1100.7	1105.0	4.3	13.5	12.7	Lynx_364	Triple Lynx
including	1100.7	1101.0	0.3	112	100
	1109.7	1114.0	4.3	16.9	15.7	Lynx_364	Triple Lynx
including	1109.7	1110.0	0.3	117	100
OSK-W-20-2280-W5	1010.5	1016.0	5.5	3.61		Lynx_363	Triple Lynx
	1039.0	1041.0	2.0	22.4		Lynx_364	Triple Lynx
including	1039.5	1040.0	0.5	81.8
	1046.0	1052.0	6.0	30.4	23.7	Lynx_364	Triple Lynx
including	1047.8	1049.0	1.2	129	95
	1054.0	1059.9	5.9	14.7		Lynx_364	Triple Lynx
including	1059.2	1059.9	0.7	82.8
	1093.0	1096.0	3.0	12.0		Triple Lynx	Triple Lynx
OSK-W-20-2283-W1	807.0	809.6	2.6	8.20		Triple Lynx	Triple Lynx
including	807.5	809.6	2.1	9.02
OSK-W-20-2283-W2	814.8	817.1	2.3	8.16		Triple Lynx	Triple Lynx
including	816.6	817.1	0.5	26.8
	832.7	835.0	2.3	6.13		Triple Lynx	Triple Lynx
	991.0	993.0	2.0	9.11		Triple Lynx	Triple Lynx
including	991.3	991.8	0.5	35.7
OSK-W-20-2283-W6	831.6	836.0	4.4	17.6		Lynx_361	Triple Lynx
including	833.3	834.6	1.3	40.6
OSK-W-20-2292-W4	892.0	894.9	2.9	4.02		Lynx_375	Triple Lynx
including	893.1	893.8	0.7	10.3
OSK-W-20-2295-W2	679.7	682.0	2.3	24.7	17.4	Triple Lynx	Triple Lynx
including	681.7	682.0	0.3	157	100
OSK-W-20-2295-W3	660.3	662.3	2.0	3.89		Triple Lynx	Triple Lynx
OSK-W-20-2295-W4	670.1	673.1	3.0	5.99		Triple Lynx	Triple Lynx
including	670.1	670.6	0.5	16.6
	698.0	700.1	2.1	4.33		Triple Lynx	Triple Lynx
including	699.8	700.1	0.3	23.7
	757.0	759.3	2.3	4.08		Triple Lynx	Triple Lynx
including	757.0	757.5	0.5	10.1
	822.5	824.5	2.0	3.90		Triple Lynx	Triple Lynx
including	823.5	824.0	0.5	14.1
	841.0	843.0	2.0	5.77		Triple Lynx	Triple Lynx
including	841.4	841.7	0.3	31.5
OSK-W-20-2313-W5	819.9	822.0	2.1	7.49		Lynx_376	Triple Lynx
OSK-W-20-2322-W1	1119.8	1124.6	4.8	7.20		Lynx_330	Lynx
including	1120.5	1121.2	0.7	13.8
OSK-W-20-2334	1007.1	1009.3	2.2	47.5	41.7	Lynx_330	Lynx
including	1008.0	1008.4	0.4	132	100
OSK-W-20-2367	59.0	62.0	3.0	6.38		Lynx_335	Lynx SW
WST-20-0406	130.2	132.4	2.2	3.26		Lynx_322	Lynx
WST-20-0486	57.5	63.7	6.2	15.1		Lynx_303	Lynx
including	58.5	59.0	0.5	47.1
and	59.7	60.1	0.4	46.1
	114.0	116.0	2.0	10.5		Lynx_304	Lynx
including	115.4	116.0	0.6	27.6
WST-20-0498	123.5	125.7	2.2	3.84		Lynx_304	Lynx
	132.5	134.5	2.0	60.0	41.3	Lynx_304	Lynx
including	133.8	134.5	0.7	154	100
WST-20-0502	73.4	76.0	2.6	4.73		Lynx_311	Lynx
WST-20-0503	57.9	59.9	2.0	18.6		Lynx_311	Lynx
including	57.9	58.7	0.8	46.1
WST-20-0505A	84.5	87.0	2.5	9.07		Lynx_307	Lynx
including	84.5	84.8	0.3	72.4
	233.5	236.0	2.5	3.00		Lynx SW	Lynx SW
WST-20-0506	123.2	125.5	2.3	7.83		Lynx_304	Lynx
including	123.9	124.7	0.8	22.4
WST-20-0509	94.4	96.5	2.1	4.24		Lynx_304	Lynx
including	94.4	94.7	0.3	13.9
WST-20-0512	48.2	50.2	2.0	8.84		Lynx_303	Lynx
including	49.3	49.9	0.6	29.1
	54.0	56.0	2.0	21.1		Lynx_311	Lynx
including	54.9	55.4	0.5	83.8
WST-20-0513	138.0	140.8	2.8	52.9	44.5	Lynx_323	Lynx
including	139.0	139.9	0.9	126	100
	151.8	154.0	2.2	3.67		Lynx_304	Lynx
WST-20-0514	141.0	143.0	2.0	20.9		Lynx_323	Lynx
including	141.0	142.0	1.0	32.5
WST-20-0523A	67.2	69.4	2.2	14.8		Lynx_311	Lynx
including	67.7	68.4	0.7	44.8
	72.0	74.3	2.3	42.4		Lynx_311	Lynx
including	73.5	74.3	0.8	90.4
WST-20-0525	142.0	144.0	2.0	13.3		Lynx_323	Lynx
including	142.0	143.0	1.0	26.4
WST-20-0537	84.9	87.1	2.2	6.49		Lynx	Lynx
including	86.4	87.1	0.7	16.1
WST-20-0538	105.0	107.2	2.2	15.0		Lynx_304	Lynx
including	105.3	105.8	0.5	64.4
	117.0	120.0	3.0	4.15		Lynx	Lynx
WST-20-0539	45.9	48.2	2.3	6.89		Lynx_303	Lynx
	96.6	98.6	2.0	20.6		Lynx_304	Lynx
including	97.0	97.5	0.5	80.2
WST-20-0540	51.3	53.5	2.2	3.12		Lynx_303	Lynx
	111.0	113.2	2.2	7.86		Lynx_304	Lynx
including	111.0	111.3	0.3	47.2
WST-20-0541	45.8	48.1	2.3	10.0		Lynx_303	Lynx
including	46.4	47.2	0.8	25.6
	60.1	62.3	2.2	13.8		Lynx	Lynx
including	60.9	61.7	0.8	34.3
	98.0	100.0	2.0	15.7		Lynx_304	Lynx
including	99.0	99.5	0.5	36.3
WST-20-0544	52.7	55.5	2.8	72.0	55.8	Lynx_303	Lynx
including	52.7	54.1	1.4	132	100
WST-20-0563	129.4	131.5	2.1	4.72		Lynx_365	Triple Lynx
including	129.4	130.0	0.6	15.1
WST-20-0579	58.0	60.5	2.5	5.62		Lynx_303	Lynx
WST-20-0581	268.4	274.0	5.6	4.56		Lynx SW	Lynx SW
	283.0	285.0	2.0	206	45.4	Lynx SW	Lynx SW
including	283.0	283.9	0.9	458	100

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-20-2133-W4	118	-49	987	453080	5435531	417	3525
OSK-W-20-2243-W6	122	-54	965	453086	5435526	417	3550
OSK-W-20-2252-W7	129	-54	1191	453241	5435694	415	3750
OSK-W-20-2256-W4	125	-51	1122	453160	5435686	411	3675
OSK-W-20-2256-W6	125	-51	1157	453160	5435686	411	3675
OSK-W-20-2256-W7	125	-51	1005	453160	5435686	411	3675
OSK-W-20-2264	292	-74	1119	454127	5435062	396	4225
OSK-W-20-2271-W1	120	-53	1200	453462	5435683	410	3950
OSK-W-20-2271-W2	120	-53	1223	453462	5435683	410	3950
OSK-W-20-2275-W3	127	-49	1050	452888	5435583	409	3400
OSK-W-20-2275-W4	127	-49	1052	452888	5435583	409	3400
OSK-W-20-2280-W2	127	-58	1211	453304	5435639	415	3775
OSK-W-20-2280-W3	127	-58	1191	453304	5435639	415	3775
OSK-W-20-2280-W4	127	-58	1215	453304	5435639	415	3775
OSK-W-20-2280-W5	127	-58	1134	453304	5435639	415	3775
OSK-W-20-2283-W1	135	-50	1035	452997	5435607	425	3500
OSK-W-20-2283-W2	135	-50	1011	452997	5435607	425	3500
OSK-W-20-2283-W6	135	-50	957	452997	5435607	425	3500
OSK-W-20-2292-W4	125	-54	984	453035	5435561	420	3525
OSK-W-20-2295-W2	132	-51	963	452933	5435473	415	3375
OSK-W-20-2295-W3	132	-51	969	452933	5435473	415	3375
OSK-W-20-2295-W4	132	-51	1082	452933	5435473	415	3375
OSK-W-20-2313-W5	134	-52	1086	452965	5435583	420	3450
OSK-W-20-2322-W1	130	-54	1233	453608	5435715	403	4075
OSK-W-20-2334	125	-53	1166	453397	5435557	413	3825
OSK-W-20-2367	349	-46	279	452742	5434761	398	2875
WST-20-0406	135	-8	202	453494	5435287	117	3775
WST-20-0486	130	-37	162	453359	5435209	154	3625
WST-20-0498	132	-11	169	453228	5435126	136	3475
WST-20-0502	144	-40	115	453105	5435065	231	3325
WST-20-0503	148	6	99	453105	5435065	232	3325
WST-20-0505A	183	-45	331	453227	5435125	134	3475
WST-20-0506	175	20	141	453357	5435208	156	3625
WST-20-0509	126	-20	148	453316	5435166	124	3575
WST-20-0512	159	-10	139	453315	5435164	125	3575
WST-20-0513	147	-25	184	453418	5435305	69	3725
WST-20-0514	154	-26	181	453418	5435305	69	3725
WST-20-0523A	166	-46	387	453104	5435065	231	3325
WST-20-0525	165	-20	187	453418	5435305	69	3725
WST-20-0537	132	-32	139	453316	5435166	124	3575
WST-20-0538	130	-37	142	453316	5435166	124	3575
WST-20-0539	122	-29	139	453316	5435166	124	3575
WST-20-0540	129	-42	147	453316	5435166	124	3575
WST-20-0541	150	-28	138	453315	5435165	124	3575
WST-20-0544	144	-43	144	453315	5435165	124	3575
WST-20-0563	324	-40	248	453255	5435214	96	3525
WST-20-0579	162	-38	144	453315	5435165	124	3575
WST-20-0581	181	-60	474	453177	5435126	173	3425

 

 

Lynx Zone

Mineralization occurs as grey to translucent quartz-carbonate-pyrite-tourmaline veins and pyrite replacement zones and stockworks. The vein-type is associated with haloes of pervasive sericite-pyrite ± silica alteration and contain sulphides (predominantly pyrite with minor amounts of chalcopyrite, sphalerite, galena, arsenopyrite, and pyrrhotite) and local visible gold. Replacement mineralization is associated with strong pervasive silica-sericite-ankerite ± tourmaline alteration and contains disseminated pyrite from trace to 80% with local visible gold. Pyrite stockworks can form envelopes that reach several tens of metres thick. Fuchsite alteration is common and is spatially constrained to near the gabbros. Mineralization occurs at or near geological contacts between felsic porphyritic or fragmental intrusions and the host rhyolites or gabbros and locally can be hosted along the gabbro-rhyolite contact.

 

Triple Lynx

Mineralization in the Triple Lynx zone is vein-type, quartz-carbonate-pyrite-tourmaline veins, associated with pervasive sericite-pyrite ± silica alteration and contain sulphides similar to the main Lynx Zone, pyrite dominated with minor other sulphides, ranging from trace to up to 70% locally, and local visible gold. Locally fuchsite is present when proximal to the gabbros. Mineralization is hosted in or at the contacts of felsic porphyritic dikes with rhyolites (locally bleached) or gabbros.

 

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. All NQ core assays reported were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Thunder Bay, Ontario, Sudbury, Ontario or Vancouver, British Colombia, or (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using a four acids digestion -MS61 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 Eeyou Istchee James Bay, Québec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 19, 2020 and supported by the technical report entitled “An updated mineral resource estimate for the Windfall Lake Project, Located in the Abitibi Greenstone Belt, Urban Township, Eeyou Istchee James Bay, Québec, Canada” and dated April 3, 2020 (with an effective date of January 3, 2020), and assuming a cut-off grade of 3.5 g/t, comprises 4,127,000 tonnes at 9.1 g/t Au (1,206,000 ounces) in the indicated mineral resource category and 14,532,000 tonnes at 8.40 g/t Au (3,938,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 19,2020 news release are further described in the full technical report prepared by Micon International Limited (“Micon”) and BBA Inc (“BBA”), in accordance with NI 43-101 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 deformed sub-vertical zones plunging to the northeast. Vein-type or pyrite replacement-type styles of mineralization crosscut syn-volcanic host rocks and syn-deformation felsic porphyry intrusions and are spatially associated with the contacts of the intrusions. The deposit is well defined from surface to a depth of 1,200 metres and remains open along strike and at depth. Mineralization has been identified 30 metres from surface in some areas and as deep as 2,000 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; the prospects, if any, of the Windfall gold deposit; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the projected capital expenditures of mining activities at the Windfall gold deposit; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the deposit remaining open along strike to the northeast and at depth; significant high-grade zones (Lynx 4, Triple Lynx) remaining open down plunge; the plunge potential of the Lynx and Underdog zones; 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 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

(Toronto, December 3, 2020) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide a recap of the top 20 previously released intercepts of 2020 from its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Since the release of the February 2020 mineral resource estimate (see Osisko news release dated February 19, 2020), approximately 250,000 metres of new drilling has been completed, focused on infill and expansion drilling of the known mineralized zones at Windfall.

Osisko Chief Executive Officer John Burzynski commented: “It has been a very busy year for the Osisko exploration team, complicated by global events.  The Corporation has managed to maintain a steady pace at Windfall, significantly growing the deposit with the resource update released in February, and we expect this year’s program to further grow the deposit.  Our exploration team successfully completed the Discovery One drill hole, providing solid extensions to the Underdog and Triple 8 zones, while providing strong indications for further discovery at depth in the deposit.  The pace of drilling has increased throughout the year, with over 30 surface and underground drills on site to complete the infill program and explore extensions of the principal mineralized zones, all of which remain open down plunge.  The exploration ramp has continued to advance towards Triple Lynx for the next planned bulk sample, and at present we have eight underground rigs on the Lynx infill program. Drilling began in November on promising near-deposit exploration targets with three additional drills, and we expect to be shifting more rigs to these targets in the New Year.  Our cash balance remains very strong, with approximately $300M in cash and equity positions.”

“Osisko recognizes the essential contribution of our employees and contractors, and we wish to thank our hosts and partners in the community of Waswanipi, the Cree Nation government, the municipality of Lebel-sur-Quevillon, the Quebec government and all of our stakeholders for their strong support through what has been an unusual year.  Our achievements and success are attributable to our working relationship with our partners, and the dedication and commitment of our employees to maintaining a safe work environment.”

Osisko anticipates a busy 2021, steadily working towards the delivery of the next resource update and advancing the feasibility work for the Windfall project.

The table below presents the previously released 2020 top 20 drill intercepts from Lynx.

 

WINDFALL TOP 20 INTERCEPTS BY METAL FACTOR

Hole No.	From (m)	To (m)	Interval (m)	Au (g/t) uncut	g*metres uncut	Zone
WST-20-0543	74.0	76.0	2.0	13,634	27,268	Lynx_323
OSK-W-19-1731-W2	882.7	887.3	4.6	1,475	6,785	Lynx_348
OSK-W-20-2059-W4	1038.1	1066.1	28.0	202	5,643	Lynx_348
OSK-W-19-2226	55.7	58.1	2.4	948	2,275	Lynx_311
OSK-W-20-2256-W5	858.5	873.0	14.5	86	1,250	Lynx_361
WST-20-0312	105.0	110.0	5.0	199	993	Lynx_304
OSK-W-20-2260-W1	843.0	846.0	3.0	314	941	Lynx_361
OSK-W-20-2133-W2	783.6	786	2.4	391	939	Lynx_361
OSK-W-20-2264	766.5	778.8	12.3	76	931	Lynx_334
OSK-W-20-2133-W4	928.8	939.6	10.8	85	918	Triple Lynx
OSK-W-20-2292-W1	1040.7	1043.0	2.3	395	909	Lynx_374
OSK-W-20-2170-W2	971	976.6	5.6	149	835	Lynx_363
OSK-W-20-2100-W7	933.0	935.0	2.0	415	830	Lynx_361
WST-20-0310	63.7	65.7	2.0	376	751	Lynx_311
WST-20-0569	310.5	312.7	2.2	327	719	Lynx_356
WST-20-0295	142.0	144.0	2.0	337	675	Lynx_304
OSK-W-20-2256-W2	874.7	880.3	5.6	115	642	Lynx_361
OSK-W-20-2256-W4	862.0	871.2	9.2	62	566	Lynx_361
WST-19-0234	69.2	72.6	3.4	153	520	Lynx_311
WST-20-0295	134.0	136.0	2.0	243	485	Lynx_304

 

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. All NQ core assays reported were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Thunder Bay, Ontario, Sudbury, Ontario or Vancouver, British Colombia, or (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold, present a higher percentage of pyrite than surrounding intervals or any samples exceeding 10 g/t Au. A 1-kilogram split is passed through a 75-um stainless steel screen to separate the oversize fraction. Any +75-μm material remaining on the screen is retained and analyzed in its entirety by fire assay with gravimetric finish and reported as the Au (+) fraction results. The 75μm fraction is homogenized and two 50-gram sub-samples are analyzed by fire assay with Atomic absorption finish. The average of the two atomic absorption finish is taken and reported as the Au (-) fraction result. As of August 7, 2019, the -75μm fractions have been analyzed using gravimetric finish. All three values are used in calculating the combined gold content of the plus and minus fractions. Selected samples are also analyzed for multi-elements, including silver, using a four acids digestion -MS61 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 Eeyou Istchee James Bay, Québec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 19, 2020 and supported by the technical report entitled “An updated mineral resource estimate for the Windfall Lake Project, Located in the Abitibi Greenstone Belt, Urban Township, Eeyou Istchee James Bay, Québec, Canada” and dated April 3, 2020 (with an effective date of January 3, 2020), and assuming a cut-off grade of 3.5 g/t, comprises 4,127,000 tonnes at 9.1 g/t Au (1,206,000 ounces) in the indicated mineral resource category and 14,532,000 tonnes at 8.40 g/t Au (3,938,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 19,2020 news release are further described in the full technical report prepared by Micon International Limited (“Micon”) and BBA Inc (“BBA”), in accordance with NI 43-101 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 deformed sub-vertical zones plunging to the northeast. Vein-type or pyrite replacement-type styles of mineralization crosscut syn-volcanic host rocks and syn-deformation felsic porphyry intrusions and are spatially associated with the contacts of the intrusions. The deposit is well defined from surface to a depth of 1,200 metres and remains open along strike and at depth. Mineralization has been identified 30 metres from surface in some areas and as deep as 2,000 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; the prospects, if any, of the Windfall gold deposit; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the projected capital expenditures of mining activities at the Windfall gold deposit; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the deposit remaining open along strike to the northeast and at depth; significant high-grade zones (Lynx 4, Triple Lynx) remaining open down plunge; the plunge potential of the Lynx and Underdog zones; 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 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