Category: Uncategorised
OSISKO MINING INC. FILES EARLY WARNING REPORT
IN RESPECT OF O3 MINING INC.
Toronto, Ontario (July 14, 2021) – Osisko Mining Inc. (TSX:OSK) (the “Corporation“) announces that it has filed an early warning report in respect of its holdings in O3 Mining Inc. (“O3 Mining“). After giving effect to four trades ending on July 13, 2021, which settled through the facilities of the TSX Venture Exchange, the Corporation acquired an aggregate of 83,400 common shares of O3 Mining (“O3 Shares“), representing approximately 0.12% of the issued and outstanding O3 Shares, for aggregate gross proceeds of $185,309.72 (collectively, the “Acquisitions“).
At the time of the prior early warning report filed by the Corporation in respect of O3 Mining on August 17, 2020 (the “Prior Report“), the Corporation had beneficial ownership of, or control and direction over, 18,277,898 O3 Shares, representing approximately 30.3% of the issued and outstanding O3 Shares on a basic basis (based on there being 60,296,508 O3 Shares issued and outstanding as of the date of the Prior Report).
Since the date of the Prior Report and prior to giving effect to the Acquisitions, O3 Mining issued an aggregate of 7,743,758 O3 Shares, which through no action on the part of the Corporation, resulted in the Corporation’s ownership in O3 Shares being diluted to approximately 26.9% of the issued and outstanding O3 Shares on a basic basis (based on there being 68,040,266 O3 Shares issued and outstanding as of the date hereof and Osisko holding 18,277,898 O3 Shares (as disclosed in the Prior Report)).
Immediately after giving effect to the Acquisitions, Osisko had beneficial ownership of, or control and direction over, 18,361,298 O3 Shares, representing approximately 27.0% of the issued and outstanding O3 Shares on a basic basis (based on there being 68,040,266 O3 Shares issued and outstanding as of the date hereof).
The Corporation acquired the O3 Shares for investment purposes. The Corporation intends to review, on a continuous basis, various factors related to its investment in O3 Mining, and may decide to acquire or dispose of additional securities of O3 Mining as future circumstances may dictate.
This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated July 14, 2021. The early warning report respecting the Acquisitions has been filed on SEDAR (www.sedar.com) under O3 Mining’s issuer profile. To obtain a copy of the early warning report filed by the Corporation, please contact John Burzynski at (416) 363-8653 or refer to SEDAR (www.sedar.com) under O3 Mining’s issuer profile.
For further information on the Corporation please contact:
John Burzynski
President & Chief Executive Officer
Telephone: (416) 363-8653
The Corporation’s head office is located at 155 University Avenue, Suite 1440, Toronto, Ontario M5H 3B7.
OSISKO RELEASES 2020 SUSTAINABLE DEVELOPMENT REPORT
(Toronto, July 06, 2021) Osisko Mining Inc. (OSK:TSX “Osisko” or the “Corporation”), is pleased to announce that it has published its 2020 Sustainable Development report which provides a detailed overview of the Company’s environmental, social, and governance (ESG) performance and economic contributions to the communities in which we operate. The report is available on the Osisko website www.osiskomining.com in English and French.
In 2020, Osisko Mining worked to responsibly manage the effects of the COVID-19 pandemic; our top focus was keeping our workers and communities healthy and safe. We continued to deliver on our commitment of being a good corporate citizen by engaging with stakeholders, concentrating on environmental stewardship, and being an economic stimulus for our host communities.
We strengthened our policies covering Health & Safety, Human Resources, Environment and Community Relations. We lowered our lost time incident frequency rate (LTIFR) by 20% and have maintained a safe work environment for our employees and contractors at Windfall since we started exploration activities in 2015. We continue to minimize our effect on the environment through rigorous water, waste and spill management, land reclamation and advance closure planning.
The report covers Osisko Mining Inc. activities on our Windfall, Quévillon, and Urban Barry projects. It describes our ESG performance from January 1 to December 31, 2020 and gives comparative data from previous years.
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 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 MINING CLOSES $70 MILLION “BOUGHT DEAL” PRIVATE PLACEMENT OF FLOW-THROUGH SHARES, INCLUDING FULL EXERCISE OF UNDERWRITERS’ OPTION
(Toronto, February 12, 2021) – Osisko Mining Inc. (TSX:OSK) (“Osisko” or the “Corporation”) is pleased to announce the completion of its previously-announced “bought deal” brokered private placement of an aggregate of 13,085,000 “flow-through shares” of the Corporation (“Flow-Through Shares”), at an issue price of $5.35 per Flow-Through Share for aggregate gross proceeds of approximately $70 million, including the exercise in full of the underwriters’ option (the “Offering”).
The Offering was led by Canaccord Genuity Corp., on behalf of itself and a syndicate of underwriters that included Eight Capital, BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., Beacon Securities Limited, Cormark Securities Inc., Haywood Securities Inc., Industrial Alliance Securities Inc. and RBC Dominion Securities Inc.
The gross proceeds from the sale of Flow-Through Shares will be used by the Corporation to incur eligible “Canadian exploration expenses” that will qualify as “flow-through mining expenditures” (within the meaning of Income Tax Act (Canada)) related to the Corporation’s projects in Québec on or prior to December 31, 2022 for renunciation to subscribers of Flow-Through Shares effective December 31, 2021.
All securities issued under the Offering will be subject to a hold period expiring four months and one day from the date hereof. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% 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 the 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 applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the use of proceeds of the Offering; the timing and ability of the Corporation, if at all, to obtain final approval of the Offering from the Toronto Stock Exchange; the tax treatment of the Flow-Through Shares; the timing of the tax renunciation to the subscribers; objectives, goals or future plans; statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates; the preliminary nature of metallurgical test results; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in the Corporation’s public documents filed on SEDAR at www.sedar.com. Although the Corporation believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
For further information please contact:
John Burzynski
Chief Executive Officer
Telephone: (416) 363-8653
OSISKO ANNOUNCES TSX APPROVAL TO RENEW NORMAL COURSE ISSUER BID
(Toronto, December 30, 2020) Osisko Mining Inc. (TSX:OSK) (the “Corporation” or “Osisko“) today announces that the Toronto Stock Exchange (the “TSX”) has approved the Corporation’s notice of intention to make a normal course issuer bid (the “NCIB Program”). Under the terms of the NCIB Program, Osisko may acquire up to 28,304,260 of its common shares (“Common Shares”) from time to time in accordance with the normal course issuer bid procedures of the TSX.
The normal course issuer bid will be conducted through the facilities of the TSX or alternative trading systems, if eligible, and will conform to their regulations. Purchases under the normal course issuer bid will be made by means of open market transactions or such other means as a securities regulatory authority may permit, including pre-arranged crosses, exempt offers and private agreements under an issuer bid exemption order issued by a securities regulatory authority.
Repurchases under the NCIB Program may commence on January 2, 2021 and will terminate on January 1, 2022 or on such earlier date as the NCIB Program is complete. Daily purchases will be limited to 357,614 Common Shares, other than block purchase exemptions, representing 25% of the average daily trading volume of the Common Shares on the TSX for the six-month period ending November 30, 2020, being 1,430,456 Common Shares.
The price that the Corporation may pay for any Common Shares purchased in the open market under the NCIB Program will be the prevailing market price at the time of purchase (plus any brokerage fees) and any Common Shares purchased by the Corporation will be cancelled. In the event that the Corporation purchases Common Shares by pre-arranged crosses, exempt offers, block purchases or private agreements, the purchase price of the Common Shares may be, and will be in the case of purchases by private agreements, as may be permitted by the securities regulatory authority, at a discount to the market price of the Common Shares at the time of acquisition.
The board of directors of Osisko believes that the underlying value of the Corporation may not be reflected in the market price of the Common Shares from time to time and that, accordingly, the purchase of Common Shares will increase the proportionate interest in the Corporation of, and be advantageous to, all remaining shareholders of the Corporation.
As of December 18, 2020, there were 344,207,806 Common Shares issued and outstanding. The 28,304,260 Common Shares that may be repurchased under the NCIB Program represent approximately 10% of the public float of the Corporation as of December 18, 2020, being 283,042,606 Common Shares.
During the prior NCIB Program of the Corporation, which will end on January 1, 2021, the Corporation obtained approval to purchase 18,399,423 Common Shares, and actually purchased 428,500 Common Shares at a weighted average price of approximately $2.05 per Common Share through the facilities of the TSX.
Osisko has appointed BMO Nesbitt Burns Inc. to make any purchases under the NCIB Program on its behalf.
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 kilometers).
Forward-looking statements
This press release contains forward-looking statements. These forward-looking statements, by their nature, require the Corporation to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Words such as “may”, “will”, “would”, “could”, “expect”, “believe”, “plan”, “anticipate”, “intend”, “estimate”, “continue”, or the negative or comparable terminology, as well as terms usually used in the future and the conditional, are intended to identify forward-looking statements including the fact that the Corporation “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled” and similar expressions or variations (including negative variations), or that events or conditions “will”, “would”, “may”, “could” or “should” occur including, without limitation, statements about the board of directors of Osisko’s belief that the NCIB Program is advantageous to shareholders and that underlying value of the Corporation may not be reflected in the market price of the Common Shares, the Corporation’s intentions regarding the NCIB Program and whether the Corporation will receive the requisite acceptance of the TSX in respect of the NCIB Program. Although Osisko believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve known and unknown risks, uncertainties and other factors and are not guarantees of future performance and actual results may accordingly differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include, without limitation: fluctuations in the prices of the commodities; fluctuations in the value of the Canadian dollar relative to the U.S. dollar; regulatory changes by national and local government, including corporate law, permitting and licensing regimes and taxation policies; continued availability of capital and financing and general economic, market or business conditions; business opportunities that become available to, or are pursued by Osisko; other uninsured risks. The forward looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: 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 Osisko Mining Inc.:
John Burzynski
Chairman and Chief Executive Officer
Telephone: (416) 363-8653
OSISKO WINDFALL INFILL DRILLING: VERY GOOD
Record Intercept of 13,634 g/t Au over 2.0 Metres
(Toronto, December 1, 2020) 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.
Infill drilling at Lynx has returned the highest-grade result at Windfall to date of 13,634 g/t Au over 2.0 metres including 90,700 g/t Au over 0.3 metres in hole WST-20-0543. This infill hole from the definition program is located 70 metres down plunge from WST-20-0310 (376 g/t Au over 2.0 metres, see Osisko news release dated June 23, 2020) and confirms the continuity of the Lynx 323 wireframe.
Osisko Chief Executive Officer John Burzynski commented: “Today’s spectacular result, certainly one the highest gold grades in terms of metal factor (grade x width) ever reported, continues to demonstrate the exceptional high-grade characteristics of Lynx. Our infill drilling program continues to show the strength of our deposit, and is confirming both the continuity and high-grade nature of Windfall. We encourage people to go to our social media page or website and view some of the recent photos of the spectacular visible gold in this sample and other recent drill core coming from the ongoing work at Windfall.”
| Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) uncut | Au (g/t) cut to 100 g/t | Zone | Corridor |
| WST-20-0543 | 74.0 | 76.0 | 2.0 | 13,634 | 30.0 | Lynx | Lynx_323 |
| including | 74.3 | 74.6 | 0.3 | 90,700 | 100 |
Drill hole location
| Hole Number | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Elevation | Section |
| WST-20-0543 | 150 | -40 | 144 | 453315 | 5435165 | 123 | 3575 |
WST-20-0543 intersected 13,634 g/t Au over 2.0 metres. Mineralization consists of up to 15% local visible gold and up to 5% disseminated pyrite hosted in an intensely silica flooded, sericitized, and strongly fuchsite altered gabbro.
Lynx Zone
Mineralization typically 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 occasional minor amounts of chalcopyrite, sphalerite, galena, arsenopyrite, and pyrrhotite) and local visible gold. Replacement mineralization is associated with strong pervasive silica-sericite-ankerite ± tourmaline alteration and contains disseminated pyrite from trace to 80% with local visible gold. Pyrite stockworks can form envelopes that reach several tens of metres thick. Fuchsite alteration is common and is spatially constrained to near the gabbros. Mineralization occurs at or near geological contacts between felsic porphyritic or fragmental intrusions and the host rhyolites or gabbros and locally can be hosted along the gabbro-rhyolite contact.
Qualified Person
The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Louis Grenier, M.Sc.A., P.Geo. (OGQ 800), 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
OSISKO INFILL DRILLING WINDFALL. GOOD.
Results Include 86.2 g/t Au over 14.5 Metres and 327 g/t Au over 2.2 Metres
(Toronto, November 24, 2020) 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: “We remain very pleased with Lynx’s consistent good results on grade and widths.”
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 27 intercepts in 10 drill holes and 9 wedges.
Selected high-grade intercepts from the new results include: 86.2 g/t Au over 14.5 metres in OSK-W-2256-W5; 327 g/t Au over 2.2 metres in WST-20-0569; 85.0 g/t Au over 10.8 metres in OSK-W-20-2133-W4; 94.9 g/t Au over 2.1 metres in WST-20-0508; and 71.3 g/t Au over 4.0 metres in OSK-W-2252-W5. 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 | 928.8 | 939.6 | 10.8 | 85.0 | 22.7 | Lynx_331 | Triple Lynx |
| including | 931.0 | 933.1 | 2.1 | 420 | 100 | ||
| OSK-W-20-2252-W5 | 854.7 | 856.9 | 2.2 | 18.6 | Lynx_371 | Triple Lynx | |
| including | 855.6 | 856.0 | 0.4 | 97.3 | |||
| 882.3 | 886.3 | 4.0 | 71.3 | 43.8 | Lynx_371 | Triple Lynx | |
| including | 884.1 | 884.6 | 0.5 | 234 | 100 | ||
| and | 885.9 | 886.3 | 0.4 | 375 | 100 | ||
| OSK-W-20-2252-W7 | 943.6 | 950.1 | 6.5 | 36.0 | 25.8 | Lynx_368 | Triple Lynx |
| including | 943.9 | 945.2 | 1.3 | 151 | 100 | ||
| OSK-W-20-2256-W5 | 858.5 | 873.0 | 14.5 | 86.2 | 16.4 | Lynx_361 | Triple Lynx |
| including | 868.1 | 868.4 | 0.3 | 230 | 100 | ||
| and | 868.4 | 868.7 | 0.3 | 3120 | 100 | ||
| and | 869.0 | 869.3 | 0.3 | 321 | 100 | ||
| OSK-W-20-2275-W2 | 906.6 | 910.3 | 3.7 | 7.56 | Triple Lynx | Triple Lynx | |
| including | 909.0 | 909.5 | 0.5 | 25.7 | |||
| OSK-W-20-2280-W2 | 998.4 | 1001.1 | 2.7 | 11.2 | Lynx_368 | Triple Lynx | |
| 1027.9 | 1031.3 | 3.4 | 5.60 | Lynx_363 | Triple Lynx | ||
| including | 1027.9 | 1028.3 | 0.4 | 28.3 | |||
| OSK-W-20-2295-W2 | 654.0 | 656.0 | 2.0 | 16.1 | Lynx_376 | Triple Lynx | |
| including | 654.5 | 655.0 | 0.5 | 51.9 | |||
| OSK-W-20-2295-W3 | 697.0 | 699.0 | 2.0 | 5.11 | Triple Lynx | Triple Lynx | |
| including | 698.1 | 698.5 | 0.4 | 22.8 | |||
| OSK-W-20-2313-W2 | 986.3 | 988.3 | 2.0 | 6.69 | Triple Lynx | Triple Lynx | |
| OSK-W-20-2339 | 608.3 | 610.5 | 2.2 | 8.59 | Triple Lynx | Triple Lynx | |
| WST-20-0473 | 101.0 | 103.0 | 2.0 | 12.3 | Lynx_304 | Lynx | |
| including | 102.5 | 103.0 | 0.5 | 48.6 | |||
| WST-20-0486 | 93.0 | 95.0 | 2.0 | 5.03 | Lynx_323 | Lynx | |
| WST-20-0487 | 103.7 | 106.0 | 2.3 | 25.2 | Lynx_359 | Lynx | |
| including | 104.4 | 105.0 | 0.6 | 53.2 | |||
| WST-20-0500 | 132.0 | 134.5 | 2.5 | 10.1 | Lynx_304 | Lynx | |
| including | 132.9 | 133.6 | 0.7 | 35.9 | |||
| WST-20-0506 | 82.7 | 85.1 | 2.4 | 6.21 | Lynx_311 | Lynx | |
| WST-20-0508 | 51.4 | 53.5 | 2.1 | 6.01 | Lynx_311 | Lynx | |
| including | 52.8 | 53.1 | 0.3 | 37.7 | |||
| 70.5 | 72.8 | 2.3 | 9.05 | Lynx_323 | Lynx | ||
| 77.4 | 80.0 | 2.6 | 4.45 | Lynx_308 | Lynx | ||
| including | 77.7 | 78.1 | 0.4 | 21.9 | |||
| 93.9 | 96.0 | 2.1 | 94.9 | 22.0 | Lynx_304 | Lynx | |
| including | 93.9 | 94.3 | 0.4 | 483 | 100 | ||
| 109.0 | 111.2 | 2.2 | 19.2 | Lynx_359 | Lynx | ||
| including | 110.7 | 111.2 | 0.5 | 71.7 | |||
| WST-20-0511 | 82.5 | 88.4 | 5.9 | 15.6 | Lynx_308 | Lynx | |
| including | 83.4 | 84.0 | 0.6 | 79.7 | |||
| 92.0 | 94.0 | 2.0 | 9.36 | Lynx_304 | Lynx | ||
| including | 93.6 | 94.0 | 0.4 | 45.0 | |||
| WST-20-0515 | 156.0 | 158.0 | 2.0 | 24.4 | 20.4 | Lynx_323 | Lynx |
| including | 157.0 | 157.4 | 0.4 | 120 | 100 | ||
| 169.0 | 171.0 | 2.0 | 25.0 | 21.0 | Lynx_304 | Lynx | |
| including | 169.0 | 169.4 | 0.4 | 120 | 100 | ||
| WST-20-0569 | 310.5 | 312.7 | 2.2 | 327 | 28.2 | Lynx_356 | Lynx |
| including | 310.5 | 311.1 | 0.6 | 1195 | 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-20-2252-W5 | 129 | -54 | 1092 | 453241 | 5435694 | 415 | 3750 |
| OSK-W-20-2252-W7 | 129 | -54 | 1089 | 453241 | 5435694 | 415 | 3750 |
| OSK-W-20-2256-W5 | 125 | -51 | 1022 | 453160 | 5435686 | 414 | 3675 |
| OSK-W-20-2275-W2 | 127 | -49 | 1035 | 452886 | 5435584 | 409 | 3400 |
| OSK-W-20-2280-W2 | 127 | -58 | 1211 | 453304 | 5435639 | 415 | 3775 |
| OSK-W-20-2295-W2 | 132 | -51 | 963 | 452938 | 5435472 | 415 | 3375 |
| OSK-W-20-2295-W3 | 132 | -51 | 969 | 452938 | 5435472 | 415 | 3375 |
| OSK-W-20-2313-W2 | 134 | -52 | 1047 | 452965 | 5435583 | 420 | 3450 |
| OSK-W-20-2339 | 144 | -50 | 1025 | 452960 | 5435442 | 415 | 3400 |
| WST-20-0473 | 149 | -16 | 202 | 453493 | 5435287 | 117 | 3775 |
| WST-20-0486 | 130 | -37 | 162 | 453359 | 5435209 | 154 | 3625 |
| WST-20-0487 | 140 | -5 | 177 | 453358 | 5435208 | 155 | 3625 |
| WST-20-0500 | 139 | -30 | 166 | 453228 | 5435126 | 135 | 3475 |
| WST-20-0506 | 175 | 20 | 141 | 453357 | 5435208 | 156 | 3625 |
| WST-20-0508 | 136 | -12 | 138 | 453316 | 5435165 | 124 | 3575 |
| WST-20-0511 | 137 | 8 | 162 | 453316 | 5435165 | 125 | 3575 |
| WST-20-0515 | 158 | -33 | 186 | 453418 | 5435305 | 68 | 3725 |
| WST-20-0569 | 165 | -59 | 526 | 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, 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
OSISKO WINDFALL INFILL DRILLING INTERSECTS SOME MORE GOLD
Including 75.7 g/t Au Over 12.3 Metres and 193 g/t Au Over 2.3 Metres
(Toronto, November 17, 2020) 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: “Lynx continues to deliver on high-grade and width with consistency, as illustrated by today’s headline intercepts of 193 g/t Au over 2.3 metres and 75.7 g/t Au over 12.3 metres.”
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 38 intercepts in 11 drill holes and 11 wedges.
Selected high-grade intercepts from the new results include: 75.7 g/t Au over 12.3 metres in OSK-W-20-2264; 193 g/t Au over 2.3 metres in OSK-W-20-2133-W3; and 37.6 g/t Au over 2.0 metres in OSK-W-20-2275-W3. 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-W2 | 901.3 | 903.5 | 2.2 | 9.27 | Lynx_331 | Lynx | |
| including | 901.7 | 902.0 | 0.3 | 59.4 | |||
| OSK-W-20-2133-W3 | 791.2 | 793.5 | 2.3 | 193 | 41.7 | Triple Lynx | Triple Lynx |
| including | 792.7 | 793.1 | 0.4 | 972 | 100 | ||
| 874.8 | 877.0 | 2.2 | 9.52 | Triple Lynx | Triple Lynx | ||
| including | 875.8 | 876.3 | 0.5 | 32.5 | |||
| 931.1 | 933.2 | 2.1 | 8.05 | Triple Lynx | Triple Lynx | ||
| including | 932.7 | 933.2 | 0.5 | 20.2 | |||
| OSK-W-20-2139-W11 | 882.9 | 885.0 | 2.1 | 8.33 | Lynx_361 | Triple Lynx | |
| 896.3 | 898.6 | 2.3 | 13.6 | Lynx_361 | Triple Lynx | ||
| including | 896.3 | 896.6 | 0.3 | 35.3 | |||
| 912.2 | 914.4 | 2.2 | 4.36 | Lynx_363 | Triple Lynx | ||
| including | 914.0 | 914.4 | 0.4 | 13.7 | |||
| 954.0 | 956.0 | 2.0 | 7.91 | Lynx_369 | Triple Lynx | ||
| including | 954.5 | 955.2 | 0.7 | 20.4 | |||
| OSK-W-20-2256-W5 | 892.1 | 894.1 | 2.0 | 4.85 | Lynx_368 | Triple Lynx | |
| OSK-W-20-2264 | 766.5 | 778.8 | 12.3 | 75.7 | 21 | Lynx_334 | Lynx |
| including | 773.8 | 774.4 | 0.6 | 1085 | 100 | ||
| and | 774.4 | 775.3 | 0.9 | 190 | 100 | ||
| OSK-W-20-2275-W3 | 669.5 | 672.3 | 2.8 | 11.8 | Triple Lynx | Triple Lynx | |
| including | 669.5 | 670.2 | 0.7 | 46.5 | |||
| 776.7 | 781.0 | 4.3 | 9.73 | Lynx_376 | Triple Lynx | ||
| 807.5 | 809.5 | 2.0 | 37.6 | 15.5 | Triple Lynx | Triple Lynx | |
| including | 807.5 | 807.8 | 0.3 | 247 | 100 | ||
| OSK-W-20-2280-W2 | 1012.2 | 1014.9 | 2.7 | 7.72 | Lynx_368 | Triple Lynx | |
| 1073.6 | 1075.6 | 2.0 | 13.9 | Lynx_364 | Triple Lynx | ||
| including | 1074.2 | 1074.9 | 0.7 | 35.9 | |||
| 1083.0 | 1086.0 | 3.0 | 9.71 | Lynx_364 | Triple Lynx | ||
| 1113.4 | 1115.4 | 2.0 | 4.29 | Lynx_370 | Triple Lynx | ||
| including | 1113.7 | 1114.0 | 0.3 | 19.1 | |||
| OSK-W-20-2280-W3 | 1011.0 | 1013.0 | 2.0 | 9.31 | Lynx_368 | Triple Lynx | |
| 1075.0 | 1078.0 | 3.0 | 10.1 | Lynx_364 | Triple Lynx | ||
| OSK-W-20-2283-W1 | 553.9 | 556.0 | 2.1 | 7.37 | Lynx_365 | Triple Lynx | |
| including | 554.5 | 555.3 | 0.8 | 16.7 | |||
| 794.5 | 797.7 | 3.2 | 22.1 | Triple Lynx | Triple Lynx | ||
| 818.0 | 822.0 | 4.0 | 6.80 | Triple Lynx | Triple Lynx | ||
| OSK-W-20-2292-W3 | 817.0 | 819.0 | 2.0 | 4.11 | Lynx_361 | Triple Lynx | |
| OSK-W-20-2295-W2 | 885.7 | 888.0 | 2.3 | 4.53 | Triple Lynx | Triple Lynx | |
| OSK-W-20-2295-W3 | 890.7 | 892.7 | 2.0 | 12.7 | Triple Lynx | Triple Lynx | |
| including | 891.7 | 892.2 | 0.5 | 45.2 | |||
| WST-20-0404 | 109.1 | 111.1 | 2.0 | 5.90 | Lynx_304 | Lynx | |
| including | 110.4 | 111.1 | 0.7 | 16.0 | |||
| 137.5 | 139.6 | 2.1 | 6.17 | Lynx_321 | Lynx | ||
| WST-20-0407 | 178.4 | 180.5 | 2.1 | 4.24 | Lynx_315 | Lynx | |
| WST-20-0425 | 66.6 | 70.5 | 3.9 | 7.09 | Lynx_311 | Lynx | |
| including | 66.6 | 67.6 | 1.0 | 16.5 | |||
| 109.0 | 111.3 | 2.3 | 3.55 | Lynx_304 | Lynx | ||
| WST-20-0483 | 98.0 | 100.0 | 2.0 | 4.93 | Lynx_304 | Lynx | |
| including | 98.4 | 98.7 | 0.3 | 24.1 | |||
| WST-20-0487 | 89.0 | 91.5 | 2.5 | 6.87 | Lynx_304 | Lynx | |
| including | 91.1 | 91.5 | 0.4 | 36.4 | |||
| WST-20-0494 | 164.4 | 166.4 | 2.0 | 10.8 | Lynx_301 | Lynx | |
| including | 165.2 | 165.5 | 0.3 | 64.8 | |||
| WST-20-0495 | 119.0 | 121.0 | 2.0 | 6.89 | Lynx_304 | Lynx | |
| including | 120.6 | 121.0 | 0.4 | 20.8 | |||
| 131.2 | 133.5 | 2.3 | 3.67 | Lynx_321 | Lynx | ||
| including | 133.1 | 133.5 | 0.4 | 16.9 | |||
| WST-20-0498 | 108.0 | 110.0 | 2.0 | 3.23 | Lynx_320 | Lynx | |
| including | 108.5 | 109.0 | 0.5 | 12.9 | |||
| WST-20-0499 | 56.0 | 58.2 | 2.2 | 16.5 | Lynx_311 | Lynx | |
| including | 57.0 | 57.4 | 0.4 | 83.5 | |||
| WST-20-0500 | 56.1 | 58.4 | 2.3 | 10.2 | Lynx_311 | Lynx | |
| including | 57.0 | 57.4 | 0.4 | 43.0 |
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-20-2133-W2 | 118 | -49 | 1139 | 453080 | 5435531 | 417 | 3525 |
| OSK-W-20-2133-W3 | 118 | -49 | 965 | 453080 | 5435531 | 417 | 3525 |
| OSK-W-20-2139-W11 | 115 | -52 | 995 | 452980 | 5435549 | 420 | 3450 |
| OSK-W-20-2256-W5 | 125 | -51 | 1022 | 453160 | 5435686 | 414 | 3675 |
| OSK-W-20-2264 | 292 | -74 | 1119 | 454127 | 5435062 | 396 | 4225 |
| OSK-W-20-2275-W3 | 127 | -49 | 1050 | 452886 | 5435584 | 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-20-2283-W1 | 135 | -50 | 1035 | 452997 | 5435607 | 425 | 3500 |
| OSK-W-20-2292-W3 | 125 | -54 | 943 | 453037 | 5435563 | 420 | 3525 |
| OSK-W-20-2295-W2 | 132 | -51 | 963 | 452938 | 5435472 | 415 | 3375 |
| OSK-W-20-2295-W3 | 132 | -51 | 969 | 452938 | 5435472 | 415 | 3375 |
| WST-20-0404 | 163 | -4 | 192 | 453493 | 5435286 | 117 | 3775 |
| WST-20-0407 | 106 | 9 | 202 | 453495 | 5435288 | 118 | 3775 |
| WST-20-0425 | 161 | 18 | 166 | 453358 | 5435208 | 156 | 3625 |
| WST-20-0483 | 170 | 2 | 193 | 453449 | 5435264 | 116 | 3725 |
| WST-20-0487 | 140 | -5 | 177 | 453358 | 5435208 | 155 | 3625 |
| WST-20-0494 | 124 | 0 | 189 | 453495 | 5435288 | 117 | 3775 |
| WST-20-0495 | 165 | 2 | 184 | 453495 | 5435288 | 117 | 3775 |
| WST-20-0498 | 132 | -11 | 169 | 453228 | 5435126 | 136 | 3475 |
| WST-20-0499 | 131 | -21 | 163 | 453228 | 5435126 | 135 | 3475 |
| WST-20-0500 | 139 | -30 | 166 | 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 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
OSISKO MINING INC. FILES EARLY WARNING REPORT IN RESPECT OF O3 MINING INC.
Toronto, Ontario (August 17, 2020) – Osisko Mining Inc. (TSX:OSK) (the “Corporation“) announces that it has filed an early warning report in respect of its holdings in O3 Mining Inc. (“O3 Mining“). On August 14, 2020, the Corporation entered into a purchase agreement with an arm’s length third party pursuant to which the Corporation agreed to dispose of an aggregate of 500,000 common shares of O3 Mining (the “O3 Shares“) at a price of $2.30 per O3 Share for aggregate consideration of $1,150,000 (the “Disposition“).
Immediately prior to giving effect to the Disposition, the Corporation had beneficial ownership of, or control and direction over, 18,777,898 O3 Shares, representing approximately 31.1% of the number of issued and outstanding O3 Shares (being 60,296,508 O3 Shares). Immediately after giving effect to the Disposition, the Corporation had beneficial ownership of, or control and direction over, 18,277,898 O3 Shares, representing approximately 30.3% of the issued and outstanding O3 Shares on a basic basis (based on there being 60,296,508 O3 Shares issued and outstanding as of the date hereof).
The Corporation disposed of such 500,000 O3 Shares in order to monetize a portion of its investment in O3 Mining. The Corporation intends to review, on a continuous basis, various factors related to its investment in O3 Mining, and may decide to acquire or dispose of additional securities of O3 Mining as future circumstances may dictate.
This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated August 17, 2020. The early warning report respecting the Disposition has been filed on SEDAR (www.sedar.com) under O3 Mining’s issuer profile. To obtain a copy of the early warning report filed by the Corporation, please contact John Burzynski at (416) 363-8653 or refer to SEDAR (www.sedar.com) under O3 Mining’s issuer profile.
For further information on the Corporation please contact:
John Burzynski
President & Chief Executive Officer
Telephone: (416) 363-8653
The Corporation’s head office is located at 155 University Avenue, Suite 1440, Toronto, Ontario M5H 3B7.
OSISKO INTERSECTS 202 g/t Au OVER 9.0 METRES AT WINDFALL
(Toronto, August 10, 2020) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing definition and expansion drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.
Drill hole OSK-W-20-2059-W4 returned an outstanding intercept averaging 202 g/t Au over 28 metres core length in Lynx 4 (202 g/t Au over 9.0 metres estimated true width). This drill hole intercepted the mineralized zone at a lower than usual core angle (20 degrees), resulting in an estimated true width of approximately 30% of the core length. The interval expands the Lynx 348 Wireframe by 25 metres to the southwest.
Osisko President and Chief Executive Officer John Burzynski commented: “Lynx has once again delivered very impressive results, giving us one of the highest-grade intercepts in our drilling to date. Our infill drill program continues to highlight the high-grade continuity within the resource area, which remains open down plunge and importantly, towards surface.”
Significant new analytical results from 64 intercepts in 20 new drill holes and 12 wedges are presented below, including: 171 g/t Au over 2.5 metres in WST-20-0463; 173 g/t Au over 2.0 metres in OSK-W-20-2139-W8; 21.0 g/t Au over 13.0 metres in OSK-W-2256-W1; and 52.7 g/t Au over 2.2 metres in WST-20-0447. 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-20-1741-W3 | 696.0 | 698.0 | 2.0 | 3.97 | Lynx_336 | Lynx | |
| 968.0 | 970.0 | 2.0 | 6.12 | Lynx_329 | Lynx | ||
| 1080.9 | 1083.1 | 2.2 | 20.7 | Lynx_312 | Lynx | ||
| including | 1082.0 | 1083.1 | 1.1 | 35.8 | |||
| OSK-W-20-2059-W4 | 993.5 | 995.6 | 2.1 | 3.14 | Lynx_327 | Lynx | |
| including | 994.2 | 994.5 | 0.3 | 18.0 | |||
| 1037.5 | 1066.1 | 28.0 | 202 | 31.0 | Lynx_348
|
Lynx
|
|
| including | 1043.3 | 1043.6 | 0.3 | 102 | 100 | ||
| including | 1049.4 | 1049.7 | 0.3 | 674 | 100 | ||
| including | 1049.7 | 1050.0 | 0.3 | 9830 | 100 | ||
| including | 1050.0 | 1050.8 | 0.8 | 152 | 100 | ||
| including | 1051.7 | 1052.5 | 0.8 | 468 | 100 | ||
| including | 1054.6 | 1055.0 | 0.4 | 157 | 100 | ||
| including | 1055.0 | 1056.0 | 1.0 | 103 | 100 | ||
| including | 1058.1 | 1058.5 | 0.4 | 216 | 100 | ||
| including | 1058.5 | 1059.1 | 0.6 | 307 | 100 | ||
| including | 1062.5 | 1063.1 | 0.6 | 1785 | 100 | ||
| including | 1063.1 | 1064.0 | 0.9 | 256 | 100 | ||
| OSK-W-20-2139-W8 | 918.7 | 920.7 | 2.0 | 22.3 | 20.2 | Lynx_371 | Triple Lynx |
| including | 919.6 | 919.9 | 0.3 | 114 | 100 | ||
| 931.5 | 933.7 | 2.2 | 4.90 | Lynx_371 | Triple Lynx | ||
| 940.7 | 942.7 | 2.0 | 4.31 | Lynx_361 | Triple Lynx | ||
| including | 940.7 | 941.0 | 0.3 | 12.3 | |||
| 957.0 | 962.3 | 5.3 | 8.62 | Lynx_368 | Triple Lynx | ||
| including | 957.7 | 958.0 | 0.3 | 49.1 | |||
| 967.3 | 970.4 | 3.1 | 8.51 | Lynx_363 | Triple Lynx | ||
| including | 969.6 | 970.1 | 0.5 | 21.9 | |||
| 1002.0 | 1004.0 | 2.0 | 173 | 57.3 | Lynx_369 | Triple Lynx | |
| including | 1003.6 | 1004.0 | 0.4 | 677 | 100 | ||
| 1030.1 | 1033.0 | 2.9 | 5.17 | Lynx_369 | Triple Lynx | ||
| 1037.6 | 1039.6 | 2.0 | 4.21 | Lynx_369 | Triple Lynx | ||
| OSK-W-20-2139-W9 | 543.5 | 545.7 | 2.2 | 20.3 | Triple Lynx | Triple Lynx | |
| including | 544.0 | 544.7 | 0.7 | 63.5 | |||
| 949.0 | 951.0 | 2.0 | 5.72 | Lynx_364 | Triple Lynx | ||
| including | 949.0 | 949.5 | 0.5 | 14.1 | |||
| OSK-W-20-2217-W2 | 546.0 | 548.0 | 2.0 | 11.7 | Lynx_365 | Triple Lynx | |
| including | 546.0 | 547.0 | 1.0 | 23.4 | |||
| OSK-W-20-2250-W3 | 765.0 | 767.0 | 2.0 | 28.4 | 24.5 | Lynx_363 | Triple Lynx |
| including | 765.5 | 765.8 | 0.3 | 126 | 100 | ||
| OSK-W-20-2252-W1 | 828.0 | 830.0 | 2.0 | 3.48 | Lynx_371 | Triple Lynx | |
| including | 828.9 | 829.2 | 0.3 | 19.1 | |||
| 874.1 | 876.2 | 2.1 | 4.21 | Lynx_361 | Triple Lynx | ||
| 892.0 | 894.0 | 2.0 | 3.60 | Lynx_361 | Triple Lynx | ||
| 987.9 | 990.0 | 2.1 | 3.29 | Lynx_369 | Triple Lynx | ||
| including | 988.5 | 989.0 | 0.5 | 8.49 | |||
| OSK-W-20-2256 | 844.0 | 846.5 | 2.5 | 4.24 | Lynx_371 | Triple Lynx | |
| OSK-W-20-2256-W1 | 855.0 | 868.0 | 13.0 | 21.0 | 17.0 | Lynx_361 | Triple Lynx |
| including | 862.5 | 863.2 | 0.7 | 174 | 100 | ||
| 947.0 | 949.0 | 2.0 | 15.3 | Lynx_375 | Triple Lynx | ||
| including | 947.0 | 948.0 | 1.0 | 29.7 | |||
| OSK-W-20-2260-W1 | 891.0 | 893.0 | 2.0 | 32.3 | Lynx_363 | Triple Lynx | |
| including | 891.9 | 892.6 | 0.7 | 86.1 | |||
| 1098.0 | 1100.3 | 2.3 | 7.30 | Lynx_374 | Triple Lynx | ||
| including | 1099.3 | 1100.3 | 1.0 | 13.3 | |||
| OSK-W-20-2260-W2 | 882.0 | 884.0 | 2.0 | 3.03 | Lynx_363 | Triple Lynx | |
| OSK-W-20-2266-W1 | 939.6 | 942.3 | 2.7 | 4.99 | Lynx_370 | Triple Lynx | |
| OSK-W-20-2266-W2 | 731.9 | 742.7 | 10.8 | 9.07 | Lynx_361 | Triple Lynx | |
| including | 736.9 | 738.0 | 1.1 | 35.3 | |||
| 774.0 | 776.0 | 2.0 | 8.57 | Lynx_363 | Triple Lynx | ||
| including | 775.0 | 775.3 | 0.3 | 41.5 | |||
| OSK-W-20-2270 | 596.0 | 598.0 | 2.0 | 5.99 | Lynx_356 | Lynx | |
| including | 597.0 | 597.5 | 0.5 | 23.0 | |||
| OSK-W-20-2272 | 568.5 | 570.5 | 2.0 | 4.65 | Lynx_356 | Lynx | |
| including | 569.5 | 569.9 | 0.4 | 21.4 | |||
| WST-20-0342A | 551.0 | 553.6 | 2.6 | 4.60 | Lynx_313 | Lynx | |
| including | 553.1 | 553.6 | 0.5 | 17.9 | |||
| 565.3 | 568.0 | 2.7 | 3.77 | Lynx_340 | Lynx | ||
| including | 565.3 | 565.6 | 0.3 | 20.1 | |||
| WST-20-0446 | 209.0 | 211.5 | 2.5 | 10.0 | Lynx_341 | Lynx | |
| including | 211.1 | 211.5 | 0.4 | 38.3 | |||
| WST-20-0447 | 53.6 | 55.6 | 2.0 | 3.63 | Lynx_311 | Lynx | |
| 66.8 | 68.8 | 2.0 | 8.47 | Lynx_311 | Lynx | ||
| including | 68.0 | 68.3 | 0.3 | 48.9 | |||
| 113.2 | 115.4 | 2.2 | 52.7 | 48.5 | Lynx_323 | Lynx | |
| including | 114.2 | 114.5 | 0.3 | 131 | 100 | ||
| 129.4 | 133.0 | 3.6 | 11.2 | Lynx_304 | Lynx | ||
| including | 129.4 | 130.0 | 0.6 | 40.9 | |||
| and | 132.7 | 133.0 | 0.3 | 48.7 | |||
| 497.4 | 499.5 | 2.1 | 13.4 | Lynx_313 | Lynx | ||
| including | 498.8 | 499.5 | 0.7 | 38.9 | |||
| 528.0 | 530.4 | 2.4 | 4.92 | Lynx_329 | Lynx | ||
| WST-20-0453 | 134.9 | 136.9 | 2.0 | 13.0 | Lynx_301 | Lynx | |
| including | 136.6 | 136.9 | 0.3 | 76.2 | |||
| 151.3 | 153.5 | 2.2 | 13.8 | Lynx_315 | Lynx | ||
| including | 152.4 | 153.0 | 0.6 | 49.9 | |||
| WST-20-0454 | 137.0 | 139.5 | 2.5 | 4.31 | Lynx_301 | Lynx | |
| including | 138.0 | 138.6 | 0.6 | 16.7 | |||
| WST-20-0455 | 140.9 | 143.6 | 2.7 | 5.79 | Lynx_301 | Lynx | |
| WST-20-0456 | 145.0 | 147.0 | 2.0 | 7.75 | Lynx_301 | Lynx | |
| including | 145.8 | 146.6 | 0.8 | 19.2 | |||
| WST-20-0458 | 166.3 | 169.0 | 2.7 | 14.9 | Lynx_301 | Lynx | |
| including | 167.0 | 167.6 | 0.6 | 47.7 | |||
| WST-20-0459 | 53.7 | 56.1 | 2.4 | 43.1 | 37.9 | Lynx_339 | Lynx |
| including | 53.7 | 54.6 | 0.9 | 114 | 100 | ||
| 83.3 | 86.8 | 3.5 | 10.8 | Lynx_307 | Lynx | ||
| including | 83.3 | 84.1 | 0.8 | 29.8 | |||
| WST-20-0460 | 217.0 | 219.0 | 2.0 | 3.52 | Lynx_321 | Lynx | |
| 234.6 | 238.0 | 3.4 | 12.9 | Lynx_301 | Lynx | ||
| including | 235.6 | 236.0 | 0.4 | 72.9 | |||
| WST-20-0461 | 163.6 | 166.0 | 2.4 | 30.0 | Lynx_304 | Lynx | |
| including | 164.6 | 165.4 | 0.8 | 89.1 | |||
| 171.3 | 174.0 | 2.7 | 5.60 | Lynx_304 | Lynx | ||
| including | 171.3 | 171.9 | 0.6 | 18.8 | |||
| 192.8 | 195.0 | 2.2 | 3.96 | Lynx_341 | Lynx | ||
| WST-20-0463 | 52.7 | 55.0 | 2.3 | 4.90 | Lynx_311 | Lynx | |
| including | 52.7 | 53.0 | 0.3 | 10.1 | |||
| and | 54.0 | 54.3 | 0.3 | 20.8 | |||
| 100.0 | 102.5 | 2.5 | 171 | 40.2 | Lynx_323 | Lynx | |
| including | 100.0 | 101.0 | 1.0 | 427 | 100 | ||
| 119.8 | 121.8 | 2.0 | 9.08 | Lynx_304 | Lynx | ||
| including | 119.8 | 120.6 | 0.8 | 22.5 | |||
| 436.3 | 438.3 | 2.0 | 24.5 | 15.5 | Lynx_347 | Lynx | |
| including | 437.4 | 437.7 | 0.3 | 160 | 100 | ||
| 469.9 | 473.8 | 3.9 | 9.07 | Lynx_313 | Lynx | ||
| including | 469.9 | 470.8 | 0.9 | 19.0 | |||
| and | 472.4 | 472.9 | 0.5 | 23.1 | |||
| WST-20-0464 | 133.0 | 135.2 | 2.2 | 5.33 | Lynx_321 | Lynx | |
| including | 133.0 | 133.3 | 0.3 | 33.1 | |||
| WST-20-0465 | 135.0 | 137.0 | 2.0 | 9.56 | Lynx_301 | Lynx | |
| including | 136.6 | 137.0 | 0.4 | 44.5 | |||
| WST-20-0466 | 138.7 | 141.0 | 2.3 | 5.17 | Lynx_301 | Lynx | |
| WST-20-0467 | 160.0 | 162.0 | 2.0 | 11.0 | Lynx_315 | Lynx | |
| including | 161.0 | 162.0 | 1.0 | 21.8 | |||
| WST-20-0469 | 136.0 | 138.4 | 2.4 | 13.4 | Lynx_301 | Lynx |
Notes: True widths are estimated at 30 – 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-20-1741-W3 | 144 | -48 | 1098 | 453328 | 5435466 | 406 | 3725 |
| OSK-W-20-2059-W4 | 131 | -52 | 1092 | 453446 | 5435477 | 400 | 3825 |
| OSK-W-20-2139-W8 | 115 | -52 | 1125 | 452980 | 5435549 | 420 | 3450 |
| OSK-W-20-2139-W9 | 115 | -52 | 1152 | 452980 | 5435549 | 420 | 3450 |
| OSK-W-20-2217-W2 | 134 | -48 | 893 | 452943 | 5435566 | 419 | 3425 |
| OSK-W-20-2250-W3 | 132 | -57 | 1170 | 453128 | 5435505 | 420 | 3575 |
| OSK-W-20-2252-W1 | 129 | -54 | 1119 | 453241 | 5435694 | 415 | 3750 |
| OSK-W-20-2256 | 125 | -51 | 1179 | 453160 | 5435686 | 414 | 3675 |
| OSK-W-20-2256-W1 | 125 | -51 | 1101 | 453160 | 5435686 | 414 | 3675 |
| OSK-W-20-2260-W1 | 127 | -48 | 1140 | 453199 | 5435669 | 413 | 3700 |
| OSK-W-20-2260-W2 | 127 | -48 | 1191 | 453199 | 5435669 | 413 | 3700 |
| OSK-W-20-2266-W1 | 128 | -55 | 1116 | 453069 | 5435476 | 418 | 3500 |
| OSK-W-20-2266-W2 | 128 | -55 | 1131 | 453069 | 5435476 | 418 | 3500 |
| OSK-W-20-2270 | 133 | -53 | 774 | 452972 | 5435211 | 416 | 3275 |
| OSK-W-20-2272 | 149 | -45 | 1004 | 452967 | 5435264 | 412 | 3300 |
| WST-20-0342A | 116 | -47 | 679 | 453452 | 5435266 | 115 | 3725 |
| WST-20-0446 | 115 | -49 | 613 | 453452 | 5435265 | 114 | 3725 |
| WST-20-0447 | 128 | -48 | 657 | 453411 | 5435230 | 113 | 3675 |
| WST-20-0453 | 139 | 13 | 172 | 453494 | 5435287 | 118 | 3775 |
| WST-20-0454 | 135 | 19 | 181 | 453493 | 5435287 | 118 | 3775 |
| WST-20-0455 | 138 | 28 | 192 | 453493 | 5435287 | 119 | 3775 |
| WST-20-0456 | 129 | 24 | 193 | 453494 | 5435287 | 119 | 3775 |
| WST-20-0458 | 112 | 14 | 204 | 453495 | 5435287 | 118 | 3775 |
| WST-20-0459 | 153 | -47 | 579 | 453227 | 5435126 | 135 | 3475 |
| WST-20-0460 | 126 | -33 | 295 | 453494 | 5435287 | 116 | 3775 |
| WST-20-0461 | 115 | -45 | 622 | 453452 | 5435265 | 114 | 3725 |
| WST-20-0463 | 137 | -43 | 552 | 453411 | 5435230 | 113 | 3675 |
| WST-20-0464 | 138 | 3 | 171 | 453494 | 5435287 | 118 | 3775 |
| WST-20-0465 | 147 | 7 | 184 | 453494 | 5435287 | 117 | 3775 |
| WST-20-0466 | 131 | 9 | 183 | 453494 | 5435287 | 118 | 3775 |
| WST-20-0467 | 147 | -1 | 193 | 453494 | 5435287 | 117 | 3775 |
| WST-20-0469 | 149 | 15 | 184 | 453494 | 5435287 | 118 | 3775 |
Lynx Zone
Gold mineralization in the Lynx Zone occurs as two types: 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, pyrite dominated with minor chalcopyrite, sphalerite, galena, arsenopyrite, and pyrrhotite, ranging from trace to up to 70% locally, and local visible gold. Replacement-type 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. Both types of mineralization are 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
Gold 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 30-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.0 g/t Au diluted over core lengths of at least 2.0 metres. All NQ core assays reported were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Thunder Bay, Ontario, Sudbury, Ontario or Vancouver, British Colombia, or (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using an Aqua Regia-ICP-AES method at ALS Laboratories. Drill program design, Quality Assurance/Quality Control (“QA/QC”) and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assay.
About the Windfall 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
President & Chief Executive Officer
Telephone (416) 363-8653
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