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Osisko Mining Inc
Symbol OSK
Shares Issued 262,747,888
Close 2019-06-05 C$ 3.06
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Osisko Mining drills 2.8m of 16.7 g/t Au at Urban Barry

2019-06-06 15:33 ET - News Release

Mr. John Burzynski reports


Osisko Mining Inc. has discovered a new gold-bearing zone at its 100-per-cent-owned Urban Barry gold project, located in the Abitibi greenstone belt, Urban township, Eeyou Istchee James Bay, Quebec.

The new gold zone (Fox West) is located two kilometres southwest of the Fox discovery (see Osisko news releases dated Aug. 29, 2016, and Nov. 23, 2016) and consists of pyrite stringers hosted in a sericite-altered dacite/felsic intrusion.

Fox West is located in a six-kilometre, east-northeast corridor of altered porphyry dikes hosted in mafic volcanics containing a number of historic and recent gold occurrences. The Fox corridor is located approximately five kilometres northwest of the Windfall deposit. Gold mineralization in Fox West is associated with hematite-altered felsic intrusions and occurs in both the hangingwall and footwall of the units. Mineralization in this new zone is similar to Windfall and the initial 2016 Fox discovery, occurring along intrusive porphyry contacts.

John Burzynski, Osisko's president and chief executive officer, commented: "Renewed shallow exploration drilling at Fox has turned up significant new results two kilometres to the west of the initial Fox discovery holes. The similarities between the mineralization style at Fox and Windfall make for the exciting possibility of developing another deposit in parallel with our ongoing program at Windfall. Additional exploration holes between the initial discovery area and Fox West are planned."

Maps showing drill hole locations and full analytical results are available at the company's website.

Hole             From (m)   To (m)   Interval (m)   Au uncut (g/t)       Zone 
OSK-UB-19-132      243.1    244.5            2.8             16.7    Fox West
Including          243.1    244.1            1.0             45.0    Fox West                            
OSK-UB-19-132      253.3    256.0            2.7             3.39    Fox West

Hole             From (m)   To (m)   Interval (m)   Au uncut (g/t)       Zone 

OSX-W-16-717       243.9    255.5           11.6             3.22         Fox 
OSK-U-16-732        65.5     68.5            3.0             8.04         Fox 
OSK-U-16-734       406.0    409.1            3.1             27.6         Fox 
OSK-U-16-736       260.6    262.7            2.1             5.14         Fox 
OSK-U-16-738       313.0    315.6            2.6             4.32         Fox 

OSK-UB-19-132 intersected two mineralized intervals: 16.7 grams per tonne gold over 2.8 metres and 3.39 grams per tonne gold over 2.7 metres. The first interval consists of up to 15 per cent millimetre-scale pyrite stringers hosted in a strongly sericite-altered contact between a dacite and a moderate hematite and potassic-altered felsic intrusion. The second interval consists of 1 per cent quartz-tourmaline-pyrite veinlets as well as trace to 5 per cent millimetric pyrite stringers hosted in a sericite-altered dacite.

Qualified person

The scientific and technical content of this news release has been reviewed, prepared and approved by Pascal Simard, PEng (OIQ 5002937), director of northern exploration for projects in Quebec, who is a qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

Quality control and reporting protocols

True width determination is estimated at 65 per cent to 80 per cent 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 grams per tonne gold diluted over core lengths of at least 2.0 metres. All NQ core assays reported were obtained by either one-kilogram screen fire assay or standard 50-gram fire assaying (AA finish or gravimetric finish) at: (i) ALS Laboratories in Val d'Or, Que., Thunder Bay, Ont., Sudbury, Ont., or Vancouver, B.C.; or (ii) Bureau Veritas in Timmins, Ont. The one-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 multielements, including silver, using an aqua regia ICP-AES method at ALS Laboratories. Drill program design, quality assurance/quality control and interpretation of results is performed by qualified persons employing a quality assurance/quality control program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for quality assurance/quality control purposes by the corporation as well as the lab.

About the Windfall Lake gold deposit

The Windfall Lake gold deposit is located between Val d'Or and Chibougamau in the Abitibi region of Quebec, Canada. The mineral resource defined by Osisko, as disclosed in the Windfall Lake technical report (as defined herein) and the Nov. 27, 2018, Lynx resource update, comprises 2,874,000 tonnes at 8.17 grams per tonne gold (754,000 ounces) in the indicated mineral resource category and 10,352,000 tonnes at 7.11 grams per tonne gold (2,366,000 ounces) in the inferred mineral resource category. For details regarding the key assumptions, parameters and methods used to estimate the mineral resources presented in respect of the Windfall Lake gold project, please see the technical report entitled, "Technical Report and Mineral Resource Estimate for the Windfall Lake Project, Windfall Lake and Urban-Barry Properties," and dated June 12, 2018 (effective date of May 14, 2018), which has been prepared by InnovExplo Inc. from Val d'Or, Que., and the press release dated Nov. 27, 2018, which has been prepared by Osisko and reviewed and approved by Micon International Ltd. from Toronto, Ont. The Windfall Lake technical report and press release are available on Osisko's website and on SEDAR under Osisko's issuer profile. The Windfall Lake gold deposit is currently one of the highest-grade resource-stage gold projects in Canada. Mineralization occurs in four principal zones: Lynx, zone 27, Caribou and Underdog. All zones comprise subvertical lenses following intrusive porphyry contacts plunging to the northeast. The deposit is well defined from surface to a depth of 900 metres and remains open along strike and at depth. Mineralization has been identified 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-per-cent interest in the high-grade Windfall Lake gold deposit located between Val d'Or and Chibougamau in Quebec and holds a 100-per-cent undivided interest in a large area of claims in the surrounding the Urban Barry area and nearby Quevillon area (2,700 square kilometres).

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