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Osisko Mining Inc
Symbol OSK
Shares Issued 357,296,139
Close 2021-04-13 C$ 3.05
Recent Sedar Documents

Osisko Mining drills 2.2 m of 877 g/t Au at Windfall

2021-04-13 07:08 ET - News Release

Mr. John Burzynski reports

OSISKO DRILLING AT WINDFALL RETURNS NEAR SURFACE HIGH-GRADE

Osisko Mining Inc. has provided new analytical results from the continuing drill program at its 100-per-cent-owned Windfall gold project located in the Abitibi greenstone belt, Urban township, Eeyou Istchee James Bay, Quebec.

Significant new analytical results presented below include 43 intercepts in 18 drill holes (13 from surface and five from underground) and six wedges. The infill intercepts are located inside defined February, 2021, mineral resource estimate (MRE) blocks (see Osisko news release dated Feb. 17, 2021). The expansion intercepts are located outside the February, 2021, mineral resource estimate (MRE) and either expand resource wireframes or are located in a defined zone or corridor but do not yet correlate to a specific wireframe.

Osisko chief executive officer John Burzynski commented, "All zones at Windfall continue to expand and infill nicely with respect to the February, 2021, MRE blocks, and continue to highlight the potential to increase the strong base case economics from the Windfall PEA, released last week."

Selected high-grade intercepts include: 877 grams per tonne gold over 2.2 metres and 85.0 g/t Au over 2.0 metres in WST-21-0668; 72.2 g/t Au over 2.0 metres in OSK-W-21-2442; 53.3 g/t Au over 2.3 metres in WST-21-0600; and 50.5 g/t Au over 2.4 metres in OSK-W-21-2442-W1.

                               INFILL DRILLING
  
Hole No.               From         To     Interval       Au uncut   Au cut to 100 g/t
                        (m)        (m)          (m)          (g/t)               (g/t)

OSK-W-20-2423         938.0      940.0          2.0           4.71
including             939.5      940.0          0.5           16.6
OSK-W-21-2442         627.0      629.0          2.0           17.4
including             628.0      629.0          1.0           34.5
                      632.0      634.0          2.0           14.3
including             632.4      633.0          0.6           36.7
                      642.0      644.0          2.0           24.7
including             643.0      644.0          1.0           48.3
                      659.0      661.0          2.0           5.31
including             659.0      659.5          0.5           12.9
                      667.0      669.0          2.0           72.2                57.5
including             667.0      668.0          1.0            130                 100
                      686.0      688.0          2.0           17.6
including             686.0      687.0          1.0           34.3
                      826.0      828.0          2.0           35.9                30.0
including             826.8      827.4          0.6            120                 100
OSK-W-21-2442-W1      696.0      698.0          2.0           3.48
including             696.7      697.1          0.4           11.2
                      747.6      750.0          2.4           50.5                41.7
including             749.0      750.0          1.0            121                 100
                      762.6      764.8          2.2           5.02
including             762.6      762.9          0.3           34.8
                      854.6      857.0          2.4           5.10
OSK-W-21-2455         697.0      699.0          2.0           20.4
including             698.0      699.0          1.0           40.5
OSK-W-21-2463         629.0      631.0          2.0           7.21
OSK-W-21-2483         521.0      526.5          5.5           3.94
including             521.0      522.0          1.0           11.2
                      547.0      549.3          2.3           11.2
including             548.4      549.0          0.6           29.4
WST-21-0600           160.0      162.3          2.3           53.3
including             160.0      161.0          1.0           86.3
WST-21-0668            36.5       38.7          2.2            877                19.1
including              36.5       36.9          0.4           4820                 100
WST-21-0669            74.0       76.0          2.0           11.5

Notes 
True widths are estimated at 55 to 80 per cent of the reported core length interval. 

                                 EXPANSION DRILLING
  
Hole No.               From         To      Interval       Au uncut    Au cut to 100 g/t
                        (m)        (m)           (m)          (g/t)                (g/t)

OSK-W-20-2374         102.3      104.4           2.1           3.16
including             103.9      104.4           0.5           7.98
OSK-W-20-2388         172.6      174.7           2.1           4.32
OSK-W-20-2399-W2      405.0      407.1           2.1           6.93
OSK-W-20-2405-W1      489.3      491.5           2.2           3.45
including             490.9      491.5           0.6           9.86
OSK-W-20-2410-W2      430.6      433.9           3.3           3.80
including             433.6      433.9           0.3           14.6
OSK-W-20-2415         467.0      469.0           2.0           4.57
OSK-W-20-2425         181.2      184.1           2.9           3.65
                      190.1      192.2           2.1           6.18
OSK-W-20-2430          70.8       73.0           2.2           5.59
OSK-W-20-2433         116.0      118.2           2.2           5.85
OSK-W-21-2442         916.3      918.4           2.1           3.51
including             916.6      917.3           0.7           9.39
                      934.0      937.3           3.3           7.33
including             935.0      935.5           0.5           18.3
OSK-W-21-2442-W1      661.2      664.0           2.8           3.57
                      666.0      668.0           2.0           3.39
OSK-W-21-2460-W1      759.0      761.0           2.0           4.39
OSK-W-21-2462-W1      655.0      657.0           2.0           6.97
                      682.0      684.0           2.0           4.37
OSK-W-21-2476         572.6      574.8           2.2           10.7
OSK-W-21-2490         712.0      714.0           2.0           4.35
                      732.0      734.3           2.3           8.52
including             732.7      733.5           0.8           18.0
WST-20-0480B          138.1      140.8           2.7           25.3
including             139.0      140.0           1.0           53.5
WST-20-0559A          118.0      120.3           2.3           3.68
WST-21-0668            95.0       97.0           2.0           85.0                 20.0
including              95.8       96.2           0.4            425                  100
WST-21-0669            64.9       66.9           2.0           4.36

Notes 
True widths are estimated at 55 to 80 per cent of the reported core length interval.

Caribou zone

Mineralization most commonly occurs in gold-bearing pyrite stockworks as well as semi-massive pyrite replacement zones associated with phyllic alteration (sericite-pyrite plus or minus silica) with sulphides, pyrite dominated with minor chalcopyrite and sphalerite ranging from trace to up to 20 per cent, and local visible gold. Mineralization is hosted in rhyolites or mafic-intermediate volcanics frequently at or near faults or the contact with felsic porphyritic intrusions.

Zone 27

Mineralization most commonly occurs as replacement type characterized by 5 per cent to 50 per cent disseminated, stringer, semi-massive or stockwork pyrite, ptygmatic tourmaline veins, quartz-tourmaline crustiform veins, local quartz-carbonate veins, and local visible gold. Mineralization is associated with moderate to strong sericite, weak to strong silica, weak chlorite and carbonate and locally weak fuchsite and is hosted in strongly altered andesites, in or at the contact of the rhyolite, or along the contacts with felsic porphyritic intrusions.

F zone

Mineralization is hosted in sheared andesites with carbonate replacement or quartz veining and occurs as quartz plus or minus ankerite veinlets or as replacement type in shear zones and is characterized by trace to 10 per cent pyrite with local visible gold. Alteration is dominated by sericite-fuchsite-tourmaline-pyrite.

Bobcat

Mineralization most commonly occurs in gold-bearing quartz-pyrite veins controlled by northeast-trending faults and shears and to a lesser extent in minor crustiform quartz-tourmaline-ankerite-pyrite veins and pyrite replacement zones and stockwork. Mineralization is hosted in sheared mafic volcanics, rhyolites near faults, or at the contact with felsic porphyritic intrusions.

Underdog

Mineralization most commonly occurs in gold-bearing quartz-pyrite (plus or minus tourmaline) veins and as disseminated, stringer, semi-massive to massive pyrite with minor sphalerite, chalcopyrite and molybdenite associated with strong sericite and silica alteration. Mineralization is hosted along the intrusive contacts of a three-phase composite felsic porphyritic unit which crosscuts felsic and mafic volcanic sequences.

Qualified person

The scientific and technical content of this news release has been reviewed, prepared and approved by Louis Grenier, MScA, PGeo (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.

Quality control and reporting protocols

True width determination is estimated at 55 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 g/t Au diluted over core lengths of at least 2.0 metres. NQ core assays 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.; Vancouver, B.C.; Lima, Peru; or Vientiane, Laos; 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 a four-acid digestion-ICP-MS method at ALS laboratories. Drill program design, quality assurance/quality control (QA/QC) and interpretation of results are performed by qualified persons employing a QA/QC program consistent with National Instrument 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 per cent of sample pulps are sent to secondary laboratories for check assay.

About the Windfall gold deposit

The Windfall gold deposit is located between Val d'Or and Chibougamau in the Abitibi region of Quebec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated Feb. 17, 2021, and supported by the technical report entitled "Mineral Resource Estimate Update for the Windfall Project, Eeyou Istchee James Bay, Quebec, Canada" dated March 8, 2021 (with an effective date of Nov. 30, 2020), and assuming a cut-off grade of 3.50 g/t Au, comprises 521,000 tonnes at 11.3 g/t Au (189,000 ounces) in the measured mineral resource category, 5,502,000 tonnes at 9.4 g/t Au (1,668,000 ounces) in the indicated mineral resource category and 16,401,000 tonnes at 8.0 g/t Au (4,244,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the Feb. 17, 2021, news release are further described in the full technical report prepared by BBA Inc. in accordance with NI 43-101 and are available on SEDAR 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.

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-per-cent interest in the high-grade Windfall 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 Urban Barry area and nearby Quevillon area (over 2,700 square kilometres).

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