Osisko Expansion Drilling Returns High Grade at Lynx

2020-07-16 / @nasdaq

 

34.8 g/t Au over 10.4 Metres

26.1 g/t Au Over 5.3 Metres

TORONTO, July 16, 2020 (GLOBE NEWSWIRE) -- Osisko Mining Inc. (OSK:TSX. "Osisko" or the "Corporation") is pleased to provide new drilling 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.

Twenty-two drills are active at Windfall (including 16 on surface and six underground), all currently focused on the Lynx deposit.

Osisko President and Chief Executive Officer John Burzynski commented: “The Lynx system remains open both towards surface and down plunge, and we expect to see additions to the Lynx resource by the end of the year.  Clearly the highest-grade portion of our Windfall deposit, Lynx continues to impress and provide good upside to the scale of our growing resource.  Lynx gave important additions to our February 2020 resource update (see Osisko news release dated February 19, 2020), and we expect to see that pattern continue.”

Significant new analytical results are presented below and include 59 intercepts in 15 drill holes, 22 wedges and 3 extensions of previously drilled holes.  All intercepts reported below are located outside the February 2020 mineral resource estimate wireframes and represent expansions of known mineralized zones.

Selected high-grade intercepts from the new results include: OSK-W-20-2266-W1, 30 metres up-plunge from wireframe Lynx_363, returned 34.8 g/t Au over 10.4 metres; OSK-W-20-2268, 70 metres up-plunge from wireframe Lynx_361, returned 26.1 g/t Au over 5.3 metres; OSK-W-20-2100-W6, 15 metres vertically towards surface from wireframe Lynx_371, returned 59.7 g/t Au over 2.2 metres; and OSK-W-20-2250-W1, 48 metres up-plunge from wireframe Lynx_372, returned 42.6 g/t Au over 2.2 metres. Maps showing hole locations and full analytical results are available at www.osiskomining.com.

Hole NoFrom (m)To (m)Interval (m)Au (g/t) uncutAu (g/t) cutZoneCorridor
OSK-W-18-16391078.91081.02.17.49 Lynx_327Lynx
OSK-W-18-1731-W1581.0583.02.09.27 Lynx_322Lynx
including581.6582.00.433.8 
OSK-W-18-1741-W1693.8696.12.34.05 Lynx_336Lynx
OSK-W-19-1166-W5670.0672.02.06.58 LynxLynx
 679.9683.03.110.3 LynxLynx
OSK-W-19-1949-W3642.2644.62.44.38 Lynx_341Lynx
OSK-W-19-2100-W21066.51068.52.035.726Triple LynxTriple Lynx
including1067.31067.80.5139100
OSK-W-19-2101787.0789.02.03.84 Lynx_361Triple Lynx
OSK-W-19-2139-W1867.0872.05.03.07 Triple LynxTriple Lynx
OSK-W-19-2194778.7786.27.55.36 Triple LynxTriple Lynx
 992.3994.52.211.7 Lynx_350Lynx
including993.6994.50.925.2 
OSK-W-20-2059-W2806.0808.02.07.15 Lynx_333Lynx
OSK-W-20-2059-W3805.0807.22.210.1 Lynx_330Lynx
including806.7807.20.543.5 
OSK-W-20-2100-W6896.8899.02.259.719Lynx_371Triple Lynx
including896.8897.20.4324100
OSK-W-20-2100-W7888.4890.52.122.7 Lynx_371Triple Lynx
including889.3890.00.761.2 
OSK-W-20-2139-W51006.01008.52.54.82 Triple LynxTriple Lynx
OSK-W-20-2170-W51021.31023.72.49.55 Triple LynxTriple Lynx
 1047.01049.42.49.54 Lynx_364Triple Lynx
including1047.01047.50.538.0 
OSK-W-20-2202-W2848.1850.22.112.0 Lynx_367Triple Lynx
including849.9850.20.349.4 
 874.8877.02.27.36 Triple LynxTriple Lynx
OSK-W-20-2217-W1753.8759.25.43.04 Triple LynxTriple Lynx
 948.0950.02.04.36 Triple LynxTriple Lynx
OSK-W-20-2217-W2795.7797.72.06.84 Triple LynxTriple Lynx
 806.0808.02.04.42 Triple LynxTriple Lynx
OSK-W-20-2217-W3760.4764.03.621.8 Triple LynxTriple Lynx
 910.0912.02.019.7 Triple LynxTriple Lynx
OSK-W-20-2243-W1795.0797.12.16.82 Lynx_363Triple Lynx
including795.3796.10.815.9 
 804.0806.02.03.05 Lynx_363Triple Lynx
 820.8824.33.515.4 Triple LynxTriple Lynx
 923.0927.04.05.34 Triple LynxTriple Lynx
OSK-W-20-2243-W2962.0964.02.017.7 Triple LynxTriple Lynx
OSK-W-20-2243-W3782.9791.08.110.8 Lynx_361Triple Lynx
including783.9784.50.624.6 
OSK-W-20-2250-W1719.9722.42.527.1 Triple LynxTriple Lynx
including720.9721.80.947.0 
 732.8735.02.23.53 Triple LynxTriple Lynx
 752.0757.65.64.07 Triple LynxTriple Lynx
 930.4932.62.242.628Lynx_372Triple Lynx
including930.4931.00.6154100
OSK-W-20-2250-W2787.0792.05.011.1 Lynx_364Triple Lynx
including790.0790.40.467.5 
OSK-W-20-2253833.8835.92.13.33 LynxTriple Lynx
OSK-W-20-2260834.5836.62.120.2 Lynx_361Triple Lynx
including834.8835.20.493.4 
OSK-W-20-2263384.4386.72.33.42 Lynx_311Lynx
 522.3524.32.029.4 Lynx_356Lynx
including522.9523.40.568.9 
 593.0595.02.04.33 LynxTriple Lynx
OSK-W-20-2266731.8734.02.210.3 Triple LynxTriple Lynx
 752.0755.03.010.8 Lynx_363Triple Lynx
including753.4753.80.421.2 
OSK-W-20-2266-W1719.2721.32.13.36 Triple LynxTriple Lynx
 737.3747.710.434.818.5Lynx_363Triple Lynx
including742.4743.00.6373100
and746.4746.70.3119100
OSK-W-20-2268711.2716.55.326.125.9Lynx_361Triple Lynx
including711.7712.20.5102100
and713.0713.80.849.3 
OSK-W-20-2269580.1582.52.415.5 Lynx Lynx
WST-20-028680.082.02.06.52 Lynx_308Lynx
including80.081.01.012.8 
WST-20-0376129.9132.02.137.3 Lynx_359Lynx
including129.9130.20.393.8 
WST-20-0377137.5141.03.528.721.6Lynx_359Lynx
including138.0138.30.379.1 
and138.6139.00.4163100
WST-20-0416326.4329.63.227.6 LynxLynx
 336.0338.12.14.13 LynxLynx
 695.2697.22.09.85 Lynx_327Lynx
including695.8696.30.518.7 
and696.3696.60.327.4 
 710.1712.52.44.01 Lynx_327Lynx
including710.1710.70.616.0 
WST-20-041784.086.22.213.1 Lynx_307Lynx
including85.085.70.738.6 
 316.0318.22.217.6 LynxLynx
WST-20-0418271.1273.12.023.8 LynxLynx
 440.9443.22.36.59 LynxLynx
WST-20-0437113.0115.32.33.51 Lynx_304Lynx
including113.0113.30.314.8 
WST-20-0443107.0109.02.07.56 Lynx_304Lynx
WST-20-0459327.2330.02.823.2 LynxLynx

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 NumberAzimuth (°)Dip (°)Length (m)UTM EUTM NElevationSection
OSK-W-18-1639142-53116445326654353974053625
OSK-W-18-1731-W1139-5199545338354355184093800
OSK-W-18-1741-W1144-48108345332854354664063725
OSK-W-19-1166-W5132-59115545362154356384054050
OSK-W-19-1949-W3105-57132645344054354794013825
OSK-W-19-2100-W2122-47113445309554357264233650
OSK-W-19-210118-6890945342654347793963475
OSK-W-19-2139-W1115-52115245298054355494203450
OSK-W-19-2194135-51112245321554355124103650
OSK-W-20-2059-W2131-5293345344654354774003825
OSK-W-20-2059-W3131-52102945344654354774003825
OSK-W-20-2100-W6122-47126045309554357264233650
OSK-W-20-2100-W7122-47112245309554357264233650
OSK-W-20-2139-W5115-52114645298054355494203450
OSK-W-20-2170-W5128-59114845342554356574133900
OSK-W-20-2202-W2127-54114645299754356064243500
OSK-W-20-2217-W1134-48104445294354355664193425
OSK-W-20-2217-W2134-4889345294354355664193425
OSK-W-20-2217-W3134-48112845294354355664193425
OSK-W-20-2243-W1122-5496045308754355274183550
OSK-W-20-2243-W2122-5497245308754355274183550
OSK-W-20-2243-W3122-54106245308754355274183550
OSK-W-20-2250-W1132-57106045312854355054203575
OSK-W-20-2250-W2132-57108045312854355054203575
OSK-W-20-2253128-5492445283154353264133225
OSK-W-20-2260126-48103845319954356694133700
OSK-W-20-2263128-49102945292654351874133225
OSK-W-20-2266128-55105045306954354764183500
OSK-W-20-2266-W1128-55111645306954354764183500
OSK-W-20-2268127-5545245314854354894183575
OSK-W-20-2269133-5093345297254352114163275
WST-20-0286153168545322854351261363475
WST-20-0376161-3916645349354352861163775
WST-20-0377161-4217545349354352861163775
WST-20-0416138-5280145322854351261353475
WST-20-0417138-5075945322854351261343475
WST-20-0418140-4974445322954351271343475
WST-20-0437152-1214245345054352651163725
WST-20-0443136-1921945349454352871173775
WST-20-0459153-4757945322854351261343475

Lynx Zone
Mineralization in the Lynx zone is typically characterized by trace to 15% disseminated, clustered or stringer pyrite (locally up to 70%), local visible gold, trace to 3% sphalerite, chalcopyrite, and galena, local ptygmatic pyrite-tourmaline or tourmaline veinlets, quartz-carbonate veins (locally crustiform), smoky quartz veins and veinlets, and local chlorite-calcite or quartz-carbonate chlorite fracture filling. Alteration consists of weak to strong sericite, weak to strong silica with areas of local pervasive silica flooding, weak to moderate chlorite and carbonate, and locally weak to strong fuchsite. Mineralization is hosted in or at the contacts of felsic porphyritic or fragmental intrusions with rhyolites, andesites (locally bleached), or gabbros.

Triple Lynx Zone
Mineralization in the Triple Lynx zone is typically characterized by trace to 30% disseminated, clustered or stringer pyrite, local visible gold, trace sphalerite, chalcopyrite, and galena, local quartz-tourmaline veins (up to 20%), local ptygmatic tourmaline veins, and local smoky quartz and quartz-carbonate veins. Alteration consists of weak to strong sericite, weak to strong silica with areas of local pervasive silica flooding, weak to moderate chlorite and carbonate, and locally weak to strong fuchsite. Mineralization is hosted in or at the contacts of felsic porphyritic dikes with rhyolites (locally bleached) or gabbros.

Qualified Person
The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Louis Grenier, M.Sc.A., P.Geo. (OGQ 800), Project Manager of Osisko's Windfall Lake gold project, who is a "qualified person" as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").

Quality Control and Reporting Protocols
True width determination is estimated at 55-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.0 g/t Au diluted over core lengths of at least 2.0 metres. All NQ core assays reported were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d'Or, Québec, Thunder Bay, Ontario, Sudbury, Ontario or Vancouver, British Colombia, or (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using an Aqua Regia-ICP-AES method at ALS Laboratories. Drill program design, 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 sub-vertical zones following intrusive porphyry contacts plunging to the northeast. 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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