Osisko Mining Inc. (OSK:TSX. "Osisko" or the "Corporation") is
pleased to provide a recap of the top 20 previously released
intercepts of 2020 from its 100% owned Windfall gold project
located in the Abitibi greenstone belt, Urban Township, Eeyou
Istchee James Bay, Québec.
Since the release of the February 2020 mineral
resource estimate (see Osisko news release dated February 19,
2020), approximately 250,000 metres of new drilling has been
completed, focused on infill and expansion drilling of the known
mineralized zones at Windfall.
Osisko Chief Executive Officer John Burzynski
commented: “It has been a very busy year for the Osisko exploration
team, complicated by global events. The Corporation has managed to
maintain a steady pace at Windfall, significantly growing the
deposit with the resource update released in February, and we
expect this year’s program to further grow the deposit. Our
exploration team successfully completed the Discovery One drill
hole, providing solid extensions to the Underdog and Triple 8
zones, while providing strong indications for further discovery at
depth in the deposit. The pace of drilling has increased throughout
the year, with over 30 surface and underground drills on site to
complete the infill program and explore extensions of the principal
mineralized zones, all of which remain open down plunge. The
exploration ramp has continued to advance towards Triple Lynx for
the next planned bulk sample, and at present we have eight
underground rigs on the Lynx infill program. Drilling began in
November on promising near-deposit exploration targets with three
additional drills, and we expect to be shifting more rigs to these
targets in the New Year. Our cash balance remains very strong, with
approximately $300M in cash and equity positions.”
“Osisko recognizes the essential contribution of
our employees and contractors, and we wish to thank our hosts and
partners in the community of Waswanipi, the Cree Nation government,
the municipality of Lebel-sur-Quevillon, the Quebec government and
all of our stakeholders for their strong support through what has
been an unusual year. Our achievements and success are attributable
to our working relationship with our partners, and the dedication
and commitment of our employees to maintaining a safe work
environment.”
Osisko anticipates a busy 2021, steadily working
towards the delivery of the next resource update and advancing the
feasibility work for the Windfall project.
The table below presents the previously released
2020 top 20 drill intercepts from Lynx.
WINDFALL TOP 20
INTERCEPTS BY METAL FACTOR
Hole No. |
From (m) |
To (m) |
Interval (m) |
Au (g/t) uncut |
g*metres
uncut |
Zone |
WST-20-0543 |
74.0 |
76.0 |
2.0 |
13,634 |
27,268 |
Lynx_323 |
OSK-W-19-1731-W2 |
882.7 |
887.3 |
4.6 |
1,475 |
6,785 |
Lynx_348 |
OSK-W-20-2059-W4 |
1038.1 |
1066.1 |
28.0 |
202 |
5,643 |
Lynx_348 |
OSK-W-19-2226 |
55.7 |
58.1 |
2.4 |
948 |
2,275 |
Lynx_311 |
OSK-W-20-2256-W5 |
858.5 |
873.0 |
14.5 |
86 |
1,250 |
Lynx_361 |
WST-20-0312 |
105.0 |
110.0 |
5.0 |
199 |
993 |
Lynx_304 |
OSK-W-20-2260-W1 |
843.0 |
846.0 |
3.0 |
314 |
941 |
Lynx_361 |
OSK-W-20-2133-W2 |
783.6 |
786 |
2.4 |
391 |
939 |
Lynx_361 |
OSK-W-20-2264 |
766.5 |
778.8 |
12.3 |
76 |
931 |
Lynx_334 |
OSK-W-20-2133-W4 |
928.8 |
939.6 |
10.8 |
85 |
918 |
Triple Lynx |
OSK-W-20-2292-W1 |
1040.7 |
1043.0 |
2.3 |
395 |
909 |
Lynx_374 |
OSK-W-20-2170-W2 |
971 |
976.6 |
5.6 |
149 |
835 |
Lynx_363 |
OSK-W-20-2100-W7 |
933.0 |
935.0 |
2.0 |
415 |
830 |
Lynx_361 |
WST-20-0310 |
63.7 |
65.7 |
2.0 |
376 |
751 |
Lynx_311 |
WST-20-0569 |
310.5 |
312.7 |
2.2 |
327 |
719 |
Lynx_356 |
WST-20-0295 |
142.0 |
144.0 |
2.0 |
337 |
675 |
Lynx_304 |
OSK-W-20-2256-W2 |
874.7 |
880.3 |
5.6 |
115 |
642 |
Lynx_361 |
OSK-W-20-2256-W4 |
862.0 |
871.2 |
9.2 |
62 |
566 |
Lynx_361 |
WST-19-0234 |
69.2 |
72.6 |
3.4 |
153 |
520 |
Lynx_311 |
WST-20-0295 |
134.0 |
136.0 |
2.0 |
243 |
485 |
Lynx_304 |
Qualified PersonThe 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
ProtocolsTrue 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
DepositThe 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 InformationThis 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
BurzynskiChief Executive OfficerTelephone (416) 363-8653
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