Osisko Mining Inc. (OSK:TSX. "Osisko" or the "Corporation")
provides the following corporate update.
The Corporation continues to advance work on the
Windfall project and surrounding properties, with 15 rigs in total
active underground and at surface, performing a combination of
infill and exploratory drilling. Detailed engineering has commenced
for the planned Windfall operations with the objective of
optimizing design and capital expenditures.
The exploration ramp is currently at 640 metres
vertical depth, and over 13 kilometres length underground. Nine
drills are active on the exploration ramp, and the advance towards
the fourth bulk sample (the 800 metre level Lynx 4 sample) is
planned to resume in H2 2023.
Osisko is also working towards the conclusion of
the definitive agreement with Miyuukaa Corp. ("Miyuukaa"), a
wholly-owned corporation of the Cree First Nation of Waswanipi
("CFNW"), with respect to the construction of proposed transmission
facilities and the transport of hydroelectric power to the Windfall
project. The Kuikuhaacheu transmission line from the Waswanipi
substation to Windfall is located 100% on CFNW traditional lands
covered by the James Bay Northern Québec Agreement. Finalization of
the definitive agreement is expected before the end of this
month.
The Corporation remains on schedule to submit
its Environmental Impact Assessment report for Windfall (“EIA”) to
the Environmental and Social Impact Review Committee (“COMEX”) in
Q1 2023. The Corporation also anticipates finalizing the Impact and
Benefit Agreement with the Cree First Nation of Waswanipi and the
Cree Nation Government before year end 2023.
The Corporation has also begun to receive
pre-ordered mill components at the port of Bécancour, Québec.
Equipment is being kept in a dry and heated storage facility until
required at the Windfall site.
Having completed its Feasibility Study, Osisko
has begun the process of reviewing its financing options for the
Windfall mine, including ongoing discussions with potential lenders
and other strategic alternatives, which may include public and
private debt facilities, strategic alliances, partnerships, joint
ventures, and other strategic alternatives. Osisko will only
provide updates on any such alternatives that advance to the point
of requiring disclosure. There can be no assurances that any such
arrangements can be agreed on terms acceptable to Osisko.
The recently announced “bought-deal” private
placement financing (please see Osisko news release dated February
6th, 2023) is expected to close on February 28th.
Qualified PersonThe scientific
and technical content in this news release has been reviewed and
approved by Mr. Mathieu Savard, P.Geo (OGQ #510), President of
Osisko, who is a “qualified person” (within the meaning of NI
43-101).
About the Windfall Gold
DepositThe Windfall gold deposit is located between
Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada.
The mineral resource estimate on Windfall (with an effective date
of June 7, 2022 ) (the “Windfall Resource Estimate”) and the
mineral reserve estimate on Windfall (with an effective date of
November 25, 2022) (the “Windfall Reserve Estimate”) are described
in the technical report entitled “Feasibility Study for the
Windfall Project, Eeyou Istchee James Bay, Québec, Canada” (the “FS
Technical Report”) and dated January 10, 2023 (with an effective
date of November 25, 2022). The Windfall Resource Estimate,
assuming a cut-off grade of 3.50 g/t Au, comprises 811,000 tonnes
at 11.4 g/t Au (297,000 ounces) in the measured mineral resource
category, 10,250,000 tonnes at 11.4 g/t Au (3,754,000 ounces) in
the indicated mineral resource category and 12,287,000 tonnes at
8.4 g/t Au (3,337,000 ounces) in the inferred mineral resource
category. The Windfall Mineral Reserve, assuming 3.5 g/t operating,
2.5 g/t incremental, and 1.7 g/t development cut-off grade,
comprises 12,183,000 tonnes at 8.06 g/t Au (3,159,000 ounces) in
the probable mineral reserves category. The key assumptions,
parameters, limitations and methods used in the Feasibility Study
for Windfall, including the related Windfall Resource Estimate and
Windfall Reserve Estimate, are described in a technical report (the
“FS Technical Report”), which was prepared in accordance with
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”). The FS Technical Report is available on
SEDAR (www.sedar.com) under Osisko’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 areas: Lynx, Main, and Underdog.
Mineralization is generally comprised of sub-vertical lenses
following intrusive porphyry contacts plunging to the northeast.
The resources are defined from surface to a depth of 1,600 metres,
including the Triple 8 (TP8) zone. The reserves are defined from
surface to a depth of 1,100 metres. The deposit remains open along
strike and at depth. Mineralization has been identified at surface
in some areas and as deep as 2,625 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 the Urban Barry area and nearby Quévillon area (over
2,300 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 ; the amount and type of drilling to be completed and
the timing to complete such drilling; the focus of the remaining
infill drilling; the trend of grade increase; the proposed
exploration and development works; the entering into and
performance of the power line agreement, completion of the proposed
environmental assessment, identification, negotiation and entering
into of any strategic transaction to assist in the construction of
the Windfall project, 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 disclosed in this news
release; the prospects, if any, of the Windfall gold deposit; ;
future drilling at the Windfall gold deposit. Such factors include,
among others, the ability of Osisko to complete further exploration
activities, including (infill) drilling; the ability to complete
development activities described herein; risks relating to the
ability of exploration activities (including drill results) to
accurately predict mineralization; errors in management's
geological modelling; the ability of the Corporation to complete
materials, file and to obtain required approvals; risks related to
the negotiation and entering into of the power line agreement; the
results of exploration activities; risks related to the
identification, negotiation with, and execution of any strategic
transaction to support the development of the Windfall gold
deposit; 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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