Osisko Mining Inc. (OSK:TSX. "Osisko" or the "Corporation") is
pleased to provide new results from the expanding Golden Bear
discovery located approximately 1000 metres north of its 100% owned
high-grade Windfall gold deposit, located in the Abitibi greenstone
belt, Urban township, Eeyou Istchee James Bay, Québec.
Expansion drilling 250 metres south-west of the
Golden Bear discovery hole has defined the presence of a fourth
mineralized zone (D4). This new zone displays silica alteration,
pyrite mineralization and local visible gold, similar to the
mineralization style observed at the high-grade Lynx zones at
Windfall. D4 is located 225 (metres vertical) below surface and
remains open along strike, up and down plunge and has a
sub-parallel orientation to the three previously defined “D” zones
(see Osisko news release dated September 14, 2021).
Osisko Mining Chief Executive Officer John
Burzynski commented: “The Golden Bear discovery continues to expand
with mineralization and alteration typical of what we see at
Windfall. Apart from the D Zones, there are also a number of
results that do not yet correlate to a defined zone. The team is
excited to be working on what we hope will become a significant
discovery.”
The drill program at Golden Bear is currently
focusing on the up and down plunge areas of the new D4 zone.
Selected high-grade intercepts are reported below, and maps showing
hole locations and full analytical results are available at
www.osiskomining.com.
D4 is located 250 metres south-west of D1, is
open in all directions, and is currently defined by five
intercepts: 15.3 g/t Au over 3.5 metres in
drillhole OSK-UB-21-296; 6.26 g/t Au over 2.8
metres in drillhole OSK-UB-21-298; 4.14 g/t Au
over 1.4 metres and 4.15 g/t Au over 1.2
metres in drillhole OSK-UB-21-299; and 10.5 g/t Au
over 2.4 metres in drillhole OSK-UB-21-301.
Hole No. |
From(m) |
To (m) |
Interval(m) |
Au (g/t)uncut |
Au (g/t)cut to100 g/t |
Corridor |
Area |
OSK-UB-21-275 |
319.7 |
320.4 |
0.7 |
9.69 |
|
- |
Golden Bear |
OSK-UB-21-281 |
658.1 |
660.0 |
1.9 |
5.66 |
|
D3 |
Golden Bear |
including |
659.2 |
660.0 |
0.8 |
12.2 |
|
OSK-UB-21-284 |
608.9 |
610.8 |
1.9 |
8.16 |
|
- |
Golden Bear |
OSK-UB-21-285 |
530.3 |
532.0 |
1.7 |
4.14 |
|
- |
Golden Bear |
|
634.0 |
634.3 |
0.3 |
8.01 |
|
- |
Golden Bear |
OSK-UB-21-286B |
293.5 |
296.5 |
3.0 |
5.66 |
|
- |
Golden Bear |
including |
293.5 |
295.0 |
1.5 |
11.1 |
|
OSK-UB-21-287 |
694.6 |
695.6 |
1.0 |
5.30 |
|
- |
Golden Bear |
OSK-UB-21-288 |
263.0 |
264.5 |
1.5 |
4.75 |
|
- |
Golden Bear |
OSK-UB-21-290 |
220.2 |
222.5 |
2.3 |
7.21 |
|
- |
Golden Bear |
including |
222.0 |
222.5 |
0.5 |
18.4 |
|
OSK-UB-21-292 |
418.0 |
422.4 |
4.4 |
5.76 |
|
- |
Golden Bear |
including |
418.0 |
420.3 |
2.3 |
9.40 |
|
|
602.0 |
604.0 |
2.0 |
51.1 |
|
- |
Golden Bear |
OSK-UB-21-293 |
421.7 |
422.0 |
0.3 |
7.83 |
|
- |
Golden Bear |
OSK-UB-21-296 |
68.0 |
71.0 |
3.0 |
3.60 |
|
- |
Golden Bear |
|
84.0 |
87.0 |
3.0 |
3.77 |
|
- |
Golden Bear |
|
287.5 |
291.0 |
3.5 |
15.3 |
|
D4 |
Golden Bear |
OSK-UB-21-298 |
282.0 |
284.8 |
2.8 |
6.26 |
|
D4 |
Golden Bear |
OSK-UB-21-299 |
356.0 |
357.4 |
1.4 |
4.14 |
|
D4 |
Golden Bear |
|
358.6 |
359.8 |
1.2 |
4.15 |
|
D4 |
Golden Bear |
|
438.0 |
440.6 |
2.6 |
3.90 |
|
- |
Golden Bear |
including |
439.2 |
439.8 |
0.6 |
13.4 |
|
OSK-UB-21-301 |
321.7 |
324.1 |
2.4 |
10.5 |
|
D4 |
Golden Bear |
Notes: True widths are currently unknown. See "Quality Control
and Reporting Protocols" below.
Drill hole location
Hole Number |
Azimuth (°) |
Dip (°) |
Length (m) |
UTM E |
UTM N |
Elevation |
OSK-UB-21-275 |
206 |
-60 |
516 |
453194 |
5437109 |
430 |
OSK-UB-21-281 |
187 |
-59 |
719 |
453232 |
5437078 |
429 |
OSK-UB-21-284 |
162 |
-52 |
951 |
453303 |
5437276 |
433 |
OSK-UB-21-285 |
155 |
-50 |
888 |
453481 |
5437103 |
434 |
OSK-UB-21-286B |
187 |
-70 |
726 |
453261 |
5436968 |
424 |
OSK-UB-21-287 |
162 |
-49 |
756 |
453353 |
5437053 |
432 |
OSK-UB-21-288 |
192 |
-62 |
771 |
453261 |
5436970 |
424 |
OSK-UB-21-290 |
212 |
-59 |
549 |
453182 |
5436921 |
419 |
OSK-UB-21-292 |
190 |
-64 |
672 |
453251 |
5437157 |
433 |
OSK-UB-21-293 |
192 |
-67 |
675 |
453251 |
5437158 |
433 |
OSK-UB-21-296 |
340 |
-52 |
354 |
452994 |
5436600 |
407 |
OSK-UB-21-298 |
344 |
-61 |
360 |
452994 |
5436600 |
407 |
OSK-UB-21-299 |
342 |
-45 |
456 |
453076 |
5436541 |
397 |
OSK-UB-21-301 |
346 |
-58 |
441 |
453067 |
5436618 |
407 |
Golden BearMineralization in D1
and D2 is hosted in altered felsic quartz porphyry dike and
andesite, and it occurs as pyrrhotite replacement in grey to
translucent silica and quartz-carbonate-pyrrhotite veins.
Replacement mineralization is associated with silica alteration and
contains trace to 15% disseminated and clustered pyrrhotite with
local visible gold and traces of sphalerite-chalcopyrite-galena.
Vein-type mineralization is associated with a halo of pervasive
sericite-chlorite ± ankerite alteration containing sulphides
(predominantly pyrrhotite with local traces of sphalerite,
chalcopyrite, pyrite, galena and arsenopyrite), and local visible
gold. Mineralization at D3 is hosted in altered andesite associated
with silica alteration and a halo of pervasive sericite-ankerite
alteration, similar to D1 and D2. Mineralization within the silica
alteration consists of trace to 10% pyrite ± pyrrhotite stringers
with local visible gold and traces of sphalerite. Quartz-carbonate
vein-type mineralization is also present and consists of trace to
5% pyrite-pyrrhotite and trace amounts of sphalerite.
Mineralization at D4 is hosted in altered felsic quartz porphyry
dikes and occurs most commonly as grey to translucent silica
replacement and veins. Both types of mineralization are associated
with strong pervasive silica alteration with a halo of
sericite-ankerite alteration and consists of trace to 20%
disseminated pyrite with minor sphalerite and local visible gold.
Mineralization in all zones occur at or near geological contacts
between felsic quartz porphyry dikes and andesites.
Qualified PersonThe scientific
and technical content of this news release has been reviewed,
prepared and approved by Mr. Pascal Simard, Eng. (OIQ 5002937),
Vice-President Exploration for Osisko, 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 currently unknown but
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. NQ core assays
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, Vancouver, British Colombia,
Lima, Peru or Vientiane, Laos (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. All samples are
also analyzed for multi-elements, including silver, using Aqua
Regia Digestion-ICP-MS 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.
About the Windfall Gold
DepositThe Windfall gold deposit is located between
Val-d'Or and Chibougamau in the Abitibi greenstone belt region of
Québec, Canada. The Mineral Resource Estimate ("MRE") defined by
Osisko, as disclosed in the news release dated January 10, 2022 and
assuming a cut-off grade of 3.50 g/t Au, comprises 565,000 tonnes
at 11.6 g/t Au (210,000 ounces) in the measured mineral resource
category, 8,907,000 tonnes at 10.5 g/t Au (2,994,000 ounces) in the
indicated mineral resource category and 13,035,000 tonnes at 8.6
g/t Au (3,585,000 ounces) in the inferred mineral resource
category. The key assumptions, parameters and methods used to
estimate the mineral resource estimate disclosed in the January 10,
2022 news release, certain of which are described in the January
10, 2022 news release, will be further described in the full
technical report being prepared for this updated mineral resource
estimate in accordance with Ni 43-101, and will be available on
SEDAR (www.sedar.com) under the Corporation's issuer profile within
45 days from January 10, 2022. 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 resources are
defined from surface to a depth of 1,600 metres as it now includes
the Triple 8 (T8) zone. The resources excluding T8 are defined from
surface to a depth of 1,200 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.
Golden Bear is located approximately 1,000
metres to the north of the Windfall gold deposit. Golden Bear is in
early stages of drilling and has no current defined mineral
resources.
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% 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 2,600
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 significance of the new high-grade gold discovery; the
prospects, if any, of Golden Bear; the mineralization of Golden
Bear; the significance of drill results; the Windfall gold deposit
being one of the highest-grade resource-stage gold projects in
Canada and having world-class scale; the prospects, if any, of the
Windfall gold deposit; the Lynx zone remaining open to expansion
down plunge; upgrading a inferred mineral resource to a measured
mineral resource or indicated mineral resource category; future
drilling at the Windfall gold deposit; 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 (infill)
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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