Osisko Mining Inc. (OSK:TSX. "Osisko" or the "Corporation") is
pleased to provide new analytical results from the ongoing drill
program at its 100% owned Windfall gold project located in the
Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay,
Québec.
Expansion drilling in the Lynx 4 area has
defined a new sub-vertical zone located 80 metres south-west of
wireframe LX4-3449 and 150 metres under wireframe LX4-3451. The new
mineralization is currently defined by 18 intercepts (13 new
intercepts and five holes previously reported, results presented
below) over an area measuring 200 metres x 300 metres and remains
open for expansion in several directions. High-grade mineralization
typical of the Lynx area defines the new zone with disseminated
pyrite associated with strong pervasive silica alteration hosted in
a sericitized rhyolite. This new zone is located outside the
January 2022 mineral resource estimate (see Osisko news release
dated January 10, 2022), and with continued definition drilling
will result in a new resource wireframe.
Osisko Chief Executive Officer John Burzynski
commented: “The expansion program at Windfall continues to pay
dividends as illustrated by today’s announcement of a new zone
outside our current resources. These results confirm how prolific
the Lynx area is with respect to resource growth. We will continue
to selectively target open areas where previous holes highlight
strong potential for additional ounces.”
Selected high-grade intercepts include:
60.7 g/t Au over 5.0 metres in OSK-W-21-2601;
76.4 g/t Au over 3.6 metres in OSK-W-21-2540-W3;
and 30.5 g/t Au over 2.0 metres in
OSK-W-21-2369-W3. Maps showing hole locations and full analytical
results are available at www.osiskomining.com. Maps: Long
Section_LX4 EN New Zone_20220323, Long Section_LX4 EN Ext_20220323,
PR_EN_20220323_Lynx4-New Zone.
Hole No. |
From (m) |
To (m) |
Interval (m) |
Au (g/t) uncut |
Au (g/t)
cut to 100 g/t |
Corridor |
OSK-W-21-1949-W14 |
1307.1 |
1313.0 |
5.9 |
3.57 |
|
Lynx 4 |
including |
1311.6 |
1311.9 |
0.3 |
11.6 |
|
OSK-W-21-2369-W3 |
1261.8 |
1264.5 |
2.7 |
5.16 |
|
Lynx 4 |
|
1267.0 |
1269.0 |
2.0 |
30.5 |
24.9 |
Lynx 4 |
including |
1268.1 |
1268.4 |
0.3 |
137 |
100 |
OSK-W-21-2540-W3 |
1409.4 |
1413.0 |
3.6 |
76.4 |
24.2 |
Lynx 4 |
including |
1409.4 |
1410.1 |
0.7 |
368 |
100 |
|
1416.3 |
1419.0 |
2.7 |
7.02 |
|
Lynx 4 |
|
1420.8 |
1423.0 |
2.2 |
5.80 |
|
Lynx 4 |
OSK-W-21-2540-W6 |
1361.8 |
1364.0 |
2.2 |
4.74 |
|
Lynx 4 |
including |
1361.8 |
1362.3 |
0.5 |
20.6 |
|
|
1409.0 |
1411.0 |
2.0 |
20.6 |
|
Lynx 4 |
including |
1409.3 |
1409.8 |
0.5 |
76.6 |
|
|
1480.0 |
1483.0 |
3.0 |
4.25 |
|
Lynx 4 |
including |
1482.5 |
1483.0 |
0.5 |
11.8 |
|
|
1490.2 |
1495.0 |
4.8 |
5.84 |
|
Lynx 4 |
OSK-W-21-2601 |
1328.1 |
1332.0 |
3.9 |
5.30 |
|
Lynx 4 |
|
1426.5 |
1431.5 |
5.0 |
60.7 |
45.6 |
Lynx 4 |
including |
1426.5 |
1426.8 |
0.3 |
282 |
100 |
|
1459.0 |
1461.0 |
2.0 |
7.39 |
|
Lynx 4 |
including |
1459.6 |
1460.0 |
0.4 |
36.3 |
|
OSK-W-21-2369-W3* |
1215.9 |
1218.0 |
2.1 |
5.17 |
|
Lynx 4 |
|
1223.7 |
1226.1 |
2.4 |
15.5 |
|
OSK-W-20-2170-W6** |
1367.8 |
1370.0 |
2.2 |
6.61 |
|
Lynx 4 |
|
1379.0 |
1381.0 |
2.0 |
14.5 |
|
|
1384.0 |
1386.4 |
2.4 |
6.70 |
|
Notes: True widths are estimated at 55 – 80% of
the reported core length interval. See "Quality Control and
Reporting Protocols" below. *Results previously released on April
27, 2021, **results previously released on January 11, 2021, and
October 7, 2020.
Drill hole location
Hole No. |
Azimuth (°) |
Dip (°) |
Length (m) |
UTM E |
UTM N |
Elevation |
Section |
OSK-W-21-1949-W14 |
105 |
-57 |
1332 |
453440 |
5435479 |
401 |
3825 |
OSK-W-21-2369-W3 |
130 |
-56 |
1415 |
453424 |
5435566 |
410 |
3850 |
OSK-W-21-2540-W3 |
117 |
-60 |
1470 |
453465 |
5435640 |
410 |
3925 |
OSK-W-21-2540-W6 |
117 |
-60 |
1541 |
453465 |
5435640 |
410 |
3925 |
OSK-W-21-2601 |
125 |
-61 |
1500 |
453425 |
5435657 |
413 |
3900 |
Lynx ZoneMineralization occurs
as grey to translucent quartz-carbonate-pyrite-tourmaline veins and
pyrite replacement zones and stockworks. Vein-type mineralization
is associated with haloes of pervasive sericite-pyrite ± silica
alteration and contain sulphides (predominantly pyrite with minor
amounts of chalcopyrite, sphalerite, galena, arsenopyrite, and
pyrrhotite) and local visible gold. Replacement mineralization is
associated with strong pervasive silica-sericite-ankerite ±
tourmaline alteration and contains disseminated pyrite from trace
to 80% with local visible gold. Pyrite stockworks can form
envelopes that reach several tens of metres in thickness. Fuchsite
alteration is common and is spatially constrained to near the
gabbros. Mineralization occurs at or near geological contacts
between felsic porphyritic or fragmental intrusions and the host
rhyolites or gabbros and can locally be hosted along the
gabbro-rhyolite contact.
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), Director of Exploration for Osisko's Windfall 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 3.5 g/t Au diluted over core lengths of at least 2.0
metres. 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. Selected samples are also analyzed for multi-elements,
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 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 the Abitibi region of Québec, Canada.
The Mineral Resource Estimate (“MRE“) defined by Osisko, as
disclosed in the news release dated January 10, 2022 is supported
by the technical report entitled “Mineral Resource Estimate Update
for the Windfall Project” dated February 10, 2022 (with an
effective date of October 21, 2021), 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, are further described in the full technical report
for this updated mineral resource estimate in accordance with NI
43-101 and is 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 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.
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 2,500
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 disclosed in this news release; the
prospects, if any, of the Windfall gold deposit; timing and ability
of Osisko to file a technical report for the mineral resource
estimate disclosed in this news release; the timing and ability of
Osisko, if at all, to publish a feasibility study for the Windfall
gold deposit; 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 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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