Osisko Drilling Returns High Grade at Lynx



369 g/t Au Over 3.5 Metres in Lynx




155 g/t Au Over 3.0 Metres in Triple Lynx

TORONTO, April 08, 2021 (GLOBE NEWSWIRE) — 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.

Significant new analytical results presented below include 78 intercepts in 46 drill holes (12 from surface, 22 from underground) and 12 wedges. The infill intercepts are located inside defined February 2021 mineral resource estimate (“MRE”) blocks (

see Osisko news release dated February 17,


2021

). The expansion intercepts are located outside the February 2021 mineral resource estimate (“MRE”) and either expand resource wireframes or are located in a defined zone or corridor but do not yet correlate to a specific wireframe.

Osisko Chief Executive Officer John Burzynski commented: “Once again the drilling in the Lynx area delivers both inside and outside of the February 2021 MRE blocks. Further, expansion drilling in the Triple Lynx corridor continues to provide strong targets for growth as demonstrated by Hole OSK-W-20-2371-W1, one of our top results today. As we noted in our April 7, 2021 PEA update, ongoing drilling is showing great potential to see further increases in the already strong economic base case of the Windfall deposit.”

Selected high-grade intercepts include:

369 g/t Au over


3.5


metres

in OSK-W-21-2369-W3;

155


g/t


Au over 3.0 metres

and

45.7 g/t Au over 2.1 metres

in WST-21-0670;

129 g/t Au over 3.2 metres

in OSK-W-20-2252-W11,

144 g/t Au over 2.5 metres

in WST-21-0657;

123 g/t Au over 2.4 metres

in OSK-W-20-2371-W1,

78.4 g/t Au over 3.1 metres

in OSK-W-21-2480,

70.0 g/t Au over 2.6 metres

in WST-20-0568,

76.4 g/t Au over 2.2 metres

in WST-20-0578, and

52.6 g/t Au over 2.3 metres

in OSK-W-20-2420. Maps showing hole locations and full analytical results are available at


www.osiskomining.com


.



Infill Drilling


Hole No.

From

(m)

To

(m)

Interval

(m)

Au (g/t)

uncut

Au (g/t)



cut to

100 g/t

Zone

Corridor

OSK-W-20-2416

1019.1

1021.1

2.0

7.61


TLX_3162


Triple Lynx


including
1019.4 1020.0 0.6 21.6

OSK-W-20-2426

346.0

348.0

2.0

5.84


TLX_3178


Triple Lynx


including
347.0 347.3 0.3 34.2

OSK-W-20-2428

720.0

722.4

2.4

25.0


Lynx_3304


Lynx


including
721.1 721.9 0.8 61.0

OSK-W-20-2431

759.0

761.0

2.0

3.86


TLX_3129


Triple Lynx


including
760.0 760.7 0.7 10.9


806.0

808.1

2.1

6.53


TLX_3195


Triple Lynx


including
807.6 808.1 0.5 25.9

OSK-W-21-2363-W4

748.2

750.8

2.6

16.3


TLX_3171


Triple Lynx


including
750.0 750.5 0.5 33.7

OSK-W-21-2369-W3

672.8

676.3

3.5

369

100

LXM_3304


Lynx


Including
672.8 673.5 0.7 127 100

and
673.5 674.2 0.7 545 100

and
674.2 674.6 0.4 192 100

and
674.6 675.0 0.4 155 100

and
675.0 675.6 0.6 557 100

and
675.6 676.3 0.7 500 100

OSK-W-21-2394-W4

668.7

671.0

2.3

40.9


TLX_3184


Triple Lynx


including
669.1 670.0 0.9 99.7


882.0

884.0

2.0

3.11


TLX_3130

Triple Lynx

OSK-W-21-2394-W5

652.5

655.4

2.9

3.86


TLX_3171


Triple Lynx


including
654.5 655.4 0.9 7.79

OSK-W-21-2416-W2

927.5

929.7

2.2

7.16


TLX_3161


Triple Lynx


including
928.2 928.8 0.6 22.5


936.9

944.0

7.1

5.15


TLX_3161


Triple Lynx


including
937.5 938.2 0.7 15.8

OSK-W-21-2436-W1

698.2

703.0

4.8

4.28


LX4_3424


Lynx 4


including
698.2 699.0 0.8 11.2

OSK-W-21-2443

1062.9

1065.0

2.1

6.51


Triple Lynx


Triple Lynx


including
1064.3 1065.0 0.7 16.6

OSK-W-21-2452

714.0

716.6

2.6

13.5


TLX_3198

Triple Lynx


747.0

749.2

2.2

4.46


TLX_3129


Triple Lynx


including
747.0 747.7 0.7 10.2

OSK-W-21-2457

773.7

776.0

2.3

33.4

18.6

Lynx_3437


Lynx


including
774.8 775.2 0.4 185 100

OSK-W-21-2464

720.8

731.5

10.7

7.23


Lynx_3304


Lynx


including
725.8 726.8 1.0 17.2

OSK-W-21-2480

741.4

744.5

3.1

78.4

31.5

LXM_3304


Lynx


including
742.8 743.5 0.7 308 100

WST-20-0573

336.1

338.3

2.2

4.76


LXSW_3556


Lynx


including
336.1 336.8 0.7 12.3

WST-20-0605A

461.0

463.0

2.0

9.11


LXSW_3502


Lynx


including
461.7 462.3 0.6 30.2

WST-21-0614

308.0

310.0

2.0

3.74


TLX_3169

Triple Lynx


313.0

315.3

2.3

8.89


TLX_3169


Triple Lynx


including
314.9 315.3 0.4 17.8

WST-21-0620A

274.0

276.0

2.0

4.97


TLX_3164

Triple Lynx

WST-21-0636

114.0

116.0

2.0

4.42


LXM_3334

Lynx

WST-21-0637

323.0

327.0

4.0

7.64


TLX_3167


Triple Lynx


including
326.0 327.0 1.0 15.4


475.5

478.0

2.5

3.47


Lynx 4

Lynx


507.0

509.0

2.0

9.77


LX4_3450


Lynx 4


including
507.3 507.6 0.3 60.5

WST-21-0647

311.0

313.0

2.0

5.83


TLX_3166


Triple Lynx


including
312.3 313.0 0.7 14.9

WST-21-0648B

59.0

61.4

2.4

4.28


Lynx_3339

Lynx

WST-21-0656

284.0

286.2

2.2

3.16


TLX_3164

Triple Lynx

WST-21-0657

219.5

222.0

2.5

144

55.3

TLX_3161


Triple Lynx


including
220.8 221.3 0.5 543 100

WST-21-0659

360.9

364.0

3.1

6.83


TLX_3131

Triple Lynx

WST-21-0670

364.3

367.3

3.0

155

64.8

TLX_3166


Triple Lynx


including
364.3 365.3 1.0 369 100


369.3

371.4

2.1

45.7

23.8

TLX_3166


Triple Lynx


including
369.9 370.4 0.5 191 100


409.5

412.0

2.5

6.63


TLX_3165


Triple Lynx


including
410.0 410.4 0.4 30.6

WST-21-0690

274.5

276.9

2.4

7.31


TLX_3164

Triple Lynx

Notes: True widths are estimated at 55 – 80% of the reported core length interval. See

“Quality Control and Reporting Protocols”

below. LXM = Lynx Main, LX4 = Lynx 4, TLX = Triple Lynx and LXSW = Lynx Southwest.



Expansion Drilling


Hole No.

From

(m)

To

(m)

Interval

(m)

Au (g/t)

uncut

Au (g/t)



cut to

100 g/t

Zone

Corridor

OSK-W-20-2252-W11

944.0

946.0

2.0

4.53


Triple Lynx

Triple Lynx

961.1

963.5

2.4

19.1

15.2

Triple Lynx


Triple Lynx


including
961.4 961.7 0.3 131 100

965.8

969.0

3.2

129

21.2

Triple Lynx


Triple Lynx


including
967.8 968.1 0.3 1250 100

975.0

977.0

2.0

4.58


Triple Lynx

Triple Lynx

OSK-W-20-2313-W10

1009.0

1011.0

2.0

3.49


Triple Lynx

Triple Lynx

1052.0

1054.0

2.0

22.4


Triple Lynx


Triple Lynx


including
1052.0 1053.0 1.0 44.6

OSK-W-20-2363-W3

957.0

961.7

4.7

6.61


Triple Lynx


Triple Lynx


including
957.0 957.6 0.6 18.4

OSK-W-20-2371-W1

1007.3

1009.7

2.4

123

27.2

Triple Lynx


Triple Lynx


including
1007.3 1007.9 0.6 483 100

OSK-W-20-2397-W1

652.0

654.0

2.0

13.4


LXM_3304


Lynx


including
652.3 653.1 0.8 33.1

OSK-W-20-2416

946.0

948.0

2.0

7.01


Triple Lynx

Triple Lynx

967.0

976.4

9.4

10.0


Triple Lynx


Triple Lynx


including
971.0 972.0 1.0 29.5

OSK-W-20-2420

744.0

746.3

2.3

52.6

51.3

Lynx


Lynx


including
744.5 745.5 1.0 103 100

983.0

985.1

2.1

4.06


Triple Lynx


Triple Lynx


including
983.0 984.0 1.0 8.45

OSK-W-20-2426

634.0

636.0

2.0

17.6


Triple Lynx


Triple Lynx


including
635.0 636.0 1.0 32.4

751.0

753.0

2.0

11.7


Triple Lynx

Triple Lynx

OSK-W-20-2428

665.0

667.3

2.3

19.3


Lynx


Lynx


including
665.0 666.3 1.3 34.1

686.5

690.3

3.8

4.58


Lynx


Lynx


including
686.5 687.0 0.5 12.2

OSK-W-20-2431

759.0

761.0

2.0

3.86


Triple Lynx


Triple Lynx


including
760.0 760.7 0.7 10.9

806.0

808.1

2.1

6.53


TLX_3195


Triple Lynx


including
807.6 808.1 0.5 25.9

OSK-W-21-2363-W4

806.6

809.0

2.4

11.5


Triple Lynx


Triple Lynx


including
806.6 806.9 0.3 91.9

812.5

816.0

3.5

15.5


Triple Lynx


Triple Lynx


including
812.5 813.4 0.9 33.9

OSK-W-21-2394-W5

600.0

602.0

2.0

6.49


Triple Lynx

Triple Lynx

OSK-W-21-2443

1062.9

1065.0

2.1

6.51


Triple Lynx


Triple Lynx


including
1064.3 1065.0 0.7 16.6

OSK-W-21-2445

590.4

593.0

2.6

3.28


Triple Lynx


Triple Lynx


including
590.4 590.8 0.4 19.7

852.0

854.1

2.1

3.56


Triple Lynx

Triple Lynx

OSK-W-21-2445-W1

596.2

598.5

2.3

4.04


Triple Lynx

Triple Lynx

618.0

620.0

2.0

3.69


Triple Lynx


Triple Lynx


including
618.0 619.0 1.0 7.22

OSK-W-21-2459

705.6

707.9

2.3

4.49


Triple Lynx

Triple Lynx

WST-20-0568

273.6

276.2

2.6

70.0

13.6

Lynx SW


Lynx SW


including
275.9 276.2 0.3 589 100

WST-20-0570

290.7

292.9

2.2

3.46


Lynx SW


Lynx SW


including
291.1 291.9 0.8 9.09

WST-20-0578

151.5

153.7

2.2

76.4

14.4

Lynx


Lynx


including
152.4 152.7 0.3 555 100

WST-20-0605A

258.0

260.0

2.0

3.58


Lynx SW


Lynx SW


including
258.0 259.0 1.0 7.12

WST-20-0613

376.0

385.0

9.0

7.47


Triple Lynx


Triple Lynx


including
380.4 380.8 0.4 16.5

and
381.1 382.0 0.9 27.6

and
383.4 384.0 0.6 15.5

WST-20-0613

396.0

398.0

2.0

5.05


Triple Lynx

Triple Lynx

241.8

244.0

2.2

4.37


Lynx SW

Lynx SW

377.9

380.0

2.1

8.67


Lynx SW


Lynx SW


including
377.9 378.4 0.5 36.2

WST-21-0637

172.0

174.0

2.0

5.30


Triple Lynx


Triple Lynx


including
172.0 172.5 0.5 18.1

WST-21-0662

212.0

214.0

2.0

12.7


Lynx SW


Lynx SW


including
212.5 213.0 0.5 34.1

WST-21-0678

48.0

50.0

2.0

4.30


Lynx


Lynx


including
48.0 48.5 0.5 11.7

WST-21-0689A

389.0

391.2

2.2

8.67


Triple Lynx

Triple Lynx

WST-21-0683

538.6

540.7

2.1

7.03


Lynx 4

Lynx

Notes: True widths are estimated at 55 – 80% of the reported core length interval. See

“Quality Control and Reporting Protocols”

below. LXM = Lynx Main, TLX = Triple Lynx and SW = Southwest.



Drill hole location


Hole Number

Azimuth

(°)

Dip

(°)

Length

(m)

UTM E

UTM N

Elevation

Section

OSK-W-20-2252-W11
129 -54 1191 453241 5435694 415 3750

OSK-W-20-2313-W10
134 -52 1059 452965 5435583 420 3450

OSK-W-20-2363-W3
139 -52 1185 452930 5435548 419 3425

OSK-W-20-2371-W1
123 -53 1032 452996 5435363 412 3375

OSK-W-20-2397-W1
131 -58 1200 453451 5435594 412 3900

OSK-W-20-2416
123 -54 1128 453169 5435624 412 3650

OSK-W-20-2420
124 -59 1185 453397 5435557 413 3825

OSK-W-20-2426
134 -56 1035 453008 5435388 413 3400

OSK-W-20-2428
127 -53 1257 453412 5435633 412 3875

OSK-W-20-2431
136 -57 849 453008 5435388 412 3400

OSK-W-21-2363-W4
139 -52 1270 452930 5435548 419 3425

OSK-W-21-2369-W3
130 -56 1415 453424 5435566 410 3850

OSK-W-21-2394-W4
138 -52 920 452923 5435467 414 3375

OSK-W-21-2394-W5
138 -52 915 452923 5435467 414 3375

OSK-W-21-2416-W2
123 -54 1266 453169 5435624 412 3650

OSK-W-21-2436-W1
130 -57 744 453709 5435618 400 4125

OSK-W-21-2443
127 -56 1164 453304 5435639 415 3775

OSK-W-21-2445
141 -50 945 452906 5435434 415 3325

OSK-W-21-2445-W1
141 -50 909 452906 5435434 415 3325

OSK-W-21-2452
137 -56 891 453008 5435388 412 3400

OSK-W-21-2457
15 -77 957 454135 5435058 397 4225

OSK-W-21-2459
132 -52 1227 452997 5435607 425 3500

OSK-W-21-2464
120 -53 1031 453412 5435633 412 3875

OSK-W-21-2480
121 -55 1230 453412 5435633 412 3875

WST-20-0568
157 -58 493 453104 5435065 231 3325

WST-20-0570
159 -51 454 453104 5435065 231 3325

WST-20-0573
148 -59 436 452955 5435003 253 3175

WST-20-0578
154 -47 802 453418 5435305 69 3725

WST-20-0605A
148 -61 532 453105 5435065 231 3325

WST-20-0613
123 -55 442 453358 5435273 16 3650

WST-20-0616
179 -61 459 453228 5435126 135 3475

WST-21-0614
131 -59 427 453357 5435273 16 3650

WST-21-0620A
174 -57 300 453507 5435327 -7 3800

WST-21-0636
133 -36 178 453322 5435235 55 3600

WST-21-0637
151 -47 550 453321 5435235 54 3600

WST-21-0647
150 -59 345 453228 5435126 135 3475

WST-21-0648B
166 -59 345 453228 5435126 135 3475

WST-21-0656
139 -61 322 453357 5435272 16 3650

WST-21-0657
141 -56 448 453357 5435272 16 3650

WST-21-0659
126 -45 397 453357 5435272 16 3650

WST-21-0662
149 -50 220 452955 5435003 253 3175

WST-21-0670
142 -43 471 453257 5435209 96 3525

WST-21-0678
153 -50 574 453321 5435235 55 3600

WST-21-0683
146 -40 636 453257 5435210 95 3525

WST-21-0689A
161 -64 397 453356 5435272 16 3650

WST-21-0690
150 -63 307 453356 5435272 16 3650


Lynx Zone


Mineralization 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 thick. 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 locally can be hosted along the gabbro-rhyolite contact.


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. 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 Deposit



The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 17, 2021 and


supported by the technical report entitled “Mineral Resource Estimate Update for the Windfall Project, Eeyou Istchee James Bay, Québec, Canada” dated March 8, 2021 (with an effective date of November 30, 2020), and


assuming a cut-off grade of 3.50 g/t Au,


comprises 521,000 tonnes at 11.3 g/t Au (189,000 ounces) in the measured mineral resource category, 5,502,000 tonnes at 9.4 g/t Au (1,668,000 ounces) in the indicated mineral resource category and 16,401,000 tonnes at 8.0 g/t Au (4,244,000 ounces) in the inferred mineral resource category


. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 17, 2021 news release are further described in the full technical report prepared by BBA Inc. 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 r


esources 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.


T


he 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 2,700 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 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 Burzynski

Chief Executive Officer

Telephone (416) 363-8653



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