Osisko Windfall Drilling Steps Out Into More… Gold

New Intercepts Include 344 g/t Au Over 2.2 Metres in Triple Lynx

TORONTO, Jan. 11, 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.

Drilling is currently focused on the Lynx deposit. Osisko Chief Executive Officer John Burzynski commented: “Today’s new intersections are all from outside the published 2020 resource area and highlight the strong upside growth potential of our deposit. Step-out drilling remains focused on the open down plunge areas of known mineralized corridors in the Lynx area as well as some other high potential areas.”

The table below shows intercepts located outside the February 2020 mineral resource estimate wireframes (

see Osisko news release dated February 19, 2020

). These intercepts either expand the resource wireframes or are located in a defined zone/corridor but not yet correlated to a specific wireframe. Significant new analytical results are presented below and include 80 intercepts in 27 drill holes and 22 wedges.

Selected high-grade intercepts from the new results include:

344 g/t Au over 2.2 metres

in OSK-W-20-2313-W2;

114 g/t Au over 2.6 metres

in OSK-W-20-2280-W5;

90.2 g/t Au over 2.0 metres

in WST-20-0380;

74.2 g/t Au over 2.2 metres

in OSK-W-19-1949-W3; and

26.7 g/t Au over 7.0 metres

in WST-20-0078. Maps showing hole locations and full analytical results are available at

www.osiskomining.com



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-19-1949-W3

737.4

739.6

2.2

74.2

47

Lynx


Lynx


including
737.4 737.8 0.4 133 100

and
737.8 738.3 0.5 194 100

OSK-W-20-2133-W4

946.6

951.7

5.1

3.47


Lynx_331

Lynx

956.7

960.1

3.4

23.2


Lynx_331


Lynx


including
957.7 958.7 1.0 60.6

OSK-W-20-2139-W12

873.4

875.4

2.0

10.2


Triple Lynx

Triple Lynx

998.0

1000.0

2.0

5.67


Triple Lynx

Triple Lynx

OSK-W-20-2170-W6

1367.8

1370.0

2.2

6.61


Lynx 4

Lynx

1379.0

1381.0

2.0

14.5


Lynx 4

Lynx

OSK-W-19-2182

97.0

99.0

2.0

9.65


Lynx

Lynx

OSK-W-20-2251

1836.0

1838.0

2.0

21.0

20.3

Triple Lynx


Triple Lynx


including
1836.9 1837.3 0.4 104 100

1908.6

1910.6

2.0

5.24


Triple Lynx


Triple Lynx


including
1908.6 1909.2 0.6 15.9

OSK-W-20-2251-W1

2112.0

2114.0

2.0

8.45


Lynx 4

Lynx

OSK-W-20-2252-W4

1059.0

1061.0

2.0

12.5


Triple Lynx

Triple Lynx

1100.2

1104.9

4.7

6.74


Triple Lynx


Triple Lynx


including
1100.2 1100.6 0.4 22.7

and
1104.3 1104.9 0.6 33.2

1109.4

1113.6

4.2

19.2


Triple Lynx


Triple Lynx


including
1111.0 1111.7 0.7 40.6

OSK-W-20-2252-W5

1017.7

1020.0

2.3

8.54


Triple Lynx


Triple Lynx


including
1018.5 1019.0 0.5 35.3

OSK-W-20-2256-W6

1051.0

1054.0

3.0

12.0


Triple Lynx


Triple Lynx


including
1052.1 1053.0 0.9 37.7

OSK-W-20-2264

814.8

821.8

7.0

11.7


Lynx 4


Lynx


including
816.3 816.8 0.5 31.4

and
818.8 819.6 0.8 57.5

863.3

865.3

2.0

6.29


Lynx 4

Lynx

OSK-W-20-2271-W1

752.1

754.2

2.1

5.05


Lynx

Lynx

784.3

786.5

2.2

4.38


Lynx

Lynx

840.1

842.2

2.1

4.57


Lynx


Lynx


including
841.9 842.2 0.3 19.7

1032.0

1034.0

2.0

26.3


Lynx 4


Lynx


including
1033.0 1033.5 0.5 97.5

1049.0

1051.0

2.0

7.98


Lynx

Lynx

OSK-W-20-2271-W2

814.0

816.9

2.9

6.00


Lynx

Lynx

OSK-W-20-2280-W2

1059.8

1062.0

2.2

30.7


Triple Lynx


Triple Lynx


including
1060.8 1062.0 1.2 53.2

OSK-W-20-2280-W5

976.8

979.4

2.6

114

29.3

Lynx_368


Triple Lynx


including
976.8 977.5 0.7 416 100

1070.0

1074.0

4.0

22.0


Triple Lynx


Triple Lynx


including
1072.3 1073.2 0.9 52.3

OSK-W-20-2283-W2

945.0

947.0

2.0

15.7


Triple Lynx


Triple Lynx


including
946.0 947.0 1.0 31.1

OSK-W-20-2292-W1

559.2

561.5

2.3

11.6


Triple Lynx

Triple Lynx

1014.6

1016.6

2.0

5.46


Triple Lynx

Triple Lynx

1115.0

1117.0

2.0

4.39


Triple Lynx

Triple Lynx

1122.6

1125.0

2.4

12.6


Triple Lynx


Triple Lynx


including
1123.8 1124.5 0.7 28.1

OSK-W-20-2292-W2

560.0

562.0

2.0

6.43


Triple Lynx


Triple Lynx


including
560.0 560.5 0.5 21.2

OSK-W-20-2295-W1

477.6

479.7

2.1

20.4


Lynx_365


Triple Lynx


including
477.9 478.5 0.6 69.8

805.0

807.0

2.0

17.5


Triple Lynx


Triple Lynx


including
805.5 806.4 0.9 36.3

OSK-W-20-2295-W2

477.0

479.1

2.1

3.60


Lynx_365

Triple Lynx

826.2

828.2

2.0

13.0


Triple Lynx


Triple Lynx


including
827.6 828.2 0.6 38.3

OSK-W-20-2295-W3

689.0

691.0

2.0

7.23


Triple Lynx


Triple Lynx


including
689.5 690.0 0.5 27.4

OSK-W-20-2295-W4

757.0

759.3

2.3

4.08


Triple Lynx


Triple Lynx


including
757.0 757.5 0.5 10.1

1026.0

1028.1

2.1

16.3


Triple Lynx


Triple Lynx


including
1027.6 1028.1 0.5 65.5

OSK-W-20-2313

864.0

870.0

6.0

5.58


Triple Lynx


Triple Lynx


including
864.0 864.6 0.6 23.8

1035.4

1037.6

2.2

13.0


Triple Lynx


Triple Lynx


including
1036.4 1037.0 0.6 47.4

OSK-W-20-2313-W2

645.8

648.0

2.2

344

13.7

Triple Lynx


Triple Lynx


including
647.1 647.4 0.3 2520 100

OSK-W-20-2313-W3

849.7

852.0

2.3

12.9


Triple Lynx


Triple Lynx


including
850.2 850.5 0.3 98.8

OSK-W-20-2313-W6

730.0

732.0

2.0

4.13


Triple Lynx

Triple Lynx

OSK-W-20-2317

621.0

623.0

2.0

7.24


Triple Lynx

Triple Lynx

662.0

664.2

2.2

3.81


Triple Lynx


Triple Lynx


including
663.7 664.2 0.5 13.1

741.0

743.4

2.4

5.05


Triple Lynx


Triple Lynx


including
741.8 742.4 0.6 19.8

OSK-W-20-2319

514.0

516.7

2.7

19.1


Lynx


Lynx


including
514.0 514.4 0.4 88.7

589.4

591.9

2.5

21.9

20.7

Lynx


Lynx


including
591.4 591.9 0.5 106 100

OSK-W-20-2328

525.0

527.0

2.0

6.68


Lynx SW


Lynx SW


including
525.0 526.0 1.0 13.1

669.0

671.7

2.7

6.43


Lynx SW


Lynx SW


including
670.4 670.7 0.3 45.8

859.5

861.5

2.0

9.69


Lynx 4


Lynx


including
860.4 861.0 0.6 31.1

OSK-W-20-2334

728.0

730.3

2.3

7.87


Lynx

Lynx

OSK-W-20-2339

933.0

935.0

2.0

5.27


Triple Lynx

Triple Lynx

944.0

946.0

2.0

5.05


Triple Lynx

Triple Lynx

OSK-W-20-2351

699.0

701.0

2.0

9.84


Lynx_376


Triple Lynx


including
699.7 700.2 0.5 37.6

OSK-W-20-2353

978.8

981.0

2.2

3.80


Triple Lynx


Triple Lynx


including
978.8 979.3 0.5 11.6

1295.2

1297.3

2.1

4.49


Triple Lynx

Triple Lynx

OSK-W-20-2370

109.1

111.6

2.5

3.80


Lynx SW

Lynx SW

WST-20-0012D

305.6

308.0

2.4

4.47


Lynx SW

Lynx SW

317.0

319.0

2.0

18.0


Lynx SW


Lynx SW


including
317.6 318.3 0.7 48.7

394.5

396.5

2.0

6.59


Lynx SW


Lynx SW


including
395.3 395.9 0.6 21.4

WST-20-0078

263.4

270.4

7.0

26.7


Triple Lynx

Triple Lynx

310.6

312.9

2.3

4.83


Triple Lynx

Triple Lynx

417.0

419.1

2.1

3.46


Lynx SW

Lynx SW

WST-20-0330

383.8

386.1

2.3

5.00


Lynx SW


Lynx SW


including
385.2 385.6 0.4 28.6

WST-20-0380

14.0

16.0

2.0

90.2

50.2

Lynx


Lynx


including
15.0 16.0 1.0 180 100

WST-20-0401

141.0

143.0

2.0

4.33


Lynx_301

Lynx

WST-20-0425

59.0

61.7

2.7

3.73


Lynx

Lynx

WST-20-0475

155.0

157.6

2.6

16.6


Lynx_301


Lynx


including
155.7 156.3 0.6 65.6

WST-20-0482

38.0

40.4

2.4

4.25


Lynx

Lynx

WST-20-0485

44.2

46.4

2.2

3.97


Lynx_325

Lynx

WST-20-0489

277.0

279.0

2.0

6.36


Triple Lynx

Triple Lynx

WST-20-0516

106.0

108.0

2.0

5.56


Lynx

Lynx

WST-20-0523A

310.0

312.0

2.0

7.57


Lynx SW

Lynx SW

WST-20-0529

214.8

217.4

2.6

8.53


Lynx


Lynx


including
215.5 215.8 0.3 19.0

227.9

230.1

2.2

8.48


Lynx


Lynx


including
227.9 228.4 0.5 28.0

WST-20-0541

116.1

118.2

2.1

8.87


Lynx_359


Lynx


including
116.1 116.7 0.6 30.4

WST-20-0546A

234.0

238.0

4.0

4.10


Lynx SW


Lynx SW


including
237.7 238.0 0.3 17.6

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

“Quality Control and Reporting Protocols”

below. SW = Southwest.



Drill hole location


Hole Number

Azimuth

(°)

Dip

(°)

Length

(m)

UTM E

UTM N

Elevation

Section

OSK-W-19-1949-W3
105 -57 1326 453440 5435479 401 3825

OSK-W-20-2133-W4
118 -49 987 453080 5435531 417 3525

OSK-W-20-2139-W12
115 -52 1038 452980 5435549 420 3450

OSK-W-20-2170-W6
128 -59 1407 453425 5435657 413 3900

OSK-W-19-2182
132 -50 141 453505 5435428 399 3850

OSK-W-20-2251
96 -53 2053 453261 5435936 407 3900

OSK-W-20-2251-W1
96 -53 2278 453261 5435936 407 3900

OSK-W-20-2252-W4
129 -54 1143 453241 5435694 415 3750

OSK-W-20-2252-W5
129 -54 1092 453241 5435694 415 3750

OSK-W-20-2256-W6
125 -51 1157 453160 5435686 411 3675

OSK-W-20-2264
292 -74 1119 454127 5435062 396 4225

OSK-W-20-2271-W1
120 -53 1200 453462 5435683 410 3950

OSK-W-20-2271-W2
120 -53 1223 453462 5435683 410 3950

OSK-W-20-2280-W2
127 -58 1211 453304 5435639 415 3775

OSK-W-20-2280-W5
127 -58 1134 453304 5435639 415 3775

OSK-W-20-2283-W2
135 -50 1011 452997 5435607 425 3500

OSK-W-20-2292-W1
125 -54 1149 453035 5435561 420 3525

OSK-W-20-2292-W2
125 -54 1002 453035 5435561 420 3525

OSK-W-20-2295-W1
132 -51 960 452933 5435473 415 3375

OSK-W-20-2295-W2
132 -51 963 452933 5435473 415 3375

OSK-W-20-2295-W3
132 -51 969 452933 5435473 415 3375

OSK-W-20-2295-W4
132 -51 1082 452933 5435473 415 3375

OSK-W-20-2313
134 -52 1080 452965 5435583 420 3450

OSK-W-20-2313-W2
134 -52 1047 452965 5435583 420 3450

OSK-W-20-2313-W3
134 -52 1041 452965 5435583 420 3450

OSK-W-20-2313-W6
134 -52 1029 452965 5435583 420 3450

OSK-W-20-2317
129 -55 900 453026 5435407 412 3425

OSK-W-20-2319
141 -50 768 452872 5435153 409 3175

OSK-W-20-2328
136 -56 942 452872 5435153 409 3175

OSK-W-20-2334
125 -53 1166 453397 5435557 413 3825

OSK-W-20-2339
144 -50 1025 452961 5435441 414 3400

OSK-W-20-2351
141 -49 1107 452895 5435539 410 3375

OSK-W-20-2353
129 -50 1338 452732 5435570 405 3250

OSK-W-20-2370
351 -46 297 452721 5434747 397 2850

WST-20-0012D
174 -62 465 453226 5435126 134 3475

WST-20-0078
154 -62 525 453227 5435125 134 3475

WST-20-0330
183 -34 422 453226 5435125 135 3475

WST-20-0380
159 11 85 453228 5435126 136 3475

WST-20-0401
159 29 162 453493 5435287 119 3775

WST-20-0425
161 18 166 453358 5435208 156 3625

WST-20-0475
135 41 174 453494 5435287 120 3775

WST-20-0482
165 9 181 453449 5435264 117 3725

WST-20-0485
148 -44 181 453359 5435209 154 3625

WST-20-0489
174 -31 415 453256 5435209 96 3525

WST-20-0516
168 -33 195 453418 5435305 69 3725

WST-20-0523A
166 -46 387 453104 5435065 231 3325

WST-20-0529
305 -42 426 453414 5435310 69 3725

WST-20-0541
150 -28 138 453315 5435165 124 3575

WST-20-0546A
175 -51 484 453228 5435126 135 3475


Lynx Zone


Mineralization occurs as grey to translucent quartz-carbonate-pyrite-tourmaline veins and pyrite replacement zones and stockworks. The vein-type 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.


Triple Lynx


Mineralization in the Triple Lynx zone is vein-type, quartz-carbonate-pyrite-tourmaline veins, associated with pervasive sericite-pyrite ± silica alteration and contain sulphides similar to the main Lynx Zone, pyrite dominated with minor other sulphides, ranging from trace to up to 70% locally, and local visible gold. Locally fuchsite is present when proximal to the gabbros. Mineralization is hosted in or at the contacts of felsic porphyritic dikes with rhyolites (locally bleached) or gabbros.


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. 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 or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using an Aqua Regia-ICP-AES 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 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 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; 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 Burzynski

Chief Executive Officer

Telephone (416) 363-8653



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