Osisko Windfall Infill Drilling



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OR FOR DISSEMINATION IN THE UNITED STATES



New Intercepts Include 90.5 g/t Au Over 9.7 Metres in Triple Lynx

TORONTO, Jan. 18, 2021 (GLOBE NEWSWIRE) — Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new analytical results from the ongoing expansion and definition 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: “Broken record alert, infill drilling continues to show both the continuity and high-grade nature of Lynx, consistently returning good results on grade and widths as demonstrated by today’s headline hole. We are advancing our work on the deposit at full speed, with over 35 drills active on surface and underground.”

The table below contains resource definition infill intercepts located inside the February 2020 mineral resource estimate wireframes (

see Osisko news release dated February 19, 2020

). Significant new analytical results are presented below and include 46 intercepts in 17 drill holes and 14 wedges.

Selected high-grade intercepts from the new results include:

90.5 g/t Au over 9.7 meters

in OSK-W-20-2252-W7;

59.5 g/t Au over 2.0 metres

in OSK-W-20-2292-W5;

38.4 g/t Au over 5.5 meters

in OSK-W-20-2252-W8;

37.1 g/t Au over 2.0 metres

in WST-20-0542A;

32.2 g/t Au over 3.7 metres

in OSK-W-20-2243-W6. Maps showing hole locations and full analytical results are available at

www.osiskomining.com

.


Hole No.

From (m)

To (m)

Interval (m)

Au (g/t) uncut

Au (g/t) cut to 100 g/t

Zone

Corridor

OSK-W-20-2139-W12

913.0

915.0

2.0

3.96


Lynx_361

Triple Lynx

OSK-W-20-2243-W6

925.2

928.9

3.7

32.2


Triple Lynx


Triple Lynx


including
927.2 928.2 1.0 55.2

OSK-W-20-2252-W7

861.3

866.6

5.3

4.54


Triple Lynx


Triple Lynx


including
866.3 866.6 0.3 16.6

871.0

876.0

5.0

5.45


Triple Lynx

Triple Lynx

900.0

909.7

9.7

90.5

32.3

Lynx_371


Triple Lynx


including
904.7 905.2 0.5 324 100

and
905.6 906.2 0.6 725 100

911.2

913.3

2.1

7.79


Lynx_361


Triple Lynx


including
912.1 912.4 0.3 33.7

961.9

964.0

2.1

13.7


Lynx_363


Triple Lynx


including
962.8 963.1 0.3 75.9

987.0

989.3

2.3

3.76


Lynx_364

Triple Lynx

OSK-W-20-2252-W8

877.0

879.0

2.0

4.30


Lynx_371

Triple Lynx

921.8

924.1

2.3

23.7


Lynx_361


Triple Lynx


including
922.8 923.4 0.6 62.1

967.0

972.5

5.5

38.4


Lynx_363


Triple Lynx


including
969.6 970.6 1.0 91.7

and
970.6 971.6 1.0 69.5

OSK-W-20-2271-W2

1038.0

1040.0

2.0

3.79


Lynx_330

Lynx

OSK-W-20-2275

756.0

758.0

2.0

4.76


Triple Lynx

Triple Lynx

OSK-W-20-2275-W3

864.7

867.2

2.5

3.68


Triple Lynx

Triple Lynx

OSK-W-20-2275-W4

933.9

936.2

2.3

3.62


Triple Lynx

Triple Lynx

OSK-W-20-2280-W3

1039.0

1041.0

2.0

4.33


Lynx_363


Triple Lynx


including
1039.6 1039.9 0.3 26.3

1045.0

1047.0

2.0

4.58


Lynx_363


Triple Lynx


including
1046.2 1046.5 0.3 28.8

OSK-W-20-2280-W4

1124.0

1129.0

5.0

7.04


Lynx_370


Triple Lynx


including
1125.3 1125.8 0.5 30.0

OSK-W-20-2280-W5

888.7

890.7

2.0

19.2


Triple Lynx


Triple Lynx


including
890.1 890.7 0.6 62.3

OSK-W-20-2283-W1

826.0

828.0

2.0

3.91


Triple Lynx

Triple Lynx

OSK-W-20-2283-W6

844.8

847.0

2.2

3.62


Triple Lynx


Triple Lynx


including
844.8 845.3 0.5 13.0

OSK-W-20-2292-W5

1039.0

1041.0

2.0

59.5

20.3

Triple Lynx


Triple Lynx


including
1039.4 1039.8 0.4 296 100

OSK-W-20-2292-W6

884.4

886.5

2.1

8.95


Triple Lynx

Triple Lynx

OSK-W-20-2345

144.2

150.0

5.8

4.23


Lynx_355

Lynx

OSK-W-20-2350

112.5

115.0

2.5

22.9

20.6

Lynx_335


Lynx


including
113.5 113.9 0.4 115 100

137.0

139.0

2.0

16.3

15.8

Lynx_355


Lynx


including
137.5 137.8 0.3 103 100

OSK-W-20-2363

686.0

688.0

2.0

3.82


Lynx_365

Triple Lynx

WST-20-0011

295.4

297.6

2.2

3.66


Lynx SW


Lynx


including
296.4 297.0 0.6 11.4

WST-20-0490

114.0

116.1

2.1

28.1

27.7

Lynx_339


Lynx


including
115.4 115.8 0.4 102 100

294.3

296.4

2.1

5.57


Triple Lynx


Triple Lynx


including
295.7 296.1 0.4 21.7

WST-20-0498

142.0

144.0

2.0

3.38


Lynx

Lynx

WST-20-0503

54.0

56.0

2.0

3.76


Lynx_311

Lynx

WST-20-0505A

280.0

282.0

2.0

3.19


Lynx SW

Lynx SW

WST-20-0516

168.0

170.0

2.0

23.8


Lynx_359


Lynx


including
168.5 169.3 0.8 43.0

WST-20-0525

159.7

161.8

2.1

10.8


Lynx_359


Lynx


including
160.3 160.6 0.3 52.7

WST-20-0536

91.0

93.0

2.0

14.2


Lynx_304


Lynx


including
91.7 92.1 0.4 66.9

98.0

100.0

2.0

13.5


Lynx_304


Lynx


including
98.6 98.9 0.3 83.8

111.0

113.0

2.0

8.90


Lynx_359


Lynx


including
111.8 112.6 0.8 22.2

117.0

119.0

2.0

3.26


Lynx_359

Lynx

WST-20-0537

99.8

101.9

2.1

5.28


Lynx_304

Lynx

WST-20-0542A

46.9

49.1

2.2

30.3


Lynx_303


Lynx


including
46.9 47.6 0.7 94.0

64.3

66.3

2.0

37.1


Lynx_323


Lynx


including
65.2 66.3 1.1 63.3

WST-20-0545

95.7

98.0

2.3

18.1


Lynx_304

Lynx

124.0

127.1

3.1

10.6


Lynx_359


Lynx


including
126.6 127.1 0.5 46.2

WST-20-0569

243.0

245.0

2.0

13.7


Lynx SW


Lynx SW


including
243.8 244.2 0.4 67.3

WST-20-0571

413.0

415.0

2.0

6.65


Lynx SW


Lynx SW


including
413.0 414.0 1.0 13.3

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

OSK-W-20-2243-W6
122 -54 965 453086 5435526 417 3550

OSK-W-20-2252-W7
129 -54 1191 453241 5435694 415 3750

OSK-W-20-2252-W8
129 -54 1239 453241 5435694 415 3750

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

OSK-W-20-2275
127 -49 1094 452888 5435583 409 3400

OSK-W-20-2275-W3
127 -49 1050 452888 5435583 409 3400

OSK-W-20-2275-W4
127 -49 1052 452888 5435583 409 3400

OSK-W-20-2280-W3
127 -58 1191 453304 5435639 415 3775

OSK-W-20-2280-W4
127 -58 1215 453304 5435639 415 3775

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

OSK-W-20-2283-W1
135 -50 1035 452997 5435607 425 3500

OSK-W-20-2283-W6
135 -50 957 452997 5435607 425 3500

OSK-W-20-2292-W5
125 -54 1134 453035 5435561 420 3525

OSK-W-20-2292-W6
125 -54 1110 453035 5435561 420 3525

OSK-W-20-2345
336 -62 162 452828 5434780 397 2950

OSK-W-20-2350
324 -62 177 452854 5434793 397 2975

OSK-W-20-2363
139 -52 1031 452930 5435548 419 3425

WST-20-0011
157 -54 451 453105 5435065 231 3325

WST-20-0490
160 -31 430 453256 5435209 97 3525

WST-20-0498
132 -11 169 453228 5435126 136 3475

WST-20-0503
148 6 99 453105 5435065 232 3325

WST-20-0505A
183 -45 331 453227 5435125 134 3475

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

WST-20-0525
165 -20 187 453418 5435305 69 3725

WST-20-0536
132 -27 135 453316 5435166 124 3575

WST-20-0537
132 -32 139 453316 5435166 124 3575

WST-20-0542A
156 -30 138 453315 5435165 124 3550

WST-20-0545
112 -24 148 453316 5435166 124 3575

WST-20-0569
165 -59 526 453104 5435065 231 3325

WST-20-0571
167 -55 465 453104 5435065 231 3325


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 a four acids digestion -MS61 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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