Osisko Continues to Add High Grade at Lynx

Osisko Continues to Add High Grade at Lynx

TORONTO, May 26, 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 55 intercepts in 18 drill holes (3 from surface, 15 from underground) and 9 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 MRE blocks 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: “Today’s infill and expansion drilling results continue to return high grade intervals. Of note is hole OSK-W-21-2391-W3 which again extends Triple Lynx down plunge (initially extended OSK-W-21-2391, see March 17, 2021 news release).”

Selected high-grade intercepts include: 280 g/t Au over 2.0 metres in WST-21-0712; 69.3 g/t Au over 2.0 metres in OSK-W-21-2498, 23.9 g/t Au over 5.1 metres in OSK-W-21-2067-W6, 25.4 g/t Au over 4.7 metres in OSK-W-21-2480, 44.4 g/t Au over 2.5 metres in OSK-W-21-2473, 26.3 g/t Au over 3.8 metres in OSW-W-21-2492-W1, 39.3 g/t Au over 2.3 metres in WST-21-0756, 12.6 g/t Au over 3.7 metres in OSK-W-2391-W3 and 21.0 g/t Au over 2.0 metres in WST-21-0751. 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-21-2067-W6 1010.9 1013.1 2.2 4.61   TLX_3183 Triple Lynx
including 1010.9 1011.2 0.3 13.1  
  1015.0 1017.0 2.0 3.82   TLX_3183 Triple Lynx
including 1016.0 1016.4 0.4 13.1  
  1032.5 1034.5 2.0 6.53   TLX_3163 Triple Lynx
  1108.9 1114.0 5.1 23.9   TLX_3172 Triple Lynx
including 1109.2 1110.2 1.0 48.4  
  1119.0 1121.0 2.0 9.48   TLX_3172 Triple Lynx
  1129.7 1131.9 2.2 34.2 14.9 TLX_3172 Triple Lynx
including 1131.0 1131.3 0.3 241 100
OSK-W-21-2275-W5 800.8 807.5 6.7 5.20   TLX_3171 Triple Lynx
including 800.8 801.1 0.3 31.3  
and 806.8 807.5 0.7 17.0  
  809.0 811.0 2.0 4.57   TLX_3171 Triple Lynx
including 809.8 810.2 0.4 15.0  
  826.6 828.6 2.0 4.53   TLX_3184 Triple Lynx
including 827.0 827.4 0.4 19.3  
OSK-W-21-2416-W4 951.6 954.6 3.0 6.74   TLX_3171 Triple Lynx
  968.9 971.0 2.1 15.6   TLX_3161 Triple Lynx
including 968.9 969.6 0.7 41.4  
  992.0 994.0 2.0 12.5   TLX_3164 Triple Lynx
including 992.0 992.5 0.5 48.1  
OSK-W-21-2470-W2 886.0 889.0 3.0 23.4   TLX_3163 Triple Lynx
including 886.9 887.4 0.5 90.4  
OSK-W-21-2480 1111.0 1113.2 2.2 23.6   LX4_3430 Lynx 4
including 1112.0 1112.6 0.6 49.5  
  1119.5 1124.2 4.7 25.4   LX4_3430 Lynx 4
including 1119.5 1120.4 0.9 65.3  
OSK-W-21-2480-W2 731.5 733.5 2.0 13.5   LXM_3304 Lynx
including 731.8 732.5 0.7 38.4  
OSK-W-21-2487-W2 667.0 669.0 2.0 11.0   LX4_3424 Lynx 4
including 667.6 667.9 0.3 70.6  
OSK-W-21-2492-W1 765.2 769.0 3.8 26.3   LX4_3424 Lynx 4
including 768.5 769.0 0.5 64.3  
OSK-W-21-2498 779.9 782.0 2.1 10.2   TLX_3199 Triple Lynx
including 780.3 781.0 0.7 28.3  
  825.7 827.7 2.0 69.3 35.1 TLX_3195 Triple Lynx
including 826.2 826.8 0.6 214 100
WST-21-0651 323.7 325.7 2.0 31.5   LXSW_3556 Lynx
including 324.3 325.1 0.8 77.9  
  335.0 337.0 2.0 15.7   LXSW_3502 Lynx
including 335.7 336.4 0.7 44.8  
WST-21-0653A 368.8 371.3 2.5 24.9   LXSW_3556 Lynx
  376.0 378.0 2.0 11.4   LXSW_3556 Lynx
including 376.0 377.0 1.0 22.8  
WST-21-0696 48.2 50.8 2.6 3.82   LXM_3339 Lynx
WST-21-0712 78.0 80.0 2.0 280 25.3 LXM_3304 Lynx
including 78.8 79.3 0.5 1120 100
WST-21-0715 79.0 81.0 2.0 8.56   LXM_3304 Lynx
including 80.1 81.0 0.9 19.0  
WST-21-0751 222.7 225.7 3.0 7.04   TLX_3161 Triple Lynx
  232.5 234.9 2.4 9.44   TLX_3161 Triple Lynx
including 233.5 233.9 0.4 50.6  
WST-21-0752 207.0 209.2 2.2 14.5   TLX_3161 Triple Lynx
WST-21-0760 356.4 359.4 3.0 9.13   TLX_3165 Triple Lynx
including 359.0 359.4 0.4 44.8  
WST-21-0806 178.3 181.0 2.7 32.1   LXM_3304 Lynx
including 179.9 181.0 1.1 74.8  

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 LSX = Lynx Southwest (SW).

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-21-2275-W5 584.9 587.0 2.1 5.00   Triple Lynx Triple Lynx
OSK-W-21-2391-W3 1383.3 1387.0 3.7 12.6 11.9 TLX_3172 Triple Lynx
including 1383.3 1383.6 0.3 109 100
OSK-W-21-2416-W4 987.4 989.5 2.1 4.53   Triple Lynx Triple Lynx
including 987.4 987.8 0.4 23.6  
OSK-W-21-2470-W2 913.0 915.0 2.0 5.14   Triple Lynx Triple Lynx
OSK-W-21-2473 679.5 682.0 2.5 44.4 33.8 Lynx Lynx
including 680.3 681.1 0.8 133 100
  842.0 844.0 2.0 6.88   Triple Lynx  Triple Lynx
OSK-W-21-2478-W3 553.4 555.6 2.2 9.58   Triple Lynx Triple Lynx
OSK-W-21-2480-W2 689.2 691.6 2.4 4.68   Lynx Lynx
including 690.0 690.6 0.6 10.9  
OSK-W-21-2498 835.0 837.0 2.0 4.40   Triple Lynx Triple Lynx
  899.0 901.2 2.2 7.73   Triple Lynx Triple Lynx
including 899.0 899.3 0.3 24.2  
  986.0 988.0 2.0 3.83   Triple Lynx Triple Lynx
including 986.7 987.0 0.3 13.4  
WST-21-0640A 79.6 82.0 2.4 3.52   LXM_3361 Lynx
including 79.6 80.3 0.7 9.79  
WST-21-0680 474.0 476.1 2.1 4.68   Lynx 4 Lynx
including 475.4 475.8 0.4 23.9  
  476.9 479.0 2.1 7.35   Lynx 4 Lynx
including 478.2 478.5 0.3 43.1  
WST-21-0694 303.0 305.0 2.0 4.83   Lynx SW Lynx SW
including 304.3 304.6 0.3 28.7  
WST-21-0751 268.1 270.1 2.0 21.0 15.2 Triple Lynx Triple Lynx
including 269.5 269.8 0.3 139 100
WST-21-0756 158.7 161.0 2.3 39.3 28.0 Lynx Lynx
including 159.2 159.8 0.6 144 100
WST-21-0760 192.3 194.5 2.2 16.7   Lynx Lynx
including 193.3 193.8 0.5 72.9  
  314.7 317.5 2.8 3.67   Triple Lynx Triple Lynx
including 314.7 315.0 0.3 13.6  
WST-21-0761 300.8 303.0 2.2 3.77   Triple Lynx Triple Lynx
  363.0 365.0 2.0 3.74   Triple Lynx Triple Lynx
including 363.0 363.7 0.7 10.1  
WST-21-0786 30.6 32.6 2.0 5.04   Lynx Lynx
WST-21-0806 202.1 205.9 3.8 10.5   Lynx 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-21-2067-W6 123 -53 1281 453241 5435697 416 3750
OSK-W-21-2275-W5 127 -49 1242 452888 5435583 409 3400
OSK-W-21-2391-W3 117 -57 1566 453281 5435894 408 3900
OSK-W-21-2416-W4 123 -54 1125 453169 5435624 412 3650
OSK-W-21-2470-W2 132 -59 1197 453304 5435639 415 3775
OSK-W-21-2473 123 -56 1272 453420 5435610 413 3875
OSK-W-21-2478-W3 128 -54 1080 452997 5435607 425 3500
OSK-W-21-2480 121 -55 1230 453412 5435633 412 3875
OSK-W-21-2480-W2 121 -55 789 453412 5435633 412 3875
OSK-W-21-2487-W2 359 -73 777 454135 5435058 397 4225
OSK-W-21-2492-W1 122 -53 843 453687 5435676 401 4125
OSK-W-21-2498 129 -57 999 453007 5435385 412 3400
WST-21-0640A 165 -51 456 453104 5435064 231 3325
WST-21-0651 153 -52 400 452954 5435003 253 3175
WST-21-0653A 155 -65 427 453104 5435065 231 3325
WST-21-0680 161 -47 559 453322 5435235 55 3600
WST-21-0694 162 -61 384 453103 5435065 231 3325
WST-21-0696 137 -49 492 453229 5435127 134 3475
WST-21-0712 156 -3 91 453359 5435194 83 3625
WST-21-0715 158 -9 94 453359 5435194 83 3625
WST-21-0751 133 -56 331 453357 5435273 15 3650
WST-21-0752 148 -53 562 453357 5435273 15 3650
WST-21-0756 131 -43 411 453357 5435273 15 3650
WST-21-0760 145 -37 575 453257 5435209 96 3525
WST-21-0761 149 -34 485 453258 5435209 96 3525
WST-21-0786 150 -40 169 453320 5435235 54 3600
WST-21-0806 112 -33 93 453508 5435327 -7 3800


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), 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 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 Estimate (MRE) defined by Osisko, as disclosed in the news release dated February 17, 2021 is supported by the technical report entitled “Preliminary Economic Assessment Update for the Windfall Project” dated April 26, 2021 (that includes Windfall Mineral Resource Estimate 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 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 2,700 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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