Golden Minerals

Osisko Mining Expansion Drilling Returns High Grade at Lynx

  • 34.8 g/t Au over 10.4 Metres
  • 26.1 g/t Au Over 5.3 Metres

TORONTO, July 16, 2020 (GLOBE NEWSWIRE) -- Osisko Mining Inc. (OSK:TSX. "Osisko" or the "Corporation") is pleased to provide new drilling results from the ongoing definition and expansion drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Twenty-two drills are active at Windfall (including 16 on surface and six underground), all currently focused on the Lynx deposit.

Osisko President and Chief Executive Officer John Burzynski commented: “The Lynx system remains open both towards surface and down plunge, and we expect to see additions to the Lynx resource by the end of the year.  Clearly the highest-grade portion of our Windfall deposit, Lynx continues to impress and provide good upside to the scale of our growing resource.  Lynx gave important additions to our February 2020 resource update (see Osisko news release dated February 19, 2020), and we expect to see that pattern continue.”

Significant new analytical results are presented below and include 59 intercepts in 15 drill holes, 22 wedges and 3 extensions of previously drilled holes.  All intercepts reported below are located outside the February 2020 mineral resource estimate wireframes and represent expansions of known mineralized zones.

Selected high-grade intercepts from the new results include: OSK-W-20-2266-W1, 30 metres up-plunge from wireframe Lynx_363, returned 34.8 g/t Au over 10.4 metres; OSK-W-20-2268, 70 metres up-plunge from wireframe Lynx_361, returned 26.1 g/t Au over 5.3 metres; OSK-W-20-2100-W6, 15 metres vertically towards surface from wireframe Lynx_371, returned 59.7 g/t Au over 2.2 metres; and OSK-W-20-2250-W1, 48 metres up-plunge from wireframe Lynx_372, returned 42.6 g/t Au over 2.2 metres. 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 Zone Corridor
OSK-W-18-1639 1078.9 1081.0 2.1 7.49   Lynx_327 Lynx
OSK-W-18-1731-W1 581.0 583.0 2.0 9.27   Lynx_322 Lynx
including 581.6 582.0 0.4 33.8  
OSK-W-18-1741-W1 693.8 696.1 2.3 4.05   Lynx_336 Lynx
OSK-W-19-1166-W5 670.0 672.0 2.0 6.58   Lynx Lynx
  679.9 683.0 3.1 10.3   Lynx Lynx
OSK-W-19-1949-W3 642.2 644.6 2.4 4.38   Lynx_341 Lynx
OSK-W-19-2100-W2 1066.5 1068.5 2.0 35.7 26 Triple Lynx Triple Lynx
including 1067.3 1067.8 0.5 139 100
OSK-W-19-2101 787.0 789.0 2.0 3.84   Lynx_361 Triple Lynx
OSK-W-19-2139-W1 867.0 872.0 5.0 3.07   Triple Lynx Triple Lynx
OSK-W-19-2194 778.7 786.2 7.5 5.36   Triple Lynx Triple Lynx
  992.3 994.5 2.2 11.7   Lynx_350 Lynx
including 993.6 994.5 0.9 25.2  
OSK-W-20-2059-W2 806.0 808.0 2.0 7.15   Lynx_333 Lynx
OSK-W-20-2059-W3 805.0 807.2 2.2 10.1   Lynx_330 Lynx
including 806.7 807.2 0.5 43.5  
OSK-W-20-2100-W6 896.8 899.0 2.2 59.7 19 Lynx_371 Triple Lynx
including 896.8 897.2 0.4 324 100
OSK-W-20-2100-W7 888.4 890.5 2.1 22.7   Lynx_371 Triple Lynx
including 889.3 890.0 0.7 61.2  
OSK-W-20-2139-W5 1006.0 1008.5 2.5 4.82   Triple Lynx Triple Lynx
OSK-W-20-2170-W5 1021.3 1023.7 2.4 9.55   Triple Lynx Triple Lynx
  1047.0 1049.4 2.4 9.54   Lynx_364 Triple Lynx
including 1047.0 1047.5 0.5 38.0  
OSK-W-20-2202-W2 848.1 850.2 2.1 12.0   Lynx_367 Triple Lynx
including 849.9 850.2 0.3 49.4  
  874.8 877.0 2.2 7.36   Triple Lynx Triple Lynx
OSK-W-20-2217-W1 753.8 759.2 5.4 3.04   Triple Lynx Triple Lynx
  948.0 950.0 2.0 4.36   Triple Lynx Triple Lynx
OSK-W-20-2217-W2 795.7 797.7 2.0 6.84   Triple Lynx Triple Lynx
  806.0 808.0 2.0 4.42   Triple Lynx Triple Lynx
OSK-W-20-2217-W3 760.4 764.0 3.6 21.8   Triple Lynx Triple Lynx
  910.0 912.0 2.0 19.7   Triple Lynx Triple Lynx
OSK-W-20-2243-W1 795.0 797.1 2.1 6.82   Lynx_363 Triple Lynx
including 795.3 796.1 0.8 15.9  
  804.0 806.0 2.0 3.05   Lynx_363 Triple Lynx
  820.8 824.3 3.5 15.4   Triple Lynx Triple Lynx
  923.0 927.0 4.0 5.34   Triple Lynx Triple Lynx
OSK-W-20-2243-W2 962.0 964.0 2.0 17.7   Triple Lynx Triple Lynx
OSK-W-20-2243-W3 782.9 791.0 8.1 10.8   Lynx_361 Triple Lynx
including 783.9 784.5 0.6 24.6  
OSK-W-20-2250-W1 719.9 722.4 2.5 27.1   Triple Lynx Triple Lynx
including 720.9 721.8 0.9 47.0  
  732.8 735.0 2.2 3.53   Triple Lynx Triple Lynx
  752.0 757.6 5.6 4.07   Triple Lynx Triple Lynx
  930.4 932.6 2.2 42.6 28 Lynx_372 Triple Lynx
including 930.4 931.0 0.6 154 100
OSK-W-20-2250-W2 787.0 792.0 5.0 11.1   Lynx_364 Triple Lynx
including 790.0 790.4 0.4 67.5  
OSK-W-20-2253 833.8 835.9 2.1 3.33   Lynx Triple Lynx
OSK-W-20-2260 834.5 836.6 2.1 20.2   Lynx_361 Triple Lynx
including 834.8 835.2 0.4 93.4  
OSK-W-20-2263 384.4 386.7 2.3 3.42   Lynx_311 Lynx
  522.3 524.3 2.0 29.4   Lynx_356 Lynx
including 522.9 523.4 0.5 68.9  
  593.0 595.0 2.0 4.33   Lynx Triple Lynx
OSK-W-20-2266 731.8 734.0 2.2 10.3   Triple Lynx Triple Lynx
  752.0 755.0 3.0 10.8   Lynx_363 Triple Lynx
including 753.4 753.8 0.4 21.2  
OSK-W-20-2266-W1 719.2 721.3 2.1 3.36   Triple Lynx Triple Lynx
  737.3 747.7 10.4 34.8 18.5 Lynx_363 Triple Lynx
including 742.4 743.0 0.6 373 100
and 746.4 746.7 0.3 119 100
OSK-W-20-2268 711.2 716.5 5.3 26.1 25.9 Lynx_361 Triple Lynx
including 711.7 712.2 0.5 102 100
and 713.0 713.8 0.8 49.3  
OSK-W-20-2269 580.1 582.5 2.4 15.5   Lynx Lynx
WST-20-0286 80.0 82.0 2.0 6.52   Lynx_308 Lynx
including 80.0 81.0 1.0 12.8  
WST-20-0376 129.9 132.0 2.1 37.3   Lynx_359 Lynx
including 129.9 130.2 0.3 93.8  
WST-20-0377 137.5 141.0 3.5 28.7 21.6 Lynx_359 Lynx
including 138.0 138.3 0.3 79.1  
and 138.6 139.0 0.4 163 100
WST-20-0416 326.4 329.6 3.2 27.6   Lynx Lynx
  336.0 338.1 2.1 4.13   Lynx Lynx
  695.2 697.2 2.0 9.85   Lynx_327 Lynx
including 695.8 696.3 0.5 18.7  
and 696.3 696.6 0.3 27.4  
  710.1 712.5 2.4 4.01   Lynx_327 Lynx
including 710.1 710.7 0.6 16.0  
WST-20-0417 84.0 86.2 2.2 13.1   Lynx_307 Lynx
including 85.0 85.7 0.7 38.6  
  316.0 318.2 2.2 17.6   Lynx Lynx
WST-20-0418 271.1 273.1 2.0 23.8   Lynx Lynx
  440.9 443.2 2.3 6.59   Lynx Lynx
WST-20-0437 113.0 115.3 2.3 3.51   Lynx_304 Lynx
including 113.0 113.3 0.3 14.8  
WST-20-0443 107.0 109.0 2.0 7.56   Lynx_304 Lynx
WST-20-0459 327.2 330.0 2.8 23.2   Lynx Lynx

Notes: True widths are estimated at 55 – 80% of the reported core length interval. See "Quality Control and Reporting Protocols" below.

Drill hole location

Hole Number Azimuth (°) Dip (°) Length (m) UTM E UTM N Elevation Section
OSK-W-18-1639 142 -53 1164 453266 5435397 405 3625
OSK-W-18-1731-W1 139 -51 995 453383 5435518 409 3800
OSK-W-18-1741-W1 144 -48 1083 453328 5435466 406 3725
OSK-W-19-1166-W5 132 -59 1155 453621 5435638 405 4050
OSK-W-19-1949-W3 105 -57 1326 453440 5435479 401 3825
OSK-W-19-2100-W2 122 -47 1134 453095 5435726 423 3650
OSK-W-19-2101 18 -68 909 453426 5434779 396 3475
OSK-W-19-2139-W1 115 -52 1152 452980 5435549 420 3450
OSK-W-19-2194 135 -51 1122 453215 5435512 410 3650
OSK-W-20-2059-W2 131 -52 933 453446 5435477 400 3825
OSK-W-20-2059-W3 131 -52 1029 453446 5435477 400 3825
OSK-W-20-2100-W6 122 -47 1260 453095 5435726 423 3650
OSK-W-20-2100-W7 122 -47 1122 453095 5435726 423 3650
OSK-W-20-2139-W5 115 -52 1146 452980 5435549 420 3450
OSK-W-20-2170-W5 128 -59 1148 453425 5435657 413 3900
OSK-W-20-2202-W2 127 -54 1146 452997 5435606 424 3500
OSK-W-20-2217-W1 134 -48 1044 452943 5435566 419 3425
OSK-W-20-2217-W2 134 -48 893 452943 5435566 419 3425
OSK-W-20-2217-W3 134 -48 1128 452943 5435566 419 3425
OSK-W-20-2243-W1 122 -54 960 453087 5435527 418 3550
OSK-W-20-2243-W2 122 -54 972 453087 5435527 418 3550
OSK-W-20-2243-W3 122 -54 1062 453087 5435527 418 3550
OSK-W-20-2250-W1 132 -57 1060 453128 5435505 420 3575
OSK-W-20-2250-W2 132 -57 1080 453128 5435505 420 3575
OSK-W-20-2253 128 -54 924 452831 5435326 413 3225
OSK-W-20-2260 126 -48 1038 453199 5435669 413 3700
OSK-W-20-2263 128 -49 1029 452926 5435187 413 3225
OSK-W-20-2266 128 -55 1050 453069 5435476 418 3500
OSK-W-20-2266-W1 128 -55 1116 453069 5435476 418 3500
OSK-W-20-2268 127 -55 452 453148 5435489 418 3575
OSK-W-20-2269 133 -50 933 452972 5435211 416 3275
WST-20-0286 153 16 85 453228 5435126 136 3475
WST-20-0376 161 -39 166 453493 5435286 116 3775
WST-20-0377 161 -42 175 453493 5435286 116 3775
WST-20-0416 138 -52 801 453228 5435126 135 3475
WST-20-0417 138 -50 759 453228 5435126 134 3475
WST-20-0418 140 -49 744 453229 5435127 134 3475
WST-20-0437 152 -12 142 453450 5435265 116 3725
WST-20-0443 136 -19 219 453494 5435287 117 3775
WST-20-0459 153 -47 579 453228 5435126 134 3475

Lynx Zone

Mineralization in the Lynx zone is typically characterized by trace to 15% disseminated, clustered or stringer pyrite (locally up to 70%), local visible gold, trace to 3% sphalerite, chalcopyrite, and galena, local ptygmatic pyrite-tourmaline or tourmaline veinlets, quartz-carbonate veins (locally crustiform), smoky quartz veins and veinlets, and local chlorite-calcite or quartz-carbonate chlorite fracture filling. Alteration consists of weak to strong sericite, weak to strong silica with areas of local pervasive silica flooding, weak to moderate chlorite and carbonate, and locally weak to strong fuchsite. Mineralization is hosted in or at the contacts of felsic porphyritic or fragmental intrusions with rhyolites, andesites (locally bleached), or gabbros.

Triple Lynx Zone

Mineralization in the Triple Lynx zone is typically characterized by trace to 30% disseminated, clustered or stringer pyrite, local visible gold, trace sphalerite, chalcopyrite, and galena, local quartz-tourmaline veins (up to 20%), local ptygmatic tourmaline veins, and local smoky quartz and quartz-carbonate veins. Alteration consists of weak to strong sericite, weak to strong silica with areas of local pervasive silica flooding, weak to moderate chlorite and carbonate, and locally weak to strong fuchsite. 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 sub-vertical zones following intrusive porphyry contacts plunging to the northeast. 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
President & Chief Executive Officer
Telephone (416) 363-8653

GET DAILY NEWS FLOW

Sign Up To Receive All Morning
News To Your Email Inbox

Please review our Disclaimer and Privacy Policy before subscribing.

VALORE METALS (TSX.V: VO)

ValOre Metals

ValOre Metals is a Canadian company with a portfolio of high‐quality exploration projects. The Company’s Pedra Branca PGE project in Brazil encompasses 38,940 hectares and consists of five distinct 2PGE+Au deposit areas that in aggregate host... LEARN MORE