Osisko Mining Inc.
TSX : OSK

Osisko Mining Inc.

November 28, 2017 16:00 ET

Osisko Intersects 479 g/t Au Over 2.0 Metres at Lynx

TORONTO, ONTARIO--(Marketwired - Nov. 28, 2017) - Osisko Mining Inc. (TSX:OSK) ("Osisko" or the "Corporation") is pleased to provide new results from the ongoing drill program at its 100% owned Windfall Lake gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec. The 800,000 metre drill program combines definition, expansion and exploration drilling in and around the main Windfall gold deposit and the adjacent Lynx deposit (located immediately NE of Windfall). Significant new analytical results from 27 intercepts in 18 drill holes focused on infill and expansion drilling in the Lynx deposit are presented below.

Highlights from the new results include: 479 g/t Au over 2.0 metres in OSK-W-17-1169, and 27.4 g/t Au over 2.2 metres in OSK-W-17-1128. 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-17-1030 144.4 146.7 2.3 9.25 Lynx 1 Lynx
including 145.1 145.7 0.6 34.4
OSK-W-17-1047 84.0 86.6 2.6 3.95 VNCR Lynx
OSK-W-17-1064 234.0 237.0 3.0 4.42 Lynx HW Lynx
including 235.5 237.0 1.5 8.41
OSK-W-17-1072-W1 693.0 695.0 2.0 4.50 Lynx HW Lynx
including 694.0 695.0 1.0 8.76
818.0 820.0 2.0 3.79 Lynx 4 Lynx
including 819.0 819.3 0.3 23.0
825.0 827.0 2.0 9.52 Lynx 4 Lynx
including 825.0 826.0 1.0 19.0
911.0 914.0 3.0 6.09 Lynx 4 Lynx
including 911.0 912.0 1.0 17.5
OSK-W-17-1096 58.8 61.1 2.3 3.48 Vein Lynx
OSK-W-17-1098 326.2 328.8 2.6 8.51 Lynx 2 Lynx
including 327.9 328.8 0.9 18.1
OSK-W-17-1102 174.0 176.0 2.0 3.58 Lynx 1 Lynx
including 175.7 176.0 0.3 16.2
OSK-W-17-1104 883.0 885.0 2.0 3.61 Lynx 4 Lynx
including 884.3 884.7 0.4 17.0
OSK-W-17-1108 60.0 62.0 2.0 4.55 Lynx 1 Lynx
OSK-W-17-1111 204.0 206.0 2.0 11.0 Lynx 1 + Lynx 2 Lynx
including 204.0 205.0 1.0 21.7
259.0 261.0 2.0 4.18 Vein Lynx
OSK-W-17-1112 503.0 505.0 2.0 4.09 Lynx 1 Lynx
OSK-W-17-1113 389.6 395.0 5.4 4.66 Lynx 2 Lynx
including 389.6 389.9 0.3 20.1
418.4 420.7 2.3 3.11 Lynx 1 Lynx
including 419.5 419.8 0.3 22.9
OSK-W-17-1120 210.0 212.0 2.0 4.93 Lynx 2 Lynx
including 210.0 211.0 1.0 9.12
329.0 331.2 2.2 3.24 Lynx HW Lynx
334.0 336.7 2.7 5.68 Lynx HW Lynx
OSK-W-17-1128 916.4 918.6 2.2 27.4 Lynx 4 Lynx
1181.0 1183.0 2.0 9.71 Lynx 6 Lynx
OSK-W-17-1132 501.0 503.0 2.0 8.28 VNCR Lynx
OSK-W-17-1149 346.8 349.0 2.2 11.0 Lynx HW Lynx
OSK-W-17-1153 149.0 151.1 2.1 10.4 Lynx 1 Lynx
including 150.3 151.1 0.8 25.6
OSK-W-17-1169 761.0 763.0 2.0 479 30.3 Lynx Corridor Lynx
including 761.9 762.5 0.6 1595 100
874.0 876.0 2.0 5.13 QTV Lynx
including 874.4 875.0 0.6 17.0

Notes:

  1. True widths are estimated at 65 - 80% of the reported core length interval. See "Quality Control" below.
  2. Definitions: HW = Hanging Wall, QTV = Quartz-Tourmaline Vein, VNCR = Crustiform Vein
Hole Number Azimuth
(°)
Dip
(°)
Length
(m)
UTM E UTM N Section
OSK-W-17-1030 332 -56 300 453346 5434982 3500
OSK-W-17-1047 333 -62 186 452937 5434890 3100
OSK-W-17-1064 330 -74 441 453460 5435020 3625
OSK-W-17-1072-W1 144 -57 948 453612 5435535 4000
OSK-W-17-1096 320 -46 120 453206 5434962 3375
OSK-W-17-1098 129 -48 425 453253 5435282 3575
OSK-W-17-1102 330 -50 345 453275 5434899 3400
OSK-W-17-1104 142 -50 1059 453383 5435455 3775
OSK-W-17-1108 330 -46 102 453133 5434954 3300
OSK-W-17-1111 335 -50 307 453275 5434899 3400
OSK-W-17-1112 136 -54 636 453437 5435481 3825
OSK-W-17-1113 138 -50 480 453280 5435347 3625
OSK-W-17-1120 154 -54 453 453457 5435338 3775
OSK-W-17-1128 129 -53 1419 453272 5435392 3625
OSK-W-17-1132 129 -49 600 453202 5435434 3600
OSK-W-17-1149 140 -47 489 453485 5435424 3825
OSK-W-17-1153 341 -45 615 453375 5434985 3525
OSK-W-17-1169 129 -55 1437 453330 5435468 3725

OSK-W-17-1030 intersected 9.25 g/t Au over 2.3 metres in Lynx 1. Mineralization consists of trace pyrite with local 5% pyrite in association with pervasive silica flooding hosted in a sericitized rhyolite.

OSK-W-17-1047 intersected 3.95 g/t Au over 2.6 metres related to Lynx 1 Corridor. Mineralization is composed of 7% disseminated to locally semi-massive pyrite and 2% stringers in a pseudo-crustiform vein hosted in gabbro.

OSK-W-17-1064 intersected Lynx HW returning 4.42 g/t Au over 3.0 metres. Mineralization is composed of trace disseminated pyrite in a chloritized, fuchsitized and slightly sericitized gabbro.

OSK-W-17-1072-W1 returned four intervals in Lynx Corridor: 4.50 g/t Au over 2.0 metres related to Lynx HW, 3.79 g/t Au over 2.0 metres, 9.52 g/t Au over 2.0 metres and 6.09 g/t Au over 3.0 metres all related to Lynx 4. The first interval is composed 10% pyrite with 5% ptygmatic tourmaline veinlets hosted in a silicified and sericitized gabbro. Mineralization from the Lynx 4 intervals is composed up to 5% pyrite in patches and stringers hosted in sericitized rhyolite with pervasive silica flooding.

OSK-W-17-1096 intersected 3.48 g/t Au over 2.3 metres. Mineralization is composed of 30% quartz veins with 2% pyrite hosted in a silicified and chloritized rhyolite.

OSK-W-17-1098 intersected 8.51 g/t Au over 2.6 meters related to Lynx 2. Mineralization includes up to 2% pyrite stringers and trace pyrite fragments in a sericitized and silicified fragmental felsic intrusive.

OSK-W-17-1102 intersected 3.58 g/t Au over 2.0 metres related to Lynx 1. Mineralization is composed of 5% pyrite stringer within a smoky quartz vein hosted in a sericitized and silicified rhyolite.

OSK-W-17-1104 intersected 3.61 g/t Au over 2.0 metres in Lynx 4. Mineralization is composed of 10% disseminated pyrite and 3% pyrite stringers hosted in a sericitized and silicified rhyolite with local breccia with carbonate matrix.

OSK-W-17-1108 intersected 4.55 g/t Au over 2.0 metres. The interval is related to Lynx 1 and consists of 5% pyrite-tourmaline stringers and 5% pyrite with pervasive silica flooding hosted in a fragmental felsic intrusive.

OSK-W-17-1111 intersected two intervals: 11.0 g/t Au over 2.0 metres and 4.18 g/t Au over 2.0 metres. The first interval is related to Lynx 1 and 2 and consists of trace pyrite in a strongly sericitized rhyolite. The second interval is composed of 10% centimetre-scale quartz veins with trace pyrite hosted in a sericitized rhyolite.

OSK-W-17-1112 intersected Lynx 1 returning 4.09 g/t Au over 2.0 metres. Mineralization is composed of 2% cluster and fragment pyrite and trace pyrite stringer in a sericitized fragmental felsic dike.

OSK-W-17-1113 intersected 4.66 g/t Au over 5.4 metres related to Lynx 2 and 3.11 g/t Au over 2.3 metres related to Lynx. The first interval is composed of 5% pyrite clusters and stringers within a pervasive silica flooding zone and trace pyrite-tourmaline vein at the contact between rhyolite and gabbro. The second interval from Lynx 1 corresponds with quartz veining and tourmaline veins creating a breccia texture with trace pyrite and chalcopyrite in a silicified gabbro.

OSK-W-17-1120 intersected Lynx 2 returning 4.93 g/t Au over 2.0 metres and Lynx HW with 3.24 g/t Au over 2.2 metres and 5.68 g/t Au over 2.7 metres. The first interval is composed of pyrite clusters and stringers and a quartz veining hosted in a slightly sericitized and silicified rhyolite. Mineralization in Lynx HW is up to 5% disseminated or clustered pyrite with pervasive silica flooding in a rhyolite.

OSK-W-17-1128 intersected 27.4 g/t Au over 2.2 metres related to Lynx 4 and 9.71 g/t Au over 2.0 metres related to Lynx 6. The mineralization from the first interval is composed of 5% pyrite stringers, 2% pyrite in tourmaline ptygmatic veins and a quartz-carbonate-chlorite vein hosted in a partially bleached andesite. The second interval consist of 1% pyrite stringers in a silicified and sericitized andesite.

OSK-W-17-1132 intersected 8.28 g/t Au over 2.0 metres within Lynx 3 Corridor. Mineralization consists of 3% pyrite both disseminated and as stringers within a low core angle crustiform veins hosted in a strongly fuschitized gabbro.

OSK-W-17-1149 intersected Lynx HW returning 11.0 g/t Au over 2.2 metres. Mineralization is composed of 15% pyrite-tourmaline stringers and quartz-carbonate veins and clusters in a strongly fuchsitized and silicified gabbro.

OSK-W-17-1153 intersected 10.4 g/t Au over 2.1 metres related to Lynx 1. Mineralization is composed of 5% disseminated pyrite and pyrite stringers in a pervasive silica flooding zone with sericite and fuchsite at contact between rhyolite and gabbro.

OSK-W-17-1169 intersected 479 g/t Au over 2.0 metres and 5.13 g/t Au over 2.0 metres related to the Lynx Corridor. The first interval is composed of local visible gold in centimeter scale smoky quartz with ptygmatic tourmaline veinlets and 7% pyrite stringers hosted in a bleached and fuchsitized gabbro at contact with felsic porphyry intrusive. The second interval consists in 2% pyrite within quartz tourmaline veins and disseminated pyrite in a chloritized and slightly sericitized gabbro.

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 the 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 widths determinations are estimated at 65-80% of the reported core length intervals for most of the zones. 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 ALS Laboratories in Val d'Or, Québec, Thunder Bay and Sudbury, Ontario or Vancouver, British Colombia or 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 Lake Gold Deposit

The Windfall Lake gold deposit is located between Val-d'Or and Chibougamau in the Abitibi region of Québec, Canada. The mineral resource defined by the previous operator comprises 2,762,000 tonnes at 8.42 g/t Au (748.000 ounces) in the indicated category and 3,512,000 tonnes at 7.62 g/t Au (860,000 ounces) in the inferred category (sourced from a technical report dated June 10, 2015 entitled "Preliminary Economic Assessment of the Windfall Lake Gold Property, Québec, Canada" with an effective date of April 28, 2015, prepared in accordance with NI 43-101). The Windfall Lake gold deposit is currently one of the highest grade resource-stage gold projects in Canada. The bulk of the mineralization occurs in the Main Zone, a southwest/northeast trending zone of stacked mineralized lenses, measuring approximately 600 metres wide and at least 1.400 metres long. The deposit is well defined from surface to a depth of 500 metres, and remains open along strike and at depth. Mineralization has been identified only 30 metres from surface in some areas and as deep as 870 metres in others, with significant potential to extend mineralization up and 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% in the high-grade Windfall Lake 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 Quevillon area (over 3,300 square kilometres), a 100% interest in the Marban project located in the heart of Québec's prolific Abitibi gold mining district, and properties in the Larder Lake Mining Division in northeast Ontario, including the Jonpol and Garrcon deposits on the Garrison property, the Buffonta past producing mine and the Gold Pike mine property. The Corporation also holds interests and options in a number of additional properties in northern Quebec and Ontario. Osisko continues to be well financed with approximately $220 million in cash and investments.

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. The information in this news release about the Windfall Lake gold deposit being one of the highest grade resource-stage gold projects in Canada; the current 800,000 metre drill program; the significance of new results from the ongoing drill program at the Windfall Lake gold project; the significance of assay results presented in this press release; the type of drilling included in the drill program (definition drilling, expansion drilling to the NE of the main deposit and adjacent Lynx deposit, and exploration drilling on the greater deposit and Urban-Barry project area); potential mineralization; the potential to extend mineralization up and down-plunge and at depth at the Windfall Lake gold deposit; the ability to realize upon any mineralization in a manner that is economic; the ability to complete any proposed exploration activities and the results of such activities, including the continuity or extension of any mineralization; and any other information herein that is not a historical fact may be "forward-looking information".
Any statement that involves discussions with respect to 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", "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 forward-looking information is based on reasonable assumptions and estimates of management of the Corporation at the time it was made, this involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. 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 interests in the Windfall Lake gold project; the ability of the Corporation to obtain required approvals and complete transactions on terms announced; 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 and Chief Executive Officer
    (416) 363-8653