TORONTO, ONTARIO–(Marketwired – Oct. 18, 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 Urban Township, Abitibi, 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 36 intercepts in 24 drill holes focused on infill and expansion drilling in the Underdog, Caribou, and Mallard corridors of the Windfall deposit are presented below.
Highlights from the new results include: 250 g/t Au over 2.0 metres and 73.6 g/t over 2.0 metres in OSK-W-17-903 in the Underdog corridor; 108 g/t Au over 2.3 metres in OSK-W-17-1179; 31.4 g/t Au over 6.0 metres in OSK-W-17-820 in the Caribou corridor; and 36.6 g/t Au over 3.4 metres in OSK-W-17-867 in the Wolf Zone footwall. Maps showing hole locations and full analytical results are available at www.osiskomining.com.
- True widths are estimated at 65 – 80% of the reported core length interval. See “Quality Control” below.
- Definitions: FW = Foot Wall; HW = Hanging Wall; TBD = To Be Determine.
|Hole Number||Azimuth (°)||Dip (°)||Length (m)||UTM E||UTM N||Section|
OSK-EAG-13-503 intersected 8.96 g/t Au over 2.4 metres (including 13.3 g/t Au over 1.4 metres). Mineralization is composed of semi-massive pyrite stringers and up to 3% disseminated pyrite within a sericitized felsic intrusion. The interval occurs directly under the Red Dog intrusion on section 2075E.
OSK-OBM-16-601 intersected 5.26 g/t Au over 2.8 metres (including 20.7 g/t Au over 0.7 metres). Mineralization is composed of 1% disseminated pyrite within a strongly chloritized andesite. The interval is 60 metres north-west of and parallel to FW3 and aligns with FW4 projections.
OSK-OBM-16-664 intersected 12.8 g/t Au over 3.0 metres in FW3U HW. Mineralization is composed of trace pyrite stringers and small quartz-tourmaline-pyrite veins hosted in rhyolite.
OSK-W-17-664-W1 intersected 4.89 g/t Au over 2.4 metres (including 12.8 g/t Au over 0.9 metres). Mineralization is composed of 2% pyrite stringers within a strongly sericitized andesite.
OSK-W-17-820 intersected 31.4 g/t Au over 6.0 metres uncut (including 83.0 g/t Au over 2.0 metres). Mineralization occurs with strong silica, chlorite and fuchsite alteration in a sheared andesite with up to 25% pyrite clusters and 15% interstitial sphalerite. The interval correlates to CS1 Zone.
OSK-W-17-854-W1 intersected two intervals within the Wolf FW: 7.97 g/t Au over 2.4 metres (including 15.1 g/t Au over 0.7 metres) and 5.18 g/t Au over 3.0 metres. Both intervals occur at the sericite, chlorite and silica altered contact between the felsic porphyritic intrusion and andesite. Mineralization is composed of up to 20% disseminated pyrite, up to 3% pyrite stringers and local quartz-tourmaline ptygmatic veins.
OSK-W-17-855-W2 intersected two intervals: 11.1 g/t Au over 2.1 metres (including 20.8 g/t Au over 1.1 metres) in FW1 and 8.88 g/t over 2.0 metres (including 17.4 g/t Au over 1.0 metre) in FW2. Both intervals contain up to 1% disseminated pyrite and pyrite stringers within and at the contacts along felsic porphyritic dikes.
OSK-W-17-862-W2 intersected 13.4 g/t Au over 3.0 metres (including 38.9 g/t Au over 1.0 metre) in the Wolf Footwall. The mineralization is composed of semi-massive pyrite within a strongly sericitized andesite.
OSK-W-17-867 intersected 36.6 g/t Au over 3.4 metres uncut, (including 123 g/t Au over 1.0 metre) in the Wolf footwall. Trace pyrite mineralization is hosted in weak sericite alteration at the contact between a felsic porphyritic dike and andesite. Two quartz-carbonate veins occur along the contact.
OSK-W-17-871. Intersected a new zone returning 5.39 g/t Au over 2.6 metres (including 15.2 g/t Au over 0.9 metres). The interval is 70 metres south-east of the main Caribou Corridor. Mineralization is composed of disseminated pyrite at the contact between a felsic porphyritic dike and a sericitized andesite. A second intersection returned 6.21 g/t Au over 2.4 metres in the main Caribou Zone. Mineralization is composed of up to 7% pyrite stringers and 3% disseminated pyrite hosted in a strongly sericitized rhyolite.
OSK-W-17-903 intersected two intervals. The first interval returned 250 g/t Au over 2.0 metres uncut (including 501 g/t Au over 1.0 metres) in a tension quartz vein within the Red Dog intrusion. The second interval returned 73.6 g/t Au over 2.0 metres uncut (including 184 g/t Au over 0.8 metres) in FW3. Mineralization is composed of up to 2% pyrite stringers and disseminated pyrite and local quartz-carbonate veins within a chloritized andesite.
OSK-W-17-913 intersected two intervals: 5.09 g/t Au over 2.7 metres (including 11.1 g/t Au over 1.2 metres) and 13.5 g/t Au over 2.0 metres (including 26.2 g/t Au over 1.0 metre). The first interval is composed of disseminated pyrite at the contact between the rhyolite and the andesite, 55 metres south-east of the main Caribou Corridor. The second interval is within the Wolf hanging wall and is composed of disseminated pyrite and pyrite stringers within a large quartz eyes porphyritic felsic intrusion.
OSK-W-17-926 intersected 5.18 g/t Au over 2.5 metres in Mallard. Mineralization is in a strongly sericitized andesite containing 1% disseminated pyrite, pyrite stringers and local quartz-tourmaline veins. Mineralization follows a porphyritic felsic dike contact and extends the Mallard Zone 35 metres north-east from OSK-W-17-919 (4.32 g/t Au over 2.5 metres previously reported August 14, 2017).
OSK-W-17-937 intersected 8.09 g/t Au over 2.4 metres (including 22.4 g/t Au over 0.8 metres). Mineralization occurs at the contact between a felsic intrusion and a sericitized rhyolite, with 15% pyrite stringers. The interval correlates to Wolf 2.
OSK-W-17-969 intersected Mallard returning 10.1 g/t Au over 2.4 metres (including 53.0 g/t Au over 0.4 metres). Mineralization is within a sericitized andesite as 2% pyrite and up to 55% pyrite stringers. Interval is located 60 metres above the OSK-W-17-977 (12.0 g/t Au over 2.2 metres, previously reported September 20, 2017).
OSK-W-17-996 intersected 9.62 g/t Au over 2.2 metres (including 24.1 g/t Au over 0.7 metres). The interval correlates to the Mallard footwall and is composed of 4% disseminated pyrite, 5% crustiform veins and 1% ptygmatic tourmaline veins, occurring along the Red Dog contact within a moderate sericite altered andesite. It extends the Mallard zone 60 metres northeast of OSK-W-17-977 (12.0 g/t Au over 2.2 metres, previously reported September 20, 2017).
OSK-W-17-999 intersected four interval: the first returned 5.18 g/t Au over 2.5 metres (including 8.54 g/t Au over 1.5 metres) 100 metres south-east of the main Caribou Corridor, mineralization within a fragmental felsic intrusion, with disseminated pyrite correlating with strong sericite alteration. The three other intervals are in the north-east extension of the Caribou Corridor, 50 metres north-east of OBM-16-580 and OBM-16-701 (4.30 g/t Au over 5.4 metres and 4.82 g/t Au over 7.0 metres, respectively reported February 18 and August 25, 2016). The three intervals returned 3.68 g/t Au over 3.2 metres; 5.79 g/t Au over 3.5 metres; and 5.19 g/t Au over 2.6 metres (including 10.4 g/t Au over 1.0 metre). Mineralization occurs in a strongly sericitized and silicified andesite with up to 40% pyrite stringers.
OSK-W-17-1031 intersected 3.14 g/t Au over 2.0 metres (including 18.7 g/t Au over 0.3 metres). Mineralization includes 4% pyrite stringers and 1% disseminated pyrite within a strongly silicified and sericitized andesite. This interval extends the Drake Zone 100 metres northeast of OSK-W-17-969 (7.39 g/t Au over 3.3 metres, previously reported August 24, 2017).
OSK-W-17-1051 intersected a new mineralized contact between a felsic intrusion and the andesite, returning 7.85 g/t Au over 2.1 metres. The interval is 160 metres north-west of the Mallard Corridor, along strike of the F-17 and F-51 zones. OSK-W-17-1051 also intersected FW3 returning 27.8 g/t Au over 2.0 metres (including 53.8 g/t Au over 1.0 metre). Local visible gold is found with pervasive silica alteration and within a large quartz eyes porphyritic dike, as 8% disseminated pyrite and 4% pyrite-tourmaline stringers.
OSK-W-17-1066 intersected three intervals: 4.72 g/t Au over 3.4 metres; 4.48 g/t Au over 2.3 metres; and 7.98 g/t Au over 3.0 metres (including 43.1 g/t Au over 0.5 metres). The first two zones correlate to CS1 with up to 20% pyrite stringers in a chloritized rhyolite and strongly sericitized andesite. The third interval correlates to CN1 and includes up to 10% pyrite clusters along the contact between a sericitized andesite and a large quartz eyes porphyritic dike.
OSK-W-17-1079 intersected 108 g/t Au over 2.3 metres uncut (including 618 g/t Au over 0.4 metres). Mineralization is included in a sericitized gabbro with local visible gold and 1% pyrite. The interval correlates to CN1, just above the Red Dog contact.
OSK-W-17-1119 intersected two intervals in CN1: 10.7 g/t Au over 2.1 metres (including 44.4 g/t Au over 0.4 metres) and 3.08 g/t Au over 6.1 metres (including 9.48 g/t Au over 1.2 metres). Mineralization is composed of up to 20% pyrite stringers and 5-10% disseminated pyrite within a strongly sericitized andesite.
OSK-W-17-1147-W1 intersected 7.52 g/t Au over 2.0 metres (including 29.2 g/t Au over 0.5 metres) at the contact between an andesite and a porphyritic felsic dike with up to 5% disseminated pyrite and 1% pyrite stringers. The interval is in the north-east extension of the Caribou Corridor.
OSK-W-17-1189 intersected 6.58 g/t Au over 5.2 metres (including 49.8 g/t Au over 0.5 metres). Mineralization is composed of 5% disseminated pyrite, 2% pyrite clusters, in a strongly sericitized andesite in contact with a felsic intrusion. The interval is in the north-east extension of the Caribou Corridor.
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 $250 million in cash and investments (pro-forma recently announced financing).
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, 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.
President and Chief Executive Officer