Osisko Mining Inc. (OSK:TSX. "Osisko" or the "Corporation") is
pleased to provide new exploration results from its 100% owned
Windfall gold project located in the Abitibi greenstone belt, Urban
Township, Eeyou Istchee James Bay, Québec.
Hole OSK-22-1109-W2 targeted the projected down
plunge extension of Lynx 4 at a vertical depth from surface of
1,670 metres. The hole successfully intercepted significant widths
of high-grade gold mineralization, including 81.8 g/t Au
over 3.5 metres (2.39 ounces per ton over 11.5 feet) and
22.3 g/t Au over 4.1 metres (0.65 ounces per ton over 13.4
feet). These intercepts confirm potential for a major
down-plunge extension of the Lynx 4 high-grade zone, which could
have significant implications for the future potential expansion of
the Windfall deposit.
The new intercepts are 625 metres (2,050 feet)
down plunge from the nearest resource block (Lynx 4 wireframe 3449)
included in the most recent Mineral Resource Estimate ("MRE") for
Windfall (see Windfall MRE (2022) (as defined herein). The
technical report was filed on SEDAR (www.sedar.com) under Osisko's
issuer profile on September 14, 2022). The new mineralization is
typical of Lynx 4 wireframe 3449, including disseminated pyrite
associated with strong pervasive silica alteration hosted in a
sericitized gabbro, with local visible gold.
Osisko Chief Executive Officer John Burzynski
commented: "Windfall has scale and grade unparalleled in the global
near-term development category. With the recent on-time delivery of
our Windfall MRE (based on approximately 1.7 million metres of
drilling since 2015), we have now focused on completion of the
definitive feasibility study which is on schedule for delivery
before the end of the year. Today's down-plunge results are a
strong indication of a much larger deposit, underscoring the
consistency and predictability of the geology model we have
developed for Windfall over the past six years. The addition of 625
metres length to one of our highest-grade Lynx 4 zones shows there
is great potential for Windfall to move to the top of the class,
when compared to other significant Canadian long-life, high-grade
gold deposits."
Maps showing hole locations and full analytical
results are available at www.osiskomining.com. Maps: 20220927_Lynx
4_EXT_EN MRE, 20220927_Lynx 4_EXT_EN plan, 20220927_Lynx 4_EXT_EN
long section, PR_EN_20220927_Surface.
Exploration 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-22-1109-W2 |
1993.0 |
1997.1 |
4.1 |
22.3 |
19.6 |
LX4-3449 |
Lynx 4 |
including |
1993.4 |
1994.0 |
0.6 |
119 |
100 |
|
|
|
2001.8 |
2005.3 |
3.5 |
81.8 |
31.0 |
LX4-3449 |
Lynx 4 |
including |
2004.4 |
2005.3 |
0.9 |
298 |
100 |
|
|
OSK-W-19-1992-W1* |
1708.4 |
1714.3 |
5.9 |
14.3 |
|
Lynx 4 |
Lynx 4 |
OSK-W-20-2251-W1** |
2112.0 |
2114.0 |
2.0 |
8.45 |
|
Lynx 4 |
Lynx 4 |
Notes: True widths are estimated at 55 – 80% of the reported
core length interval. See "Quality Control and Reporting Protocols"
below. * See Osisko news released dated October 21, 2019, ** see
Osisko news release dated January 11, 2021.
Drill hole location
Hole Number |
Azimuth (°) |
Dip (°) |
Length (m) |
UTM E |
UTM N |
Elevation |
Section |
OSK-W-22-1109-W2 |
131 |
-56 |
2100 |
454385 |
5436238 |
402 |
5025 |
OSK-W-19-1992-W1 |
106 |
-61 |
1875 |
454007 |
5436004 |
401 |
4575 |
OSK-W-20-2251-W1 |
96 |
-53 |
2278 |
453262 |
5435936 |
407 |
3900 |
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 PersonThe 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" within the meaning of National
Instrument 43-101 – Standards of Disclosure for Mineral Projects
("NI 43-101").
Quality Control and Reporting
ProtocolsTrue 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 3.5 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; and
(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
DepositThe Windfall gold deposit is located between
Val-d'Or and Chibougamau in the Abitibi region of Québec, Canada.
The MRE for Windfall is supported by the technical report entitled
"Mineral Resource Estimate Update for the Windfall Project" dated
September 14, 2022 (with an effective date of June 7, 2022)
(the "Windfall MRE (2022)"), and assuming a cut-off grade of 3.50
g/t Au, comprises 811,000 tonnes at 11.4 g/t Au (297,000 ounces) in
the measured mineral resource category, 10,250,000 tonnes at 11.4
g/t Au (3,754,000 ounces) in the indicated mineral resource
category and 12,287,000 tonnes at 8.4 g/t Au (3,337,000 ounces) in
the inferred mineral resource category. The key assumptions,
parameters and methods used to estimate the MRE for Windfall are
further described in the Windfall MRE (2022), being the full
technical report for this updated MRE prepared in accordance with
NI 43-101, and is available on SEDAR (www.sedar.com) under Osisko'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 areas:
Lynx, Main, and Underdog. Mineralization is generally comprised of
sub-vertical lenses following intrusive porphyry contacts plunging
to the northeast. The resources are defined from surface to a depth
of 1,600 metres, including the Triple 8 (TP8) zone. The resources
excluding TP8 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 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 the Urban Barry area and nearby Quévillon area (over
2,400 square kilometres).
Cautionary Note Regarding
Forward-Looking InformationThis 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 significance of the Lynx 4 high-grade extension; the
significance of any resource described herein; the potential of
expanding Windfall beyond the current known deposit; any scientific
and technical information not supported by the Windfall MRE (2022);
the key assumptions, parameters and methods used to estimate the
MRE disclosed in this news release; 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
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
BurzynskiChief Executive OfficerTelephone (416) 363-8653
Osisko Mining (TSX:OSK)
Historical Stock Chart
From Jun 2024 to Jul 2024
Osisko Mining (TSX:OSK)
Historical Stock Chart
From Jul 2023 to Jul 2024