Osisko Mining Inc. (OSK:TSX. "Osisko" or the "Corporation") is
pleased to announce a new regional exploration program on its 100%
owned Urban-Barry gold project located in the Abitibi greenstone
belt, Eeyou Istchee James Bay, Québec.
The regional exploration program, to begin in
early 2023, will focus largely on areas outside the Windfall gold
deposit in the Urban-Barry volcanic belt and will start with 10,000
metres of drilling, and induced polarization (“IP”) geophysical
surveys. Near deposit exploration targets include a high-potential
exploration area identified in the hanging wall of the Bank Fault,
1.5 kilometres east-northeast of the Windfall deposit Lynx Zone.
New work on previously identified showings (including Golden Bear
and Fox), new showings and structures parallel to the main Windfall
deposit will also be included in the program.
Exploration targets distant from Windfall
include a recently discovered showing located 42 kilometres
west-northwest of Windfall. Surface grab sample results from two
outcrops 120 meters apart include 90.3 g/t Au, 1.98 g/t
Au and 1.21 g/t Au. A follow-up
prospecting program is in progress, and the new showing will be one
of the areas covered by IP surveys in the coming program.
Osisko Mining Chief Executive Officer John
Burzynski commented: “We are quite excited about resuming regional
programs on our extensive 2,400 square-kilometer land package.
Windfall is the type-deposit for this district and we are confident
that others can be found in the belt. We have had very good
exploration success over the past 6 years testing exploration ideas
within the 5 km² Windfall mineralized system, discovering Lynx,
Lynx 4, Triple 8, Triple Lynx, and the recent down plunge
extensions of Lynx. We will now be bringing everything we’ve
learned from the extensive work defining Windfall to areas
surrounding the deposit, and to farther afield areas in similar
geological contexts to try and find the next Windfall.”
Maps showing grab sample locations for the new showing and full
analytical results are available at www.osiskomining.com:
20221018-NewShowing-EN
Qualified PersonThe scientific
and technical content of this news release has been reviewed,
prepared and approved by Mr. Pascal Simard, Eng. (OIQ 5002937),
Vice-President Exploration for Osisko, 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
ProtocolsProspecting rock samples on the Urban-Barry
project are assayed for gold by 30-gram fire-assaying with ICP-AES
finish (Au-ICP21) or gravimetric finish (Au-GRA21) at ALS
Laboratories in Val d’Or or Vancouver. All samples are also
analyzed for multi-elements, including silver, using Four Acid
Digestion-ICP-MS (ME-MS61) at ALS Laboratories. No standard or
blank were used by Osisko Mining on prospecting grab samples. ALS
routinely inserts certified samples (standards for gold and blanks)
and pulp duplicatas, and results of those are being reported in the
certificates of analysis. Standards, blanks and duplicatas used by
ALS are conform to Quality Assurance/Quality Control associated to
a project at early stages of exploration. Interpretation of results
is performed by qualified persons.
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
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 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
BurzynskiChief Executive OfficerTelephone (416) 363-8653
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