TORONTO, June 15, 2021 (GLOBE NEWSWIRE) – Osisko Mine Inc. (OSK: TSX. “Osisko” or the “Company”) is pleased to announce that a new high grade gold discovery has been made north of its 100% ownership of the Windfall gold project located in the Abitibi greenstone belt, urban township, Eeyou Istchee Baie James, Quebec.
Reconnaissance drilling approximately one kilometer north of Windfall identified the discovery area (“Golden bear“), located along a sub-parallel flare of the Windfall Bank fault.
Osisko Mining CEO John Burzynski commented: “We are only at the beginning, but it looks like we have found another new high grade system near Windfall in an area with little drilling. We are very excited about the discovery of Golden Bear, especially since this new mineralization is located less than a kilometer from the footprint of where we hope to build the Windfall mine and mill. When Osisko discovered the Lynx deposit in 2016, it was a game-changer for Windfall’s overall scale and grade. We believe this new high grade discovery may also have a significant positive effect on our development plans for the Windfall camp. This certainly underscores the highly promising nature of Osisko’s strategic set of land surrounding Windfall, the vast majority of which have yet to see drilling.
Golden Bear is located in a group of andesitic to dacitic rocks intersected by felsic porphyry. Mineralization in the intersection of the find consists of pyrrhotite ± pyrite-sphalerite-chalcopyrite with locally visible gold in invasive silica alteration and quartz-carbonate veins. Drilling on Golden Bear is now aimed at confirming the discovery, its orientation and the extent of mineralization. Additional drilling will include narrow and wide exits, and new results will be released as they are received.
Maps showing the location of the drill holes and full analytical results are available at www.osiskomining.com
|Discovery hole OSK-UB-21-232|
|Hole n °||From (m)||To M)||Interval (m)||Au (g / t) uncut||Au (g / t) cut at 100 g / t||Zoned||Corridor|
Notes: Actual widths are estimated to be 55-80% of the reported core length interval. See “Quality control and reporting protocols” below.
|Discovery hole location|
|Hole number||Azimuth (°)||Tempering (°)||Length (m)||UTM E||UTM N||Elevation||Section|
|OSK-UB-21-232||350||-50||552||453190||5436568||408||N / A|
Discovery of the golden bear
The mineralization is hosted in weathered andesite and occurs as pyrrhotite replacement in gray to translucent penetrating silica and quartz-carbonate-pyrrhotite veins. Replacement mineralization is associated with strong penetrating silica alteration and contains traces of 15% disseminated and cluster pyrrhotite with locally visible gold and traces of sphalerite-chalcopyrite. The vein-type mineralization is associated with an ubiquitous alteration halo of sericite-chlorite ± ankerite containing sulphides (mainly pyrrhotite with traces of sphalerite, chalcopyrite, pyrite, galena and arsenopyrite) and locally visible gold.
The scientific and technical content of this press release has been reviewed, prepared and approved by M. Louis Grenier, M.Sc.A., P.Geo. (OGQ 800), director of exploration for the Osisko Windfall gold project, who is a “qualified person” within the meaning of National Instrument 43-101 – Disclosure standards for mining projects (“NI 43-101 “).
Quality control and reporting protocols
True width determination is valued at 55-80% of the reported heart length interval for the zoned. Dosages are uncut except where indicated. Interceptions occur within the geological boundaries of the main zones, but have not been correlated with individual vein domains at this time. The reported intervals include minimum weighted averages of 3.0 g / t Au diluted over core lengths of at least 2.0 meters. The analyzes of NQ cores were obtained either by fire assay on the screen of 1 kilogram, or by a standard AA fire analysis finish of 50 grams or by a gravimetric finish at (i) ALS laboratories in Val d’Or, Quebec, Vancouver, British Columbia, Lima, Peru or Vientiane, Laos (ii) Bureau Veritas in Timmins, Ontario. The 1 kilogram sieve analysis method is chosen by the geologist when the samples contain coarse gold or have a higher percentage of pyrite than the surrounding intervals. Selected samples are also analyzed for multiple elements, including silver, using a four acid-ICP-MS digestion method at ALS laboratories. The design of the drilling program, quality assurance / quality control (“QA / QC”) and interpretation of results are performed by qualified persons employing a QA / QC program conforming to NI 43-101 and industry best practices. Standards and blanks are included with all 20 samples for QA / QC purposes by the Company as well as by the laboratory. About 5% of the pulp samples are sent to secondary laboratories for a control test.
About the Windfall gold deposit
The Windfall gold deposit is located between Val-d’Or and Chibougamau in the Abitibi region of Quebec, Canada. The estimate of mineral resources (“MRE“) defined by Osisko is supported by the technical report entitled “Preliminary Economic Assessment Update for the Windfall Project” dated April 26, 2021 (which includes the Windfall Mineral Resource Estimate with an effective date of November 30, 2020) (the “”2021 windfall PEA“), and assuming a cut-off grade of 3.50 g / t Au, includes 521,000 tonnes at 11.3 g / t Au (189,000 ounces) in the measured mineral resource category, 5,502,000 tonnes at 9.4 g / t Au (1,668,000 ounces) in the indicated mineral resource category and 16,401,000 tonnes at 8.0 g / t Au (4,244,000 ounces) in the category of inferred mineral resources. The key assumptions, parameters and methods used to estimate the ERM are described in more detail in the 2021 Windfall PEA prepared by BBA Inc. in accordance with NI 43-101, which is available on SEDAR (www.sedar.com) under the Company’s issuer profile. The Windfall gold deposit is currently one of the richest resource stage gold projects in Canada and has a world-class scale. Mineralization occurs in Three main areas: Lynx, Main area, and Underdog. Mineralization is generally composed of subvertical areas following intrusive porphyry Contacts plunging at the northeast. The rresources are defined from area at a depth of 1,600 meters because it now includes the Triple 8 (T8) zone. The non-T8 resources are defined from the surface to a depth of 1,200 meters. The deposits remains open along hit and at depth. Mineralization possesses summer identified at area in some areas and as Deep as 2,625 meters in others with significant potential to extend mineralization at depth and at depth.
About Mine Osisko inc.
Osisko is a mineral exploration company focused on the acquisition, exploration and development of gold resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d’Or and Chibougamau in Quebec and holds a 100% undivided interest in a big area of complaints in the surroundings Urban Barry neighborhood and neighboring Quévillon district (over 2,700 m² kilometers).
Caution regarding forward-looking information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws that are based on expectations, estimates, projections and interpretations as of the date of this press release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, goals, assumptions, future events or performance (often, but not always, using expressions such as ‘s’ expects ”or“ does not expect ”,“ is planned ”,“ interpreted ”,“ management perspective ”,“ anticipates ”or“ does not anticipate ”,“ plans ”,“ budget ”,“ planned “,” foresees “,” estimates “,” potential “,” feasibility “,” estimates “or” intention “or variations of these words and expressions or indicating that certain actions, events or results” could “or” could “,” would “,” could “or” will “be considered to occur or to be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This press release contains forward-looking information regarding, among other things: the significance of the new high grade gold discovery; the outlook, if any, of Golden Bear; the Golden Bear mineralization; the significance of the drilling results; the Windfall gold deposit being one of the richest resource-stage gold projects in Canada and on a global scale; the outlook, if any, for the Windfall gold deposit; the Lynx zone remaining open to downward expansion; the enhancement of an inferred mineral resource into a measured mineral resource or a category of indicated mineral resources; future drilling at the Windfall gold deposit; the importance of exploration activities and historical results. These factors include, but are not limited to, risks related to the ability of exploration activities (including drilling results) to accurately predict mineralization; errors in geological modeling of the direction; Osisko’s ability to complete other exploration activities, including drilling (infill); ownership and royalty interests in the Windfall gold deposit; the Company’s ability to obtain required approvals; the results of exploration activities; risks associated with 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 press release is based on what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and potential buyers of securities of the Company that the results actual will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or expected, and neither Osisko nor any other person assumes responsibility for the accuracy and the completeness of this forward-looking information. Osisko does not undertake and assumes no obligation to update or revise any forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as required by law.
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