New Bobcat Zone Returns 42.4 g/t Au over 3.3 Metres Near Surface
(Toronto, January 25, 2018) Osisko Mining Inc. (OSK:TSX. “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 72 intercepts in 39 drill holes and 6 wedges focused on infill and expansion drilling in the Main Windfall lake deposit are presented below.
- New “Bobcat Zone” with high-grades discovered near surface and at shallow depths
- Continued high-grade infill and expansion from Underdog
- New hit from Drake
Highlights from the new results include: 56.1 g/t Au over 8.9 metres in OSK-W-17-1336-W1; 218 g/t Au over 2.1 metres in OSK-W-17-1191; 160 g/t over 2.0 metres in OSK-W-17-1142-W1; 106 g/t Au over 3.0 metres in OSK-W-17-1305; 30.8 g/t over 9.9 metres in OSK-OBM-16-693; 83.5 g/t Au over 3.4 metresin OSK-W-17-780-W1; 128 g/t Au over 2.1 metres in OSK-W-17-1203; 58.8 g/t Au over 2.5 metres in OSK-W-17-1095; 72.8 g/t Au over 2.0 metres in OSK-W-17-1020; 42.4 g/t Au over 3.3 metres in OSK-W-17-1138; 52.8 g/t Au over 2.3 metres in OSK-W-17-1381; 26.2 g/t Au over 3.8 metres in OSK-W-17-1374; 41.9 g/t Au over 2.0 metres in OSK-W-17-1289; 14.1 g/t Au over 5.6 metres in OSK-W-17-1255; and 26.5 g/t Au over 2.1 metres in OSK-W-17-1142. Maps showing hole locations and full analytical results are available at www.osiskomining.com.
|Hole Number||From (m)||To (m)||Interval (m)||Au (g/t) uncut||Au (g/t)
|OSK-W-17-1191||235.4||237.5||2.1||218||34.6||Z27 FW||Zone 27|
|OSK-W-17-1273||54.9||57.0||2.1||4.05||Z27 HW||Zone 27|
|OSK-W-17-1309||218.1||220.2||2.1||5.64||Z27 FW||Zone 27|
|OSK-W-17-1313||425.1||427.3||2.2||5.46||Z27 FW||Zone 27|
|443.0||445.5||2.5||3.50||Z27 FW||Zone 27|
|OSK-W-17-1317||45.0||47.5||2.5||4.31||Z27 HW||Zone 27|
|OSK-W-17-1374||312.6||315.0||2.4||4.27||Z27 HW||Zone 27|
|324.5||328.3||3.8||26.2||Z27 HW||Zone 27|
- True widths are estimated at 65 – 80% of the reported core length interval. See “Quality Control” below.
- Definitions: HW = Hanging Wall, FW = footwall, VNCR = Crustiform Vein, TBD = To be determined, Ext = extension.
|Hole Number||Azimuth (°)||Dip (°)||Length (m)||UTM E||UTM N||Section|
OSK-OBM-16-693 intersected 30.8 g/t Au over 9.9 metres in the Underdog Corridor. Mineralization is composed of up to 10% pyrite-silica flooding, up to 5% pyrite stringers, 3% disseminated pyrite, and local visible gold. The host rhyolite, in contact with a porphyritic felsic dike, is strongly silica and sericite altered.
OSK-W-17-780-W1 intersected 83.5 g/t Au over 3.4 metres in FW3 HW. Mineralization is composed of 4% pyrite stringers and smoky quartz veins within a strongly silica altered porphyritic felsic dike.
OSK-W-17-1020 intersected 72.8 g/t Au over 2.0 meters in the new Bobcat Zone. This zone is NE along strike and on top of the Caribou corridor. The two zones have parallel plunges to the North-East. Mineralization is composed of 1% disseminated pyrite and 2% of pyrite-silica flooding within a strongly sericitized rhyolite.
OSK-W-17-1095 intersected 58.8 g/t Au over 2.5 metres in Zone 27. Mineralization is composed of up to 5% pyrite with low angle silica flooding hosted in a strongly silicified and fuchsitized andesite.
OSK-W-17-1138 intersected 42.4 g/t Au over 3.3 metres in Bobcat. Mineralization is very near surface (starting 11 metres downhole) and is composed of 3% silica flooding, 1% disseminated pyrite and crustiform vein within a sericitized rhyolite.
OSK-W-17-1139 intersected two veins in a sheared andesite south of the main zone. Mineralization, 4.29 g/t Au over 2.2 metres and 4.53 g/t au over 2.6 metres, is composed of up to 4% disseminated pyrite within a chloritized andesite.
OSK-W-17-1142-W1 intersected 160 g/t Au over 2.0 metres providing a new hit for Drake. Mineralization is composed of up to 10% pyrite, local visible gold and electrum associated in quartz-carbonate veins. The bleached andesite is near the Red Dog contact.
OSK-W-17-1191 intersected 218 g/t Au over 2.1 metres in Zone 27. Mineralization is composed of 5% pyrite stringers and 3% pyrite fragments within a strongly sericitized and silicified andesite.
OSK-W-17-1203 intersected 128 g/t Au over 2.1 metres in Zone 27. Mineralization is composed of up to 20% pyrite, pyrite silica flooding and local visible gold within a strongly silicified rhyolite.
OSK-W-17-1251 intersected 8.89 g/t Au over 3.0 metres, 3.86 g/t Au over 4.0 metres and 4.11 g/t Au over 3.0 metres in Bobcat. The first interval is composed of up to 7% pyrite-silica flooding and 1% ptygmatic tourmaline veins within a strongly sericitized and silicified felsic porphyritic dike. The second interval is within a sericitized rhyolite and composed of up to 5% pyrite stringers and disseminated pyrite. The third interval is within a quartz crustiform vein.
OSK-W-17-1255 intersected 14.1 g/t Au over 5.6 metres in Bobcat. Mineralization is composed of up to 10% pyrite within a pyrite-silica flooding running at low core angle. The hosting gabbro is strongly altered in silica and sericite.
OSK-W-17-1289 intersected 41.9 g/t Au over 2.0 meters in Mallard. Mineralization is composed of 1% disseminated pyrite in quartz-tourmaline veins within a chloritized andesite.
OSK-W-17-1305 intersected 106 g/t Au over 3.0 metres in Caribou Corridor. Mineralization is composed of disseminated pyrite within quartz-carbonate veins hosted in a sericitized andesite.
OSK-W-17-1336-W1 intersected 56.1 g/t Au over 8.9 metres in Underdog Corridor. Mineralization is composed of local visible gold with up to 8% pyrite stringers, disseminated chalcopyrite and quartz-tourmaline veins within a silicified porphyritic felsic dike.
OSK-W-17-1381 intersected 16.7 g/t Au over 2.3 metres in Bobcat and 52.8 g/t Au over 2.3 metres in Zone 27. The first interval is composed of 2% pyrite stringers, 3% pyrite fragments and a 10 centimetres quartz-carbonate vein within a sericitized and silicified rhyolite. The second interval, is composed of 4% disseminated pyrite and local visible gold within a quartz-cabonate vein hosted in a chloritized andesite.
OSK-W-17-1383 intersected four intervals in Bobcat: 13.1 g/t Au over 4.7 metres, 4.01 g/t Au over 4.0 metres, 5.01 g/t Au over 2.1 metres and 5.33 g/t Au over 2.1 metres. Mineralization is composed of up to 5% pyrite stringers, 1% pyrite tourmaline stringers and up to 1% disseminated pyrite. The first interval is in a porphyritic felsic dike and the three others are in crustiform veins within a silicified rhyolite.
Zone 27 results also include 12 intercepts from 7 drill holes and one wedge. Mineralization is composed of up to 15% pyrite, disseminated or in stringers associated with quartz-tourmaline veins. Host rocks are rhyolites, andesites and felsic dikes.
Caribou results also include 18 intercepts from 12 drill holes. Mineralization is composed of up to 20% pyrite, usually in stringers, locally semi-massive, and quartz-tourmaline veins hosted in altered porphyritic felsic dikes, andesites and rhyolites.
Wolf results include 4 intercepts from 2 drill holes and 2 wedges. Mineralization is composed of up to 70% pyrite-silica flooding, up to 20% pyrite stringers, and ptygmatic tourmaline veins hosted in silicified, sericitized and fuchsitized andesite.
Underdog results also include 4 intercepts from 4 drill holes. Mineralization is composed of up to 20% pyrite, usually in stringers associated with trace quartz-tourmaline veins and hosted in porphyritic felsic dikes. Host dikes are strongly silica altered.
Bobcat results also include 11 intercepts from 7 drill holes. Mineralization is composed of up to 10% pyrite-silica flooding, up to 5% disseminated pyrite and crustiform quartz veins within chloritized, sericitized andesites, rhyolites and felsic dikes.
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 $190 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, 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.
For further information please contact:
John Burzynski. President and Chief Executive Officer
Telephone: (416) 363-8653