Osisko Announces Updated Mineral Resource Estimate at Osisko Mining’s Windfall Project
February 20 2020 - 4:12PM
Osisko Gold Royalties Ltd (“Osisko” or the “Company”) (TSX &
NYSE: OR) is pleased to announce that Osisko Mining Inc.
(“Osisko Mining”) has provided an updated mineral resource estimate
for its 100% owned Windfall gold deposit (‘Windfall”), located in
Québec. Osisko holds a 2.0-3.0% net smelter return royalty on
Windfall.
Drilling carried out in 2019 at Windfall
increased the indicated mineral resource estimate by 60% (added
452,000 ounces) and increased the inferred mineral resource
estimate by 66% (added 1,572,000 ounces). The Windfall project now
hosts indicated mineral resources of 1.21 Moz (4.1 Mt @ 9.1 g/t)
and inferred mineral resources of 3.94 Moz (14.5 Mt @ 8.4 g/t),
entirely above 1,200 metres vertical depth. Located in Québec, one
of the best mining jurisdictions in the world, this mineral
resource estimate moves Windfall to world-class status in terms of
scale and grade.
Sean Roosen, Chair and CEO of Osisko, stated:
“We would like to extend our congratulations to the Osisko Mining
team, led by John Burzynski, for recently completing 1 million
metres of drilling and delivering this world-class resource. Osisko
and Osisko Mining’s teams have collectively worked on three world
class gold deposits discovered in Québec over the past fifteen
years – Canadian Malartic, Éléonore, and now Windfall. This
couldn’t have been possible without the strong support of all
stakeholders. The Windfall project will deliver substantial
benefits to the province of Québec, the area’s First Nations
communities and other stakeholders.”
Windfall Gold Deposit Mineral Resource Estimate by Area
(3.5 g/t Au cut-off)
Area |
INDICATED |
INFERRED |
Tonnes(000 t) (1) |
Grade(g/t) |
Ounces Au (1)(000 oz) |
Tonnes (1)(000 t) |
Grade(g/t) |
Ounces Au (1)(000 oz) |
Lynx2 |
1,817 |
11.3 |
661 |
6,349 |
10.9 |
2,233 |
Underdog |
561 |
8.0 |
145 |
4,776 |
6.9 |
1,067 |
Main3 |
1,749 |
7.1 |
401 |
3,407 |
5.8 |
638 |
Total |
4,127 |
9.1 |
1,206 |
14,532 |
8.4 |
3,938 |
- Values are rounded to nearest thousand which may cause apparent
discrepancies.
- Lynx area includes: Lynx Main, Lynx HW, Lynx SW and Lynx 4,
Triple Lynx.
- Main area includes: Zone 27, Caribou, Mallard, Windfall Nord
and F-Zones.
For more details, please refer to Osisko
Mining’s press release dated February 19, 2020 and titled “Osisko
Windfall Updated Mineral Resource Estimate”.
Qualified Person
The scientific and technical content of this
news release has been reviewed and approved by Mr. Guy Desharnais,
Ph.D., P.Geo., Director of Mineral Resources Evaluation at Osisko
Gold Royalties Ltd, who is a “qualified person” as defined by
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”). For more technical details, please refer to
Osisko Mining’s press release dated February 19, 2020 and titled
“Osisko Windfall Updated Mineral Resource Estimate”.
About Osisko Gold Royalties
Ltd
Osisko Gold Royalties Ltd is an intermediate
precious metal royalty company focused on the Americas that
commenced activities in June 2014. Osisko holds a North American
focused portfolio of over 135 royalties, streams and precious metal
offtakes. Osisko’s portfolio is anchored by its cornerstone asset,
a 5% net smelter return royalty on the Canadian Malartic mine,
which is the largest gold mine in Canada. Osisko also owns the
Cariboo gold project in Canada as well as a portfolio of publicly
held resource companies, including a 15.9% interest in Osisko
Mining Inc., 17.9% interest in Osisko Metals Incorporated and a
19.9% interest in Falco Resources Ltd.
Osisko is a corporation incorporated under the
laws of the Province of Québec, with its head office is located at
1100 avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec,
H3B 2S2.
For further information, please contact Osisko Gold
Royalties Ltd:
Sandeep SinghPresidentTel. (514) 940-0670ssingh@osiskogr.com
Forward-looking Statements
Certain statements contained in this press
release may be deemed “forward‐looking statements” within the
meaning of applicable Canadian and U.S. securities laws. These
forward‐looking statements, by their nature, require Osisko to make
certain assumptions and necessarily involve known and unknown risks
and uncertainties that could cause actual results to differ
materially from those expressed or implied in these forward‐looking
statements. Forward‐looking statements are not guarantees of
performance. These forward‐looking statements, may involve, but are
not limited to, the potential of its Windfall Lake gold deposit to
continue to deliver benefit for all its stakeholders, the ability
of Osisko Mining to realize upon any mineralization in a manner
that is economic and its ability to complete any proposed
exploration activities and the results of such activities,
including the continuity or extension of any mineralization.
Words such as “may”, “will”, “would”, “could”, “expect”, “believe”,
“plan”, “anticipate”, “intend”, “estimate”, “continue”, or the
negative or comparable terminology, as well as terms usually used
in the future and the conditional, are intended to identify
forward‐looking statements. Information contained in
forward‐looking statements is based upon certain material
assumptions that were applied in drawing a conclusion or making a
forecast or projection, including management’s perceptions of
historical trends, current conditions and expected future
developments, as well as other considerations that are believed to
be appropriate in the circumstances. Osisko considers its
assumptions to be reasonable based on information currently
available, but cautions the reader that their assumptions regarding
future events, many of which are beyond the control of Osisko, may
ultimately prove to be incorrect since they are subject to risks
and uncertainties that affect Osisko and its business; Such risks
and uncertainties include, among others, risks relating to the
ability of exploration activities carried out by Osisko Mining
(including drill results) to accurately predict mineralization;
errors in Osisko Mining’s geological modelling; the ability of
Osisko Mining to complete further exploration activities, including
drilling.
For additional information with respect to these
and other factors and assumptions underlying the forward‐looking
statements made in this press release, see the section entitled
“Risk Factors” in the most recent Annual Information Form of Osisko
which is filed with the Canadian securities commissions and
available electronically under Osisko’s issuer profile on SEDAR at
www.sedar.com and with the U.S. Securities and Exchange Commission
and available electronically under Osisko’s issuer profile on EDGAR
at www.sec.gov. The forward‐ looking information set forth
herein reflects Osisko’s expectations as at the date of this press
release and is subject to change after such date. Osisko disclaims
any intention or obligation to update or revise any forward‐looking
statements, whether as a result of new information, future events
or otherwise, other than as required by law.
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