Osisko Mining Inc. (OSK:TSX. "Osisko" or the "Corporation") is
pleased to announce that "Windfall Mining Group" (its 50% jointly
owned partnership with a Gold Fields Limited subsidiary), has
concluded the hydro-electricity power allocation agreement with
Hydro-Québec, a wholly-owned Crown corporation of the Québec
Government.
The forecasted power demand and allocation for
the electrical Installation is 27,400 kW for Windfall. Power will
be delivered at the MICO substation located in nearby Waswanipi,
Quebec, then be transported using a dedicated power line (currently
under construction) from the MICO substation to Windfall by
Miyuukaa Corporation (please see news release of Osisko dated March
16, 2023 entitled "Osisko Announces Definitive Agreement with
Miyuukaa to transport Hydroelectric Power to Windfall
Project").
John Burzynski, Chairman and Chief executive
officer commented: "Receipt of the Windfall power allocation is a
major milestone, as it will significantly reduce greenhouse gas
emissions and project power costs. It is well aligned with our
joint-venture ESG goals."
Power line construction work is progressing on
schedule with the hook-up date anticipated in early 2024.
About the Windfall Gold
DepositThe Windfall gold deposit is located between
Val-d’Or and Chibougamau in the Abitibi region of Québec, Canada.
The mineral resource estimate on Windfall (with an effective date
of June 7, 2022 ) (the "Windfall Resource Estimate") and the
mineral reserve estimate on Windfall (with an effective date of
November 25, 2022) (the "Windfall Reserve Estimate") are described
in the technical report entitled "Feasibility Study for the
Windfall Project, Eeyou Istchee James Bay, Québec, Canada" (the "FS
Technical Report”) and dated January 10, 2023 (with an effective
date of November 25, 2022). The Windfall Resource Estimate,
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 Windfall Mineral Reserve, assuming 3.5 g/t operating,
2.5 g/t incremental, and 1.7 g/t development cut-off grade,
comprises 12,183,000 tonnes at 8.06 g/t Au (3,159,000 ounces) in
the probable mineral reserves category. The key assumptions,
parameters, limitations and methods used in the feasibility study
for Windfall, including the related Windfall Resource Estimate and
Windfall Reserve Estimate, are described in the FS Technical
Report, which was prepared in accordance with National Instrument
43-101 – Standards of Disclosure for Mineral Projects ("NI
43-101"). The FS Technical Report is available on SEDAR+
(www.sedarplus.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 reserves are defined from
surface to a depth of 1,100 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.
Qualified PersonThe scientific
and technical content in this news release has been reviewed and
approved by Mr. Mathieu Savard, P.Geo (OGQ #510), President of
Osisko, who is a "qualified person" (within the meaning of NI
43-101).
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 50% interest in the high-grade Windfall
gold deposit located between Val-d’Or and Chibougamau in Québec and
holds a 50% interest in a large area of claims in the surrounding
Urban Barry area and nearby Quévillon area (over 2,300 square
kilometers).
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. 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 expected timing (if at all) to hook-up the power line;
the expected allocation of power under the power allocation
agreement being realized (if any); the expected power demand for
Windfall; the assumptions limitations and qualifications in the FS
Technical Report, including relating to the Windfall Resource
Estimate and Windfall Reserve Estimate; reliance on third-parties
for infrastructure, including power lines, with reference to the
agreement with Miyuukaa for the transmission of hydroelectric power
to the Windfall site; the results of the FS Technical Report,
including NPV, IRR, production, tax-free cash flows, capex, AISC,
milling operations, average recovery, job creation; the Lynx zone
remaining open to expansion down plunge. Such factors include,
among others, risks relating to the ability of exploration
activities (including drill results) to accurately predict
mineralization; reliance on third-parties, including governmental
entities, for mining activities, including for infrastructure; the
timing and ability, if at all, to obtain permits; the reliance on
third-parties for infrastructure critical to build and operate the
Windfall project, including power lines; our ability to obtain
power for the Windfall project, if at all or on terms economic to
the Corporation; the status of third-party approvals or consents;
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 Canadian/United States dollar exchange rate;
the global economic climate; metal (including gold) prices;
dilution; environmental risks; and community and non-governmental
actions. For additional information with respect to these and other
factors and assumptions underlying the forward-looking information
in this news release, please see the section entitled "Risk
Factors" in the most recent annual information form of Osisko for
the year ended December 31, 2022, a copy of which is available on
SEDAR+ (www.sedarplus.com) under Osisko's issuer profile. 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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