Osisko Mining Inc. (TSX: OSK "Osisko" or the "Corporation") is
pleased to provide the following corporate updates on the
Corporation’s activities for 2024.
Grid Power Arrives at
Windfall
The 85 km long 69 kV hydro-electric power line
built, owned and operated by the Waswanipi Cree First Nation
has been completed on schedule, and grid power has successfully
been connected to the Windfall Project. The use of hydroelectricity
at the Windfall Project marks the switching over from diesel
generated electricity to operate the camp and underground
infrastructure and will significantly reduce both power costs and
greenhouse gas emissions at the site.
Regional Exploration
Program
Osisko has begun a 35,000 meter drill program on
the Urban-Barry properties as part of its 70% earn-in option with
Bonterra Resources Inc. (please see Osisko’s news release dated
September 25, 2023). The program will initially focus on the Moss
showing, located five kilometres south-west along strike from the
Windfall gold deposit, where an historical intercept of high-grade
mineralization in prior Bonterra drilling has been interpreted by
Osisko’s exploration team to potentially represent the Lynx
mineralized system seen at the Windfall Project.
Regional exploration also continues on Windfall
Mining Group’s (“WMG”) claim package with an additional 30,000
metres of drilling targeting potential gold-bearing structures
including the extension of the Bank fault and porphyritic
intrusions associated with favorable alterations.
John Burzynski, Osisko’s Chairman of the Board
and Chief Executive Officer said “Today is a significant milestone
for the Windfall Project and for the Cree First Nation as the
powerline comes into operation on schedule. We want to thank all
the teams and personnel involved in this success and appreciate all
their hard work, especially given the challenges presented by the
extensive regional forest fires over the past summer. We are
looking forward to an exciting year with our 2024 regional work
program, and have confidence that additional Windfall-style
deposits will come to light in the Urban-Barry District as we push
forward with new exploration.”
Permitting Process and IBA
The Windfall Environmental Impact Assessment
review process by the COMEX is ongoing, and the Corporation is
expecting WMG to receive the first round of questions in the coming
months. In parallel, the Corporation expects to finalize the
Windfall Impact and Benefits Agreement with the Cree First Nation
of Waswanipi and the Cree Nation Government in 2024.
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 National
Instrument 43-101 – Standards of Disclosure for Mineral Projects
(“NI 43-101”)).
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 the Windfall Project (with an
effective date of June 7, 2022 ) (the "Windfall Resource Estimate")
and the mineral reserve estimate on the Windfall Project (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 the Windfal Project, including the
related Windfall Resource Estimate and Windfall Reserve Estimate,
are described in the FS Technical Report, which was prepared in
accordance with NI 43-101. The FS Technical Report is available on
SEDAR+ (www.sedarplus.ca) 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.
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 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 expected power demand at the Windfall Project; the
expected significant reduction of both power costs and greenhouse
gas emissions at the Windfall Project; the assumptions limitations
and qualifications in the FS Technical Report, including relating
to the Windfall Resource Estimate and Windfall Reserve Estimate;
the scope, timing, progress and results of the drill program on the
Urban-Barry properties; the scope, timing, progress and results of
the regional exploration conducted on WMG's land package; the
prospects of the Windfall Project being a highly-profitable gold
mine; future drilling at the Windfall gold deposit and the
Urban-Barry properties; the significance of historic exploration
activities and results; the ability to expand mineral resources or
reserves beyond current mineral resource or reserve estimates; the
ability to identify additional deposits (and the grade of such
deposits) (if at all); the progress and timing of the permitting
process on the Windfall Project; and the ability and timing to
finalize an impact benefits agreement with Cree First Nation of
Waswanipi and the Cree Nation Government (if at all). Such factors
include, among others, risks relating to the ability of exploration
activities (including drill results) to accurately predict
mineralization; the timing and ability, if at all, to obtain
permits; the reliance on third-parties for infrastructure critical
to build and operate the project, including power lines; the timing
and ability, if at all, to finalize an impact benefits agreement
with Cree First Nation of Waswanipi and the Cree Nation Government
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. 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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