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Osisko Drilling Returns High Grade at Lynx

TORONTO, April 08, Apr 08, 2021 (GLOBE NEWSWIRE via COMTEX) --

369 g/t Au Over 3.5 Metres in Lynx

155 g/t Au Over 3.0 Metres in Triple Lynx

Osisko Mining Inc. (OSK:TSX. "Osisko" or the "Corporation") is pleased to provide new analytical results from the ongoing drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Quebec.

Significant new analytical results presented below include 78 intercepts in 46 drill holes (12 from surface, 22 from underground) and 12 wedges. The infill intercepts are located inside defined February 2021 mineral resource estimate ("MRE") blocks (see Osisko news release dated February 17, 2021). The expansion intercepts are located outside the February 2021 mineral resource estimate ("MRE") and either expand resource wireframes or are located in a defined zone or corridor but do not yet correlate to a specific wireframe.

Osisko Chief Executive Officer John Burzynski commented: "Once again the drilling in the Lynx area delivers both inside and outside of the February 2021 MRE blocks. Further, expansion drilling in the Triple Lynx corridor continues to provide strong targets for growth as demonstrated by Hole OSK-W-20-2371-W1, one of our top results today. As we noted in our April 7, 2021 PEA update, ongoing drilling is showing great potential to see further increases in the already strong economic base case of the Windfall deposit."

Selected high-grade intercepts include: 369 g/t Au over 3.5 metres in OSK-W-21-2369-W3; 155 g/t Au over 3.0 metres and 45.7 g/t Au over 2.1 metres in WST-21-0670; 129 g/t Au over 3.2 metres in OSK-W-20-2252-W11, 144 g/t Au over 2.5 metres in WST-21-0657; 123 g/t Au over 2.4 metres in OSK-W-20-2371-W1, 78.4 g/t Au over 3.1 metres in OSK-W-21-2480, 70.0 g/t Au over 2.6 metres in WST-20-0568, 76.4 g/t Au over 2.2 metres in WST-20-0578, and 52.6 g/t Au over 2.3 metres in OSK-W-20-2420. Maps showing hole locations and full analytical results are available at www.osiskomining.com.

Infill Drilling

Hole No.         From   To     Interval Au (g/t) Au (g/t) Zone        Corridor
                 (m)    (m)    (m)      uncut    cut to
                                                 100 g/t
OSK-W-20-2416    1019.1 1021.1 2.0      7.61              TLX_3162    Triple Lynx
including        1019.4 1020.0 0.6      21.6
OSK-W-20-2426    346.0  348.0  2.0      5.84              TLX_3178    Triple Lynx
including        347.0  347.3  0.3      34.2
OSK-W-20-2428    720.0  722.4  2.4      25.0              Lynx_3304   Lynx
including        721.1  721.9  0.8      61.0
OSK-W-20-2431    759.0  761.0  2.0      3.86              TLX_3129    Triple Lynx
including        760.0  760.7  0.7      10.9
                 806.0  808.1  2.1      6.53              TLX_3195    Triple Lynx
including        807.6  808.1  0.5      25.9
OSK-W-21-2363-W4 748.2  750.8  2.6      16.3              TLX_3171    Triple Lynx
including        750.0  750.5  0.5      33.7
OSK-W-21-2369-W3 672.8  676.3  3.5      369      100      LXM_3304    Lynx
Including        672.8  673.5  0.7      127      100
and              673.5  674.2  0.7      545      100
and              674.2  674.6  0.4      192      100
and              674.6  675.0  0.4      155      100
and              675.0  675.6  0.6      557      100
and              675.6  676.3  0.7      500      100
OSK-W-21-2394-W4 668.7  671.0  2.3      40.9              TLX_3184    Triple Lynx
including        669.1  670.0  0.9      99.7
                 882.0  884.0  2.0      3.11              TLX_3130    Triple Lynx
OSK-W-21-2394-W5 652.5  655.4  2.9      3.86              TLX_3171    Triple Lynx
including        654.5  655.4  0.9      7.79
OSK-W-21-2416-W2 927.5  929.7  2.2      7.16              TLX_3161    Triple Lynx
including        928.2  928.8  0.6      22.5
                 936.9  944.0  7.1      5.15              TLX_3161    Triple Lynx
including        937.5  938.2  0.7      15.8
OSK-W-21-2436-W1 698.2  703.0  4.8      4.28              LX4_3424    Lynx 4
including        698.2  699.0  0.8      11.2
OSK-W-21-2443    1062.9 1065.0 2.1      6.51              Triple Lynx Triple Lynx
including        1064.3 1065.0 0.7      16.6
OSK-W-21-2452    714.0  716.6  2.6      13.5              TLX_3198    Triple Lynx
                 747.0  749.2  2.2      4.46              TLX_3129    Triple Lynx
including        747.0  747.7  0.7      10.2
OSK-W-21-2457    773.7  776.0  2.3      33.4     18.6     Lynx_3437   Lynx
including        774.8  775.2  0.4      185      100
OSK-W-21-2464    720.8  731.5  10.7     7.23              Lynx_3304   Lynx
including        725.8  726.8  1.0      17.2
OSK-W-21-2480    741.4  744.5  3.1      78.4     31.5     LXM_3304    Lynx
including        742.8  743.5  0.7      308      100
WST-20-0573      336.1  338.3  2.2      4.76              LXSW_3556   Lynx
including        336.1  336.8  0.7      12.3
WST-20-0605A     461.0  463.0  2.0      9.11              LXSW_3502   Lynx
including        461.7  462.3  0.6      30.2
WST-21-0614      308.0  310.0  2.0      3.74              TLX_3169    Triple Lynx
                 313.0  315.3  2.3      8.89              TLX_3169    Triple Lynx
including        314.9  315.3  0.4      17.8
WST-21-0620A     274.0  276.0  2.0      4.97              TLX_3164    Triple Lynx
WST-21-0636      114.0  116.0  2.0      4.42              LXM_3334    Lynx
WST-21-0637      323.0  327.0  4.0      7.64              TLX_3167    Triple Lynx
including        326.0  327.0  1.0      15.4
                 475.5  478.0  2.5      3.47              Lynx 4      Lynx
                 507.0  509.0  2.0      9.77              LX4_3450    Lynx 4
including        507.3  507.6  0.3      60.5
WST-21-0647      311.0  313.0  2.0      5.83              TLX_3166    Triple Lynx
including        312.3  313.0  0.7      14.9
WST-21-0648B     59.0   61.4   2.4      4.28              Lynx_3339   Lynx
WST-21-0656      284.0  286.2  2.2      3.16              TLX_3164    Triple Lynx
WST-21-0657      219.5  222.0  2.5      144      55.3     TLX_3161    Triple Lynx
including        220.8  221.3  0.5      543      100
WST-21-0659      360.9  364.0  3.1      6.83              TLX_3131    Triple Lynx
WST-21-0670      364.3  367.3  3.0      155      64.8     TLX_3166    Triple Lynx
including        364.3  365.3  1.0      369      100
                 369.3  371.4  2.1      45.7     23.8     TLX_3166    Triple Lynx
including        369.9  370.4  0.5      191      100
                 409.5  412.0  2.5      6.63              TLX_3165    Triple Lynx
including        410.0  410.4  0.4      30.6
WST-21-0690      274.5  276.9  2.4      7.31              TLX_3164    Triple Lynx

Notes: True widths are estimated at 55 - 80% of the reported core length interval. See "Quality Control and Reporting Protocols" below. LXM = Lynx Main, LX4 = Lynx 4, TLX = Triple Lynx and LXSW = Lynx Southwest.

Expansion Drilling

Hole No.          From   To     Interval Au (g/t) Au (g/t) Zone        Corridor
                  (m)    (m)    (m)      uncut    cut to
                                                  100 g/t
OSK-W-20-2252-W11 944.0  946.0  2.0      4.53              Triple Lynx Triple Lynx
                  961.1  963.5  2.4      19.1     15.2     Triple Lynx Triple Lynx
including         961.4  961.7  0.3      131      100
                  965.8  969.0  3.2      129      21.2     Triple Lynx Triple Lynx
including         967.8  968.1  0.3      1250     100
                  975.0  977.0  2.0      4.58              Triple Lynx Triple Lynx
OSK-W-20-2313-W10 1009.0 1011.0 2.0      3.49              Triple Lynx Triple Lynx
                  1052.0 1054.0 2.0      22.4              Triple Lynx Triple Lynx
including         1052.0 1053.0 1.0      44.6
OSK-W-20-2363-W3  957.0  961.7  4.7      6.61              Triple Lynx Triple Lynx
including         957.0  957.6  0.6      18.4
OSK-W-20-2371-W1  1007.3 1009.7 2.4      123      27.2     Triple Lynx Triple Lynx
including         1007.3 1007.9 0.6      483      100
OSK-W-20-2397-W1  652.0  654.0  2.0      13.4              LXM_3304    Lynx
including         652.3  653.1  0.8      33.1
OSK-W-20-2416     946.0  948.0  2.0      7.01              Triple Lynx Triple Lynx
                  967.0  976.4  9.4      10.0              Triple Lynx Triple Lynx
including         971.0  972.0  1.0      29.5
OSK-W-20-2420     744.0  746.3  2.3      52.6     51.3     Lynx        Lynx
including         744.5  745.5  1.0      103      100
                  983.0  985.1  2.1      4.06              Triple Lynx Triple Lynx
including         983.0  984.0  1.0      8.45
OSK-W-20-2426     634.0  636.0  2.0      17.6              Triple Lynx Triple Lynx
including         635.0  636.0  1.0      32.4
                  751.0  753.0  2.0      11.7              Triple Lynx Triple Lynx
OSK-W-20-2428     665.0  667.3  2.3      19.3              Lynx        Lynx
including         665.0  666.3  1.3      34.1
                  686.5  690.3  3.8      4.58              Lynx        Lynx
including         686.5  687.0  0.5      12.2
OSK-W-20-2431     759.0  761.0  2.0      3.86              Triple Lynx Triple Lynx
including         760.0  760.7  0.7      10.9
                  806.0  808.1  2.1      6.53              TLX_3195    Triple Lynx
including         807.6  808.1  0.5      25.9
OSK-W-21-2363-W4  806.6  809.0  2.4      11.5              Triple Lynx Triple Lynx
including         806.6  806.9  0.3      91.9
                  812.5  816.0  3.5      15.5              Triple Lynx Triple Lynx
including         812.5  813.4  0.9      33.9
OSK-W-21-2394-W5  600.0  602.0  2.0      6.49              Triple Lynx Triple Lynx
OSK-W-21-2443     1062.9 1065.0 2.1      6.51              Triple Lynx Triple Lynx
including         1064.3 1065.0 0.7      16.6
OSK-W-21-2445     590.4  593.0  2.6      3.28              Triple Lynx Triple Lynx
including         590.4  590.8  0.4      19.7
                  852.0  854.1  2.1      3.56              Triple Lynx Triple Lynx
OSK-W-21-2445-W1  596.2  598.5  2.3      4.04              Triple Lynx Triple Lynx
                  618.0  620.0  2.0      3.69              Triple Lynx Triple Lynx
including         618.0  619.0  1.0      7.22
OSK-W-21-2459     705.6  707.9  2.3      4.49              Triple Lynx Triple Lynx
WST-20-0568       273.6  276.2  2.6      70.0     13.6     Lynx SW     Lynx SW
including         275.9  276.2  0.3      589      100
WST-20-0570       290.7  292.9  2.2      3.46              Lynx SW     Lynx SW
including         291.1  291.9  0.8      9.09
WST-20-0578       151.5  153.7  2.2      76.4     14.4     Lynx        Lynx
including         152.4  152.7  0.3      555      100
WST-20-0605A      258.0  260.0  2.0      3.58              Lynx SW     Lynx SW
including         258.0  259.0  1.0      7.12
WST-20-0613       376.0  385.0  9.0      7.47              Triple Lynx Triple Lynx
including         380.4  380.8  0.4      16.5
and               381.1  382.0  0.9      27.6
and               383.4  384.0  0.6      15.5
WST-20-0613       396.0  398.0  2.0      5.05              Triple Lynx Triple Lynx
                  241.8  244.0  2.2      4.37              Lynx SW     Lynx SW
                  377.9  380.0  2.1      8.67              Lynx SW     Lynx SW
including         377.9  378.4  0.5      36.2
WST-21-0637       172.0  174.0  2.0      5.30              Triple Lynx Triple Lynx
including         172.0  172.5  0.5      18.1
WST-21-0662       212.0  214.0  2.0      12.7              Lynx SW     Lynx SW
including         212.5  213.0  0.5      34.1
WST-21-0678       48.0   50.0   2.0      4.30              Lynx        Lynx
including         48.0   48.5   0.5      11.7

Notes: True widths are estimated at 55 - 80% of the reported core length interval. See "Quality Control and Reporting Protocols" below. LXM = Lynx Main, TLX = Triple Lynx and SW = Southwest.

Drill hole location

Hole Number       Azimuth Dip Length UTM E  UTM N   Elevation Section
                  (°)     (°) (m)
OSK-W-20-2252-W11 129     -54 1191   453241 5435694 415       3750
OSK-W-20-2313-W10 134     -52 1059   452965 5435583 420       3450
OSK-W-20-2363-W3  139     -52 1185   452930 5435548 419       3425
OSK-W-20-2371-W1  123     -53 1032   452996 5435363 412       3375
OSK-W-20-2397-W1  131     -58 1200   453451 5435594 412       3900
OSK-W-20-2416     123     -54 1128   453169 5435624 412       3650
OSK-W-20-2420     124     -59 1185   453397 5435557 413       3825
OSK-W-20-2426     134     -56 1035   453008 5435388 413       3400
OSK-W-20-2428     127     -53 1257   453412 5435633 412       3875
OSK-W-20-2431     136     -57 849    453008 5435388 412       3400
OSK-W-21-2363-W4  139     -52 1270   452930 5435548 419       3425
OSK-W-21-2369-W3  130     -56 1415   453424 5435566 410       3850
OSK-W-21-2394-W4  138     -52 920    452923 5435467 414       3375
OSK-W-21-2394-W5  138     -52 915    452923 5435467 414       3375
OSK-W-21-2416-W2  123     -54 1266   453169 5435624 412       3650
OSK-W-21-2436-W1  130     -57 744    453709 5435618 400       4125
OSK-W-21-2443     127     -56 1164   453304 5435639 415       3775
OSK-W-21-2445     141     -50 945    452906 5435434 415       3325
OSK-W-21-2445-W1  141     -50 909    452906 5435434 415       3325
OSK-W-21-2452     137     -56 891    453008 5435388 412       3400
OSK-W-21-2457     15      -77 957    454135 5435058 397       4225
OSK-W-21-2459     132     -52 1227   452997 5435607 425       3500
OSK-W-21-2464     120     -53 1031   453412 5435633 412       3875
OSK-W-21-2480     121     -55 1230   453412 5435633 412       3875
WST-20-0568       157     -58 493    453104 5435065 231       3325
WST-20-0570       159     -51 454    453104 5435065 231       3325
WST-20-0573       148     -59 436    452955 5435003 253       3175
WST-20-0578       154     -47 802    453418 5435305 69        3725
WST-20-0605A      148     -61 532    453105 5435065 231       3325
WST-20-0613       123     -55 442    453358 5435273 16        3650
WST-20-0616       179     -61 459    453228 5435126 135       3475
WST-21-0614       131     -59 427    453357 5435273 16        3650
WST-21-0620A      174     -57 300    453507 5435327 -7        3800
WST-21-0636       133     -36 178    453322 5435235 55        3600
WST-21-0637       151     -47 550    453321 5435235 54        3600
WST-21-0647       150     -59 345    453228 5435126 135       3475
WST-21-0648B      166     -59 345    453228 5435126 135       3475
WST-21-0656       139     -61 322    453357 5435272 16        3650
WST-21-0657       141     -56 448    453357 5435272 16        3650
WST-21-0659       126     -45 397    453357 5435272 16        3650
WST-21-0662       149     -50 220    452955 5435003 253       3175
WST-21-0670       142     -43 471    453257 5435209 96        3525
WST-21-0678       153     -50 574    453321 5435235 55        3600
WST-21-0683       146     -40 636    453257 5435210 95        3525
WST-21-0689A      161     -64 397    453356 5435272 16        3650
WST-21-0690       150     -63 307    453356 5435272 16        3650

Lynx Zone

Mineralization occurs as grey to translucent quartz-carbonate-pyrite-tourmaline veins and pyrite replacement zones and stockworks. Vein-type mineralization is associated with haloes of pervasive sericite-pyrite ± silica alteration and contain sulphides (predominantly pyrite with minor amounts of chalcopyrite, sphalerite, galena, arsenopyrite, and pyrrhotite) and local visible gold. Replacement mineralization is associated with strong pervasive silica-sericite-ankerite ± tourmaline alteration and contains disseminated pyrite from trace to 80% with local visible gold. Pyrite stockworks can form envelopes that reach several tens of metres thick. Fuchsite alteration is common and is spatially constrained to near the gabbros. Mineralization occurs at or near geological contacts between felsic porphyritic or fragmental intrusions and the host rhyolites or gabbros and locally can be hosted along the gabbro-rhyolite contact.

Qualified Person

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 Osisko's 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 width determination is estimated at 55-80% of the reported core length interval for the zone. 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. NQ core assays were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d'Or, Quebec, Vancouver, British Colombia, Lima, Peru or Vientiane, Laos (ii) 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 a Four Acid Digestion-ICP-MS 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 Gold Deposit

The Windfall gold deposit is located between Val-d'Or and Chibougamau in the Abitibi region of Quebec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 17, 2021 and supported by the technical report entitled "Mineral Resource Estimate Update for the Windfall Project, Eeyou Istchee James Bay, Quebec, Canada" dated March 8, 2021 (with an effective date of November 30, 2020), and assuming a cut-off grade of 3.50 g/t Au, comprises 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 inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 17, 2021 news release are further described in the full technical report prepared by BBA Inc. in accordance with NI 43-101 and is available on SEDAR (www.sedar.com) under the Corporation'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 zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres as it now includes the Triple 8 (T8) zone. The resources excluding T8 are defined from surface to a depth of 1,200 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 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 large area of claims in the surrounding Urban Barry area and nearby Quevillon area (over 2,700 square kilometres).

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 key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in this news release; the prospects, if any, of the Windfall gold deposit; timing and ability of Osisko to file a technical report for the mineral resource estimate disclosed in this news release; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the amount and type of drilling to be completed and the timing to complete such drilling; the focus of the remaining infill drilling; the trend of grade increase; the Lynx zone remaining open to expansion down plunge; upgrading a inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the significance of historic exploration activities and results. 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 (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 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.

CONTACT INFORMATION:

John Burzynski

Chief Executive Officer

Telephone (416) 363-8653

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