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Osisko Infill and Expansion Drilling Hits More High-Grade

TORONTO, May 04, May 04, 2021 (GLOBE NEWSWIRE via COMTEX) --

124 g/t Au Over 2.7 Metres in Triple Lynx

78.7 g/t Au over 2.0 metres in Lynx SW

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 52 intercepts in 35 drill holes (9 from surface, 15 from underground) and 11 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 MRE blocks 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: "Today's highlighted intercepts in the Lynx and Triple Lynx zones, as seen on the accompanying long sections available on our website, demonstrate the continued distribution of high-grade intersected throughout these areas in both infill and expansion drilling."

Selected high-grade intercepts include: 124 g/t Au over 2.7 metres in WST-21-0729; 78.7 g/t Au over 2.0 metres and 39.3 g/t Au over 2.2 metres in WST-21-0703, 34.6 g/t Au over 3.6 metres in OSK-W-21-2465, 41.6 g/t Au over 2.9 metres in WST-21-0696, 41.9 g/t Au over 2.1 metres in WST-21-0652, 31.5 g/t Au over 2.4 metres in OSK-W-21-2472 and 37.1 g/t Au over 2.0 metres in WST-21-0749. Maps showing hole locations and full analytical results are available at www.osiskomining.com

Infill Drilling

Hole No.          From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)        cut to 100 g/t Zone      Corridor
OSK-W-20-2252-W11 851.0    853.0  2.0          3.99                                          TLX_3189  Triple Lynx
OSK-W-20-2283-W2  789.6    791.8  2.2          4.14                                          TLX_3171  Triple Lynx
including         790.9    791.2  0.3          18.5
OSK-W-21-2394-W4  643.2    646.2  3.0          9.31                                          TLX_3171  Triple Lynx
including         643.2    643.6  0.4          18.8
OSK-W-21-2394-W6  674.6    676.7  2.1          10.7                                          TLX_3171  Triple Lynx
including         675.1    676.0  0.9          21.7
                  694.0    696.0  2.0          4.57                                          TLX_3184  Triple Lynx
OSK-W-21-2436-W3  805.0    807.0  2.0          21.4           20.4                           LX4_3437  Lynx 4
including         806.6    807.0  0.4          105            100
OSK-W-21-2445-W3  601.6    605.1  3.5          3.68                                          TLX_3171  Triple Lynx
OSK-W-21-2470     976.0    978.0  2.0          4.62                                          TLX_3163  Triple Lynx
OSK-W-21-2478     887.0    889.2  2.2          8.94                                          TLX_3184  Triple Lynx
including         887.8    888.2  0.4          44.7
OSK-W-21-2492     775.0    777.5  2.5          17.2                                          LX4_3414  Lynx 4
including         776.9    777.5  0.6          42.9
                  783.9    786.2  2.3          22.4           20.9                           LX4_3414  Lynx 4
including         784.8    785.2  0.4          109            100
OSK-W-21-2495     659.0    661.0  2.0          3.65                                          LXM_3304  Lynx
including         659.4    659.7  0.3          20.9
WST-21-0652       336.0    338.1  2.1          41.9           22.1                           LXSW_3556 Lynx
including         337.7    338.1  0.4          204            100
WST-21-0658       185.0    187.1  2.1          15.7                                          TLX_3161  Triple Lynx
including         185.0    185.6  0.6          51.3
WST-21-0671A      171.0    173.0  2.0          25.0                                          LXM_3304  Lynx
including         171.0    172.0  1.0          43.6
WST-21-0675       159.2    161.4  2.2          14.2                                          LXM_3304  Lynx
including         159.2    159.9  0.7          39.4
WST-21-0676       152.7    155.1  2.4          3.93                                          LXM_3304  Lynx
including         152.7    153.3  0.6          10.4
WST-21-0677       399.0    401.0  2.0          8.52                                          TLX_3165  Triple Lynx
                  409.5    411.5  2.0          11.4                                          TLX_3165  Triple Lynx
including         410.5    411.0  0.5          28.8
WST-21-0692       334.2    336.4  2.2          5.34                                          TLX_3131  Triple Lynx
WST-21-0698       138.3    140.3  2.0          10.3                                          LXM_3334  Lynx
WST-21-0703       252.0    256.2  4.2          11.6                                          LXSW_3506 Lynx
including         255.1    255.5  0.4          66.5
                  463.7    465.9  2.2          39.3           28.1                           LXSW_3502 Lynx
including         464.7    465.3  0.6          141            100
WST-21-0729       304.9    307.6  2.7          124            23.5                           TLX_3166  Triple Lynx
including         305.9    306.3  0.4          780            100
WST-21-0739       128.2    130.2  2.0          23.5                                          LXM_3304  Lynx
including         129.0    129.7  0.7          63.8
WST-21-0749       144.9    146.9  2.0          37.1                                          LXM_3304  Lynx

Expansion Drilling

Hole No.         From (m) To (m) Interval (m) Au (g/t) uncut Au (g/t)        cut to 100 g/t Zone        Corridor
OSK-W-21-2394-W6 914.0    916.0  2.0          5.70                                          TLX_3195    Triple Lynx
including        914.8    915.2  0.4          27.2
OSK-W-21-2436-W2 614.2    617.0  2.8          7.16                                          Lynx 4      Lynx
OSK-W-21-2445-W1 878.0    880.0  2.0          4.68                                          Triple Lynx Triple Lynx
OSK-W-21-2445-W2 618.2    620.6  2.4          4.22                                          Triple Lynx Triple Lynx
OSK-W-21-2445-W4 918.5    920.5  2.0          16.9                                          Triple Lynx Triple Lynx
including        918.5    919.5  1.0          32.0
OSK-W-21-2465    919.0    921.0  2.0          8.88                                          Lynx 4      Lynx
                 951.4    955.0  3.6          34.6                                          Lynx 4      Lynx
including        952.0    954.0  2.0          54.3
OSK-W-21-2465    962.5    964.6  2.1          12.4                                          Lynx 4      Lynx
OSK-W-21-2470    1020.9   1023.0 2.1          6.37                                          Triple Lynx Triple Lynx
including        1021.8   1022.1 0.3          39.1
                 1178.0   1180.1 2.1          5.63                                          Triple Lynx Triple Lynx
including        1179.2   1180.1 0.9          12.9
OSK-W-21-2470-W1 963.0    968.0  5.0          10.8                                          Triple Lynx Triple Lynx
including        963.0    964.0  1.0          41.4
                 987.0    989.0  2.0          27.7           27.6                           Triple Lynx Triple Lynx
including        987.3    987.7  0.4          101            100
OSK-W-21-2472    731.8    734.2  2.4          31.5                                          LX4_3437    Lynx 4
including        733.4    734.2  0.8          78.3
                 781.1    783.9  2.8          11.2                                          Lynx 4      Lynx
including        783.1    783.9  0.8          31.8
OSK-W-21-2473    625.6    630.0  4.4          10.0                                          Lynx        Lynx
including        625.6    626.2  0.6          49.1
OSK-W-21-2478    1117.0   1119.0 2.0          7.22                                          Triple Lynx Triple Lynx
OSK-W-21-2482    782.0    784.0  2.0          11.7                                          Triple Lynx Triple Lynx
including        782.0    782.9  0.9          26.0
OSK-W-21-2489    1005.0   1007.0 2.0          8.26                                          Triple Lynx Triple Lynx
WST-21-0652      216.0    218.0  2.0          4.15                                          Lynx SW     Lynx SW
                 448.0    450.0  2.0          4.35                                          Lynx SW     Lynx SW
including        448.7    449.2  0.5          15.6
WST-21-0657      442.3    444.3  2.0          4.26                                          Triple Lynx Triple Lynx
WST-21-0696      370.7    373.6  2.9          41.6           36.7                           Triple Lynx Triple Lynx
including        371.8    372.7  0.9          116            100
                 464.0    466.0  2.0          5.62                                          Lynx 4      Lynx
WST-21-0703      43.2     45.2   2.0          78.7           37.1                           Lynx SW     Lynx SW
including        43.5     44.2   0.7          219            100
WST-21-0706      314.5    316.9  2.4          14.1                                          Lynx SW     Lynx SW
including        315.3    315.9  0.6          54.1
WST-21-0729      174.3    177.6  3.3          8.95                                          Lynx        Lynx

Drill hole location

Hole Number       Azimuth (°) Dip (°) Length (m) UTM E  UTM N   Elevation Section
OSK-W-20-2252-W11 129         -54     1191       453241 5435694 415       3750
OSK-W-20-2283-W2  135         -50     1011       452997 5435607 425       3500
OSK-W-21-2394-W4  138         -52     920        452923 5435467 414       3375
OSK-W-21-2394-W6  138         -52     978        452923 5435467 414       3375
OSK-W-21-2436-W2  130         -57     789        453709 5435618 400       4125
OSK-W-21-2436-W3  130         -57     879        453709 5435618 400       4125
OSK-W-21-2445-W1  141         -50     909        452906 5435433 415       3325
OSK-W-21-2445-W2  141         -50     822        452906 5435433 415       3325
OSK-W-21-2445-W3  141         -50     753        452906 5435433 415       3325
OSK-W-21-2445-W4  141         -50     944        452906 5435433 415       3325
OSK-W-21-2465     123         -61     1253       453397 5435557 413       3825
OSK-W-21-2470     132         -59     1230       453304 5435639 415       3775
OSK-W-21-2470-W1  132         -59     1227       453304 5435639 415       3775
OSK-W-21-2472     12          -72     900        454135 5435058 397       4225
OSK-W-21-2473     123         -56     1272       453420 5435610 413       3875
OSK-W-21-2478     128         -54     1257       452997 5435607 425       3500
OSK-W-21-2482     131         -57     939        453009 5435387 413       3400
OSK-W-21-2489     133         -54     1140       453121 5435509 419       3550
OSK-W-21-2492     122         -53     870        453687 5435676 401       4125
OSK-W-21-2495     123         -54     1257       453426 5435565 410       3850
WST-21-0652       128         -60     481        452955 5435003 253       3175
WST-21-0657       141         -56     448        453357 5435272 16        3650
WST-21-0658       137         -49     255        453357 5435272 16        3650
WST-21-0671A      142         -51     372        453507 5435327 -7        3800
WST-21-0675       133         -40     336        453508 5435327 -7        3800
WST-21-0676       129         -32     318        453508 5435327 -7        3800
WST-21-0677       144         -42     652        453257 5435209 96        3525
WST-21-0692       157         -54     541        453356 5435272 16        3650
WST-21-0696       137         -49     492        453229 5435127 134       3475
WST-21-0698       167         -40     160        453356 5435272 16        3650
WST-21-0703       146         -60     489        453104 5435065 231       3325
WST-21-0706       165         -54     417        453104 5435065 231       3325
WST-21-0729       132         -49     510        453229 5435127 135       3475
WST-21-0739       164         -37     195        453507 5435326 -7        3800
WST-21-0749       136         -30     196        453357 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), Director of Exploration for Osisko's Windfall 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

<img class="__GNW8366DE3E__IMG" src="https://ml.globenewswire.com/release/track/e9b6672c-822a-48ae-8504-54e55981238a" referrerpolicy="no-referrer-when-downgrade" width="1" height="1" style="display:none;" /><p>https://ml.globenewswire.com/media/b52b1aa5-40c8-4e60-b8b8-6f9b3745e5f5/small/osisko-mining-inc-jpg.jpg

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