Osisko Announces Multiple New High-Grade GOLD Discoveries Adjacent to Main Deposits at the Cariboo GOLD Project Continues to Define and Expand Multiple High-Grade Vein Corridors
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OSISKO ANNOUNCES MULTIPLE NEW HIGH-GRADE GOLD DISCOVERIES
ADJACENT TO MAIN DEPOSITS AT THE CARIBOO GOLD PROJECT
CONTINUES TO DEFINE AND EXPAND MULTIPLE HIGH-GRADE VEIN
CORRIDORS
MONTREAL, October 5, 2020 – Osisko Gold Royalties Ltd ( “Osisko” or the “Company”) (TSX &
NYSE: OR) is pleased to announce drilling results from the definition and expansion drill program at the
Cariboo Gold Project (“Cariboo”) in central British Columbia.
Sean Roosen, Chair and CEO of Osisko, commented: “Since Osisko first got involved in the Cariboo project
we have been firm believers in its potential scale and importance within the sector. Recent drill results
continue to confirm our thesis that Cariboo is not just a mining project, but a mining camp. In a separate
release, we have announced that Cariboo will become the flagship asset in the newly formed Osisko
Development Corp. I look forward to leading the team that advances Cariboo towards intermediate producer
status.”
In 2019, drilling at Cariboo successfully intersected down dip extensions of mineralized vein corridors to a
depth of 700 meters and confirmed high-grade intercepts within the current resource. The Company also
made multiple new discoveries by stepping out along strike from the known deposits to define a strike length
of 15 kilometers of the mineralized system (Figures 1 and 2). These new discoveries will be followed by the
drill programs described below with the aim of adding significant resources to Cariboo with continued
success.
This year, we began a 40,000 -meter diamond drilling campaign focused on the expansion of the Lowhee
Zone and further delineating the Cow and Valley deposits (Figure 1). After a COVID-19 related delay, three
drill rigs are currently active at Cariboo, increasing to eight in October.
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Figure 1: Drillhole locations from this news release
At Cow, a total of 16,000 meters were drilled in 72 holes in 2019. Year -to-date, 4,350 meters have been
drilled in 22 holes (Figure 4). Drilling continues to define the high -grade vein corridors demonstrated by
CM-20-009 that intersected 25.79 g/t Au over 6.30 meters and included a higher-grade sample of 99.8 g/t
Au over 0.55 meter. Recently, 6,530 g/t Au over 0.50 meter was intersected 10 meters down dip from a
modelled vein corridor in hole CM -20-018, representing the highest -grade assay intersected in all drilling
to date at the Cariboo Gold Project.
At Valley Zone, 11,000 meters have been drilled in 57 holes in 2020. This news release discusses the initial
assay results returned. Highlights include 9.99 g/t Au over 5.95 meters including 84.5 g/t Au over 0.50
meter in hole CM-20-025. The majority of the drilling proposed for the remainder of 2020 will occur in the
Valley Zone vein corridors. The Valley Zone has not been drill tested since 2017, and significant potential
exists to add both inferred and indicated resource to the deposit.
On Barkerville Mountain, the newly discovered Lowhee Zone, interpreted to be an offset strike extension
of the Cow Mountain Deposit, is rapidly demonstrating high-grade vein corridors with systematic exploration
drilling. This news release includes the drill results from the remaining 11 holes drilled at KL in 2019, the
remaining 20 holes from Lowhee drilled in 2019 and the first 2 4 drillholes from Lowhee drilled in 2020
(Figure 5).
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At Lowhee Zone, a total of 18,000 meters in 48 holes have been drilled to date. Recent results from Lowhee
include 20.66 g/t Au over 12.80 meters with a sample of 352 g/t Au over 0.65 meter located 100 meters
from surface in in exploration hole BM -19-105. BM-19-109 intersected 10.53 g/t Au over 18.70 meters .
Multiple intercepts greater than 100 g/t Au include 186.5 g/t Au over 0.50 meter in hole BM -19-101, 327
g/t Au over 0.50 meter in BGM-19-111, 159 g/t Au over 0.50 meter in BM-20-013 and 249 g/t Au over 0.55
meter in BM-20-016. The Lowhee Zone has been drill tested to a vertical depth averaging 350 meters along
a current strike of 300 meters by 500 meters and is open in all directions.
At KL Zone, located in the footwall of the Bonanza Ledge and BC Vein Deposits , a total of 36,000 meters
were drilled in 87 holes in 2019. Recent results from the KL Zone include 11.87 g/t Au over 5.80 meters
in BM-19-079 and 8.84 g/t Au over 10.40 meters from BM-19-093. The apparent strike length of this
system is 1.5 kilometers, outlined from the recent drill results and the Company’s detailed lithological and
structural mapping programs conducted over the last two years. Figure 5 illustrates the location of the
drilling on Lowhee and KL.
In 2019, drilling at Cariboo successfully made multiple new discoveries, including Proserpine Mountain,
located 6 kilometers south east of the Company’s Bonanza Ledge Mine. Based on detailed geologic
mapping and sampling programs carried out in 2019 (Figure 2). A total 2,675 meters were drilled in 6 holes
over a strike length of 1 kilometer. One stratigraphic hole was drilled to define the extents of the prospective
sandstone unit and five holes explored for mineralized vein corridors.
The program was successful in discovery of high grade, mineralized axial planar veins analogous to those
on Cow and Island Mountains in five out of the six holes. Assay highlights include 17.78 g/t Au over 5.60
meters in PSP-19-002 just 50 meters from surface. The drillhole locations are indicated on Figure 6 and
drilled at an average spacing of 300 meters. The system is open in all directions and prospective areas
remain untested along strike. The Company is currently conducting an additional 6,000 meters of diamond
drilling on Proserpine to follow up and expand these initial positive results.
Further highlights from 2019 -2020 drilling at Cow Mountain , Valley, Lowhee, KL and Proserpine are
presented below.
Select Cow Mountain Highlights:
• CM-19-029: 9.47 g/t Au over 11.40 meters
• CM-19-030: 5.50 g/t Au over 32.55 meters including 25.67 g/t Au over 4.95 meters
• CM-19-044: 20.94 g/t Au over 3.50 meters
• CM-19-055: 15.87 g/t Au over 8.70 meters including 98.20 g/t Au over 0.90 meter
• CM-19-057: 73.80 g/t Au over 0.90 meter
• CM-19-059: 51.90 g/t Au over 1.45 meters
• CM-19-070: 16.56 g/t Au over 5.20 meters
• CM-19-071: 18.70 g/t Au over 7.00 meters
• CM-19-072: 7.75 g/t Au over 9.40 meters
• CM-20-003: 27.21 g/t Au over 5.55 meters including 179.5 g/t Au over 0.80 meter
• CM-20-006: 66.40 g/t Au over 0.65 meter
• CM-20-009: 25.79 g/t Au over 6.30 meters including 99.8 g/t Au over 0.55 meter
• CM-20-009: 18.11 g/t Au over 3.50 meters including 47.7 g/t Au over 1.15 meters
• CM-20-015: 16.83 g/t Au over 3.60 meters including 117.50 g/t Au over 0.50 meter
• CM-20-018: 6,530 g/t Au over 0.50 meter
• CM-20-022: 13.58 g/t Au over 3.90 meters
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Select Valley Zone Highlights:
• CM-20-025: 9.99 g/t Au over 5.95 meters including 84.5 g/t Au over 0.50 meter
• CM-20-029: 6.59 g/t Au over 5.90 meters
• CM-20-031: 6.28 g/t Au over 16.0 meters
• CM-20-031: 5.58 g/t Au over 11.8 meters
Select KL Zone Highlights
• BM-19-079: 11.87 g/t Au over 5.8 meters
• BM-19-094: 9.46 g/t Au over 5.85 meters
Select Lowhee Zone Highlights
• BM-19-093: 8.84 g/t Au over 10.4 meters including 58.10 g/t Au over 0.80 meters and 70.0 g/t Au
over 0.50 meter
• BM-19-101: 40.25 g/t Au over 2.50 meters including 186.5 g/t Au over 0.50 meters
• BM-19-102: 5.76 g/t Au over 6.75 meters
• BM-19-105: 20.66 g/t Au over 12.80 meters including 352 g/t Au over 0.65 meters
• BM-19-109: 10.53 g/t Au over 18.7 meters including 109.5 g/t Au over 0.50 meters and
90.1 g/t Au over 0.50 meters
• BM-19-111: 6.82 g/t Au over 9.25 meters including 60.60 g/t Au over 0.50 meter
• BM-19-111: 327 g/t Au over 0.5 meters
• BM-20-001: 44.40 g/t Au over 0.85 meter
• BM-20-004: 4.18 g/t Au over 7.90 meters
• BM-20-007: 44.92 g/t Au over 2.10 meters including 137.5 g/t Au over 0.50 meter
• BM-20-007: 12.07 g/t Au over 7.5 meters including 120.0 g/t Au over 0.50 meter
• BM-20-013: 13.20 g/t Au over 10.60 meters including 159 g/t Au over 0.50 meter
• BM-20-014: 64.00 g/t Au over 0.60 meter
• BM-20-015: 25.29 g/t Au over 2.00 meters including 58.6 g/t Au over 0.80 meter
• BM-20-016: 99.70 g/t Au over 0.50 meter
• BM-20-016: 249.0 g/t Au over 0.55 meter
• BM-20-020: 9.29 g/t Au over 4.65 meters including 68.1 g/t Au over 0.50 meter
• BM-20-020: 18.18 g/t Au over 10.2 meters including 91.4 g/t Au over 0.50 meter
Select Proserpine Assays
• PSP-19-001: 16.70 g/t Au over 0.50 meters
• PSP-19-002: 17.78 g/t Au over 5.60 meters including 112 g/t Au over 0.60 meter and 30.70 g/t Au
over 1.00 meter
• PSP-19-002: 26.08 g/t Au over 3.00 meters including 84.90 g/t Au over 0.90 meter
• PSP-19-003: 95.20 g/t Au over 0.50 meter
Mineralized quartz veins on the Cariboo Gold Project are overall sub -vertical dip and northeast strike. Vein
corridors are defined as a high-density network of mineralized quartz veins within t he axis of the F3
fold and hosted within the sandstones . Vein corridors are modelled at a minimum thickness of 2
meters and individual veins within each corridor range in width from millimeter to several meters.
The modelled vein corridors for the resource update includes the internal dilution of the subeconomic
sandstone within these vein corridors. These corridors have been defined from surface to a vertical depth
averaging 300 meters and remain open for expansion at depth and down plunge. Gold grades are intimately
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associated with vein-hosted pyrite as well as pyritic, intensely silicified wall rock haloes in close proximity to
the veins.
True widths are estimated to be 60 to 75% of reported core length intervals. Intervals not recovered by drilling
were assigned zero grade. Top cuts have not been applied to high grade assays. Complete assay highlights
are presented in Appendix A.
Figure 2: Cariboo Geology Map
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Figure 3: Cariboo Deposit Areas
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Figure 4: Cow Mountain and Valley Zone 2019 and 2020 Drilling
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Figure 5: Barkerville Mountain Lowhee and KL Zones 2019 and 2020 Drilling