Osisko Announces Updated Mineral Resource Estimate at Osisko Mining’s Windfall Project

Indicated Resource:  1.21 Moz Au averaging 9.1 g/t Au
Inferred Resource:   3.94 Moz Au averaging 8.4 g/t Au

MONTREAL, Feb. 20, 2020 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (“Osisko” or the “Company”) (TSX & NYSE: OR) is pleased to announce that Osisko Mining Inc. (“Osisko Mining”) has provided an updated mineral resource estimate for its 100% owned Windfall gold deposit (‘Windfall”), located in Québec. Osisko holds a 2.0-3.0% net smelter return royalty on Windfall.

Drilling carried out in 2019 at Windfall increased the indicated mineral resource estimate by 60% (added 452,000 ounces) and increased the inferred mineral resource estimate by 66% (added 1,572,000 ounces). The Windfall project now hosts indicated mineral resources of 1.21 Moz (4.1 Mt @ 9.1 g/t) and inferred mineral resources of 3.94 Moz (14.5 Mt @ 8.4 g/t), entirely above 1,200 metres vertical depth. Located in Québec, one of the best mining jurisdictions in the world, this mineral resource estimate moves Windfall to world-class status in terms of scale and grade.

Sean Roosen, Chair and CEO of Osisko, stated: “We would like to extend our congratulations to the Osisko Mining team, led by John Burzynski, for recently completing 1 million metres of drilling and delivering this world-class resource. Osisko and Osisko Mining’s teams have collectively worked on three world class gold deposits discovered in Québec over the past fifteen years – Canadian Malartic, Éléonore, and now Windfall. This couldn’t have been possible without the strong support of all stakeholders. The Windfall project will deliver substantial benefits to the province of Québec, the area’s First Nations communities and other stakeholders.”

Windfall Gold Deposit Mineral Resource Estimate by Area (3.5 g/t Au cut-off)

Area	INDICATED			INFERRED
	Tonnes (000 t) (1)	Grade (g/t)	Ounces Au (1) (000 oz)	Tonnes (1) (000 t)	Grade (g/t)	Ounces Au (1) (000 oz)
Lynx2	1,817	11.3	661	6,349	10.9	2,233
Underdog	561	8.0	145	4,776	6.9	1,067
Main3	1,749	7.1	401	3,407	5.8	638
Total	4,127	9.1	1,206	14,532	8.4	3,938

1. Values are rounded to nearest thousand which may cause apparent discrepancies.
2. Lynx area includes: Lynx Main, Lynx HW, Lynx SW and Lynx 4, Triple Lynx.
3. Main area includes: Zone 27, Caribou, Mallard, Windfall Nord and F-Zones.

For more details, please refer to Osisko Mining’s press release dated February 19, 2020 and titled “Osisko Windfall Updated Mineral Resource Estimate”.