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, Oct. 05, 2020 (GLOBE NEWSWIRE) -- 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.

Figure 1: Drillhole locations from this news release
https://www.globenewswire.com/NewsRoom/AttachmentNg/bcec9e86-6658-4d62 ...

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.