Osisko Mining Signs Binding Letter Agreement With Bonterra Resources for Exploration Earn-In and Joint Venture on Urban-Barry Properties - Seite 2

About the Urban-Barry Properties

Barry Deposit

The Barry deposit is a shear-hosted gold deposit with multiple parallel, sub-vertical, shear zones and a second set of veins dipping 25 to 60 degrees to the southeast. The gold mineralization consists of disseminated sulfides within the shear zones and the veins with local visible gold. The Barry deposit has been delineated over 1.4 kilometres along strike and 700 metres vertical and the deposit remains open for expansion.

SLR Consulting (Canada) completed a mineral resource estimate for Bonterra on the Barry deposit for both open pit and underground scenarios. The combined open pit and underground mineral resource estimate for the Barry deposit are (i) measured mineral resources of 2,076,000 tons at 3.04 g/t Au for 203,000 oz Au, (ii) indicated mineral resources of 3,023,000 tons at 5.01 g/t Au for 487,000 oz Au, and (iii) inferred mineral resources of 4,379,000 tons at 4.89 g/t Au for 689,000 oz Au. The Barry mineral resource estimate is supported by the Technical Report (as defined herein).

Gladiator Deposit

Gold mineralization at the Gladiator deposit is hosted within sheared veins of quartz-carbonate composition, with sericite, chlorite, tourmaline with pyrite, chalcopyrite, sphalerite, galena and visible gold. The veins are divided into four groupings. The Gladiator deposit has been outlined by diamond drilling to a strike length of 1,600 metres and depth of 1,100 metres.

SLR Consulting (Canada) completed a mineral resource estimate for Bonterra on the Gladiator deposit. The mineral resource estimate for the Gladiator deposit are (i) indicated mineral resources of 1,413,000 t at 8.61 g/t Au for 391,000 oz Au, and (ii) inferred mineral resources of 4,174,000 t at 7.37 g/t Au for 989,000 oz Au. The Gladiator mineral resource estimate is supported by the Technical Report.

Duke Property

The Duke property consists of 81 strategic mineral claims totaling 3,590 hectares adjacent to the Gladiator Deposit. The Duke property mineralization is associated with multiple sub-parallel, moderately dipping to subvertical, shear hosted quartz-carbonate-chlorite veins and stockworks with minor pyrite and gold trending northeast to east west hosted within intermediate to mafic volcanics and tuffs with local felsic intrusions. Bonterra and Osisko have a 70% and 30% interest, respectively, in the Duke property.