Osisko Metals Incorporated (TSX-V: OM) (OTCQX: OMZNF) (FRANKFURT: 0B51) is pleased to announce initial results from the current in-fill and hydrogeological drill program at its Pine Point Project, located in the NWT.

Results are from the Z60 deposit in the North Trend (see Map 1 and Tables 1 & 2). Mineralization surpassed expectations with development of local prismatic-style mineralization in drill hole Z60-21-PP-001 and -006. The higher-grade prismatic-style intercepts and neighboring tabular mineralization are associated with a fault trending South-West to North-East. Other holes returned grades consistent with previous historical intercepts. Mineralization is open along strike and presents excellent exploration potential.

Shallow mineralization was intersected between 18 and 37 metres vertical depth. Highlights include:

• Drill hole Z60-21-PP-006 intersected 10.70 metres grading 10.50% Zn and 0.25% Pb (10.75% Zn+Pb) in a prismatic build-up of mineralization.
• Drill hole Z60-21-PP-001 intersected 4.5 metres grading 17.95% Zn and 2.25% Pb (20.20% Zn+Pb) in prismatic-style mineralization.

Results provide infill spacing required for the Z60 deposit to meet the Indicated Resource category threshold as defined in the 2020 PEA and confirmed historical data. Further assay results are pending.

Table 1: Drill Hole Composite Highlights.

Jeff Hussey, President & COO, commented: “The presence of locally occurring shallow prismatic-style mineralization adds more upside to our definition drilling program and I look forward to regular results now that drilling has resumed. Regarding ongoing hydrogeological studies, we will be releasing our initial findings in October. We anticipate significantly reduced operating and sustaining capital expenditures for water management, relative to the base case study concept used in the 2020 PEA.”

Hydrogeological Program Update

Initial results from the hydrogeological testing program are expected to be released in the coming weeks. Testing continues and will include two holes from the Z60 deposit.

The current infill program includes approximately 25 additional holes that will be lined with perforated PVC casing that is installed prior to flow tracing. Tracer tests on all holes slated for early fall will measure water flow and that dataset will be added to the modelling process.

Table 2: Drill Hole Composites (*hydrogeological holes)

Qualified Person

Mr. Robin Adair is the Qualified Person and the Vice President Exploration for Osisko Metals Incorporated. He is responsible for the technical data reported in this news release and he is a Professional Geologist registered in the Northwest Territories.

Quality Assurance / Quality Control

Osisko Metals adheres to a strict QA/QC program for core handling, sampling, sample transportation and analyses. Drill core samples from the Pine Point project area are securely transported to its core facility on site, where they were logged and sampled. Samples selected for assay are shipped to ALS Canada Ltd.’s preparation facility in Yellowknife. Pulps are analyzed at the ALS Canada Ltd. facility in North Vancouver, BC. All samples are analyzed by four acid digestion followed by both ICP-AES and ICP-MS for a multi-element suite with a 1% upper detection limit for base metals. Samples reporting over 1% for Zn and 1% for Pb are analyzed by assay grade, four acid digestion and ICPAES analysis with an upper detection limit of 30% and 20% respectively. Samples reporting Zn >30% and or Pb >20% are analyzed by traditional titration. Current drill program is following strict COVID19 protocols, in force since January 15^th 2021.

Table 3: Drill Hole Collar Locations (NAD83 (CSRS) Zone 11)

About Osisko Metals

Osisko Metals Incorporated is a Canadian exploration and development company creating value in the base metal space. The Company controls one of Canada’s premier past-producing zinc mining camps, the Pine Point Project, located in the Northwest Territories for which the 2020 PEA has indicated an after-tax NPV of $500M and an IRR of 29.6%. The Pine Point Project PEA is based on current Mineral Resource Estimates that are amenable to open pit and shallow underground mining and consist of 12.9Mt grading 6.29% ZnEq of Indicated Mineral Resources and 37.6Mt grading 6.80% ZnEq of Inferred Mineral Resources. Please refer to the technical report entitled “Preliminary Economic Assessment, Pine Point Project, Hay River, North West Territories, Canada” dated July 30, which has been filed on SEDAR. The Pine Point Project is located on the south shore of Great Slave Lake in the Northwest Territories, near infrastructure, paved highway access, and has an electrical substation as well as 100 kilometres of viable haulage roads already in place.

The current Mineral Resources mentioned in this press release conform to NI43-101 standards and were prepared by independent qualified persons, as defined by NI43-101 guidelines. The abovementioned Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of the reported Inferred Mineral Resources are conceptual in nature and are estimated based on limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological grade and/or quality of continuity. Zinc equivalency percentages are calculated using metal prices, forecasted metal recoveries, concentrate grades, transport costs, smelter payable metals and charges (see respective technical reports for details).