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

Results are reported for two drill holes at the X25 deposit (see Map 1 and Table 1) located in the West Zone of the project, as well as one confirmation hole in the Central Zone. The X25 deposit is characterized by two Prismatic zones connected by Tabular mineralization and its extensions remains open along strike. The infill holes are located within the deposit (one hole to be used for hydrogeological test work as well).

• Drill hole X25-21-PP-001 intersected 21.0 metres grading 9.40% Zn and 3.76% Pb (13.16% Zn+Pb). Mineralization is of Prismatic type and extends below the level of the associated Tabular horizon.
• Drill hole X25-21-PP-002 intersected 32.0 metres grading 20.28% Zn and 12.02% Pb (32.31% Zn+Pb) in a second vertical Prismatic whose base is located at the level of the Tabular horizon.

Both drill holes met expectations with respect to the current resource block model and provided infill spacing required in their immediate area of the X25 deposit for indicated resource definition under the 2020 PEA. The holes also confirmed historical data.

Additionally, a combined hydrogeological and exploration hole confirmed mineralization reported in an isolated historical Cominco drill hole at the western extremity of the Central Zone. The tabular mineralization intersected in hole HG-21-PP-008 is within a 9-metre mineralized interval that included a continuous section returning 6.0 metres grading 3.72% Zn and 0.79% Pb (4.51% Zn+Pb) (see Map 2 and Table 1). The historical orphan hole contained similar grades and mineralization at this site remains open in all directions, up to distances of between150 to 250 metres where other historical drill holes are located.

Table 1: Drill Hole Composite Assay Results.

Lastly, one hydrogeological drill hole was completed 2.3 kilometres south of X25 to investigate hydrogeological characteristics within the Sulfur Point Formation, but off the mineralized trend to the southeast. This hole did not encounter mineralization.

Robert Wares, Chairman & CEO, commented: “Once more, I am impressed to see the high-grade mineralization being confirmed or surpassed within the Western Prismatic deposits at Pine Point. Importantly, many of these deposits blend laterally into Tabular mineralization and remain open along strike. These will be a priority for follow-up drilling this summer as part of our resource expansion program, as will areas of mineralized orphan holes across the property. The $5M flow-through capital raise currently underway will allow us to continue as well as to accelerate our drill program slated for a restart in June.”

Hydrogeological & Infill Program Update

Eighteen holes of the planned twenty-hole program have been completed and drilling will soon be suspended for spring break-up.

Hydrogeological holes have perforated PVC casing installed prior to flow tracing and pumping tests that are slated for this summer. All completed holes will be monitored for water outflow; of the eighteen holes drilled to date, only two are making water to surface and these are located in the northern most area of the property, outside the mineralized trends. Encouragingly, the remainder are dry at surface.

Table 2: Drill Hole Collar Locations (NAD83 (CSRS) Zone 11)

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 with regard to core handling, sampling, transportation of samples and lab analyses. Drill core samples from the Pine Point project area were securely transported to its core facility at the Pine Point project site, Northwest Territories where they were logged and sampled. Samples selected for assay were shipped via secure transportation to the ALS Canada Ltd.’s preparation facility in Yellowknife. Pulps were analyzed at the ALS Canada Ltd. facility in North Vancouver, British Columbia. All samples are analyzed by four acid digestion followed by both ICP-AES and ICP-MS for ultra-trace level detection 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, has been underway since January 15^th 2021 and is in progress. Further assay results are pending.

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).

Map 1 accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/0f768a17-341d-4333-941d-cde148b82b75

Map 2 accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/9d19baa8-5d08-4622-9796-0479266c9eed