Osisko Metals Incorporated (TSX-V: OM) (OTCQX: OMZNF) (FRANKFURT: 0B51) is pleased to announce initial results from the current drilling program at its Pine Point Project, located in the NWT. This drill program comprises both an infill program designed to provide data needed to convert current Inferred Mineral Resources to the Indicated category, and a hydrogeological program designed to characterize water flow throughout the host dolomites on the property. The drill holes reported herein are for the R190 deposit, located in the West Zone of the property that hosts higher-grade, vertical prismatic deposits (See Map and Table 1):

• Drill hole R190-21-PP-001 intersected 27.50 metres grading 31.15% Zn and 11.57% Pb, near the center of the R190 prismatic deposit. This infill hole exceeded grade expectations and met thickness expectations.
• Drill hole R190-21-PP-002 intersected 25.8 metres grading 24.39% Zn and 14.74% Pb, also near the center of the R190 prismatic deposit. This hole exceeded grade expectations and met thickness expectations and was a duplicate hole to test for grade as well as a hydrogeological testing hole.
• R190-21-PP-003 intersected 7.00 metres grading 6.33% Zn and 1.50% Pb as well as 8.80 metres grading 9.38% Zn and 1.70% Pb on the northwest fringe of R190. Grade and thickness of the two intersections of this infill hole exceeded expectations.
• Drill hole R190-21-PP-004 was drilled as a hydrogeological hole, 25 metres outside of the main mineralized prismatic body. A thin, unexpected interval of 0.5 metres grading 33.42% Zn and 4.96% Pb was intersected; the Company believes good exploration potential exists north of the R190 deposit where historical drilling is sparse.

Table 1: Drill Hole Composite Assay Results.

The reported holes are part of a program that will be executed to meet spacing criteria for the R190 deposit as benchmarked in the 2020 PEA for classification to Indicated Mineral Resource category.

Robert Wares, Chairman & CEO, commented: “We are extremely pleased with today’s results as they exceeded current block model predictive grades and are among the best ever reported at Pine Point. The combination of large widths and high grades at shallow depth confirms the unique nature of prismatic mineralization in this camp, and strengthens our resolve to discover new prismatic deposits within our large property package. We look forward to further results from our winter drill campaign in the weeks to come.”

Osisko Metals wishes to invite current and future shareholders to the Company’s virtual booth at PDAC 2021. Attendees may book appointments with Osisko Metals staff to answer questions on the current drill program.

Hydrogeological & In-fill Drilling Update

More combined hydrogeological & infill drill holes have been completed at the O556, P449 and X25 prismatic deposits in the West Zone. The winter program will consist of a total of twenty holes:

• Ten holes designed for hydrogeological & infill;
• Two holes for infill only and;
• Eight holes for hydrogeology only which will be drilled outside of the mineralized trends.

The hydrogeological holes are being cased with screened and perforated PVC casing in advance of flow tracing and pumping tests to be performed in H1 of this year. All completed holes will be monitored for water outflow. Encouragingly, none of the holes drilled to date are producing water to 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 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 and 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).

A photo accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/65e7f2a4-5517-4ea2-9393-3920d275ac53