Osisko drills more high-grade gold at Windfall Lake Project
By Peter Kennedy
Osisko Mining Inc. [OSK-TSX] on Tuesday December 5 released new results from the ongoing drill program at its 100%-owned Windfall Lake gold project 100 km east of Lebel-Sur-Quévillon between Val-d’Or and Chibougamau in the Abitibi greenstone belt of northern Quebec.
The 800,000-metre drill program combines definition, expansion and exploration drilling in and around the main Windfall gold deposit and the adjacent Lynx deposit, which is located immediately north of Windfall.
Significant new analytical results from 52 intercepts in 40 drill holes are presented below. They focused on infill, and expansion in the Underdog, Caribou, Zone 27 and Mallard corridors of the Windfall deposit.
Highlights include 30 g/t gold over 2.4 metres in hole OSK-W-17-1141, which infilled Zone 27; 10.2 g/t gold over 5.4 metres in hole OSK-W-17-1125 in the Underdog Corridor, 26 g/t gold over 2.2 metres in OSK-W-17-1125-W3 in the Caribou Corridor and 5.38 g/t gold over 9 metres in OSK-W-17-1186 in the Underdog Corridor.
The Windfall Lake gold deposit is currently one of the highest grade resource-stage gold projects in Canada. It is estimated to contain 2.7 million tonnes at 8.42 g/t gold (748,000 ounces) in the indicated category and 3.5 million tonnes at 7.62 g/t gold (860,000 ounces) of inferred material.
The bulk of the mineralization occurs in the Main Zone, a southwest-northeast trending zone of stacked mineralized lenses, measuring approximately 600 metres wide and at least 1,400 metres in length. The deposit is well defined from surface to a depth of 500 metres, and remains open along strike and at depth.
Osisko Mining shares fell 1.9% or $0.07 to $3.55 in early trading, Tuesday, December 5, 2017. The most recent high is $3.85 reached on November 28, 2017.
Osisko also holds interests and options in a number of additional properties in northern Quebec and Ontario, including the Marban Project located in the heart of Quebec’s Abitibi gold mining district. The company continues to be well financed with approximately $220 million in cash and investments.
Osisko is one of the most active companies in the Windfall Lake camp. Back in August, when the company said it was expanding the program to 800,000 metres, it had 24 drills working on site, producing approximately 40,000 metres per month.
New exploration drilling is also planned for 2018 in the northeast and southwest Windfall/Lynx trend and to explore the recently defined geological structure known as the Bank Fault.