Osisko Mining Inc. [OSK-TSX] reported new results from the ongoing drill program at its 100% owned Windfall Lake gold project located in Urban Township, between Val-d’Or and Chibougamau in the Abitibi region of Québec. The drill program has recently been increased by 250,000 metres for the 2017 season (for a total of 400,000 metres) and combines definition drilling above the Red Dog intrusion, expansion drilling above and below Red Dog, expansion drilling to the NE of the main mineralization, and exploration drilling on the greater deposit and Urban-Barry Project area.
Nine drills are currently active in and around the Windfall deposit and three on the Urban-Barry and Souart properties, with additional drills planned to be added in the coming month. Data from seven new drill holes are reported in this release – see company website for complete assays.
New results include: 47 g/t gold over 2.6 metres (303 g/t gold over 2.6 metres uncut) in DDH OSK-W-16-743; 8.7 g/t gold over 6.8 metres (11.6 g/t gold over 6.8 metres uncut) in OSK-W-16-735-W1; 11.7 g/t gold over 5.3 metres, 7.9 g/t gold over 9.8 metres and 12.2 g/t gold over 3.5 metres in OSK-W-16-735-W2; and 16.5 g/t gold over 3.7 metres in OSK-W-16-746.
The new results continue to demonstrate the continuity of the gold mineralization in the main deposit, and the continued high potential for significant new mineralization at depth below Red Dog. Maps and sections showing drill hole locations are available at www.osiskomining.com
DDH OSK-W-16-735-W1 tested several zones in the Underdog corridor. The FW1 Zone returned 8.7 g/t gold over 6.8 metres (11.6 g/t gold over 6.8 metres uncut) 20 metres ENE from previously reported hole OSK-W-16-735 (14.1 g/t gold over 2.1 metres). The FW3 Zone returned 1.0 g/t gold over 5.7 metres in an altered felsic porphyry showing the continuity of the mineralized system.
DDH OSK-W-16-735-W2 intersected the FW1 Zone, 30 metres NE of DDH OSK-W-16-735-W1, returning 12.2 g/t gold over 3.5 metres and 6.8 g/t gold over 2.8 metres. The hanging wall of the FW3 Zone returned 7.9 g/t gold over 9.8 metres and the footwall 11.7 g/t gold over 5.3 metres.
DDH OSK-W-16-743 intersected 3.4 g/t gold over 9.7 metres in the Underdog Corridor and extends the FW1 Zone by 100 metres below previously reported hole OBM-15-560 (5.7 g/t gold over 13 metres). Mineralization includes pyrite stringers, disseminated chalcopyrite and quartz-tourmaline veins. The FW2 Zone was extended by 100 metres vertically with 47.0 g/t gold over 2.6 metres (303.1 g/t gold over 2.6 metres uncut).
DDH OSK-W-16-744 was an infill hole in the Caribou Zone which intersected 5.0 g/t gold over 9.0 metres. Mineralization consists of pyrite stringers hosted in a felsic porphyry. The intersection stepped 20 metres above previously reported DDH OSK-W-16-720 (5.6 g/t gold over 4.4). The hole also intersected Zone 27 returning 4.9 g/t gold over 16.0 metres associated with pyrite stringers in a strongly silicified and sericitized felsic porphyry. The intersection is an infill step 30 metres NE of previously reported DDH OBM-16-689 (4.7 g/t gold over 2.1 metres,).
DDH OSK-W-16-746 was an infill hole in the Caribou Zone which returned 5.5 g/t gold over 5.2 metres inside a 14-metre wide strongly silicified rhyolite. Mineralization comprises disseminated pyrite and pyrite stringers. The hole also intersected tension veins which returned 16.5 g/t gold over 3.7 metres near the Red Dog contact.
DDH OSK-W-16-747 was an infill hole in the Caribou Zone which returned 13.7 g/t gold over 2.4 metres. Mineralization is composed of pyrite stockwork in a sericitized rhyolite. The Caribou South 1 Zone returned 11.4 g/t gold over 2.0 metres in an altered andesite containing 1% pyrite stockwork.
DDH OSK-W-16-753 intersected 7.9 g/t gold over 7.5 metres in the Caribou Corridor and extended the CS3 Zone 80 metres West of previously reported hole OSK-W-16-708-W2 (7.4 g/t gold over 2.2 metres,). Mineralization is composed of pyrite stringers and disseminated chalcopyrite in a strongly silicified andesite.
The current mineral resource comprises 2,762,000 tonnes at 8.42 g/t gold (748,000 oz) in the indicated category and 3,512,000 tonnes at 7.62 g/t gold (860,000 oz) in the inferred category. Osisko is well financed with approximately $80 million in cash and cash equivalents as well as marketable securities of approximately $60 million.