Osisko Mining infill drilling hits high-grade gold at Windfall; shares rise
A busy scooptram at Osisko Gold's Windfall Lake Project in Quebec, Source: Osisko Mining Inc.
Osisko Mining Inc. [OSK-TSX; OBNNF-OTC] reported new analytical results from the continuing expansion and definition drill program at its 100%-owned Windfall gold project located in the Abitibi greenstone belt, Urban township, Eeyou Istchee James Bay, Quebec.
Drilling is currently focused on the Lynx deposit.
Osisko CEO John Burzynski commented: “Infill drilling is progressing very well, daily increasing our confidence in the continuity and prevalence of high-grade mineralization at Windfall. Today’s (9Oct20) infill results contain 18 intercepts with uncut average grades of over half an ounce per tonne, including the spectacular 22.3 g/t gold over 15.9 metres, showing that Lynx not only has grade but can also deliver width.”
Selected high-grade intercepts from the new results include: 314 g/t gold over 3.0 metres in OSK-W-20-2260-W1; 22.3 g/t gold over 15.9 metres in OSK-W-20-2139-W10; 33.6 g/t gold over 9.8 metres in OSK-W-20-2280-W1; 127 g/t gold over 2.3 metres in OSK-W-20-2256; 97.8 g/t gold over 2.5 metres in OSK-W-20-2292-W1; and 53.4 g/t gold over 2.1 metres in OSK-W-20-2252-W4. Maps showing hole locations and full analytical results are available at the company’s website. True widths are estimated at 55-80% of core length interval.
The Windfall gold deposit is located between Val d’Or and Chibougamau. The mineral resource defined by Osisko, Located in the Abitibi Greenstone Belt, and assuming a cut-off grade of 3.5 g/t, comprises 4,127,000 tonnes at 9.1 g/t gold (1,206,000 ounces) in the Indicated Resource category and 14,532,000 tonnes at 8.40 g/t gold (3,938,000 ounces) in the Inferred Resource category.
The deposit is well defined from surface to a depth of 1,200 metres and remains open along strike and at depth. Mineralization has been identified 30 metres from surface in some areas and as deep as 2,000 metres in others, with significant potential to extend mineralization down plunge and at depth.
In trading Friday October 9, shares of Osisko Mining gained $0.19, or 5.3%, to $3.768 on a volume of 781,400 shares traded.