Month: July 2016
Osisko Mining Completes $25 Million Private Placement Of “Flow-Through” Shares
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Toronto, Ontario (July 27, 2016) – Osisko Mining Inc. (TSX:OSK) (“Osisko” or the “Corporation“) is pleased to announce, further to its announcements on June 27, 2016, that the Corporation has completed a “bought deal” private placement financing of 7,570,000 flow-through common shares of the Corporation (the “Flow-Through Shares), at an average price of approximately $3.33 per Flow-Through Share for total gross proceeds of $25,010,800 (the “Offering“). The Offering was underwritten by a syndicate of underwriters co-led by Canaccord Genuity Corp. and Dundee Securities Ltd., and including Beacon Securities Limited, Cormark Securities Inc., Haywood Securities Inc. and M Partners Inc.
The Corporation intends to use the gross proceeds of the Offering for “Canadian exploration expenses” (within the meaning of the Income Tax Act (Canada)) related to the Canadian exploration projects of Osisko. The Corporation has agreed to renounce such “Canadian exploration expenses” with an effective date of no later than December 31, 2016.
All securities issued to purchasers under the Offering will be subject to a four-month hold period from the date of issuance of the securities, pursuant to applicable securities legislation.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% in the high-grade Windfall Lake gold deposit located between Val-dOr and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area (82,400 hectares), a 100% interest in the Marban project located in the heart of Québecs prolific Abitibi gold mining district, and properties in the Larder Lake Mining Division in northeast Ontario, including the Jonpol and Garrcon deposits on the Garrison property, the Buffonta past producing mine and the Gold Pike mine property. The Corporation also holds interests and options in a number of additional properties in northern Ontario. Osisko is well financed with approximately $90 million in cash, cash equivalents and marketable securities (after giving effect to the Offering).
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. The information in this news release about the completion of the Offering, the timing and ability of the Corporation to complete the formal documentation and obtain the approvals required to complete the Offering, the intended use by the Corporation of the gross proceeds of the Offering, that the gross proceeds of the Offering will be for “Canadian exploration expenses”, and that such “Canadian exploration expenses” will be renounced with an effective date no later than December 31, 2016, and any other information herein that is not a historical fact may be “forward looking information”. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.
This forward-looking information is based on reasonable assumptions and estimates of management of Osisko, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the completion of the Offering; the timing and ability of the Corporation to complete the formal documentation and obtain the approvals required to complete the Offering; the intended use by the Corporation of the gross proceeds of the Offering; that the gross proceeds of the Offering will be for “Canadian exploration expenses”; that such “Canadian exploration expenses” will be renounced with an effective date no later than December 31, 2016; risks relating to property interests; the global economic climate; metal prices; dilution; ability of Osisko to complete further acquisitions; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
For further information please contact:
John Burzynski
President & CEO
Telephone: (416) 363-8653
Osisko Intersects 16.6 G/T Au Over 6.7 Metres At Windfall
(Montréal, July 26, 2016). Osisko Mining Inc. (OSK:TSX, “Osisko” or the “Corporation”) is pleased to announce new results from the ongoing drill program at its 100% owned Windfall Lake gold project located in the Urban Township, Québec. The expanded 100,000 metre drill program combines definition drilling above the Red Dog intrusion (‘Red Dog’), expansion drilling above and below Red Dog and exploration drilling on the greater property area.
Highlights from 27 new drill holes include: 16.6 g/t Au over 6.7 metres in DDH OBM-16-674; 5.40 g/t Au over 11.7 metres in DDH OBM-16-685; 13.2 g/t Au over 4.4 metres in DDH OBM 16-692; and 15.9 g/t Au over 2.6 metres in DDH OBM-16-671. The new results continue to demonstrate lateral and vertical continuity of high grade gold mineralization in Zone 27 and the Caribou Zone, and also highlight new zones developing between those two major mineralized corridors. The table below outlines significant new results(1)(2):
Hole | From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Zone | ||
OBM-16-671 | 339.40 | 342.00 | 2.60 | 15.9(3) | Crustiform vein | ||
including | 339.40 | 339.80 | 0.40 | 152 | |||
361.40 | 365.90 | 4.50 | 5.99 | New Zone | |||
377.10 | 379.20 | 2.10 | 7.37 | Tourmaline vein | |||
including | 378.60 | 379.20 | 0.60 | 19.5 | |||
OBM-16-674 | 106.30 | 113.00 | 6.70 | 16.6 | Zone 27 | ||
including | 106.30 | 107.00 | 0.70 | 47.0 | |||
and | 110.40 | 111.80 | 1.40 | 45.7 | |||
OBM-16-675 | 297.60 | 301.70 | 4.10 | 8.23 | New Zone | ||
331.00 | 333.00 | 2.00 | 9.10 | Crustiform vein | |||
including | 331.50 | 331.90 | 0.40 | 42.8 | |||
OBM-16-684 | 130.00 | 134.00 | 4.00 | 5.22 | Caribou | ||
including | 132.00 | 133.00 | 1.00 | 15.0 | |||
OBM-16-685 | 321.70 | 333.40 | 11.70 | 5.40 | Zone 27 | ||
including | 321.70 | 325.00 | 3.30 | 9.63 | |||
OBM-16-687 | 354.00 | 361.00 | 7.00 | 6.61 | New Zone | ||
including | 354.80 | 355.40 | 0.60 | 67.0 | |||
537.90 | 540.00 | 2.10 | 4.78 | Zone 27 | |||
including | 537.90 | 539.20 | 1.30 | 7.69 | |||
OBM-16-689 | 492.30 | 495.40 | 3.10 | 9.12 | New Zone | ||
including | 492.30 | 493.40 | 1.10 | 25.1 | |||
594.00 | 602.00 | 8.00 | 4.36 | Zone 27 | |||
615.70 | 618.00 | 2.30 | 9.85 | Zone 27 footwall | |||
including | 616.40 | 617.10 | 0.70 | 23.7 | |||
OBM-16-692 | 42.60 | 47.00 | 4.40 | 13.2 | Crustiform vein | ||
Including | 42.60 | 44.90 | 2.30 | 23.9 | |||
including | 43.00 | 44.00 | 1.00 | 27.9 | |||
and | 44.60 | 44.90 | 0.30 | 81.1 | |||
OBM-16-693 | 280.30 | 283.20 | 2.90 | 8.22 | Caribou | ||
including | 282.50 | 283.20 | 0.70 | 31.5 | |||
OBM-16-694 | 19.60 | 21.60 | 2.00 | 7.52 | Crustiform vein | ||
including | 19.60 | 20.30 | 0.70 | 20.5 | |||
OBM-16-696 | 348.20 | 351.50 | 3.30 | 5.50 | Caribou | ||
including | 350.00 | 351.50 | 1.50 | 7.82 |
- For complete drilling results please see www.osiskomining.com.
- True widths are estimated at 65-80% of the reported core length interval. See “Quality Control” below.
- High grade values cut to 100 g/t Au.
Drill Hole Collar Coordinates and Information:
Hole Number | Azimuth (°) |
Dip (°) |
Length (m) |
UTM E | UTM N | Section |
OBM-16-669 | 330.0 | -45.0 | 403.5 | 452502 | 5434709 | 2625 |
OBM-16-671 | 330.0 | -57.0 | 490.5 | 452370 | 5434591 | 2450 |
OBM-16-672 | 333.0 | -47.0 | 352.5 | 452107 | 5434431 | 2150 |
OBM-16-673 | 329.5 | -56.8 | 496.5 | 452518 | 5434738 | 2650 |
OBM-16-674 | 150.0 | -60.0 | 172.5 | 451922 | 5434714 | 2125 |
OBM-16-675 | 332.0 | -55.0 | 433.5 | 452335 | 5434611 | 2425 |
OBM-16-676 | 330.0 | -54.0 | 157.5 | 452261 | 5434544 | 2350 |
OBM-16-677 | 328.4 | -50.9 | 126.5 | 452178 | 5434723 | 2350 |
OBM-16-678 | 328.0 | -52.0 | 187.5 | 452349 | 5434663 | 2475 |
OBM-16-679 | 325.0 | -65.0 | 139.5 | 452254 | 5434791 | 2450 |
OBM-16-680 | 331.0 | -53.0 | 19.5 | 452622 | 5434834 | 2800 |
OBM-16-681 | 331.0 | -53.0 | 373.5 | 452622 | 5434834 | 2800 |
OBM-16-682 | 331.3 | -54.6 | 130.5 | 452271 | 5434798 | 2475 |
OBM-16-683 | 330.0 | -53.0 | 40.5 | 452314 | 5434640 | 2425 |
OBM-16-684 | 329.6 | -53.0 | 211.5 | 452382 | 5434627 | 2500 |
OBM-16-685 | 331.7 | -53.2 | 385.5 | 452314 | 5434637 | 2425 |
OBM-16-686 | 153.3 | -57.3 | 196.5 | 452206 | 5434907 | 2475 |
OBM-16-687 | 330.1 | -55.5 | 571.5 | 452475 | 5434593 | 2550 |
OBM-16-688 | 148.0 | -61.0 | 10.1 | 452247 | 5434899 | 2500 |
OBM-16-689 | 330.1 | -54.2 | 688.5 | 452629 | 5434689 | 2725 |
OBM-16-690 | 150.4 | -53.7 | 199.5 | 452241 | 5434921 | 2500 |
OBM-16-691 | 331.0 | -53.0 | 329.1 | 452454 | 5434638 | 2250 |
OBM-16-692 | 150.0 | -54.0 | 183.5 | 452270 | 5434933 | 2525 |
OBM-16-693 | 331.0 | -54.0 | 541.5 | 452442 | 5434600 | 2525 |
OBM-16-694 | 150.0 | -56.0 | 91.5 | 452366 | 5434998 | 2650 |
OBM-16-695 | 332.0 | -61.0 | 148.5 | 452701 | 5434784 | 2850 |
OBM-16-696 | 333.0 | -61.0 | 511.5 | 452709 | 5434811 | 2850 |
DDH OBM-16-671 intersected a crustiform vein assaying 15.9 g/t Au over 2.6 metres at 339.4 metres followed by a new zone located 54 metres to the south of Zone 27 and that returned 5.99 g/t Au over 4.5 metres.
DDH OBM-16-674 drilled the upper extension of Zone 27 with 16.6 g/t Au over 6.7 metres at a vertical depth of 95 metres below surface at the contact of a strongly altered porphyry dyke containing up to 20% pyrite.
DDH OBM-16-675 tested the upper extension of the new zone intersected in OBM-16-671 with 8.23/t Au over 4.1 metres and extended this zone 65 metres vertically. It also intersected a crustiform vein averaging 9.1 g/t Au over 2.0 metres that correlates with the crustiform vein intersected 45 metres to the southeast in DDH OBM-16-671.
DDH OBM-16-684 intersected the Caribou Zone 100 metres below surface and returned 5.22 g/t Au over 4.0 metres, including 15.0 g/t Au over 1.0 metre in a porphyry dyke.
DDH OBM-16-685 tested a sparsely drilled sector of Zone 27 and intersected 9.63 g/t Au over 3.3 metres, included in 5.4 g/t Au over 11.7 metres at the contact of a porphyry dyke with a volcanic unit and confirms the continuity of the high grade gold.
DDH OBM-16-687 targeted the lower portion of Zone 27, above the Red Dog, and expanded the zone by 25 metres down-plunge with 4.78 g/t Au over 2.1 metres at 537.9 metres down the hole. The hole also intersected a new zone at 354.0 metres which returned 6.61 g/t Au over 7.0 metres between Caribou S1 Zone and Caribou North 2 Zone.
DDH OBM-16-689 discovered a new zone 30 metres southeast of Zone 27 at 400 metres below surface which returned 9.12 g/t Au over 3.1 metres, including 25.1 g/t Au over 1.1 metre at the upper contact of a porphyry dyke. The targeted Zone 27 returned 4.36 g/t Au over 8.0 metres followed by another interval 9.85 g/t Au over 2.3 metres in the Zone 27 footwall.
DDH OBM-16-692 tested shallow gold mineralization above Zone 27 and intersected 13.2 g/t Au over 4.4 metres, including 27.9 g/t Au over 1.0 metre and 81.1 g/t Au over 0.3 metres in a crustiform vein, at a vertical depth of 30 metres below surface.
DDH OBM-16-693 expanded the Caribou Zone by 23 metres in its down dip extension with 8.22 g/t Au over 2.9 metres, including 31.5 g/t Au over 0.7 metres in a felsic volcanic rock unit.
DDH OBM-16-694 tested shallow gold mineralization above Zone 27 and intersected 7.52 g/t Au over 2.0 metres in a crustiform vein at a vertical depth of 16 metres below surface in a porphyry dyke.
DDH OBM-16-696 extended the Caribou Zone by 56 metres in its ENE strike extension with 5.5 g/t Au over 3.3 metres in a felsic volcanic rock unit.
DDH’s OBM-16-669, -672, -673, -676 to -683, -686, -688, -690, -691, and -695 did not return significant results. Full analytical results from the 27 new drill holes are available at www.osiskomining.com.
Qualified Person
The scientific and technical content of this press release has been reviewed by Mr. Jean-Philippe Desrochers, Ph.D., P.Geo. Senior Project Manager of the Windfall Lake gold project, who is a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Quality Control
True widths of the new exploration intercepts reported in this press release have yet to be determined. Additional drilling is planned for the immediate area which will enable the true width determination. Assays are uncut except where indicated. All NQ core assays reported were obtained by either 1 kg whole rock metallic screen/fire assay or standard 50 gram fire-assaying with AA or gravimetric finish at ALS Laboratories in Val dOr, Québec or Sudbury, Ontario. The 1 kg metallic screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. All samples are also analysed for multi-elements, including silver, using an Aqua Regia-ICP-AES method at ALS laboratories. Drill program design, Quality Assurance/Quality Control and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assays.
About the Windfall Lake Gold Deposit
The Windfall Lake gold deposit is located between Val-dOr and Chibougamau in the Abitibi region of Québec, Canada. The current mineral resource comprises 2,762,000 tonnes at 8.42 g/t Au (748,000 ounces) in the indicated category and 3,512,000 tonnes at 7.62 g/t Au (860,000 ounces) in the inferred category (sourced from a technical report dated June 10, 2015 entitled “Preliminary Economic Assessment of the Windfall Lake Gold Property, Quebec, Canada” with an effective date of April 28, 2015, prepared in accordance with NI 43-101). The Windfall Lake gold deposit is currently one of the highest grade resource-stage gold projects in Canada. 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 long. The deposit is well defined from surface to a depth of 500 metres, and remains open along strike and at depth. Mineralization has been identified only 30 metres from surface in some areas and as deep as 870 metres in others, with significant potential to extend mineralization up and down-plunge and at depth.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% in the high-grade Windfall Lake gold deposit located between Val-dOr and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area (82,400 hectares), a 100% interest in the Marban project located in the heart of Québecs prolific Abitibi gold mining district, and properties in the Larder Lake Mining Division in northeast Ontario, including the Jonpol and Garrcon deposits on the Garrison property, the Buffonta past producing mine and the Gold Pike mine property. The Company also holds interests and options in a number of additional properties in northern Ontario. Osisko is well financed with approximately $90 million in cash, cash equivalents and marketable securities (pro-forma financing announced June 27, 2016).
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. The information in this news release about pending drilling, ongoing drill program, potential mineralization, the ability to realize upon any mineralization in a manner that is economic, the ability to complete any proposed exploration activities and the results of such activities; the continuity or extension of any mineralization; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of Osisko, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to property interests; ability of Osisko to complete further exploration activities, including drilling; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
For further information please contact:
John Burzynski
President and Chief Executive Officer
Telephone: (416) 363-8653
Osisko Commences Drilling At Garrison
(Montréal, July 13, 2016) Osisko Mining Inc. (OSK:TSX, “Osisko”) is pleased to announce that it has commenced a 20,000 metre drill program on its 100% owned Garrison property situated 100 kilometres east of Timmins, Ontario. The current work program will focus on the Garrcon and Jonpol deposits defined by previous operators on the property. The new drilling is designed to confirm the previous work and follow-up on potential higher grade underground zones at the bulk tonnage Garrcon deposit. Drilling will also be directed to further exploring the underground resource potential which remains open at depth on the Jonpol deposit.
About the Garrison Project
The Garrison Project project area is comprised of 214 mineral claims, 25 mining leases, and 87 patent claims encompassing approximately 8,000 hectares.
Both Garrcon and Jonpol have resource estimates that are described in a technical report prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), which was completed by a previous operator Northern Gold Mining Inc. (entitled “Technical Report on the Golden Bear Project – Garrison Property: Larder Lake Mining Division – Garrison Township, Ontario, Canada”) (the “Technical Report”) with an effective date of December 30, 2013. The Technical Report was prepared by A.C.A. Howe International Limited for Northern Gold Mining Inc. (a wholly-owned subsidiary of Osisko) and is available on Osiskos website at www.osiskomining.com and on SEDAR under Northern Gold Mining Inc.s issuer profile at www.sedar.com.
Resource estimates were conducted by A.C.A. Howe International Limited according to CIM standards. The Garrcon deposit estimates showed 15.1 million tonnes with an average grade of 1.07 g/t Au (521,000 oz) in measured resources; 14.1 million tonnes averaging 1.16 g/t Au (526,000 oz) in indicated resources; and 1.7 million tonnes averaging 0.72 g/t Au (39,000 oz) in inferred resources. Potential underground resources of 5.1 million tonnes averaging 3.49 g/t Au (577,000 oz) in the inferred category were also outlined. Resources were reported at a cut-off grade of 0.4 g/t Au for open pit extraction and 1.5 g/t in a bulk underground mining scenario using a gold price of US$1,250/oz.
At the Jonpol deposit, resources were estimated as 0.87 million tonnes averaging 5.34 g/t Au (150,000 oz) in the indicated category; and 1.07 million tonnes averaging 5.56 g/t Au (192,000 oz) in inferred resources. Resources were reported at a cut-off grade of 3.0 g/t Au and assume an underground extraction scenario using a gold price of US$1,250/oz.
Readers are cautioned that inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Garrcon Deposit
The Garrcon deposit has a shallow plunge eastward along the footwall of the Destor-Porcupine Fault Zone with the bulk of the resource in the western, more densely drilled area. The zone is exposed at surface and has potential for open pit bulk mining at an estimated overall stripping ratio of 1.8:1. There is potential for additional underground resources below the pit and along the easterly plunge of the zone, which is open for further exploration down dip and along strike.
The Garrcon shaft was sunk in 1935 and 1936 by the Consolidated Mining and Smelting Co. of Canada (“Cominco”) and the Shaft and South Zones were tested for high grade gold mineralization. Cominco drove approximately 1,430 meters of drifts and cross cuts, mining underground veins. Diamond drilling by Cominco and Lac Minerals Ltd. in the mid-to-late 1980s identified broad sections of low grade mineralization. In 2006-2007 ValGold Resources Ltd. conducted additional drilling confirming these zones. From 2009-2013 Northern Gold Mining Inc. conducted 97,000 meters of diamond drilling which delineated the current resource.
In 2014 Northern Gold Mining Inc. was granted a trial mining permit allowing the extraction of up to 150,000 tonnes. Northern Gold Mining Inc. mined 73,534 dry tonnes which was processed at the nearby Holt mill facility recovering 3,516.3 oz at an average head grade of 1.55 g/t and recovery of 95.9%. The trial production permit remains active.
Jonpol Deposit
Jonpol is situated in the Munro Fault Zone, a west striking splay off the north side of the Destor-Porcupine Fault. Hosted in a shear zone tens of meters wide in altered mafic volcanic rocks, the deposit consists of four high grade gold mineralized zones (JP, JD, RP and East) over a strike length of 1.7 kilometers. Gold mineralization is hosted in quartz carbonate veins, in mafic and ultramafic host rocks, and is associated with intense albite and/or sericite alteration and pyrite mineralization.
In 1997, a 49,087 tonne bulk sample of high sulphide ore (10% sulphide minerals) was extracted from the central part of the JP zone by Hillsborough Resources Limited with an average grade of 6.7 g/t which produced 9,476 ounces Au. From 1985-2013, over 130,000 meters of drilling was completed on the property by previous operators. Development work on the JP zone included the sinking of a 184 meter shaft as well as development of a ramp to the 150 meter level with mining on six sublevels. The Jonpol infrastructure underwent reclamation in the late 1990s and was closed out in 2001, but the existing ramp and shaft are preserved.
Qualified Person
The scientific and technical content of this press release has been reviewed by Mr. Greg Matheson, B.Sc, P.Geo. Project Manager, who is a “Qualified Person” within the meaning of NI 43-101.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall Lake gold deposit located between near Lebel-sur-Quévillon, Québec, and holds a 100% undivided interest in a large area of claims in the surrounding Urban-Barry Townships area (82,400 hectares). Osisko also holds 100% interest in the Marban project located near Malartic, Québec and also holds properties in the Larder Lake Mining Division in northeast Ontario, including the Jonpol and Garrcon deposits on the Garrison property, the Buffonta past producing mine and the Gold Pike mine property. The Company also holds interests and options in a number of additional properties in northern Ontario. Osisko is well financed with approximately $94 million in cash, cash equivalents and marketable securities (pro-forma financing announced June 27, 2016).
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. The information in this news release about pending drilling, ongoing drill program, potential mineralization, the ability to realize upon any mineralization in a manner that is economic, the ability to complete any proposed exploration activities and the results of such activities; the continuity or extension of any mineralization; the prospective significance of any historical information; and any other information herein that is not a historical fact may be “forward looking information”. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of Osisko, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to property interests; ability of Osisko to complete further exploration activities, including drilling; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
For further information please contact:
John Burzynski
President and Chief Executive Officer
Telephone: (416) 363-8653
Osisko Intersects 45.8 g/t Au Over 2.0 Metres At Windfall
(Montreal, July 11, 2016). Osisko Mining Inc.(OSK:TSX, “Osisko” or the “Corporation”) is pleased to announce new results from the ongoing drill program at its 100% owned Windfall Lake gold project located in the Urban Township, Québec. The expanded 100,000 metre drill program combines definition drilling above the Red Dog intrusion (‘Red Dog’), expansion drilling above and below Red Dog and exploration drilling on the greater property area.
Highlights from 7 new drill holes include: 45.8 g/t Au over 2.0 metres and 8.90 g/t Au over 8.0 metres in DDH OBM-16-658, 30.2 g/t Au over 2.4 metres in DDH OBM-16-663; 29.3 g/t Au over 2.5 metres in DDH OBM-16-668 and 10.9 g/t Au over 4.2 metres in DDH OBM-16-663. The new results continue to demonstrate lateral and vertical continuity of high grade gold mineralization in Zone 27 and the Caribou Zone, and also highlight new zones developing between those two major mineralized corridors. The table below outlines significant new results(1)(2):
Hole | From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Zone |
OBM-16-614-W1 | 1020.1 | 1023.0 | 2.9 | 4.96 | New zone |
including | 1020.7 | 1021.3 | 0.6 | 17.9 | |
1204.0 | 1206.0 | 2.0 | 3.40 | FW1 | |
including | 1204.0 | 1205.0 | 1.0 | 6.30 | |
OBM-16-655 | 207.0 | 209.5 | 2.5 | 3.82 | New zone |
410.0 | 412.0 | 2.0 | 10.8 | Tourmaline vein | |
550.0 | 550.3 | 0.3 | 75.5 | Vein in Red Dog | |
917.5 | 928.5 | 11.0 | 5.30 | New zone | |
including | 924.0 | 928.5 | 4.5 | 10.2 | |
OBM-16-658 | 380.0 | 382.0 | 2.0 | 45.8 | Caribou South 1 |
including | 380.0 | 381.0 | 1.0 | 90.0 | |
519.0 | 527.0 | 8.0 | 8.90 | Caribou North 2 | |
including | 521.0 | 521.8 | 0.8 | 18.8 | |
and | 522.4 | 523.4 | 1.0 | 37.1 | |
OBM-16-660 | 125.1 | 132.0 | 6.9 | 7.25 | Caribou |
including | 129.6 | 130.7 | 1.1 | 24.3 | |
OBM-16-663 | 233.7 | 236.1 | 2.4 | 30.2(3) | New zone |
including | 233.7 | 234.4 | 0.7 | 169 | |
383.5 | 395.2 | 11.7 | 5.38 | Zone 27 | |
including | 384.3 | 388.5 | 4.2 | 10.9 | |
OBM-16-667 | 111.6 | 114.0 | 2.4 | 3.70 | Quartz-tourmaline vein |
OBM-16-668 | 129.1 | 131.5 | 2.4 | 4.67 | Caribou hanging wall |
including | 130.0 | 130.6 | 0.6 | 17.6 | |
197.0 | 199.0 | 2.0 | 6.36 | New zone | |
including | 198.0 | 199.0 | 1.0 | 12.7 | |
220.5 | 223.0 | 2.5 | 29.3 | New zone | |
including | 222.1 | 223.0 | 0.9 | 76.1 | |
351.6 | 355.6 | 4.0 | 7.54 | Zone 27 |
Notes:
- For complete drilling results please see www.osiskomining.com.
- True widths are estimated at 65-80% of the reported core length interval. See “Quality Control” below.
- High grade values cut to 100 g/t Au.
Drill Hole Collar Coordinates and Information:
Hole Number | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Section |
OBM-16-614-W1 | 333.0 | -60.0 | 1519.5 | 452850 | 5434380 | 2775 |
OBM-16-655 | 333.0 | -61.0 | 955.5 | 452436 | 5434355 | 2400 |
OBM-16-658 | 332.9 | -60.4 | 925.5 | 452612 | 5434621 | 2650 |
OBM-16-660 | 329.1 | -51.5 | 427.5 | 452376 | 5434670 | 2500 |
OBM-16-663 | 330.0 | -53.0 | 451.5 | 452402 | 5434658 | 2525 |
OBM-16-667 | 330.0 | -55.0 | 526.5 | 452406 | 5434601 | 2500 |
OBM-16-668 | 330.3 | -45.0 | 442.5 | 452448 | 5434673 | 2575 |
DDH OBM16-614-W1 is a wedge started at 894 metres in OBM-16-614 aimed to intersect the FW-3 Zone. OBM-16-614-W1 duplicated a new zone below the Red Dog dyke (“Red Dog”), 5 metres from OBM-16-614 (11.2 g/t Au over 3.4 metres, Osisko press release dated April 14, 2016). This new zone returned 4.96 g/t Au over 2.9 m at 1020.1 metres in a moderately silicified porphyry dyke containing 3 to 5% pyrite stringers and disseminations. The FW-3 zone returned 4.22 g/t Au over 2.0 metres in a silicified porphyry dyke containing 2-3% pyrite stringers and disseminations. This intercept represents one of the deepest intercepts on the FW-3 zone and demonstrates the continuity of the gold mineralization at depth.
DDH OBM-16-655 intersected 10.8 g/t Au over 2.0 metres in tourmaline veins above Red Dog and 10.2 g/t Au over 4.5 metres in a new zone between the FW-1 and FW-3 zones below Red Dog in a silicified and sericitized porphyry dyke containing 4-5% pyrite stringers and disseminations.
DDH OBM-16-658 was designed to intersect several parallel zones above Red Dog. The hole extended the Caribou South 1 by an additional 29 metres up-dip with 45.8 g/t Au over 2.0 metres. It also extended the Caribou North 2 zone by 30 metres down-dip with 8.9 g/t over 8.0 metres. The hanging wall of Zone 27 zone returned 8.80 g/t Au over 0.8 metres, with the rest of the zone cut at depth by Red Dog.
DDH OBM-16-660 tested the Caribou zone and Zone 27. The Caribou zone returned 7.25 g/t Au over 6.9 metres in a strongly silicified porphyry dyke containing up to 20% pyrite stringers and disseminations with traces of sphalerite. Zone 27 was intersected at 301.7 metres down hole and returned 2.24 g/t Au over 3.7 metres in an altered andesite with up to 8 percent pyrite.
DDH OBM-16-663 intersected Zone 27 at 300 metres and returned 10.9 g/t Au over 4.2 metres in a wider zone which returned 5.38 g/t Au over 11.7 metres, hosted in silicified porphyry dyke containing 5% pyrite stringers and dissemination. The drillhole also intersected a potential new zone which returned 30.2 g/t Au over 2.4 metres between the Caribou and Zone 27.
DDH OBM-16-667 did not intersect significant gold mineralization in the targeted Zone 27.
DDH OBM-16-668 expanded the high grade eastern sector of Zone 27 with 7.54 g/t Au over 4.0 metres in a silicified porphyry dyke containing 5-7% pyrite stringers and disseminations with traces of chalcopyrite. A high grade interval returning 29.3 g/t Au over 2.5 metres was also intersected between the Caribou Zone and Zone 27.
Qualified Person
The scientific and technical content of this press release has been reviewed by Mr. Jean-Philippe Desrochers, Ph.D., P.Geo. Senior Project Manager of the Windfall Lake gold project, who is a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Quality Control
True widths of the new exploration intercepts reported in this press release have yet to be determined. Additional drilling is planned for the immediate area which will enable the true width determination. Assays are uncut except where indicated. All NQ core assays reported were obtained by either 1 kg whole rock metallic screen/fire assay or standard 50 gram fire-assaying with AA or gravimetric finish at ALS Laboratories in Val dOr, Québec or Sudbury, Ontario. The 1 kg metallic screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. All samples are also analysed for multi-elements, including silver, using an Aqua Regia-ICP-AES method at ALS laboratories. Drill program design, Quality Assurance/Quality Control and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assays.
About the Windfall Lake Gold Deposit
The Windfall Lake gold deposit is located between Val-dOr and Chibougamau in the Abitibi region of Québec, Canada. The current mineral resource comprises 2,762,000 tonnes at 8.42 g/t Au (748,000 ounces) in the indicated category and 3,512,000 tonnes at 7.62 g/t Au (860,000 ounces) in the inferred category (sourced from a technical report dated June 10, 2015 entitled “Preliminary Economic Assessment of the Windfall Lake Gold Property, Quebec, Canada” with an effective date of April 28, 2015, prepared in accordance with NI 43-101). The Windfall Lake gold deposit is currently one of the highest grade resource-stage gold projects in Canada. 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 long. The deposit is well defined from surface to a depth of 500 metres, and remains open along strike and at depth. Mineralization has been identified only 30 metres from surface in some areas and as deep as 870 metres in others, with significant potential to extend mineralization up and down-plunge and at depth.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% in the high-grade Windfall Lake gold deposit located between Val-dOr and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area (82,400 hectares), a 100% interest in the Marban project located in the heart of Québecs prolific Abitibi gold mining district, and properties in the Larder Lake Mining Division in northeast Ontario, including the Jonpol and Garrcon deposits on the Garrison property, the Buffonta past producing mine and the Gold Pike mine property. The Company also holds interests and options in a number of additional properties in northern Ontario. Osisko is well financed with approximately $94 million in cash, cash equivalents and marketable securities (pro-forma financing announced June 27, 2016).
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. The information in this news release about pending drilling, ongoing drill program, potential mineralization, the ability to realize upon any mineralization in a manner that is economic, the ability to complete any proposed exploration activities and the results of such activities; the continuity or extension of any mineralization; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of Osisko, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to property interests; ability of Osisko to complete further exploration activities, including drilling; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
For further information please contact:
John Burzynski
President and Chief Executive Officer
Telephone: (416) 363-8653
Osisko Initiates Exploration At Souart
(Toronto, July 6, 2016) Osisko Mining Inc. (OSK:TSX, “Osisko”) is pleased to announce that it has commenced exploration on its 100% owned Souart property situated 15 kilometres to the SW of the Windfall Project. The program will be carried out in parallel to ongoing work at the Windfall Project and will include trenching and drilling designed to confirm and expand upon historic work on Souart.
Trenching has commenced with the design of exposing the gold-bearing structure defined by previous work on the property and to better understand its geometry prior to commencing Osiskos planned drill program. Osisko plans to drill approximately 3,000 metres in this first phase to test the gold mineralized structure east of the historical resource. In addition, 2,450 metres in ten historical drill holes (completed in 2011) have been re-logged and sampled with analytical results pending.
Qualified Person
The scientific and technical content of this press release has been reviewed by Mr. Jean-Philippe Desrochers, PhD, P.Geo. Senior Project Manager, who is a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
About the Souart Property
The Souart property is located in Urban Township, approximately 90 kilometres east of Lebel sur Quevillon. Souart is 15 kilometres southwest and parallel to the geological trend of Osisko’s Windfall Lake project. Three zones have been defined by historical work on the property including the Nubar Zone (with estimated resources of 564,000 tonnes at 6.2 g/t Au, based on historical estimates that have not been prepared in accordance with NI 43-101); the Tourmaline Hill Zone; and the Barry-Souart Zone. The three separate zones are situated along a 5 kilometre length of the same geological structure. Please see “Disclosure of Historical Estimates” below.
Disclosure of Historical Estimates
In 1950, Nubar Mines Ltd. sunk a 44 metre deep shaft and drove 135 metres of drifts and crosscuts. Several exploration surveys were then completed by a number of other companies (Glenelm Developers Limited, Goldmaster Mines Ltd., Shell Canada Limited, Tut Explorations, Société de développement de la Baie-James (SDBG) and Oasis Resources Inc.). Between 1985 and 1990, Oasis Resources Inc. completed 152 drill holes, followed with an estimated resource calculation of 564,000 tonnes at 6.2 g/t Au. This resource estimate is of a historical nature and does not comply with NI 43-101. However, the resource estimate may be relevant because the Souart property forms part of the same geological trend encompassed by the Nubar Zone and, to the best of the knowledge of Mr. Jean-Philippe Desrochers, Qualified Person, there has been no material change with respect to the metallic minerals within the original resource estimation area (and region) that would affect the estimation parameters since 1985. Further drilling would be required to upgrade or verity the historical resource estimate as current mineral resources or reserves. Osisko is unaware of the existence of any technical report prepared in connection with the scientific and technical information in this news release. A Qualified Person (within the meaning of NI 43-101) has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. Osisko is not treating the historical estimate as current mineral resources or mineral reserves. Further, there have not been any mineral resources calculated on the Souart property recently.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% in the high-grade Windfall Lake gold deposit located between Val-dOr and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area (82,400 hectares), a 100% interest in the Marban project located in the heart of Québecs prolific Abitibi gold mining district, and properties in the Larder Lake Mining Division in northeast Ontario, including the Jonpol and Garrcon deposits on the Garrison property, the Buffonta past producing mine and the Gold Pike mine property. The Company also holds interests and options in a number of additional properties in northern Ontario. Osisko is well financed with approximately $94 million in cash, cash equivalents and marketable securities (pro-forma financing announced by Osisko on June 27, 2016).
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. The information in this news release about pending drilling, ongoing drill program, potential mineralization, the ability to realize upon any mineralization in a manner that is economic, the ability to complete any proposed exploration activities and the results of such activities; the continuity or extension of any mineralization; and any other information herein that is not a historical fact may be “forward looking information”. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “is designed”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of Osisko, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to property interests; ability of Osisko to complete further exploration activities, including drilling; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
For further information please contact:
John Burzynski
President and Chief Executive Officer
Telephone: (416) 363-8653