Osisko jumps after drilling 28.3 m of 20.4 g/t gold at Windfall Lake
Thu July 12 2018
Osisko Mining (OSK:TSX) traded up
after on a down market day after announcing drill results at its Windfall Lake
gold project located in the Abitibi greenstone belt.
As of mid-morning eastern time
the company was up 2.54 per cent to $2.02 a share while the TSX was off -.53
per cent.
The company drilled 20.4 grams
per tonne gold over 28.3 metres including 44.5 g/t over 10.0 metres, 81.1 g/t
over 4.0 metres.
In May 2018 Osisko commenced two
deep exploration drill holes to investigate the potential for depth extensions
of the Lynx and Underdog mineralized zones, as well as to further test the
intrusion-related geological model for the Windfall deposit. Both holes are
still in progress and are advancing towards their primary targets in the outer
shell of the porphyry intrusion, at depths of approximately 2500 metres from
surface.
The new “Triple 8 Zone”, open in
all directions, was discovered in the Deep Underdog hole, DDH OSK-W-18-1603.
Triple 8 is an unanticipated zone of mineralization intersected at approximately
1500 metres downhole, in the planned 2500 metre deep hole. Triple 8 does not
correlate with any known zone and is approximately 660 metres east from the
closest known mineralized intercept in the Underdog Zone.
Osisko President and CEO John Burzynski
commented.
"This spectacular new
discovery is further proof of concept that the Windfall mineralized system has
the potential for world-class grade and scale," said Burzynski in a news
release.
"This deep hole confirms
management’s view that there is significant high-grade gold mineralization at
depth, and it underscores what our geological model has been indicating from
the beginning: there is a lot of room for Windfall to grow. We are beginning to
see increasing intensity in the key alteration and sulfide mineralization as we
progress deeper towards what we believe may be the main mineralized centre of
the intrusive system.
"The Triple 8 Zone is over
600 metres distant from any previously known intersection of gold
mineralization at Windfall. The original target for this hole is the
down-plunge depth extension of the Underdog Zone, which we continue to drill
towards a further 750 metres downhole. We believe we have a tiger by the
tail."
Source: http://www.mining.com/