Osisko Mining Corporation

Osisko Mining Corporation

August 25, 2005 08:00 ET

Osisko Confirms Eastern Extension of Gold Deposit at Malartic

MONTREAL, QUEBEC--(CCNMatthews - Aug. 25, 2005) - Osisko Exploration Ltd. (TSX VENTURE:OSK)(Deutsche Boerse:EWX) is pleased to announce the latest drilling results from the Phase Two drill program on its 100%-owned Canadian Malartic gold property, located in the Abitibi region of Quebec. The current program is testing grade and distribution of gold mineralization in the Canadian Malartic deposit to depths of 250 to 300 meters in order to confirm the potential for a large bulk-tonnage gold deposit.

The latest three holes of the Phase Two program were drilled vertically near the eastern end of the property, 600 to 720 meters east of the area drilled earlier in the season. Results are positive and are tabled below:

Hole No. From (m) To (m) Length (m) Au g/t
CM05-670 40.1 238.1 198.0 1.01
CM05-671 35.1 190.6 155.5 1.59
CM05-672 0.5 27.1 26.6 4.16
and 67.1 178.6 111.5 1.48

The results from the latest holes are very significant since they suggest continuity of mineralization over the interpreted 1200 meter strike length of the deposit. The three holes were collared on grid lines separated by 60 meters. The results tabled above were calculated using a weighted average cut-off of 0.4 g/t Au over 20 meters. All holes intersected sediment-hosted mineralization followed by porphyry-hosted mineralization at depth.

Core from a series of geotechnical holes drilled by Barrick Corp. in 1992 was recovered and assayed as part of the current program. The holes were drilled establish rock stability over near-surface underground workings. The mineralization observed in this core is representative of material left in the crown (true thickness of 9 to 30 meters) overlying old mining stopes in the central portion of the deposit. Assay results from six geotechnical holes are tabled below:

Hole No. From (m) To (m) Length (m) Au g/t
CM92-1A 13.0 30.4 17.4 2.89
CM92-2B 6.6 49.3 42.7 2.56
CM92-3B 1.6 42.0 40.4 2.96
CM92-6A 7.3 23.6 16.3 2.15
CM92-9A 0.5 14.7 14.2 1.22
CM92-10A 5.0 18.0 13.0 1.13

Management is very pleased with results obtained to date and now plans to drill-test the central portion the deposit with eight additional holes spread over a 480 meter strike length.

All reported assays were done by standard 50 g fire assaying-AA finish at ALS Chemex laboratories in Val d'Or, Quebec. Mr. Robert Wares, P. Geo. and President of Osisko, is the Qualified Person responsible for the preparation of this news release.

Contact Information

  • Osisko Exploration Ltd.
    Mr. Robert Wares
    (514) 735-7131