Osisko Mining Corporation

Osisko Mining Corporation

April 22, 2008 08:00 ET

Osisko Confirms New Gold Zone South of Main Canadian Malartic Deposit

MONTREAL, QUEBEC--(Marketwire - April 22, 2008) - Osisko Exploration Ltd. (TSX:OSK)(FRANKFURT:EWX) is pleased to announce results from a preliminary 2160 metre drill program on the Gouldie Zone on it's 100%-owned Canadian Malartic property. The Gouldie Zone is located approximately 1200 metres southeast from the center of the Canadian Malartic deposit. Seven holes spaced 60 metres apart tested the mineralized zone over an east-west strike length of 360 metres. An eight hole located 140 metres north of the longitudinal section (CM07-1442) tested the down-dip extension of the mineralization. All holes were oriented south, perpendicular to regional E-W fabric and were inclined 50 to 75 degrees.

Significant results include 61.5m averaging 1.53 g/t Au (hole CM07-1511) and 120.5m averaging 0.88 g/t Au (hole CM07-1472). Higher grade intercepts included 17.5m averaging 3.00 g/t Au (hole CM07-1472) and 4.5m averaging 8.03 g/t Au (hole CM07-1499). Results from the eight holes are summarized in the table below:

Hole No. Easting From (m) To (m) Length (m) Au g/t
CM07-1442 4820E 251.0 276.5 25.5 1.27
CM07-1462 4760E 72.8 82.5 9.7 0.75
And 135.5 170.0 34.5 0.68
And 313.0 336.2 23.2 0.53
CM07-1472 4820E 30.5 151.0 120.5 0.88
including 69.0 86.5 17.5 3.00
CM07-1499 4880E 86.3 122.5 36.2 0.90
And 249.0 282.0 33.0 1.68
including 277.5 282.0 4.5 8.03
CM07-1511 4940E 32.5 75.0 42.5 0.56
And 101.0 162.5 61.5 1.53
CM07-1532 5000E 37.3 67.5 30.2 0.59
And 113.0 141.0 28.0 0.73
CM06-1012(ii) 5060E 11.0 66.8 55.8 0.87
CM07-1555 5120E 49.5 72.5 23.0 1.03
(ii)previously reported on May 8, 2007

Mineralization in the Gouldie Zone consists of disseminated pyrite-gold in silicified and/or potassic altered sediments and porphyry dykes, similar to mineralization found at Canadian Malartic. These results indicate the Gouldie Zone dips steeply to the north and remains open in all directions. True thickness is estimated at between 40 and 80 metres.

Commenting on the new exploration results, Sean Roosen, President of Osisko stated: "We are very pleased with these latest exploration drilling results on the Gouldie Zone. These results, as well as the recently announced results from the Jeffrey Zone, a totally separate zone located to the east, demonstrate that our property package in the Malartic area still offers excellent potential to add more ounces to our resource book, above and beyond what we have already defined in the Canadian Malartic deposit. We have also begun definition drilling on our most promising target, the South Barnat Zone, and we are confident that this will allow us to maintain positive news flow in the months to come."

All NQ core assays reported above were obtained by standard 50 g fire assaying-AA finish at ALS Chemex laboratories in Val d'Or, Quebec. Reported weighted averages were calculated using a minimum of 0.4 g/t Au over successive maximum intervals of 20 metres with no upper cut-off of individual assays.

Osisko Exploration Ltd. is currently evaluating the Canadian Malartic gold deposit and adjacent areas for a large-scale open pit, bulk-tonnage mining operation. The Company is well-funded with approximately $160 million on hand and is carrying out an aggressive definition drilling and exploration campaign. An NI 43-101 compliant inferred gold resource estimate of 8.4 million ounces on the main Canadian Malartic deposit was released on July 5, 2007 and the full report is available on SEDAR. A NI 43-101 compliant Measured and Indicated gold resource estimate is slated for release in July 2008.

Mr. Robert Wares, P. Geo. and Executive Vice-President of Osisko, is the Qualified Person responsible for the technical information reported in this news release.

Contact Information

  • Osisko Exploration Ltd
    John Burzynski
    Vice-President Corporate Development
    Osisko Exploration Ltd
    Daniel Boase
    Investor Relations
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