Osisko Mining Corporation

Osisko Mining Corporation

July 14, 2008 09:22 ET

Osisko Intersects 178 Metres Averaging 2.44 g/t Gold at South Barnat

MONTREAL, QUEBEC--(Marketwire - July 14, 2008) - Osisko Mining Corp. (TSX:OSK)(FRANKFURT:EWX) is pleased to announce new results from the definition drill program currently under way on the South Barnat Zone, a separate gold mineralized zone located approximately 1200 metres northeast of the center of the Canadian Malartic deposit. Significant new results include 2.44 g/t Au over 178.0 metres (BA08-3008) and 3.38 g/t Au over 85.0 metres in hole BA08-3016. Results from twelve new holes are tabled below:

Hole No. Section From (m) To (m) Length (m) Au g/t
BA08-3006A 800E 117.0 122.0 5.0 10.65
BA08-3008 550E 72.5 250.5 178.0 2.44
including 81.5 89.0 7.5 14.5
BA08-3010 450E 29.5 100.0 70.5 3.32
including 60.5 66.5 6.0 13.4
BA08-3011 750E 125.5 141.0 15.5 2.05
BA08-3013 700E 100.5 149.0 48.5 4.85
including 130.6 136.0 5.4 17.5
BA08-3015 600E 111.5 175.0 63.5 2.33
And 218.0 230.5 12.5 2.18
BA08-3016 650E 73.5 158.5 85.0 3.38
including 130.5 136.0 5.5 29.9
BA08-3017 500E PENDING
BA08-3018 750E 99.0 101.0 2.0 12.5
BA08-3019 750E 97.6 121.0 23.4 2.34
And 182.0 183.5 1.5 20.2
And 201.0 251.2 50.2 1.58
Including 250.0 251.2 1.2 15.1
BA08-3020 550E 130.5 151.8 21.3 1.00
BA08-3021 450E 17.5 60.0 42.5 1.63
BA08-3022 700E 196.0 297.5 101.5 2.44

The definition drill program is focused on an 850 metre-long grid oriented northwest-southeast with drill sections spaced 50 metres apart. All holes on this grid are inclined 40 to 75 degrees to the northeast or southwest. True widths of the mineralized intersections reported above are 40 to 70 percent of the drilled intersections. BA08-3011 and BA08-3020 intersected underground mine workings. Drill holes BA08-3005B (no significant results), BA08-3006A and BA08-3018 did not reach the intended targets. Additional mineralization was intersected in drill hole BA08-3019 between 251.2 and 273.4 metres, but core recovery in mineralized schistose ultramafics was insufficient to allow reliable reporting of average grade. Some of the above-mentioned holes are being re-drilled with HQ diameter core in order to augment recoveries. Further assay results from South Barnat are pending.

The new drill intersections and compilation of previous work suggest that the minimum strike length of the South Barnat Zone is 775 metres with a true width between 20 and 100 metres. The mineralized zone is open to the northwest and southeast, extends to a minimum depth of 250 metres. Mineralization in the South Barnat Zone is located to the north and south of the old Barnat and East Malartic mine workings, largely along the southern edge of the Cadillac fault. The disseminated gold mineralization is hosted both in silicified greywackes of the Pontiac Group south of the fault contact and in schistose, carbonated and biotitic ultramafic rocks north of the fault contact. Porphyry dykes on both sides of the fault contain disseminated mineralization as well as late quartz veins containing visible gold. Gold mineralization in the South Barnat Zone likely extends to the east along the north and south walls of the past-producing East Malartic mine.

All NQ core assays reported above were obtained by standard 50 g fire assaying-AA finish or gravimetric finish at ALS Chemex laboratories in Val d'Or, Quebec. Reported weighted averages were calculated using a minimum of 0.50 g/t Au over successive maximum intervals of 20 metres with no upper cut-off of individual assays. Intersected drifts or lost core within mineralized intersections were incorporated as blank intervals.

Osisko Mining Corp. 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 updated NI 43-101 compliant, measured and indicated resource estimate on the main Canadian Malartic gold deposit is scheduled for release in Q3 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 Mining Corp.
    John Burzynski
    Vice-President Corporate Development
    Investor Relations
    Daniel Boase
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