Osisko Mining Corporation

TSX : OSK
FRANKFURT : EWX


Osisko Mining Corporation

December 04, 2013 08:00 ET

Osisko Intersects 61.6 Metres Averaging 1.44 g/t Au at Bidgood

MONTREAL, QUEBEC--(Marketwired - Dec. 4, 2013) - Osisko Mining Corporation ("Osisko") (TSX:OSK)(FRANKFURT:EWX) is pleased to announce that 2013 drilling on the 100%-owned Kirkland Lake property has revealed the presence of disseminated porphyry-style mineralization (similar to that of Canadian Malartic) in drill hole BG13-361. This hole intersected 61.6 metres grading 1.44 g/t Au (3.46 g/t uncut), and was collared approximately 300 metres northwest of the Bidgood deposit currently being evaluated by Osisko. Details of the intersection are as follows:

Hole No. From (m) To (m) Length (m) Au g/t (cut)* Au g/t (uncut)
BG13-361 37.1 98.7 61.6 1.44 3.46
including 38.0 38.8 0.8 10.0 160.3
including 56.0 57.0 1.0 10.0 13.5
including 58.5 60.0 1.5 10.0 10.6
* high assays cut to 10 g/t Au.

The intersection cut what is interpreted as part of the Bidgood porphyry cluster, which outcrops northwest to southwest of the Bidgood deposit. The 2013 summer surface litho-geochemical sampling program revealed that the Bidgood porphyry cluster is anomalous in gold (threshold value of 0.015 ppm, attaining locally 2.07 ppm) over an area approximately 1300 x 1000 metres, suggesting the presence of a large "fertile" porphyry system. Mineralization in BG13-361 occurs predominantly as finely disseminated pyrite-gold in fractured and partially hematized red to buff porphyry, as well as in surrounding altered Temiskaming-type tuffs and conglomerates. Short high-grade intersections, such as 160.3 g/t Au from 38.0-38.8 metres, are associated with quartz veins and vein breccias. The syenite-hosted mineralization is distinct from that in the historical Bidgood deposit, which consists of pyrite-quartz-chlorite veins and stockworks.

The Bidgood porphyry cluster is a high-priority target that will be the object of a 1000 to 2000 metre reconnaissance drilling program in Q1 2014.

All NQ core assays reported above were obtained by standard fire assay with gravimetric finish at Polymet laboratories located in Cobalt, Ontario. Reported drill core weighted averages were calculated using a minimum of 0.40 g/t Au over successive intervals with maximum 10 metres internal dilution. Lost core and samples that returned assays below detection limit within mineralized intersections were assigned a 0.001 g/t grade in all length-weighted calculations. Osisko follows strict QA-QC protocol measures in keeping with industry standards and regulatory reporting requirements. Mr. Dan McCormack, PGeo. and Kirkland Lake Project General Manager is the Qualified Person who has reviewed this news release and is responsible for the technical information reported herein, including verification of the data disclosed.

Forward-Looking Information

Certain statements contained in this press release may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that the Corporation expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur including, without limitation, the development of projects. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including, without limitation that the development of projects will be achieved, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include gold prices, the Corporation's limited experience with production and development stage mining operations, uninsured risks, regulatory changes or sanctions, defects in titles, availability of personnel, materials and equipment, timeliness of government approvals, actual performance of facilities, equipment and processes relative to specifications and expectations, unanticipated environmental impacts on operations market prices, continued availability of capital and financing and general economic, market or business conditions. These factors are discussed in greater detail in the Corporation's most recent Annual Information Form filed on SEDAR, which also provides additional general assumptions in connection with these statements. The Corporation cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Corporation's forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Corporation believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release.

Contact Information

  • John Burzynski
    Vice-President Corporate Development
    (416) 363-8653
    www.osisko.com

    Sylvie Prud'homme
    Director of Investor Relations
    (514) 735-7131
    Toll Free: 1-888-674-7563