Osisko Mining Corporation
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Osisko Mining Corporation

October 14, 2010 10:44 ET

Osisko Reports 2.14 g/t Au Over 107 Metres at New Barnat Extension

MONTREAL, QUEBEC--(Marketwire - Oct. 14, 2010) - Osisko Mining Corporation ("Osisko")(TSX:OSK)(FRANKFURT:EWX) is pleased to announce results from the 2010 definition drill program on the Barnat Extension, located on Osisko's 100%-owned Canadian Malartic property, contiguous to the east end of the current in-pit reserves of the Canadian Malartic and Barnat deposits. The eighty-hole, 18,000 metre definition drilling program, presently being executed along 25 metre-spaced sections, was started in spring 2010 following encouraging preliminary results obtained in 2009.

Results for thirty-six of the 80 holes of the Barnat Extension program are presented below. Highlights include 107.0 metres averaging 2.14 g/t Au (BA10-3901), 64.1 metres averaging 5.03 g/t Au (BA10-3881) and 81.0 metres averaging 1.88 g/t Au (BA10-3886). Assay data from these holes are not included in the current resource block model, and in the majority of cases represent new mineralization and new ounces outside the current resource block model. Mineralized intersections between sections 5950E and 6150E are below or slightly within the existing engineering pit, and holes to the east of section 6150E are outside the current engineered pit.

Hole No. Section Az./dip From (m ) To (m ) Length   Au g/t   Au g/t  
              (m (uncut ) (cut )
                         
BA10-3862 5950E 182/65 163.0   199.0   36.0   1.61   ---  
                         
BA10-3863 5975E 182/57 162.0   190.0   28.0   4.46   ---  
including     162.0   163.3   1.3   19.4   ---  
                         
BA10-3864 5975E 182/57 120.3   167.4   47.1   1.79   ---  
                         
BA10-3865 6000E 182/58 200.8   206.8   6.0   6.08   ---  
                         
BA10-3866 6000E 182/57 51.0   62.8   11.8   3.04   ---  
And     131.4   195.0   63.6   1.85   ---  
including     137.5   138.3   0.8   15.55   ---  
                         
BA10-3867 6000E 182/64 142.1   157.7   15.6   7.02   6.79  
including     150.0   151.4   1.4   32.50   30.00  
                         
BA10-3869 6025E 182/64 93.2   107.2   14.0   3.19   ---  
And     141.8   152.2   10.4   2.21   ---  
And     181.3   211.0   29.7   2.40   ---  
                         
                         
BA10-3870 6050E 182/59 92.3   118.0   25.7   3.15   ---  
And     178.0   190.0   12.0   2.88   ---  
                         
BA10-3871 6050E 182/48 31.5   56.5   25.0   1.37   ---  
And     104.0   146.0   42.0   1.58   ---  
                         
BA10-3872 6050E 182/59 39.0   65.5   26.5   3.21   ---  
including     48.9   51.5   2.6   19.83   ---  
And     103.7   159.0   55.3   1.67   ---  
including     124.5   125.5   1.0   21.10   ---  
                         
BA10-3873 5925E 189/56 139.7   163.0   23.3   1.13   ---  
                         
BA10-3874 5925E 189/71 136.0   148.2   12.2   2.35   ---  
And     178.3   182.6   4.3   22.34   16.05  
And     218.0   230.0   12.0   1.78   ---  
                         
BA10-3875 5975E 182/45 33.0   57.0   24.0   2.50   ---  
                         
BA10-3876 6000E 180/45 38.0   60.5   22.5   2.73   ---  
And     86.0   102.5   16.5   1.31   ---  
                         
BA10-3877A 6000E 180/60 48.0   128.7   80.7   1.15   ---  
                         
BA10-3878 6050E 2/45 127.5   158.7   31.2   6.30   5.28  
including     137.0   139.7   2.7   24.23   20.59  
including     153.6   157.0   3.4   19.74   13.36  
                         
BA10-3879 6075E 2/45 31.5   84.5   53.0   1.41   ---  
And     133.6   160.3   26.7   4.32   4.22  
including     142.9   148.7   5.8   12.78   12.32  
                         
BA10-3880 6125E 2/45 46.5   93.0   46.5   2.35   ---  
including     69.0   70.0   1.0   16.90   ---  
                         
BA10-3881 6075E 182/60 77.1   141.2   64.1   5.03   ---  
including     100.5   121.6   21.1   11.79   ---  
And     168.3   237.0   68.7   1.00   ---  
                         
                         
BA10-3882 6075E 182/66 123.5   140.4   16.9   5.58   ---  
including     123.5   124.7   1.2   13.95   ---  
And     203.0   270.6   67.6   1.84   ---  
including     211.6   216.2   4.6   11.96   ---  
                         
BA10-3883 6025E 178/45 46.8   91.5   44.7   1.25   ---  
                         
BA10-3884 6025E 182/51 74.7   121.2   46.5   1.62   ---  
                         
BA10-3885 6025E 182/67 101.3   159.0   57.7   0.93   ---  
                         
BA10-3886 6175E 2/45 27.0   108.0   81.0   1.88   1.68  
including     81.6   82.4   0.8   21.80   ---  
including     105.0   105.8   0.8   50.40   30.00  
And     130.1   133.5   3.4   11.63   ---  
                         
BA10-3887 6200E 2/53 73.0   82.0   9.0   2.71   ---  
And     106.5   153.5   47.0   1.00   ---  
                         
BA10-3888 6175E 2/49 112.5   163.5   51.0   2.61   2.54  
including     139.5   141.0   1.5   32.50   30.00  
And     194.0   213.0   19.0   1.48   ---  
                         
BA10-3889 6150E 2/50 99.0   175.0   76.0   1.87   ---  
                         
BA10-3890 6125E 2/46 84.0   139.3   55.3   2.18   ---  
                         
BA10-3891 6125E 2/46 85.5   199.5   114.0   0.97   ---  
And     225.0   285.0   60.0   0.60   ---  
And     312.0   316.8   4.8   3.72   ---  
                         
BA10-3892 6075E 182/49 18.7   47.2   28.5   1.86   ---  
And     104.0   165.6   61.6   1.16   ---  
                         
BA10-3894 6100E 182/46 27.4   51.5   24.1   1.42   ---  
And     108.8   151.5   42.7   1.20   ---  
                         
BA10-3895 6100E 182/58 39.0   58.8   19.8   5.05   3.58  
including     39.0   40.5   1.5   49.50   30.00  
And     126.0   190.4   64.3   1.42   ---  
                         
BA10-3897 6075E 2/53 88.0   187.5   99.5   1.26   ---  
including     184.2   185.1   0.9   14.65   ---  
                         
BA10-3899 6125E 182/45 122.7   226.0   103.3   1.15   ---  
                         
BA10-3900 6125E 182/57 145.0   226.5   81.5   1.71   ---  
                         
BA10-3901 6150E 165/61 129.5   236.5   107.0   2.14   ---  
including     189.5   190.5   1.0   17.45   ---  

Results for holes BA10-3868, BA10-3893, BA10-3896, BA10-3898 and holes BA10-3902 to -3926 are pending. The next series of holes that are currently being drilled for this program are BA10-3954 to -3972.

The drill data suggest the Barnat Extension comprises two mineralized zones that parallel to the southern limit of the Cadillac fault. The northerly extension (Sheehan Zone) is located within the Cadillac Fault and is hosted mostly by mineralized porphyry within sheared and altered ultramafic rocks. This zone is subvertical and 12 metres true thickness on average (range of 2 to 28 metres). The southerly extension (Mammoth Zone) is located in Pontiac sediments, about 35 metres south of the Sheehan Zone. This zone comprises silicified porphyry and metasediments similar to those of the Canadian Malartic deposit. This zone dips subvertically to the north near surface and reverses to a 75 degree dip to the south at depth. Its average true thickness is 25 metres, although drill hole BA10-3901 has outlined previously unknown and more extensive mineralization towards the south, suggesting a minimum thickness in that sector of 60 metres. Both zones have been traced along a strike length of 200 metres in the immediate area of the old East Malartic mine workings, and both zones are open to the east and at depth.

Sean Roosen, President and CEO of Osisko, commented: "The positive results from the new Barnat Extension drilling, in addition to what Osisko and Golden Valley Mines have already reported from the Jeffrey Zone located one kilometer further to the east, suggest there is excellent potential to discover new, higher-grade ore on the Canadian Malartic project. These two deposits will almost certainly provide future feed and thereby extend the life of the milling complex." 

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 drill core weighted averages were calculated using a minimum of 0.34g/t Au over successive intervals of 20 metres. The reported lengths of isolated mineralized intervals were minimized, and an upper cut-off of 30 g/t Au was applied to individual assays where indicated. Intersected drifts or lost core within mineralized intersections were incorporated as blank intervals.

Osisko follows strict QA-QC protocol measures in keeping with industry standards and regulatory reporting requirements. Mr. Robert Wares, P. Geo. and Executive Vice-President of Osisko, and Mr. François Bouchard, P. Geo., are the Qualified Persons who has reviewed this news release and are responsible for the technical information reported herein, including verification of the data disclosed including the sampling, analytical and test data underlying the technical information.

Forward-Looking Statements

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 Osisko 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 commencement of commercial production. Although Osisko believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including, without limitation, that all technical, economical and financial conditions will be met in order to warrant further development of the project, 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, access to skilled consultants, mining development personnel, results of exploration and development activities, Osisko's limited experience with production and development stage mining operations, uninsured risks, regulatory changes, defects in title, 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 Osisko's most recent Annual Information Form and in the most recent Management Discussion and Analysis filed on SEDAR, which also provide additional general assumptions in connection with these statements.
Osisko cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Osisko 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

  • Osisko Mining Corporation
    John Burzynski
    Vice-President Corporate Development
    416-363-8653
    or
    Osisko Mining Corporation
    Sylvie Prud'homme
    Investor Relations
    514-735-7131
    Toll Free: 1-888-674-7563
    www.osisko.com