Osisko drills 1.2 g/t Au over 86.9 m at Jeffrey zoOsisko drills 1.2 g/t Au over 86.9 m at Jeffrey zone
2009-09-11 08:52 ET - News Release
Mr. John Burzynski reports
OSISKO INTERSECTS 1.20 G/T AU OVER 86.9 METRES AT JEFFREY ZONE
Osisko Mining Corp. is releasing the initial results from the 2008 drill program targeting the Jeffrey zone on the Malartic CHL property, currently under option from Golden Valley Mines Ltd.
The Jeffrey zone is a gold-mineralized prospect located at the southern extremity of the CHL porphyry, approximately 3.5 kilometres east of the centre of the Canadian Malartic deposit, currently under development by Osisko. The Jeffrey zone was tested with a series of 19 drill holes (CHL08-2063 to CHL08-2090 for 5,601 metres) located along drill sections spaced 50 metres apart over a 400-metre by 100-metre area. All of the holes in the Jeffrey zone were oriented to the north or south, perpendicular to the regional east-west fabric and were inclined from minus-45 to minus-78 degrees.
Most of the holes intersected mineralization along each section drilled. The most significant near-surface drill results include 86.9 m averaging 1.20 g/t Au (CHL08-2079) including 6.0 m averaging 7.35 g/t Au. The depth extension of the Jeffrey zone was also confirmed with drill intercepts of 33.5 m averaging 0.78 g/t Au (CHL08-2088) and 12.6 m averaging 1.14 g/t Au (CHL08-2090). Assay highlights from the 19 new drill holes are summarized in the table.
Hole No. Section From (m) To (m) Length (m) Au g/tCHL08-2066 7150E 22.0 28.0 6.0 1.26CHL08-2071 7165E 19.5 22.5 3.0 3.65CHL08-2073 7215E 14.5 31.0 16.5 0.76and 48.0 57.8 9.8 0.57CHL08-2074 7215E 38.0 41.2 3.2 7.32including 40.2 41.2 1.0 20.9CHL08-2075 7250E 15.5 49.0 33.5 1.00including 38.5 41.5 3.0 3.49CHL08-2076 7250E 16.0 76.5 60.5 0.85including 46.0 53.5 7.5 2.58CHL08-2077 7250E 18.5 78.5 60.0 0.82including 27.5 32.0 4.5 2.45CHL08-2078 7300E 8.4 80.9 72.5 1.25including 74.0 75.0 1.0 16.5CHL08-2079 7300E 8.6 95.5 86.9 1.20including 43.0 44.5 1.5 23.4CHL08-2080 7350E 11.5 70.6 59.1 1.07including 11.5 13.0 1.5 22.3CHL08-2081 7350E 21.0 31.5 10.5 0.73and 55.5 89.2 33.7 0.85and 191.5 194.5 3.0 2.12and 203.5 236.5 33.0 0.89CHL08-2082 7350E 11.0 102.5 91.5 0.95CHL08-2083 7400E 40.5 71.9 31.4 0.90CHL08-2084 7400E 12.7 72.0 59.3 1.42including 49.0 53.5 4.5 7.71CHL08-2085 7450E 10.0 70.0 60.0 1.01including 55.0 62.5 7.5 5.51CHL08-2086 7450E 63.0 101.5 38.5 1.28and 131.5 172.1 40.6 0.42CHL08-2088 7500E 111.5 124.5 11.3 0.62and 147.5 153.5 6.0 1.86and 167.0 200.5 33.5 0.78CHL08-2089 7500E 141.1 179.0 37.9 0.68CHL08-2090 7550E 183.9 196.5 12.6 1.14
Mineralization at the Jeffrey zone consists of disseminated pyrite-gold in potassic-altered quartz-feldspar porphyry dikes in contact with a predominately ultramafic flow sequence, and in lesser gabbro and sedimentary units. Narrower, higher grade mineralization is hosted in quartz veins or silicified porphyry or talcose ultramafic schists.
Presently the Jeffrey zone has been traced continuously by surface diamond drilling over a strike length of 400 metres and a depth of 90 to 150 metres. True average width is estimated at 42 metres. The mineralized system remains open to the east and at depth, as was highlighted from the results from a nine-hole, 2,400-metre program completed in 2007 (see news in Stockwatch April 17, 2008), which produced significant intersections as far as 375 metres farther to the east. Significant near-surface drill results from the 2007 program include 53.9 m averaging 1.25 g/t Au (CHL07-2022) and 40.5 m averaging 1.39 g/t Au (CHL07-2021).
Results from the 2007 and 2008 drill programs warrant a follow-up definition drill program to be completed with the objective of issuing, if warranted, an NI 43-101 resource estimate. Due to very wet ground conditions in the area of the Jeffrey zone, this definition drill program is planned for the winter of 2009-2010.
Currently the last remaining holes from the 2008 program are being logged and sampled with additional results to be released in the coming weeks for the reconnaissance drilling completed along the prospective CHL porphyry-volcanic contact and the Shaft zone.
Osisko has the right to acquire a 70-per-cent interest in the Malartic CHL property in consideration for $150,000 in cash payments over a four-year period (total amount paid to date) and by completing a minimum $2-million in exploration work over a four-year period. Upon earning its 70-per-cent interest, Golden Valley will maintain a free-carried interest of 30 per cent to production. Presently, option/joint venture partner and operator Osisko has completed 19,746 metres (101 drill holes) on the property in 2008 and 15 holes totalling 6,544 metres in 2007.
All NQ or HQ core assays reported above were obtained by standard 50-gram fire assaying-AA finish or gravimetric finish at ALS Chemex laboratories in Val d'Or, Que. Reported weighted averages were calculated using a minimum of 0.50 gram per tonne 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.
We seek Safe Harbor.