CFO 4.19 g/t gold over 27.5 metresOsisko finds good gold grades and widths at Clifton Star Duparquetproject
Canadian goldexplorer/developer, Osisko Mining, has announced some new promisingdrilling result on the Clifton Star properties in Quebec in which it canearn a 50% interest.
Author: Lawrence Williams
Posted:Friday,18 Jun 2010
FUNCHAL -
Canadian high flying gold exploration/development company,Osisko Mining, is, among its other projects, potentially earning 50%interest in Clifton Star's Duparquet gold project in Quebec by carryingout a major drilling programme on the Clifton Star properties. Itcurrently has ten drill rigs working on a section of the Clifton Starground, but there has been a dearth of results and the impression isthat Osisko has been concentrating more on bringing its wholly-ownedCanadian Malartic project towards production and on its take-over ofBrett Resources with its big low grade Hammond Reef gold property.
Osisko is a remarkable story and, assuming it can stay the course hasthe prospect of moving from junior explorer to gold producing major inonly a matter of a few years with the prospect of three significantCanadian gold mines coming on stream by the middle of the decade. ItsCanadian Malartic mine, where it has outlined over 11 million ounces ofgold, is due on stream next year and it has a number of otherexploration projects on the go.
Clifton Star's Duparquet project is nowadays perhaps No. 3 on itslist but nonetheless could become a significant producer in its ownright. Clifton Star had already outlined over 2 million ounces of goldin the old mining area over which it has its interest before Osiskobecame involved and with the latter to spend some $70 million to earnits 50% it is obvious that at least Osisko believes there is hugepotential for a far bigger resource to be defined, developed and mined -and Osisko geologists have so far proved to be excellent judges ofgold potential in these old gold mining areas. Talk in the communitysuggests that Osisko is looking for at least 5 million ounces on theClifton Star ground - possibly twice that.
While the market has been awaiting drilling results for the CliftonStar project the stock price has drifted, despite other gold stocksperforming better along with the gold price - but now Osisko has startedreleasing some drilling results and promises a stream of furtherannouncements as drilling progresses.
The first new results are promising. In one of the drill holesvalues of 4.19 g/t gold over 27.5 metres were found and in another 58.2metres of 1.12 g/t gold - but importantly most of the drill holes showedvalues above 1 g/t gold over decent widths and with some good highergrade material over smaller intervals too. All the drill holes wererelatively shallow - none extended below 500m - demonstrating excellentlow grade open pit potential.
Clifton Star's Duparquet Project is located in the Abitibi region ofQuebec, approximately 90 km northwest of Osisko's Canadian MalarticProject. It comprises two large property blocks that cover approximately8 kilometres of strike length along the prolific Porcupine Destor FaultZone, which has historically produced over 80 million ounces of gold.The properties host former producing underground gold mines (includingthe Beattie, Donchester and Duquesne mines which, collectively, producedover 1.5 million ounces of gold from 1933 - 1991) and two deposits withknown gold resources (Central Duparquet and Dumico).
Osisko is now concentrating its drilling on another part of theproperty.
Overall, these initial Osisko drill results would appear todemonstrate good potential for significant expansion of the initialClifton Star resource and is yet another example of the tremendous goldmining revival which is occurring in Quebec's old mining areas.
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