Excerpt from Stockwatch Gold-TodayWhere's the mill and revenue OR has the cash I think?
Another company with a batch of bonanza-grade assays, John Burzynski's Osisko Mining Inc. (OSK), dropped 10 cents to $2.77 on 1.3 million shares. The company has drilled a 2.2-metre interval averaging 388 grams of gold per tonne in the Lynx corridor of its Windfall Lake project in northwestern Quebec. Much of that gold occurred in a 0.3-metre stretch that assayed 2,600 grams per tonne. The latest results also showed a 2.9-metre zone averaging 130 grams per tonne at Lynx 4 and a 2.5-metre interval averaging 187 grams per tonne at Lynx.
All those assays were from infill holes, but Osisko did have one bonanza-grade encounter in an expansion hole. That test averaged 113 grams of gold per tonne over 3.7 metres in the Underdog corridor. Also at Underdog, a 0.4-metre hit that averaged 114 grams per tonne boosted the average grade of a 7.6-metre interval to 13.1 grams per tonne. Unfortunately, while the remaining expansion holes also hit gold, none of them inspired investors to bid Osisko's stock higher.
No matter: Mr. Burzynski, CEO, said that this week's results "demonstrate once again the strong continuity of the Windfall mineralization," with high-grade intercepts in multiple zones across the deposit. (It was not a large multiple, as in his next breath, Mr. Burzynski went on to name them: Lynx Main, Lynx 4 and Underdog.) Turning to the expansion drilling, Mr. Burzynski cheered that the assays "continue to confirm that many zones remain open to growth," noting the one bonanza-grade encounter that occurred 80 metres east of the deposit.
Growth aside, Windfall already hosts a significant resource. Earlier this year, Osisko said that the project held 5.5 million tonnes indicated at 9.4 grams of gold and 5.7 grams of silver per tonne, while another 16.4 million tonnes were inferred at eight grams of gold and 2.7 grams of silver per tonne. Those estimates credit Windfall with nearly six million ounces of gold and 2.5 million ounces of silver. Lynx, now the most prolific zone at Windfall, hosts over 3.4 million of those ounces, while another 1.2 million ounces lie within Underdog and a further 1.1 million ounces sit in the Main deposit.