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Windfall hits continue

The massive exploration programme underway at Osisko Mining’s (CN:OSK) Windfall Lake gold project in Quebec is continuing to deliver high-grade results ahead of the company’s initial resource expected next month.
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Further high grades intercepted ahead of initial resource

Staff reporter

Highlights from the latest infill and expansion drilling at the Lynx deposit include 2.7m at 403g/t gold (uncut) from 720m and 2.2m at 151g/t from 934.5m.

The database was closed in March for the resource calculation but president and CEO John Burzynski said the ongoing results added to the upside potential as the company headed towards a feasibility study in early 2019.

"The Lynx corridor was discovered by the Osisko team just a year ago and has been traced out over a length of almost 2km and remains open along strike," he said.

The 800,000m drilling programme is continuing, focused in and around the main Windfall deposit and Lynx to the north-east.

The project's previous owner had defined an indicated 2.76 million tonnes at 8.42g/t gold and an inferred 3.5Mt at 7.62g/t, totalling 1.6 million ounces, in 2015.

Osisko had C$111 million (US$87 million) at December 31 mainly due to substantial raisings and said its cash and investments totalled $190 million (US$149 million).

Its shares rose 8c to $2.47 on Friday, which represents a 27.14% fall year-to-date.