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High grades at Lynx look promising for Osisko

Well-supported Osisko Mining (TSX: OSK) has reported strong results from infill and expansion drilling at its Windfall project in Quebec, including 3.3m at 491g/t gold at the Lynx zone.
High grades at Lynx look promising for Osisko High grades at Lynx look promising for Osisko High grades at Lynx look promising for Osisko High grades at Lynx look promising for Osisko High grades at Lynx look promising for Osisko

Core from the hole which hit 8m at 161g/t gold at Lynx at Osisko Mining’s Windfall project in Quebec

Staff reporter

Other highlights included 8m at 161g/t and 2.7m at 267g/t.

The company has 22 drill rigs active at Lynx and Triple Lynx and another two working on other areas of the deposit.

"We are especially pleased with Triple Lynx as it continues to infill very well and is adding significant ounces," president and CEO John Burzynski said.

Lynx has a November 2018 2.87 million tonne indicated resource grading 8.17g/t for 754,000 ounces and an inferred 10.35Mt at 7.11g/t for 2.4 million ounces.

Osisko upsized its current bought-deal placement earlier this month, which is set to raise C$32.9 million (US$24.7 million) - rather than the originally proposed $25 million - in the first tranche at $4.70 per flow-through share, and a further $15 million (US$11.3 million) in a second tranche at $3.40 per flow-through share.

The underwriters also have the option to sell additional shares which could raise a further $7.2 million (US$5.4 million).

Osisko shares lost 2.9% yesterday to close at $2.68, towards the lower end of a one-year range of $2.42-$3.90 and capitalising it at $734.3 million (US$551.8 million).