Currently viewing Global edition

Osisko reports one of highest-grade intervals to date at Windfall

Osisko Mining (TSX: OSK) has reported one of the highest-grade intervals at its Windfall project in Quebec to date, intersecting 13m at 106g/t gold during infill drilling at the Lynx Extension.
Osisko reports one of highest-grade intervals to date at Windfall Osisko reports one of highest-grade intervals to date at Windfall Osisko reports one of highest-grade intervals to date at Windfall Osisko reports one of highest-grade intervals to date at Windfall Osisko reports one of highest-grade intervals to date at Windfall

Osisko Mining is working to update the resource for its Windfall gold project in Quebec

Staff reporter

A second infill hole in the Lynx Extension returned 5.7m at 62.4g/t.

The results follow high grades announced from the Lynx zone last week, including 8m at 161g/t and 3.3m at 491g/t.

"Infill drilling in Lynx Extension is adding good connectivity and meaningful ounces, which should have a positive effect on the upcoming resource update," president and CEO John Burzynski said.

Osisko had updated Lynx's resource in November 2018 to an indicated 2.87 million tonne resource grading 8.17g/t for 754,000 ounces and an inferred 10.35Mt at 7.11g/t for 2.4 million ounces.

Its exploration funds look set to be boosted by financings due to close this week - namely an upsized bought-deal placement raising C$32.9 million (US$24.7 million) at $4.70 per tranche one flow-through share, and a further $15 million (US$11.3 million) through a bought-deal offering at $3.40 per tranche two flow-through share.

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

Osisko said it had 21 drills active at Lynx and Triple Lynx and another three conducting infill and exploration drilling on other areas of the deposit.

Its shares have ranged from $2.42-$3.90 over the past year and closed up 1.4% yesterday to $2.90, capitalising it at $796 million (US$598.6 million).