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Osisko hits 4.6m at 1,475g/t gold at Lynx

Osisko Mining (TSX: OSK) president and CEO John Burzynski says the Lynx deposit at its Windfall project in Quebec is “shaping up to be one of the best new gold discoveries in a long time in Eastern Canada.”
Osisko hits 4.6m at 1,475g/t gold at Lynx Osisko hits 4.6m at 1,475g/t gold at Lynx Osisko hits 4.6m at 1,475g/t gold at Lynx Osisko hits 4.6m at 1,475g/t gold at Lynx Osisko hits 4.6m at 1,475g/t gold at Lynx

Lynx core from the 0.7m interval grading 8,030g/t gold at Osisko Mining’s Windfall project in Quebec

Staff reporter

His remarks come as the cashed-up explorer reported "very impressive" results from infill drilling at Lynx, hitting 4.6m at 1,475g/t gold from 882.7m, including 0.7m at 8,030g/t uncut.

Osisko said the first interval contained 5% local visible gold and the hole hit a further 2.2m at 33.6g/t with local visible gold in a second interval.

Other highlights from ongoing infill and expansion drilling at Lynx included 3m at 94.6g/t and 2.8m at 179g/t.

Osisko said last week its 5,716 tonne bulk sampling programme at Lynx had returned an average grade of 17.8g/t, 89% higher than anticipated.

"Our exploration team is excited by the continuing potential of what we feel is an emerging world-class high-grade gold deposit," Burzynski said.

The company, which raised US$46.3 million earlier this month, said it had 21 rigs active at Lynx and Triple Lynx and another three conducting infill and exploration drilling on other areas of the deposit.
  
Osisko discovered Lynx in late 2016.

Windfall currently has a total indicated resource of 2.87 million tonnes at 8.17g/t for 754,000 ounces and an inferred 10.36Mt at 7.11g/t for 2.4Moz, across several deposits.

A preliminary economic assessment in July 2018 had envisaged an 8.1-year mine producing an average annual 218,000oz, with pre-production construction costs, including a C$51.8 million contingency, of $397.3 million (US$301.7 million) and an after-tax IRR of 32.7%.

Osisko Mining's shares closed 4.3% higher yesterday to C$3.64, towards the upper end of its 52-week range of $2.42-$3.90, capitalising it at $1.05 billion (US$0.8 billion).