Osisko Mining Provides Ontario Exploration Update
TORONTO, ONTARIO--(Marketwired - Feb. 13, 2018) - Osisko Mining Inc. (TSX:OSK) ("Osisko" or the "Corporation") is pleased to provide an update on the progress of exploration at its 100% owned Garrison gold project located in Garrison Township, Ontario.
Osisko has been conducting new exploration and definition drilling at Garrison for 20 months, since early 2016. As of the end of January 2018, Osisko has completed 85,000 metres of new drilling to complement the pre-existing 108,000 metres drilled at Garrison by previous operators. The company has re-evaluated previous drilling from the Jonpol Zone, continued resource delineation at the Garrcon Zone and substantially expanding the 903 Zone with exploration drilling in the southwest part of the property. Dewatering and geological mapping of the Garrcon bulk sample pits was conducted during 2017. Work is in progress on interpretation of the geological model of the Garrcon and 903 zones, including mineralization controls.
Exploration Budget for 2018: $3M
Osisko's 2018 exploration budget for the Garrison deposit totals approximately $3 million. This includes resource estimation work, additional resource-oriented infill drilling, metallurgical work and exploration drilling on the Garrison property.
Garrison: Updated Resource Estimation Planned for July 2018
Osisko's updated resource estimate for the Garrison Project is scheduled to be released in July 2018.
The Garrison property consists of three mineralized zones with different styles: the Garrcon Zone is hosted by Temiskaming sediments in the footwall of the Destor Porcupine Fault Zone (PDFZ); the Jonpol Zone comprises 1.7 km of structurally controlled mineralization along the Munro Shear Zone hosted by mafic to ultramafic volcanic rocks; and the 903 Zone is hosted by syenite dykes intruding ultramafic rocks along the PDFZ. The Jonpol and 903 zones remain open to the southwest and northwest respectively. The Garrcon, Jonpol and 903 zones will all be included in the 2018 updated resource.
Through the course of 2017 Osisko vended the Catharine, DeSantis and Swayze exploration projects to other mining companies.
President and CEO of Osisko John Burzynski commented: "Although our main focus is on the Windfall project in Québec, Osisko has continued work on the Garrison project, with the goal of updating the resource and improving our understanding of the potential of the Garrcon, Jonpol and 903 zones. Drilling in 2017 was successful at significantly expanding the size of the 903 Zone. Our upcoming July resource estimate will include all three zones (Garrcon, Jonpol and 903), and we will continue to evaluate the extensions of known mineralization with exploration drilling in 2018."
The scientific and technical content of this press release has been reviewed, prepared and approved by Mr. Gernot Wober, P.Geo. VP Exploration Canada for Osisko Mining Inc, who is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
About the Garrison Project
The Garrison Project area is comprised of 214 mineral claims, 25 mining leases, and 87 patent claims encompassing approximately 8,000 hectares. Both Garrcon and Jonpol have resource estimates that are described in a technical report prepared in accordance with NI 43-101, which was completed by a previous operator Northern Gold Mining Inc. (entitled "Technical Report on the Golden Bear Project - Garrison Property: Larder Lake Mining Division, Garrison Township, Ontario, Canada") dated December 30, 2013, with an effective date of December 30, 2013 (the "Garrison Technical Report"). The Garrison Technical Report was prepared by A.C.A. Howe International Limited for Northern Gold Mining Inc. (a wholly-owned subsidiary of Osisko) and is available on Osisko's website at www.osiskomining.com and on SEDAR under Northern Gold Mining Inc.'s issuer profile at www.sedar.com.
Resource estimates were conducted by A.C.A. Howe International Limited according to CIM standards. The Garrcon Zone estimates showed 15.1 million tonnes with an average grade of 1.07 g/t Au (521,000 oz) in measured resources; 14.1 million tonnes averaging 1.16 g/t Au (526,000 oz) in indicated resources; and 1.7 million tonnes averaging 0.72 g/t Au (39,000 oz) in inferred resources. Potential underground resources of 5.1 million tonnes averaging 3.49 g/t Au (577,000 oz) in the inferred category were also outlined. Resources were reported at a cut-off grade of 0.4 g/t Au for open pit extraction and 1.5 g/t in a bulk underground mining scenario using a gold price of US$1,250/oz.