Osisko Mining (OSK:TSX) traded up after on a down market day after announcing drill results at its Windfall Lake gold project located in the Abitibi greenstone belt.
As of mid-morning eastern time the company was up 2.54 per cent to $2.02 a share while the TSX was off -.53 per cent.
The company drilled 20.4 grams per tonne gold over 28.3 metres including 44.5 g/t over 10.0 metres, 81.1 g/t over 4.0 metres.
In May 2018 Osisko commenced two deep exploration drill holes to investigate the potential for depth extensions of the Lynx and Underdog mineralized zones, as well as to further test the intrusion-related geological model for the Windfall deposit. Both holes are still in progress and are advancing towards their primary targets in the outer shell of the porphyry intrusion, at depths of approximately 2500 metres from surface.
The new “Triple 8 Zone”, open in all directions, was discovered in the Deep Underdog hole, DDH OSK-W-18-1603. Triple 8 is an unanticipated zone of mineralization intersected at approximately 1500 metres downhole, in the planned 2500 metre deep hole. Triple 8 does not correlate with any known zone and is approximately 660 metres east from the closest known mineralized intercept in the Underdog Zone.
Osisko President and CEO John Burzynski commented.
“This spectacular new discovery is further proof of concept that the Windfall mineralized system has the potential for world-class grade and scale,” said Burzynski in a news release.
“This deep hole confirms management’s view that there is significant high-grade gold mineralization at depth, and it underscores what our geological model has been indicating from the beginning: there is a lot of room for Windfall to grow. We are beginning to see increasing intensity in the key alteration and sulfide mineralization as we progress deeper towards what we believe may be the main mineralized centre of the intrusive system.
“The Triple 8 Zone is over 600 metres distant from any previously known intersection of gold mineralization at Windfall. The original target for this hole is the down-plunge depth extension of the Underdog Zone, which we continue to drill towards a further 750 metres downhole. We believe we have a tiger by the tail.”
Written with material from Osisko Metals’ news release
Creative Commons image courtesy of Tony Hisgett