Osisko Mining hits high-grade mineralization at Windfall

Osisko Mining’s Windfall project. Credit: Osisko Mining

Osisko Mining (TSX: OSK) has reported the latest drill results from its 100%-owned Windfall gold project in Quebec’s Abitibi greenstone belt, 200 km northeast of Val-d’Or and 115 km east of Lebel-sur-Quevillon.

Highlights included drillhole OSK-W-20-2407-W1, which was drilled on the Underdog zone and intersected 4.4 metres grading 73.3 grams gold per tonne from 702.6 metres. Hole OSK-W-21-2460-W1, drilled on the Caribou zone, returned 2.3 metres grading 67.3 grams gold from 667 metres.

Both intercepts are located within the mineral resource estimate blocks, comprising the Lynx, Main (including Caribou), Underdog, and Triple 8 zones.

The company is conducting 200,000 metres of infill drilling to test extensions to mineralisation at these zones, which it expects to complete by the third quarter. The drilling is mainly focused on the Lynx zone, which makes up over 60% of the current resource’s total ounces.

In March, an updated mineral resource estimate for the project outlined 6 million measured and indicated tonnes grading 9.6 grams gold per tonne and 5.9 grams silver per tonne for 1.9 million oz. contained gold and 1.1 million oz. of silver. Inferred resources add 16.4 million tonnes of 8 grams gold and 2.7 grams silver for 4.2 million oz. of gold and 1.4 million oz. of silver. The resource is based on a cut-off grade of 3.5 grams gold per tonne.

The estimate included the results from 3,612 drill holes, including 2,959 holes completed by Osisko from October 2015 to September 2020.

At press time in Toronto, Osisko was trading at C$2.79 per share within a 52-week trading range of C$2.13 and C$4.58. The company has around 357 million common shares outstanding for a C$996.9 million market capitalization.

(This article first appeared in The Northern Miner)