QUEBEC – The little town of Malartic looks to be sitting on a gold mine – literally. The more OSISKO EXPLORATION of Montreal drills at its Canadian Malartic project, the wider the area of a potential open pit becomes. The latest results from the Gouldie zone, located 1,200 metres southeast from the centre of the Canadian Malartic deposit, include a 4.5-metre intersection of 8.03 g/t Au. Other intersections from 9.7 to 120.6 metres have assayed in the 0.75 to 1.68 g/t Au neighbourhood.
The company says that the mineralization in the Gouldie zone consists of disseminated pyrite-gold in silicified and/or potassic-altered sediments and porphyry dikes, similar to mineralization found at Canadian Malartic. These results indicate the Gouldie zone dips steeply to the north and remains open in all directions. True thickness is estimated at between 40.0 and 80.0 metres.
Osisko is currently evaluating the Canadian Malartic gold deposit and adjacent areas for a large-scale open pit, bulk-tonnage mining operation. The need to relocate the town site to accommodate development is a distinct possibility, but may only represent a tiny fraction of the total cost.
Details are available at www.Osisko.com.
Osisko also announced this week that it has entered into a US$83-million deal with HEWITT EQUIPMENT for the purchase of mining equipment. The fleet will include 12 Caterpillar 793F 227-t haul trucks, 2 O&K RH340BFS electric shovels and various construction and auxiliary Cat mining equipment.