Canadian Mining Journal

News

GOLD: High grades help Osisko raise $25M



QUEBEC – Osisko Mining of Montreal recently drilled 16.6 g/t Au over 6.7 metres at its Windfall Lake gold property in Urban Township. The company said it expanded this season’s drilling program at Windfall to 100,000 metres with expansion drilling above the Red Dog intrusion and expansion drilling both above and below it.

Highlights from 27 new drill holes include:

  • 6 g/t Au over 6.7 metres in hole OBM-16-674;
  • 40 g/t Au over 11.7 metres in hole OBM-16-685;
  • 2 g/t Au over 4.4 metres in hole OBM-16-692; and
  • 9 g/t Au over 2.6 metres in hole OBM-16-671.

Osisko noted that the new results continue to demonstrate lateral and vertical continuity of high grade gold mineralization in zone 27 and the Caribou zone, and also highlight new zones developing between those two major mineralized corridors.

With such results, the company had no problem completing a $25 million private placement to fund exploration work. Osisko issued 7.57 million flow-through shares at an average price of $3.33 for total proceeds of a little more than $25 million.

Find out more about Osisko’s holdings in Canada at www.OsiskoMining.com.