Canadian Mining Journal


GOLD: Osisko closes $14M flow-through deal

TORONTO – Osisko Mining has completed a $14-million financing with the private placement of 4.43 million flow-through shares at a price of $3.15 each. Dundee Securities acted as sole agent in connection with the offering.

Osisko says it will spend the  money on qualifying Canadian and/or Quebec gold exploration projects. In Quebec, the company’s Windfall Lake and Marban projects at the advanced exploration stage. At the same stage in Ontario, the Garrison project is receiving work.

Perhaps the most promising project is Windfall Lake 100 km east of Lebel-Sur-Quevillon, QC. The property was acquired in 2015 when Osisko took over Eagle Hill Exploration Corp. A preliminary economic assessment produced in 2016 looked at an underground mine and mill producing 106,200 oz of gold annually for 7.8 years. The deposit has 2.76 million tonnes of indicated resources grading 8.42 g/t Au and containing 750,000 oz of gold. There are also inferred resources of 3.51 million tonnes grading 7.62 g/t and containing 860,000 oz.

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