QUEBEC — Osisko Mining of Montreal has released an updated resource estimate for the Canadian Malartic project under development 20 km west of Val d’Or. It includes 8.97 million oz of contained gold in 245.8 million tonnes of open pit reserves with a fully diluted grade of 1.13 g/t Au.
Confidence in the reserve numbers has led the company to extend the mine life by 25% to 12.2 years at a milling rate of 55,000 t/d. Annual output will average 630,000 oz of gold and 800,000 oz of silver over that period.
The project also has indicated resources of 70.4 million tonnes at 0.99 g/t Au and inferred resources of 20.0 million tonnes at 0.73 g/t Au.
Between 1935 and 1983 production from the Malartic camp totalled over 5.0 million oz of gold. Osisko’s property includes a former underground mine, which poured over 1.0 million oz between 1935 and 1965. More information is posted at www.Osisko.com.