ONTARIO – Montreal-based Osisko Mining Corp. has intersected 1.53 g/t Au (and 0.04% Cu) over 87.0 metres at the Upper Beaver deposit. The deposit is one of five with NI 43-101 resources at the company's Kirkland Lake project near the town of the same name.
The company says this year's drill program is focused on deepening the East Porphyry zone and reinterpreting the near surface potential for an open pit. Besides the aforementioned intersection, other shallow holes have returned 1.65 g/t Au and 0.20% Cu over 59.0 metres; and 1.43 g/t Au and 0.06% Cu over 78.0 metres.
Osisko says the new data as well as recalculated data from the area of the former mine workings indicate the presence of low grade stockwork mineralization surrounding known gold-copper veins at the Upper Beaver deposit.
The Upper Beaver deposit contains 6.87 million tonnes of indicated resources at 6.6 g/t Au and 4.57 million tonnes of inferred resources at 4.9 g/t Au ($1,300/oz), resources recoverable from underground. An Upper Beaver pit may contain 1.71 million indicated tonnes at 1.9 g/t and 1.27 million inferred tonnes at 1.9 g/t Au ($1,200/oz).
Read the 2012 Upper Beaver preliminary economic assessment at Osisko.com.