Osisko Mining (TSX: OSK) has assays as high as 286 g/t and 204 g/t gold from holes drilled as part of its expansion and infill program at the Lynx deposit. Lynx is part of the Windfall gold project in the Abitibi greenstone belt, Eeyou Istchee James Bay, Que. The company has completed 55,000 metres of additional drilling since the feasibility study was released six months ago.
Select expansion intercepts extending wireframes include:
Osisko Mining closed a $100 million bought deal private placement in February. The funds will be used to advance the Windfall project towards production. The project is the highest-grade gold deposit containing over 1.0 million oz. ever discovered in Quebec. The project includes proven and probable reserves of 12.2 million tonnes grading 8.06 g/t gold, containing 3.2 million oz.
The Windfall feasibility base case using a gold price of US$1,600/oz., outlines an operation with an after-tax net present value of $1.2 billion at a 9% discount and an after-tax internal rate of return of 34%. The initial capex was estimated at $788.6 million, and payback would take only two years. The life of mine average annual production will be 306,000 oz. of gold.
More information is posted on www.OsiskoMining.com.