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OSISKO MINING CORPORATION (TSX:OSK - News; FRANKFURT:EWX - News)and OREX EXPLORATION
INC.(TSX VENTURE:OX -
News; FRANKFURT:O5D - News) would like to provide
shareholders with the results from the Reverse Circulation (RC) drilling
program on the Goldboro Gold Property in Nova
Scotia. RC drilling is a method for obtaining chip samples of mineral
occurrences at or near surface, in both overburden and bedrock. A total of 64
RC holes (holes OSK10RC-130 to OSK10RC-194), representing 505 metres, were drilled on the Goldboro
Gold Property. The highlights of the RC drilling campaign are presented
below:
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HOLE # LOCATION FROM TO WIDTH TYPE ASSAY
(m) (m) (m) (Au ppm)
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OSK10RC-135 East
Goldbrook 6 7 1 Overburden 0.82
OSK10RC-135 East
Goldbrook 7 8 1 Bedrock 1.38
OSK10RC-136 East
Goldbrook 4 5 1 Overburden 0.16
OSK10RC-137 East
Goldbrook 4 5 1 Bedrock 10.85
OSK10RC-141 East
Goldbrook 6 7 1 Overburden 0.31
OSK10RC-141 East
Goldbrook 7 8 1 Bedrock 0.20
OSK10RC-145 East
Goldbrook 5 6 1 Overburden 0.52
OSK10RC-145 East
Goldbrook 6 7 1 Bedrock 0.11
OSK10RC-145 East
Goldbrook 7 8 1 Bedrock 0.15
OSK10RC-147 East
Goldbrook 5 6 1 Bedrock 25.65
OSK10RC-148 East
Goldbrook 3 4 1 Overburden 0.12
OSK10RC-160 Ramp Area 10 11 1 Bedrock 0.73
OSK10RC-174 Ramp Area 6 7 1 Overburden 0.38
OSK10RC-174 Ramp Area 7 8 1 Bedrock 0.12
OSK10RC-178 Ramp Area 10 11 1 Overburden 0.74
OSK10RC-184 Ramp Area 4 5 1 Bedrock 0.15
OSK10RC-186 Ramp Area 3 4 1 Overburden 1.47
OSK10RC-186 Ramp Area 4 5 1 Overburden 0.58
OSK10RC-186 Ramp Area 5 6 1 Bedrock 0.56
OSK10RC-187 Ramp Area 8 9 1 Bedrock 0.17
OSK10RC-194 West
Goldbrook 3 4 1 Overburden 0.02
OSK10RC-194 West
Goldbrook 4 5 1 Overburden 1.17
OSK10RC-194 West
Goldbrook 5 6 1 Bedrock 0.04
OSK10RC-194 West
Goldbrook 6 7 1 Bedrock 4.23
OSK10RC-194 West
Goldbrook 7 8 1 Bedrock 0.60
OSK10RC-194 West
Goldbrook 8 9 1 Bedrock 2.80
OSK10RC-194 West
Goldbrook 9 10 1 Bedrock 0.66
OSK10RC-194 West
Goldbrook 10 11 1 Bedrock 0.63
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"The RC drilling results have
successfully identified bedrock gold mineralization on the East Goldbrook portion of the Goldboro
Gold Property, where there has not been a lot of historic drilling, as well
as at West Goldbrook" said Mark Billings,
President and CEO of Orex Exploration. "We
know that most of the gold-bearing structures at Goldboro
come to surface. These RC drilling results particularly at East Goldbrook, which include 10.85 g/t Au and 25.65 g/t Au in
two bedrock samples, provide us with some encouragement about the gold
potential in these areas."
Although some of the RC drilling results
could be used in a future resource estimate, this program was not intended to
expand the NI 43-101 resource estimate; rather it was designed to explore new
areas on the Goldboro Gold Property. RC drilling is
a cost effective way of testing potential near-surface gold mineralized
structures identified by the ongoing exploration on the Property. The program
has been successful in the identification of future diamond drilling target
areas.
The Reverse Circulation drilling was
conducted by Archibald Drilling and Blasting of Truro, Nova Scotia. Sampling
was done along roadside at approximately 20-metre spacing (no grid pattern).
Overburden samples were collected over a 1-metre downhole
length above the bedrock overburden interface. Bedrock chip samples were
collected at 1-metre downhole length from the top
of bedrock, generally to depths of 1-3 metres, but
up to 12 metres in selected holes. All samples
collected during the program were delivered by Mercator Geological Services
or Armour Transport to the Minerals Engineering
Centre (MEC) at Dalhousie University in Halifax, Nova Scotia, where analysis
was carried out.
Each sample submitted to MEC was
subjected to multiple stages of jaw crushing until grains were less than 4.0
mm. Analytical splits of 200 grams were obtained by riffle splitting and then
pulverized with a ring and puck pulverizer to a
grain size of less than 0.15 mm. A 30-gram split of this fraction was
collected and analyzed by Fire Assay, lead collection and Atomic Adsorption
Spectrometry (AAS) finish.
Option on Goldboro
Gold Property Granted to Osisko Mining Corporation
In order to acquire a 50% undivided
interest in the Goldboro Gold Property on or before
September 29, 2013 (the Initial Option), Osisko
Mining Corporation shall incur exploration and development expenditures in
the amount of at least $1,500,000 on or before September 29, 2010; in the
aggregate amount of at least $3,500,000 on or before September 29, 2011; and
in the aggregate amount of at least $8,000,000 over the following two years,
that is, on or before September 29, 2013. Osisko
Mining Corporation may, at its sole discretion, accelerate and apply
exploration and development expenditures to future years' expenditures and,
accordingly, the Initial Option may be exercised sooner. Osisko
Mining Corporation shall solely fund a prefeasibility study to earn an
aggregate 60% interest (that is, an additional 10% interest) in the Property
on or before September 29, 2015 (the Additional Option).
Osisko Mining Corporation and Orex Exploration are pleased to report that Osisko Mining Corporation has spent more than the
$1,500,000 required in exploration and development expenditures in the first
year of the Initial Option.
About Osisko
Mining Corporation
Osisko Mining Corporation is currently
developing the Canadian Malartic gold deposit in
Quebec and evaluating adjacent areas for a large-scale open pit, bulk tonnage
mining operation. The Canadian Malartic deposit
currently represents one of the biggest permitted gold reserves in Canada for
a single deposit, and is still growing through ongoing drilling on new
mineralized zones.
About Orex
Exploration Inc.
Orex Exploration Inc. is a Canadian-based
junior resource and exploration company trading under the symbol OX on the
TSX Venture Exchange and O5D on the Frankfurt Stock Exchange. The Company
holds a 100% interest in the Goldboro Gold Project
in Nova Scotia.
The technical information contained in
this news release has been prepared by Peter Webster, P.Geo., President of
Mercator Geological Services, and Bruce Mitchell, P.Geo,
Technical Advisors to Orex and Qualified Persons
under National Instrument 43-101 regulations.
Neither the TSX Venture Exchange nor its
regulation services provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this news release. The statements made in this news release that are not
historical facts are "forward-looking statements" and readers are
cautioned that any such statements are not guarantees of future performance,
and that actual developments or results, may vary materially from those in
these "forward-looking" statements.
Contact:
John Burzynski
For Osisko Mining Corporation (www.osisko.com)
Vice-President, Corporate Development
514-735-7131 |