OSISKO INTERSECTS 72 METRES GRADING 2.02 GPT GOLD
AT THE JEFFREY ZONE
Montreal,
QC - November 24, 2010 - Osisko Mining
Corporation (�Osisko�, OSK - TSX, EWX -
Deutsche Boerse) and Golden Valley Mines Ltd. (GZZ:TSX-V) are pleased to announce additional results
from the 2010 drill program targeting the Jeffrey Zone on the Malartic CHL Property, currently under option from
Golden Valley Mines Ltd. and located immediately east of Osisko�s 100%-owned Canadian Malartic
gold property.
Highlights
from twenty-seven drill holes include 72.5 metres averaging
2.02 g/t Au (CHL10-2247), 13.0 metres averaging
7.15 g/t Au (CHL10-2262), 92.0 metres averaging
0.77g/t Au (CHL10-2243) and 46.0 metres
averaging 1.48 g/t Au (CHL10-2251). Assay results are
summarized in the table below:
THIS
PRESS RELEASE CONTAINS A TABLE, CLICK HERE TO VIEW THE ENTIRE DOCUMENT IN
PDF FORMAT.
Drill holes
CHL10-2254, CHL10-2258, CHL10-2263 did not intersect significant
mineralization. Definition drilling on the Jeffrey Zone is based on a
series of sections spaced at 25 metre intervals
over an east-west strike length of 400 metres
and north-south distance of 135 metres. The
objective of the current program is to gather sufficient drill
information along strike and to depth to complete an initial indicated
resource calculation by the beginning of Q2 2011.
Mineralization
at the Jeffrey Zone is located along the southern limit of the Cadillac
Break, where it consists of disseminated pyrite-gold in potassic-altered quartz-feldspar porphyry dikes, in
contact with a predominately ultramafic flow
sequence, and in subordinate diorite-gabbro and
sedimentary units. Narrower, higher-grade mineralization is hosted in
quartz veined (silicified) porphyry or talcose
and chlorite-altered ultramafic schists.
Continuity of
steeply-dipping mineralization is now well established along a strike
length of 400 metres (sections 7200E to 7600E),
with a true width of 30 to 60 metres.
Mineralization is more sporadic further east between sections 7600E and
8100E. Mineralization has been traced to a depth of 200 metres on most sections, where it remains open at
depth. The western extremity of the Jeffrey Zone (section 7200E) lies
1000 metres east of the eastern limit of the Barnat extension (see October 14, 2010 press
release), and most of the intervening kilometre
has yet to be drilled.
All NQ core
assays reported above were obtained by standard 50 g fire assaying-AA
finish or gravimetric finish at ALS Chemex
laboratories in Val d'Or, Quebec. Reported drill core weighted averages
were calculated using a minimum of 0.40 g/t Au over successive intervals
of 20 metres. The lengths of mineralized
intervals of less than 20 metres were
minimized, and an upper cut-off of 30 g/t Au was applied to individual
assays where indicated. Intersected drifts or lost core within
mineralized intersections were incorporated as blank intervals.
Osisko
follows strict QA-QC protocol measures in keeping with industry standards
and regulatory reporting requirements. Mr. Robert Wares, P. Geo. and
Executive Vice-President of Osisko, and Mr.
Fran�ois Bouchard, P. Geo., are the Qualified Persons who has reviewed
this news release and are responsible for the technical information
reported herein, including verification of the data disclosed including
the sampling, analytical and test data underlying the technical
information.
Osisko
has the right to acquire a 70% interest in the Malartic
CHL Property in consideration for $150,000 in cash payments over a four
year period (total amount paid) and by completing a minimum $2,000,000 in
exploration work over a four year period (funds currently expended). Upon
earning its 70% interest, Golden Valley will maintain a free-carried
interest of 30% to production.
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Cautionary Notes Concerning Estimates of Mineral Resources
This news release uses the terms
measured, indicated and inferred resources as a relative measure of the
level of confidence in the resource estimate. Readers are cautioned
that mineral resources are not economic mineral reserves and that the
economic viability of resources that are not mineral reserves has not
been demonstrated. In addition, inferred resources are considered too
geologically speculative to have any economic considerations applied to
them. It cannot be assumed that all or any part of an inferred mineral
resource will ever be upgraded to a higher category. Under Canadian
rules, estimates of inferred mineral resources may not form the basis
of feasibility or pre-feasibility studies or economic studies except
for Preliminary Assessment as defined under NI 43-101. Readers are
cautioned not to assume that that further work on the stated resources
will lead to mineral reserves that can be mined economically.
Forward-Looking Statements
Certain statements contained in
this press release may be deemed �forward-looking statements�. All
statements in this release, other than statements of historical fact,
that address events or developments that Osisko
expects to occur, are forward looking statements. Forward looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words �expects�, �plans�,
�anticipates�, �believes�, �intends�, �estimates�, �projects�,
�potential�, �scheduled� and similar expressions, or that events or
conditions �will�, �would�, �may�, �could� or �should� occur including,
without limitation, the commencement of commercial production. Although
Osisko believes the expectations expressed in
such forward-looking statements are based on reasonable assumptions,
including, without limitation, that all technical, economical and
financial conditions will be met in order to warrant further development
of the project, such statements are not guarantees of future
performance and actual results may differ materially from those in
forward looking statements. Factors that could cause the actual results
to differ materially from those in forward-looking statements include
gold prices, access to skilled consultants, mining development
personnel, results of exploration and development activities, Osisko�s limited experience with production and
development stage mining operations, uninsured risks, regulatory
changes, defects in title, availability of personnel, materials and
equipment, timeliness of government approvals, actual performance of
facilities, equipment and processes relative to specificat
ions and expectations, unanticipated environmental impacts on
operations market prices, continued availability of capital and
financing and general economic, market or business conditions. These
factors are discussed in greater detail in Osisko�s
most recent Annual Information Form and in the most recent Management
Discussion and Analysis filed on SEDAR, which also provide additional
general assumptions in connection with these statements. Osisko cautions that the foregoing list of
important factors is not exhaustive. Investors and others who base
themselves on forward-looking statements should carefully consider the
above factors as well as the uncertainties they represent and the risk
they entail. Osisko believes that the
expectations reflected in those forward-looking statements are
reasonable, but no assurance can be given that these expectations will
prove to be correct and such forward-looking statements included in
this press release should not be unduly relied upon. These statements
speak only as of the date of this press release.
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