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Osisko Mining Corporation
("Osisko") (TSX:OSK
- News; FRANKFURT:EWX - News) is pleased to announce
additional results from the 2010 definition drill program on the Barnat
Extension, located on Osisko's 100%-owned Canadian Malartic gold property,
within and immediately to the east end of the current engineered pit of the
Canadian Malartic and Barnat deposits. The 115 hole, 25,100 metre definition
drilling program was executed along 25 metre-spaced sections and was
completed in the fall of 2010.
Results for thirty-six new holes, mainly
from the Barnat Extension program (east of section 5800E) are presented
below. Highlights include 142.6 metres averaging 3.19 g/t Au (BA10-3913
uncut), 121.2 metres averaging 2.78 g/t Au (BA10-3911 uncut), and 142.7
metres averaging 1.40 g/t Au (BA10-3914).
Assay data from these holes are not
included in the current resource block model, and in the majority of cases
represent new mineralization and new ounces hosted within Pontiac
metasediments. Mineralized intersections between sections 5675E and 6150E are
partially outside (below) the existing engineering pit and therefore not
included in current reserves. All holes to the east of section 6150E are
completely outside the current engineered pit. Out-of-pit intersections are
indicated below by asterisks:
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Hole No. Section Az./dip From (m) To (m) Length Au g/t Au g/t
(m) (uncut) (cut)
BA10-3893B 6075E 180/60 24.0 52.5 28.5 3.63 ---
including 40.5 42.0 1.5 19.35 ---
BA10-3896 6075E 0/44 43.5 154.0 110.5 1.42 ---
including
BA10-3898 6075E 0/60 102.5 120.5 18.0 0.82 ---
And(ii) 155.0 224.0 69.0 2.04 ---
BA10-3902 6050E 0/45 60.0 82.3 22.3 1.25 ---
And 163.5 198.4 34.9 1.05 ---
BA10-3903 6050E 3/60 30.0 59.0 29.0 1.49 ---
BA10-3904 6050E 180/45 15.0 18.0 3.0 7.25 ---
And 79.1 88.5 9.4 2.06 ---
BA10-3905 6075E 180/45 75.1 100.5 25.4 1.43 ---
And(ii) 126.0 139.5 13.5 1.70 ---
BA10-3906 6100E 180/45 71.6 136.6 65.0 1.25 ---
BA10-3907 6025E 0/45 24.0 39.0 15.0 2.11 ---
And 162.0 219.7 57.7 1.02 ---
And(ii) 247.8 269.4 21.6 0.87 ---
BA10-3908 6025E 0/54 18.0 49.5 31.5 1.88 ---
And 143.5 169.0 25.5 0.97 ---
And(ii) 186.5 256.5 70.0 1.52 ---
BA10- 6125E 180/50 63.0 115.5 52.5 1.84 ---
3909(ii)
And(ii) 136.1 180.0 43.9 0.91 ---
BA10- 6150E 180/48 24.5 117.5 93.0 1.69 ---
3910(ii)
And(ii) 144.0 179.5 35.5 1.01 ---
BA10- 6150E 180/64 41.6 162.8 121.2 2.78 2.27
3911(ii)
including 52.5 54.0 1.5 71.30 30.00
BA10-3912 6000E 0/45 134.0 259.0 125.0 1.29 ---
including 255.5 256.6 1.1 15.45 ---
BA10-3913 6000E 0/53 12.5 15.0 2.5 4.92 ---
And 169.5 210.0 40.5 1.25 ---
And(ii) 210.0 312.1 102.1 3.96 2.59
including 243.0 243.4 0.4 40.30 30.00
including 249.0 251.3 2.3 79.46 20.94
including 255.0 256.4 1.4 27.00
overall 169.5 312.1 142.6 3.19 2.21
BA10- 6175E 180/45 70.3 213.0 142.7 1.40 ---
3914(ii)
including 158.0 159.5 1.5 11.05 ---
BA10-3915 6175E 180/60 45.0 49.5 4.5 4.50 ---
And(ii) 87.4 205.5 118.1 1.07 ---
BA10-3916 5975E 0/45 147.0 227.3 80.3 1.07 ---
And(ii) 246.5 286.5 40.0 0.97 ---
BA10- 5975E 0/52 217.1 238.0 20.9 2.27 ---
3917(ii)
BA10- 6225E 180/57 95.5 139.5 44.0 1.63 ---
3918(ii)
BA10- 6175E 180/45 43.0 95.5 52.5 1.60 ---
3919(ii)
And(ii) 144.5 203.0 58.5 0.83 ---
BA10-3920 5950E 0/46 195.0 276.2 81.2 1.87 ---
including 272.2 273.4 1.2 23.90
BA10-3921 5950E 0/54 63.0 73.5 10.5 3.28 ---
BA10-3922 5850E 180/56 159.5 170.5 11.0 1.00 ---
And 221.2 233.1 11.9 1.01 ---
BA10-3923 5825E 180/46 191.5 257.5 66.0 1.20 ---
BA10- 5825E 180/53 276.0 277.7 1.70 39.50 30.00
3924B(ii)
And(ii) 300.0 318.0 18.0 3.60 ---
BA10-3925 5925E 0/47 202.6 262.0 59.4 0.96 ---
BA10- 5925E 0/56 231.0 244.0 13.0 1.25 ---
3926(ii)
And 275.0 279.4 4.4 2.67 ---
BA10- 5675E 215/52 202.5 233.5 31.0 0.53 ---
3928(ii)
BA10-3933 5700E 219/45 110.6 123.0 12.4 0.80 ---
And 204.6 371.5 166.9 0.94 ---
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Drill holes BA10-3927, BA10-3929 to
BA10-3932 and BA10-3934 did not intersect notable mineralization. The drill
data suggest the Barnat Extension comprises two mineralized zones that
parallel the southern limit of the Cadillac fault. The northerly extension
(Sheehan Zone) is located within the Cadillac Fault and is hosted mostly by
mineralized porphyry within sheared and altered ultramafic rocks. This zone
is subvertical and is approximately 12 metres true thickness on average
(range of 2 to 28 metres) and has been traced for at least 125 metres. The
southerly extension (Mammoth Zone) is located in the Pontiac metasediments, approximately
35 metres south of the Sheehan Zone. This zone is comprised of silicified
porphyry and metasediments similar to those of the Canadian Malartic deposit.
The Mammoth Zone dips subvertically to
the north near surface and reverses to a 75 degree dip to the south at depth.
Its average true thickness is approximately 40 metres (range of 25 to 60
metres). The thicker portions were intersected by drill holes BA10-3911 to
BA10-3915. The Mammoth zone has now been traced along a strike length of 300
metres in the immediate area of the old East Malartic mine workings, and both
zones are open to the east and at depth.
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 0.34g/t Au over successive
intervals of 20 metres. The reported lengths of isolated mineralized
intervals 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.
Francois 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.
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 specifications 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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