Osisko hits more high grades at Windfall

A drill rig at Osisko Mining's Windfall project. Credit: Osisko Mining.

Osisko Mining (TSX: OSK) has released high-grade drill results from the Lynx and Triple Lynx zones at its Windfall gold project, 700 km northwest of Montreal.

Drill highlights from the 20 drill holes and 12 wedge holes include 28 metres of 202 grams gold per tonne (9 metres estimated true width); 3 metres of 171 grams gold per tonne; 2 metres of 173 grams gold per tonne; and 2 metres of 52.7 grams gold per tonne.

“Lynx has once again delivered very impressive results, giving us one of the highest-grade intercepts in our drilling to date,” John Burzynski, the company’s president and CEO, said in a news release. “Our infill drill program continues to highlight the high-grade continuity within the resource area, which remains open down plunge and, importantly, towards surface.”

This year, 20 drills are scheduled to dig 300,000 metres at the 125-sq.-km site to advance the resource to a feasibility-study level, with additional work planned to expand the resources and test targets. According to the company, elements of the feasibility work have been started.

The wholly owned Windfall gold project features 4.1 million indicated tonnes at 9.1 grams gold, for a total of 1.2 million oz., and a further 14.5 million inferred tonnes at 8.4 grams gold containing an additional 3.9 million ounces. The resources are derived using a 3.5 gram gold cutoff grade and include the Lynx, Underdog and Main zones. Lynx is the largest resource contributor.

In a note to investors, Kerry Smith of Haywood Capital Markets highlighted the prospectivity of the Windfall land package. The analyst expects resource additions to continue from the project. Based on these latest results, Kerry maintains his ‘buy’ rating and $7.50 target price for the stock.

At press time in Toronto, Osisko Mining was trading at $4.00 per share within a 52-week trading range of $1.67 and $4.85 per share. The company has about 341.4 million common shares outstanding for a $1.37-billion market capitalization.

— This article first appeared in the Canadian Mining Journal.

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