Mr. John Burzynski reports
OSISKO INTERSECTS 2.51 G/T AU OVER 73.0 METRES AT GARRISON
Osisko Mining Inc. has provided the final results from the 2017 drill program at its 100-per-cent-owned Garrison gold project located in Garrison township, Ontario. Over 85,000 metres of new drilling have been conducted by Osisko on the Garrison project since its acquisition in late 2015. A total of 15 new intercepts in seven holes are reported in this release, with significant assay results presented in the attached table.
Significant new results include2.51 grams per tonne Au over 73.0 metres in OSK-G17-453; 1.98 g/t Au over 14.5 metres and 1.76 g/t Au over 25.5 metres in OSK-G17-461; 2.18 g/t Au over 9.0 metres in OSK-G17-445; and 1.27 g/t Au over 22.3 metres in OSK-G17-467.
The new results continue to show the increasing potential of the 903 zone with proven extension toward southwest, northwest and south and to confirm the extent of known mineralization in the Garrcon zone. Maps and sections showing hole locations and complete drilling results are available at the company's website.
From To Interval Au (g/t) Au (g/t)Hole No.(m)(m)(m)uncutcut to 30 g/tZoneOSK-G17-445233.0242.09.02.18Garrconincluding241.0242.01.016.0Garrcon 355.0357.02.04.58GarrconOSK-G17-453371.0444.0 73.02.51903including375.0376.01.08.54903and378.3379.61.38.62903and384.5387.02.54.59903and428.8429.81.010.3903and438.8442.84.06.10903OSK-G17-456150.0153.23.21.95903OSK-G17-461 42.0 56.5 14.51.98903including 42.0 47.05.04.2590381.0106.5 25.51.76903including 81.0 86.55.53.81903OSK-G17-463196.0256.5 60.50.71903including212.0230.5 18.51.39903OSK-G17-466176.0179.03.01.10903 244.7245.10.414.1903OSK-G17-467326.2348.5 22.31.27903including330.0335.05.04.08903OSK-G17-468313.4332.6 19.20.75903including322.0328.06.01.35903Notes: True widths are estimated at 65 to 90 per cent of the reported core lengthinterval. See quality control below.
OSK-G17-445 intercepted two main mineralized intervals: 2.18 grams per tonne Au over 9.0 metres; and 4.58 g/t Au over 2.0 metres. The intervals are associated with centimetre-scale quartz-carbonate stringers with trace sulphide as well as albite, sericite and carbonate alteration hosted by Temiskaming sediments.
OSK-G17-453 was drilled 25 metres underneath OSK-G17-390 (see press release Jan. 15, 2018) as an infill hole intercepting 2.51 g/t Au over 73.0 metres. Mineralization is hosted by a thick syenite dike with intense albite-hematite alteration and zones of strong fracturing, veining and coarse euhedral pyrite.
OSK-G17-456 was drilled in the south-central part of the 903 zone, 250 metres northwest from OSK-G17-453 (described above). The hole intercepted a mineralized zone hosted in syenite dikes averaging 1.95 g/t Au over 3.2 metres. The syenite dikes are intruding fuchsite altered ultramafic rocks.
OSK-G17-461 intercepted two mineralized zones close to surface averaging 1.98 g/t Au over 14.5 metres and 1.76 g/t Au over 25.5 metres, both in syenite dikes with intense veining, albite alteration, specularite and pyrite.
OSK-G17-463 was drilled at the south part of the 903 zone, intercepting a wide zone averaging 0.71 g/t Au over 60.5 metres that included 1.39 g/t Au over 18.5 metres. Mineralization is hosted by a crowded porphyritic syenite with moderate albite alteration and quartz veining.
OSK-G17-466 was drilled at the northern part of the 903 zone and intersected 1.1 g/t Au over 3.0 metres in a syenite dike. A small zone of hematite alteration in mafic volcanic rocks returned 14.1 g/t Au over 0.4 metre.
OSK-G17-467 was drilled 50 m west of OSK-G17-439 (see press release Jan. 15, 2018), to intercept the mineralization observed in the footwall of a diabase dike. The hole successfully intercepted 1.27 g/t Au over 22.3 metres including 4.08 g/t Au over 5.0 metres in strongly sheared ultramafic rocks with quartz-sericite-pyrite alteration in the hangingwall of the mentioned diabase dike.
OSK-G17-468 intercepted 0.75 g/t Au over 19.2 metres including 1.35 g/t Au over 6.0 metres in a deformed layer of sediments with albite-sericite alteration and disseminated pyrite.
Qualified person
The scientific and technical content of this press release has been reviewed, prepared and approved by Gernot Wober, PGeo, vice-president of exploration Canada for Osisko Mining, who is a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.
Quality control
True widths of the new exploration intercepts reported in this press release have yet to be determined, but are typically 65 to 90 per cent of reported core lengths. Additional drilling is planned for the immediate area which will enable the true width determination. Assays are uncut except where indicated, and calculated intervals are reported over a minimum length of two metres using a lower cut-off of 1.0 g/t Au. All HQ core assays reported were obtained by either whole sample rock metallic screen/fire assay or standard 30-gram fire assaying with ICP finish at SGS Minerals Services in Cochrane, Ont.; and Bureau Veritas in Timmins, Ont. The whole sample metallic screen assay method is selected by the geologist when samples contain coarse gold or any samples displaying gold initial fire assay values greater than three g/t. Drill program design, quality assurance/quality control and interpretation of results are performed by qualified persons employing a quality assurance/quality control program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for quality assurance/quality control purposes by the corporation as well as the lab. Approximately 5 per cent of sample pulps are sent to secondary laboratories for check assays.
About the Garrison project
The Garrison project area comprises 214 mineral claims, 25 mining leases and 87 patent claims encompassing approximately 8,000 hectares. Both Garrcon and Jonpol have resource estimates that are described in a technical report prepared in accordance with NI 43-101, which was completed by a previous operator Northern Gold Mining Inc. (entitled "Technical Report on the Golden Bear Project -- Garrison Property: Larder Lake Mining Division, Garrison Township, Ontario, Canada") dated Dec. 30, 2013, with an effective date of Dec. 30, 2013. The Garrison technical report was prepared by A.C.A. Howe International Ltd. for Northern Gold Mining Inc. (a wholly owned subsidiary of Osisko) and is available on Osisko's website and on SEDAR under Northern Gold Mining's issuer profile atSEDAR.
Resource estimates were conducted by A.C.A. Howe International Ltd. according to CIM standards. The Garrcon zone estimates showed 15.1 million tonnes with an average grade of 1.07 g/t Au (521,000 ounces) in measured resources; 14.1 million tonnes averaging 1.16 g/t Au (526,000 oz) in indicated resources; and 1.7 million tonnes averaging 0.72 g/t Au (39,000 oz) in inferred resources. Potential underground resources of 5.1 million tonnes averaging 3.49 g/t Au (577,000 oz) in the inferred category were also outlined. Resources were reported at a cut-off grade of 0.4 g/t Au for open-pit extraction and 1.5 g/t in a bulk underground mining scenario using a gold price of $1,250 (U.S.)/oz.
At the Jonpol zone, resources were estimated as 870,000 tonnes averaging 5.34 g/t Au (150,000 oz) in the indicated category; and 1.07 million tonnes averaging 5.56 g/t Au (192,000 oz) in inferred resources. Resources were reported at a cut-off grade of 3.0 g/t Au and assume an underground extraction scenario using a gold price of $1,250 (U.S.)/oz.
Readers are cautioned that inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Garrcon zone
The Garrcon zone has a shallow plunge eastward along the footwall of the Destor-Porcupine fault zone with the bulk of the resource in the western, more densely drilled area. The zone is exposed at surface and has potential for open-pit bulk mining at an estimated overall stripping ratio of 1.8:1. There is potential for additional underground resources below the pit and along the easterly plunge of the zone, which is open for further exploration down dip and along strike.
The Garrcon shaft was sunk in 1935 and 1936 by the Consolidated Mining and Smelting Co. of Canada (Cominco) and the Shaft and South zones were tested for high-grade gold mineralization. Cominco drove approximately 1,430 metres of drifts and crosscuts, mining underground veins. Diamond drilling by Cominco and Lac Minerals Ltd. in the mid- to late 1980s identified broad sections of low-grade mineralization. In 2006 to 2007, ValGold Resources Ltd. conducted additional drilling confirming these zones. From 2009 to 2013 Northern Gold Mining Inc. conducted 97,000 metres of diamond drilling which delineated the current resource.
In 2014, Northern Gold Mining Inc. was granted a trial mining permit allowing the extraction of up to 150,000 tonnes. Northern Gold Mining Inc. mined 73,534 dry tonnes which were processed at the nearby Holt mill facility recovering 3,516 oz at an average head grade of 1.55 g/t and recovery of 95.9 per cent.
Jonpol zone
Jonpol is situated in the Munro fault zone, a west-striking splay off the north side of the Destor-Porcupine fault. Hosted in a shear zone tens of metres wide in altered mafic volcanic rocks, the deposit consists of four high-grade gold mineralized zones (JP, JD, RP and East) over a strike length of 1.7 kilometres. Gold mineralization is hosted in quartz carbonate veins, in mafic and ultramafic host rocks, and is associated with intense albite and/or sericite alteration and pyrite mineralization.
In 1997, a 49,087-tonne bulk sample was extracted from the central part of the JP zone by Hillsborough Resources Ltd. with an average grade of 6.7 g/t which produced 9,476 ounces Au. From 1985 to 2013, over 130,000 metres of drilling were completed on the property by previous operators. Development work on the JP zone included the sinking of a 184-metre shaft as well as development of a ramp to the 150-metre level with mining on six sublevels. The Jonpol infrastructure underwent reclamation in the late 1990s and was closed out in 2001, but the existing ramp and shaft are preserved.
903 zone
This third mineralized zone present at Garrison was not included in the resource estimate reported by the previous operator in 2013. Mineralization at the 903 was discovered in 1945 by Wright-Hargreaves Mines Ltd. In 1988 Lac Minerals acquired the claims covering the current 903 zone and completed 17 drill holes totalling 4,823 metres. The property was optioned in 1990 to Jonpol and T&H Resources and subsequently returned to Lac Minerals in 1991. Northern Gold acquired the claims from a subsidiary of Barrick Gold in 2013, conducting surface exploration and six drill holes.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration and development of precious metal resource properties in Canada. Osisko holds a 100-per-cent interest in the high-grade Windfall Lake gold deposit located between Val d'Or and Chibougamau in Quebec; a 100-per-cent undivided interest in a large area of claims in the surrounding Urban Barry area; a 100-per-cent interest in the Marban project located in the heart of Quebec's prolific Abitibi gold mining district; and properties in the Larder Lake mining division in Northeast Ontario, including the Garrcon, Jonpol and 903 zones on the Garrison property. Osisko continues to be well financed with approximately $190-million in cash and equity investments at the end of Q4 2017.
We seek Safe Harbor.
© 2018 Canjex Publishing Ltd. All rights reserved.