Today Osisko Mining Inc. (T:OSK) released more high-grade gold Intersected at Lynx, reporting a headline result of two metres of 379 g/t gold. In the company’s press release today, OSK-W-17-881 returned a bonanza grade of 379 g/t Au over 2.0 metres, including 1,260 g/t Au over 0.6 metre (30.7 g/t Au over 2.0 m cut). However, investors should not jump to conclusions because this is a term used a semi-qualitative/quantitative term to describe drill results in the hundreds of g/t and does not indicate the entire project but nonetheless impressive.
The drill results come from its ongoing 400,000 metre drill program at its 100% owned Windfall Lake gold project located in Urban Township, Québec. The latest drill results comprise 16 intercepts in 12 drill holes focused on infill and expansion drilling in the Lynx deposit. Currently, the company has 24 drills active on the Windfall Project; expect more results and a growing resource as the company is using these results to support an updated resource later in 2017.
Highlights from today’s drill results are as follows:
Drill Hole OSK-W-17-881: 2.0 metres grading 379.00 g/t gold (uncut) from a downhole depth of 412.0 metres, including 0.6 metres grading 1,260.00 g/t gold (uncut);
Drill Hole OSK-W-17-898: 3.0 metres grading 23.50 g/t gold from a downhole depth of 429.9 metres, including 0.8 metres grading 85.20 g/t gold;
Drill Hole OSK-W-17-895: 6.5 metres grading 8.98 g/t gold from a downhole depth of 221.0 metres, including 1.0 metre grading 34.70 g/t gold and 0.5 metres grading 37.40 g/t gold;
Drill Hole OSK-W-17-924: 6.1 metres grading 9.18 g/t gold from a downhole depth of 220.9 metres, including 1.1 metres grading 29.50 g/t gold; and
Drill Hole OSK-W-17-908:
4.2 metres grading 10.60 g/t gold from a downhole depth of 738.4 metres, including 1.6 metres grading 26.60 g/t gold;
4.1 metres grading 7.34 g/t gold from a downhole depth of 756.0 metres, including 1.1 metres grading 19.30 g/t gold;
2.5 metres grading 12.60 g/t gold from a downhole depth of 764.0 metres, including 1.0 metre grading 26.70 g/t gold.
In today’s trading on the TSX, shares in Osisko rose 8 cents to $4.77 with 855,300 changing hands. At this time last year, shares in the company were trading around $2.00. In a note to clients today, Haywood maintained its buy rating of Osisko shares with a price target of $6.50 with a very high risk rating. Upcoming catalyst events for investors will be the Windfall resource update and the Marban feasibility study due in the company’s third quarter of 2017. With results like this, there could be a significant change with the size of the Windfall resource.
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