Osisko Mining has made a new discovery

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Riskynet
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Osisko Mining has made a new discovery

Post by Riskynet » Sun Feb 23, 2014 9:30 pm

Osisko Mining has made a new discovery


KIRKLAND LAKE - Osisko Mining has made a new discovery that it says confirms the potential for a potential large tonnage gold deposit east of Kirkland Lake.

Calling the new discovery Canadian Kirkland Zone, the company says it consists of a previously unreported type of mineralization in the Kirkland Lake Camp. The new zone is about 750 metres south of Highway 66 and about 6.5 kilometres southeast of King Kirkland.

Osisko describes the mineralization as being fine disseminated gold and pyrite in a pinkish-gray to brick red altered zone that completely replaces volcanic tuffs.

Some of the significant assays from the new zone include; 128.4 metres returning 2.26 grams gold per tonne, 63 metres of 1.43 grams per tonne, 101 metres of 0.99 grams per tonne and 26 metres of 1.66 grams gold per tonne.

“This is the first of what we expect could be one of many discoveries made using our bulk tonnage model in the Kirkland Camp,” said Sean Roosen, President and CEO of Osisko. “The discovery was based on compilation work and our 2013 exploration work in the camp, the first time Kirkland has seen a district wide approach to identify bulk tonnage targets.”

The company notes that outcroping is very poor in the area of the Canadian Kirkland Zone. However the same type of mineralization occurs 1,200 metres northwest of this zone along Highway 66. The mineralization is found in road cuts stretching over about 300 metres.

These road showing are in the historic Commodore Kirkland Zone. Surface grab samples taken in the summer of 2013 returned an average grade of 1.32 grams gold per tonne.

Osisko believes the poorly exposed but broad distribution of this new type of mineralization leaves open the potential for a large, disseminated bulk tonnage gold deposit on the Kirkland Lake property, which would compliment known deposits such as the Upper Beaver and Upper Canada.

With the new discovery, Osisko will immediately implement a broad-scale drill program to test an area measuring 2,3000 by 1,3000 meters that covers the Canadian Kirkland and Commodore Kirkland zones, as well as other drilled zones in the immediate area that have been historically associated with pink 'syenites' and 'trachytes', currently being interpreted as being part of the same felsite hydrothermal system.

The first priority of Osisko's drill program is to drill three north-south cross-sections located in the middle of the area of interest (north of Canadian Kirkland), between the Commodore Kirkland and 180 zones to the west, and between the Esker and 240 zones at the eastern extremity of the area of interest. The drill stations will be 200 metres apart and drill results will be disclosed as they become available.


http://www.northernnews.ca/2014/02/21/o ... -potential

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Post by JohnW » Sun Feb 23, 2014 10:18 pm

[woohoo

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Dblur57
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Post by Dblur57 » Mon Feb 24, 2014 8:25 am

I wonder if this is the reason Goldcorp has shown an interest into Osisko... the deal is still in limbo, lawyers are talking...

At a hearing in Montreal on Tuesday February 4 (2014), the Quebec Superior Court set a trial date for March 3 to determine the merits of Osisko’s lawsuit.
That will temporarily set back Goldcorp’s $2.6-billion stock and cash offer, which is due to expire Feb. 19.
For five years, Vancouver-based Goldcorp has been trying to buy Osisko to gain control of the company’s massive gold mine in Quebec called the Canadian Malartic.
The companies first entered into a confidentiality agreement in 2008 after Goldcorp agreed to buy a strategic stake in Osisko to help the smaller company build the Quebec mine.
Since then, the relationship between the miners has deteriorated with the companies publicly accusing each other of acting in bad faith.
Goldcorp took its unsolicited bid directly to shareholders mid-January after Osisko rejected three of the Vancouver miner’s offers to merge.
Osisko, which is based in Montreal, is looking for alternatives to Goldcorp’s bid.
Shares of Osisko are trading at $6.59 per share, above the Goldcorp offer of $5.95 a share, suggesting that investors are expecting a higher bid to emerge.
Goldcorp did not immediately respond to a request for comment.

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Captain Steubings
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Post by Captain Steubings » Mon Feb 24, 2014 2:25 pm

I keep waiting for one of these mining projects to unleash a beast from the depths of the Earth.

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Post by FrancoFun » Mon Feb 24, 2014 3:30 pm

Captain Steubings wrote:I keep waiting for one of these mining projects to unleash a beast from the depths of the Earth.

Have you been hanging around with Pete? Second hand smoke can be dangerous.

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Post by Loco101 » Mon Feb 24, 2014 4:07 pm

[1laff

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