Osisko Mining Corporation, (TSX:OSK)(FRANKFURT:EWX) has announced initial results from the fall 2010 drilling program at the Hammond Reef gold project, located near Atikokan in western Ontario.
The Hammond Reef project is 100 percent owned by Osisko Hammond Reef Gold Ltd., a wholly-owned subsidiary of Osisko. The fall 2010 program included 324 holes for approximately 119,000 metres.
Results from a total of forty-one new holes are presented below. These holes were all drilled to test the southeast (down-dip) extension of the deposit in the area of the Mitta Zone as well as the western portion of the 41 Zone (between sections 2145 E and 3045 E), over an area measuring 825 by 500 metres. All but four holes intersected significant mineralization. Highlights include 124 metres averaging 0.73 g/t Au (BR-410A), 45 metres at 1.86 g/t Au (BR-6057) and 49.5 metres averaging 1.83 g/t Au (BR-6042).
DOWN-DIP STEP OUT HOLES
Drill hole BR-346 on Section 3045E, and four holes (BR-382A, -6038, -6053 and -6066) located at the down-dip (SE) extremity of the deposit (between Sections 2320E and 2720E) did not intersect significant mineralization. The above holes, along with previously announced holes, confirm the down-dip extension of the deposit between sections 1320E and 2845E (approx. 1500 m strike length) over a true down-dip distance of as much as 500 metres.
The current drill program at Hammond Reef comprises mostly definition drilling within the known resource volume as well as exploration/step-out holes in the immediate area of the deposit. It includes definition drilling on 50 by 25 metre grid along the 2.65 kilometre strike length of the known deposit (sections 1070E to 3725E), as well as step-out holes down-dip and up-dip of the know deposit. A 250,000 metre drill program is slated for 2011 with eighteen drills active on the property.
Osisko is presently focused on upgrading and expanding gold resources at Hammond Reef. A Preliminary Assessment Study was completed on the deposit on November 12, 2009 and filed on SEDAR, resulting in an Inferred Mineral Resource of 6.70 million ounces of gold (259.4 million tonnes grading 0.8 grams per tonne (g/t) gold at a cut-off grade of 0.30 g/t, which relates to the economic cut-off in the PA Study). The deposit remains open along strike and down-dip; over 97% of this resource is within 300 metres of surface. For additional details of the resource estimates at Hammond Reef please refer to the November 12, 2009, July 23, 2009 and October 15, 2008 news releases of Brett Resources Inc. The deposit sits along a splay of the fertile Finlayson Fault Zone , of which Osisko covers 27 km of strike length as a result of the 2010 property acquisitions, including the Sparton Resources property.
All NQ core assays reported above were obtained by standard 50 g fire assaying-AA finish or gravimetric finish at ALS Chemex laboratories in Thunder Bay, Ont., and North Vancouver, B.C., ISO/IEC guideline 17025-accredited facilities. Reported drill core weighted averages were calculated using a minimum of 0.35 g/t Au over successive maximum intervals of 20 metres. Lost core within mineralized intersections were incorporated as blank intervals and assigned a 0.001 g/t grade in all length weighted calculations. Osisko follows strict QA-QC protocol measures in keeping with industry standards and regulatory reporting requirements. Mr. Sergio Cattalani, PGeo. and Vice-President Exploration of Osisko is the Qualified Person who has reviewed this news release and is responsible for the technical information reported herein, including verification of the data disclosed including the sampling, analytical and test data underlying the technical information.
Source: Osisko Mining Corporation