Welcome!

News Feed Item

Osisko Confirms Odyssey Underground Bulk Tonnage Target at Canadian Malartic

MONTREAL, QUEBEC -- (Marketwired) -- 04/02/14 -- Osisko Mining Corporation ("Osisko")(TSX:OSK)(FRANKFURT:EWX) is pleased to announce that comprehensive compilation of the Odyssey target has outlined potential for a wide, bulk tonnage underground deposit. The Odyssey target is located approximately 700 metres east of Jeffrey Zone along the Cadillac-Larder Lake Fault (CLLF), and is approximately 4.5 kilometres from the Canadian Malartic mill complex.

Further to initial disclosure in the February 7, 2014 press release, Odyssey consists of two zones ("North Odyssey" and "South Odyssey"), located at vertical depths of 400 to 1000 metres on the north and south margins, respectively, of a 200-300 metre wide, subvertical porphyry intrusion that is similar to the Canadian Malartic porphyry. The following table summarizes historical drill results from the Odyssey zones (initially discovered in 1988-1990 Lac Minerals drilling) as well as recent holes drilled by Osisko (DDH ODY11-2404 and ODY14-2480):

  ------------------------------------------------------------------------
  Hole No.            Zone    From (m)      To (m)  Length (m)      Au g/t
                                                                          
  EM90-21            South       543.5       564.8        21.3        2.75
  And                            633.4       671.5        38.1        3.03
                                                                          
  EM90-23A           South       487.1       529.7        42.6        2.53
                                                                          
  ODY14-2480         South       545.0       587.7        42.7        2.50
                                                                          
  EM90-25            South       479.8       500.5        20.7        2.29
                                                                          
  ODY11-2404         South       928.0       935.5        7.50        7.19
                                                                          
  EM90-21            North      1128.7      1198.8        70.1        2.12
                                                                          
  EM90-23A           North       985.4      1037.2        51.8        1.83
                                                                          
  EM90-27            North       822.4       835.7        13.3        2.49
                                                                          
  EM88-17         (center)       782.4       807.1        24.7        1.90
  And                            863.2       877.2        14.0        6.45
                                                                          
  ------------------------------------------------------------------------

DDH ODY14-2480 intersected the South Odyssey zone within 5 metres of DDH EM90-23A and produced a similar gold intersection, confirming historical Lac Minerals results. DDH ODY11-2404 and ODY14-2480 will be deepened to cross the porphyry intrusion and intersect the North Odyssey zone along the northern margin of the porphyry. DDH EM88-17 is a historical vertical hole that intersected mineralization near the center of the porphyry intrusion, suggesting potential of additional gold zones within the porphyry.

Drill intersections into the South Odyssey zone span a vertical depth of 400 metres and a strike length of 150 metres. Geometry and true thickness of this zone are presently unknown. The three drill intersections into the North Odyssey zone span a vertical depth of 350 metres and a strike length of 400 metres. The geology suggests a tabular zone at the porphyry-volcanic contact dipping steeply to the south with a true thickness of 10 to 60 metres. Mineralization in both Odyssey zones consists of quartz-pyrite vein stockworks in potassic-altered porphyry, similar to that in the South Barnat deposit to the west.

The Odyssey zones are of interest from an underground bulk tonnage mining perspective, since mining costs in wide zones of mineralization (minimum 20 metres width) have been significantly reduced in a number of mines in recent years, allowing for mining of lower grade ore such as at Goldex near Val d'Or, where Agnico Eagle reported Q4 2013 average grades of 1.35 g/t Au.

Two drills are currently active on the Odyssey zones. The objective is to define the overall size and geometry of both zones to vertical depths of approximately 1300 metres. Specifically on the North Odyssey zone, the target is a mineralized tabular body measuring 450 meters along strike, 600 metres in vertical depth with an average true thickness of 40 meters at an average grade between 2.0-2.5 g/t gold.

Historical assays reported above are believed to be reliable but no details of analytical nor QA-QC procedures are available. All Osisko core assays reported above were obtained by standard 50 g fire assaying-AA finish or gravimetric finish on split NQ core from ALS Chemex laboratories in Val d'Or, Quebec, an ISO/IEC guideline 17025-accredited facility. Reported drill core weighted averages were calculated using a minimum of 1.0 g/t Au over successive intervals with maximum contiguous internal dilution length of 5 metres. All high assays were capped at 20 g/t Au. Lost core intervals, constituting less than 0.5% of reported intervals within mineralized intersections, were all less than one metre long and incorporated as the average grade of adjacent intervals above and below in all length-weighted calculations. Osisko follows strict QA-QC protocol measures in keeping with industry standards and regulatory reporting requirements. Mr. Robert Wares, D.Sc., P. Geo., Senior Vice President Exploration and Resource Development for 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.

Reject the Inadequate Goldcorp Offer

As previously disclosed, the Osisko Board of Directors has unanimously recommended that Osisko shareholders reject the hostile take-over bid initiated by Goldcorp Inc. and not tender their Osisko shares to the Goldcorp offer. The Osisko Board determined that the Goldcorp offer fails to adequately compensate Osisko shareholders for, among others things, the strategic value of Osisko's world-class asset base, the significant upside potential of Osisko's Canadian Malartic Mine, or the increased risk inherent in Goldcorp common shares. The full basis for the Osisko Board's recommendation is available in a Directors' Circular, a copy of which is available online at www.osisko.com.

Shareholders who have questions or who may have already tendered their shares to the Goldcorp Offer and wish to withdraw them, may do so by contacting our Information Agent, Laurel Hill Advisory Group at:

North American Toll Free: 1-877-452-7184

Banks, Brokers or collect calls: 416-304-2011

Email: [email protected]

About Osisko Mining Corporation

Osisko Mining Corporation operates the Canadian Malartic Gold Mine in Malartic, Quebec and is pursuing exploration and resource definition on a number of properties, notably in Ontario and Mexico.

Forward-Looking Statements

Certain statements contained in this press release may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that the Corporation expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur including, without limitation, the existence of an additional wide, bulk tonnage underground deposit at Canadian Malartic, the continuation and success of exploration activities or the development of projects, and the Corporation's view on the quality and the potential of its Canadian Malartic asset and on Goldcorp common shares. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including, without limitation that the development of projects will be achieved, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include gold prices, the Corporation's limited experience with production and development stage mining operations, uninsured risks, regulatory changes or sanctions, defects in titles, availability of personnel, materials and equipment, timeliness of government approvals, actual performance of facilities, equipment and processes relative to specifications and expectations, unanticipated environmental impacts on operations market prices, continued availability of capital and financing and general economic, market or business conditions. These factors are discussed in greater detail in the Corporation's most recent Annual Information Form filed on SEDAR, which also provides additional general assumptions in connection with these statements. The Corporation cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Corporation's forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Corporation believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release.

Contacts:
John Burzynski
Vice-President Corporate Development
(416) 363-8653

Sylvie Prud'homme
Director of Investor Relations
(514) 735-7131
Toll Free: 1-888-674-7563
www.osisko.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
"Digital transformation - what we knew about it in the past has been redefined. Automation is going to play such a huge role in that because the culture, the technology, and the business operations are being shifted now," stated Brian Boeggeman, VP of Alliances & Partnerships at Ayehu, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
You know you need the cloud, but you're hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You're looking at private cloud solutions based on hyperconverged infrastructure, but you're concerned with the limits inherent in those technologies. What do you do?
As many know, the first generation of Cloud Management Platform (CMP) solutions were designed for managing virtual infrastructure (IaaS) and traditional applications. But that's no longer enough to satisfy evolving and complex business requirements. In his session at 21st Cloud Expo, Scott Davis, Embotics CTO, explored how next-generation CMPs ensure organizations can manage cloud-native and microservice-based application architectures, while also facilitating agile DevOps methodology. He expla...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...
DevOps promotes continuous improvement through a culture of collaboration. But in real terms, how do you: Integrate activities across diverse teams and services? Make objective decisions with system-wide visibility? Use feedback loops to enable learning and improvement? With technology insights and real-world examples, in his general session at @DevOpsSummit, at 21st Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, explored how leading organizations use data-driven DevOps to close th...
"I focus on what we are calling CAST Highlight, which is our SaaS application portfolio analysis tool. It is an extremely lightweight tool that can integrate with pretty much any build process right now," explained Andrew Siegmund, Application Migration Specialist for CAST, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...