|By Marketwired .||
|April 2, 2014 10:20 AM EDT||
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.
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.
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