Click here to close now.


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

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.

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

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
SYS-CON Events announced today that IBM Cloud Data Services has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IBM Cloud Data Services offers a portfolio of integrated, best-of-breed cloud data services for developers focused on mobile computing and analytics use cases.
As enterprises capture more and more data of all types – structured, semi-structured, and unstructured – data discovery requirements for business intelligence (BI), Big Data, and predictive analytics initiatives grow more complex. A company’s ability to become data-driven and compete on analytics depends on the speed with which it can provision their analytics applications with all relevant information. The task of finding data has traditionally resided with IT, but now organizations increasingl...
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the...
“All our customers are looking at the cloud ecosystem as an important part of their overall product strategy. Some see it evolve as a multi-cloud / hybrid cloud strategy, while others are embracing all forms of cloud offerings like PaaS, IaaS and SaaS in their solutions,” noted Suhas Joshi, Vice President – Technology, at Harbinger Group, in this exclusive Q&A with Cloud Expo Conference Chair Roger Strukhoff.
Docker is hot. However, as Docker container use spreads into more mature production pipelines, there can be issues about control of Docker images to ensure they are production-ready. Is a promotion-based model appropriate to control and track the flow of Docker images from development to production? In his session at DevOps Summit, Fred Simon, Co-founder and Chief Architect of JFrog, will demonstrate how to implement a promotion model for Docker images using a binary repository, and then show h...
SYS-CON Events announced today that JFrog, maker of Artifactory, the popular Binary Repository Manager, will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based in California, Israel and France, founded by longtime field-experts, JFrog, creator of Artifactory and Bintray, has provided the market with the first Binary Repository solution and a software distribution social platform.
SYS-CON Events announced today that Agema Systems will exhibit at the 17th International Cloud Expo®, which will take place on November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Agema Systems is the leading provider of critical white-box rack solutions to data centers through the major integrators and value added distribution channels.
Clearly the way forward is to move to cloud be it bare metal, VMs or containers. One aspect of the current public clouds that is slowing this cloud migration is cloud lock-in. Every cloud vendor is trying to make it very difficult to move out once a customer has chosen their cloud. In his session at 17th Cloud Expo, Naveen Nimmu, CEO of Clouber, Inc., will advocate that making the inter-cloud migration as simple as changing airlines would help the entire industry to quickly adopt the cloud wit...
Learn how Backup as a Service can help your customer base protect their data. In his session at 17th Cloud Expo, Stefaan Vervaet, Director of Strategic Alliances at HGST, will discuss the challenges of data protection in an era of exploding storage requirements, show you the benefits of a backup service for your cloud customers, and explain how the HGST Active Archive and CommVault are already enabling this service today with customer examples.
SYS-CON Events announced today that Interface Masters Technologies, provider of leading network visibility and monitoring solutions, will exhibit at the 17th International CloudExpo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading provider of high speed networking solutions focused on Gigabit, 10 Gigabit, 40 Gigabit and 100 Gigabit Ethernet network access and connectivity products. For over 20 ye...
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Learn how IoT, cloud, social networks and last but not least, humans, can be integrated into a seamless integration of cooperative organisms both cybernetic and biological. This has been enabled by recent advances in IoT device capabilities, messaging frameworks, presence and collaboration services, where devices can share information and make independent and human assisted decisions based upon social status from other entities. In his session at @ThingsExpo, Michael Heydt, founder of Seamless...
SYS-CON Events announced today that VividCortex, the monitoring solution for the modern data system, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The database is the heart of most applications, but it’s also the part that’s hardest to scale, monitor, and optimize even as it’s growing 50% year over year. VividCortex is the first unified suite of database monitoring tools specifically desi...
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Interested in leveraging automation technologies and a cloud architecture to make developers more productive? Learn how PaaS can benefit your organization to help you streamline your application development, allow you to use existing infrastructure and improve operational efficiencies. Begin charting your path to PaaS with OpenShift Enterprise.