MONTREAL, QUEBEC--(Marketwired - Apr 23, 2014) - Osisko Mining Corporation ("Osisko") (OSK.TO)(EWX.F) is pleased to announce the results of its first drill intersection into the Odyssey North target, located at depth approximately 700 metres east of Jeffrey Zone along the Cadillac-Larder Lake Fault (CLLF), and approximately 4.5 kilometres from the Canadian Malartic mill complex.
Odyssey consists of two zones ("North Odyssey" and "South Odyssey"), located at vertical depths of 400 to 1,000 metres on the north and south margins (respectively) of a 200-300 metre wide, south-dipping porphyry intrusion that is similar to the Canadian Malartic porphyry. The following table summarizes results of the extension to drill hole ODY11-2404, the first Osisko hole to test the Odyssey North target:
* upper cut set at 15 g/t Au
** previously reported in April 2, 2014 press release
The center of this significant intersection of 110.2 metres at 2.85 g/t Au cut the Odyssey North zone at a true depth of approximately 1150 metres and indicates a true with of 70 metres. It is located 290 below historical hole EM90-23A (51.8 m averaging 1.83 g/t Au) and 130 m below and 140 m east of historical hole EM90-21 (70.1 m averaging 2.12 g/t Au). Data from these three holes and historic holes indicate a tabular body dipping 70 degrees south with a true average width of 20 to 70 metres. ODY11-2404 also intersected a 0.5 metre-wide, visible gold-bearing sheared gabbro beyond the north porphyry contact that assayed 105 g/t Au (uncut) over one metre. This auriferous shear constitutes a new discovery whose extent is presently unknown.
DDH ODY14-2481 intersected the South Odyssey zone orthogonally to previously reported holes. The first intersection (3.3 metres averaging 10.9 g/t Au) is separate (above the porphyry) and is also hosted by sheared gabbro. All other intersections are within partly silicified grey porphyry and suggest a more sporadic distribution of mineralization within an irregularly shaped body of unknown orientation. Four drills are currently active on the Odyssey zones with the objective to define the overall size and geometry of both zones to vertical depths of approximately 1,300 metres.
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 Minerals 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 15 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
About Osisko Mining Corporation
Osisko Mining Corporation operates the Canadian Malartic Gold Mine in Malartic, Québec 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, and the continuation and success of exploration activities or the development of project. 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 results of exploration and development activities, 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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