The latest results from Osisko Mining (OSK-T) and its Canadian Malartic project in Quebec sent its shares climbing.
Exploration drilling at the South Barnat Zone — a separate system 1,200 metres northeast of the center of the Canadian Malartic deposit proper – returned results highlighted by: 3.19 grams gold per tonne over 76.5 metres, 1.62 grams gold over 177 metres, and 2.03 grams gold over 131.8 metres. A fourth hole hit 15.4 grams gold over 6 metres.
Its reserve estimate on the main Canadian Malartic gold deposit – released at the end of September — did not include the South Barnat zone. That estimate put total gold resources at 7.69 million ounces in the measured and indicated category and 720,000 ounces in the inferred category.
The company says it has finished drilling phase 14 of its Canadian Malartic drill program. In all 228 drill holes totaling 50,200 metres, were drilled for the phase with assay results from 145 holes already in.
Phase 15 is underway with roughly 45,000 metres already drilled from a total drill program of 120,000. It expects to wrap the program up by the end of January 2009.
Osisko is testing the Canadian Malartic gold deposit and adjacent areas for a large-scale open pit, bulk-tonnage mining operation.
The Company has roughly $130 million on hand to push ahead with its definition and exploration drilling programs.
In Toronto on Nov. 27, the company’s shares climbed 25% or 45¢ to $2.20 on 690,000 shares.
On Nov. 25 the Montreal-based company issued the results of its feasibility study. Annual output mine is scheduled to be 591,000 ounces of gold and 754,000 ounces of silver per year over a ten-year mine life, at an average operating cost of US$319 per ounce of gold after royalties and silver credits. A gold price of US$775 was used for calculations and capex is estimated to be US$723 million. Proven and probable reserves came in at 6.28 million oz,
Osisko holds a 100% interest in the Canadian Malartic.
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