OSISKO INTERSECTS NEW GOLD MINERALIZATION ON
THE MALARTIC CHL PROPERTY
Montreal, Quebec, October 20, 2009 - Osisko Mining
Corporation (�Osisko�, OSK - TSX, EWX - Deutsche Boerse) is pleased to announce additional results from
the 2008 drill program targeting the CHL Porphyry and the Shaft Zone on
the Malartic CHL Property, located immediately east of the Canadian
Malartic property.
Highlights
from 32 drill holes totaling 7,175 metres include 15 metres averaging 8.60 g/t Au
(CHL08-2061), 29.5 metres
averaging 3.39g/t Au (CHL08-2101), 52.5 metres averaging 0.89g/t Au
(CHL08-2128) and 18.0 metres
averaging 1.55g/t Au (CHL08-2131).
Drilling
intersected a series of near surface and deeper gold mineralized zones
across the CHL Porphyry intrusion and the Shaft Zone. Assay results are
summarized in the table below:
CHL Porphyry
|
Hole No.
|
Section
|
From (m)
|
To (m)
|
Length (m)
|
Au g/t
|
|
|
CHL08-2054
|
6797E
|
142.0
|
146.0
|
4.0
|
0.91
|
|
|
|
|
|
|
|
|
CHL08-2057
|
6859E
|
90.3
|
95.6
|
5.3
|
1.96
|
|
|
|
|
|
|
|
|
CHL08-2060
|
6915E
|
135.6
|
141.4
|
5.8
|
0.94
|
|
And
|
|
195.5
|
233.0
|
37.5
|
0.60
|
|
|
|
|
|
|
|
|
CHL08-2061
|
6915E
|
115.0
|
130.0
|
15.0
|
8.60
|
|
Including
|
|
118.0
|
122.3
|
4.3
|
16.1
|
|
Including
|
|
125.5
|
130.0
|
4.5
|
12.0
|
|
|
|
|
|
|
|
|
CHL08-2128
|
6985E
|
154.5
|
169.5
|
15.0
|
0.71
|
|
And
|
|
208.5
|
216.0
|
7.5
|
0.57
|
|
And
|
|
271.5
|
324.0
|
52.5
|
0.89
|
|
|
|
|
|
|
|
|
CHL08-2131
|
7070E
|
253.0
|
272.5
|
19.5
|
0.58
|
|
And
|
|
284.5
|
302.5
|
18.0
|
1.55
|
|
Including
|
|
289.0
|
290.5
|
1.5
|
7.50
|
|
And
|
|
334.0
|
340.0
|
6.0
|
0.85
|
Shaft Zone
|
Hole No.
|
Section
|
From (m)
|
To (m)
|
Length (m)
|
Au g/t
|
|
|
CHL08-2095
|
6650E
|
129.0
|
130.0
|
1.0
|
5.20
|
|
And
|
|
135.3
|
139.4
|
4.1
|
3.80
|
|
Including
|
|
135.3
|
136.5
|
1.2
|
9.23
|
|
|
|
|
|
|
|
|
CHL08-2098
|
6700E
|
14.0
|
18.5
|
4.5
|
1.24
|
|
And
|
|
174.0
|
201.0
|
27.0
|
1.24
|
|
Including
|
|
174.0
|
175.5
|
1.5
|
8.04
|
|
|
|
|
|
|
|
|
CHL08-2100
|
6750E
|
148.0
|
154.0
|
6.0
|
3.11
|
|
|
|
|
|
|
|
|
CHL08-2101
|
6750E
|
107.5
|
123.0
|
15.5
|
0.94
|
|
Including
|
|
122.0
|
123.0
|
1.0
|
5.29
|
|
And
|
|
154.5
|
184.0
|
29.5
|
3.39
|
|
Including
|
|
159.0
|
166.5
|
7.5
|
9.52
|
|
|
|
|
|
|
|
|
CHL08-2102
|
6750E
|
147.0
|
160.5
|
13.5
|
0.88
|
|
Including
|
|
148.0
|
149.0
|
1.0
|
4.52
|
|
|
|
|
|
|
|
|
CHL08-2103
|
6750E
|
28.5
|
42.0
|
13.5
|
0.72
|
|
|
|
|
|
|
|
|
CHL08-2105
|
6785E
|
58.0
|
64.0
|
6.0
|
0.58
|
|
|
|
|
|
|
|
|
CHL08-2106
|
6800E
|
201.5
|
206.0
|
4.5
|
1.13
|
|
|
|
|
|
|
|
|
CHL08-2107
|
6850E
|
178.0
|
185.5
|
7.5
|
0.56
|
|
And
|
|
245.5
|
249.5
|
4.0
|
1.10
|
|
|
|
|
|
|
|
|
CHL08-2108
|
6850E
|
201.0
|
208.5
|
7.5
|
0.75
|
|
And
|
|
228.0
|
240.0
|
12.0
|
0.41
|
|
And
|
|
243.0
|
259.5
|
16.5
|
1.40
|
|
|
|
|
|
|
|
Holes CHL08-2054 to CHL08-2061 represent
a 120 metre west-east section across the southwestern margin of the CHL
Porphyry, and holes CHL08-2128 and CHl08-2131 were located near the
eastern margin of the CHL Porphyry. Both areas are located between the
Jeffrey Zone to the southeast and the Shaft Zone to the northwest.
Drilling generally comprised 3 holes per setup along the western margin
of the CHL Porphyry and single or 2-hole set-ups within the central core
and eastern margins of the CHL Porphyry. The higher grade zone in
drill hole CHL08-2061 was closed at depth and near surface with holes
CHL08-2060 and -2062, but remains open along strike near the contact of
the CHL Porphyry and ultramafic schists. Mineralized intersections
from the holes targeting the Sha ft Zone are all from the deeper portion
of the Shaft Zone or from zones of lower grade disseminated
mineralization located in the CHL Porphyry immediately south of the Shaft
Zone. These results, along with previously reported intersections from the
Shaft Zone, suggest a minimum 150 metre strike length of unknown true
width.
Mineralization in the CHL Porphyry consists of disseminated pyrite-gold
in strongly potassic altered quartz-feldspar porphyry in contact with
deformed ultramafic volcanic rocks, and in subordinate gabbro and
sedimentary units. Narrower, higher-grade mineralization is hosted in
quartz veins, brecciated and silicified porphyry and/or talc/chlorite
altered and sheared ultramafic rocks. Current structural interpretation
by Osisko indicates that the Jeffrey and Shaft zones are located at the
southeastern and northwestern extremities, respectively, of the CHL
Porphyry, which has been deformed into a Z-shaped body by sinistral
strike-slip motion along the Cadillac-Larder Lake Fault Zone. The
geological model suggests potential for additional mineralization along
dilation zones at the contact between the porphyry and the ultramafic
schists.
In conjunction with the results released on September 10th, 2009 and
April 17th, 2009, the total strike length tested to date on the Malartic
CHL property is approximately 1.4 kilometres. Additional results from a
group of forty-one (41) drill holes totaling about 7,100 metres are
anticipated to be released over the next 6 weeks with respect to the CHL
Porphyry and the Shaft Zone.
All NQ or HQ core assays reported above were obtained by standard 50 g
fire assaying-AA finish or gravimetric finish at ALS Chemex laboratories
in Val d'Or, Quebec. Reported weighted averages were calculated using a
minimum of 0.50 g/t Au over successive maximum intervals of 20 metres
with no upper cut-off of individual assays. Intersected drifts or
lost core within mineralized intersections w ere incorporated as blank
intervals.
Osisko has the right to acquire a 70% interest in the Malartic CHL
Property from Golden Valley Mines Ltd. in consideration for $150,000 in
cash payments over a four year period (total amount paid to date) and by
completing a minimum $2,000,000 in exploration work over a four year
period. Upon earning its 70% interest, Golden Valley will maintain a
free-carried interest of 30% to production. Presently, option/joint
venture operator Osisko has completed 19,746 metres (101 drill holes) on
the property in 2008 and 15 holes totaling 6,544 metres in 2007.
Osisko Mining Corporation
is currently developing the Canadian Malartic gold deposit and evaluating
adjacent areas for a large-scale open pit, bulk-tonnage mining operation.
The Canadian Malartic deposit currently represents one of the biggest
gold reserves in Canada for a single deposit, and is still growing
through ongoing drilling on new mineralized zones. Cur rent reserves for
the Canadian Malartic property are 6.28 million ounces, plus (including
the Barnat deposit) a measured and indicated resource of 3.65 million
ounces and an inferred resource of 0.84 million ounces. Mr. Robert Wares,
P. Geo. and Executive Vice-President of 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
including the sampling, analytical and test data underlying the technical
information.
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Cautionary Notes Concerning Estimates of Mineral
Resources
This news release uses the terms measured,
indicated and inferred resources as a relative measure of the level of
confidence in the resource estimate. Readers are cautioned that mineral
resources are not economic mineral reserves and that the economic viability
of resources that are not mineral reserves has not been demonstrated.
In addition, inferred resources are considered too geologically
speculative to have any economic considerations applied to them. It
cannot be assumed that all or any part of an inferred mineral resource
will ever be upgraded to a higher category. Under Canadian rules,
estimates of inferred mineral resources may not form the basis of
feasibility or pre-feasibility studies or economic studies except for
Preliminary Assessment as defined under NI 43-101. Readers are
cautioned not to assume that that further work on the stated resources
will lead to mineral reserves that can be mined economically.
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.
Although the Corporation believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
including, without limitation that all technical, economical and
financial conditions will be met in order to put the Canadian Malartic
Proje ct into commercial production, 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, access to skilled consultants, mining
development and mill production personnel, results of exploration and
development activities, the Corporation�s limited
experience with production and development stage mining operations,
uninsured risks, regulatory changes, defects in title, 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 de tail 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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