Osisko rising

Osisko Exploration (OSK-V) furthered its steady market climb by continuing to define its Canadian Malartic gold property in Quebec.

News from its latest drill program sent the Montreal-based company up roughly 5% or 55 to $11.39 on nearly 81,000 shares traded. Last year at this time Osisko shares were trading at just $3.96 a 287% increase in 12 months.

That market wealth has been built on the back of its 100% interest in Canadian Malartic a property that boasts 6.5 million oz. of gold in the inferred category, stashed safely in the rocks of mining friendly Quebec.

The latest results are from 35 new holes focusing on the Western and Southern extension of the deposit.

Infill drilling at the Western zone was highlighted by:

• Hole CM07-986 66 metres averaging 4.39 grams gold including 7.5 metres averaging 27.2 grams gold.
• Hole CM07-988 — 134.9 metres averaging 1.66 grams gold.
• Hole CM06-955 — 311.5 metres averaging 0.69 grams gold.

The company says hole CM06-955 the longest continuous mineralized zone at the project to date — was a vertical hole collared in the core of the F zone porphyry.

Osisko drilled 21 holes in the Southern extension and intersects here represent new mineralization. Results were highlighted by:

• Hole CM07-976 — 12.9 metres grading 3.36 grams gold and 40.5 metres grading 0.65 grams gold.
• Hole CM07-982 — 148.4 metres grading 1.12 grams gold.

Drilling in the Southern extension extended mineralization another 110 to 230 metres along the 360 metre strike length, the company says.

Osisko says the deposit is open to the south and believes the system plunges southeast.

Canadian Malartic has an inferred resource of 178 million tonnes grading 1.14 grams gold for 6.5 million oz. of gold. The company plans to build a large-scale open pit mine at the site.