Osisko, Virginia test showings at Payne Bay

Osisko Exploration (OSK-M) and Virginia Gold Mines (VIA-M) have completed a prospecting program aimed at identifying nickel targets at the Payne Bay property, near Ungava Bay in Quebec.

The partners focused on 37 conductors identified by a previous airborne geophysical survey. Most of the anomalies occur in mafic and ultramafic complexes. Assay results from the program, in which numerous sulphide showings were identified and sampled, are pending.

Seventeen of the previously identified conductors have been selected for ground surveys. Osisko, as operator, will conduct ground geophysical surveys and map seven targets in the next round of exploration.

Pending results from this work, Osisko and Virginia intend to drill in September.

The 17,350-ha property is wholly owned by Osisko, though Virginia can earn a half-interest by spending $600,000 on exploration over three years. An adjacent 5,470-ha property was recently acquired in a 50-50 joint venture between the companies.