Osisko hits shallow gold (August 30, 2004)

Osisko Exploration (OSK-V) continues to intersect significant gold at shallow depth at its Barry project, 180 km southwest of Chibougamau, Que.

Drill results from 13 holes totalling 425 metres included values as high as 5.6 grams gold per tonne over 7.9 metres beginning at a down-hole depth of 10 metres.

This and eight other holes were drilled in the updip, northwestern extension of the Main zone. Four holes intersected mineralization beginning at 0-3 metres of depth and graded 2.15-2.4 grams gold over 5-11.9 metres. Two other holes intersected 3.1-3.36 grams gold over widths of 1.4-6.9 metres and at down-hole depths of 12-15.9 metres.

The hole drilled farthest to the east in this area failed to intersect significant mineralization. Assays are still pending from a hole drilled 25 metres east of the hole that yielded the highest grade.

Five holes tested the zone along strike to the southwest. The best intercept in this area graded 3.57 grams gold over 5.6 metres. Other intersections graded 1.02-2.82 grams gold over 6-7.2 metres beginning at down-hole depths of 6.7-25.7 metres.

The 25-to-80-metre-wide quartz-pyrite-gold stockwork zone has been defined to a vertical depth of about 25 metres over a 250-metre strike. The holes in this area are at spacings of about 12 metres. Infill drilling is focusing on the next 200 metres along strike to the southwest and on delineation of the limit of the northwestern extension.

Osisko can earn up to a 65% interest in the five claims that comprise the 80-hectare Barry property. Four of the claims are owned by Murgor Resources (MUG-V), and one is owned equally by Murgor and Freewest Resources Canada (FWR-V). A 2% net smelter return royalty is due to the original vendors.