Osisko hits shallow gold (July 14, 2004)

Osisko Exploration (OSK-V) has intersected significant gold at shallow depth on the Barry gold project, 180 km southwest of Chibougamou, in the Abitibi area, Que.

Ten holes (359 metres) were drilled improving the grade and the known extent of mineralization. One infill hole intersected 17.2 metres grading 3.93 grams gold per tonne. Three holes drilled to verify earlier drilling intersected grades ranging from 3.74-8.22 grams gold over 16-21 metres at depths of 0-22 metres.

The main zone is a quartz-pyrite-gold stockwork that has a strike length of at least 300 metres and is 25-30 metres wide.

Hole 108 intersected 26.6 metres grading 3.57 grams gold per tonne. This includes a 6.4-metre intercept that grades 11.8 grams gold, and extended the zone 50 metres towards the southwest. Another hole confirmed the strike length and intersected 15.5 metres grading 2.16 grams gold.

One hole failed to intersect significant gold; a review of the geophysics suggests the zone may be located further to the north.

Two holes tested an induced polarization anomaly 170 metres northwest of the main zone and failed to intersect significant gold.

Osisko has an option to earn up to 65% 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 held 50% by Murgor and 50% by Freewest Resources Canada (FWR-V). There is also a 2% net smelter royalty due to the original vendors of the property.