Osisko up on results from the Abitibi

Osisko Exploration‘s (OSK-T) latest drill results from its Canadian Malartic gold property sent the company’s shares up in Toronto on Aug. 21.

Shares gained 10.5% or 61 to $6.40 on roughly 144,000 shares traded after the Montreal-based company reported results from its phase five drilling program on its wholly owned property in Quebec’s Abitibi region.

Highlights include:

• Hole CM06-761 averaging 1.38 grams gold per tonne over 118.5 metres,
• Hole CM06-764 averaging 1.55 grams gold per tonne over 105.4 metres,
• Hole CM06-767 intersecting 3.78 grams gold over 13.5 metres,
• Hole CM06-774 intersecting 3.31 grams gold over 18.3 metres.

In its press release Osisko says the results are in line with expectations drawn from its geological model. The company explains that most holes were collared in the central part of the deposit where the mineralized zone is thinner but of higher average grade.

Osisko has reported results from 127 core holes for a total of roughly 33,500 metres drilled — all but four of which returned mineralization.

The company says the system is still open to the south, east and at depth, and it has begun its phase six drill program on the eastern extension, known as Sladen. It says that program will add at least 400 metres more to the length of the mineralized zone.

Both the phase four program — focused on the eastern end of the main deposit – and phase five — focused on the north and central part of the deposit — are nearly finished.

Osisko also reported strong results on Aug.9 from a five-hole program at its South Barnat zone which lies adjacent to Canadian Malartic. Highlights there included:

• 57.6 metres averaging 4.11 grams gold per tonne,
• 67.4 metres averaging 3.66 grams gold, including 10.7 grams gold over 9 metres,
• 12.4 grams gold over 13.5 metres,
• 7.89 grams gold over 4.5 metres.

The South Barnat zone is situated 800 metres northeast of the Canadian Malartic deposit.