TNM Drill Down: Osisko Mining leads week’s gold assays at Windfall project in Quebec

Our TNM Drill Down features highlights of the top gold assays of the past week. Drill holes are ranked by gold grade x width, as identified by our sister company Mining Intelligence.

The top gold assays for the week Mar. 31-Apr. 6 come from projects in the Americas — specifically, Canada and Bolivia. Osisko Mining (TSX: OSK) leads the rankings for the week with its Windfall project in Quebec. On Apr. 5, the Toronto-based company reported that hole WST-22-1218 returned 2.1 metres grading 286 grams gold per tonne from 234 metres depth, for a width x grade value of 601. WST-22-1218 was drilled as part of a targeted feasibility study surface drill campaign that was completed in September at Windfall, in the Abitibi greenstone belt in the Eeyou Istchee James Bay region. Over the past six months, Osisko has drilled more than 55,000 metres across 45 holes that have targeted expansion and infill work at the Lynx segment of Windfall. The holes are aimed at upgrading inferred resources to measured or indicated. According to a feasibility study published in November, the project has probable reserves of 12.1 million tonnes grading 8.1 grams gold for 3.2 million oz. of contained metal. Measured resources total 811,000 tonnes grading 11.4 grams grams gold for 297,000 oz. of contained metal, indicated resources come to 10.2 million tonnes grading 11.4 grams gold for 3.7 million oz. of contained gold; and inferred resources total 12.2 million tonnes grading 8.4 grams gold for 3.3 million oz. of contained metal.

The second-best gold assay of the week came from New Found Gold’s (TSXV: NFG) Iceberg discovery at its Queensway project in Newfoundland. On Apr. 4, the company reported that hole NFGC-23-1141 returned 10.6 metres grading 35.6 grams gold, for a width x grade value of 377. That hole was a 50-metre step-down from hole NFGC-23-1120, which cut 29.8 metres of 49.7 grams gold and 3.8 metres of 14.6 grams gold, as reported in March. Iceberg is a high-grade zone located northeast of the Keats Main area, along the prospective Appleton Fault Zone. Gold mineralization at the Iceberg target starts at surface and drilling has defined its strike length along more than 50 metres and traced it to more than 80 metres down-dip. It remains open along strike and to depth. Drilling continues inside the projection of the prospective Keats-Baseline Fault Zone in search of more near-surface high-grade gold mineralization, part of the wider 500,000-metre program at Queensway.

The third-best drill assay for the week comes from New Pacific Metals’ (TSX: NUAG) Carangas project in western Bolivia. Hole DCAr0112 returned 306.9 metres from 359.5 metres depth grading 1.2 grams gold per tonne, for a width x times grade value of 368. On Apr. 6, the company reported assay results of the last 29 holes from its 2022 program, 10 of which are deep holes drilled in locations towards the Central Valley anomaly that overlays the gold mineralization system at Carangas. New Pacific’s 15,000 metre drill program for 2023 is almost finished, and its results, as well as results from the previous two years, will be used in an initial resource expected in the second quarter of 2023.