Osisko Mining reports that new drilling at its Upper Beaver gold project in Kirkland Lake, Ontario, has led to the discovery of two new gold-copper zones. Osisko acquired the Upper Beaver project when in acquired Queenston mining in a transaction that was completed in December 2012.

Step-out exploration drilling in the first quarter of 2013 intersected the two new discoveries, the East Basalt zone and the North Q zone, both occurring in mafic volcanic rocks adjacent to the Upper Beaver igneous complex.

Four holes drilled in the East Basalt zone approximately 700 m north-east of the established Upper Beaver deposit intersected new copper-gold mineralization starting at 75 m below surface. The most significant result was from a hole that intersected an 18.1-m-thick continuous zone of gold and copper mineralization that assayed 9.3 g/mt gold and 1.7% copper, including an 11.1-m interval assaying 13.1 g/mt gold and 2.8% copper.

In the North Q zone approximately 400 m northwest of the Upper Beaver deposit, two holes intersected multiple stringers of gold and copper mineralization approximately 200 m below surface. Significant intervals included 8 m of 3.2 g/mt gold and 0.6% copper, including 2 m of 11 g/mt gold and 1.6% copper; and 14 m of 1.84 g/mt gold and 0.3% copper, including 4 m of 4.4 g/mt gold and 0.75% copper over 4 m.

Osisko’s focus at Upper Beaver for 2013–2014 will be on the development of the 1,300-m exploration shaft, including engineering, design, and fabrication of the head frame and hoisting facilities budgeted at $70 million. The shaft collar has been established to a depth of 26 m, and exploration on the deposit continues with six drills.

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