Weekly News Service

E&MJ is proud to offer its weekly news service for our loyal readers. Sign up for our Email Newsletter to keep up-to-date with the latest news the mining industry has to offer. Or, simply text ENGINEERING to 22828 to get started!

Home Exploration Exploration Briefs Osisko Mining increased total inferred resource estimate
Osisko Mining increased total inferred resource estimate PDF Print E-mail
Tuesday, 10 January 2012 11:38

Osisko Mining has increased the total inferred resource estimate for its Hammond Reef gold project near Atikokan, Ontario, to 10.52 million oz of gold based on a 0.30 g/mt gold lower cut-off. Osisko gained the project when it acquired Brett Resources for about C$372 million in 2010. The new estimate is based on about 300,000 m of drilling by Brett and Osisko from January 2010 to July 2011. Osisko anticipates that drilling of an additional 130,000 m by February 2012 will allow the in-pit deposit to be upgraded to measured and indicated during the first quarter of 2012.

The in-pit inferred resource currently stands at 6.86 million oz at a diluted grade of 0.63 g/mt gold, based on a Whittle-optimized pit shell using a gold price of $1,200/oz, a corresponding lower cut-off grade of 0.28 g/mt gold, and a waste:ore strip ratio of 1.25:1. This represents an increase of 1.36 million oz of gold above a previous resource estimate in 2009. The Whittle shell has approximate maximum dimensions of 2,500 m in length, 1,050 m in width, and 380 m in vertical depth.

Osisko expects to release a further resource update for the Hammond Reef project at the end of the first quarter of 2012, with a feasibility study to follow. (www.osisko.com)


| More...