Lynx yields 286 g/t Au over 2.1 metres for Osisko Mining

Staff Writer | April 5, 2023 | 10:16 am Exploration Canada Gold 
Engineers examine gold-bearing mineralization underground at the Windfall project. Credit: Osisko Mining

Osisko Mining (TSX: OSK) has assays as high as 286 g/t and 204 g/t gold from holes drilled as part of its expansion and infill program at the Lynx deposit. Lynx is part of the Windfall gold project in the Abitibi greenstone belt, Eeyou Istchee James Bay, Quebec. The company has completed 55,000 metres of additional drilling since the feasibility study was released six months ago.

Select expansion intercepts extending wireframes include:

  • 12.4 g/t gold over 6.6 metres in WST-22-1296, a 100-metre down plunge extension of Lynx Main wireframe 3388 
  • 20.5 g/t gold over 2.1 metres in WST-22-1294, a 60-metre down plunge extension of the above wireframe  
  • 286 g/t gold over 2.1 metres in WST-22-1218, a 30-metre extension below Triple Lynx wireframe 3188  
  • 120 g/t gold over 2.1 metres in WST-22-1218, a 40-metre extension above Triple Lynx wireframe 3162 
  • 29.6 g/t gold over 8.4 metres from hole WST-22-1182A-W1, a 20-metre extension below Triple Lynx wireframe 3172 
  • 69.7 g/t gold over 2.1 metres, a 60-meter extension east of Triple Lynx wireframe 3121.

Osisko Mining closed a C$100 million bought deal private placement in February. The funds will be used to advance the Windfall project towards production. The project is the highest-grade gold deposit containing over 1.0 million oz. ever discovered in Quebec. It includes proven and probable reserves of 12.2 million tonnes grading 8.06 g/t gold, containing 3.2 million oz.

The Windfall feasibility base case using a gold price of $1,600/oz., outlines an operation with an after-tax net present value and a 9% discount of C$1.2 billion and an after-tax internal rate of return of 34%. The initial capex was estimated at C$788.6 million, and payback would take only two years. The life of mine average annual production will be 306,000 oz. of gold.

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