Canada invests $70m in Seymour Lake lithium project in Ontario
The lithium mine operated by Australia's Green Technology Metals could become the province's first lithium producer.
After nearly 1.9 million metres of drilling, Osisko Mining (TSX: OSK) has outlined a total of 1.9 million oz. at its 100%–owned Windfall gold deposit in Eeyou Istchee James Bay, Quebec.
The measured and indicated category contains 4.1 million oz. in 11.1 million tonnes grading 11.4 g/t gold. This is a 26% increase in ounces and an 8% increase in grade. About three–quarters of the ounces are attributable to the Lynx deposit.
The inferred category contains 3.3 million oz. in 12.3 million tonnes grading 8.4 g/t gold. About half of these ounces occur in the Lynx deposits.
To calculate the resource estimate, Osisko used a gold price of $1,600, a recovery rate of 93%, and a 3.5 g/t gold cut-off grade.
The new resource estimate convers the Lynx, Underdog, Main, and Triple 8 deposits to a depth of 1,200 metres from surface. A bulk sample has been taken from the Lynx 600 zone. When milling is complete in early-October, results will indicate a higher grade than indicated by drilling. This was the case when two prior bulk samples were processed and returned grades that were 26% and 89% higher than anticipated.
“With this final MRE update prior to our pending feasibility study, we have met and exceeded our objectives for the Windfall drill program: a robust measured and indicated resource of over 4.0 million oz. with an average grade of over 10 g/t gold, said Osisko CEO John Burzynski in a statement.
“The scale of Windfall and the deposit grade has steadily increased since Osisko’s discovery of Lynx in late 2016. Lynx now represents almost two-thirds (65%) of the total gold in the MRE, and it continues to impress with a stand-alone total M&I resource of 3.1 M oz averaging 13.0 g/t Au,” he added.
