Osisko - Virginia Gold Royalties
gold royalty company - 5% NSR on Malartic.
Message: New Results From Duparquet Including 60 Metres Averaging 2.18 g/t Au
| January 26, 2011 | |
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Osisko and Clifton Star Report New Results From Duparquet Including 60 Metres Averaging 2.18 g/t Au
(Higher Grade intercepts include 3.4 metres averaging 162.0 g/t Au) |
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MONTREAL, QUEBEC--(Marketwire - Jan. 26, 2011) - Osisko Mining Corporation ("Osisko")(TSX:OSK)(FRANKFURT:EWX) and Clifton Star Resources Inc ("Clifton")(TSX VENTURE:CFO)(FRANKFURT:C3T) are pleased to announce results from forty-nine new holes from the completed 2010 drill program at the Duparquet Project, located in the Abitibi region of Quebec. Significant wide intersections from the new drill holes on the Donchester property include 60.0 meters averaging 2.18 g/t Au (DON10-74), and 46.5 metres averaging 1.19 g/t (DON10-83). The new drilling also intersected significant higher grade intercepts including 3.4 meters averaging 162.0 g/t Au (DON10-107), 7.5 meters averaging 9.57 g/t Au (DON10-116) and 10.5 meters averaging 7.40 g/t Au (DON10-69). Assay results from the new holes (five sections spaced 100 m apart) are summarized in the table below:---------------------------------------------------------------------
Hole No. Section Az./dip From To Length Au g/t
(m) (m) (m)
DON10-44 631600E 0/60 36.6 42.5 5.9 2.24
And 304.1 320.7 16.6 0.73
And 361.9 385.0 23.1 1.05
DON10-51 631600E 0/60 254.5 269.7 15.2 0.77
And 301.9 307.4 5.5 2.39
DON10-52 631600E 0/60 197.0 198.6 1.6 8.06
And 263.0 272.0 9.0 0.89
DON10-53 631600E 0/60 205.5 216.0 10.5 1.42
DON10-72 631600E 0/60 57.0 62.5 5.5 1.03
And 75.5 90.5 15.0 1.90
DON10-83 631600E 0/61 87.0 133.5 46.5 1.19
DON10-132 631600E 0/60 297.5 299.0 1.5 14.90
DON10-133 631600E 0/60 221.0 243.5 22.5 1.79
DON10-140 631600E 0/60 123.5 128.0 4.5 3.73
DON10-99 631700E 180/60 10.8 39.5 28.7 1.49
And 132.5 137.0 4.5 4.00
DON10-101 631700E 180/60 86.0 89.0 3.0 4.89
101.2 118.0 16.8 1.62
DON10-114 631700E 180/60 78.5 86.3 7.8 1.29
DON10-115 631700E 0/60 115.5 117.0 1.5 7.06
And 129.0 135.0 6.0 4.21
DON10-116 631700E 0/60 65.5 76.0 10.5 0.99
And 171.0 178.5 7.5 9.57
including 172.5 174.0 1.5 34.90
And (cut) 171.0 178.5 7.5 8.59
And 205.6 210.5 4.9 2.44
DON10-131 631700E 0/60 115.7 124.5 8.8 1.20
And 242.5 252.0 9.5 1.24
DON10-54 631800E 0/60 84.1 99.3 15.2 2.13
And 333.4 338.9 5.5 5.29
DON10-55 631800E 0/60 32.0 36.5 4.5 5.06
And 271.5 276.0 4.5 1.70
And 397.5 399.0 1.5 21.10
DON10-60 631800E 0/60 77.5 95.5 18.0 0.62
And 163.0 164.0 1.0 44.90
And 307.5 318.0 10.5 0.79
And 358.2 373.9 15.7 0.82
DON10-68 631800E 0/50 6.5 11.0 4.5 1.96
And 127.5 134.5 7.0 1.01
DON10-69 631800E 180/50 254.0 287.0 33.0 1.39
And 434.0 462.5 28.5 1.77
including 456.5 458.0 1.5 14.60
And 488.0 498.5 10.5 7.40
And (cut) 488.0 498.5 10.5 6.36
DON10-91 631800E 0/60 11.0 32.0 21.0 0.79
And 239.0 245.0 6.0 1.20
DON10-109 631900E 0/60 26.9 33.4 6.5 2.25
DON10-110 631900E 0/60 327.0 328.5 1.5 18.85
And
DON10-120 631900E 180/55 49.0 64.0 15.0 1.01
DON10-127 631900E 180/60 71.0 72.5 1.5 7.15
And 91.8 95.0 3.2 4.86
DON10-130 631900E 180/60 96.0 97.0 1.0 9.32
DON10-136 631900E 180/60 72.5 96.5 24.0 2.58
including 72.5 74.0 1.5 25.30
And 149.0 150.5 1.5 15.90
And 191.0 192.0 1.0 7.14
DON10-137 631900E 180/60 17.0 54.5 37.5 1.30
And 150.5 170.0 19.5 1.86
DON10-57 632000E 0/60 175.0 183.0 8.0 1.28
And 377.0 378.5 1.5 6.43
DON10-58 632000E 0/60 239.0 240.1 1.1 7.06
And 283.1 299.0 15.9 0.77
DON10-74 632000E 0/60 357.5 369.5 12.0 0.94
And 411.5 471.5 60.0 2.18
DON10-75 632000E 0/60 289.3 305.0 15.7 1.58
And 330.5 340.0 9.5 1.15
DON10-85 632000E 0/60 96.0 112.5 16.5 2.02
And 156.0 193.3 37.3 2.03
DON10-86 632000E 0/60 60.0 69.4 9.4 3.43
And 147.5 152.0 4.5 4.45
DON10-105 632000E 180/60 96.5 113.1 16.6 1.54
DON10-107 632000E 180/60 36.0 39.4 3.4 162.0
DON10-117 632000E 180/60 376.6 377.9 1.3 11.30
DON10-118 632000E 180/60 63.5 69.5 6.0 1.04
DON10-135 632000E 180/60 189.0 201.0 12.5 2.72
And 247.0 257.5 10.5 2.85
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Holes which did not intersect significant mineralization include: drill holes DON10-73 and DON10-84 on section 631600E; hole DON10-100 on section 631700E; holes DON10-59 and DON10-90 on section 631800E; holes DON10-108 and DON10-119 on section 631900E and holes DON10-56, DON10-92 and DON10-106 on section 632000E. Drilling in 2010 focused on three properties: Beattie, Donchester/Central Duparquet and Duquesne, for an overall drilling campaign of 122,800 metres. The Phase I drill program comprised 69,800 metres of drilling on the Beattie property with a total of 219 holes. All significant results for the Beattie drill program have now been reported. The Phase Two drilling program of 20,300 metres comprised 69 holes on the Duquesne property (all results reported), and the Phase Three program of 32,700 metres on the Donchester Property and Central Duparquet comprised a total of 96 holes. Final results from the Phase Three program are pending. Osisko has the right to acquire a 50% interest in the Duparquet project in consideration for (1) total exploration expenditures of $70 million from 2010 to 2013, and (2) extending loans to Clifton to fund option payments on the property of $8.5 million for 24 months and $22.5 million for 36 months. These loans would carry interest at 5% and can be converted into stock at Clifton's choice. All NQ core assays reported above were obtained by standard 50 g fire assaying-AA finish or gravimetric finish at ALS Chemex laboratories in Val d'Or, Quebec. Reported drill core weighted averages were calculated using a minimum of 0.60 g/t Au over successive intervals of 20 metres. The lengths of mineralized intervals of less than 20 metres were minimized, and an upper cut-off of 30 g/t Au was applied to individual assays where indicated. Intervals containing individual assays that are greater than six times the average of the interval are included separately. Intersected drifts or lost core within mineralized intersections were incorporated as blank intervals. The true widths are estimated at approximately 50% to 75% of the core lengths reported above. Osisko follows strict QA-QC protocol measures in keeping with industry standards and regulatory reporting requirements. Mr. Robert Wares, P. Geo. and Executive Vice-President of Osisko, is the Qualified Person who has reviewed this news release and is responsible for the technical information reported herein, including verification of the data disclosed including the sampling, analytical and test data underlying the technical information. Forward-Looking Statements Certain statements contained in this press release may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that Osisko and Clifton (collectively the "Parties") expect to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur including, without limitation, the commencement of commercial production. Although the Parties believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, including, without limitation that all technical, economical and financial conditions will be met in order to warrant further development of the Duparquet Project, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include gold prices, access to skilled consultants, mining development personnel, results of exploration and development activities, the Parties' limited experience with production and development stage mining operations, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment, timeliness of government approvals, actual performance of facilities, equipment and processes relative to specifications and expectations, unanticipated environmental impacts on operations market prices, continued availability of capital and financing and general economic, market or business conditions. These factors are discussed in greater detail in Osisko's most recent Annual Information Form and in Clifton's most recent Management Discussion and Analysis filed on SEDAR, which also provide additional general assumptions in connection with these statements. The Parties caution that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Parties' forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Parties believe that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. |
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