AU33 WEST : OSISKO OPTION
The AU33 west project (519 cdc for 264 sq. km) is a gold exploration project located about 350 km northeast of Matagami, James Bay, Quebec. Access is provided by the Hydro-Quebec Nemaska/Eastmain-1/LaSarcelle gravel road. All claims are located within 10 km from the road. Osisko has the option to acquire a 51% undivided interest in the AU33 WEST property by incurring $5,000,000 in exploration expenditures and making cash payments of $700,000 during a five-year period starting July 2011. Osisko has the option to acquire an additional 9% participating interest in exchange for $9,000,000 of exploration expenditures during a five-year period, and has the option to acquire an additional 10% interest by solely funding a feasibility study.
Fall new gold results from Dios AU33 WEST trenching
Preliminary results from channel diamond saw sampling from 2012 fall trenching on the AU33 WEST property,are as follow: Ten trenches were dug to test geochemical soil anomalies or to extend previous known showings. Best results were returned in T7 trench on the Heberto showing that assays 5.0 g/t gold over 5.25 m and 1.12 g/t gold over 4.5 m over a sheared tonalite (a kind of granite). Several anomalous results in the order of 0.5 to 1.1 g/t gold over sections of 0.75 to 2.25 m were obtained from the other trenches (g/t equals grams per ton). These trenches allowed a better exposure of mineralized outcrops and a better understanding of the vectors controlling the mineralization.
During the 2012 summer, Osisko discovered five new gold showings in a felsic (tonalite-granodiorite) intrusive complex that assays between 1.77 and 17.3 g/t gold in grab-samples. Goldbearing mineralization appears as 1-5 percent pyrite in disseminations and fracture fillings associated with potassic alteration and/or silicification. It appears structurally controlled by zones of shearing and foliation along two main strikes (N160 and N080E). Following this new information concerning the nature and orientation of the mineralization, additional geophysical tests are considered to better define the extent of the showings under the overburden and to target next exploration work.
DIOS-OSISKO 2011 PROGRAMS
One-month mapping-prospecting program was completed during summer 2011 and 700 samples were collected for analysis. Dios and Osisko reported the discovery of outcropping gold mineralized occurrences (up to 3.79 g/t gold) in tonalite rocks. Highlights included:
• 3 mineralized outcropping areas discovered that could explain some of the gold in till anomalies and the occurrence of gold-bearing glacial boulders.
• 6 outcrop rock samples returned values greater than 1.5 g/t gold. Mineralization is disseminated (no quartz veins) suggesting a large bulk tonnage « gold porphyry » type mineralization potential.
Results of July 2011field campaign returned:
g/t Au: 3.79 2.71 2.66 2.04 1.765 1.575 0.804 0.673 0.539 0.535
A second campaign took place later during fall 2011and work revealed outcropping gold
showings in a felsic (tonalite-granodiorite) intrusive complex, with 34 of the mineralized outcrops concentrated in an 18-km2 area. All showings yielded values above 100 ppb gold (0.1 g/t Au), and seven yielded between 1.58 g/t and 23.6 g/t Au.
DIOS-OSISKO AU33 WEST PROJECT SUMMARY (click here)