Orex & Osisko: Reverse Circulation Drilling Results on Goldboro Gold Property
18 Novembre 2010 - 8:28PM
Marketwired
OSISKO MINING CORPORATION (TSX: OSK)(FRANKFURT: EWX)and OREX
EXPLORATION INC.(TSX VENTURE: OX)(FRANKFURT: O5D) would like to
provide shareholders with the results from the Reverse Circulation
(RC) drilling program on the Goldboro Gold Property in Nova Scotia.
RC drilling is a method for obtaining chip samples of mineral
occurrences at or near surface, in both overburden and bedrock. A
total of 64 RC holes (holes OSK10RC-130 to OSK10RC-194),
representing 505 metres, were drilled on the Goldboro Gold
Property. The highlights of the RC drilling campaign are presented
below:
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HOLE # LOCATION FROM TO WIDTH TYPE ASSAY
(m) (m) (m) (Au ppm)
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OSK10RC-135 East
Goldbrook 6 7 1 Overburden 0.82
OSK10RC-135 East
Goldbrook 7 8 1 Bedrock 1.38
OSK10RC-136 East
Goldbrook 4 5 1 Overburden 0.16
OSK10RC-137 East
Goldbrook 4 5 1 Bedrock 10.85
OSK10RC-141 East
Goldbrook 6 7 1 Overburden 0.31
OSK10RC-141 East
Goldbrook 7 8 1 Bedrock 0.20
OSK10RC-145 East
Goldbrook 5 6 1 Overburden 0.52
OSK10RC-145 East
Goldbrook 6 7 1 Bedrock 0.11
OSK10RC-145 East
Goldbrook 7 8 1 Bedrock 0.15
OSK10RC-147 East
Goldbrook 5 6 1 Bedrock 25.65
OSK10RC-148 East
Goldbrook 3 4 1 Overburden 0.12
OSK10RC-160 Ramp Area 10 11 1 Bedrock 0.73
OSK10RC-174 Ramp Area 6 7 1 Overburden 0.38
OSK10RC-174 Ramp Area 7 8 1 Bedrock 0.12
OSK10RC-178 Ramp Area 10 11 1 Overburden 0.74
OSK10RC-184 Ramp Area 4 5 1 Bedrock 0.15
OSK10RC-186 Ramp Area 3 4 1 Overburden 1.47
OSK10RC-186 Ramp Area 4 5 1 Overburden 0.58
OSK10RC-186 Ramp Area 5 6 1 Bedrock 0.56
OSK10RC-187 Ramp Area 8 9 1 Bedrock 0.17
OSK10RC-194 West
Goldbrook 3 4 1 Overburden 0.02
OSK10RC-194 West
Goldbrook 4 5 1 Overburden 1.17
OSK10RC-194 West
Goldbrook 5 6 1 Bedrock 0.04
OSK10RC-194 West
Goldbrook 6 7 1 Bedrock 4.23
OSK10RC-194 West
Goldbrook 7 8 1 Bedrock 0.60
OSK10RC-194 West
Goldbrook 8 9 1 Bedrock 2.80
OSK10RC-194 West
Goldbrook 9 10 1 Bedrock 0.66
OSK10RC-194 West
Goldbrook 10 11 1 Bedrock 0.63
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"The RC drilling results have successfully identified bedrock
gold mineralization on the East Goldbrook portion of the Goldboro
Gold Property, where there has not been a lot of historic drilling,
as well as at West Goldbrook" said Mark Billings, President and CEO
of Orex Exploration. "We know that most of the gold-bearing
structures at Goldboro come to surface. These RC drilling results
particularly at East Goldbrook, which include 10.85 g/t Au and
25.65 g/t Au in two bedrock samples, provide us with some
encouragement about the gold potential in these areas."
Although some of the RC drilling results could be used in a
future resource estimate, this program was not intended to expand
the NI 43-101 resource estimate; rather it was designed to explore
new areas on the Goldboro Gold Property. RC drilling is a cost
effective way of testing potential near-surface gold mineralized
structures identified by the ongoing exploration on the Property.
The program has been successful in the identification of future
diamond drilling target areas.
The Reverse Circulation drilling was conducted by Archibald
Drilling and Blasting of Truro, Nova Scotia. Sampling was done
along roadside at approximately 20-metre spacing (no grid pattern).
Overburden samples were collected over a 1-metre downhole length
above the bedrock overburden interface. Bedrock chip samples were
collected at 1-metre downhole length from the top of bedrock,
generally to depths of 1-3 metres, but up to 12 metres in selected
holes. All samples collected during the program were delivered by
Mercator Geological Services or Armour Transport to the Minerals
Engineering Centre (MEC) at Dalhousie University in Halifax, Nova
Scotia, where analysis was carried out.
Each sample submitted to MEC was subjected to multiple stages of
jaw crushing until grains were less than 4.0 mm. Analytical splits
of 200 grams were obtained by riffle splitting and then pulverized
with a ring and puck pulverizer to a grain size of less than 0.15
mm. A 30-gram split of this fraction was collected and analyzed by
Fire Assay, lead collection and Atomic Adsorption Spectrometry
(AAS) finish.
Option on Goldboro Gold Property Granted to Osisko Mining
Corporation
In order to acquire a 50% undivided interest in the Goldboro
Gold Property on or before September 29, 2013 (the Initial Option),
Osisko Mining Corporation shall incur exploration and development
expenditures in the amount of at least $1,500,000 on or before
September 29, 2010; in the aggregate amount of at least $3,500,000
on or before September 29, 2011; and in the aggregate amount of at
least $8,000,000 over the following two years, that is, on or
before September 29, 2013. Osisko Mining Corporation may, at its
sole discretion, accelerate and apply exploration and development
expenditures to future years' expenditures and, accordingly, the
Initial Option may be exercised sooner. Osisko Mining Corporation
shall solely fund a prefeasibility study to earn an aggregate 60%
interest (that is, an additional 10% interest) in the Property on
or before September 29, 2015 (the Additional Option).
Osisko Mining Corporation and Orex Exploration are pleased to
report that Osisko Mining Corporation has spent more than the
$1,500,000 required in exploration and development expenditures in
the first year of the Initial Option.
About Osisko Mining Corporation
Osisko Mining Corporation is currently developing the Canadian
Malartic gold deposit in Quebec and evaluating adjacent areas for a
large-scale open pit, bulk tonnage mining operation. The Canadian
Malartic deposit currently represents one of the biggest permitted
gold reserves in Canada for a single deposit, and is still growing
through ongoing drilling on new mineralized zones.
About Orex Exploration Inc.
Orex Exploration Inc. is a Canadian-based junior resource and
exploration company trading under the symbol OX on the TSX Venture
Exchange and O5D on the Frankfurt Stock Exchange. The Company holds
a 100% interest in the Goldboro Gold Project in Nova Scotia.
The technical information contained in this news release has
been prepared by Peter Webster, P.Geo., President of Mercator
Geological Services, and Bruce Mitchell, P.Geo, Technical Advisors
to Orex and Qualified Persons under National Instrument 43-101
regulations.
Neither the TSX Venture Exchange nor its regulation services
provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release. The statements made in this news
release that are not historical facts are "forward-looking
statements" and readers are cautioned that any such statements are
not guarantees of future performance, and that actual developments
or results, may vary materially from those in these
"forward-looking" statements.
Contacts: For Osisko Mining Corporation (www.osisko.com) John
Burzynski Vice-President, Corporate Development 514-735-7131 Sylvie
Prud'homme Manager, Investor Relations 514-735-7131 Toll-free :
1-888-674-7563 For Orex Exploration Inc.(www.orexexploration.ca)
Mark Billings President & CEO 514-296-1641 mark@atwaterfin.com
Leo Karabelas Frontline Communications 905-553-7992
www.frontlineir.com
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