New Discoveries: East Basalt Zone and the North Q Zone
Step-out exploration drilling in the first quarter of 2013 has intersected two new gold-copper discoveries: the East Basalt Zone and the North Q Zone, both occurring in mafic volcanic rocks adjacent to the Upper Beaver Igneous Complex.
Four holes (UB13-279, -281, -284 and -287) drilled approximately 700 metres north-east of the Upper Beaver deposit have intersected new copper-gold mineralization in the East Basalt Zone. All four holes drilled on the same section intersected the mineralization starting at 75 m below surface. The most significant result was intersected in hole UB13-284 where a 18.1 metre thick continuous zone of gold and copper mineralization assayed 9.3 g/t Au with 1.7% Cu, included is an interval assaying 13.1 g/t Au with 2.8% Cu over 11.1 metres. Hole UB13-287 drilled below UB13-284 intersected 2.2 g/t Au with 0.5% Cu over 17.8 metres. The chalcopyrite-magnetite stringer mineralization at the East Basalt Zone dips steeply to the north and resembles the mineralization previously mined near the south-west margin of the igneous complex.
Two holes (UB13-282 and -288) drilled approximately 400 metres north-west of the Upper Beaver deposit intersected the new North Q Zone. The holes intersected multiple stringers of gold and copper mineralization approximately 200 metres below surface with significant intervals assaying 3.2 g/t Au with 0.6% Cu over 8.0 metres including 11.0 g/t Au with 1.6% Cu over 2.0 metres (hole UB13-182) and 1.84 g/t Au with 0.3% Cu over 14.0 metres including 4.4 g/t Au with 0.75% Cu over 4.0 metres (UB13-288).
North Basalt Zone
The North Basalt Zone is located approximately 800 metres north of the Upper Beaver deposit and was initially discovered by Queenston in 2005 in drill hole UB05-13 assaying 0.5 g/t Au over 8.0 metres. In 2006 drilling continued to target the zone including hole UB06-51 intersecting two intervals assaying 6.2 g/t Au with 1.3% Cu over 9.9 metres and 8.0 g/t Au with 1.0% Cu over 9.1 metres. Later in 2006 drilling at the North Basalt Zone was postponed as emphasis was focussed to the south to extend the primary Upper Beaver deposit.
Three new holes targeted the North Basalt Zone located west of the north-south trending diabase dyke. Hole UB13-278 intersected a 30.0 metre wide zone of mineralization assaying 3.2 g/t Au with 0.8% Cu including 9.7 g/t Au with 1.7% Cu over 4.0 metres at approximately 300 m below surface. Fifty metres below this interval hole UB13-280 intersected high grade mineralization assaying 16.1 g/t Au with 8.8% Cu over 3.0 metres and 11.4 g/t Au with 3.3% Cu over 3.0 metres.
In-fill Resource Definition
Drilling continues to confirm the continuity of the mineralization in the western portion of the main Upper Beaver deposit. At approximately 700 metres below surface hole UB13-262W4 intersected a thick zone of mineralization assaying 5.4 g/t Au with 0.5% Cu over 59.0 metres including 8.0 g/t Au with 0.7% Cu over 32.0 m. This interval is approximately 30 m above previous hole UB12-262W3 that cut a similar wide interval assaying 5.5 g/t Au with 0.6% Cu over 54.0 metres. (See News Release dated January 30, 2013).
About Upper Beaver
The Upper Beaver project is 100% owned by Osisko Mining Ltd., a wholly-owned subsidiary of Osisko. The Upper Beaver mine produced approximately 140,000 oz of gold and 12 million pounds of copper intermittently from 1912 to 1971, from 526,678 tonnes averaging 8.31 g/t Au and 1.03% Cu. Queenston commenced exploration on the property in 2005 and defined the first new mineral resource in 2009. Since 2005 three-hundred and eighty new diamond drill holes (including wedges) have been completed on the property, representing 236,874 metres of drilling.
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