Osisko Mining Inc. (TSX: OSK "Osisko" or the "Corporation") is pleased to provide the following corporate updates on the Corporation’s activities for 2024.
Grid Power Arrives at Windfall
The 85 km long 69 kV hydro-electric power line built, owned and operated by the Waswanipi Cree First Nation has been completed on schedule, and grid power has successfully been connected to the Windfall Project. The use of hydroelectricity at the Windfall Project marks the switching over from diesel generated electricity to operate the camp and underground infrastructure and will significantly reduce both power costs and greenhouse gas emissions at the site.
Regional Exploration Program
Osisko has begun a 35,000 meter drill program on the Urban-Barry properties as part of its 70% earn-in option with Bonterra Resources Inc. (please see Osisko’s news release dated September 25, 2023). The program will initially focus on the Moss showing, located five kilometres south-west along strike from the Windfall gold deposit, where an historical intercept of high-grade mineralization in prior Bonterra drilling has been interpreted by Osisko’s exploration team to potentially represent the Lynx mineralized system seen at the Windfall Project.
Regional exploration also continues on Windfall Mining Group’s (“WMG”) claim package with an additional 30,000 metres of drilling targeting potential gold-bearing structures including the extension of the Bank fault and porphyritic intrusions associated with favorable alterations.
John Burzynski, Osisko’s Chairman of the Board and Chief Executive Officer said “Today is a significant milestone for the Windfall Project and for the Cree First Nation as the powerline comes into operation on schedule. We want to thank all the teams and personnel involved in this success and appreciate all their hard work, especially given the challenges presented by the extensive regional forest fires over the past summer. We are looking forward to an exciting year with our 2024 regional work program, and have confidence that additional Windfall-style deposits will come to light in the Urban-Barry District as we push forward with new exploration.”
Permitting Process and IBA
The Windfall Environmental Impact Assessment review process by the COMEX is ongoing, and the Corporation is expecting WMG to receive the first round of questions in the coming months. In parallel, the Corporation expects to finalize the Windfall Impact and Benefits Agreement with the Cree First Nation of Waswanipi and the Cree Nation Government in 2024.