Osisko Mining’s (TSX: OSK) 400,000-metre drill program at its Windfall project in Quebec should lead to a resource update before year-end, a feasibility study and permitting in 2018, and construction in 2019, president and CEO John Burzynski announced at The Northern Miner’s Canadian Mining Symposium in London.
“We could pour gold as early as 2020,” Burzynski said during a presentation at the one-day mining event at Canada House on May 9. “It’s an aggressive time frame … we’ve got an aggressive program, with lots of drills and more drills coming.”
Twenty-two drill rigs are turning at the project and Osisko will have 25 rigs by the start of June, in what is easily the largest drill program on any one deposit in Canada, and arguably the largest anywhere in the world.
“We started with a 50,000-metre drill program in October 2015, increased that to 100,000, and then to 150,000 and last December we added 250,000,” Burzynski said. “You’ll likely see us increasing that drill program again because all the current metres are going within the main deposit, and outside the main deposit we have another proximate 3,300 sq. km that has similar exploration potential.”
The company consists of essentially the same management team, engineers and geologists, as well many of the same directors, who were responsible for putting the Canadian Malartic mine into production — the largest gold mine in Canada. The mine moved from first drill hole to first gold pour in a little over six years, but was taken over in a bidding war that culminated in a $4-billion offer from Agnico Eagle Mines (TSX: AEM; NYSE: AEM) and Yamana Gold (TSX:YRI; NYSE: AUY) in 2014.
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