Osisko to develop Windfall without Northern Star – by Staff (Canadian Mining Journal – February 17, 2022)


Osisko Mining (TSX: OSK) has decided to develop the Windfall gold project 200 km north of Val d’Or, Quebec by itself. Joint venture talks with Northern Star (ASX: NST) were announced last November, but they have now been broken off.

Osisko says that its independent development of the project would be the most beneficial option for its shareholders.

While Northern Star will not be a partner in Windfall, Osisko maintains it will continue a cordial and beneficial relationship with the Australian company, which is an important debt holder having advanced a $154-million convertible senior unsecured debenture due Dec. 1, 2025, with an interest rate of 4.75% per annum.

In January, Osisko released its latest resource estimate for Windfall gives the project a total of 6.8 million oz. gold. Using a gold cut-off grade of 3.5 g/t, Windfall has 9.5 million measured and indicated tonnes, averaging 10.5 g/t gold (3.2 million oz. of gold) and 5.2 g/t silver (1.6 million oz. of silver).

The indicated resource is another 13 million tonnes at 8.6 g/t gold (3.6 million oz. of gold) and 4.7 g/t silver (2 million oz. of silver). Windfall is the largest high-grade gold project with multi-million-ounce resources, based on the latest resource update.

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