Osisko publica resultados animadores no RS

Osisko Exploration Ltd. is pleased to announce that it has received preliminary results from surface sampling at the Palma gold-copper property, Brazil. Osisko recently signed a letter of intent (LOI) with partner Amazonia Mineracao Ltda giving Osisko the exclusive right to acquire a majority interest in the property, located in Rio Grande do Sul state, Brazil (Osisko press release, May 26, 2004).

Grab and chip-channel samples were collected from the floor and walls of a pit excavated in the main showing. The 100m x 30m pit is approximately 10m deep. The copper-gold mineralized zone, 1 to 5 meters wide, comprises supergene minerals (chalcocite, malachite, chrysocolla, azurite, native copper and copper oxides), as well as a primary chalcopyrite stockwork with native gold. A four meter wide, partially exposed segment of oxidized, supergene semi-massive to massive sulfide occurs in the center of the pit, carrying high-grade gold and copper values. Best results include a chip-channel sample that produced an average of 41.5 g/t Au and 8.85% Cu over 5 meters. Mineralization is hosted primarily by altered metavolcanic and metasedimentary rocks.

A geophysical survey recently completed on the property shows an extensive induced polarization (IP) anomaly associated with mineralization in the pit, following the geological strike of the host units with a lateral extent of approximately 600 meters. An electromagnetic (TEM) survey conducted in conjunction with the IP survey has outlined a strong anomaly located to the SE of the main showing, and is interpreted to be associated with sulfide mineralization at depth.

A total of 55 rock samples were collected during recent work and were analyzed for gold (50 g fire assay) and copper (AAS) by ALS Chemex in Val d'Or, Quebec. Significant results (greater than 2 g/t gold and/or 1% copper) are presented below:

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Sample Number       Au (g/t)   Cu (%)                         Comment
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A 0822                 7.08     0.19                      grab sample
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A 0823                 51.6     0.72                      grab sample
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A 0826                 1.28     8.49                      grab sample
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A 0827                 0.05     1.36                      grab sample
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A 0828                 86.2     27.4                      grab sample
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A 0829                 3.52     2.05                      grab sample
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A 0830                 89.7     0.76                      grab sample
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A 1109                 32.1     0.31                      grab sample
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A 1117 - A 1118        0.30     2.73  2 m channel sample on pit floor
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A 1124                15.65     0.08  1 m channel sample on pit floor
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A 1133                 0.26     1.74                      grab sample
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A 1134                 0.33     2.92                      grab sample
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A 1135                 0.50     6.38  1 m channel sample on pit floor
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A 1137                 0.51     2.20  1 m channel sample on pit floor
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A 1138                 63.7     7.39         1 m channel sample along
                                                       north pit wall
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A 1139 - A 1143        41.5     8.35         5 m channel sample along
                                                        west pit wall
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A 1144 - A 1147        34.5     0.54         4 m channel sample along
                                                        west pit wall
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Samples A-0826 to A-0831 were also analyzed for silver, returning values ranging from 1 g/t Ag to 65 g/t Ag.

The objective of the current program will be to define an economic, open-pit resource on the property through detailed drilling of the main mineralized zone and drill-testing of the geophysical anomalies located on the property. Drilling has commenced in the area of the main pit.

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