Osisko Mining has raised $14 million in exploration funds through a private placement of flow-through shares. Dundee Securities Ltd. was the sole agent in connection with the offering.
The funds will be used for exploration expenses at the company’s properties in Québec.
In addition to its Québec properties, Osisko has properties in the Larder Lake mining division, including the Jonpol and Garrcon deposits on the Garrison property, the Buffonta past-producing mine, and the Gold Pike mine property. The corporation also holds interests and options in a number of additional properties in Northern Ontario.
In July, Osisko conducted a 20,000-metre drill program at its Garrison property, located 100 kilometres east of Timmins.
Work focused on the Garrcon and Jonpol deposits, which have been defined by previous operators on the property. The drill program was designed to confirm previous work, follow up on potential higher grade underground zones at Garrcon, and explore underground resource potential at Jonpol.
Osisko is well financed with approximately $90 million in cash (after giving effect to the Offering), as well as cash equivalents and marketable securities of approximately $50 million.
The company is led by the same group that discovered the Malartic Mine in 2011, following a low-grade, bulk-tonnage model.
The open-pit gold mine, located near Malartic, Que., is now the largest gold producer in Canada.