Discovery of Outcrop Gold Showings on AU33 West by DIOS and Osisko
October 04 2011 - 10:47AM
Marketwired
DIOS EXPLORATION (TSX VENTURE:DOS) reports the discovery of
outcropping gold mineralized occurrences (up to 3.79 g/t gold) in
tonalite rocks on the AU33 WEST GOLD PROPERTY, James Bay, Quebec.
The property is currently optioned to OSISKO MINING
CORPORATION.
Highlights :
-- 3 mineralized outcropping area were discovered and could explain some of
the gold in till anomalies and the occurrence of goldbearing glacial
boulders.
-- 6 outcrop rock samples returned values greater than 1.5 g/t gold.
Mineralization is disseminated (no quartz veins) suggesting a large bulk
tonnage "gold porphyry" type mineralization potential.
First results of the several week July field campaign returned
:
------------------------------------------------------------------------
Sample Gold (g/t) X_NAD83ZONE18 Y_NAD83ZONE18
------------------------------------------------------------------------
86391177 3.79 415200.8966 5782296.967
------------------------------------------------------------------------
86391028 2.71 415720.8783 5781190.974
------------------------------------------------------------------------
86391161 2.66 414434.9222 5781260.972
------------------------------------------------------------------------
86391160 2.04 414434.9222 5781262.972
------------------------------------------------------------------------
86391338 1.765 414484.9199 5780042.98
------------------------------------------------------------------------
86391400 1.575 414597.916 5779921.98
------------------------------------------------------------------------
86391314 0.804 420132.7282 5782512.968
------------------------------------------------------------------------
86391344 0.673 414476.9202 5780026.98
------------------------------------------------------------------------
86391026 0.539 415941.8709 5781470.972
------------------------------------------------------------------------
86391027 0.535 415710.8786 5781190.973
------------------------------------------------------------------------
A second one-month field campaign during October will target a 3
by 3 kilometer area, including a detailed geological survey,
detailed outcrop sampling and soil geochemistry (and possible
stripping).
A porphyry gold type deposit is looked for on AU33 WEST, in the
Opinaca-Eastmain emerging gold district, also hosting the
worldclass-multi-million ounce Eleonore gold deposit. The property
comprises 519 mining cells covering 26,660 hectares.
Following the execution of an option and joint venture agreement
in July, OSISKO was granted the option to earn a 51 percent
participating interest in the property by incurring expenditures
totaling $ 5,000,000 and making cash payments totaling $ 700,000
during a five year period. OSISKO was granted a second option to
earn up to a 9 percent additional participating interest by
incurring $ 9,000,000 of additional expenditures during a period of
five years. OSISKO was granted a third option to earn an additional
10 percent participating interest by solely funding a feasibility
study.
Samples were assayed by Au-AA 24 at ALS-Chemex with blank and
duplicate inserts for quality control. Scan ME-ICP41 assays on
forty samples greater than 0.057 ppm are pending. This press
release was prepared by Marie-Jose Girard, M.Sc. Geo, 43-101
QP.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Marie-Jose Girard, M.Sc. Geo, President &
CEOmjgirard@diosexplo.com (514) 483-5149 (514) 510-7964
(FAX)www.diosexplo.com
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