Osisko Exploration has announced an updated resource estimate for its Canadian Malartic gold project in Quebec.
The new inferred resource estimate, based on a cut-off grade of 0.4 grams per tonne of gold, is between 8.37 and 8.47 million ounces of gold.
Company president Sean Roosen commented: "We are very pleased with the new resource estimate, which has increased the size of the inferred resource by almost 30 per cent.
"The increase is due to the expansion of the deposit towards the east as well as reducing the lower cut-off to 0.4 grams per tonne of gold, justified by preliminary scoping study numbers, comparison to analogous deposits currently in production and the increasing quality of our data base."
He added that there remains "excellent potential" for additional gold mineralization in various zones including the Barnat South zone.
Osisko shareholders can look forward to "a very positive year", he said.