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Osisko Gold pays C$3M to increase royalty on Windfall gold project in Quebec

Montreal-based Osisko Gold Royalties Ltd. paid C$3 million in cash to increase its net smelter royalty on Osisko Mining Inc.'s Windfall gold project in Quebec.

Osisko Gold Royalties increased its effective NSR on the project to a range of 2% to 3% from a range of 1% to 1.5% by exercising a right from an August 2015 deal to repurchase six existing royalties, the company said Jan. 20.

Drilling at Windfall is currently focusing on infill and expansion of the Lynx deposit, as well as further exploration across the property.

A November 2018 resource estimate for the project outlined indicated resources containing 754,000 ounces of gold, and inferred resources containing 2.4 million ounces of gold.