12:37:08 EST Thu 07 Dec 2023
Enter Symbol
or Name

Osisko Metals Inc
Symbol OM
Shares Issued 256,574,935
Close 2023-09-28 C$ 0.19
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Osisko Metals drills 28 m of 18.94% Zn+Pb at Pine Point

2023-09-28 08:16 ET - News Release

Mr. Robert Wares reports


Osisko Metals Inc. has released additional assay results from its 2023 drilling program at the Pine Point project, located in the Northwest Territories, Canada. The reported results are from the P499 and O556 deposits, both prismatic-style deposits with associated tabular-style aprons in the west zone (WZ). Results within the prismatic pipes defined by historical drilling were thick, high-grade intersections consistent with historical results. Drill hole P499-23-PP-004 extends the known prismatic-style mineralization toward the west and remains open for further exploration.

Drilling was conducted as part of the Pine Point joint venture's larger 2023 definition drilling program that is designed to achieve an average drill spacing of approximately 30 metres within the current modelled mineral resources reported in the 2022 preliminary economic assessment. This drilling is intended to upgrade mineral resources presently classified as inferred to the indicated category, and to potentially expand on known resources.

Drill hole assay composite highlights:

  • P499-23-PP-004 -- 25 metres grading 5.62 per cent zinc and 4.57 per cent lead (10.19 per cent Zn+Pb);
  • O556-23-PP-005 -- 28 metres grading 10.91 per cent Zn and 8.03 per cent Pb (18.94 per cent Zn+Pb);
  • O556-23-PP-009 -- 35 metres grading 6.20 per cent Zn and 5.44 per cent Pb (11.64 per cent Zn+Pb).

All mineralization occurs near surface between 81 and 181 metres vertical depth from surface and occurs as prismatic-style, banded, colloform-style sphalerite and galena associated with intensely altered hydrothermal dolomite and limestone.

Robert Wares, chief executive officer and chairman of the board, commented: "Drill results from Pine Point continue to meet or exceed expectations, and we are looking forward to an updated resource estimate before year-end. Now that the bulk of the definition program is done, we will focus on exploration drilling of new targets with a significant program slated for the upcoming fall/winter season, details to be provided in due time."

Qualified person

Robin Adair is the qualified person and the vice-president of exploration for Osisko Metals. He is responsible for the technical data reported in this news release and is a professional geologist registered in the Northwest Territories.

Quality assurance/quality control

Osisko Metals adheres to a strict quality assurance/quality control program for core handling, sampling, sample transportation and analyses. Drill core samples from the Pine Point project area are securely transported to its core facility on site, where they are logged and sampled. Samples selected for assay are shipped to ALS Canada Ltd.'s preparation facility in Yellowknife. Pulps are analyzed at the ALS Canada's facility in North Vancouver, B.C. All samples are analyzed by four-acid digestion followed by both ICP-AES and ICP-MS for a multielement suite with a 1-per-cent upper detection limit for base metals. Samples reporting over 1 per cent for Zn and 1 per cent for Pb are analyzed by assay grade, four-acid digestion and ICP-AES analysis with upper detection limits of 30 per cent and 20 per cent, respectively. Samples with Zn greater than 30 per cent and/or Pb greater than 20 per cent are analyzed by traditional titration.

About Osisko Metals Inc.

Osisko Metals is a Canadian exploration and development company creating value in the critical metals space, specifically copper and zinc. The company is a joint venture partner with Appian Capital Advisory for the advancement of one of Canada's premier past-producing zinc-mining camps, the Pine Point project, located in the Northwest Territories, for which the 2022 preliminary economic assessment has indicated an after-tax net present value of $602-million and an internal rate of return of 25 per cent, based on a long-term zinc price of $1.37 (U.S.) per pound and the current mineral resource estimates that are amenable to open-pit and shallow underground mining. The current mineral resource estimate in the 2022 PEA consists of 15.7 million tonnes grading 5.55 per cent zinc equivalent of indicated mineral resources and 47.2 million tonnes grading 5.94 per cent ZnEq of inferred mineral resources. Please refer to the technical report titled "Preliminary Economic Assessment, Pine Point Project, Hay River, Northwest Territories, Canada," dated Aug. 26, 2022, a copy of which is available on SEDAR+ under Osisko Metals' issuer profile. The Pine Point project is located on the south shore of Great Slave Lake in the Northwest Territories, near infrastructure and paved highway access, and has an electrical substation as well as 100 kilometres of viable haulage roads.

The company has also acquired, from Glencore Canada, a 100-per-cent interest in the past-producing Gaspe copper mine, located near Murdochville in the Gaspe peninsula of Quebec. The company is currently focused on resource evaluation of the Mount Copper deposit, which hosts an open-pit-constrained inferred mineral resource (in accordance with National Instrument 43-101) of 456 million tonnes grading 0.31 per cent Cu (see April 28, 2022, news release). Current infill drilling at Gaspe aims to expand and convert the inferred resource to the measured and indicated categories. Gaspe hosts the largest undeveloped copper resource in Eastern North America, strategically located near existing infrastructure in the mining-friendly province of Quebec.

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