Osisko Metals Incorporated (TSX-V: OM) (FRANKFURT: OB5) is pleased to announce that it has signed an option agreement with Osisko Mining Inc (TSX: OSK) to earn a 50% base metal interest in the Quévillon claim group, a select package of 3667 claims located immediately west of Osisko Mining’s Urban-Barry claim group. See situational map of joint-venture claims.
The Project covers 197,223 hectares (1972 km2) and is located 120 kilometres ENE of the town of Val-d’Or and around the town of Lebel-sur-Quévillon, Québec, and covers portions of the Urban-Barry Greenstone Belt in the eastern part of the Abitibi sub-province. The Agreement targets volcanogenic massive sulfide (VMS) deposits within the Urban-Barry belt; the claims include twelve high priority, drill-ready airborne electromagnetic targets within bi-modal rhyolite-basalt volcanic sequences.
Pursuant to the Agreement, the Company may earn a 50% interest in the Project by funding an aggregate of $8,000,000 in exploration expenditures over four years as outlined below:
(i) $2,000,000, on or before the 1st year anniversary of the Effective Date (the “Initial Option Expenditure Payment”);
(ii) $2,000,000, on or before the 2nd year anniversary of the Effective Date;
(iii) $2,000,000, on or before the 3rd year anniversary of the Effective Date; and
(iv) $2,000,000, on or before the 4th year anniversary of the Effective Date.
Osisko Mining shall retain a 100% interest over any fortuitous precious metals (gold-silver) discoveries on the claims covered by the agreement. Osisko Mining will be project operator during the earn-in period.
Jeff Hussey, President and CEO of Osisko Metals, stated: “We are pleased to work on this second drill-ready VMS project with Osisko Mining. They have had tremendous success in this camp and we are hopeful to follow in their footsteps on the base metal side of things. Construction of access roads has already begun and we plan to move the drill program forward rapidly.”
Mr. Mathieu Savard is the Qualified Person responsible for the technical data reported in this news release. He is a Professional Geologist registered in Quebec and is Vice President Exploration Québec of Osisko Mining Incorporated.
About Osisko Metals
Osisko Metals is a Canadian exploration and development company creating value in the base metal space with a focus on zinc mineral assets. The Company controls Canada’s two premier zinc mining camps, namely the Pine Point Mining Camp located in the Northwest Territories, at which it expects to convert the near surface, historical, unclassified historical resource targeting 50Mt at approximately 5% Zinc + Lead; and the Bathurst Mining Camp, located in northern New Brunswick, where it is focused on converting and developing the historical resource found at the Key Anacon project. The Company is currently completing 100,000 metres of drilling at both camps. In Québec, the Company owns 42,000 hectares that cover 12 grass-root zinc targets that will be selectively advanced through exploration. In parallel, Osisko Metals is monitoring several base metal-oriented peers for opportunities.
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