Osisko Metals Incorporated (TSX-V: OM) (OTCQX: OMZNF) (FRANKFURT: 0B51) is pleased to provide an update on its permitting initiatives at its wholly owned Pine Point Project. Since the release of the Preliminary Economic Assessment. Osisko Metals has continued discussions with stakeholders and shareholders and is now advancing the Project toward the submission of an Environmental Assessment to governmental agencies in the fourth quarter of 2020.
Jeff Hussey, President and Chief Operating Officer, commented: “Concurrent to the restart of drilling announced last month, the forthcoming submission of the EA will mark an important milestone towards advancing the Project to a “shovel ready” stage by late 2023. Supporting the environmental work, key recommendations from the recent PEA are being initiated in preparation for a Feasibility Study. We are committed to rapidly advancing the Pine Point Project to be well positioned to take advantage of a forecasted deficit in the zinc market supply. Furthermore, we are looking forward to releasing drill results in the coming weeks.”
Osisko Metals is pleased to announce that it has engaged Swiss Resource Capital AG to assist with its European marketing effort. The agreement is for 6 months effective October 1, 2020 and will be renewable quarterly afterwards. The remuneration payable to SRC will be CHF$4,000 per month. In addition, SRC has been granted 150,000 options, vesting monthly over a period of six months with an 18-month term and an exercise price of $0.40 per share. The agreement is subject to the approval of the TSX Venture Exchange.
Osisko Metals would also like to announce that, subject to regulatory approval, it has retained Independent Trading Group (ITG), Inc., to provide market making services to the Company in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable securities legislation.
ITG will trade shares of Osisko Metals on the TSX Venture Exchange for the purposes of maintaining a reasonable market and improving the liquidity of Osisko Metals common shares. The agreement between ITG and the Company can be terminated by either party with a written notice of 30 days and the Company has agreed to pay ITG $5,000 per month, payable quarterly. There are no performance factors contained in the agreement between ITG and the Company and ITG will not receive any shares or options from the Company as compensation for the services.
About Osisko Metals
Osisko Metals Incorporated is a Canadian exploration and development company creating value in the base metal space with a focus on zinc mineral assets. The Company controls two of Canada’s premier past-producing zinc mining camps: 1) the Pine Point Project is located in the Northwest Territories, for which the recently filed PEA has indicated an after-tax NPV of $500M and IRR of 29.6%. Under the PEA, the Pine Point Project is host to current mineral resources amenable to open pit and shallow underground development consisting of Indicated Mineral Resources of 12.9Mt grading 6.29% ZnEq and 37.6Mt of Inferred Mineral Resources grading 6.80% ZnEq. Please refer to the technical report entitled “Preliminary Economic Assessment, Pine Point Project, Hay River, North West Territories, Canada” dated July 30, 2020 (with an effective date of June 11, 2020) which has been filed on SEDAR. 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 with 100 kilometres of viable haulage roads already in place; 2) The Bathurst Mining Camp properties, located in northern New Brunswick, are comprised of 23 claims covering approximately 59,738 hectares (2734 units) has Indicated Mineral Resources of 1.96 Mt grading 5.77% zinc, 2.38% lead, 0.22% copper and 68.9g/t silver (9.00% ZnEq) and Inferred Mineral Resources of 3.85 Mt grading 5.34% zinc, 1.49% lead, 0.32% copper and 47.7 g/t silver (7.96% ZnEq) in the Key Anacon and Gilmour South deposits. Please refer to the technical report entitled “NI 43-101 Maiden Resource Estimate for the Bathurst Mining Camp, New Brunswick, Canada” dated April 4, 2019 (with an effective date of February 20, 2019) which has been filed on SEDAR.
The current mineral resources mentioned in this press release conform to NI43-101 standards and were prepared by independent qualified persons, as defined by NI43-101 guidelines. The abovementioned mineral resources are not mineral reserves as they do not have demonstrated economic viability. The quantity and grade of the reported Inferred Mineral Resources are conceptual in nature and are estimated based on limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological grade and/or quality of continuity. Zinc equivalency percentages are calculated using metal prices, forecasted metal recoveries, concentrate grades, transport costs, smelter payable metals and charges (see respective technical reports for details).
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