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Osisko Metals Announces Final 2022 Drill Results With Up to 10.0 Metres Grading 13.5% Zinc and 4.1% Lead

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Osisko Metals Announces Final 2022 Drill Results With Up to 10.0 Metres Grading 13.5% Zinc and 4.1% Lead

 

 

 

 

 

Osisko Metals Incorporated (TSX-V: OM) (OTCQX: OMZNF) (FRANKFURT: 0B51) is pleased to announce all remaining results from the 2022 definition drilling program at its Pine Point Project, located in the Northwest Territories, Canada. This ongoing drill program is designed to achieve an average drill spacing of approximately 30 metres within the modelled mineral resources. This spacing is intended to upgrade resources presently classified as Inferred to the Indicated category in order to be used in the Feasibility Study to be initiated in H2 2023.

 

The Company intends to complete the remainder of the infill drill program by the end of H1 2023. Six diamond drills are currently active at Pine Point and the Company plans to drill approximately 29,000 metres before spring. This program is primarily designed to convert the majority of deposits to the Indicated Mineral Resource category and will also explore zones between deposits where previous widely-spaced drilling suggests the potential for continuous mineralization.

 

Drill Hole Assay Composite Highlights:

  • K51-22-PP-002: 10.00 metres, grading 13.46% Zn and 4.14% Pb (17.60% Zn+Pb)
  • N204-22-PP-007: 10.00 metres, grading 7.63% Zn and 2.49% Pb (10.12% Zn+Pb)
  • N204-22-PP-013: 11.00 metres, grading 8.92% Zn and 2.15% Pb (11.07% Zn+Pb)

 

Robert Wares, CEO and Chairman of the board, commented: “These positive definition drilling results continue to meet or exceed our expectations. The final 29,000 metre winter definition drill program has started and will supply required infill results to allow for a new mineral resource estimate that will be integrated into the feasibility study that will commence in H2 2023. This is at a time when the zinc price is rising significantly due to historically low inventory levels on Metal Exchanges, currently less than ten percent of what is considered critical levels of inventory. Pine Point would produce exceptionally clean and high-grade zinc concentrate that would be sought after by any number of smelters and traders globally.”

 

All intercepts reported below were within, or immediately adjacent to, the currently modelled and proposed open pit shells designed for the PEA. The results reported in Tables 1 & 2 below are within expectations for the infill program needed to convert the North, C2, EM, and N204 Zone deposits (K51, L27, M40, N204, N32, N33, O26, O27, Y56, and Y58) to the Indicated Mineral Resource category (See Map).

 

All reported results are from Tabular-style deposits characterized by continuous, flat-lying mineralization. More vertically continuous Prismatic-style mineralization was locally encountered within the Tabular-style mineralization.

 

Table 1: Drill Hole Composites.

 

Hole Name Zone Deposit From To Drill Width True Width Zn Pb Zn+Pb
(m) (m) (m) (m) % % %
BO-22-PP-001 Expl.   134.50 135.00 0.50 0.50 0.63 0.00 0.63
BO-22-PP-002 Expl.   81.00 82.00 1.00 0.74 0.24 0.60 0.84
IP08-22-PP-001** Expl.   46.00 47.00 1.00 1.00 0.42 0.01 0.43
IP08-22-PP-002 Expl.   36.00 37.00 1.00 0.74 0.00 0.00 0.01
K51-22-PP-001 C2 K51 31.00 39.00 8.00 8.00 4.77 0.71 5.48
K51-22-PP-002 C2 K51 37.00 47.00 10.00 10.00 13.46 4.14 17.60
K51-22-PP-003 C2 K51 40.00 46.00 6.00 6.00 8.39 0.71 9.10
K51-22-PP-007 C2 K51 35.00 37.00 2.00 2.00 7.34 0.50 7.83
K51-22-PP-008 C2 K51 40.00 43.00 3.00 3.00 6.27 0.28 6.55
K51-22-PP-010 C2 K51 37.00 38.00 1.00 1.00 0.00 0.00 0.00
K51-22-PP-011 C2 K51 31.00 32.00 1.00 1.00 0.00 0.00 0.00
K51-22-PP-012 C2 K51 45.00 46.00 1.00 1.00 0.51 0.13 0.64
K51-22-PP-013 C2 K51 37.00 40.00 3.00 3.00 4.17 0.17 4.33
K51-22-PP-014 C2 K51 24.00 25.00 1.00 1.00 0.65 0.02 0.67
L27-22-PP-001 C2 K51 4.50 6.00 1.50 1.50 1.86 0.23 2.09
L27-22-PP-002 C2 K51 6.00 7.00 1.00 1.00 0.01 1.25 1.26
L27-22-PP-003 C2 K51 9.00 15.00 6.00 6.00 2.31 0.65 2.96
L27-22-PP-004 C2 K51 8.00 18.00 10.00 10.00 4.72 0.79 5.50
L27-22-PP-005 C2 K51 8.00 9.00 1.00 1.00 1.26 0.03 1.28
M40-22-PP-001 N204 N204A 34.00 35.00 1.00 1.00 3.63 0.09 3.72
N204-22-PP-001 N204 N204A 38.00 43.00 5.00 5.00 6.34 1.79 8.13
N204-22-PP-002 N204 N204A 38.00 41.00 3.00 3.00 5.67 1.24 6.91
N204-22-PP-003 N204 N204A 33.00 35.00 2.00 2.00 7.94 1.43 9.37
N204-22-PP-004 N204 N204A 41.00 42.00 1.00 1.00 6.58 1.51 8.09
N204-22-PP-005 N204 N204A 34.00 37.00 3.00 3.00 6.02 1.15 7.18
N204-22-PP-006 N204 N204A 44.00 50.00 6.00 6.00 7.20 2.14 9.33
N204-22-PP-007 N204 N204A 34.00 44.00 10.00 10.00 7.63 2.49 10.12
N204-22-PP-008 N204 N204A 41.00 44.00 3.00 3.00 3.92 1.00 4.92
N204-22-PP-009 N204 N204A 39.00 43.00 4.00 4.00 15.60 3.63 19.23
N204-22-PP-010 N204 N204A 39.00 44.00 5.00 5.00 10.96 2.49 13.46
N204-22-PP-011 N204 N204A 34.86 44.00 9.14 9.14 8.15 1.95 10.09
N204-22-PP-012 N204 N204A 39.00 41.00 2.00 2.00 8.73 2.71 11.44
N204-22-PP-012 N204 N204A 61.00 63.00 2.00 2.00 9.86 2.40 12.26
N204-22-PP-013 N204 N204A 39.00 50.00 11.00 11.00 8.92 2.15 11.07
N204-22-PP-014 N204 N204A 43.00 45.00 2.00 2.00 6.56 3.00 9.56
N204-22-PP-015 N204 N204A 36.00 37.00 1.00 1.00 7.95 2.32 10.27
N204-22-PP-016 N204 N204A 43.00 45.00 2.00 2.00 21.45 6.25 27.70
N204-22-PP-017* N204 N204A 41.00 46.00 5.00 5.00 2.40 0.84 3.24
N204-22-PP-018 N204 N204A 37.00 46.00 9.00 9.00 4.74 1.32 6.06
N204-22-PP-019 N204 N204A 39.00 43.00 4.00 4.00 4.92 1.45 6.36
N204-22-PP-020 N204 N204A 35.00 39.00 4.00 4.00 4.34 1.17 5.50
N204-22-PP-021 N204 N204A 36.00 40.00 4.00 4.00 6.72 1.04 7.76
N204-22-PP-022 N204 N204A 36.00 39.00 3.00 3.00 8.04 2.74 10.78
N204-22-PP-023 N204 N204A 34.00 36.00 2.00 2.00 4.37 1.39 5.76
N32-22-PP-001 EM N32 16.00 17.00 1.00 1.00 0.00 0.00 0.00
N32-22-PP-002 EM N33 12.00 17.00 5.00 5.00 2.47 0.63 3.10
N32-22-PP-003 EM N34 15.00 16.00 1.00 1.00 0.00 0.00 0.00
N32-22-PP-004 EM N35 21.25 22.50 1.25 1.25 0.01 0.02 0.02
N32-22-PP-005 EM N36 15.00 16.00 1.00 1.00 0.05 0.02 0.07
N32-22-PP-006 EM N37 16.00 22.00 6.00 6.00 3.01 1.51 4.52
N32-22-PP-007 EM N38 11.00 12.00 1.00 1.00 8.26 2.03 10.29
N33-22-PP-001 EM N39 8.00 13.00 5.00 5.00 2.09 16.82 18.91
N33-22-PP-002 EM N40 15.00 19.00 4.00 4.00 5.16 0.37 5.53
N33-22-PP-003 EM N41 13.00 20.00 7.00 7.00 3.90 3.28 7.18
N33-22-PP-004 EM N42 12.00 13.00 1.00 1.00 0.01 0.00 0.01
N33-22-PP-005 EM N43 11.00 12.00 1.00 1.00 1.51 0.93 2.44
N33-22-PP-006 EM N44 9.00 10.00 1.00 1.00 0.00 0.00 0.00
O26-22-PP-001* EM O26 20.00 24.00 4.00 4.00 9.86 3.58 13.44
O26-22-PP-001* EM O26 35.00 36.00 1.00 1.00 12.15 2.61 14.76
O26-22-PP-002 EM O26 12.00 13.00 1.00 1.00 2.96 0.36 3.32
O27-22-PP-001 EM O27 14.00 15.00 1.00 1.00 0.12 0.10 0.23
O27-22-PP-002 EM O27 10.00 11.00 1.00 1.00 0.83 0.29 1.12
O27-22-PP-003 EM O27 7.00 8.00 1.00 1.00 2.97 1.50 4.47
O27-22-PP-004 EM O27 14.00 15.00 1.00 1.00 13.45 1.05 14.50
O27-22-PP-005 EM O27 9.00 10.00 1.00 1.00 5.27 1.10 6.37
O27-22-PP-005 EM O27 18.00 19.00 1.00 1.00 4.78 8.36 13.14
O27-22-PP-006 EM O27 10.00 11.00 1.00 1.00 1.84 4.18 6.02
O27-22-PP-007 EM O27 9.00 10.00 1.00 1.00 0.86 1.91 2.76
O27-22-PP-008 EM O27 11.00 12.00 1.00 1.00 0.25 0.26 0.51
O27-22-PP-009 EM O27 8.00 10.00 2.00 2.00 7.92 0.40 8.32
O27-22-PP-009 EM O27 19.00 20.00 1.00 1.00 9.31 0.85 10.16
O53-22-PP-001 C2 O53 57.00 60.00 3.00 3.00 13.41 0.08 13.49
O53-22-PP-002* C2 O53 21.00 22.00 1.00 1.00 1.11 0.35 1.45
O53-22-PP-003 C2 O53 59.00 60.00 1.00 1.00 3.47 0.00 3.47
O53-22-PP-004 C2 O53 15.00 26.00 11.00 11.00 1.84 4.74 6.58
O53-22-PP-005 C2 O53 18.00 19.00 1.00 1.00 1.52 0.10 1.61
Y56-22-PP-001 N1 Y56 19.00 20.00 1.00 1.00 0.00 0.00 0.01
Y56-22-PP-002 N1 Y56 19.00 24.80 5.80 5.80 2.84 0.05 2.89
Y56-22-PP-003 N1 Y56 16.00 17.00 1.00 1.00 1.56 0.20 1.76
Y56-22-PP-004 N1 Y56 9.35 10.00 0.65 0.65 4.03 0.32 4.35
Y58-22-PP-001 N1 Y58 20.00 21.00 1.00 1.00 0.01 0.00 0.01

* Within-deposit hydrogeological drill hole
** Off-deposit hydrogeological drill hole

 

Hydrogeological Program Update

 

Hydrogeological measurements over the past two years have consisted of: 1) Profile Tracer Tests that measure groundwater flow and conductivity of the bedrock stratigraphy within the drill hole, 2) Injection Tests to model aquifer characteristics, and 3) Physio-chemical measurements of the water within the drill holes to characterize the groundwater in and around the deposits.

 

This data was used to corroborate the results of the hydrogeological model used in the 2022 Preliminary Economic Assessment. In Q1 2023 the Company will evaluate various life-of-mine “Cluster” strategies in preparation for the FS. The Cluster strategy uses an area of approximately three kilometres by one kilometre in the North-South direction. The concept is that dewatering a mine site will impact and lower the amount of water to be pumped from nearby mine sites.

 

The hydrogeological model is continuously evolving as new field data is incorporated. The updated hydrogeological model will be used to continuously improve forecasts for dewatering volume estimates for the upcoming Pine Point FS. Additional hydrogeological monitoring wells will continue to be added as the 2023 infill drilling is completed this winter.

 

Qualified Person

 

Mr. Robin Adair is the Qualified Person and the Vice President of Exploration for Osisko Metals Incorporated. 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 QA/QC 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 Ltd. facility in North Vancouver, BC. All samples are analyzed by four acid digestion followed by both ICP-AES and ICP-MS for a multi-element suite with a 1% upper detection limit for base metals. Samples reporting over 1% for Zn and 1% for Pb are analyzed by assay grade, four acid digestion, and ICP-AES analysis with an upper detection limit of 30% and 20%, respectively. Samples with Zn >30% and or Pb >20% are analyzed by traditional titration.

 

Table 2: Drill Hole Collar Locations (NAD83 (CSRS) Zone 11)

 

Hole Name Zone Deposit Easting Northing Elev. (m) Azm. Dip Length (m)
BO-22-PP-001 Expl   627372.0 6750481.9 177.4 0 -90 198.0
BO-22-PP-002 Expl   627371.9 6750482.2 177.4 150 -45 135.0
IP08-22-PP-001* Expl   632817.0 6743647.6 229.2 0 -90 127.0
IP08-22-PP-002 Expl   632817.2 6743647.6 229.2 150 -45 72.0
K51-22-PP-001 C2 K51 635165.4 6747899.8 213.1 0 -90 51.0
K51-22-PP-002 C2 K51 635142.4 6747886.0 213.1 0 -90 54.0
K51-22-PP-003 C2 K51 635150.1 6747857.3 213.2 0 -90 54.0
K51-22-PP-007 C2 K51 635024.4 6747888.1 213.0 0 -90 48.0
K51-22-PP-008 C2 K51 635113.2 6747884.6 213.1 0 -90 51.0
K51-22-PP-010 C2 K51 635011.2 6747919.6 212.9 0 -90 48.0
K51-22-PP-011 C2 K51 634983.3 6747898.7 212.9 0 -90 48.0
K51-22-PP-012 C2 K51 635000.2 6747873.2 213.0 0 -90 48.0
K51-22-PP-013 C2 K51 635041.5 6747848.2 213.1 0 -90 51.0
K51-22-PP-014 C2 K51 635092.5 6747843.3 213.0 0 -90 51.0
L27-22-PP-001 EM L27 644765.5 6752907.5 206.8 0 -90 12.0
L27-22-PP-002 EM L27 644806.7 6752896.7 209.0 0 -90 12.0
L27-22-PP-003 EM L27 644756.2 6752872.6 211.0 0 -90 18.0
L27-22-PP-004 EM L27 644834.3 6752832.2 214.1 0 -90 24.0
L27-22-PP-005 EM L27 644822.7 6752804.2 214.0 0 -90 12.0
M40-22-PP-001 EM M40 639637.0 6749557.7 222.9 0 -90 42.0
N204-22-PP-001* N204 N204A 659460.4 6760866.5 180.5 0 -90 63.0
N204-22-PP-002 N204 N204A 659501.3 6760846.3 180.4 0 -90 63.0
N204-22-PP-003 N204 N204A 659538.9 6760843.7 178.5 0 -90 51.0
N204-22-PP-004 N204 N204A 659411.3 6760838.3 182.0 0 -90 60.0
N204-22-PP-005 N204 N204A 659535.0 6760809.2 179.8 0 -90 54.0
N204-22-PP-006 N204 N204A 659369.1 6760728.5 184.0 0 -90 60.0
N204-22-PP-007 N204 N204A 659625.8 6760684.0 182.3 0 -90 54.0
N204-22-PP-008 N204 N204A 659520.3 6760674.1 183.3 0 -90 61.5
N204-22-PP-009 N204 N204A 659483.3 6760673.1 183.3 0 -90 60.0
N204-22-PP-010 N204 N204A 659472.0 6760649.3 183.4 0 -90 60.0
N204-22-PP-011 N204 N204A 659606.9 6760645.9 183.7 0 -90 56.0
N204-22-PP-012 N204 N204A 659512.4 6760642.4 184.1 0 -90 63.0
N204-22-PP-013 N204 N204A 659543.3 6760584.7 185.3 0 -90 57.0
N204-22-PP-014 N204 N204A 659484.3 6760555.0 185.5 0 -90 63.0
N204-22-PP-015 N204 N204A 659625.8 6760553.8 183.3 0 -90 54.0
N204-22-PP-016 N204 N204A 659533.3 6760539.0 185.3 0 -90 60.0
N204-22-PP-017* N204 N204A 659559.5 6760521.3 184.3 0 -90 72.0
N204-22-PP-018 N204 N204A 659587.7 6760516.1 183.0 0 -90 51.0
N204-22-PP-019 N204 N204A 659549.0 6760478.7 183.5 0 -90 60.0
N204-22-PP-020 N204 N204A 659592.0 6760456.7 181.3 0 -90 60.0
N204-22-PP-021 N204 N204A 659573.3 6760419.3 181.4 0 -90 54.0
N204-22-PP-022 N204 N204A 659556.6 6760395.9 181.6 0 -90 53.0
N204-22-PP-023 N204 N204A 659548.6 6760279.4 178.3 0 -90 48.0
N32-22-PP-001 EM N32 643126.0 6751246.4 221.6 0 -90 24.0
N32-22-PP-002 EM N32 643206.6 6751149.2 212.4 0 -90 21.0
N32-22-PP-003 EM N32 643225.2 6751103.6 208.3 0 -90 22.5
N32-22-PP-004 EM N32 643179.3 6751098.2 214.9 0 -90 22.5
N32-22-PP-005 EM N32 643083.4 6750936.0 214.4 0 -90 21.0
N32-22-PP-006 EM N32 643132.2 6750927.9 214.2 0 -90 27.0
N32-22-PP-007 EM N32 643062.5 6750914.4 214.3 0 -90 21.0
N33-22-PP-001 EM N33 642611.8 6750692.1 215.0 0 -90 18.0
N33-22-PP-002 EM N33 642687.7 6750668.6 215.1 0 -90 21.0
N33-22-PP-003 EM N33 642543.9 6750660.0 215.2 0 -90 24.0
N33-22-PP-004 EM N33 642869.2 6750481.9 215.6 0 -90 15.0
N33-22-PP-005 EM N33 642813.9 6750454.7 215.7 0 -90 15.0
N33-22-PP-006 EM N33 642852.1 6750438.3 215.7 0 -90 15.0
O26-22-PP-001* EM O26 646635.6 6751907.5 207.5 0 -90 42.0
O26-22-PP-002 EM O26 646601.1 6751876.8 207.5 0 -90 21.0
O27-22-PP-001 EM O27 646542.9 6752227.6 208.6 0 -90 21.0
O27-22-PP-002 EM O27 646521.8 6752210.1 208.5 0 -90 15.0
O27-22-PP-003 EM O27 646592.7 6752204.5 208.0 0 -90 15.0
O27-22-PP-004 EM O27 646541.1 6752192.8 208.5 0 -90 27.0
O27-22-PP-005 EM O27 646563.2 6752160.4 208.1 0 -90 30.0
O27-22-PP-006 EM O27 646519.1 6752147.4 208.2 0 -90 27.0
O27-22-PP-007 EM O27 646581.8 6752129.1 207.7 0 -90 24.0
O27-22-PP-008 EM O27 646497.2 6752122.5 208.2 0 -90 15.0
O27-22-PP-009 EM O27 646543.7 6752095.2 207.7 0 -90 24.0
O53-22-PP-001 C2 O53 633903.8 6745683.6 225.1 0 -90 72.0
O53-22-PP-002* C2 O53 634243.5 6745668.3 225.5 0 -90 80.0
O53-22-PP-003 C2 O53 634189.0 6745661.1 225.6 0 -90 78.0
O53-22-PP-004 C2 O53 634221.9 6745687.4 225.7 0 -90 27.0
O53-22-PP-005 C2 O53 634214.7 6745669.5 225.2 0 -90 27.0
Y56-22-PP-001 N1 Y56 633894.3 6752141.1 183.3 0 -90 27.0
Y56-22-PP-002 N1 Y56 633839.8 6752135.6 183.1 0 -90 27.0
Y56-22-PP-003 N1 Y56 633761.4 6752119.3 186.9 0 -90 21.0
Y56-22-PP-004 N1 Y56 633859.4 6752110.6 183.3 0 -90 21.0
Y58-22-PP-001 N1 Y58 633901.4 6751914.7 184.5 0 -90 27.0

* Within-deposit hydrogeological drill hole
** Off-deposit hydrogeological drill hole

 

About Osisko Metals

 

Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical base metals space. The Company controls one of Canada’s premier past-producing zinc mining camps, the Pine Point Project, located in the Northwest Territories for which the 2022 PEA has indicated an after-tax NPV of $602M and an IRR of 25%. The study is based on the current Mineral Resource Estimates that are amenable to open pit and shallow underground mining and consist of 15.7Mt grading 5.55% ZnEq of Indicated Mineral Resources and 47.2Mt grading 5.94% ZnEq of Inferred Mineral Resources. Please refer to the technical report entitled “Preliminary Economic Assessment, Pine Point Project, Hay River, Northwest Territories, Canada” dated July 30th, 2022 that 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 also has an electrical substation as well as 100 kilometres of viable haulage roads already in place on site.

 

The Company is also in the process of acquiring, from Glencore Canada, a 100% interest in the past-producing Gaspé Copper Mine, located near Murdochville in the Gaspé peninsula of Quebec. The Company is currently focused on resource evaluation of the Mount Copper Expansion Project that currently hosts a NI43-101 Inferred Mineral Resource Estimate of 456Mt grading 0.31% Cu (see April 28, 2022 press release). Gaspé Copper hosts the largest undeveloped copper resource in Eastern North America, strategically located near existing infrastructure in the mining-friendly province of Quebec.

 

A photo accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/e2d755d9-a924-47e9-b25f-98a4ff836c2b

 

Posted January 12, 2023

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