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Osisko Metals Announces New Drill Results at Pine Point With up to 33.00 Metres Grading 11.26% Zinc and 2.71% Lead
Osisko Metals Incorporated (TSX-V: OM) (OTCQX: OMZNF) (FRANKFURT: 0B51) is pleased to announce initial assay results from its 2023 drilling program at Pine Point Project, located in the Northwest Territories, Canada. The reported results are from the X25 deposit, a prismatic-style deposit with a tabular-style apron in the West Zone.
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 PEA deposits. This spacing is intended to upgrade resources presently classified as Inferred to the Indicated category.
Drill Hole Assay Composite Highlights:
- X25-23-PP-003: 14.00 metres, grading 8.21% Zn and 5.30% Pb (13.51% Zn+Pb)
- X25-23-PP-004: 33.00 metres, grading 11.26% Zn and 2.71% Pb (13.97% Zn+Pb)
- X25-23-PP-028: 10.96 metres, grading 5.84% Zn and 0.75% Pb (6.58% Zn+Pb)
- X25-23-PP-034: 6.98 metres, grading 21.09% Zn and 3.24% Pb (24.33 Zn+Pb)
- X25-23-PP-038: 8.98 metres, grading 11.42% Zn and 1.79% Pb (13.21% Zn+Pb)
- X25-23-PP-039: 7.98 metres, grading 24.84% Zn and 5.36% Pb (30.20% Zn+Pb)
All mineralization occurs near surface between 67.95 and 195.00 metres vertical depth from surface and occurs as sphalerite and galena associated with intensely altered hydrothermal dolomite and limestone.
Robert Wares, CEO and Chairman of the Board, commented: “We are excited to announce these initial results from our 2023 Definition Drilling program. Integrating these drill results will allow for improvement of our mineral resource base that will be used in the upcoming Feasibility Study (“FS”) being initiated in H2 2023. Currently several definition studies are underway to perform trade-offs in order to freeze the Project’s design concept in preparation for the FS. We are also happy to report our progress towards permitting initiatives and potential construction of a mine at Pine Point with our JV partners Appian Capital Advisory LLP. Meetings with local communities and regulators are ongoing to keep everyone up to date regarding the permitting process as we advance the Pine Point Project.”
Table 1: Drill Hole Composites.
| Hole Name | Zone | Deposit | From | To | Drill Width | True Width | Zn | Pb | Zn+Pb |
| (m) | (m) | (m) | (m) | % | % | % | |||
| X25-23-PP-001 | W1 | X25 | 161.00 | 174.00 | 13.00 | 12.99 | 2.62 | 0.30 | 2.92 |
| and | W1 | X25 | 180.00 | 181.00 | 1.00 | 1.00 | 2.66 | 0.39 | 3.05 |
| and | W1 | X25 | 186.00 | 187.50 | 1.50 | 1.50 | 9.17 | 1.91 | 11.08 |
| X25-23-PP-002B | W1 | X25 | 161.00 | 174.00 | 13.00 | 12.98 | 8.41 | 4.00 | 12.40 |
| X25-23-PP-003 | W1 | X25 | 157.00 | 171.00 | 14.00 | 14.00 | 8.21 | 5.30 | 13.51 |
| and | W1 | X25 | 180.00 | 183.00 | 3.00 | 3.00 | 2.03 | 0.52 | 2.55 |
| X25-23-PP-004 | W1 | X25 | 162.00 | 195.00 | 33.00 | 33.00 | 11.26 | 2.71 | 13.97 |
| X25-23-PP-005 | W1 | X25 | 103.00 | 104.00 | 1.00 | 1.00 | 1.93 | 0.60 | 2.52 |
| and | W1 | X25 | 134.00 | 135.00 | 1.00 | 1.00 | 1.71 | 0.58 | 2.29 |
| and | W1 | X25 | 140.00 | 145.00 | 5.00 | 4.99 | 15.94 | 2.66 | 18.60 |
| and | W1 | X25 | 147.00 | 156.00 | 9.00 | 8.99 | 9.28 | 6.53 | 15.80 |
| and | W1 | X25 | 159.00 | 163.00 | 4.00 | 3.99 | 7.13 | 0.49 | 7.62 |
| X25-23-PP-007 | W1 | X25 | 67.95 | 68.45 | 0.50 | 0.50 | 8.42 | 2.16 | 10.58 |
| X25-23-PP-010 | W1 | X25 | 123.00 | 124.00 | 1.00 | 1.00 | 2.87 | 0.55 | 3.42 |
| and | W1 | X25 | 134.00 | 139.00 | 5.00 | 4.99 | 3.90 | 0.22 | 4.12 |
| X25-23-PP-011 | W1 | X25 | 132.00 | 135.00 | 3.00 | 3.00 | 2.55 | 1.02 | 3.58 |
| and | W1 | X25 | 138.00 | 141.00 | 3.00 | 3.00 | 4.00 | 0.29 | 4.30 |
| X25-23-PP-012 | W1 | X25 | 112.00 | 113.00 | 1.00 | 1.00 | 3.36 | 0.78 | 4.14 |
| and | W1 | X25 | 132.00 | 135.00 | 3.00 | 3.00 | 2.62 | 0.65 | 3.27 |
| and | W1 | X25 | 138.00 | 139.50 | 1.50 | 1.50 | 2.44 | 0.59 | 3.03 |
| X25-23-PP-013 | W1 | X25 | 116.00 | 122.00 | 6.00 | 5.99 | 2.51 | 7.38 | 9.88 |
| and | W1 | X25 | 125.00 | 126.00 | 1.00 | 1.00 | 7.52 | 0.74 | 8.26 |
| and | W1 | X25 | 133.00 | 140.00 | 7.00 | 6.99 | 2.12 | 0.14 | 2.26 |
| X25-23-PP-015 | W1 | X25 | 113.00 | 115.00 | 2.00 | 2.00 | 2.00 | 0.68 | 2.68 |
| and | W1 | X25 | 121.00 | 122.00 | 1.00 | 1.00 | 3.02 | 2.43 | 5.45 |
| and | W1 | X25 | 124.00 | 132.00 | 8.00 | 7.99 | 4.20 | 1.19 | 5.40 |
| X25-23-PP-016 | W1 | X25 | 126.00 | 133.00 | 7.00 | 6.99 | 6.58 | 0.48 | 7.06 |
| and | W1 | X25 | 138.00 | 140.00 | 2.00 | 2.00 | 4.09 | 0.01 | 4.10 |
| X25-23-PP-018 | W1 | X25 | 131.00 | 133.00 | 2.00 | 1.99 | 9.04 | 1.47 | 10.51 |
| X25-23-PP-019 | W1 | X25 | 55.00 | 59.00 | 4.00 | 4.00 | 1.83 | 0.79 | 2.62 |
| and | W1 | X25 | 96.00 | 100.00 | 4.00 | 4.00 | 5.92 | 3.68 | 9.60 |
| and | W1 | X25 | 104.00 | 105.00 | 1.00 | 1.00 | 7.47 | 0.82 | 8.29 |
| and | W1 | X25 | 107.00 | 108.00 | 1.00 | 1.00 | 1.79 | 0.59 | 2.38 |
| and | W1 | X25 | 117.00 | 118.00 | 1.00 | 1.00 | 3.11 | 0.24 | 3.35 |
| and | W1 | X25 | 120.00 | 125.00 | 5.00 | 4.99 | 4.29 | 0.96 | 5.25 |
| and | W1 | X25 | 127.00 | 128.00 | 1.00 | 1.00 | 2.03 | 0.60 | 2.63 |
| X25-23-PP-020 | W1 | X25 | 104.00 | 105.00 | 1.00 | 1.00 | 5.36 | 2.07 | 7.43 |
| X25-23-PP-021 | W1 | X25 | 133.00 | 137.00 | 4.00 | 3.99 | 3.61 | 1.65 | 5.26 |
| X25-23-PP-022 | W1 | X25 | 124.00 | 125.00 | 1.00 | 1.00 | 1.97 | 0.73 | 2.69 |
| and | W1 | X25 | 140.00 | 141.00 | 1.00 | 1.00 | 3.36 | 0.02 | 3.38 |
| X25-23-PP-023 | W1 | X25 | 123.00 | 127.00 | 4.00 | 3.99 | 1.63 | 0.55 | 2.18 |
| and | W1 | X25 | 129.00 | 130.00 | 1.00 | 1.00 | 1.59 | 0.57 | 2.17 |
| and | W1 | X25 | 132.00 | 133.00 | 1.00 | 1.00 | 2.10 | 1.05 | 3.15 |
| X25-23-PP-024 | W1 | X25 | 115.00 | 116.00 | 1.00 | 1.00 | 1.58 | 0.46 | 2.04 |
| and | W1 | X25 | 135.00 | 138.00 | 3.00 | 2.99 | 16.40 | 1.04 | 17.44 |
| X25-23-PP-025 | W1 | X25 | 115.00 | 116.00 | 1.00 | 1.00 | 6.72 | 0.82 | 7.54 |
| and | W1 | X25 | 125.00 | 126.00 | 1.00 | 1.00 | 1.74 | 0.35 | 2.09 |
| X25-23-PP-026 | W1 | X25 | 95.00 | 100.00 | 5.00 | 5.00 | 4.25 | 1.49 | 5.74 |
| and | W1 | X25 | 119.00 | 126.00 | 7.00 | 7.00 | 6.17 | 0.89 | 7.06 |
| X25-23-PP-028 | W1 | X25 | 118.00 | 129.00 | 11.00 | 10.96 | 5.84 | 0.75 | 6.58 |
| and | W1 | X25 | 132.00 | 135.00 | 3.00 | 2.99 | 9.39 | 1.10 | 10.50 |
| X25-23-PP-029 | W1 | X25 | 122.00 | 123.00 | 1.00 | 1.00 | 3.24 | 1.24 | 4.47 |
| X25-23-PP-030 | W1 | X25 | 117.00 | 118.00 | 1.00 | 1.00 | 2.18 | 0.38 | 2.56 |
| and | W1 | X25 | 120.00 | 122.00 | 2.00 | 2.00 | 3.81 | 0.47 | 4.28 |
| and | W1 | X25 | 126.00 | 132.00 | 6.00 | 5.99 | 6.01 | 1.46 | 7.47 |
| and | W1 | X25 | 138.00 | 141.00 | 3.00 | 3.00 | 4.77 | 0.28 | 5.06 |
| X25-23-PP-031 | W1 | X25 | 110.00 | 118.50 | 8.50 | 8.48 | 2.90 | 0.18 | 3.08 |
| and | W1 | X25 | 122.00 | 124.00 | 2.00 | 2.00 | 3.11 | 0.55 | 3.66 |
| and | W1 | X25 | 132.00 | 133.50 | 1.50 | 1.50 | 1.73 | 0.29 | 2.02 |
| and | W1 | X25 | 137.00 | 138.00 | 1.00 | 1.00 | 2.95 | 0.61 | 3.56 |
| and | W1 | X25 | 142.50 | 146.00 | 3.50 | 3.49 | 11.02 | 0.22 | 11.25 |
| X25-23-PP-032 | W1 | X25 | 107.00 | 108.00 | 1.00 | 1.00 | 0.00 | 2.23 | 2.23 |
| and | W1 | X25 | 116.00 | 118.00 | 2.00 | 2.00 | 1.39 | 3.40 | 4.79 |
| and | W1 | X25 | 120.00 | 132.00 | 12.00 | 11.99 | 3.23 | 1.92 | 5.15 |
| X25-23-PP-033 | W1 | X25 | 126.00 | 129.00 | 3.00 | 2.99 | 2.27 | 7.78 | 10.05 |
| and | W1 | X25 | 138.00 | 141.00 | 3.00 | 2.99 | 10.35 | 2.19 | 12.54 |
| X25-23-PP-034 | W1 | X25 | 137.00 | 144.00 | 7.00 | 6.98 | 21.09 | 3.24 | 24.33 |
| and | W1 | X25 | 148.00 | 149.00 | 1.00 | 1.00 | 3.04 | 0.19 | 3.23 |
| X25-23-PP-037 | W1 | X25 | 132.00 | 133.00 | 1.00 | 1.00 | 25.90 | 5.15 | 31.05 |
| and | W1 | X25 | 136.00 | 139.00 | 3.00 | 2.99 | 8.26 | 1.12 | 9.38 |
| X25-23-PP-038 | W1 | X25 | 135.00 | 144.00 | 9.00 | 8.98 | 11.42 | 1.79 | 13.21 |
| X25-23-PP-039 | W1 | X25 | 133.00 | 141.00 | 8.00 | 7.98 | 24.84 | 5.36 | 30.20 |
| X25-23-PP-040 | W1 | X25 | 138.00 | 142.00 | 4.00 | 3.99 | 19.39 | 3.03 | 22.41 |
| X25-23-PP-041 | W1 | X25 | 138.00 | 140.00 | 2.00 | 2.00 | 12.85 | 0.77 | 13.62 |
Drill holes not reported in this table with a collar location tabulated in Table 2 contained no significant assay results.
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) |
| X25-23-PP-001 | W1 | X25 | 606181.5 | 6735791.1 | 181.8 | 0 | -90 | 198.0 |
| X25-23-PP-002 | W1 | X25 | 606188.8 | 6735823.7 | 182.3 | 0 | -90 | 129.0 |
| X25-23-PP-002B | W1 | X25 | 606188.8 | 6735823.7 | 182.3 | 0 | -90 | 201.0 |
| X25-23-PP-003 | W1 | X25 | 606196.9 | 6735806.8 | 182.1 | 0 | -90 | 198.0 |
| X25-23-PP-004 | W1 | X25 | 606219.1 | 6735811.9 | 182.1 | 0 | -90 | 195.0 |
| X25-23-PP-005 | W1 | X25 | 606255.6 | 6735834.8 | 182.3 | 0 | -90 | 180.0 |
| X25-23-PP-006 | W1 | X25 | 606291.5 | 6735819.5 | 182.6 | 0 | -90 | 165.0 |
| X25-23-PP-007 | W1 | X25 | 606317.4 | 6735797.6 | 182.6 | 0 | -90 | 177.0 |
| X25-23-PP-008 | W1 | X25 | 606325.7 | 6735767.9 | 182.3 | 0 | -90 | 138.0 |
| X25-23-PP-009 | W1 | X25 | 606344.3 | 6735740.0 | 182.2 | 0 | -90 | 138.0 |
| X25-23-PP-010 | W1 | X25 | 606367.4 | 6735727.8 | 182.4 | 0 | -90 | 147.0 |
| X25-23-PP-011 | W1 | X25 | 606369.9 | 6735751.3 | 182.4 | 0 | -90 | 141.0 |
| X25-23-PP-012 | W1 | X25 | 606390.8 | 6735742.6 | 182.5 | 0 | -90 | 144.0 |
| X25-23-PP-013 | W1 | X25 | 606407.9 | 6735753.2 | 182.4 | 0 | -90 | 144.0 |
| X25-23-PP-014 | W1 | X25 | 606436.1 | 6735767.2 | 182.5 | 0 | -90 | 150.0 |
| X25-23-PP-015 | W1 | X25 | 606392.6 | 6735773.0 | 182.5 | 0 | -90 | 153.0 |
| X25-23-PP-016 | W1 | X25 | 606413.1 | 6735780.2 | 182.5 | 0 | -90 | 141.0 |
| X25-23-PP-017 | W1 | X25 | 606439.3 | 6735790.6 | 182.6 | 0 | -90 | 126.0 |
| X25-23-PP-018 | W1 | X25 | 606403.3 | 6735812.1 | 182.6 | 0 | -90 | 144.0 |
| X25-23-PP-019 | W1 | X25 | 606391.0 | 6735840.2 | 182.9 | 0 | -90 | 138.0 |
| X25-23-PP-020 | W1 | X25 | 606338.8 | 6735843.2 | 182.6 | 0 | -90 | 105.0 |
| X25-23-PP-021 | W1 | X25 | 606306.4 | 6735870.8 | 182.7 | 0 | -90 | 177.0 |
| X25-23-PP-022 | W1 | X25 | 606312.0 | 6735895.4 | 182.7 | 0 | -90 | 153.0 |
| X25-23-PP-023 | W1 | X25 | 606331.8 | 6735879.1 | 182.7 | 0 | -90 | 180.0 |
| X25-23-PP-024 | W1 | X25 | 606351.5 | 6735865.8 | 182.8 | 0 | -90 | 156.0 |
| X25-23-PP-025 | W1 | X25 | 606372.9 | 6735865.8 | 183.0 | 0 | -90 | 138.0 |
| X25-23-PP-026 | W1 | X25 | 606414.8 | 6735854.1 | 183.0 | 0 | -90 | 153.0 |
| X25-23-PP-027 | W1 | X25 | 606457.4 | 6735861.3 | 183.2 | 0 | -90 | 132.0 |
| X25-23-PP-028 | W1 | X25 | 606439.9 | 6735868.3 | 183.2 | 0 | -90 | 154.0 |
| X25-23-PP-029 | W1 | X25 | 606398.5 | 6735882.4 | 183.2 | 0 | -90 | 132.0 |
| X25-23-PP-030 | W1 | X25 | 606356.2 | 6735893.8 | 183.2 | 0 | -90 | 183.0 |
| X25-23-PP-031 | W1 | X25 | 606336.8 | 6735921.5 | 182.9 | 0 | -90 | 147.0 |
| X25-23-PP-032 | W1 | X25 | 606383.6 | 6735909.4 | 183.3 | 0 | -90 | 138.0 |
| X25-23-PP-033 | W1 | X25 | 606442.0 | 6735961.8 | 183.9 | 0 | -90 | 141.0 |
| X25-23-PP-034 | W1 | X25 | 606480.2 | 6735924.6 | 183.6 | 0 | -90 | 150.0 |
| X25-23-PP-035 | W1 | X25 | 606497.4 | 6735893.2 | 184.0 | 0 | -90 | 150.0 |
| X25-23-PP-036 | W1 | X25 | 606518.5 | 6735878.2 | 183.6 | 0 | -90 | 150.0 |
| X25-23-PP-037 | W1 | X25 | 606524.4 | 6735906.1 | 183.8 | 0 | -90 | 150.0 |
| X25-23-PP-038 | W1 | X25 | 606565.0 | 6735907.1 | 183.9 | 0 | -90 | 150.0 |
| X25-23-PP-039 | W1 | X25 | 606546.0 | 6735920.6 | 183.9 | 0 | -90 | 144.0 |
| X25-23-PP-040 | W1 | X25 | 606554.5 | 6735945.5 | 184.2 | 0 | -90 | 144.0 |
| X25-23-PP-041 | W1 | X25 | 606524.7 | 6735963.0 | 184.0 | 0 | -90 | 144.0 |
About Osisko Metals
Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals space, more specifically copper and zinc. The Company is a joint venture partner with Appian Capital Advisory LLP 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 PEA (as defined herein) has indicated an after-tax NPV of C$602 million and an IRR of 25%, based on long-term zinc price of US$1.37/lb 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 15.7Mt 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 August 26, 2022 (with an effective date of July 30, 2022), which has been prepared for Osisko Metals an PPML by representatives of BBA Engineering Inc., Hydro-Resources Inc., PLR Resources Inc. and WSP Canada Inc. (the “2022 PEA“). Please refer to the full text of the 2022 PEA, a copy of which is available on SEDAR (www.sedar.com) under the Osisko Metals’ issuer profile, for the assumptions, methodologies, qualifications and limitations described therein. The Pine Point Project is located on the south shore of Great Slave Lake in the Northwest Territories, near infrastructure, paved highway access, an electrical substation, as well as 100 kilometres of viable haulage roads already in place.
The Company has also acquired, from Glencore Canada Corporation, a 100% interest in the past-producing Gaspé Copper Mine, located near Murdochville in the Gaspé peninsula of Québec. The Company is currently focused on resource evaluation of the Mount Copper Expansion Project that hosts an Inferred Mineral Resource (in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects) of 456Mt grading 0.31% Cu (see April 28, 2022 news release of Osisko Metals entitled “Osisko Metals Announces Maiden Resource at Gaspé Copper – Inferred Resource of 456Mt Grading 0.31% Copper”). Gaspé Copper hosts the largest undeveloped copper resource in Eastern North America, strategically located near existing infrastructure in the mining-friendly province of Québec.
About Appian
Appian Capital Advisory LLP is a London-headquartered investment advisor to long-term value-focused private capital funds that invest solely in mining and mining-related companies.
Appian is a leading investment advisor in the metals and mining industry, with global experience across South America, North America, Europe, Australia and Africa and a successful track record of supporting companies to achieve their development targets, with a global operating portfolio overseeing nearly 6,300 employees. Appian has a global team of 65 experienced professionals with presences in London, Toronto, Vancouver, Montreal, New York, Lima, Belo Horizonte, Perth, Mexico City and Dubai. The Appian team, through its private capital funds, has a long history of successfully bringing mines through development and into production, having completed 9 mine builds in the last 6 years.
Posted September 6, 2023
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