Osisko Metals Incorporated (TSX-V:OM) (FRANKFURT:0B5) is pleased to announce that it has signed a definitive agreement with Canadian Continental Exploration Corporation to acquire 27 mineral claims in the Bathurst Mining Camp. The individual mineral claims comprising the CCEC Properties consist of 4 to 48 claim units totalling 320 claim units or 6,976 hectares. The Properties cover 27 distinct coincident gravity and electromagnetic geophysical anomalies located over a wide area and in a variety of geological settings throughout the BMC. CCEC selected these anomalies last year based on compilation of publicly available geophysical data from recent airborne surveys. CCEC drill-tested three anomalies with six holes, two of which encountered pyrrhotite and chalcopyrite mineralization typical of stockworks that underlie most of the massive sulphide bodies in the BMC. Osisko Metals will test all of these anomalies in 2018 with roaming drills that will be added to the existing three drills defining resources around known deposits.
In addition, Osisko Metals has agreed to acquire the Camel Back Deposit from a single vendor in the BMC. The CBD is located roughly 11 km northeast of the Mount Fronsac North deposit that was acquired by Osisko Metals in July 2017 (see NR dated July 6, 2017). The CBD is situated at the equivalent stratigraphic setting as the Mount Fronsac North massive sulfide deposit and the property containing the CBD consists of one claim block comprised of five claims units covering approximately 109 hectares. The CBD, discovered in 1996, is described as “A small (~ 200,000 tonnes) moderate grade (5-7 % Zn + Pb) volcanogenic massive sulphide deposit with mineralization confined to two steeply dipping lenses that average approximately 4 metres in thickness. Each lens is zoned, with an upper part consisting mainly of pyrite and a basal part containing pyrite, sphalerite, and galena. Oxide facies iron formation is spatially associated with the massive sulfides, and has been traced up to 1,800 metres along strike.
Jeff Hussey, President and CEO of Osisko Metals, commented: “We are happy to announce the purchase agreements of the CCEC properties and the CBD. CBD is a relatively recent discovery that deserves more drilling and will be expanded and upgraded. This acquisition complements claims that were previously staked and surround the CBD. It is the second deposit that we have purchased in the Western BMC, and will potentially contribute resources towards the evaluation of a concept using a central concentrator that could be fed by multiple deposits in that part of the camp. Additionally, the acquisition of the CCEC properties, which focus on newly defined anomalies that include recently released airborne gravity data, provides an important opportunity to discover new deposits in the BMC”.
THE CCEC PROPERTIES
Pursuant to the purchase and sale Agreement between CCEC and Osisko Metals, the Company will acquire 100% interest in the CCEC Properties and will have the exclusive rights to explore and develop the CCEC Properties in consideration of:
At closing, a finder’s fee is payable to an arm’s length third party in the amount of 50,000 common shares of Osisko Metals.
CAMEL BACK DEPOSIT
Pursuant to the purchase and sale agreement between the vendors of the CBD Claim and Osisko Metals, the Company will acquire a 100% interest in the CBD Claim and will have the exclusive rights to explore and develop the CBD Claim in consideration of a
The number of common shares of the Company to be issued as part of the aforesaid performance payments are to be calculated based upon a 30 day VWAP at the time such common shares are to be issued.
Both of the aforementioned transactions are subject to receipt of TSX Venture Exchange approval.
Qualified Person and Cautionary Statement
Mr. Gary Woods is the Senior Exploration Manager for Osisko Metals Incorporated and a Professional Geologist registered in New Brunswick. He is the Qualified Person responsible for the technical data reported in this news release.
These historical estimates reported above were obtained from the New Brunswick Government Mineral Deposits database. Readers are cautioned that Osisko Metals has not completed the work required to independently analyze and verify the results of previous operators nor has a qualified person done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. Osisko Metals is not treating the historical estimate as current mineral resources, and believes this historical estimate provides an indication of the potential of the property. The estimate is reported because it is deemed relevant to the description of the property.
About Osisko Metals
Osisko Metals is a Canadian exploration and development company creating value in the base metal space with an emphasis on zinc. To date, the Company has consolidated over 63,000 hectares in the Bathurst Mining Camp in which it is focused on upgrading and expanding 6 historical deposits. The objective is to develop a multi-deposit asset base that could feed a central concentrator. 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 projects and acquisition opportunities. Osisko Gold Royalties Ltd. (TSX:OR)(NYSE:OR) and Osisko Mining Inc. (TSX:OSK) are significant shareholders of the Company.
ORENINC INDEX – Monday, April 6th2020 North Am... READ MORE
KORE Mining Ltd. (TSX-V: KORE) (OTCQB: KOREF) is pleased to annou... READ MORE
IMPACT Silver Corp. (TSX-V: IPT) (OTC Pink: ISVLF) announces its ... READ MORE
Puma Exploration Inc. (TSX-V:PUMA) has signed an option agreement... READ MORE
GFG Resources Inc. (TSX-V: GFG) (OTCQB: GFGSF) reports it has int... READ MORE