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Osisko Metals Expands Known Mineralization at N204 Zone

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Osisko Metals Expands Known Mineralization at N204 Zone

 

 

 

 

 

Osisko Metals Incorporated (TSX-V: OM) (OTCQX: OMZNF) (FRANKFURT: 0B51) is pleased to announce assay results from 8 recently completed drill holes in the N204 Zone, the easternmost deposit in the portfolio, at its wholly owned Pine Point Mining Camp in the Northwest Territory. Drill hole N204-19-PP-008 intersected 5.78% zinc and 2.08% lead over 9.00 metres and hole N204-19-PP-001 intersected 6.73% zinc and 1.57% lead over 3.00 metres (see N204 Surface Map).

 

Additionally, the results of re-assaying and re-logging 22 historical holes from the Cominco Limited era between 1964 and 1988 are reported. Of significance are four holes with unsampled mineralization including historical drill hole N204-240 that intersected 4.08% zinc and 1.13% lead over 9.15 metres that is located approximately 100 meters outside of previously modelled resources. Other highlighted intersections are noted in Table 1 below.

 

All intersections are hosted within laterally continuous, stratabound layers within tabular mineralization of the N204 Zone located between 8 to 50 metres vertical depth. The focus of the program in this area is to confirm and expand historical resources, reduce drill spacing, and collect samples for metallurgical tests. Drill hole composites and location details are provided in Tables 2 & 3.

 

Table 1: Selected Drill Highlights

 

Hole Name Zone Area From (m) To (m) Drilled Width (m) True Width (m) Zn (%) Pb (%) Pb + Zn (%)
N204-19-PP-001 N204 N204 47.00 50.00 3.00 3.00 6.73 1.57 8.29
N204-19-PP-003 N204 N204 30.00 32.00 2.00 2.00 5.70 1.53 7.23
N204-19-PP-004 N204 N204 43.45 49.44 5.99 5.99 4.16 1.41 5.57
N204-19-PP-005 N204 N204 36.00 42.75 6.75 6.75 5.44 1.22 6.66
N204-19-PP-008 N204 N204 33.00 42.00 9.00 9.00 5.78 2.08 7.86
N204-11** N204 N204 18.16 21.16 3.00 3.00 4.97 1.70 6.67
N204-234* N204 N204 39.00 43.00 4.00 4.00 4.86 1.85 6.72
N204-240** N204 N204 35.06 44.20 9.15 9.15 4.08 1.13 5.21
N204-376* N204 N204 33.10 37.60 4.50 4.50 6.79 1.86 8.66

* Re-assay of historical core drilled by Cominco Ltd.
** Mineralized core not previously assayed by Cominco Ltd.

 

Jeff Hussey, President & CEO of Osisko Metals, commented: “We recognized early on that the historical core in the Cominco Limited core inventory stockpiled at Pine Point contained unsampled mineralization that was not of interest before 1988. We are proving that several holes contain significant, economic mineralization in todays context that was not assayed. We will continue to relog and assay historical core from the entire property as a cost effective way to increase value by increasing mineral resources and outlining future exploration targets.”

 

Note regarding mineral resources and Qualified Persons

 

Mr. Robin Adair is the Qualified Person and the Vice President Exploration for Osisko Metals Incorporated. He is responsible for the technical data reported in this news release and a Professional Geologist registered in the North West Territories.

 

Quality Assurance / Quality Control

 

Osisko Metals adheres to a strict Quality Assurance and Quality Control program with regard to core handling, sampling, transportation of samples and lab analyses. Drill core samples from the Pine Point project area were securely transported to its core facility in Hay River, Northwest Territories where they were logged and sampled. Samples selected for assay were shipped via secure transportation to the ALS Canada Ltd.’s preparation facility in Yellowknife. Pulps were analyzed at the ALS Canada Ltd. facility in North Vancouver, British Columbia. All samples are analyzed by four acid digestion followed by both ICP-AES and ICP-MS for ultra-trace level detection 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 reporting Zn >30% and or Pb >20% are analyzed by traditional titration.

 

Table 2: Composite 2019 Assay Results from Drilling and Resampling at the N204 Zone

 

 

Hole Name Zone Area From (m) To (m) Drilled Width (m) True Width (m) Zn (%) Pb (%) Pb + Zn (%)
Current Drill Program                
N204-19-PP-001 N204 N204 25.00 33.00 8.00 8.00 1.08 0.44 1.52
and N204 N204 47.00 50.00 3.00 3.00 6.73 1.57 8.29
N204-19-PP-002 N204 N204 15.40 16.90 1.50 1.50 1.69 0.38 2.07
and N204 N204 20.60 24.70 4.10 4.10 1.15 0.45 1.60
and N204 N204 37.70 44.00 6.30 6.30 1.66 0.36 2.03
and N204 N204 49.00 54.00 5.00 5.00 1.10 0.21 1.31
N204-19-PP-003 N204 N204 30.00 32.00 2.00 2.00 5.70 1.53 7.23
N204-19-PP-004 N204 N204 43.45 49.44 5.99 5.99 4.16 1.41 5.57
and N204 N204 54.44 56.44 2.00 2.00 1.94 0.29 2.23
N204-19-PP-005 N204 N204 36.00 42.75 6.75 6.75 5.44 1.22 6.66
and N204 N204 45.75 52.00 6.25 6.25 1.52 0.36 1.88
N204-19-PP-006 N204 N204 20.50 22.50 2.00 2.00 2.35 0.05 2.39
and N204 N204 40.50 47.16 6.66 6.66 3.07 0.87 3.95
N204-19-PP-007 N204 N204 9.00 11.00 2.00 2.00 1.59 0.45 2.04
and N204 N204 31.00 37.00 6.00 6.00 2.89 0.62 3.51
and N204 N204 45.00 47.00 2.00 2.00 2.05 0.01 2.05
N204-19-PP-008 N204 N204 9.00 12.00 3.00 3.00 1.03 0.07 1.10
and N204 N204 16.00 20.00 4.00 4.00 2.24 0.88 3.12
and N204 N204 33.00 42.00 9.00 9.00 5.78 2.08 7.86
Relogging and Assay of Historical Core
N204-201* N204 N204 26.00 30.90 4.90 4.90 0.86 0.35 1.21
N204-324* N204 N204 10.50 12.00 1.50 1.50 1.08 0.33 1.40
and N204 N204 16.50 21.50 5.00 5.00 1.97 0.52 2.49
and N204 N204 33.25 42.30 9.05 9.05 1.39 0.51 1.90
N204-376* N204 N204 33.10 37.60 4.50 4.50 6.79 1.86 8.66
N204-426* N204 N204 34.80 40.50 5.70 5.70 3.16 0.92 4.08
N204-45** N204 N204 5.30 11.70 6.40 6.40 0.87 0.15 1.02
and N204 N204 33.75 35.4 1.65 1.65 2.80 0.11 2.91
N204-5* N204 N204 37.50 44.4 6.90 6.90 1.68 0.79 2.47
N204-062* N204 N204 11.90 14.90 3.00 3.00 3.54 0.68 4.22
and N204 N204 33.80 35.80 2.00 2.00 2.60 0.78 3.37
N204-11** N204 N204 18.16 21.16 3.00 3.00 4.97 1.70 6.67
and N204 N204 37.16 39.16 2.00 2.00 1.21 0.38 1.59
and N204 N204 51.46 56.46 5.00 5.00 1.26 0.37 1.63
N204-115* N204 N204 47.40 48.40 1.00 1.00 0.89 0.11 1.00
N204-160* N204 N204 No Significant Results        
N204-176* N204 N204 34.60 37.80 3.20 3.20 2.88 1.08 3.96
and N204 N204 47.20 50.20 3.00 3.00 1.38 0.03 1.41
N204-178* N204 N204 No Significant Results        
N204-208** N204 N204 14.27 16.62 2.35 2.35 0.67 0.08 0.75
N204-217* N204 N204 No Significant Results        
N204-234* N204 N204 39.00 43.00 4.00 4.00 4.86 1.85 6.72
N204-266* N204 N204 17.30 19.30 2.00 2.00 1.36 0.35 1.71
and N204 N204 42.30 49.30 7.00 7.00 2.37 0.49 2.85
N204-271* N204 N204 No Significant Results        
N204-348* N204 N204 9.75 10.75 1.00 1.00 1.78 0.55 2.33
and N204 N204 15.85 17.00 1.15 1.15 2.41 0.91 3.32
and N204 N204 33.80 44.20 10.40 10.40 2.03 0.64 2.67
N204-407* N204 N204 42.80 47.10 4.30 4.30 1.34 0.90 2.24
N204-64* N204 N204 43.90 44.80 0.90 0.90 1.21 0.02 1.23
N204-75** N204 N204 9.40 11.40 2.00 2.00 2.38 0.39 2.77
and N204 N204 52.40 54.40 2.00 2.00 1.01 0.22 1.23
N204-240* N204 N204 23.78 26.98 3.20 3.20 0.69 0.24 0.93
and N204 N204 35.06 44.20 9.15 9.15 4.08 1.13 5.21
                                   

* Re-assay of historical core drilled by Cominco Ltd.
** Not previously assayed by Cominco Ltd.

 

Table 3: Drill Hole Collar Locations (UTM NAD83 Zone 11)

 

 

Hole Name Zone Area Easting Northing Elevation (m) Azimuth Dip Depth (m)
N204-19-PP-001 N204 N204 659150.4 6760912 184.01 0 -90 60
N204-19-PP-002 N204 N204 659385.1 6760896 182.38 0 -90 60
N204-19-PP-003 N204 N204 659696 6760761 178.51 0 -90 60
N204-19-PP-004 N204 N204 659404.9 6760587 184.89 0 -90 60
N204-19-PP-005 N204 N204 659594 6760617 184.12 0 -90 60
N204-19-PP-006 N204 N204 659475 6760377 183.34 0 -90 60
N204-19-PP-007 N204 N204 660072.7 6760472 176.02 0 -90 60
N204-19-PP-008 N204 N204 659651.9 6760907 177.46 0 -90 60
Historic Drill Hole Collars
N204-005 N204 N204 660236.7 6760739 174.93 0 -90 59.44
N204-011 N204 N204 660083.1 6760643 175.88 0 -90 70.11
N204-045 N204 N204 659886.9 6760537 176.91 0 -90 60.35
N204-062 N204 N204 659770.4 6760225 177.46 0 -90 59.44
N204-064 N204 N204 659658.7 6760450 178.85 0 -90 60.96
N204-075 N204 N204 659434.3 6760977 179.95 0 -90 74.68
N204-115 N204 N204 659133.4 6760794 184.63 0 -90 59.45
N204-160 N204 N204 659438.7 6760331 183.03 0 -90 64.62
N204-176 N204 N204 659639.4 6760495 180.13 0 -90 63.1
N204-178 N204 N204 659736.3 6760287 177.42 0 -90 61.57
N204-201 N204 N204 658720.9 6760006 188.95 0 -90 72.85
N204-208 N204 N204 659247.6 6760244 185.34 0 -90 69.8
N204-217 N204 N204 659620.1 6760992 177.54 0 -90 63.71
N204-234 N204 N204 659081.4 6759508 183.87 0 -90 70.11
N204-240 N204 N204 660059.9 6760860 175.53 0 -90 63.4
N204-266 N204 N204 659291.2 6760836 184 0 -90 51.82
N204-271 N204 N204 659372.1 6761077 180.92 0 -90 54.87
N204-324 N204 N204 659496.7 6760913 178.85 0 -90 54.87
N204-348 N204 N204 659502.9 6760798 181.62 0 -90 53.34
N204-376 N204 N204 659734.5 6760501 178.03 0 -90 39.63
N204-407 N204 N204 659355.6 6760300 184.69 0 -90 51.82
N204-426 N204 N204 659531.5 6760380 181.58 0 -90 50.3

 

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 Canada’s two premier zinc mining camps. The Company’s flagship properties are: 1) the Pine Point Mining Camp located in the Northwest Territories, has an Inferred Mineral Resource of 38.4 Mt grading 4.58% zinc and 1.85% lead (6.58% ZnEq), making it the largest pit-constrained zinc deposit in Canada (please refer to the Amended Technical Report filed on SEDAR for further information). The PPMC 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 haulage roads already in place. In 2019-2020, the company will explore for additional mineral resources and continue advancing the overall project. 2) The Bathurst Mining Camp located in northern New Brunswick, 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. In 2019-2020, the Company will continue to diligently develop and explore in order to confirm and grow both projects. The Company is also active in Quebec where it is advancing multiple base metal targets. The Mineral Resources mentioned in this press release conform to National Instrument 43-101 standards. These mineral resources were reported by the Company on December 6, 2018 and January 20, 2019 and were prepared by independent qualified persons, as defined by NI43 101 guidelines.

 

The above-mentioned 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. Reference to historical production in this press release does not imply that any future mineral resources or discoveries will be of economic viability, nor does it imply that additional discoveries will be made. 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).

 

Posted October 28, 2019

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