Osisko Metals Incorporated (TSX-V: OM) (OTCQX: OMZNF) (FRANKFURT: 0B51) is pleased to announce additional results from the current drilling program at its Pine Point Project, located in the NWT.
Infill drilling results reported herein are from the P499 and O556 deposits, located in the West Zone of the project that hosts higher-grade, vertical Prismatic deposits (See Map and Table 1):
Both the P499 and O556 deposits remain open along strike, to the NE and to the SW, as the mineralization transitions laterally from Prismatic-type to horizontal Tabular-type.
Table 1: Drill Hole Composite Assay Results.
Robert Wares, Chairman & CEO, commented: “Following the bonanza grades reported at R190 three weeks ago, I am once more pleased to announce these stellar results from our infill drilling program at Pine Point. The results from P499 underscore the thickness potential of Prismatic mineralization in the West Zone. We look forward to incorporating this newly reported mineralization into our updated PEA, slated for Q1 2022.”
Hydrogeological & Infill Program Update
In the, West Zone, two combined hydrogeological & infill drill holes have been completed at the X25 prismatic deposit, while one stand-alone hydrogeological hole has been completed south of the mineralized trend to collect off-trend data. Two hydrogeological holes have been completed in the vicinity of the W85 deposit in the North Trend, with one investigating extension of mineralization to the immediate west of the deposit boundary. Additionally, a hydrogeological hole has been completed in the centre of the main trend (Sulphur Point Formation with intense hydrothermal dolomitization) in the vicinity of the historical N81 deposit, and one hydrogeological hole has been completed between the Main and North trends on the main haulage road connecting these two areas. Assays are pending for the above-mentioned drill holes. The remainder of the winter program consists of a total of eight drill holes as follows:
The hydrogeological holes are being cased with screened and perforated PVC casing in advance of flow tracing and pumping tests to be performed in H1 of this year. All completed holes will be monitored for water outflow. Encouragingly, none of the six holes drilled to date are producing water to surface.
Table 2: Drill Hole Collar Locations (NAD83 (CSRS) Zone 11)
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 he is a Professional Geologist registered in the Northwest Territories.
Quality Assurance / Quality Control
Osisko Metals adheres to a strict QA/QC 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 at the Pine Point project site, 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 ICPAES analysis with an upper detection limit of 30% and 20% respectively. Samples reporting Zn >30% and or Pb >20% are analyzed by traditional titration. Current drill program is following strict COVID19 protocols, has been underway since January 15th 2021 and is in progress. Further assay results are pending.
About Osisko Metals
Osisko Metals Incorporated is a Canadian exploration and development company creating value in the base metal 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 2020 PEA has indicated an after-tax NPV of $500M and an IRR of 29.6%. The Pine Point Project PEA is based on current Mineral Resource Estimates that are amenable to open pit and shallow underground mining and consist of 12.9Mt grading 6.29% ZnEq of Indicated Mineral Resources and 37.6Mt grading 6.80% ZnEq of Inferred Mineral Resources. Please refer to the technical report entitled “Preliminary Economic Assessment, Pine Point Project, Hay River, North West Territories, Canada” dated July 30, 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, paved highway access, and has an electrical substation as well as 100 kilometres of viable haulage roads already in place.
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).
Map: P499 and O556 Deposits accompanying this announcement is available at
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