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Osisko Metals Intersects 8.6 Metres Grading 15.0% Zn+Pb at Pine Point

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Osisko Metals Incorporated (TSX-V: OM) (OTCQX: OMZNF) (FRANKFURT: 0B51) is pleased to provide results from the completed fall drill program at its 100% owned Pine Point Project, NWT. Assay results have been received from fifteen (15) exploration holes in the Central Zone that tested gravity gradiometry anomalies as well as areas of unconstrained mineralization around the current resource block model.

 

Exploration highlights (see Table 1 below and Central Zone Map) include:

 

  • Drill hole OM100-20-001 intersected 8.60 metres grading 11.45% Zn and 3.57% Pb in in the northern portion of the L65 deposit to validate results from a historical hole. Results confirm well-developed Tabular mineralization in this location that is part of the current Central Zone Underground Mineral Resource. Further drilling will aim to expand and connect the mineralization present in this immediate area to a 900 meter-long open trend parallel to, and north of, the main portion of the L65 tabular deposit.
  • Drill hole OM97-20-001 intersected 3.00 meters grading 2.01% Zn and 2.94% Pb in near-surface Tabular mineralization, located 1,300 metres west of the historic K77 deposit, in an area for which most historical holes have no reported assays. This hole suggests potential to expand mineralization towards the previously mined K77 deposit (historical production (Cominco): 0.5Mt grading 12.8% Pb+Zn).
  • New Induced Polarization anomaly suggests Prismatic mineralization. A recently completed Induced Polarization (IP) geophysical survey has identified a distinct chargeability and resistivity target between the Main and North Trends measuring 250 metres long by 150 metres wide and extending from surface to an approximate depth of 200 metres. There is no previous drilling in this target. It exhibits characteristics similar to previous IP surveys done over known Prismatic deposits which are higher grade than Tabular deposits. Drill hole OM103-20-001, a stratigraphic hole drilled 260 metres to the south of the IP anomaly (before the survey was completed), intersected strong dolomitic alteration in the key Sulphur Point Formation, which is the primary host to all mineralization at Pine Point.

 

Robert Wares, Chairman and CEO, commented: “Results obtained to date from this program, disclosed in the last three press releases, clearly indicate the excellent potential for expansion of tabular mineralization at Pine Point. Furthermore, several untested geophysical anomalies, including the strong IP anomaly described above, point to potential for new discoveries of high-grade Prismatic deposits. The Pine Point project is advancing very well on all fronts in what we believe is the start of a sustained rising zinc commodity market. We look forward to another season of successful exploration at Pine Point in the new year.”

 

Results for all drill holes are reported in Table 1. Drill Hole OM100-20-002 confined mineralization in an outlier portion of the L65 mineral resource block to the northeast of OM100-20-001. Drill hole OM101-20-001 also confined mineral resources on the edge of the proposed K68 pit. All remaining holes tested various gravity responses with targets compiled from existing data.

 

Table 1: Drill Hole Composite Assay Results.

 

 

Hole Name Area Deposit From (m) To (m) Drilled Width (m) Pb (%) Zn (%) Pb + Zn (%)  
 
 
OM100-20-001 Central Zone Definition 51.80 60.40 8.60 3.57 11.45 15.02  
OM100-20-002 Central Zone Exploration 60.50 61.50 1.00 0.02 1.44 1.45  
OM101-20-001 Central Zone Exploration No Significant Results  
OM102-20-001 Central Zone Exploration 57.36 59.36 2.00 0.45 0.50 0.95  
OM103-20-001 Central Zone Exploration No Significant Results  
OM28-20-001 Gap Zone Exploration No Significant Results  
OM31-20-001 Central Zone Exploration 59.50 61.75 2.25 0.28 1.90 2.18  
OM31-20-001 Central Zone Exploration 65.50 66.50 1.00 0.49 2.00 2.48  
OM49-20-001 Central Zone Exploration 82.00 84.00 2.00 0.72 1.05 1.77  
OM50-20-001 South Trend Exploration No Significant Results  
OM53-20-001 South Trend Exploration 66.60 67.60 1.00 4.62 5.03 9.65  
OM54-20-001 Central Zone Exploration No Significant Results  
OM64-20-001 Central Zone Exploration No Significant Results  
OM69-20-001 South Trend Exploration No Significant Results  
OM91-20-001 Central Zone Exploration No Significant Results  
OM97-20-001 Central Zone Exploration 63.00 66.00 3.00 2.94 2.01 4.95  

 

True widths are estimated to be 95-100% of reported drilled widths.

 

 

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

 

Hole Name Easting Northing Elevation Azimuth Dip Depth
OM100-20-001 628685.8 6744203.8 213.4 0 -90 45.00
OM100-20-002 628700.0 6744231.7 213.4 0 -90 63.25
OM102-20-001 627942.1 6743958.1 212.5 0 -90 87.00
OM103-20-001 625934.5 6745970.2 193.2 0 -90 96.00
OM28-20-001 629150.0 6745091.2 210.3 0 -90 51.00
OM30-20-001 628065.4 6745026.3 217.2 0 -90 38.00
OM31-20-001 628185.3 6744749.8 211.9 0 -90 81.00
OM49-20-001 622167.6 6741557.6 206.4 0 -90 90.00
OM50-20-001 622651.4 6740504.7 212.8 0 -90 101.40
OM53-20-001 626880.2 6743137.4 212.1 0 -90 90.00
OM54-20-001 628558.2 6745524.6 204.9 0 -90 73.50
OM64-20-001 627597.9 6740381.0 233.4 205 -60 141.00
OM69-20-001 627641.5 6743348.3 213.8 0 -90 64.50
OM91-20-001 626744.8 6743829.9 210.0 0 -90 87.00
OM97-20-001 622018.4 6742166.7 204.0 0 -90 144.00

 

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 is 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 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 COVID-19 protocols, has been underway since August 30th and is now completed. Further 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 two of Canada’s premier past-producing zinc mining camps: 1) the Pine Point Project that is located in the Northwest Territories, for which the recently filed 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 100 kilometres of viable haulage roads already in place; 2) The Bathurst Mining Camp projects are located in northern New Brunswick. The company has optioned the majority of its holding in the Bathurst Camp to Brunswick Exploration, pending TSXV approval for the transaction.

 

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).

 

A photo accompanying this announcement is available at 

https://www.globenewswire.com/NewsRoom/AttachmentNg/2b6155ba-1fe4-4367-ad01-753e1fede600

 

Posted December 8, 2020

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