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:
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 (%)|
|OM101-20-001||Central Zone||Exploration||No Significant Results|
|OM103-20-001||Central Zone||Exploration||No Significant Results|
|OM28-20-001||Gap Zone||Exploration||No Significant Results|
|OM50-20-001||South Trend||Exploration||No Significant Results|
|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|
True widths are estimated to be 95-100% of reported drilled widths.
Table 2: Drill Hole Collar Locations (NAD83 (CSRS) Zone 11)
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
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