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Osisko Metals Provides Drilling Update for Pine Point

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Osisko Metals Provides Drilling Update for Pine Point

 

 

 

 

 

Osisko Metals Incorporated (TSX-V: OM) (OTCQX: OMZNF) (FRA: 0B51) is pleased to announce further results from the definition drilling program at its Pine Point Project, located in the Northwest Territories, Canada. This program is designed to achieve an average drill spacing of approximately 30 metres and is required to upgrade deposits currently classified as Inferred Mineral Resources to the Indicated Mineral Resource category so that they can be included in a feasibility study.

 

Currently, the Company is nearing completion of the 2022 PEA Update that will include updated commodity prices and reduced dewatering costs.

 

The results reported today are from the late 2021 drill program and are located in the Central Zone and the East Mill Zone (see Map 1 and Tables 1 & 2). All intercepts were in Tabular-style mineralization and are within modelled open pit boundaries and underground stope areas.

 

Assays met expectations and confirmed continuity of mineralization within the current Mineral Resource areas. Further assay results are pending from the 2021 program, as well as all of the results from the 2022 Winter drill program that began in late January.

 

Mineralization was intersected between 82 and 50 metres vertical depth in the Central Zone and between 41 and 13 metres vertical depth in the East Mill Zone.

 

Highlights Include:

  • Drill hole K60-21-PP-004 intersected 8.95 metres grading 11.92% Zn and 25.49% Pb (37.41% Zn+Pb).
  • Drill hole M6263-21-PP-005 intersected 6.00 metres grading 14.96% Zn and 5.02% Pb (19.97% Zn+Pb).
  • Drill hole N39-21-PP-022 intersected 8.00 metres grading 8.20% Zn and 0.37% Pb (8.57% Zn+Pb).
  • Drill hole N39-21-PP-038 intersected 3.65 metres grading 14.04% Zn and 3.63% Pb (17.67% Zn+Pb).

 

Jeff Hussey, President & COO, commented: “We have now completed approximately 60% of the required infill drilling to convert all of the Inferred Mineral Resources at Pine Point to the Indicated Mineral Resource category. We are still impressed with the continuity of mineralization as the definition drilling confirms extent and grade distribution. Results to date also indicate significant potential to expand mineralization beyond current Mineral Resources through additional drilling. We look forward to the completion of the program by mid 2023 and the update to the Mineral Resource Estimate that will be concurrent to the Feasibility Study. In the short term we will be issuing the 2022 PEA update and we look forward to positive results.”

 

Hydrogeological Program Update

 

A total of thirty-eight drill holes will have been surveyed for hydrogeological purposes by the end of the 2022 winter drill program. Profile tracer tests measure water flow and that dataset will be added to the hydrogeological modelling process as we move toward the feasibility study.

 

Table 1: Drill Hole Composites.

 

Hole Name Zone Deposit From To Drill
Width
True
Width
Zn Pb Zn+Pb
(m) (m) (m) (m) % % %
K60-21-PP-001 Central – 1 K60 50.75 52.05 1.30 1.30 4.24 2.63 6.86
K60-21-PP-002 Central – 1 K60 55.40 56.10 0.70 0.70 1.91 0.11 2.02
K60-21-PP-004 Central – 1 K60 50.65 59.60 8.95 8.95 11.92 25.49 37.41
K60-21-PP-005 Central – 1 K60 61.20 62.60 1.40 1.40 9.66 1.33 10.99
K60-21-PP-006 Central – 1 K60 59.00 60.00 1.00 1.00 1.78 0.37 2.14
K60-21-PP-007 Central – 1 K60 57.20 58.20 1.00 1.00 19.05 2.01 21.06
K60-21-PP-007 Central – 1 K60 62.15 63.00 0.85 0.85 10.05 1.67 11.72
K60-21-PP-007 Central – 1 K60 66.20 66.60 0.40 0.40 2.15 2.69 4.84
K60-21-PP-007 Central – 1 K60 69.00 69.50 0.50 0.50 3.50 0.54 4.04
Hole Name Zone Deposit From To Drill
Width
True
Width
Zn Pb Zn+Pb
(m) (m) (m) (m) % % %
M6263-21-PP-003 Central – 1 M6263 72.34 73.34 1.00 1.00 2.80 0.45 3.25
M6263-21-PP-005 Central – 1 M6263 64.65 70.65 6.00 6.00 14.96 5.02 19.97
M6263-21-PP-006 Central – 1 M6263 67.00 68.00 1.00 1.00 2.78 6.75 9.53
M6263-21-PP-006 Central – 1 M6263 81.00 82.00 1.00 1.00 13.05 0.20 13.25
M6263-21-PP-008 Central – 1 M6263 59.05 61.55 2.50 2.50 6.40 0.70 7.11
M6263-21-PP-008 Central – 1 M6263 63.05 66.05 3.00 3.00 10.85 0.47 11.32
M6263-21-PP-017 Central – 1 M6263 61.45 65.45 4.00 4.00 8.35 0.61 8.96
M6263-21-PP-018 Central – 1 M6263 58.81 59.81 1.00 1.00 16.40 27.57 43.97
M6263-21-PP-019 Central – 1 M6263 57.66 58.66 1.00 1.00 0.05 9.54 9.59
M6263-21-PP-020 Central – 1 M6263 58.55 62.55 4.00 4.00 11.14 0.46 11.60
M6263-21-PP-021 Central – 1 M6263 65.50 66.50 1.00 1.00 0.17 0.02 0.19
M6263-21-PP-022 Central – 1 M6263 57.85 58.50 0.65 0.65 1.31 0.02 1.33
Hole Name Zone Deposit From To Drill
Width
True
Width
Zn Pb Zn+Pb
(m) (m) (m) (m) % % %
M40-21-PP-001 East Mill M40 33.00 38.00 5.00 5.00 4.55 5.16 9.71
N39-21-PP-009 East Mill N39 21.00 21.70 0.70 0.70 13.70 4.05 17.75
N39-21-PP-009 East Mill N39 25.50 29.00 3.50 3.50 10.75 0.74 11.49
N39-21-PP-011 East Mill N39 29.15 29.65 0.50 0.50 10.15 1.28 11.43
N39-21-PP-012 East Mill N39 24.63 25.13 0.50 0.50 6.19 0.63 6.82
N39-21-PP-014 East Mill N39 41.50 42.00 0.50 0.50 0.35 0.00 0.35
N39-21-PP-015 East Mill N39 26.00 28.00 2.00 2.00 10.66 3.65 14.30
N39-21-PP-018 East Mill N39 26.30 27.30 1.00 1.00 11.45 1.00 12.45
N39-21-PP-018 East Mill N39 30.80 31.80 1.00 1.00 6.94 0.72 7.66
N39-21-PP-022 East Mill N39 15.30 23.30 8.00 8.00 8.20 0.37 8.57
N39-21-PP-029 East Mill N39 24.43 26.43 2.00 2.00 11.78 1.83 13.60
N39-21-PP-030 East Mill N39 25.00 26.00 1.00 1.00 11.30 6.17 17.47
N39-21-PP-031 East Mill N39 26.35 27.35 1.00 1.00 18.55 1.89 20.44
N39-21-PP-032 East Mill N39 23.00 26.76 3.76 3.76 8.48 1.20 9.68
N39-21-PP-033 East Mill N39 28.00 31.00 3.00 3.00 4.14 0.43 4.57
N39-21-PP-034 East Mill N39 28.00 28.80 0.80 0.80 1.89 0.11 2.00
N39-21-PP-035 East Mill N39 27.00 28.00 1.00 1.00 1.76 0.02 1.78
N39-21-PP-036 East Mill N39 27.60 28.10 0.50 0.50 2.25 1.29 3.54
N39-21-PP-037 East Mill N39 23.20 24.00 0.80 0.80 5.78 3.96 9.74
N39-21-PP-038 East Mill N39 19.65 23.30 3.65 3.65 14.04 3.63 17.67
N39-21-PP-039 East Mill N39 21.30 23.30 2.00 2.00 5.86 1.80 7.66
N39-21-PP-040 East Mill N39 30.00 30.70 0.70 0.70 0.34 0.00 0.34
N39-21-PP-042 East Mill N39 31.50 32.00 0.50 0.50 6.70 0.30 7.00
N39-21-PP-044 East Mill N39 15.00 16.00 1.00 1.00 15.80 0.74 16.54
N39-21-PP-041 East Mill N39 30.14 30.64 0.50 0.50 11.60 26.29 37.89
N39-21-PP-043 East Mill N39 15.00 16.00 1.00 1.00 7.30 0.27 7.57
N39-21-PP-043 East Mill N39 27.00 27.50 0.50 0.50 6.88 0.99 7.87
N39-21-PP-044 East Mill N39 15.00 16.00 1.00 1.00 15.80 0.74 16.54
N39-21-PP-045 East Mill N39 27.15 28.10 0.95 0.95 3.56 0.45 4.01
Hole Name Zone Deposit From To Drill
Width
True
Width
Zn Pb Zn+Pb
(m) (m) (m) (m) % % %
L27-21-PP-001 East Mill L27 17.50 18.50 1.00 1.00 5.66 1.06 6.72
L27-21-PP-002 East Mill L27 16.00 17.00 1.00 1.00 12.55 2.48 15.03
Hole Name Zone Deposit From To Drill
Width
True
Width
Zn Pb Zn+Pb
(m) (m) (m) (m) % % %
L35-21-PP-011 East Mill L35 39.00 41.05 2.05 2.05 12.66 4.07 16.73
L35-21-PP-012 East Mill L35 35.80 36.40 0.60 0.60 8.65 0.37 9.02
L35-21-PP-012 East Mill L35 41.40 43.10 1.70 1.70 11.51 0.29 11.80
L35-21-PP-013 East Mill L35 34.00 35.00 1.00 1.00 8.21 0.82 9.03
L35-21-PP-014 East Mill L35 30.00 31.00 1.00 1.00 10.70 1.80 12.50
L35-21-PP-014 East Mill L35 36.00 39.25 3.25 3.25 5.59 2.10 7.69
L35-21-PP-015 East Mill L35 29.00 30.00 1.00 1.00 0.19 10.50 10.69
L35-21-PP-016 East Mill L35 33.00 34.00 1.00 1.00 4.40 0.65 5.05
L35-21-PP-017 East Mill L35 30.00 30.50 0.50 0.50 0.94 0.21 1.15
L35-21-PP-018 East Mill L35 24.00 24.65 0.65 0.65 9.00 0.03 9.03
L35-21-PP-019 East Mill L35 24.00 25.00 1.00 1.00 0.73 0.09 0.81
L35-21-PP-020 East Mill L35 17.85 18.55 0.70 0.70 1.16 0.01 1.17
L35-21-PP-021 East Mill L35 30.20 31.25 1.05 1.05 10.30 1.05 11.35
L35-21-PP-022 East Mill L35 23.72 24.20 0.48 0.48 16.20 3.83 20.03
L35-21-PP-023 East Mill L35 28.00 29.00 1.00 1.00 2.46 0.12 2.58
L35-21-PP-025 East Mill L35 13.00 14.00 1.00 1.00 17.75 0.16 17.91
L35-21-PP-025 East Mill L35 19.00 22.50 3.50 3.50 5.33 0.70 6.04
L35-21-PP-025 East Mill L35 25.00 26.10 1.10 1.10 6.30 0.62 6.92
L35-21-PP-026 East Mill L35 24.00 24.50 0.50 0.50 12.05 12.45 24.50
L35-21-PP-028 East Mill L35 18.60 19.60 1.00 1.00 1.62 0.08 1.70
L35-21-PP-029 East Mill L35 23.00 27.00 4.00 4.00 9.23 0.57 9.80
L35-21-PP-029 East Mill L35 36.70 37.20 0.50 0.50 4.44 0.77 5.21
L35-21-PP-030 East Mill L35 16.00 17.00 1.00 1.00 2.38 0.93 3.31
L35-21-PP-031 East Mill L35 12.00 14.00 2.00 2.00 8.14 3.88 12.01
L35-21-PP-031 East Mill L35 16.00 17.10 1.10 1.10 10.05 1.30 11.35
L35-21-PP-032 East Mill L35 38.00 39.50 1.50 1.50 14.45 2.36 16.80
L35-21-PP-033 East Mill L35 14.00 16.00 2.00 2.00 4.54 0.62 5.16
Hole Name Zone Deposit From To Drill
Width
True
Width
Zn Pb Zn+Pb
(m) (m) (m) (m) % % %
N32-21-PP-001 East Mill N32 22.45 23.45 1.00 1.00 0.30 0.82 1.12
N32-21-PP-002 East Mill N33 17.00 17.50 0.50 0.50 0.41 0.40 0.81
N32-21-PP-003 East Mill N34 26.00 26.90 0.90 0.90 3.92 0.19 4.11
N32-21-PP-004 East Mill N35 15.35 16.35 1.00 1.00 0.37 1.52 1.88
N32-21-PP-005 East Mill N36 19.35 22.60 3.25 3.25 4.87 2.70 7.57
N32-21-PP-006 East Mill N37 18.00 19.00 1.00 1.00 0.91 0.82 1.73

 

Qualified Person

 

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 for core handling, sampling, sample transportation and analyses. Drill core samples from the Pine Point project area are securely transported to its core facility on site, where they were logged and sampled. Samples selected for assay are shipped to ALS Canada Ltd.’s preparation facility in Yellowknife. Pulps are analyzed at the ALS Canada Ltd. facility in North Vancouver, BC. All samples are analyzed by four acid digestion followed by both ICP-AES and ICP-MS 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, enforced as of January 15th, 2021.

 

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

 

Hole Name Zone Deposit Easting Northing Elev.
(m)
Azm. Dip Length
(m)
K60-21-PP-001 Central – 1 K60 630415.9 6745332.6 216.9 0.0 -90 90.0
K60-21-PP-002 Central – 1 K60 630437.0 6745342.5 216.9 0.0 -90 81.0
K60-21-PP-004 Central – 1 K60 630459.6 6745353.9 217.0 0.0 -90 84.0
K60-21-PP-005 Central – 1 K60 630480.3 6745334.8 216.9 0.0 -90 87.0
K60-21-PP-006 Central – 1 K60 630506.5 6745347.0 217.0 0.0 -90 87.0
K60-21-PP-007 Central – 1 K60 630486.6 6745355.4 216.9 0.0 -90 87.0
L27-21-PP-001 East Mill L27 644965.8 6752828.7 214.5 0.0 -90 30.0
L27-21-PP-002 East Mill L27 645028.3 6752898.3 214.7 0.0 -90 33.0
L35-21-PP-011 East Mill L35 642111.2 6751588.8 215.7 0.0 -90 61.5
L35-21-PP-012 East Mill L35 642231.1 6751629.0 214.9 0.0 -90 60.0
L35-21-PP-013 East Mill L35 642276.0 6751693.1 214.5 0.0 -90 60.0
L35-21-PP-014 East Mill L35 642287.7 6751585.6 215.8 0.0 -90 60.0
L35-21-PP-015 East Mill L35 642353.6 6751590.7 215.7 0.0 -90 54.0
L35-21-PP-016 East Mill L35 642369.5 6751617.1 215.2 0.0 -90 57.0
L35-21-PP-017 East Mill L35 642456.8 6751671.4 214.4 0.0 -90 63.0
L35-21-PP-018 East Mill L35 642466.8 6751645.7 214.7 0.0 -90 57.0
L35-21-PP-019 East Mill L35 642612.0 6751714.9 213.9 0.0 -90 54.0
L35-21-PP-020 East Mill L35 642774.0 6751874.8 214.1 0.0 -90 54.0
L35-21-PP-021 East Mill L35 642931.1 6751941.4 213.7 0.0 -90 51.0
L35-21-PP-022 East Mill L35 642991.6 6751898.3 214.2 0.0 -90 45.0
L35-21-PP-023 East Mill L35 643002.6 6751946.7 214.0 0.0 -90 48.0
L35-21-PP-025 East Mill L35 643102.4 6752002.5 213.8 0.0 -90 42.0
L35-21-PP-026 East Mill L35 643214.3 6752018.0 213.9 0.0 -90 45.0
L35-21-PP-028 East Mill L35 643508.9 6752099.6 214.5 0.0 -90 39.0
L35-21-PP-029 East Mill L35 643425.5 6752261.5 214.9 0.0 -90 51.0
L35-21-PP-030 East Mill L35 643533.4 6752352.2 215.8 0.0 -90 45.0
L35-21-PP-031 East Mill L35 643602.0 6752315.7 215.3 0.0 -90 45.0
L35-21-PP-032 East Mill L35 643734.7 6752397.2 215.1 0.0 -90 48.0
L35-21-PP-033 East Mill L35 643736.9 6752472.0 215.2 0.0 -90 39.0
M40-21-PP-001* East Mill M40 639614.3 6749591.8 222.8 0.0 -90 57.0
M6263-21-PP-003 Central – 1 M6263 629525.4 6744413.6 221.8 0.0 -90 96.0
M6263-21-PP-005 Central – 1 M6263 629560.9 6744444.4 220.9 0.0 -90 90.0
M6263-21-PP-006 Central – 1 M6263 629717.5 6744382.2 223.4 0.0 -90 96.0
M6263-21-PP-008* Central – 1 M6263 629822.1 6744397.1 220.1 0.0 -90 96.0
M6263-21-PP-017 Central – 1 M6263 629917.9 6744695.0 217.1 0.0 -90 90.0
M6263-21-PP-018 Central – 1 M6263 629946.0 6744709.8 217.1 0.0 -90 87.0
M6263-21-PP-019 Central – 1 M6263 630004.9 6744716.4 217.7 0.0 -90 87.0
M6263-21-PP-020 Central – 1 M6263 630092.7 6744562.3 225.6 0.0 -90 84.0
M6263-21-PP-021 Central – 1 M6263 630112.3 6744539.5 222.3 0.0 -90 90.0
M6263-21-PP-022 Central – 1 M6263 630136.8 6744555.5 222.6 0.0 -90 81.0
N32-21-PP-001 East Mill N32 643071.8 6751220.0 216.0 0.0 -90 33.0
N32-21-PP-002 East Mill N32 643097.1 6751253.3 214.8 0.0 -90 33.0
N32-21-PP-003 East Mill N32 643100.4 6751221.7 216.2 0.0 -90 39.0
N32-21-PP-004 East Mill N32 643128.6 6751212.5 217.0 0.0 -90 36.0
N32-21-PP-005 East Mill N32 643115.5 6751185.0 216.2 0.0 -90 39.0
N32-21-PP-006 East Mill N32 643180.2 6751132.1 213.3 0.0 -90 36.0
N39-21-PP-009 East Mill N39 640255.2 6749934.4 219.7 0.0 -90 48.0
N39-21-PP-011 East Mill N39 640278.2 6749912.0 219.7 0.0 -90 45.0
N39-21-PP-012 East Mill N39 640292.4 6749880.7 219.5 0.0 -90 48.0
N39-21-PP-014 East Mill N39 640320.9 6749945.7 219.6 0.0 -90 45.0
N39-21-PP-015 East Mill N39 640346.1 6749955.6 219.8 0.0 -90 48.0
N39-21-PP-018 East Mill N39 640685.6 6750082.6 219.2 0.0 -90 42.0
N39-21-PP-022 East Mill N39 640646.7 6750106.7 220.6 0.0 -90 48.0
N39-21-PP-029 East Mill N39 640324.8 6749821.2 219.6 0.0 -90 42.0
N39-21-PP-030 East Mill N39 640334.6 6749780.9 219.7 0.0 -90 45.0
N39-21-PP-031 East Mill N39 640269.0 6749769.0 220.1 0.0 -90 45.0
N39-21-PP-032 East Mill N39 640446.6 6749735.6 219.8 0.0 -90 40.5
N39-21-PP-033 East Mill N39 640424.2 6749769.8 219.9 0.0 -90 42.0
N39-21-PP-034 East Mill N39 640446.9 6749766.8 219.8 0.0 -90 42.0
N39-21-PP-035 East Mill N39 640451.5 6749799.8 219.9 0.0 -90 42.0
N39-21-PP-036 East Mill N39 640479.2 6749797.6 219.9 0.0 -90 42.0
N39-21-PP-037 East Mill N39 640468.4 6749890.8 219.4 0.0 -90 45.0
N39-21-PP-038 East Mill N39 640553.9 6750092.0 219.4 0.0 -90 42.0
N39-21-PP-039 East Mill N39 640536.0 6750064.0 219.3 0.0 -90 45.0
N39-21-PP-040 East Mill N39 640498.5 6750057.0 219.4 0.0 -90 45.0
N39-21-PP-041 East Mill N39 640493.6 6750083.0 219.4 0.0 -90 45.0
N39-21-PP-042 East Mill N39 640472.0 6750051.6 219.4 0.0 -90 45.0
N39-21-PP-043 East Mill N39 640843.5 6750146.3 213.7 0.0 -90 34.5
N39-21-PP-044 East Mill N39 640701.0 6750117.3 219.3 0.0 -90 42.0
N39-21-PP-045 East Mill N39 640680.8 6750124.0 219.4 0.0 -90 42.0

(*hydrogeological hole)

 

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, Northwest 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).

 

Posted March 21, 2022

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