Osisko Metals Incorporated (the "
Company" or
"
Osisko Metals") (TSX-V: OM; OTCQX: OMZNF;
FRANKFURT: 0B51) is pleased to announce that drilling activities at
Pine Point have restarted. Following recommendations from the
Northwest Territories Health and Social Services Authority, Osisko
Metals reopened its camp to support planned permitting and
environmental initiatives in July and has now increased its scope
to include drilling.
Jeff Hussey, President and COO, commented: “At
this time, we have one drill operational at Pine Point. However,
with the multitude of targets and type of targets throughout the
property, we will aim to increase our drill count in the fall while
maintaining health and safety standards to minimize COVID-19 risk
in the NWT. This initial phase of drilling will look to expand
deposits modeled in the 2020 Mineral Resource Estimate
(“2020 MRE”) released concurrent
to our Preliminary Economic Assessment on June 15th, with focus on
prismatic and high-grade tabular mineralization. Following the
successful increase in tonnage in the East Mill Zone in the 2020
MRE, we sought similar targets across Pine Point. Our initial work
highlighted 11 open deposits within the East Mill, Central and
North Zones with widely spaced and high-grade intercepts located
outside of deposit boundaries.”
Overview of Target Type at Pine
Point
Osisko Metals has classified targets at Pine
Point into three main categories. While all three are expected to
be tested, Osisko Metals will be initially prioritizing targets
from the first two categories in its upcoming drill campaign.
- Resource
Expansion: targeting expansion of mineralization where
boundaries are poorly defined in existing deposits as described
above.
- Orphan Holes:
targeting historical high-grade drill intercepts from the Cominco
Ltd. era with little or no drill follow-up. A review of the
historical database by Osisko Metals geologists over the previous
24 months have identified a number of drill intercepts where
Cominco did not complete the testing of targets it successfully
discovered.
- Geophysical
Anomalies: targeting gravity and IP anomalies identified
following the 2019 airborne gravity gradiometry survey. Work
completed to date has allowed Osisko Metals to better refine its
targeting approach and will look to follow up anomalies in the
coming months.
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 two of Canada’s premier past-producing zinc mining camps:
1) the Pine Point Project is located in the Northwest Territories,
for which the recently filed PEA has indicated an after-tax NPV of
$500M and IRR of 29.6%. Under the PEA, the Pine Point Project is
host to current mineral resources amenable to open pit and shallow
underground development consisting of Indicated Mineral Resources
of 12.9Mt grading 6.29% ZnEq and 37.6Mt of Inferred Mineral
Resources grading 6.80% ZnEq. Please refer to the technical report
entitled “Preliminary Economic Assessment, Pine Point Project, Hay
River, North West Territories, Canada” dated July 30, 2020 (with an
effective date of June 11, 2020) 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 and paved
highway access and with 100 kilometres of viable haulage roads
already in place; 2) The Bathurst Mining Camp properties, located
in northern New Brunswick, are comprised of 23 claims covering
approximately 59,738 hectares (2734 units) 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.
Please refer to the technical report entitled “NI 43-101 Maiden
Resource Estimate for the Bathurst Mining Camp, New Brunswick,
Canada” dated April 4, 2019 (with an effective date of February 20,
2019) which has been filed on SEDAR.
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).
For further information on this press
release, visit www.osiskometals.com or contact:
Killian CharlesVP Corporate DevelopmentOsisko Metals Incorporated
(514) 861-4441Email: info@osiskometals.com
www.osiskometals.com |
|
Cautionary Statement on Forward-Looking
Information
This news release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation based on expectations, estimates and projections as at
the date of this news release. Any statement that involves
predictions, expectations, interpretations, beliefs, plans
projections, objectives, assumptions, future events or performance
(often, but not always, using phrases such as “expects”, or “does
not expect”, “is expected”, “interpreted”, “management’s view”,
“anticipates” or “does not anticipate”, “plans”, “budget”,
“scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”,
“believes” or “intends” or variations of such words and phrases or
stating that certain actions, events or results “may” or “could”,
“would”, “might” or “will” be taken, occur or be achieved) are not
statements of historical fact and may be forward-looking
information and are intended to identify forward-looking
information. This news release contains forward-looking information
pertaining to, among other things: the Pine Point Project having
world-class potential, including the potential to be one of the top
ten zinc mines; the results of the PEA, including, but not limited
to, the IRR, NPV and estimated costs, production, production rate
and mine life; the expectation that the Pine Point Project will be
an robust operation and profitable at a variety of prices and
assumptions; the expected high quality of the Pine Point
concentrates; the potential impact of the Pine Point Project in the
Northwest Territories, including but not limited to the potential
generation of tax revenue and contribution of jobs; and the Pine
Point Project having the potential for mineral resource expansion
and new discoveries. Forward-looking information is not a guarantee
of future performance and is based upon a number of estimates and
assumptions of management, in light of management’s experience and
perception of trends, current conditions and expected developments,
as well as other factors that management believes to be relevant
and reasonable in the circumstances, including, without limitation,
assumptions about: favourable equity and debt capital markets; the
ability to raise any necessary additional capital on reasonable
terms to advance the development of its projects and pursue planned
exploration; future prices of zinc and lead; the timing and results
of exploration and drilling programs; the accuracy of mineral
resource estimates; production costs; operating conditions being
favourable; political and regulatory stability; the receipt of
governmental and third party approvals; licences and permits being
received on favourable terms; sustained labour stability; stability
in financial and capital markets; availability of equipment; and
positive relations with local groups. Forward-looking information
involves risks, uncertainties and other factors that could cause
actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking information. Factors that could cause actual
results to differ materially from such forward-looking information
include, but are not limited to, risks relating to the ability of
exploration activities (including drill results) to accurately
predict mineralization; errors in management’s geological
modelling; capital and operating costs varying significantly from
estimates; the preliminary nature of metallurgical test results;
delays in obtaining or failures to obtain required governmental,
environmental or other project approvals; Osisko Metals’ history of
losses and negative cash flow; uncertainties relating to the
availability and costs of financing needed in the future; changes
in equity markets; inflation; the global economic climate;
fluctuations in commodity prices; the ability of Osisko Metals to
complete further exploration activities, including drilling; delays
in the development of projects; environmental risks; community and
non-governmental actions; other risks involved in the mineral
exploration and development industry; the ability of Osisko Metals
to retain its key management employees and skilled and experienced
personnel; and those risks set out in the Company’s public
documents filed on SEDAR at www.sedar.com. Although the Company
believes that the assumptions and factors used in preparing the
forward-looking information in this news release are reasonable,
undue reliance should not be placed on such information, which only
applies as of the date of this news release, and no assurance can
be given that such events will occur in the disclosed time frames
or at all. The Company disclaims any intention or obligation to
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, other than
as required by law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
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