Pine Point Camp W-85
Pine Point Camp W-85
Osisko Metals Incorporated
MONTREAL, March 04, 2019 (GLOBE NEWSWIRE) -- Osisko Metals Incorporated (the “Company” or “Osisko Metals”) (TSX-V: OM; FRANKFURT: OB51) is pleased to announce assay results from 14 drill holes completed in the W-85 area within the North Zone (“NZ”) of the Pine Point Mining Camp (“PPMC”). Highlights include drill hole W85-18-PP-005 that intersected 12.17% zinc and 6.49% lead over 20.73 metres, hole W85-18-PP-011 that intersected 9.09% zinc and 7.65% lead over 37.62 metres and hole W85-18-PP-001 that intersected 3.24% zinc and 8.32% lead over 60.37 metres. (See 2018 Summer Drill Campaign North Zone - W-85-01 and 02 pits)
All intersections are from definition drilling within two cylindrical-shaped vertical prismatic deposits that were included in the recent maiden Mineral Resource Estimate (“MRE”) (see press release dated December 6, 2018), and all intercepts are located between 13 and 105 metre depths below surface. Highlights are listed below in Table 1 and details are provided in Tables 2 & 3.
Table 1: Selected Drill Highlights.
Jeff Hussey, President & CEO of Osisko Metals, commented: “We are still receiving assay results from the 2018 and 2019 definition drilling campaign, totalling over 40,000 meters of additional drilling completed after the cut-off date for the December 2018 MRE. These results will be incorporated into the next MRE planned for 2019. The drilling reported today continues to confirm mineralization and improve the drill spacing needed to bring Inferred Mineral Resource into the indicated category.”
The newly modelled W-85 and YBM pits are collectively known as the W85 deposit. The western W-85 pit currently measures 250 by 150 metres and the eastern YBM pit currently measures 200 by 100 metres. The two pits occur within the North Zone and are located 20 kilometres west of the electrical sub-station within 400 metres of the end of a main haul road. Reported in the 2018 NI43-101 Inferred MRE for the North Zone are 13.1 million tonnes of 4.26% zinc and 1.87% lead. The objective of the 2018 drill program was to convert the Cominco Ltd. unclassified near-surface historical resources into a NI43-101 Inferred MRE. These deposits are considered to be amenable to open pit mining.
Table 2: Composite Assay Results.
|W85-18-PP-003||W85||No Significant Values|
Note Regarding 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 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 in Hay River, 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 ICP-AES analysis with an upper detection limit of 30% and 20% respectively. Samples reporting Zn >30% and or Pb >20% are analyzed by traditional titration.
Table 3: Drill hole collar locations (UTM NAD83 zone 11).
About Osisko Metals
Osisko Metals is a Canadian exploration and development company creating value in the base metal space with a focus on zinc mineral assets. The Company controls Canada’s two premier zinc mining camps. The Company’s flagship properties are : 1) the Pine Point Mining Camp (“PPMC”), located in the Northwest Territories, has an Inferred Mineral Resource of 38.4 Mt grading 4.58% zinc and 1.85% lead, making it the largest high grade, pit constrained zinc deposit in Canada (please refer to the Amended Technical Report for further information); 2) The Eastern Bathurst Mining Camp (“EBMC”), located in northern New Brunswick, 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 Ancon and Gilmour South deposits. In 2019, the Company will continue to diligently develop and explore in order to confirm and grow both projects. In Québec, the Company owns 42,000 hectares that cover 12 grass-root zinc targets that will be selectively advanced through exploration. The Inferred Mineral Resources mentioned in this press release conform to National Instrument 43-101 standards. These mineral resources were reported by the Company on December 6, 2018 and January 20, 2019 and were prepared by independent qualified persons, as defined by NI43 101 guidelines. The above-mentioned 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 and grade or quality continuity.
Cautionary Note Regarding 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. 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. Forward-looking information in this news release includes, but is not limited to, the use of proceeds of the Offering; the timing and ability of the Corporation, if at all, to obtain final approval of the Offering from the TSX Venture Exchange; an exemption being available under MI 61-101 and Policy 5.9 of the TSX Venture Exchange from the minority shareholder approval and valuation requirements for each related party transaction; objectives, goals or future plans; statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, 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; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in the Corporation's public documents filed on SEDAR at www.sedar.com. Although the Corporation 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 Corporation 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.
In context of current mineral resources reported by the Company, 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 and grade or quality continuity.
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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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