Osisko Metals Intersects 12.94% Zinc+Lead Over 8.80 Metres at Pine Point
TSX VENTURE: OM
MONTREAL, April 03, 2019 (GLOBE NEWSWIRE) -- Osisko Metals Incorporated (the “Company” or “Osisko Metals”) (TSX-V: OM; FRANKFURT: OB51) is pleased to announce additional assay results from 34 drill holes completed in the East Mill Zone (“EMZ”) within the Pine Point Mining Camp (“PPMC”). Drill hole EM-18-PP-226 intersected 6.30% Zinc and 6.64% Lead over 8.80 metres and drill hole EM-18-PP-221 intersected 7.37% Zinc and 4.56% Lead over 6.00 metres (see 2018 Summer Drill Campaign East Mill Zone K-35).
All intersections are within flat lying, tabular-style deposits with all reported intercepts located above a vertical depth of 45 metres. Highlights are listed below in Table 1 and details are provided in Tables 2 & 3.
Table 1: Selected Drill Highlights
|From||To||Width||Zinc||Lead||Lead + Zinc|
|EM-18-PP-168||East Mill Zone||K35||38.54||45.15||6.61||4.49||0.53||5.02|
|EM-18-PP-193||East Mill Zone||K35||22.90||31.00||8.10||4.83||0.83||5.66|
|EM-18-PP-200||East Mill Zone||K35||23.00||30.33||7.33||3.98||8.18||12.16|
|EM-18-PP-221||East Mill Zone||K35||30.00||36.00||6.00||7.37||4.56||11.93|
|EM-18-PP-226||East Mill Zone||K35||29.70||38.50||8.80||6.30||6.64||12.94|
|EM-18-PP-390||East Mill Zone||K35||31.89||36.29||4.40||6.91||1.04||7.95|
Jeff Hussey, President & CEO of Osisko Metals, commented: “These new results continue to confirm the consistency and excellent grade of the near-surface mineralization at Point Point and further supports our objective to upgrade a significant portion of the resource base to indicated category in the upcoming 2019 MRE.”
The reported results are part of the East Mill Zone that presently contains 5.5 million tonnes of 3.76% Zinc and 1.30% Lead, and are in the vicinity of the newly modelled K-35-01 historical pit that currently measures 450 metres in strike length with an average mineralized north-south width of approximately 100 metres. These resources are considered to be amenable to shallow open pit mining (see the NI43-101 technical report available at www.sedar.com and on the Company’s website as well as December 6, 2018 press release).
Note regarding mineral resources and Qualified Persons
The above-mentioned Inferred Mineral Resources conform to National Instrument 43-101 standards. These mineral resources were reported by the Company on December 6, 2018 and the independent qualified person for the resource estimate, as defined by NI43 101 guidelines, is Pierre-Luc Richard, P. Geo, of BBA Inc.
Stanley G. Clemmer, P. Geo. is registered in the Northwest Territories and is Chief Geologist for Pine Point Mining Limited, a wholly owned subsidiary of Osisko Metals Incorporated. He is the Qualified Person responsible for the technical data reported in this news release.
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.’s 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 2: Composite Assay Results
|Zinc||Lead||Lead + Zinc|
|EM-18-PP-196||K35||No significant values|
Table 3: Drill hole collar locations (UTM NAD83 zone 11)
|Hole Name||Area||Deposit||Easting||Northing||Elevation||Azimuth||Dip||Depth (metres)|
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 historical zinc mining camps: the Pine Point Mining Camp (“PPMC”), located on the south shore of Great Slave Lake in the Northwest Territories, near established infrastructure, paved highway access and with 100 kilometres of mine haulage roads and power substation already in place. The PPMC currently hosts a NI43-101 Inferred Mineral Resource of 38.4 Mt grading 4.58% zinc and 1.85% lead, making it the largest near-surface, pit-constrained zinc deposit in Canada (please refer to the SEDAR-filed Amended Technical Report for further information). The 2018-2019 drill holes, once fully assayed, will be incorporated into the database with the objective of issuing a new resource estimate in H2 2019. The Bathurst Mining Camp (“BMC”), located in northern New Brunswick, with NI43-101 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. In Québec, the Company owns 42,000 hectares that cover 12 grass-root zinc targets that will be selectively advanced through exploration in 2019.
|For further information on Osisko Metals, visit www.osiskometals.com or contact:|
President & CEO
Osisko Metals Incorporated
Director, Investor Relations
Osisko Metals Incorporated
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.
The Eastern Bathurst Mining Camp (“EBMC”) MRE covers the Gilmour South Deposit, and the Key Anacon deposit’s Main Zone and Titan Zone. The independent qualified person for the 2019 EBMC MRE, as defined by NI 43-101 guidelines, is Pierre Desautels, P. Geo, of AGP Mining Consultants Inc. These mineral resources are not mineral reserves as they do not have demonstrated economic viability. The quantity and grade of the reported Inferred Mineral Resources in this estimation are conceptual in nature and are estimated based on limited geological evidence and sampling. Resources are presented as undiluted and in situ for a medium underground operation with three separate deposits feeding a single processing facility and are considered to have reasonable prospects for economic extraction. The estimate is reported using a Zn Equivalent (ZnEq) cut-off grade of 5.5%. Zinc equivalency percentages are calculated using metal prices, forecasted metal recoveries, and smelter payables.
Reference to historical production in the vicinity of Osisko Metals properties in this press release does not imply that any future mineral resources or discoveries will be of economic viability, nor does it imply that additional discoveries will be made.
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.