Osisko Metals Files Bathurst Mining Camp Technical Report
TSX VENTURE: OM
MONTREAL, April 08, 2019 (GLOBE NEWSWIRE) -- Osisko Metals Incorporated (the “Company” or “Osisko Metals”) (TSX‑V: OM; FRANKFURT: OB5) announces that further to its news release dated February 20, 2019 announcing the maiden Mineral Resource Estimate for its 100% owned Bathurst Mining Camp Project (the “BMC”) incorporating the Key Anacon Main and Titan Deposits as well as the Gilmour South Deposit, the Company has today filed the associated independent technical report supporting the earlier disclosure of the Inferred and Indicated Mineral Resource estimate for the BMC. The report, entitled “NI 43-101 Maiden Resource Estimate for the Bathurst Mining Camp Project” is dated April 4, 2019 with an effective date of February 20, 2019 and was prepared by Pierre Desautels, P.Geo., of AGP Mining Consultants Inc. The properties that are the subject of the technical report are located in the eastern portion of the BMC, south of the city of Bathurst, New Brunswick, Canada.
A copy of the report can be found at www.sedar.com \ and on the Company’s website.
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 (the “PPMC”), located on the south shore of Great Slave Lake in the Northwest Territories, is located near established infrastructure, has paved highway access and has 100 kilometres of mine haulage roads and power substation already in place. The PPMC currently hosts an 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 and restated technical report entitled “Mineral Resource Estimate for the Pine Point Lead-Zinc Project, Hay River, Northwest Territories, Canada” and dated January 25, 2019 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, located in northern New Brunswick, has Indicated Mineral Resources of 1.96 Mt grading 5.77% zinc, 2.38% lead, 0.22% copper and 68.9 g/t silver (9.00% Zinc Equivalent (“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. The estimate used a Zn Equivalent (ZnEq) cut-off grade of 5.5%. Zinc equivalency percentages are calculated using metal prices, forecasted metal recoveries, and smelter payables (ZnEq=Zn%+0.661*Pb%+1.749*Cu%+0.018*Ag g/t) based on a revenue factor of 1.1 and the following metal prices: zinc at US$1.10/lb, lead at US$0.90/lb, copper at US$2.72/lb and silver at US$15.90/oz. The calculation includes estimated mining cost of USD$45/Tonne and estimated total operating cost of USD$70/Tonne. Estimated metal recoveries were of 84% Zinc, 60% Lead, 52% Copper and 65% Silver. (see technical report and the press release dated February 20, 2019 for additional details).
In Québec, the Company owns 42,000 hectares that cover 12 grass-root zinc targets that will be selectively advanced through exploration in 2019.
Mr. Robin Adair, P. Geo and Vice President Exploration of Osisko Metals, is the Qualified Person who has approved of the scientific and technical disclosure contained in this news release.
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, 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 Bathurst Mining (“BMC”) current mineral resource estimate titled “NI 43-101 Maiden Resource Estimate for the Bathurst Mining Camp Project ” (the “MRE”) is dated April 4, 2019 with an effective date of February 20, 2019 covers the Gilmour South Deposit, the Key Anacon Main Deposit and the Key Anacon Titan Deposit. The independent qualified person for the 2019 BMC MRE is Pierre Desautels, P. Geo, of AGP Mining Consultants Inc.
These mineral resource estimates in this news release are not mineral reserves as they do not have demonstrated economic viability. The quantity and grade of the Inferred and Indicated Mineral Resource estimates 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 eventual economic extraction. The BMC MRE is reported using a ZnEq cut-off grade of 5.5%. Zinc equivalency percentages are calculated using metal prices, forecasted metal recoveries, and smelter payables.
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.