Osisko Metals Inc. [TSXV-OM; OTCQX-OMZNF; FSE- 0B51] reported additional assay results from its 2023 drilling program at the Pine Point project, located in the Northwest Territories, Canada.
The reported results are from the P499 and O556 deposits, both prismatic-style deposits with associated tabular-style aprons in the west zone (WZ). Results within the prismatic pipes defined by historical drilling were thick, high-grade intersections consistent with historical results. Drill hole P499-23-PP-004 extends the known prismatic-style mineralization toward the west and remains open for further exploration.
Drilling was conducted as part of the Pine Point joint venture’s larger 2023 definition drilling program that is designed to achieve an average drill spacing of approximately 30 metres within the current modelled mineral resources reported in the 2022 preliminary economic assessment. This drilling is intended to upgrade mineral resources presently classified as inferred to the indicated category, and to potentially expand on known resources.
Drill hole assay composite highlights: P499-23-PP-004 returned 25 metres grading 5.62% zinc and 4.57% lead (10.19% Zn+Pb). O556-23-PP-005 returned 28 metres grading 10.91% Zn and 8.03% Pb (18.94% Zn+Pb).
O556-23-PP-009 returned 35 metres grading 6.20% Zn and 5.44% Pb (11.64% Zn+Pb).
All mineralization occurs near surface between 81 and 181 metres vertical depth from surface and occurs as prismatic-style, banded, colloform-style sphalerite and galena associated with intensely altered hydrothermal dolomite and limestone.
Robert Wares, CEO and chairman of the board, commented: “Drill results from Pine Point continue to meet or exceed expectations, and we are looking forward to an updated resource estimate before year-end. Now that the bulk of the definition program is done, we will focus on exploration drilling of new targets with a significant program slated for the upcoming fall/winter season, details to be provided in due time.”
Osisko Metals is a joint venture partner with Appian Capital Advisory for the advancement of one of Canada’s premier past-producing zinc-mining camps, the Pine Point project, located in the Northwest Territories, for which the 2022 preliminary economic assessment has indicated an after-tax net present value of $602-million and an internal rate of return of 25%, based on a long-term zinc price of US$1.37 per pound and the current mineral resource estimates that are amenable to open-pit and shallow underground mining.
The current mineral resource estimate in the 2022 PEA consists of 15.7 million tonnes grading 5.55% zinc equivalent of indicated mineral resources and 47.2 million tonnes grading 5.94% ZnEq of inferred mineral resources.
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 km of viable haulage roads.
