Resource World Magazine

44 www.resourceworld.com F E B R U A R Y / M A R C H 2 0 2 0 MINING OSISKO METALS advancing Pine Point deposit towards PEA by Thomas Schuster M ontreal-based, Osisko Metals Inc. [OM-TSXV; OMZNF- OTCQX; OB51-FSE], recently tabled promising assay results from an ongoing exploration drill program on the East Mill Zone at its wholly-owned Pine Point Mining Camp in the Northwest Territories. These results were drilled outside the newly defined mineral resource boundary and highlight the increasing poten- tial of the project. The company is working towards completing a Preliminary Economic Assessment by the second quarter of 2020. A couple of the most noteworthy drill intervals came from holes L37-19-PP-028 and L37-19-PP-035. Hole 028 intersected 9.46% zinc and 0.79% lead over 11.85 metres while hole 035 cut 14.83% zinc and 4.45% lead over 4.68 metres. All Osisko Metals' recently reported drill intersections were located between 16 to 45 metres vertical depth. The goals of the recent drilling campaign were to connect areas of Inferred Mineral Resources at Pine Point. The company is now transitioning from resource boundary expansion to explo- ration drilling and is targeting new prismatic-shaped anomalies associated with tabular channels. The current drill program will continue through the first quarter of 2020. Late last year, the company also upped its resource base at Pine Point, increasing the overall tonnage by 36% with a minor 0.11% drop in zinc equivalent grade when compared with a previous 2018 estimate. The current Inferred Mineral Resource Estimate weighs in at 52.4 million tonnes grading 4.64% zinc and 1.83% lead (6.47% Zinc Equivalent) containing approximately 5.3 bil- lion pounds of zinc and 2.1 billion pounds of lead in-situ. The 222 km 2 property, located on the south shore of Great Slave Lake, is accessible by a year-round all-weather highway from Hay River, known locally as "Hub of the North." "A substantial portion of our newly published 52.4 Mt Inferred Mineral Resource Estimate was dependent on Cominco Ltd.'s drilling," commented Jeff Hussey, President and CEO of Osisko Metals. "As Cominco had different exploration objectives, many of the deposits outlined in our Mineral Resource Estimate remain open in all directions. These results demonstrate the upside potential of Pine Point, not just in identifying new explo- ration targets but also in expanding known mineralization across the project area. With the forthcoming transition toward drilling untested gravity targets on the property over the coming days, we believe the best is yet to come for Pine Point." The Pine Point lead-zinc project was first discovered in 1898 by prospectors heading to the Klondike gold rush. Cominco began exploration at Pine Point in 1929 and commenced large-scale mine production in 1964. The Pine Point Mine was actually an assemblage of 50 separate open pits and two underground depos- its lying along a 60 km trend. About 64 million tonnes averaging 7.0% zinc and 3.1% lead were mined between 1964 and 1987. The mine was closed in 1987, and by that time, about 90 deposits were discovered by Cominco and several others were discovered west of the Buffalo River by Westmin Resources Ltd. Previous drilling on the Pine Point property totals approxi- mately 1.3 million metres in 18,422 holes by Cominco, Westmin and Tamerlane Ventures. Osisko Metals acquired the project in February 2018. Geologically, two types of deposit types have been identi- fied. The first type is called "Tabular" and consists of horizontal, locally continuous, mineralization. The second type is called "Prismatic" and consists of near vertical pinnacles of strong sulphide development. Both types of deposits are abundant in three parallel trends named the North Trend, Main Trend and the South Trend. In 2019, Osisko integrated an airborne gravity survey into the project database. Over 50 high priority targets were identified across the core portion of the project (East Mill, North and Central Zone). These near surface targets were selected due to their simi- 103-4401 Bristol Rd., Terrace BC | (250) 635-2659 | www.yxt.ca C A P A C I T Y • C O N N E C T I O N S • R E L I A B I L I T Y • S A F E T Y Capacity Executive board room,full service restaurant and vehicle rentals (National, Hertz, Budget & Driving Force) Connections Connections to Vancouver, Calgary, Prince George, Bob Quinn and Dease Lake with unrestricted aircraft accommodation including 757, 737 and 767 Reliability A state of the art instrument landing system upgraded in 2015 allowing for 99.7% reliability of scheduled fl ight completion Safety Aircraft Rescue Fire Fighting Meziadin Junction 2 hrs 30 mins Port Edward 1 hr 30 mins Kitimat 35 mins Terrace 15 mins JUST A SHORT DRIVE AWAY GET CONNECTED THROUGH THE NORTHWEST REGIONAL AIRPORT 604.581.2827 www.thornleycreative.com 170057_Ad-Minerals Exp. Magazine- Sping 2017 Date: Feb 7, 2017 Trim: 7 7/8"x10 7/8" Bleed: 0.125" Print at: 100% Colour: CMYK FINAL-RVSD

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