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Osisko Metals Incorporated

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Osisko Metals Intersects 11.13% Zinc+Lead Over 6.40 Metres at Pine Point

MONTREAL, Oct. 21, 2019 (GLOBE NEWSWIRE) -- Osisko Metals Incorporated (the “Company” or “Osisko Metals”) (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased to announce first drilling results from the Fall 2019 drill program at Pine Point. Twenty-six exploration drill holes were completed in the L-37 and N-38 areas within the East Mill Zone. Highlights include drill hole L37-19-PP-001 that  intersected 8.68% zinc and 2.45% lead over 6.40 metres and drill hole L37-19-PP-011 intersected 6.43% zinc and 0.87% lead over 14 metres. All intersections are within flat-lying tabular-style deposits and are located between 7 to 36 metres vertical depth, adding more near-surface, high grade mineralization in proximity to the Company’s current Inferred Mineral Resource Estimate (MRE). Other highlighted intersections are noted in Table 1 below. (See East Mill L37 Surface Map).

The focus in this area of the East Mill Zone is to connect the mineralization between two existing tabular deposits. Drill hole composites and location details are provided in Tables 2 & 3

Table 1: Selected Drill Highlights

Hole NameZoneAreaFrom (meters)To (meters)Drilled Width (meters)Zinc (%)Lead (%)Lead + Zinc (%)
L37-19-PP-001East MillL-377.5013.906.408.682.4511.13
L37-19-PP-011East MillL-3721.2335.2314.006.430.877.31
L37-19-PP-013East MillL-3721.6128.617.005.091.476.55
N38-19-PP-007East MillN-3825.4826.951.474.722.076.79

Jeff Hussey, President & CEO of Osisko Metals, commented: “These early results from the start of our current exploration program are very encouraging. Unlike our previous infill drilling campaign, we are now focused on expanding mineralization and identifying new deposits, with a focus on vertical prismatic deposits. The program will be further adapted once processing and interpretation has been completed on the eagerly anticipated airborne gravity gradiometry data.”

To increase the value of the Cominco Ltd. historical drill results (dating back to the 1960’s), Osisko Metals has also commenced a relogging and assaying program of the extensive historic core farm that is available on the property (10,893 drill holes with over 702,300 metres of available core). At that time Cominco did not assay what is now, in today’s economic context, considered to be significant mineralization. This initiative will allow the Company to cost-effectively enhance the ongoing exploration program by assaying mineralization noted in a number of historical holes. This data will aid in identifying new exploration targets and in verifying the historical dataset.

Note regarding mineral resources and Qualified Persons
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 2: Composite 2019 Drilling Assay Results

Hole NameZoneAreaFrom (meters)To (meters)Drilled Width (meters)True Width (metres)Zinc (%)Lead (%)Lead + Zinc (%)
L37-19-PP-001East MillL377.5013.906.406.408.682.4511.13
L37-19-PP-002East MillL37 No significant results
L37-19-PP-003East MillL3711.2613.602.342.342.300.733.03
L37-19-PP-004East MillL3712.3919.266.876.873.320.433.75
L37-19-PP-005East MillL3714.6617.502.842.841.180.161.34
L37-19-PP-007East MillL3717.2018.201.001.001.080.451.53
L37-19-PP-008East MillL3723.5324.531.001.001.330.001.33
L37-19-PP-009East MillL3729.7730.771.001.001.690.061.74
L37-19-PP-010East MillL3720.3421.341.001.000.330.640.97
L37-19-PP-011East MillL3721.2335.2314.0014.006.430.877.31
L37-19-PP-012East MillL3725.9033.908.008.002.770.062.83
L37-19-PP-013East MillL3721.6128.617.007.005.091.476.55
L37-19-PP-014East MillL3714.1717.173.003.000.870.781.65
L37-19-PP-015East MillL3719.6329.6310.0010.002.360.432.79
L37-19-PP-015East MillL3735.6338.633.003.003.070.113.19
L37-19-PP-016East MillL3729.1630.161.001.001.680.121.80
L37-19-PP-017East MillL37 No significant results
L37-19-PP-018East MillL3734.1436.142.002.001.410.011.42
L37-19-PP-019East MillL3731.9336.935.005.002.170.082.25
L37-19-PP-020East MillL37 No significant results
L37-19-PP-022East MillL37 No significant results
N38-19-PP-003East MillN3828.1529.551.401.400.741.402.14
N38-19-PP-007East MillN3825.4826.951.471.474.722.076.79
N38-19-PP-008East MillN38 No significant results
N38-19-PP-009East MillN3830.2631.341.081.081.881.823.70
N38-19-PP-010East MillN3828.2029.501.301.303.690.614.30
N38-19-PP-013East MillL3731.7533.001.251.251.291.062.35

Table 3: Drill Hole Collar Locations (UTM NAD83 Zone 11)

Hole NameZoneAreaEastingNorthingElevation (m)AzimuthDipDepth (m)
L37-19-PP-001East MillL376408646750161211.30-9050.00
L37-19-PP-002East MillL376408576750131213.60-9039.50
L37-19-PP-003East MillL376408546750108215.10-9036.00
L37-19-PP-004East MillL376408796750072218.70-9039.00
L37-19-PP-005East MillL376408506750076218.70-9039.00
L37-19-PP-007East MillL376407896750096219.80-9039.00
L37-19-PP-008East MillL376407856750074219.90-9039.00
L37-19-PP-009East MillL376407026750038221.40-9045.00
L37-19-PP-010East MillL376406746750042221.70-9051.00
L37-19-PP-011East MillL376406316750093222.00-9051.00
L37-19-PP-012East MillL376405706750108219.60-9048.00
L37-19-PP-013East MillL376405256750087219.30-9045.00
L37-19-PP-014East MillL376405276750042219.50-9042.00
L37-19-PP-015East MillL376405496749994219.40-9045.00
L37-19-PP-016East MillL376405626749956219.30-9045.00
L37-19-PP-017East MillL376406346749969219.10-9048.00
L37-19-PP-018East MillL376404916749952219.50-9045.00
L37-19-PP-019East MillL376404636749971219.40-9045.00
L37-19-PP-020East MillL376404386750011218.80-9042.00
L37-19-PP-022East MillL376405056749781219.90-9045.00
N38-19-PP-003East MillN386407666749359221.80-9042.00
N38-19-PP-007East MillN386405456749400220.60-9039.00
N38-19-PP-008East MillN386405506749644217.00-9042.00
N38-19-PP-009East MillN386405026749391221.60-9039.00
N38-19-PP-010East MillN386404776749422220.80-9048.00
N38-19-PP-013East MillN386404586749531221.40-9045.00

About Osisko Metals

Osisko Metals Incorporated 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 (6.58% ZnEq), making it the largest pit-constrained zinc deposit in Canada (please refer to the Amended Technical Report filed on SEDAR for further information). The PPMC is located on the south shore of Great Slave Lake in the Northwest Territories, near infrastructure and paved highway access and with 100 kilometres of haulage roads already in place. In 2019-2020, the company will explore for additional mineral resources and continue advancing the overall project. 2) The Bathurst Mining Camp (“BMC”), 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 2019-2020, the Company will continue to diligently develop and explore in order to confirm and grow both projects. The Company is also active in Quebec where it is advancing multiple base metal targets. The 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 grade and/or quality of continuity. Reference to historical production 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. Zinc equivalency percentages are calculated using metal prices, forecasted metal recoveries, concentrate grades, transport costs, smelter payable metals and charges (see respective technical reports for details).

For further information on Osisko Metals, visit www.osiskometals.com or contact:
Jeff Hussey
President & CEO
Osisko Metals Incorporated
(514) 861-4441
Email: info@osiskometals.com
www.osiskometals.com
 

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.

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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/72b8eee1-0704-4aa2-acf8-2301fd02e2c5

 

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East Mill L37 Surface Map

East Mill L37 Surface Map
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