MONTREAL, Nov. 29, 2018 (GLOBE NEWSWIRE) -- Osisko Metals Incorporated (the “Company” or “Osisko Metals”) (TSX-V: OM; FRANKFURT: OB5) is pleased to announce that it has signed an option agreement (the “Agreement”) with Osisko Mining Inc (TSX: OSK) to earn a 50% base metal interest in the Quévillon claim group (the “Project”), a select package of 3667 claims located immediately west of Osisko Mining’s Urban-Barry claim group. See situational map of joint-venture claims.
The Project covers 197,223 hectares (1972 km2) and is located 120 kilometres ENE of the town of Val-d’Or and around the town of Lebel-sur-Quévillon, Québec, and covers portions of the Urban-Barry Greenstone Belt in the eastern part of the Abitibi sub-province. The Agreement targets volcanogenic massive sulfide (VMS) deposits within the Urban-Barry belt; the claims include twelve high priority, drill-ready airborne electromagnetic targets within bi-modal rhyolite-basalt volcanic sequences.
Pursuant to the Agreement, the Company may earn a 50% interest in the Project by funding an aggregate of $8,000,000 in exploration expenditures over four (4) years as outlined below:
(i) $2,000,000, on or before the 1st year anniversary of the Effective Date (the “Initial Option Expenditure Payment”);
(ii) $2,000,000, on or before the 2nd year anniversary of the Effective Date;
(iii) $2,000,000, on or before the 3rd year anniversary of the Effective Date; and
(iv) $2,000,000, on or before the 4th year anniversary of the Effective Date.
Osisko Mining shall retain a 100% interest over any fortuitous precious metals (gold-silver) discoveries on the claims covered by the agreement. Osisko Mining will be project operator during the earn-in period.
Jeff Hussey, President and CEO of Osisko Metals, stated: “We are pleased to work on this second drill-ready VMS project with Osisko Mining. They have had tremendous success in this camp and we are hopeful to follow in their footsteps on the base metal side of things. Construction of access roads has already begun and we plan to move the drill program forward rapidly.”
Mr. Mathieu Savard is the Qualified Person responsible for the technical data reported in this news release. He is a Professional Geologist registered in Quebec and is Vice President Exploration Québec of Osisko Mining Incorporated.
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 zinc mining camps, namely the Pine Point Mining Camp (“PPMC”) located in the Northwest Territories, at which it expects to convert the near surface, historical, unclassified historical resource targeting 50Mt at approximately 5% Zinc + Lead; and the Bathurst Mining Camp (“BMC”), located in northern New Brunswick, where it is focused on converting and developing the historical resource found at the Key Anacon project. The Company is currently completing 100,000 metres of drilling at both camps. In Québec, the Company owns 42,000 hectares that cover 12 grass-root zinc targets that will be selectively advanced through exploration. In parallel, Osisko Metals is monitoring several base metal-oriented peers for opportunities.
|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.
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.
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