MONTREAL, Nov. 19, 2018 (GLOBE NEWSWIRE) -- Osisko Metals Incorporated (the “Company” or “Osisko Metals”) (TSX-V: OM; FRANKFURT: OB51) is pleased to announce assay results from 29 drill holes completed at the M-67 deposit at the west end of the Central Zone in the Pine Point Mining Camp (“PPMC”). Drill hole M67-18-PP-027 intersected 7.96% Zinc and 2.53% Lead over 22.84 metres and hole M67-18-PP-015 intersected 9.48% Zinc and 2.67% Lead over 17.00 metres. Other high-grade intersections include holes M67-18-PP-004 that intersected 8.26% Zinc and 2.82% Lead over 8.75 metres, M67-18-PP-019 that intersected 11.49% Zinc and 5.55% Lead over 7.90 metres and M67-18-PP-028 that intersected 7.54% Zinc and 1.46% Lead over 13.09 metres.
All intersections are within a flat lying tabular-style deposit known as M-67 and all intercepts are located above 110 metre depths. (See 2018 Summer Drill Campaign Central Zone M-67). Highlights are listed below in Table 1 and details are provided in Tables 2 & 3.
Table 1: Selected Drill Highlights
Jeff Hussey, President & CEO of Osisko Metals, commented: “The 2018 drill campaign at Pine Point is nearly complete. We announced our 50,000 meters campaign immediately after closing the transaction back in February and we have been extremely pleased with the results released. We continue to intersect high grade, near surface Zinc-Lead mineralization across the entire property.”
The historical M-67 deposit currently measures 550 metres in strike length with an average mineralized width of approximately 150 metres. It occurs within the Central Zone and is located 14 kilometres west of the electrical sub-station along a main haul road. Cominco Ltd. lists remaining unclassified historic resources of 1.56 million tonnes of 5.1% Zinc and 1.2% Lead at M-67 (not NI43-101 compliant). The Central Zone hosts twelve deposits containing unclassified historical resources reported by Cominco Ltd. (1988) occurring over 10 kilometres. They are located from 5 to 14 kilometres to the west of the electrical substation and adjacent to the main haulage road along its entire length.
The objective of the 2018 drill program is to upgrade approximately 50 million tonnes of unclassified near-surface historical resources within known deposits (Cominco Ltd.) to NI43-101 Inferred Mineral Resources as quickly as possible in areas amenable to open pit mining. This will then be used as a resource base for future economic studies.
The 2018 drill program consists of approximately 700 drill holes within the Main Trend, a 20-kilometre long, portion of the PPMC that is located on the south shore of Great Slave Lake in the Northwest Territories, near infrastructure and paved highway access and with 100km of haulage roads already in place.
Note regarding historical resource and Qualified Person
The above-mentioned historical resources do not conform to National Instrument 43-101 standards. The Company is reporting the historical estimates for reference purposes only. Neither Osisko Metals nor its consultants have completed sufficient work to verify the historical estimates and these should not be relied upon for investment purposes. A Qualified Person has not done sufficient work to classify the historical estimates as NI43-101 compliant mineral resources and there is no guarantee that such work will allow conversion of such historical resources.
Stanley G. Clemmer, P. Geo registered in the Northwest Territories and is Chief Geologist for Pine Point Mining Limited, a wholly owned subsidiary of Osisko Metals Limited. He is the Qualified Person responsible for the technical data reported in this news release.
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 Assay Results
|M67-18-PP-007||M67||No significant Values|
Table 3: Drill hole collar locations (UTM NAD83 zone 11)
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.
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