Osisko Metals Incorporated (TSX-V: OM) (“Osisko” or the “Company”) is pleased to announce drilling results from its ongoing exploration program at its Pine Point Project located in Canada’s Northwest Territories.
The results of five additional drill holes (PP20-785 to PP20-789) tested the up-dip extensions of the Pine Point target area, which is located at the eastern end of the Pine Point Project. These holes all intersected thick zones of massive sulphides and all of the targets tested interception of the mineralization up to a maximum depth of 33.00 metres.
The assay results from those last five drill holes returned significant intercepts including up to 11.26 % Zinc and 2.71 % Lead, shortly summarized as follows:
PP20-785 (14.40 metres @ 13.95 % Zinc and 2.60 % Lead)
PP20-786 (17.00 metres @ 8.84 % Zinc and 2.51 % Lead)
PP20-787 (20.00 metres @ 14.87 % Zinc and 1.47 % Lead)
PP20-788 (38.00 metres @ 9.12 % Zinc and 2.91 % Lead)
PP20-789 (33.00 metres @ 11.26 % Zinc and 2.71 % Lead)
These drilling results continue to demonstrate the potential of the Pine Point target area, which is part of a larger land package totalizing over 96,648 hectares. The project consists of 127 contiguous mineral claims in the MacKenzie Mining district of Canada’s Northwest Territories.
Since the start of the program to date, results from 124 drill holes have been reported, which includes the 35 holes which were completed to focalize on the Pine Point target area. The program is still ongoing and all the latest results will continue to feed into a Preliminary Economic Analysis which is expected for the first quarter of 2021.
As of previous press release of April 15th, 2020, the total estimated mineral resources at the Pine Point Project based on all available drilling up to that date was 31.3 million tonnes of gross combined Indicated and Inferred resources, with an average grade of 10.9 % zinc and 2.1 % lead.
Peter Lightfoot, Osisko’s Vice President of Exploration, commented: “The new results confirm that the down-dip extension of the mineralization is continuing in a positive direction. Importantly, we have now tested the mineralization to the full 3700 metre strike length covered by our 124 drill holes and we have demonstrated the continuity of the mineralization in the central part of the trend. This opens the doors for the next step of our exploration program, that is to enlarge the Pine Point mineral resource. We remain on track for the completion of a Preliminary Economic Analysis in Q1/2021 and we are looking forward to the opportunity to expand the resource further”.
With the ongoing success of the program, Osisko intends to extend the drill program and test the up-dip extensions of the mineralization. The company is also developing an exploration plan for the remainder of the large land package across the Pine Point Project.
In summary, Osisko is pleased to announce significant drilling results from its Pine Point Project in the MacKenzie Mining District of Canada’s Northwest Territories, including up to 11.26% Zinc and 2.71 % Lead from the most recent five drill holes. Osisko is continuing the ongoing program and will be providing further updates when available.
