Osisko Metals Announces Final 2022 Drill Results With Up to 10.0 Metres Grading 13.5% Zinc and 4.1% Lead
Pine Point Project Areas
MONTREAL, Jan. 12, 2023 (GLOBE NEWSWIRE) — Osisko Metals Incorporated (the “Company” or “Osisko Metals“) (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased to announce all remaining results from the 2022 definition drilling program at its Pine Point Project, located in the Northwest Territories, Canada. This ongoing drill program is designed to achieve an average drill spacing of approximately 30 metres within the modelled mineral resources. This spacing is intended to upgrade resources presently classified as Inferred to the Indicated category in order to be used in the Feasibility Study (“FS”) to be initiated in H2 2023.
The Company intends to complete the remainder of the infill drill program by the end of H1 2023. Six diamond drills are currently active at Pine Point and the Company plans to drill approximately 29,000 metres before spring. This program is primarily designed to convert the majority of deposits to the Indicated Mineral Resource category and will also explore zones between deposits where previous widely-spaced drilling suggests the potential for continuous mineralization.
Drill Hole Assay Composite Highlights:
- K51-22-PP-002: 10.00 metres, grading 13.46% Zn and 4.14% Pb (17.60% Zn+Pb)
- N204-22-PP-007: 10.00 metres, grading 7.63% Zn and 2.49% Pb (10.12% Zn+Pb)
- N204-22-PP-013: 11.00 metres, grading 8.92% Zn and 2.15% Pb (11.07% Zn+Pb)
Robert Wares, CEO and Chairman of the board, commented: “These positive definition drilling results continue to meet or exceed our expectations. The final 29,000 metre winter definition drill program has started and will supply required infill results to allow for a new mineral resource estimate that will be integrated into the feasibility study that will commence in H2 2023. This is at a time when the zinc price is rising significantly due to historically low inventory levels on Metal Exchanges, currently less than ten percent of what is considered critical levels of inventory. Pine Point would produce exceptionally clean and high-grade zinc concentrate that would be sought after by any number of smelters and traders globally.”
All intercepts reported below were within, or immediately adjacent to, the currently modelled and proposed open pit shells designed for the PEA. The results reported in Tables 1 & 2 below are within expectations for the infill program needed to convert the North, C2, EM, and N204 Zone deposits (K51, L27, M40, N204, N32, N33, O26, O27, Y56, and Y58) to the Indicated Mineral Resource category (See Map).
All reported results are from Tabular-style deposits characterized by continuous, flat-lying mineralization. More vertically continuous Prismatic-style mineralization was locally encountered within the Tabular-style mineralization.
Table 1: Drill Hole Composites.
| Hole Name | Zone | Deposit | From | To | Drill Width | True Width | Zn | Pb | Zn+Pb |
| (m) | (m) | (m) | (m) | % | % | % | |||
| BO-22-PP-001 | Expl. | 134.50 | 135.00 | 0.50 | 0.50 | 0.63 | 0.00 | 0.63 | |
| BO-22-PP-002 | Expl. | 81.00 | 82.00 | 1.00 | 0.74 | 0.24 | 0.60 | 0.84 | |
| IP08-22-PP-001** | Expl. | 46.00 | 47.00 | 1.00 | 1.00 | 0.42 | 0.01 | 0.43 | |
| IP08-22-PP-002 | Expl. | 36.00 | 37.00 | 1.00 | 0.74 | 0.00 | 0.00 | 0.01 | |
| K51-22-PP-001 | C2 | K51 | 31.00 | 39.00 | 8.00 | 8.00 | 4.77 | 0.71 | 5.48 |
| K51-22-PP-002 | C2 | K51 | 37.00 | 47.00 | 10.00 | 10.00 | 13.46 | 4.14 | 17.60 |
| K51-22-PP-003 | C2 | K51 | 40.00 | 46.00 | 6.00 | 6.00 | 8.39 | 0.71 | 9.10 |
| K51-22-PP-007 | C2 | K51 | 35.00 | 37.00 | 2.00 | 2.00 | 7.34 | 0.50 | 7.83 |
| K51-22-PP-008 | C2 | K51 | 40.00 | 43.00 | 3.00 | 3.00 | 6.27 | 0.28 | 6.55 |
| K51-22-PP-010 | C2 | K51 | 37.00 | 38.00 | 1.00 | 1.00 | 0.00 | 0.00 | 0.00 |
| K51-22-PP-011 | C2 | K51 | 31.00 | 32.00 | 1.00 | 1.00 | 0.00 | 0.00 | 0.00 |
| K51-22-PP-012 | C2 | K51 | 45.00 | 46.00 | 1.00 | 1.00 | 0.51 | 0.13 | 0.64 |
| K51-22-PP-013 | C2 | K51 | 37.00 | 40.00 | 3.00 | 3.00 | 4.17 | 0.17 | 4.33 |
| K51-22-PP-014 | C2 | K51 | 24.00 | 25.00 | 1.00 | 1.00 | 0.65 | 0.02 | 0.67 |
| L27-22-PP-001 | C2 | K51 | 4.50 | 6.00 | 1.50 | 1.50 | 1.86 | 0.23 | 2.09 |
| L27-22-PP-002 | C2 | K51 | 6.00 | 7.00 | 1.00 | 1.00 | 0.01 | 1.25 | 1.26 |
| L27-22-PP-003 | C2 | K51 | 9.00 | 15.00 | 6.00 | 6.00 | 2.31 | 0.65 | 2.96 |
| L27-22-PP-004 | C2 | K51 | 8.00 | 18.00 | 10.00 | 10.00 | 4.72 | 0.79 | 5.50 |
| L27-22-PP-005 | C2 | K51 | 8.00 | 9.00 | 1.00 | 1.00 | 1.26 | 0.03 | 1.28 |
| M40-22-PP-001 | N204 | N204A | 34.00 | 35.00 | 1.00 | 1.00 | 3.63 | 0.09 | 3.72 |
| N204-22-PP-001 | N204 | N204A | 38.00 | 43.00 | 5.00 | 5.00 | 6.34 | 1.79 | 8.13 |
| N204-22-PP-002 | N204 | N204A | 38.00 | 41.00 | 3.00 | 3.00 | 5.67 | 1.24 | 6.91 |
| N204-22-PP-003 | N204 | N204A | 33.00 | 35.00 | 2.00 | 2.00 | 7.94 | 1.43 | 9.37 |
| N204-22-PP-004 | N204 | N204A | 41.00 | 42.00 | 1.00 | 1.00 | 6.58 | 1.51 | 8.09 |
| N204-22-PP-005 | N204 | N204A | 34.00 | 37.00 | 3.00 | 3.00 | 6.02 | 1.15 | 7.18 |
| N204-22-PP-006 | N204 | N204A | 44.00 | 50.00 | 6.00 | 6.00 | 7.20 | 2.14 | 9.33 |
| N204-22-PP-007 | N204 | N204A | 34.00 | 44.00 | 10.00 | 10.00 | 7.63 | 2.49 | 10.12 |
| N204-22-PP-008 | N204 | N204A | 41.00 | 44.00 | 3.00 | 3.00 | 3.92 | 1.00 | 4.92 |
| N204-22-PP-009 | N204 | N204A | 39.00 | 43.00 | 4.00 | 4.00 | 15.60 | 3.63 | 19.23 |
| N204-22-PP-010 | N204 | N204A | 39.00 | 44.00 | 5.00 | 5.00 | 10.96 | 2.49 | 13.46 |
| N204-22-PP-011 | N204 | N204A | 34.86 | 44.00 | 9.14 | 9.14 | 8.15 | 1.95 | 10.09 |
| N204-22-PP-012 | N204 | N204A | 39.00 | 41.00 | 2.00 | 2.00 | 8.73 | 2.71 | 11.44 |
| N204-22-PP-012 | N204 | N204A | 61.00 | 63.00 | 2.00 | 2.00 | 9.86 | 2.40 | 12.26 |
| N204-22-PP-013 | N204 | N204A | 39.00 | 50.00 | 11.00 | 11.00 | 8.92 | 2.15 | 11.07 |
| N204-22-PP-014 | N204 | N204A | 43.00 | 45.00 | 2.00 | 2.00 | 6.56 | 3.00 | 9.56 |
| N204-22-PP-015 | N204 | N204A | 36.00 | 37.00 | 1.00 | 1.00 | 7.95 | 2.32 | 10.27 |
| N204-22-PP-016 | N204 | N204A | 43.00 | 45.00 | 2.00 | 2.00 | 21.45 | 6.25 | 27.70 |
| N204-22-PP-017* | N204 | N204A | 41.00 | 46.00 | 5.00 | 5.00 | 2.40 | 0.84 | 3.24 |
| N204-22-PP-018 | N204 | N204A | 37.00 | 46.00 | 9.00 | 9.00 | 4.74 | 1.32 | 6.06 |
| N204-22-PP-019 | N204 | N204A | 39.00 | 43.00 | 4.00 | 4.00 | 4.92 | 1.45 | 6.36 |
| N204-22-PP-020 | N204 | N204A | 35.00 | 39.00 | 4.00 | 4.00 | 4.34 | 1.17 | 5.50 |
| N204-22-PP-021 | N204 | N204A | 36.00 | 40.00 | 4.00 | 4.00 | 6.72 | 1.04 | 7.76 |
| N204-22-PP-022 | N204 | N204A | 36.00 | 39.00 | 3.00 | 3.00 | 8.04 | 2.74 | 10.78 |
| N204-22-PP-023 | N204 | N204A | 34.00 | 36.00 | 2.00 | 2.00 | 4.37 | 1.39 | 5.76 |
| N32-22-PP-001 | EM | N32 | 16.00 | 17.00 | 1.00 | 1.00 | 0.00 | 0.00 | 0.00 |
| N32-22-PP-002 | EM | N33 | 12.00 | 17.00 | 5.00 | 5.00 | 2.47 | 0.63 | 3.10 |
| N32-22-PP-003 | EM | N34 | 15.00 | 16.00 | 1.00 | 1.00 | 0.00 | 0.00 | 0.00 |
| N32-22-PP-004 | EM | N35 | 21.25 | 22.50 | 1.25 | 1.25 | 0.01 | 0.02 | 0.02 |
| N32-22-PP-005 | EM | N36 | 15.00 | 16.00 | 1.00 | 1.00 | 0.05 | 0.02 | 0.07 |
| N32-22-PP-006 | EM | N37 | 16.00 | 22.00 | 6.00 | 6.00 | 3.01 | 1.51 | 4.52 |
| N32-22-PP-007 | EM | N38 | 11.00 | 12.00 | 1.00 | 1.00 | 8.26 | 2.03 | 10.29 |
| N33-22-PP-001 | EM | N39 | 8.00 | 13.00 | 5.00 | 5.00 | 2.09 | 16.82 | 18.91 |
| N33-22-PP-002 | EM | N40 | 15.00 | 19.00 | 4.00 | 4.00 | 5.16 | 0.37 | 5.53 |
| N33-22-PP-003 | EM | N41 | 13.00 | 20.00 | 7.00 | 7.00 | 3.90 | 3.28 | 7.18 |
| N33-22-PP-004 | EM | N42 | 12.00 | 13.00 | 1.00 | 1.00 | 0.01 | 0.00 | 0.01 |
| N33-22-PP-005 | EM | N43 | 11.00 | 12.00 | 1.00 | 1.00 | 1.51 | 0.93 | 2.44 |
| N33-22-PP-006 | EM | N44 | 9.00 | 10.00 | 1.00 | 1.00 | 0.00 | 0.00 | 0.00 |
| O26-22-PP-001* | EM | O26 | 20.00 | 24.00 | 4.00 | 4.00 | 9.86 | 3.58 | 13.44 |
| O26-22-PP-001* | EM | O26 | 35.00 | 36.00 | 1.00 | 1.00 | 12.15 | 2.61 | 14.76 |
| O26-22-PP-002 | EM | O26 | 12.00 | 13.00 | 1.00 | 1.00 | 2.96 | 0.36 | 3.32 |
| O27-22-PP-001 | EM | O27 | 14.00 | 15.00 | 1.00 | 1.00 | 0.12 | 0.10 | 0.23 |
| O27-22-PP-002 | EM | O27 | 10.00 | 11.00 | 1.00 | 1.00 | 0.83 | 0.29 | 1.12 |
| O27-22-PP-003 | EM | O27 | 7.00 | 8.00 | 1.00 | 1.00 | 2.97 | 1.50 | 4.47 |
| O27-22-PP-004 | EM | O27 | 14.00 | 15.00 | 1.00 | 1.00 | 13.45 | 1.05 | 14.50 |
| O27-22-PP-005 | EM | O27 | 9.00 | 10.00 | 1.00 | 1.00 | 5.27 | 1.10 | 6.37 |
| O27-22-PP-005 | EM | O27 | 18.00 | 19.00 | 1.00 | 1.00 | 4.78 | 8.36 | 13.14 |
| O27-22-PP-006 | EM | O27 | 10.00 | 11.00 | 1.00 | 1.00 | 1.84 | 4.18 | 6.02 |
| O27-22-PP-007 | EM | O27 | 9.00 | 10.00 | 1.00 | 1.00 | 0.86 | 1.91 | 2.76 |
| O27-22-PP-008 | EM | O27 | 11.00 | 12.00 | 1.00 | 1.00 | 0.25 | 0.26 | 0.51 |
| O27-22-PP-009 | EM | O27 | 8.00 | 10.00 | 2.00 | 2.00 | 7.92 | 0.40 | 8.32 |
| O27-22-PP-009 | EM | O27 | 19.00 | 20.00 | 1.00 | 1.00 | 9.31 | 0.85 | 10.16 |
| O53-22-PP-001 | C2 | O53 | 57.00 | 60.00 | 3.00 | 3.00 | 13.41 | 0.08 | 13.49 |
| O53-22-PP-002* | C2 | O53 | 21.00 | 22.00 | 1.00 | 1.00 | 1.11 | 0.35 | 1.45 |
| O53-22-PP-003 | C2 | O53 | 59.00 | 60.00 | 1.00 | 1.00 | 3.47 | 0.00 | 3.47 |
| O53-22-PP-004 | C2 | O53 | 15.00 | 26.00 | 11.00 | 11.00 | 1.84 | 4.74 | 6.58 |
| O53-22-PP-005 | C2 | O53 | 18.00 | 19.00 | 1.00 | 1.00 | 1.52 | 0.10 | 1.61 |
| Y56-22-PP-001 | N1 | Y56 | 19.00 | 20.00 | 1.00 | 1.00 | 0.00 | 0.00 | 0.01 |
| Y56-22-PP-002 | N1 | Y56 | 19.00 | 24.80 | 5.80 | 5.80 | 2.84 | 0.05 | 2.89 |
| Y56-22-PP-003 | N1 | Y56 | 16.00 | 17.00 | 1.00 | 1.00 | 1.56 | 0.20 | 1.76 |
| Y56-22-PP-004 | N1 | Y56 | 9.35 | 10.00 | 0.65 | 0.65 | 4.03 | 0.32 | 4.35 |
| Y58-22-PP-001 | N1 | Y58 | 20.00 | 21.00 | 1.00 | 1.00 | 0.01 | 0.00 | 0.01 |
* Within-deposit hydrogeological drill hole
** Off-deposit hydrogeological drill hole
Hydrogeological Program Update
Hydrogeological measurements over the past two years have consisted of: 1) Profile Tracer Tests that measure groundwater flow and conductivity of the bedrock stratigraphy within the drill hole, 2) Injection Tests to model aquifer characteristics, and 3) Physio-chemical measurements of the water within the drill holes to characterize the groundwater in and around the deposits.
This data was used to corroborate the results of the hydrogeological model used in the 2022 Preliminary Economic Assessment. In Q1 2023 the Company will evaluate various life-of-mine “Cluster” strategies in preparation for the FS. The Cluster strategy uses an area of approximately three kilometres by one kilometre in the North-South direction. The concept is that dewatering a mine site will impact and lower the amount of water to be pumped from nearby mine sites.
The hydrogeological model is continuously evolving as new field data is incorporated. The updated hydrogeological model will be used to continuously improve forecasts for dewatering volume estimates for the upcoming Pine Point FS. Additional hydrogeological monitoring wells will continue to be added as the 2023 infill drilling is completed this winter.
Qualified Person
Mr. Robin Adair is the Qualified Person and the Vice President of Exploration for Osisko Metals Incorporated. He is responsible for the technical data reported in this news release and is a Professional Geologist registered in the Northwest Territories.
Quality Assurance / Quality Control
Osisko Metals adheres to a strict QA/QC program for core handling, sampling, sample transportation, and analyses. Drill core samples from the Pine Point project area are securely transported to its core facility on-site, where they are logged and sampled. Samples selected for assay are shipped to ALS Canada Ltd.’s preparation facility in Yellowknife. Pulps are analyzed at the ALS Canada Ltd. facility in North Vancouver, BC. All samples are analyzed by four acid digestion followed by both ICP-AES and ICP-MS 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 with Zn >30% and or Pb >20% are analyzed by traditional titration.
Table 2: Drill Hole Collar Locations (NAD83 (CSRS) Zone 11)
| Hole Name | Zone | Deposit | Easting | Northing | Elev. (m) | Azm. | Dip | Length (m) |
| BO-22-PP-001 | Expl | 627372.0 | 6750481.9 | 177.4 | 0 | -90 | 198.0 | |
| BO-22-PP-002 | Expl | 627371.9 | 6750482.2 | 177.4 | 150 | -45 | 135.0 | |
| IP08-22-PP-001* | Expl | 632817.0 | 6743647.6 | 229.2 | 0 | -90 | 127.0 | |
| IP08-22-PP-002 | Expl | 632817.2 | 6743647.6 | 229.2 | 150 | -45 | 72.0 | |
| K51-22-PP-001 | C2 | K51 | 635165.4 | 6747899.8 | 213.1 | 0 | -90 | 51.0 |
| K51-22-PP-002 | C2 | K51 | 635142.4 | 6747886.0 | 213.1 | 0 | -90 | 54.0 |
| K51-22-PP-003 | C2 | K51 | 635150.1 | 6747857.3 | 213.2 | 0 | -90 | 54.0 |
| K51-22-PP-007 | C2 | K51 | 635024.4 | 6747888.1 | 213.0 | 0 | -90 | 48.0 |
| K51-22-PP-008 | C2 | K51 | 635113.2 | 6747884.6 | 213.1 | 0 | -90 | 51.0 |
| K51-22-PP-010 | C2 | K51 | 635011.2 | 6747919.6 | 212.9 | 0 | -90 | 48.0 |
| K51-22-PP-011 | C2 | K51 | 634983.3 | 6747898.7 | 212.9 | 0 | -90 | 48.0 |
| K51-22-PP-012 | C2 | K51 | 635000.2 | 6747873.2 | 213.0 | 0 | -90 | 48.0 |
| K51-22-PP-013 | C2 | K51 | 635041.5 | 6747848.2 | 213.1 | 0 | -90 | 51.0 |
| K51-22-PP-014 | C2 | K51 | 635092.5 | 6747843.3 | 213.0 | 0 | -90 | 51.0 |
| L27-22-PP-001 | EM | L27 | 644765.5 | 6752907.5 | 206.8 | 0 | -90 | 12.0 |
| L27-22-PP-002 | EM | L27 | 644806.7 | 6752896.7 | 209.0 | 0 | -90 | 12.0 |
| L27-22-PP-003 | EM | L27 | 644756.2 | 6752872.6 | 211.0 | 0 | -90 | 18.0 |
| L27-22-PP-004 | EM | L27 | 644834.3 | 6752832.2 | 214.1 | 0 | -90 | 24.0 |
| L27-22-PP-005 | EM | L27 | 644822.7 | 6752804.2 | 214.0 | 0 | -90 | 12.0 |
| M40-22-PP-001 | EM | M40 | 639637.0 | 6749557.7 | 222.9 | 0 | -90 | 42.0 |
| N204-22-PP-001* | N204 | N204A | 659460.4 | 6760866.5 | 180.5 | 0 | -90 | 63.0 |
| N204-22-PP-002 | N204 | N204A | 659501.3 | 6760846.3 | 180.4 | 0 | -90 | 63.0 |
| N204-22-PP-003 | N204 | N204A | 659538.9 | 6760843.7 | 178.5 | 0 | -90 | 51.0 |
| N204-22-PP-004 | N204 | N204A | 659411.3 | 6760838.3 | 182.0 | 0 | -90 | 60.0 |
| N204-22-PP-005 | N204 | N204A | 659535.0 | 6760809.2 | 179.8 | 0 | -90 | 54.0 |
| N204-22-PP-006 | N204 | N204A | 659369.1 | 6760728.5 | 184.0 | 0 | -90 | 60.0 |
| N204-22-PP-007 | N204 | N204A | 659625.8 | 6760684.0 | 182.3 | 0 | -90 | 54.0 |
| N204-22-PP-008 | N204 | N204A | 659520.3 | 6760674.1 | 183.3 | 0 | -90 | 61.5 |
| N204-22-PP-009 | N204 | N204A | 659483.3 | 6760673.1 | 183.3 | 0 | -90 | 60.0 |
| N204-22-PP-010 | N204 | N204A | 659472.0 | 6760649.3 | 183.4 | 0 | -90 | 60.0 |
| N204-22-PP-011 | N204 | N204A | 659606.9 | 6760645.9 | 183.7 | 0 | -90 | 56.0 |
| N204-22-PP-012 | N204 | N204A | 659512.4 | 6760642.4 | 184.1 | 0 | -90 | 63.0 |
| N204-22-PP-013 | N204 | N204A | 659543.3 | 6760584.7 | 185.3 | 0 | -90 | 57.0 |
| N204-22-PP-014 | N204 | N204A | 659484.3 | 6760555.0 | 185.5 | 0 | -90 | 63.0 |
| N204-22-PP-015 | N204 | N204A | 659625.8 | 6760553.8 | 183.3 | 0 | -90 | 54.0 |
| N204-22-PP-016 | N204 | N204A | 659533.3 | 6760539.0 | 185.3 | 0 | -90 | 60.0 |
| N204-22-PP-017* | N204 | N204A | 659559.5 | 6760521.3 | 184.3 | 0 | -90 | 72.0 |
| N204-22-PP-018 | N204 | N204A | 659587.7 | 6760516.1 | 183.0 | 0 | -90 | 51.0 |
| N204-22-PP-019 | N204 | N204A | 659549.0 | 6760478.7 | 183.5 | 0 | -90 | 60.0 |
| N204-22-PP-020 | N204 | N204A | 659592.0 | 6760456.7 | 181.3 | 0 | -90 | 60.0 |
| N204-22-PP-021 | N204 | N204A | 659573.3 | 6760419.3 | 181.4 | 0 | -90 | 54.0 |
| N204-22-PP-022 | N204 | N204A | 659556.6 | 6760395.9 | 181.6 | 0 | -90 | 53.0 |
| N204-22-PP-023 | N204 | N204A | 659548.6 | 6760279.4 | 178.3 | 0 | -90 | 48.0 |
| N32-22-PP-001 | EM | N32 | 643126.0 | 6751246.4 | 221.6 | 0 | -90 | 24.0 |
| N32-22-PP-002 | EM | N32 | 643206.6 | 6751149.2 | 212.4 | 0 | -90 | 21.0 |
| N32-22-PP-003 | EM | N32 | 643225.2 | 6751103.6 | 208.3 | 0 | -90 | 22.5 |
| N32-22-PP-004 | EM | N32 | 643179.3 | 6751098.2 | 214.9 | 0 | -90 | 22.5 |
| N32-22-PP-005 | EM | N32 | 643083.4 | 6750936.0 | 214.4 | 0 | -90 | 21.0 |
| N32-22-PP-006 | EM | N32 | 643132.2 | 6750927.9 | 214.2 | 0 | -90 | 27.0 |
| N32-22-PP-007 | EM | N32 | 643062.5 | 6750914.4 | 214.3 | 0 | -90 | 21.0 |
| N33-22-PP-001 | EM | N33 | 642611.8 | 6750692.1 | 215.0 | 0 | -90 | 18.0 |
| N33-22-PP-002 | EM | N33 | 642687.7 | 6750668.6 | 215.1 | 0 | -90 | 21.0 |
| N33-22-PP-003 | EM | N33 | 642543.9 | 6750660.0 | 215.2 | 0 | -90 | 24.0 |
| N33-22-PP-004 | EM | N33 | 642869.2 | 6750481.9 | 215.6 | 0 | -90 | 15.0 |
| N33-22-PP-005 | EM | N33 | 642813.9 | 6750454.7 | 215.7 | 0 | -90 | 15.0 |
| N33-22-PP-006 | EM | N33 | 642852.1 | 6750438.3 | 215.7 | 0 | -90 | 15.0 |
| O26-22-PP-001* | EM | O26 | 646635.6 | 6751907.5 | 207.5 | 0 | -90 | 42.0 |
| O26-22-PP-002 | EM | O26 | 646601.1 | 6751876.8 | 207.5 | 0 | -90 | 21.0 |
| O27-22-PP-001 | EM | O27 | 646542.9 | 6752227.6 | 208.6 | 0 | -90 | 21.0 |
| O27-22-PP-002 | EM | O27 | 646521.8 | 6752210.1 | 208.5 | 0 | -90 | 15.0 |
| O27-22-PP-003 | EM | O27 | 646592.7 | 6752204.5 | 208.0 | 0 | -90 | 15.0 |
| O27-22-PP-004 | EM | O27 | 646541.1 | 6752192.8 | 208.5 | 0 | -90 | 27.0 |
| O27-22-PP-005 | EM | O27 | 646563.2 | 6752160.4 | 208.1 | 0 | -90 | 30.0 |
| O27-22-PP-006 | EM | O27 | 646519.1 | 6752147.4 | 208.2 | 0 | -90 | 27.0 |
| O27-22-PP-007 | EM | O27 | 646581.8 | 6752129.1 | 207.7 | 0 | -90 | 24.0 |
| O27-22-PP-008 | EM | O27 | 646497.2 | 6752122.5 | 208.2 | 0 | -90 | 15.0 |
| O27-22-PP-009 | EM | O27 | 646543.7 | 6752095.2 | 207.7 | 0 | -90 | 24.0 |
| O53-22-PP-001 | C2 | O53 | 633903.8 | 6745683.6 | 225.1 | 0 | -90 | 72.0 |
| O53-22-PP-002* | C2 | O53 | 634243.5 | 6745668.3 | 225.5 | 0 | -90 | 80.0 |
| O53-22-PP-003 | C2 | O53 | 634189.0 | 6745661.1 | 225.6 | 0 | -90 | 78.0 |
| O53-22-PP-004 | C2 | O53 | 634221.9 | 6745687.4 | 225.7 | 0 | -90 | 27.0 |
| O53-22-PP-005 | C2 | O53 | 634214.7 | 6745669.5 | 225.2 | 0 | -90 | 27.0 |
| Y56-22-PP-001 | N1 | Y56 | 633894.3 | 6752141.1 | 183.3 | 0 | -90 | 27.0 |
| Y56-22-PP-002 | N1 | Y56 | 633839.8 | 6752135.6 | 183.1 | 0 | -90 | 27.0 |
| Y56-22-PP-003 | N1 | Y56 | 633761.4 | 6752119.3 | 186.9 | 0 | -90 | 21.0 |
| Y56-22-PP-004 | N1 | Y56 | 633859.4 | 6752110.6 | 183.3 | 0 | -90 | 21.0 |
| Y58-22-PP-001 | N1 | Y58 | 633901.4 | 6751914.7 | 184.5 | 0 | -90 | 27.0 |
* Within-deposit hydrogeological drill hole
** Off-deposit hydrogeological drill hole
About Osisko Metals
Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical base metals space. The Company controls one of Canada’s premier past-producing zinc mining camps, the Pine Point Project, located in the Northwest Territories for which the 2022 PEA has indicated an after-tax NPV of $602M and an IRR of 25%. The study is based on the current Mineral Resource Estimates that are amenable to open pit and shallow underground mining and consist of 15.7Mt grading 5.55% ZnEq of Indicated Mineral Resources and 47.2Mt grading 5.94% ZnEq of Inferred Mineral Resources. Please refer to the technical report entitled “Preliminary Economic Assessment, Pine Point Project, Hay River, Northwest Territories, Canada” dated July 30th, 2022 that has been filed on SEDAR. The Pine Point Project is located on the south shore of Great Slave Lake in the Northwest Territories, near infrastructure and paved highway access, and also has an electrical substation as well as 100 kilometres of viable haulage roads already in place on site.
The Company is also in the process of acquiring, from Glencore Canada, a 100% interest in the past-producing Gaspé Copper Mine, located near Murdochville in the Gaspé peninsula of Quebec. The Company is currently focused on resource evaluation of the Mount Copper Expansion Project that currently hosts a NI43-101 Inferred Mineral Resource Estimate of 456Mt grading 0.31% Cu (see April 28, 2022 press release). Gaspé Copper hosts the largest undeveloped copper resource in Eastern North America, strategically located near existing infrastructure in the mining-friendly province of Quebec.
For further information on this press release, visit www.osiskometals.com or contact:
Robert Wares, CEO of Osisko Metals Incorporated
Email: info@osiskometals.com
Cautionary Statement on 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. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance are not statements of historical fact and constitute forward-looking information. This news release may contain forward-looking information pertaining to the Pine Point Project, including, among other things, the results of the PEA and the IRR, NPV and estimated costs, production, production rate, and mine life; the expectation that the Pine Point Project will be a robust operation and profitable at a variety of prices and assumptions; the expected high quality of the Pine Point concentrates; the potential impact of the Pine Point Project in the Northwest Territories, including but not limited to the potential generation of tax revenue and contribution of jobs; and the Pine Point Project having the potential for mineral resource expansion and new discoveries. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including, without limitation, assumptions about: favourable equity and debt capital markets; the ability to raise additional capital on reasonable terms to advance the development of its projects and pursue planned exploration; future prices of zinc and lead; the timing and results of exploration and drilling programs; the accuracy of mineral resource estimates; production costs; operating conditions being favourable; political and regulatory stability; the receipt of governmental and third party approvals; licenses and permits being received on favourable terms; sustained labour stability; stability in financial and capital markets; availability of equipment; and positive relations with local groups. 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. Factors that could cause actual results to differ materially from such forward-looking information are set out in the Company’s public documents filed at www.sedar.com. Although the Company 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 Company 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 TSXV) accept responsibility for the adequacy or accuracy of this news release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e2d755d9-a924-47e9-b25f-98a4ff836c2b
