Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Club
$299/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Osisko Metals Completes Winter Drill Program at Pine Point

MONTREAL, April 26, 2018 (GLOBE NEWSWIRE) -- Osisko Metals Incorporated (the “Company” or “Osisko Metals”) (TSX VENTURE:OM) (FRANKFURT:OB51) is pleased to announce that it has completed a 129 hole, 7,860-metre winter drill program at the Pine Point Project. The winter campaign was designed to define portions of near-surface historical deposits that are inaccessible in the summer. Historical deposits in the camp are generally located at 0 to 70 metre depths. The objective of the 2018 drill program is to convert 50 million tonnes of unclassified near-surface historical resources to NI43-101 Indicated Resources as quickly as possible. The favourable stratigraphy is up to 300 metres thick, allowing for exploration potential at depth that will be investigated following this historical resource conversion drill program.

Deposits would be mined by open pit mining methods if future resource definition and engineering studies indicate acceptable economics. The 50,000-metre drill program that is underway for 2018 will consist of approximately 700 drill holes (129 now completed) in the central 20-kilometre long portion of the Pine Point Mining Camp (“PPMC”) that is located near infrastructure and paved highway. There are 100 kilometres of haul roads on site connecting deposits in the PPMC that converge on the centre of the property at a central support hub that includes an electrical substation.

Jeff Hussey, President and CEO of Osisko Metals, commented: “We are very pleased to announce the completion of the winter drill program and we will continue drilling as soon as spring thaw is over. We look forward to assay results in the upcoming weeks. Initial focus is on the two areas that are the closest to Cominco’s former concentrator which is the most probable center of gravity of any future operation.”

Winter drilling was completed in the East Mill Zone (formerly known as the Cluster 1) and the Central Zone (formerly known as the Cluster 2 area). The East Mill Zone is a 7.6-kilometre trend of tabular-style mineralization that extends to the east from the electrical substation where the former Cominco concentrator was located. The Central Zone is comprised of a 5.0-kilometre trend of historical deposits, 10 kilometres to the west of the substation. The mineralized trend comprising these zones is called the “Main Trend” and it extends further to the east and west. It runs parallel to the “North Trend” and the “South Trend” that contain similar mineralization and deposits. These three trends host both tabular and prismatic type mineralization (see below).  In all areas, the historical resources were drilled and recorded between 1964-87 by Cominco Ltd. (See Pine Point Mining Camp Map)

Qualified Person

Stan Clemmer is the Qualified Person responsible for the technical data reported in this news release. He is a Professional Geologist registered in the Northwest Territories and who is the Chief Geologist for Pine Point Mining Limited.

About the Pine Point Project

Cominco Ltd. was the original owner of this former open-pit operation that mined 64 million tonnes grading 7.0% zinc and 3.1% lead from 50 open pit mines between 1964 to 1987. A 10,000 tonne per day mill produced some of the highest quality concentrates on the market at that time and contained a total of ~9.9Blb of zinc and ~4.4Blb of lead (historically reported by Cominco. Ltd.). In 2018, Osisko Metals initiated a 50,000-metre drill campaign at Pine Point to target near surface mineralization, with the objective of upgrading and expanding Cominco’s historical, unmined deposits to NI43-101 Mineral Resource standards. Initial focus is adjacent to existing infrastructure including the electrical substation near the previous concentrator site. The site also has over 100 kilometres of haul roads, and can be accessed by paved highway, approximately 65 kilometres west of the city of Hay River, known as the “Hub of The North” that is the railway head from Edmonton.

Geologically, extensive zinc and lead sulphide mineralization is hosted within an east-west trending dolomitized reef structure. Mineralization is by replacement and void-filling with sulphides deposited as coliform and coarser, vug-fill styles. On the project scale, concentrated sulphides are present in two deposit types: 1) Tabular: consisting of horizontal, locally continuous, mineralization, and 2) Prismatic: consisting of near vertical pinnacles of strong sulphide development. It is likely that the tabular deposits represent lateral fluid channel ways that connect the prismatic bodies.  Both types of deposits are abundant in three parallel trends named the North Trend, Main Trend and the South Trend.

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. Osisko Metals acquired a 100% interest in the Pine Point lead-zinc project trough acquisition of Pine Point Mining Limited, February 2018. The Company controls Canada’s two premier zinc mining camps in Canada, namely the development-stage Pine Point Camp (“PPMC”) located in the Northwest Territories and the advanced-exploration Bathurst Mining Camp (“BMC”), located in northern New Brunswick. The Company is currently drilling in both camps a combined 100,000 metres that will focus on upgrading and expanding historical deposits, bringing high-priority targets into NI 43-101 compliance and conducting brownfield exploration using new innovative 3D techniques. 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. Osisko Gold Royalties Ltd. (TSX/NYSE: OR) and Osisko Mining Inc. (TSX: OSK) are significant shareholders of the Company.

For further information on Osisko Metals, visit www.osiskometals.com or contact:
 
Jeff Hussey
President & CEO
Osisko Metals Incorporated
(514) 861-4441
Email: [email protected]
www.osiskometals.com
Christina Lalli
Director, Investor Relations
Osisko Metals Incorporated
(514) 861-4441
Email: [email protected]
www.osiskometals.com

Neither 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 release.

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 http://resource.globenewswire.com/Resource/Download/279a692a-17b6-4d38-9bb5-7f5130141c0f 

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).