27 August 2019
Osisko Metals Incorporated (this pleased to announce it has launched its fall 2019 exploration drilling program at the Pine Point Project in the Northwest Territories, Canada.
Highlights:
•Airborne gravity gradiometry survey completed and awaiting data processing
•Prioritized drill-ready targets defined from compilation of previous work
•5000-meter drill program starting this week
Jeff Hussey, P. Geo., Osisko Metals President and CEO, commented: “We are excited to initiate our exploration program focused on new near-surface lead-zinc targets at Pine Point. Following extensive compilation work and advanced geological modelling, our exploration team has a better understanding of the structural controls associated to the distribution of lead-zinc mineralization in the 60-km long system. We have identified several high priority targets that were not explored by previous operators.”
“The exploration upside is quite substantial across the entire property. We strongly believe there remains multiple opportunities to significantly increase the resource base beyond our current Mineral Resource Estimate of 38.4 Mt grading 6.58% ZnEq (see note below).”
Exploration Targets at Pine Point
1.Orphan Drill Holes: A compilation of the historical drill hole data into a new database identified over 100 drill holes with significant mineralization, indicative of near-surface mineralizing systems that were not pursued by previous operators (See Table 1 below for partial list). These holes are located outside of the current resource model.
2.Deeper Mineralization: The camp also hosts potential for mineralization in the deeper underlying Pine Point Formation (approximately 50-70 meters thick), which has seen less historical exploration. Analysis of the new drillhole database and resultant 3D modeling shows dolomite alteration, sulphide development and controlling structures to be present in this poorly explored formation that hosted the large, and previously mined X-15 deposit (historical production of 17,474,260 at 6.2% Zn, 2.00% Pb, Cominco Limited 1988).
3.Gravity and LIDAR Compilation: The Company plans on drill testing priority gravity anomalies along favorable structural trends that could lead to the discovery of additional near-surface higher grade Prismatic deposits. The Company’s innovative exploration approach includes the use of the LIDAR high resolution topographic survey flown in 2018. It was able to highlight structural controls and subtle circular collapse breccia structures that are indicative of prismatic deposits. Additionally, a 3D geological model was built from the newly compiled and re-coded digital drill hole dataset. All historical Cominco mine grids are now tied into survey base stations and one common coordinate system.
The first priority for Osisko Metals is to identify new high grade “Prismatic” mineralization. The resulting three sets of targets are the culmination of the geological compilation work covering the central 25 kilometers of the property (East Mill, Central, and North Trend Zones). The key characteristics underlying the targeting vectors for Prismatic deposits are their higher grade and more vertically continuous shape occurring as breccia pipes associated with regional and secondary faults, compared to horizontal “Tabular” deposits that are controlled by the more permeable geological formations.
See release for table