4 February 2021
Osisko Metals Incorporated is pleased to announce that Pine Point Mining Limited, its 100%-owned subsidiary that controls the Pine Point project, has submitted an Environmental Assessment Initiation Package to the Mackenzie Valley Environmental Impact Review Board. This key step will commence the Environmental Assessment (“EA”) process for the Pine Point Project.
The initiation package includes a detailed Project Description, the Developers Assessment Proposal detailing the information to be included in the Developers Assessment Report on which the assessment will be based along with supporting documents.
The EA should be completed in approximately eighteen months. Following the successful conclusion of the EA, permit applications for the proposed mine will be submitted to the Mackenzie Valley Land and Water Board and it is expected to take approximately 12 months to process by the Mackenzie Valley Land and Water Board.
At the completion of the permitting process, the project will be green lighted for the construction and operation of the proposed mine.
Hydrogeological & In-fill Drilling Update
Drilling is progressing at Pine Point with the completion of 2 holes in the R190 prismatic deposit and 2 hydrogeological test holes in the Western and Central Zones of the Project. The Winter program will consist of a total of twenty holes: ten holes designed for hydrogeological & infill, two holes for infill only, and eight holes for hydrogeological purposes only which will be drilled outside of the mineralized trends. Encouragingly, none of the holes drilled to date are producing water to surface. All completed holes will be monitored for water outflow until such time as flow tracing and pumping tests can be performed in Q2 of this year.