21 March 2022
MONTREAL, March 21, 2022 (GLOBE NEWSWIRE) -- Osisko Metals Incorporated (the "Company" or "Osisko Metals") (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased to announce further results from the definition drilling program at its Pine Point Project, located in the Northwest Territories, Canada. This program is designed to achieve an average drill spacing of approximately 30 metres and is required to upgrade deposits currently classified as Inferred Mineral Resources to the Indicated Mineral Resource category so that they can be included in a feasibility study.
Currently, the Company is nearing completion of the 2022 PEA Update that will include updated commodity prices and reduced dewatering costs.
The results reported today are from the late 2021 drill program and are located in the Central Zone and the East Mill Zone (see Map 1 and Tables 1 & 2). All intercepts were in Tabular-style mineralization and are within modelled open pit boundaries and underground stope areas.
Assays met expectations and confirmed continuity of mineralization within the current Mineral Resource areas. Further assay results are pending from the 2021 program, as well as all of the results from the 2022 Winter drill program that began in late January.
Mineralization was intersected between 82 and 50 metres vertical depth in the Central Zone and between 41 and 13 metres vertical depth in the East Mill Zone.
Jeff Hussey, President & COO, commented: “We have now completed approximately 60% of the required infill drilling to convert all of the Inferred Mineral Resources at Pine Point to the Indicated Mineral Resource category. We are still impressed with the continuity of mineralization as the definition drilling confirms extent and grade distribution. Results to date also indicate significant potential to expand mineralization beyond current Mineral Resources through additional drilling. We look forward to the completion of the program by mid 2023 and the update to the Mineral Resource Estimate that will be concurrent to the Feasibility Study. In the short term we will be issuing the 2022 PEA update and we look forward to positive results.”
A total of thirty-eight drill holes will have been surveyed for hydrogeological purposes by the end of the 2022 winter drill program. Profile tracer tests measure water flow and that dataset will be added to the hydrogeological modelling process as we move toward the feasibility study.