12 April 2022
[Editor: note this release is focused on Gaspé Copper in Quebec, but Osisko provided the following update on their Pine Point project.]
Pine Point Update
The winter drill program at Pine Point is finishing and drilling will be suspended during spring break-up. Drilling will resume in June 2022 and remaining drilling, which will extend into winter 2023, will allow conversion of the Inferred Mineral Resources to the Measure and Indicated categories, which will be included in the 2023 feasibility study.
The site-wide hydrogeological study is near completion and results are being incorporated into the 2022 PEA Update. The study will integrate significantly lower dewatering costs and increased commodity prices.
The PEA Update is now scheduled for release in mid-May. The delay in issuing the PEA from the end of the first quarter was to fully calibrate the hydrogeological model and to further optimize the Life-of-Mine Plan. Following this we will continue with trade off studies in preparation of the 2023 feasibility study. The study will also include an estimate of the further reduction in greenhouse gas emissions.
The 2020 PEA already included the reduction of energy associated to material sorting reducing the throughput of the concentrator by approximately forty percent. That combined with the use of natural gas generators to generate power that was not available on the Taltson grid. The 2022 PEA Update should have less power needs due the reduced de-watering volume estimates.