9 November 2022
(Montreal, November 9, 2022) Osisko Metals Incorporated (the “Company” or “Osisko Metals“) (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased to announce results from the 2022 definition drilling program at its Pine Point Project, located in the Northwest Territories, Canada. This continuous drill program is designed to achieve an average drill spacing of approximately 30 metres within current mineral resources to upgrade resources presently classified as Inferred to the Indicated category so they can be included in the upcoming feasibility study.
In August of this year, the Company filed the 2022 Preliminary Economic Assessment (“PEA”) that included higher commodity prices and reduced dewatering costs. All intercepts reported below were within, or immediately adjacent to, the currently modelled and proposed open pit shells included in the PEA. Further assay results are pending.
The results reported in Tables 1 & 2 below are within expectations for the infill program needed to convert the North Zone deposits (Y68, Y65, and X71) to the Indicated Mineral Resource category (See Map). Shallow zinc and lead sulphides were intersected between 18 and 95 metres vertical depth and occurred as continuous, flat-lying, and relatively thin, Tabular-style mineralization. Prismatic-style mineralization, with more vertical continuity, was locally encountered within the Tabular-style mineralization.
Highlights Include:
Jeff Hussey, President & COO, commented: “We are pleased to report more positive definition drilling results as we prepare for the winter drilling campaign, expected to start in January 2023. Following the 2020 and 2022 PEA studies and further drilling, we will initiate the feasibility phase of the project in H2 2023. In parallel, we are continuing to advance the Environmental Assessment process which will continue into 2023.”