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Pine Point assays continue to roll in

 

Last updated 2/8/2019 at 5:19am

Historical zinc lead mining near Hay River NWT

Osisko Metals Inc.

From 1964 to 1988, Cominco mined zinc-lead ore from a series of 50 surface and underground deposits along a 60-kilometer (37 miles) trend at Pine Point. Osisko Metals is now building a resource to resume operations at the historic mine in Northwest Territories.

Osisko Metals Inc. Jan. 30 reported additional near surface zinc intercepts from the 2018 drill program at the company's Pine Point project in Northwest Territories.

Located about 42 kilometers (26 miles) east of Hay River, Pine Point is the site of a historical mine operated by Cominco (now Teck Resources) from 1964 to 1988. During that time, Cominco mined zinc-lead ore from a series of 50 surface and underground deposits along a 60-kilometer (37 miles) trend. In all, Cominco discovered roughly 90 such deposits on the property.

According to a resource calculated in December, Pine Point hosts 3.9 billion pounds of zinc and 1.6 billion lb of lead in 38.4 million metric tons of inferred resource averaging 4.58 percent zinc and 1.85 percent lead, or 6.58 percent zinc-equivalent.

The property's main core – East Mill, Central and North zones – hosts 23.4 metric tons of this inferred resource averaging 6.3 percent zinc-equivalent, which comes to 2.3 billion lb of zinc and 900 million lb of lead.

At the time the resource was calculated, assay results from more than 40,000 meters of drilling completed last year were still pending and will be incorporated in the next estimate slated for this year.

The latest assay results come from drilling in and around K-32, a newly modeled pit within the East Mill zone.

• Hole EM-18-PP-151 cut 12.74 meters averaging 8.07 percent zinc and 6.8 percent lead within the modeled K-32 pit boundaries;

• EM-18-PP-392 cut six meters of 10.9 percent zinc and 4.28 percent lead at the west edge of K-32; and

• EM-18-PP-182 cut 4.35 meters of 11.78 percent zinc and 6.01 percent lead 130 meters to the south of the currently modeled pit boundary, near historical Cominco drilling.

"The drilling reported today continues to expand and confirm Pine Point's high-grade, near-surface mineralization," said Osisko Metals President and CEO Jeff Hussey.

"It is also worth pointing out that the high-grade, large-tonnage, near-surface mineralization at Pine Point is unique among its peer group, as nearly 90 percent of zinc mine production globally is sourced from underground mines, underscoring the rarity of open pit zinc assets like Pine Point," he added. "Furthermore, with low cost hydro-electric power available on site and a rail head located within 60 kilometers (37 miles), Osisko Metals is well positioned to rapidly advance Pine Point."

–SHANE LASLEY

 

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