Osisko Metals Inc. Oct. 12 announced the next set of assays from its ongoing 2023 drill program at the Pine Point zinc-lead project in Northwest Territories, Canada – including results from one hole that cut 13 meters averaging 11.11% zinc, and 1.44% lead.

Located just south of the Great Slave Lake, Pine Point is home to a former mine operated by Teck Resources Ltd. that produced roughly 14 billion pounds of zinc and 4 billion lb of lead from around 64 million metric tons of ore during a 24-year span beginning in 1964.

Acquiring Pine Point in 2018, Osisko completed a preliminary economic assessment for reestablishing a zinc mine, yet quickly found it necessary to update the PEA considering the volatility of present metals prices.

Updating the assessment, according to the most recent calculation, Pine Point hosts 15.8 million metric tons of indicated resource averaging 4.17% zinc and 1.53% lead, plus 47.2 million metric tons of inferred resource averaging 4.43% zinc and 1.68% lead.

While previous results came from the P499 and O556 deposits, the most recent batch comes from the M67, L65, and M62 deposits. Similar to the previously reported deposits, M67 consists of local prismatic development within a tabular apron of mineralization, while L65 and M62 are more tabular-style deposits from within the Central Zone.

Drilling at these targets connected the styled mineralized between L65 and M62 over a strike length of 200 meters in an area that was not included in the 2022 preliminary economic assessment mineral resource estimate.

Conducted as part of the recent Pine Point Mining Ltd. joint venture with Appian Capital Advisory LLP, a London-based private equity group that specializes in acquiring and developing mining assets, the 2023 definition drilling program is designed to achieve an average drill spacing of approximately 30 meters within the current modeled mineral resources reported in the 2022 PEA.

The purpose of this spacing is intended to upgrade inferred resources to the indicated category.

With all mineralization occurring near surface between 51 and 87 meters; highlights from the drilling include:

• 11 meters averaging 3.64% zinc and 2.44% lead in hole L65-23-PP-051.

• Eight meters averaging 7.44% zinc and 0.01% lead in M62-23-PP-015.

• 10 meters averaging 8.78% zinc and 1.18% lead in M67-23-PP-002.

• Seven meters averaging 14.25% zinc and 3.37% lead in M67-23-PP-004.

• 13 meters averaging 11.11% zinc and 1.44% lead in M67-23-PP-013.

• 12 meters averaging 11.92% zinc and 4.91% lead in M67-23-PP-015.

• Eight meters averaging 9.16% zinc and 3.82% lead in M67-23-PP-027.

"These drill results have met expectations when compared to previous drilling and the continuity between the M67 and L65 deposits has been confirmed and is welcomed news," said Osisko Metals CEO Robert Wares. "This new data will be incorporated into the mineral resource update planned for later this year. We also look forward to launching the feasibility study in the new year."