Pine Point results give lead for next year

Osisko Metals Inc. Nov. 13 announced the latest drilling results from the recently established Pine Point Mining Limited joint venture project in Northwest Territories, Canada.

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.

According to the most recent calculation, Pine Point still hosts at least 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.

Announced in February, Osisko Metals accepted an investment agreement with Appian Capital Advisory LLP, a London-based private equity group specializing in acquiring and developing mining assets, resulting in the Pine Point JV.

As part of the C$100 million (US$74 million) agreement, aside from the usual stipulations, it was ultimately intended to get the project to "shovel-ready" status to begin taking advantage of the substantial remaining resources.

With the funding expected to cover all costs, including final definition drilling, additional exploration drilling, feasibility, environmental assessment and permitting, and Indigenous engagements, Osisko wasted no time getting to work.

The latest results come from the J68 and K68 deposits in the C1 area of the Central Zone. As part of the larger definition drilling program, targeting these deposits was designed to achieve an average drill spacing of roughly 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 higher indicated category.

Right away, Osisko says the results from the K68 deposit indicate a new extension of tabular-style mineralization to the east of the known deposit boundaries, with localized increases in grade and thickness, suggesting that there is exploration potential for new prismatic-style deposits in proximity to the C1 area.

As for J68, it defined the limits of that prismatic deposit.

Highlights from drilling at K68 include:

• 10 meters averaging 7.2% zinc and 0.73% lead from a depth of 56 meters in hole K68-23-PP-001.

• Six meters averaging 11.37% zinc and 0.54% lead from 60 meters in K68-23-PP-009.

• Eight meters averaging 9.44% zinc and 1.2% lead from 54 meters in K68-23-PP-020.

• 10 meters averaging 5.2% zinc and 3.5% lead from 50 meters in K68-23-PP-030.

• Seven meters averaging 9.97% zinc and 4.49% lead from 63 meters in K68-23-PP-064B.

With such stellar results, Osisko believes it will help them as it plans and prepares for the start of next year's exploration program.

Additionally, there are geophysical surveys still underway evaluating target areas for prismatic-style mineralization that were outlined over the summer months by the Pine Point JV exploration team.

Osisko Metals also reported that Robin Adair has stepped down from his position as vice president of exploration for Osisko to transition over to senior technical advisor for the new Pine Point Mining joint venture.