Pine Point zinc is not dried up for Osisko

Osisko Metals Inc. Jan. 25 announced the newest results from the ongoing in-fill drill program at its Pine Point project in Northwest Territories, Canada.

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

Osisko, which picked up the project in 2018, had a preliminary economic assessment completed in 2020 that outlined a mine at the historic Pine Point that could yield an average of 327 million lb of zinc and 143 million lb of lead annually over an initial 10-year mine life.

According to a calculation updated for the PEA, Pine Point hosts 12.9 million metric tons of indicated resource averaging 4.56% zinc and 1.73% lead, plus 37.6 million metric tons of inferred resource grading 4.89% zinc and 1.91% lead.

The latest results come from the N39 deposit in the East Mill Zone, which is located roughly 2 kilometers from the proposed concentrator location.

Highlight from these results are:

• 4.8 meters averaging 18.79% zinc and 0.82% lead in hole N39-21-PP-002.

• Two meters averaging 16.88% zinc and 4.56% lead in hole N39-21-PP-007.

• Drill hole N39-21-PP-010 intersected two horizons of mineralization with two meters grading 10.27% zinc and 1.55% lead, as well as two meters grading 15.97% zinc and 1.02% lead.

Mineralization is located at shallow depths above the water table between 20- and 35-meters vertical depth, where minimal dewatering is required.

Results are in-line with the resource model expectations and were successful in delineating the high-grade zone within the N39 deposit. These results also provide infill spacing that is required to upgrade the mineral resource classification to the higher confidence indicated category threshold as defined in the 2020 PEA.

Further assay results are currently pending.