Osisko Metals Announces the Staking of Additional Mineral Claims at Pine Point
Osisko Metals Announces the Staking of Additional Mineral Claims at Pine
Point
MONTREAL, Oct. 07, 2019 -- Osisko Metals Incorporated (the “Company” or “Osisko Metals”) (TSX-V: OM; OTCQX: OMZNF;
FRANKFURT: 0B51) is pleased to announce that it has completed a staking initiative that will more than double its mineral
claim holdings for the Pine Point Project (the “Project.”) A total of 84 claims were staked, covering a surface area totaling
24,340 hectares and increasing the Project’s total surface area to 46,553 hectares or 465km 2. Registration of the claims is
pending (see Claim Map.)
The staking initiative includes mineral rights in the areas located adjacent to the Company’s existing mineral claims and
leases in the central portion of the Pine Point Mining Camp where Cominco Limited mined for 25 years. The additional staked
claims cover adjacent areas with excellent exploration potential, historical resources (reported by Cominco Limited,) and
haulage road infrastructure. This significantly advances the property in that it is a larger, more contiguous project with better
access and with more exploration and development upside.
Jeff Hussey, President & CEO comments, “We continue to meet very important project milestones with the acquisition of
these additional claims. The latter will bring additional historical deposits into the fold with potential for conversion to NI43-101
Inferred Resources. As previously indicated, our next milestone is the release of an updated MRE for Pine Point in the fourth
quarter of this year.”
Mineral Resource Estimate Update:
Currently, Osisko Metals is updating the 2018 Inferred Mineral Resource Estimate (“MRE”) that contained 38.4 Mt grading
4.58% zinc and 1.85% lead, making it the largest near-surface, pit-constrained zinc resource in Canada. A copy is available
on SEDAR (www.sedar.com) under the Osisko Metals' issuer profile.
Additional 2018-2019 drill holes drilled by the Company will be incorporated into the database and should allow for the
conversion of a portion of the Inferred resources to the Indicated category in certain areas where there is sufficient drilling. The
Company is now also evaluating additional underground mineralization located adjacent to the bottom of some of the modelled
open pits for possible incorporation in the updated MRE. The additional staked claims also host historical resources reported
by Cominco Limited that will be evaluated in a similar manner as the current MRE with the objective of converting these to
Inferred Resources under NI43-101 guidelines. Estimated release time for the updated MRE is now mid-November 2019.
About Osisko Metals
Osisko Metals Incorporated is a Canadian exploration and development company creating value in the base metal space with
a focus on zinc mineral assets. The Company controls Canada’s two premier zinc mining camps. The Company’s flagship
properties are: 1) the Pine Point Mining Camp (“PPMC,”) located in the Northwest Territories, has an Inferred Mineral
Resource of 38.4 Mt grading 4.58% zinc and 1.85% lead (6.58% ZnEq,) making it the largest pit-constrained zinc deposit in
Canada (please refer to the Amended Technical Report filed on SEDAR for further information.) The PPMC is located on the
south shore of Great Slave Lake in the Northwest Territories, near infrastructure and paved highway access and with 100
kilometres of haulage roads already in place. In 2019-2020, the company will explore for additional mineral resources and
continue advancing the overall project. 2) The Bathurst Mining Camp (“BMC,”) located in northern New Brunswick, has
Indicated Mineral Resources of 1.96 Mt grading 5.77% zinc, 2.38% lead, 0.22% copper and 68.9g/t silver (9.00% ZnEq) and
Inferred Mineral Resources of 3.85 Mt grading 5.34% zinc, 1.49% lead, 0.32% copper and 47.7 g/t silver (7.96% ZnEq) in the
Key Ancon and Gilmour South deposits. In 2019-2020, the Company will continue to diligently develop and explore in order to
confirm and grow both projects. The Company is also active in Quebec where it is advancing multiple base metal targets. The
Mineral Resources mentioned in this press release conform to National Instrument 43-101 standards. These mineral resources
were reported by the Company on December 6, 2018 and January 20, 2019 and were prepared by independent qualified
persons, as defined by NI43 101 guidelines.
The above-mentioned mineral resources are not mineral reserves as they do not have demonstrated economic viability. The
quantity and grade of the reported Inferred Mineral Resources are conceptual in nature and are estimated based on limited
geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological grade and/or quality of
continuity. Reference to historical production in this press release does not imply that any future mineral resources or
discoveries will be of economic viability, nor does it imply that additional discoveries will be made. Zinc equivalency
percentages are calculated using metal prices, forecasted metal recoveries, concentrate grades, transport costs, smelter
payable metals and charges (see respective technical reports for details.)
For further information on Osisko Metals, visit www.osiskometals.com or contact:
Jeff Hussey
President & CEO
Osisko Metals Incorporated
(514) 861-4441
Email: [email protected]
www.osiskometals.com
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation
based on expectations, estimates and projections as at the date of this news release. Forward-looking information involves
risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news
release includes, but is not limited to, the use of proceeds of the Offering; the timing and ability of the Corporation, if at all, to
obtain final approval of the Offering from the TSX Venture Exchange; an exemption being available under MI 61-101 and
Policy 5.9 of the TSX Venture Exchange from the minority shareholder approval and valuation requirements for each related
party transaction; objectives, goals or future plans; statements regarding exploration results and exploration plans. Factors
that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital
and operating costs varying significantly from estimates; the preliminary nature of metallurgical test results; delays in
obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the
availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices;
delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those
risks set out in the Corporation's public documents filed on SEDAR at www.sedar.com. Although the Corporation believes that
the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue
reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance
can be given that such events will occur in the disclosed time frames or at all. The Corporation disclaims any intention or
obligation to update or revise any forward-looking information, whether as a result of new information, future events or
otherwise, other than as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities
commission or other regulatory authority has approved or disapproved the information contained herein.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/02d98fff-
91b6-4508-a041-6dd9c9c726ff