21 Mar Osisko Metals publishes drilling results from Pine Point base metals project
TSXV-listed Osisko Metals has announced a latest set of results from drilling conducted in 2021 at its Pine Point base metals project in Canada’s Northwest Territories.
Highlights from the results at the Central zone and East Mill zone at the project include 8.95 metres grading 11.92% zinc and 25.49% lead, 6.0 metres at 14.96% zinc and 5.02% lead, 8.0 metres at 8.20% zinc and 0.37% lead, and 3.65 metres grading 14.04% zinc and 3.63% lead.
Osisko’s president and COO Jeff Hussey said: “We are still impressed with the continuity of mineralisation as the definition drilling confirms extent and grade distribution. Results to date also indicate significant potential to expand mineralisation beyond current mineral resources through additional drilling.”
So far, Osisko has completed approximately 60% of the required infill drilling to convert the resources from inferred to the indicated category, and is nearing completion on an updated preliminary economic assessment (PEA) for the project.
Pine Point was estimated to have a post-tax NPV of C$500 million and an IRR of 29.6% in Osisko’s 2020 PEA, which was based on a resource estimate of 12.9 million tonnes (Mt) grading 6.29% zinc-equivalent in the indicated category and 37.6 Mt at 6.80% zinc-equivalent in inferred.