Osisko Metals Inc. (TSX.V: OM) is pleased to announce the 2022 definition drilling program results at its Pine Point Project in the Northwest Territories, Canada. The continuous drilling program is intended to achieve an average drilling spacing of about 30 meters within existing mineral resources to upgrade resources currently considered Inferred to the Indicated category for inclusion in the upcoming study. The Company filed the 2022 Preliminary Economic Assessment in August of this year, which included higher commodity prices and lower dewatering costs. All intercepts reported below were inside or adjacent to the open pit shells modeled and proposed in the PEA. Further assay results are pending.
The infill program on the North Zone deposits (Y68, Y65, and X71) successfully converted the deposits to Indicated Mineral Resource status. Zinc and lead sulfides were encountered between 18 and 95 meters vertical depth in a relatively flat-lying, continuous, Tabular-style mineralization. Prismatic-style mineralization was locally found within the Tabular-style mineralization. It had greater vertical continuity.
According to Jeff Hussey, President & COO of Quantum Reservoir, Ltd., the recent drilling results are encouraging as the Company prepares for the winter drilling campaign, which is expected to begin in January 2023. Following the 2020 and 2022 Preliminary Economic Assessments (PEAs) and further drilling, the feasibility phase of the project is scheduled to begin in H2 2023. We are also continuing to advance the environmental assessment process, which will continue into 2023.