The Conversation (0)
Arizona Sonoran Copper Company Inc. (TSX:ASCU) (“ASCU” or the “Company”), releases its Mineral Resource Update (“MRE”) for the combined Cactus, Stockpile and Parks/Salyer deposits, together the “Cactus Project”, located 45 miles south of Phoenix, Arizona (see FIGURES 1-7). The upgraded MRE is expected to form the basis for the ASCU Pre-Feasibility Study (“PFS”), targeting a 45-50 ktpa copper cathode heap leach and SXEW operation, and is on track for release in Q1 2024. The brownfields project is wholly-owned and located on private land in Arizona with ~$30 million of infrastructure onsite, an advanced permitting stage, approved water rights and access to water.
Highlights:
- 445,700 ktons at a Grade of 0.58% CuT for 5.17 Billion Pounds of Copper (M&I), a 221% conversion of pounds from the Inferred category
- 357,600 ktons leachable at a Grade of 0.62% Cu TSol for 4.43 Billion Pounds of Copper (M&I), a 316% conversion of pounds from the inferred category
- Cactus strengthens its position within the top 10 copper development assets in the USA (sourced from S&P copper projects in the USA, August 2023)
The Company will host a webinar tomorrow, Tuesday October 17, at 10:00 am ET by President and CEO, George Ogilvie and Resource Geologist, Anthony Bottrill. Please register to join here.
Table 1: The Cactus Project Mineral Resource Estimate, as of August 31, 2023.
NOTES:
1. Leachable copper grades are reported using sequential assaying to calculate the soluble copper grade. Primary copper grades are reported as total copper, Total category grades reported as weighted average copper grades of soluble copper grades for leachable material and total copper grades for primary material. Tons are reported as short tons.
2. Stockpile resource estimates have an effective date of 1st March, 2022, Cactus resource estimates have an effective date of 29th April, 2022, Parks/Salyer resource estimates have an effective date of 19th May, 2023. All resources use a copper price of US$3.75/lb.
3. Technical and economic parameters defining resource pit shell: mining cost US$2.43/t; G&A US$0.55/t, 10% dilution, and 44°-46° pit slope angle.
4. Technical and economic parameters defining underground resource: mining cost US$27.62/t, G&A US$0.55/t, and 5% dilution,
5. Technical and economic parameters defining processing: Oxide heap leach (HL) processing cost of US$2.24/t assuming 86.3% recoveries, enriched HL processing cost of US$2.13/t assuming 90.5% recoveries, Primary mill processing cost of US$8.50/t assuming 92% recoveries. HL selling cost of US$0.27/lb; Mill selling cost of US$0.62/lb.
6. Royalties of 3.18% and 2.5% apply to the ASCU properties and stateland respectively. No royalties apply to the MainSpring (Parks/Salyer South) property.
7. For Cactus: Variable cutoff grades were reported depending on material type, potential mining method, and potential processing method. Oxide material within resource pit shell = 0.099% TSol; enriched material within resource pit shell = 0.092% TSol; primary material within resource pit shell = 0.226% CuT; oxide underground material outside resource pit shell = 0.549% TSol; enriched underground material outside resource pit shell = 0.522% TSol; primary underground material outside resource pit shell = 0.691% CuT.
8. For Parks/Salyer: Variable cut-off grades were reported depending on material type, associated potential processing method, and applicable royalties. For ASCU properties - Oxide underground material = 0.549% TSol; enriched underground material = 0.522% TSol; primary underground material = 0.691% CuT. For stateland property - Oxide underground material = 0.545% TSol; enriched underground material = 0.518% TSol; primary underground material = 0.686% CuT. For MainSpring (Parks/Salyer South) properties - Oxide underground material = 0.532% TSol; enriched underground material = 0.505% TSol; primary underground material = 0.669% CuT.
9. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, sociopolitical, marketing, or other relevant factors.
10. The quantity and grade of reported inferred mineral resources in this estimation are uncertain in nature and there is insufficient exploration to define these inferred mineral resources as an indicated or measured mineral resource; it is uncertain if further exploration will result in upgrading them to an indicated or measured classification.
11. Totals may not add up due to rounding.
Highlights:
- 221% increase of total Measured and Indicated (“M&I”) resources (including primary resources), and a 9% increase of grade, resulting in a 55% decrease of Inferred resources due to upgrading of material
- MRE including Primary Resource Opportunity
- M&I 445.7 Mt @ 0.58% Cu for 5.17 billion pounds of copper
- Inferred 233.8 Mt @ 0.47% Cu for 2.21 billion pounds of copper
- Leachable (Oxide and Enriched) Mineral Resource
- M&I category increases by 316%: 357.6 million tons (“Mt”) at 0.62% Soluble Copper (“Cu TSol”) for 4.43 billion lbs of copper
- Inferred Category decreases by 64%: 107.7 Mt at 0.61% Cu TSol for 1.31 billion lbs of copper due to upgrading of material
- Low discovery cost - $0.005 / lb per pound
- +1.0% Soluble Copper Grades – specifically, Parks/Salyer contains 130Mt @ 1.028% Cu Tsol and Cactus East contains 41.2Mt @ 1.057% Cu TSol within M&I resources reporting to underground resource cutoff grades.
- Continuity confirmed – total drill database includes 526,000 ft (160,420 m) of drilling in 900 holes, resulting in demonstrated consistency of mineralization overall and a significant upgrade of the Parks/Salyer Deposit from the last MRE
- High Quality – first declaration of Measured mineral resources and significant conversion of Inferred mineral resources to the Indicated category which have the potential to be used to declare first reserves in the pending Pre-Feasibility Study expected in Q1 2024
- Location Advantages – set within Casa Grande’s industrial park and connected to nationwide transportation (highway and railroad), a streamlined permitting process, access to Arizona Public Service power, and access to water
- Growth – ongoing drilling will focus on Parks/Salyer southern extensions (Parks/Salyer South property); exposure to a 4 km mine trend with pockets of mineralization known south of Parks/Sayler, in the Gap Zone and NE of Cactus East
- Next Steps – Continue decreasing drill spacings to 125 ft (38 m) for future studies; begin drilling at the MainSpring (Parks/Salyer South) property
George Ogilvie, Arizona Sonoran Copper Company commented, “Our team has completed yet another key milestone in the process of reactivating the Cactus Mine. Driven through textbook infill drilling programs at Parks/Salyer and Cactus, our team readies an already significant copper asset in Arizona, USA for the next step in technical reporting; 3.6 billion pounds of Copper were added and converted to the M&I category for a new M&I mineral resource of 5.2 billion pounds. The leachable Copper M&I category now stands at 4.4 billion pounds of Copper and will act as the foundation for our upcoming PFS. The PFS remains on track and on budget for Q1 2024. I look forward to our team continuing to deliver on key objectives over the next year.”
Drilling programs
The updated MRE is supported by systematic drilling programs targeting the NE end of the 11 km (~7 mi) by 1.6 km (~1 mi) Santa Cruz porphyry copper system, of which ASCU has access to 5.5 km (~3.5 mi). In ground mineral resources were calculated in the Measured category using drill data of 125 ft (38 m) drill spacing, indicated at 250 ft (76 m) and inferred at 500 ft (~152 m). The mineral resource was calculated using 80,715 ft (~24,600 m) of new drilling into the Cactus deposits since May 2021, and new Parks/Salyer drilling totals 57,250 ft (~17,500 m) from July 2022 to March 2023. The 3D models in FIGURE 4 illustrate the exploration success since the initial Cactus MRE was issued in 2021, and reflects the tightly drilled nature of the deposits. Resulting from upgrading the Parks/Salyer resource into the Indicated category, ASCU continues to target a 45-50 ktpa copper cathode operation heap leach and SX/EW operation. A comparison of each deposit is listed below in TABLES 2-5.
Drilling conducted after April 2023 will form the basis of a further mineral resource update in 2024 with the goal of converting indicated resources from early in the mine plan into the measured resource classification for a Feasibility Study expected in Q4 2024. Exploration drill data received from the planned MainSpring (Parks/Salyer South) drilling program is intended for inclusion to the update of mineral resources in 2024.
Geology
The known resource areas within the Cactus Project area are variably sized fragments of the structurally dismembered larger Santa Cruz Porphyry System that has been faulted and displaced by Tertiary extension. The mineralized horst blocks, which can start from surface (e.g. at the discovery outcrop) may be overlain by up to 1,500 ft (460 m) of post-mineral Tertiary conglomerates and a thin veneer of alluvium. Major host rocks at Cactus are Precambrian Oracle granite and Laramide monzonite porphyry. The porphyries intruded older rocks to form mixed and monolithic breccias that occur as large masses, poorly defined dike-like masses, and thin well-defined dikes. The mineralization is structurally complex with intense fracturing, faulting, and both pre-mineral and post-mineral brecciation. The continuity of lithology and alteration/mineralization styles throughout the Project area suggests that the resource areas were once connected. These identifiable trends aid in the exploration for extensions of known resources and the modelling of the resources themselves. All resource areas are terminated at depth by the basement fault, a low angle structure that underlies the project area. All resource areas contain both oxide and enriched (secondary sulphide) copper mineralization, with primary sulphide underlying the secondary, as is typical of these systems.
Cactus Project Resource Modelling
The geological modelling, statistical analysis, and resource estimation were prepared by the ASCU resource team and by Allan Schappert – CPG #11758, who is a qualified person as defined by National Instrument 43-101– Standards of Disclosure for Mineral Projects.
The Cactus Project resource updates are based upon updated drilling data and interpretations. The Cactus Mineral Resource model was developed in Vulcan. The database used to generate the Mineral Resources comprised 305 drill holes, 309,418.5 ft (94,310.8 m) for Cactus; 77 drillholes, 172,166.3 ft (52,476.3 m) for Parks/Salyer; 518 drillholes, 44,728.2 ft (13,633.2 m) for the stockpile. Drilling data is supported by industry standard quality assurance and quality control programs, with quality control sampling comprising preparation blanks, certified reference materials, and field and pulp duplicate analyses. Review of the QA/QC data indicates it is of a quality suitable for use in resource estimation.
The mineralized domains are consistent with domaining for porphyry copper systems. Mineralized domains represent combinations of rock type and copper mineral zonation associated with secondary copper enrichment weathering processes. The main mineral zones being leached, oxide, enriched, and primary. Mineral zones are determined by logging and the assay attributes of sequential copper analyses.
Physical density measurements have been undertaken across the deposits, both historically by ASARCO, and more recently by ASCU. Density measurements on insitu deposits use the wet / dry weight method and comprise 3,372 samples for Cactus and 147 samples for Parks/Salyer. Due to the unconsolidated nature of the stockpile material, physical bulk density measurements were attained by weight and volume calculations. Four test holes were excavated from which the material removed was dried and weight and the volume of each hole calculated.
Copper grades were estimated using Ordinary Kriging, using 10 ft (3 m) composites and top cutting determined by log normal probability plots on a per domain basis. Grade estimates were validated using visual and statistical methods including statistical distribution comparisons, visual comparison against the drilling data on sections, swath plots comparing block grades trends against de-clustered composites, and by smoothing checks using change of support.
TABLE 2: Parks/Salyer Deposit
NOTES: refer to TABLE 1
*Denotes Cu TSol, generated using a sequential assaying technique to calculate the grade of the soluble copper.
Parks/Salyer’s new total leachable Indicated mineral resource totals 2,677 Mlbs vs an Inferred mineral resource in the 2022 PEA of 2,461Mlbs. The increase to the total Indicated mineral resources are attributed to successful infill drilling performing better than the initial wide spaced Inferred drilling, inclusion of mineral resources under the new 2.5 acre Mineral Exploration Permit (“MEP”) obtained on October 3, 2024, and a minimal natural extension of mineralization onto the MainSpring (Parks/Salyer South) property. As previously stated, the MEP and MainSpring (Parks/Salyer South) properties minimize sterilization of the deposit, due to boundaries.
TABLE 3: Cactus East, Underground Resource outside of Cactus Open Pit Resource
NOTES: refer to TABLE 1
*Denotes Cu TSol, generated using a sequential assaying technique to calculate the grade of the soluble copper.
Measured and Indicated drilling programs at the Cactus Deposits (TABLES 3 and 4) were focused on upgrading Inferred mineral resources from the PEA mine plan to support the PFS. The total M&I leachable resources reported for the Cactus deposits of 156.3Mt @ 0.491% Cu TSol are located within the combined open pit and underground mineral resources. Of this material, Cactus East contains 41.2Mt @ 1.057% Cu TSol of leachable M&I mineral resources when reporting above underground cutoff grades. Reductions of the underground inferred resources reflect additional material incorporated into the open pit indicated resources.
TABLE 4: Cactus Open Pit, inclusive of Cactus West and Cactus East
NOTES: refer to TABLE 1
*Denotes Cu TSol, generated using a sequential assaying technique to calculate the grade of the soluble copper
TABLE 5: Stockpile
NOTES: refer to TABLE 1
As with the Parks/Salyer conversion, the Stockpile conversion from Inferred to Indicated classification was significant. Previously classed entirely as Inferred, drilling converted 217 million pounds at 0.153% Cu TSol into the Indicated category, with 3 million pounds remaining as Inferred mineral resources. This change represents a slight reduction in total pounds as the outer edge of the stockpile was confirmed to have a waste window in parts. The grade increased and the infill drilling confirmed relationships seen in the inferred model with the upper lift containing 52% of the pounds, from 45% of the tons; attributable to higher copper grades present in that lift.
Quality Assurance / Quality Control
Drilling completed on the project between 2020 and 2022 was supervised by on-site ASCU personnel who prepared core samples for assay and implemented a full QA/QC program using blanks, standards, and duplicates to monitor analytical accuracy and precision. The samples were sealed on site and shipped to Skyline Laboratories in Tucson AZ for analysis. Skyline’s quality control system complies with global certifications for Quality ISO9001:2008.
Scientific and technical information contained in this news release have been reviewed and verified by Allan Schappert – CPG #11758, who is a qualified person as defined by National Instrument 43-101– Standards of Disclosure for Mineral Projects.
Links from the Press Release
Register for Townhall: https://www.bigmarker.com/vid-conferences/ASCU-Cactus-Update
September 28, 2022: https://arizonasonoran.com/news-releases/arizona-sonoran-doubles-global-leachable-resource-inventory-and-declares-maiden-mineral-resources-at-parks-salyer-of-2.92/
Figures: https://arizonasonoran.com/projects/cactus-mine-project/press-release-images/
Neither the TSX nor the regulating authority has approved or disproved the information contained in this press release.
About Arizona Sonoran Copper Company (www.arizonasonoran.com | www.cactusmine.com)
ASCU’s objective is to become a mid-tier copper producer with low operating costs and to develop the Cactus and Parks/Salyer Projects that could generate robust returns for investors and provide a long term sustainable and responsible operation for the community and all stakeholders. The Company’s principal asset is a 100% interest in the Cactus Project (former ASARCO, Sacaton mine) which is situated on private land in an infrastructure-rich area of Arizona. Contiguous to the Cactus Project is the Company’s 100%-owned Parks/Salyer deposit that could allow for a phased expansion of the Cactus Mine once it becomes a producing asset. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America complemented by global capital markets expertise.
Forward-Looking Statements
This press release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward looking information includes, but is not limited to, the potential of the Cactus Project, timing of economic studies and mineral resource estimates including the PFS, timing of receipt of permits and commencement of construction, the ability to sell marketable materials, strategic plans, including future exploration and development results, and corporate and technical objectives. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of ASCU to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could affect the outcome include, among others: future prices and the supply of metals; the results of drilling; inability to raise the money necessary to incur the expenditures required to retain and advance the properties; environmental liabilities (known and unknown); general business, economic, competitive, political and social uncertainties; results of exploration programs; accidents, labour disputes and other risks of the mining industry; political instability, terrorism, insurrection or war; or delays in obtaining governmental approvals, projected cash operating costs, failure to obtain regulatory or shareholder approvals.
Although ASCU has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and ASCU disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
Contacts
For more information:
Alison Dwoskin, Director, Investor Relations
647-233-4348
adwoskin@arizonasonoran.com
George Ogilvie, President, CEO and Director
416-723-0458
gogilvie@arizonasonoran.com
ASCU:CA
Osisko Metals: Leading the Charge in Base Metal Investments
Investor Insight
Osisko Metals’ high-quality polymetallic assets present a compelling investment opportunity amid a rapidly expanding critical and base metals market, as North America continues to strengthen its domestic supply.
Overview
Osisko Metals (TSXV:OM) is an exploration and development company focusing on two base metal assets in Canada – Gaspé Copper and Pine Point – targeting copper and zinc, both critical minerals necessary for the global transition to clean energy. These assets are past-producing, brownfield projects of significant potential for future production.
The Gaspé Copper project in Québec has a rapid development plan to begin mining the indicated resource of 495 million tons (Mt) of ore grading 0.37 percent copper equivalent. As the gap between available copper supply and growing demand widens, Osisko Metals is well-positioned to help create and strengthen a domestic supply chain for the North American market.
The company’s Pine Point zinc-lead project in the Northwest Territories contains an indicated mineral resource estimate of 49.5 million tons at 4.2 percent zinc and 1.5 percent lead, in addition to significant inferred resources. Zinc is a necessary mineral for the clean energy transition and has important applications throughout the manufacturing industry. This widespread use of this mineral has analysts cautioning about a looming supply shortage.
A preliminary economic assessment (PEA) completed in 2022 indicates the Pine Point project has the potential to become a world-class, high-grade zinc asset, with an after-tax net present value (NPV) of C$602 million and internal rate of return (IRR) of 25 percent.
In February 2023, Osisko Metals announced a C$100-million investment agreement with Appian Natural Resources Fund III for a joint venture on the Pine Point project. The agreement includes C$75.3 million of funding for the project and up to C$24.7 million in cash payments to Osisko Metals.
Led by a management team with a wide range of expertise throughout the natural resources industry and experience in geology, exploration, corporate finance and corporate administration, Osisko Metals is well-poised to become a world-class supplier of base metals.
Company Highlights
- Osisko Metals (OM) is focused on becoming a significant base metals producer by bringing two past-producing Canadian brownfield assets back into production: the Gaspé Copper project and the Pine Point zinc and lead project.
- The company’s projects target critical minerals to aid in the global transition to clean energy and net-zero emissions.
- OM’s 100-percent-owned Gaspé Copper project in Québec has a rapid development plan to capitalize on its NI 43-101 indicated resource of 495 million tons of ore grading 0.37 percent copper equivalent to meet the needs of a growing supply gap.
- Copper Mountain hosts the largest undeveloped copper asset in Eastern North America with an in-pit indicated resource of 3.25 billion pounds (1.47 million tonnes) of contained copper, not including significant molybdenum (180 million pounds) and silver (28 million ounces) resources.
- The Pine Point project in the Northwest Territories has the potential to become a top-ten zinc producer with high-grade zinc concentrates.
- C$100 million investment agreement with Appian Natural Resources Fund III for a joint venture on the Pine Point project – including C$75.3 million funding for the project – under which Appian can earn an up to 65 percent ownership in Pine Point.
- A completed preliminary economic assessment for the Pine Point asset indicates an after-tax IRR of 25 percent and an NPV (8 percent) of C$602 million.
- The 2024 mineral resource estimate update for the Pine Point project includes indicated mineral resources of 49.5 Mt grading 4.22 percent zinc and 1.49 percent lead and inferred mineral resources of 8.3 Mt grading 4.18 percent zinc and 1.69 percent lead.
- C$100 million bought deal financing with Canaccord Genuity towards advancing its Gaspé copper project to a construction decision and for general corporate purposes.
- A management team with expertise throughout the mining industry leads the company toward achieving its goal of becoming the leading base metal developer in North America by supplying the base metals necessary for the clean energy transition.
Key Projects
Gaspé Copper Project
The Gaspé Copper project in Québec is among the most significant copper development projects in eastern North America. Osisko Metals completed the100-percent acquisition of Gaspé Copper in July 2023 and has since commenced drilling at the property. Québec has a well-known reputation as one of the most mining-friendly jurisdictions in North America, with a long history of copper production.
Project Highlights:
- Significant Mineral Resource Estimate: The current NI 43-101 resource estimate for the asset demonstrates 3.25 billion pounds of contained copper at a 0.15 percent sulfide copper cut-off. The resource also includes significant molybdenum at 180 million pounds and silver at 28 million ounces. Osisko Metals believes there is room to expand known deposits with its upcoming drill campaign.
- Promising Metallurgy: Preliminary testwork delivered average copper recoveries of 92 percent and average molybdenum recoveries of 65 percent, indicating that Gaspé Copper should produce copper and molybdenum concentrates with excellent metal grades and a payable silver credit added to the copper concentrate.
- Prolific Past Production: The former Gaspé mines were in production from 1955 to 1999 and produced more than 100 million tonnes from a combination of open-pit and high-grade underground mines. The growing demand for copper makes reviving the project economically compelling.
- Robust Infrastructure: The project has infrastructure to quicken development, including paved road access, hydroelectric power on-site, and port access via the Saint Lawrence River and the town of Gaspé.
- 2023 Drill Program: Osisko Metals’ 2023 drill program at Gaspé Copper spanned 8,000 to 10,000 meters focused on continued infill drilling of the inferred mineral resource of the Mount Copper open pit deposit.
- Copper Mountain Updated MRE: The updated mineral resource estimate at Copper Mountain, as part of the Gaspé copper project, comprises an open-pit indicated resource of 495 million tons grading 0.37 percent copper equivalent, representing a 30 percent increase in copper-equivalent metal content, as well as a greater than 99 percent conversion rate from inferred to indicated category.
- 2024 Drill Program: The 2024 drill program is underway at Needle and Copper mountains. Approximately 2,600 meters over 11 holes were drilled at Needle Mountain aimed at understanding the potential for identifying more mineral resources around the former Needle Mountain pit. Drilling is ongoing at the Copper Mountain pit, where a 4,500-metre program is aimed at better defining resources in the enriched core of the deposit.
- Water characterization: Surface water characterization of the mine site and surrounding area is continuing. Detailed sampling of the pit waters and experimental fishing downstream from the mine site are planned to better understand the health of fish populations and the potential impacts of pit dewatering.
- Preliminary economic assessment: Scheduled for early 2025.
Pine Point Zinc-Lead Project
The Pine Point asset in the Northwest Territories has the infrastructure in place to help the company move the project toward development. The project has an existing hydroelectric power substation on site, rail access within 60 kilometers, and paved access roads to the site.
Project Highlights:
- Joint Venture: Pine Point Mining Limited, which holds a 100 percent interest in the Pine Point project, is operated under a joint-venture between Osisko Metals and Appian Natural Resources Fund III. This C$100-million investment agreement was finalized in April 2023 and yielded C$75.3 million of funding for the project; in February 2024, Osisko Metals sold an additional 5 percent ownership interest in Pine Point Mining to a subsidiary of Appian Natural Resources Fund III LP for an expected payment of approximately C$8.33 million. In total, Appian has the right to earn up to 65 percent of Pine Point, with OM retaining 35 percent.
- High-grade Clean Concentrates: Pine Point has demonstrated the potential to produce one of the world’s cleanest concentrates for zinc and lead. A recent metallurgical assessment indicates high recoveries of 87 percent for zinc, and 93 percent for lead using XRT sorting and conventional grinding and flotation processes. Additionally, studies indicate low levels of deleterious elements in the concentrates, making them appealing to smelters around the world that seek to increase the overall purity levels of their concentrate inputs.
- Promising Preliminary Economic Assessment: The 2022 PEA indicates an average annual life-of-mine production of 329 million pounds of zinc and 141 million pounds of lead. Additionally, the 2022 PEA indicates reduced estimated dewatering volume by 30 percent compared to the 2020 PEA.
- 2024 Updated Mineral Resource Estimate: Updated MRE for the Pine Point project highlights the following:
- Indicated mineral resources of 49.5 Mt grading 4.22 percent zinc and 1.49 percent lead (5.52 percent zinc equivalent) containing approximately 4.6 billion pounds of zinc and 1.6 billion pounds of lead in situ (undiluted).
- Inferred mineral resources of 8.3 Mt grading 4.18 percent zinc and 1.69 percent lead (5.64 percent zinc equivalent containing approximately 0.7 billion pounds of zinc and 0.3 billion pounds of lead in situ (undiluted).
- Used variable cut-off grades between 1.41 percent and 1.51 percent zinc equivalent for open pit resources and between 4.10 percent and 4.40 percent zinc equivalent for underground resources.
- The project's East Mill, Central and North Zones now contain approximately 36.2 Mt of indicated resources grading 5.22 percent zinc equivalent, or 3.2 billion pounds of zinc and 1.1 billion pounds of lead in situ.
- Community Support: Osisko Metals has worked hard to earn community support in the nearby towns of Hay River, Fort Smith and Fort Resolution, and has also concluded two separate collaboration agreements with local Indigenous communities: Deninu K’ue First Nation and Northwest Territory Metis Nation. These agreements include education, training, employment, and business opportunities. Additionally, a 2017 exploration agreement was signed with K’atl’odeeche First Nation.
Management Team
Robert Wares - CEO
Robert Wares is a professional geologist with more than 35 years of experience in mineral exploration and development. He was responsible for discovering the Canadian Malartic bulk tonnage gold mine, which Osisko Mining subsequently developed into one of Canada’s largest gold producers. Among other awards, Wares was a co-winner of the Prospectors and Developers Association of Canada’s “Prospector of the Year Award” for 2007 and was named, together with John Burzynski and Sean Roosen, as “Mining Men of the Year” for 2009 by the Northern Miner. Wares sits on the board of directors of Brunswick Exploration. Wares has a Bachelor of Science and an honorary doctorate in earth sciences from McGill University.
John Burzynski - Executive Chairman
John Burzynski most recently served as the chairman, chief executive officer and a director of Osisko Mining where he led his team in the discovery, development and sale of the Windfall Gold project to Gold Fields Ltd. for C$2.2 billion. Burzynski has over 35 years' experience as a professional geologist on international mining and development projects. He was one of the three original founders of Osisko Mining which developed and sold the Canadian Malartic mine in 2014 to an Agnico Eagle Mines Limited and Yamana Gold Inc. partnership for C$3.9 billion , and created Osisko Gold Royalties (today a C$5 billion company). Burzynski was a co-winner together with Sean Roosen and Robert Wares of the Prospectors and Developers Association of Canada (PDAC)'s "Prospector of the Year Award" for 2007 and the Northern Miner's "Mining Man of the Year" for 2009; and the "Prospector of the Year Award" for 2024, among numerous other awards. Burzynski holds a Bachelor of Science (Honours) degree in geology from Mount Allison University , and a Master of Science in exploration and mineral economics (MINEX) degree from Queen's University. He is a registered P.Geo. in Québec, a Fellow of the Royal Canadian Geographical Society and an honorary colonel with the Royal Canadian Air Force. He currently serves as chairman and a director of O3 Mining.
Don Njegovan - President
Don Njegovan most recently served as chief operating officer at Osisko Mining prior to its sale to Gold Fields. He was previously a director of St. Andrew Goldfields until it was acquired by Kirkland Lake Gold in 2016 and is currently on the board of directors of Cornish Metals. He was formerly managing director of Global Mining at Scotiabank from August 2010 to June 2014. Njegovan was a Toll Cross Securities Inc. investment banker from June 2005 to July 2010. Njegovan has over 30 years of experience in the mining industry, starting in 1989 for Hudson Bay Mining & Smelting Co. He holds a Bachelor of Science in mining engineering from Michigan Technological University and a Bachelor of Arts from the University of Manitoba.
Blair Zaritsky - Chief Financial Officer
Blair Zaritsky most recently served as the chief financial officer of Osisko Mining. He is a chartered professional accountant and has over 20 years of Canadian public practice experience, with exposure to various types of engagements and clients, gained through managing audit engagements of publicly listed companies traded on the Toronto Stock Exchange, TSX Venture Exchange, and Canadian Securities Exchange. Zaritsky obtained his chartered professional accountant designation in 2003 and holds dual Bachelor of Arts degrees in accounting and economics from Brock University and Western University, respectively. Zaritsky currently serves as a director of STLLR Gold.
Amanda Johnston - Vice President Finance
Amanda Johnston most recently served as the vice-president of finance of Osisko Mining. She is a chartered professional accountant and has over 20 years of experience in the mining industry and audit and assurance groups. Johnston obtained her chartered professional accountant designation in 2013 and holds a Bachelor of Accounting (Honours) Co-Op degree from Brock University. Johnston currently serves as a director of Metalla Royalty & Streaming.
Alexandria Marcotte - Vice President Exploration
Alexandria Marcotte most recently served as vice-president of project coordination of Osisko Mining. She is a professional geologist registered in Ontario with over 15 years of progressive senior level experience working internationally for senior and junior companies. Marcotte holds an Honours Bachelor of Science degree from the University of Toronto and an MBA from the Schulich School of Business. She currently serves as a director of Angel Wing Metals.
Lili Mance - Vice President, Corporate Secretary
Lili Mance has served as the corporate secretary of Osisko Metals since 2018. She also served as vice-president and corporate Secretary of Osisko Mining. She has 30 years of experience in the financial, wealth management and resource industries serving in a legal, compliance and corporate secretarial capacity. Mance spent 18 years with the Dundee group of companies in various increasingly senior level legal and compliance roles and its various public and private subsidiaries. Mance is a member of the Institute of Corporate Directors and has been a member of the Governance Professionals of Canada since 2004.
Jeff Hussey - Director and CEO of Pine Point Mining Limited
Jeff Hussey has 32 years of professional experience in the mining industry. He has worked in both open-pit and underground mine operations at various stages of mine life, from start-up to mine closure, and more recently, working in mineral exploration and development projects. He spent 19 years with Noranda/Falconbridge. His mine operation experience includes work at the Brunswick No. 12 mine, Gaspé Copper mines, the Antamina mine start-up in Peru, as well as the Raglan mine in Northern Québec. As a senior scientist with the Mining Technology Group at the Noranda Technology Centre in 2002, he enhanced his network in the metallurgical research and mining innovation fields. As a consultant since 2007, Jeff Hussey and Associates has helped junior mine development companies by offering exploration, mining, and geo-metallurgical support services. These include Champion Iron Mines, Focus Graphite, Puma Exploration and Starcore International in Mexico. While at Champion Iron Mines, he participated in building significant high-quality iron ore resources, completing feasibility studies and participating in raising more than $70 million for corporate development. While working with Focus Graphite, development responsibilities included a feasibility study and associated work with community stakeholders and governments. Hussey has a Bachelor of Science in geology from the University of New Brunswick.
Anthony Glavac - Chief Financial Officer
Anthony Glavac has more than 17 years of experience in financial reporting, including over 12 years in the mining industry. Since August 2017, Glavac has served as vice-president, corporate controller for Falco Resources. He previously served as director of financial reporting and internal controls at Dynacor Gold Mines, and interim chief financial officer at Alderon Iron Ore. Before joining Alderon, Glavac spent 10 years at KPMG, working with both public and private companies, providing audit, taxation, strategic advisory and public offering services. Glavac is also involved with other public companies in the mining industry.
Ann Lamontagne - Vice-president, Environment and Sustainable Development
Ann Lamontagne is a civil engineer who obtained her doctoral degree in mining environment from Laval University in 2001. She has worked in the mining industry for over 25 years as a consultant for geotechnical, water management, hydrogeology, and environmental projects. She has been involved in the development of several mining projects where her expertise has been invaluable in minimizing environmental risks throughout the mine planning process, from initial design through to closure and reclamation. Lamontagne has also been involved in many R&D projects with mining companies, including Nouveau Monde Graphite, Troilus Gold, and Mason Graphite.
Killian Charles - Strategic Advisor
Killian Charles has been president and CEO of Brunswick Exploration since 2020. Prior to this, he was vice-president, corporate development for Osisko Metals, where he now remains as a special advisor. Charles was a mining analyst at Laurentian Bank Securities and at Industrial Alliance Securities (Broker) for six years. He also worked as a manager of corporate development at Integra Gold, until its acquisition by Eldorado Gold in 2017. Charles received an undergraduate degree in Earth and Planetary Sciences from McGill University.
