Osisko Metals Incorporated (the “Company” or “Osisko Metals“) (TSX VENTURE:OM)(FRANKFURT:0B5) is pleased to announce that drilling on the Gilmour South project is underway. This maiden drill program along the Brunswick Belt is within the previously announced 50,000-meter program planned for the Bathurst Mining Camp (“BMC”) (see news release dated September 11, 2017). The objective of … Continued
The objective of the drill program is to increase historical resources and to upgrade them to comply with NI43-101 regulations. A key part of this effort will be to investigate the potential for the thickening of the high-grade sulphide mineralization along previously unrecognized structural corridors that are typically associated to the major deposits in the BMC.
The Gilmour South project hosts the “Brunswick Horizon”, and is located 20km south of the former Brunswick No. 12 mine and 7 km south of the former Brunswick No. 6 Mine. These mines produced approximately 150 million tonnes of 12% zinc equivalent. Brunswick No. 12 was the largest underground zinc mine for nearly 50 years, processing 10,500 tonnes per day on average. Both mines occurred in structural corridors that enhanced the thickness and grade of the sulphide horizon.
The Brunswick Horizon is present at Gilmour South over 1.4 kilometers and is characterized by sulphide mineralization, identical host-rock types and alteration associated to the Brunswick Mines stratiform zinc-lead sulphide mineralization.
The historical resources are sparsely drilled leaving room to meet the stated objective. The drill program will investigate the periphery of the deposit along newly interpreted structural trends. This first phase of drilling will consist of 17 drill holes for a total of 9,500 meters. The deposit remains open on all sides. Significant previous intersections include:
- GS-99-22: 9.61% Zn, 1.02% Pb, 0.195 Cu, and 32.3g/t Ag / 7.30m
- GS-00-33: 3.35% Zn, 2.32% Pb and 6.9g/t Ag / 1.20m
- GS-98-14: 13.57% Zn, 7.63% Pb, 0.19% Cu, 436g/t Ag / 2.84m
- GS-98-12: 18.10% Zn, 11.20% Pb / 0.22m
- GS-00-38: 7.00% Zn, 1.30% Pb, 10.90g/t Ag / 7.30m
Jeff Hussey, President and CEO of Osisko Metals, commented: “The Gilmour South area is one of the less explored portions of the highly prospective Brunswick Belt. We strongly believe that there is ample opportunity for a modern drill hole program to identify additional resources. Previous drilling was more widely spaced when the main objective was to find feed for the large Brunswick Mine’s concentrator. We will be using an innovative and aggressive exploration strategy to develop resources and look forward to increasing the drill rig count in the near term on our other projects in the Bathurst Mining Camp.”
About Osisko Metals
Osisko Metals is a Canadian exploration and development company creating value in the base metal markets with an emphasis on the zinc. In 2017, the Company acquired over 50,000 hectares in the Bathurst Mining Camp (“BMC”). The objective is to develop a multi-deposit asset base that would feed a central concentrator. In parallel, Osisko Metals is monitoring several base metal oriented peers for projects hosting zinc, copper, and nickel for acquisition opportunities. In Québec, the Company acquired 42,000 hectares that cover 12 grass-root zinc targets that will be selectively advanced through exploration. Osisko Gold Royalties Ltd. (TSX:OR)(NYSE:OR) and Osisko Mining Inc. (TSX:OSK) are significant shareholders of the Company.
For further information on Osisko Metals, visit www.osiskometals.com.
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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.
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President & CEO
Osisko Metals Incorporated
Director, Investor Relations