Osisko Metals released the first assays results from its 2023 zinc-led drilling program revealing really strong numbers in Zinc and Copper.
Osisko Metals (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) a Canadian exploration and development company is pleased to announce its results from the 2023 drilling program at Pine Point Project from the X25 deposit in the West Zone. This is a joint venture drilling program with Appian Capital Advisory LLP. This program is designed to achieve an average drilling space of approximately 30 metres within the current modelled resources reported from the Preliminary Economic Assessment (PEA) from 2022. The spacing is intended to upgrade resources presently listed in the indicated category. Below are some of the highlights from the drill hole assay’s composite:
Drill Hole Assay Composite Highlights
X25-23-PP-001: 14.00 metres, grading 8.21% Zn and 5.30% Pb (13.51% Zn+Pb)
X25-23-PP-004: 33.00 metres, grading 11.26% Zn and 2.71% Pb (13.97% Zn + Pb)
X25-23-PP-028: 10.96 metres, grading 5.84% Zn and 0.75% Pb (6.58% Zn + Pb)
X25-23-PP-034: 6.98 metres, grading 21.09% Zn and 3.24% Pb (24.33% Zn + Pb)
X25-23-PP-038: 8.98 metres, grading 11.42% Zn and 1.79% Pb (13.21% Zn + Pb)
X25-23-PP-039: 7.98 metres, grading 24.84% Zn and 5.36% Pb (30.20% Zn + Pb)
Mineralization occurs near surface between 67.95 and 195.00 metres vertical depth from surface.
The project, based in the Northwest territories of Canada has high potential for mineral resources expansion, particularly in the Zinc and Lead department. It has significant infrastructure including power on site and paved highway access. Zinc is a rare earth metal that is a critical strategic source often found in small amounts. Its extremely versatile and is fundamental to the green economy, adding longevity to both infrastructure and construction materials that would otherwise deteriorate. Lead on the other hand is highly malleable and is an integral component in plumbing, construction, batteries and even radiation shielding. It too supports the Green economy and is essential to wind generation and the longevity of solar panels. Pine Point Project historically produced the worlds cleanest sphalerite and galena concentrates with hardly any impurities – setting it apart from most mines that produce these ore’s.
A Word From the CEO
CEO and Chairman, Robert Wares is looking forward to presenting the results from this years’ drilling program. Integrating these results will allow for improvement on their mineral resource base which will be used in the upcoming feasibility study, detailed analysis that considers all aspects a proposed project to determine the likelihood of the program succeeding. Additionally, he also looks forward to their report on progress towards the potential construction of a new mine in conjunction with Appian Capital Advisory LLP. Wares’ also states that local communities and regulators are kept up to date regarding progress towards the project.
The price of zinc has risen to nearly $2 490 per tonne, staying close to it’s three-week high. This increase is a result of reduced concerns about the Federal Reserve’s long-term monetary tightening and growing optimism regarding China, which is the largest consumer of zinc. China’s major construction companies reported weak quarterly results, leading the government to implement support measures. Among these measures, the country’s central bank issued notices to relax some borrowing rules. Looking forward, S7P Global forecasts a modest 1.4% growth in global demand for refined zinc in 2023. Meanwhile, global refined zinc supply is expected to increase by 1.9%, primarily due to certain factors like a base effect and reduced energy costs in Europe. It’s worth noting that zinc smelter production in China continues to be constrained due to power limitations.
Osisko Metals is solely focused on the critical metals space, more specifically copper and zinc, with the focus on transitioning into the global electrification shift. The Company is a joint venture partner with Appian Capital Advisory LLP for the advancement of one of Canada's premier past-producing zinc mining camps, the Pine Point Project, located in the Northwest Territories. Osisko currently has 256.57M shares outstanding, trading at $0.22 per share giving it a market capitalization of $56.45M.