NORTHWEST TERRITORIES – Additional results from 34 holes drilled at Osisko Metal’s Pine Point camp on the south shore of Great Slave Lake intersected near surface, high grade zinc and lead values.
The holes were drilled in the project’s East Mill zone with highlights from EM-18-PP-226, which intersected 6.30% zinc and 6.64% lead over 8.8 metres for a lead-zinc equivalent grade of 12.94%, from 29.7 metres downhole. Drill hole EM-18-PP-221 returned 7.37% zinc and 4.56% lead over 6.0 metres for a lead-zinc equivalent grade of 11.93%.
All of the intersections in the latest batch of results from the East Mill zone were above a vertical depth of 45 metres and are within flat-lying, tabular style deposits, the company reports. The East Mill zone currently contains 5.5 million tonnes of 3.76% zinc and 1.30% lead.
Currently Pine Point has an inferred resource of 38.4 million tonnes grading 4.58% zinc and 1.85% lead for a zinc-equivalent grade of 6.58%. The company intends to update a portion of its inferred resource to the indicated category before the end of the year.
Osisko Metals acquired the project in February 2018 but the area was first discovered by prospectors heading to the Klondike gold rush in 1898. Cominco stepped in and put a mine into production in 1964 based on 21.5 million tonnes grading 7.2% zinc and 4% lead. The mine was made up of 50 separate pits and two underground deposits lying along a 60-km trend, and was eventually closed in 1987 after producing around 64 million tonnes grading 7.0% zinc and 3.1% lead.
Much of the work Osisko Metals plans to do this year will be concentrated on reducing the drill spacing within the reported inferred resource to about 30 metres from the current drill hole spacing of between 40 and 60 metres. In addition, the company plans to explore for new mineralization below and along strike of the known mineralized horizons.
The project is accessible year-round by an all-weather road from Hay River.
Osisko’s shares in Toronto are trading at $0.50 within a 52-week range of $0.46 and $0.79.
The company has about 136 million common shares outstanding for a market cap of just over $68 million.
This story first appeared on www.NorthernMiner.com.