Jeff Hussey, President and CEO of Osisko Metals (TSX.V:OM & OTCQX:OMZNF) joins me for a complete update on the zinc market and the work that is ongoing. We answer some of the questions that came in starting with Pine Point, the Bathurst Mining Camp, and greenfield exploration in Quebec.
Please email me with your questions for Jeff and his team – Fleck@kereport.com.
Click here to visit the Osisko Metals website and recap the recent news.
Osisko Metals of Montreal has released additional assays from 145 drill holes completed in the L-36 and L-35 areas in the East Mill zone at the Pine Point zinc-lead camp. The intersections are within flat, tabular deposits and are located between nine to 51 metres below surface.
Excellent results came from hole EM-18-PP-331 that intersected 10.23% zinc and 9.19% lead over 13.1 metres and hole EM-18-PP-209 intersected 9.60% zinc and 1.53% lead over 13.5 metres.
Notable assays were also received from hole EM-18-PP-211 that cut 20.28% zinc and 5.92% lead over 6.0 metres and hole EM-18-PP-351 WITH11.62% zinc and 2.50% lead over 10.0 metres.
Osisko gave an initial 2018 inferred resource of 38.4 million tonnes grading 4.58% zinc and 1.855 lead. The current drill program will convert unclassified, near surface historical mineralization into the current resources and to locally extend known zones of mineralization.
(This article first appeared in the Canadian Mining Journal)
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Montreal-based Osisko Metals reports successful results for pre-concentrating test work using material sorters. Two technologies were tested – x-ray transmission sorting and dense media separation.
Representative samples were prepared of material from Osisko’s Pine Point zinc-lead project 65 km east of Hay River. Pre-concentration of the ore can significantly reduce the cost of haulage and milling.
The x-ray transmission (XRT) sorting returned these results:
Dense media separation (DMS) provided these results:
Osisko said that the results were similar, but it will probably near-pit use XRT methods. XRT works with dry samples that are easy to handle when the weather gets cold. The XRT equipment is also more mobile than DMS equipment. That would be a major benefit as mining could move from one deposit to another on the property.
Pine Point was last mined by Cominco from 1975 to 1988. The weighted average zinc recovery of 91.91% for a head grade of 6.54% zinc, producing a concentrate grade of 58% zinc. The lead recovery averaged 88.69% for a head grade of 2.56% lead, producing a concentrate grading 75.68% lead. Osisko expects that its flotation tests of pre-concentrated ore to the historic records will at least match the historic results.
The Pine Point project currently has an inferred mineral resource of 39.4 million tonnes grading 4.58% zinc (containing 3.9 billion lb. of zinc) and 1.85% lead (containing 1.6 billion lb. of lead).
(This article first appeared in the Canadian Mining Journal)
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Osisko Metals (TSX.V:OM & OTCQX:OMZNF) is continuing with another busy year. Recent high grade drill results out of the Pine Point Project and an OTCQX listing are just the start of a lot of news around the corner.
Jeff Hussy, President and CEO of Osisko Metals joins me to update us on the points above as well as a lot of information on the greenfield drill program underway at the Bathurst Mining Camp. There were a few questions that came in on the back of the high grade Pine Point results that Jeff addresses.
Please keep in touch and email me with any additional questions you have for Jeff or I – Fleck@kereport.com.
Montreal-based Osisko Metals has received assay results from 127 drill holes in the M-40 area within the East Mill zone at the Pine Point mining camp 65 km east of Hay River. The results are promising and they will help convert near surface, historical drill results into an upgraded 43-101 resource estimate.
All intersections were within a flat lying, tabular deposit and none were deeper than 60 metres below surface. Here are some highlights:
Osisko says the M40 area contains six modeled pits within the current mineral resource and stretches over a strike length of 1,070 metres.
(This article first appeared in the Canadian Mining Journal)
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La Caisse de Depot et Placement du Quebec has acquired an additional 1 million shares in Osisko Metals (TSXV: OM), which is developing two zinc mining camps in Canada.
The Quebec pension fund has been a strategic partner and shareholder in the junior since 2014, and purchased the additional shares this week from Osisko Metal’s executive chairman, Robert Wares, who now owns 9.5% of the company.
Osisko Metals, which also listed on the OTCQX market this week, is advancing its flagship Pine Point project on the south shore of Great Slave Lake in the Northwest Territories and its projects in the Bathurst mining camp of northern New Brunswick.
Pine Point is the largest high-grade pit-constrained zinc deposit in the country with a 43-101 compliant inferred resource completed in December 2018 measuring 38.4 million tonnes grading 4.58% zinc and 1.85% lead.
In New Brunswick, its key Anacon project has a historic resource of 1.87 million tonnes grading 9.6% zinc and lead.
The company also owns 42,000 hectares covering 12 grass-roots zinc targets in Quebec.
This year Osisko Metals plans to decrease the drill spacing within Pure Point’s inferred resource to about 30 metres from the current drillhold spacing of between 40 and 60 metres. The company also plans an exploration program to search for new mineralization and intends to focus below and along strike of the known mineralized horizons. The work program will include an airborne gravity survey. It recently completed a LIDAR topographic survey. Following the airborne gravity survey, the brownfield exploration campaign will investigate high-potential target areas, in addition to site-wide compilation of historic datasets.
(This article first appeared in The Northern Miner)
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Additional results from 34 holes drilled at Osisko Metal’s (TSXV: OM) Pine Point camp on the south shore of Great Slave Lake in the Northwest Territories 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 8.80 metres for a lead-zinc equivalent grade of 12.94%, from 29.70 metres downhole. Drill hole EM-18-PP-221 returned 7.37% zinc and 4.56% lead over 6 metres for a lead-zinc equivalent grade of 11.93%.
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%
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% 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.
(This article first appeared in The Northern Miner)
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Montreal’s Osisko Metals has applied a geological analysis of the Key Anacon deposit and the Bathurst Mining Camp, and pinpointed 10 new greenfield exploration targets.
Osisko has been in a property acquisition mode near the Key Anacon and Gilmour South deposits as well as the former Brunswick No.6 and No.12 zinc-lead mines. The company now has 100% ownership along a 72 km of strike length of the Brunswick Horizon. The 10 new targets are between surface and 200 metres vertical depth. They will be drill tested this year.
The company said that 2018 drill program at Key Anacon and Gilmour South confirmed the presence of the Brunswick Horizon in these two deposits, and it predicts the presence of the structure between the two. The belt includes 37 km of strike length that is virtually unexplored.
The re-analysis of the properties included innovative geochemistry, geophysics and geology data and advanced 3D modeling techniques. Data from the government of New Brunswick and the Osisko exploration team were used to generate the new targets using Common Earth Models in GoCAD software.
(This article first appeared in the Canadian Mining Journal)
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The first hour of this week’s show is focused on recapping the recent PDAC conference and a couple comprehensive company updates. While the metals market, in terms of the stocks, is still very selective there are some developing stories that still offer opportunities. Listen to the first two segments and you will hear some of the same names being mentioned.
Please email me with any company suggestions and/or questions and topics you would like for me to discuss – Fleck@kereport.com. I love hearing from all of you!
I will be chatting with Ivan Bebek, Executive Chairman at Auryn Resources and Jeff Hussey, President and CEO at Osisko Metals on Friday. Please send me your questions to Fleck@kereport.com.
Here are the recent Auryn news releases…
February 19, 2019 –New Targets Identified through Machine Learning at Auryn’s Committee Bay High-Grade Gold Project
February 15, 2019 –Auryn Appoints Jeffrey Mason to its Board of Directors
February 13, 2019 –Auryn Resumes Trenching at Sombrero Copper-Gold Project
January 30, 2019 –Auryn Applies Machine Learning for Targeting High-Grade Gold at Committee Bay
January 7, 2019 – Auryn Identifies Significant Copper Mineralization at New Prospect Near Sombrero
Here are the recent news releases for Osisko Metals…
March 3, 2019 – OSISKO METALS INTERSECTS 18.66% ZINC+LEAD OVER 20.73 METRES AT PINE POINT
February 20, 2019 –OSISKO METALS RELEASES MAIDEN MINERAL RESOURCE ESTIMATE FOR EASTERN BATHURST MINING CAMP PROJECT
February 12, 2019 –OSISKO METALS INTERSECTS 9.15% ZINC + LEAD AND 0.54% COPPER OVER 10.0 METRES AT TITAN ZONE, KEY ANACON
February 7, 2019 –OSISKO METALS INTERSECTS 12.64% ZINC + LEAD AND 0.19% COPPER OVER 20.70 METRES AT KEY ANACON – MINERAL RESOURCE ESTIMATE EXPECTED IN Q1
January 29, 2019 –OSISKO METALS INTERSECTS 14.87% ZINC+LEAD OVER 12.74 METRES AT PINE POINT AND GRANTS STOCK OPTIONS