Update on the Exploration Program at Pine PointThursday, November 22, 2018 - 14:40 to 14:59 Theatre 1
Pine Point Mining Limited, a wholly-owned subsidiary of Osisko Metals Incorporated, is undertaking definition drilling at the formerly producing Pine Point Mining Camp. The Pine Point lead and zinc deposits are Mississippi Valley Type (MVT) hosted in carbonate rocks and formed within a Devonian age barrier reef. The original mine was operated by Cominco Ltd. and produced high-quality zinc and lead concentrates for over 25 years. The Mine closed in 1988 although significant supporting infrastructure remains. Past production was 65Mt of 10% combined Lead and Zinc and at shutdown there was 50 million tonnes of “unclassified historical resources” calculated by Cominco Ltd (not NI-43-101 compliant) that remained in the ground. The focus of the 2018 program is to upgrade these historical mineral resources into a NI43-101 compliant, Inferred Mineral Resource Estimates. To accomplish this goal, a 700 drill hole program is underway to confirm the Cominco drill hole database that Pine Point Mining Limited has in hand and, where needed, define these resources further to an Indicated Mineral Resource in 2019. That Resource base will then be used for economic studies as the company continues to de-risk the project.