Osisko Metals to complete Pine Point FS in Q2 2025
2024-11-04 18:46 ET – News Release
Mr. Robert Wares reports
OSISKO METALS PROVIDES UPDATE ON THE PINE POINT PROJECT AND FEASIBILITY STUDY
Osisko Metals Inc. and Pine Point Mining Ltd.’s feasibility study is fully under way, with an expected completion date in second quarter 2025.
Since early 2023, PPML has engaged with its key technical and strategic advisers to optimize the 2022 preliminary economic assessment update. The objective was to complete definition studies to compare key concepts, otherwise known as trade-off studies, typically performed during the prefeasibility study stage.
Since November of 2023, PPML and the team have conducted and thoroughly analyzed various technical trade-off studies to better define the FS final design concept. In third quarter 2024, PPML’s board of directors approved the company’s final design concept to be developed in the FS. The FS will use the mineral resource estimate announced on June 25, 2024, that reported 49.5 million tonnes of indicated mineral resources grading 5.52 per cent zinc equivalent and 8.3 million tonnes of inferred mineral resources grading 5.64 per cent ZnEq.
These more detailed design concepts will bridge the project from a PEA level into the FS stage and support concurrent environmental assessment and permitting activities. A significant change is that the preconcentration methods proposed in the 2020 and 2022 PEA studies (that is, XRF ore sorting and dense media separation) will not be incorporated in the concentrator design in favour of conventional full milling. This will have an overall better recovery of zinc and lead, and will reduce operational risk with the simpler flow sheet. Other concepts that were analyzed in detail were the use of former Cominco Era open pits to dispose of waste rock and tailings as much as possible. All key concepts will be presented to communities for feedback in coming community meetings planned for November, 2024.
The PPML team relies on the experience of qualified persons working for established engineering firms, including Synectiq, BBA, GMining, Newfields, Terrane Geoscience and WSP, to develop the feasibility study and advance permitting. WSP has local offices in the Northwest Territories and the experience needed for permitting in the North.
This summer, PPML had two weeks of site visits where the project was presented to government representatives, community leaders and members and environmental regulators, and it thanks them for their participation.
Qualified person
Robin Adair is the qualified person and the senior technical adviser for Pine Point. He is responsible for the technical data reported in this news release and is a professional geologist registered in the Northwest Territories.
About Osisko Metals Inc.
Osisko Metals is a Canadian exploration and development company, creating value in the critical metal space, more specifically copper and zinc. The company is in a joint venture 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, for which current mineral resources have been calculated for the 2024 MRE (as defined herein). The project is held under the joint venture company Pine Point. The current mineral resource estimate consists of 49.5 Mt grading 5.52 per cent ZnEq of indicated mineral resources and 8.3 Mt grading 5.64 per cent ZnEq of inferred mineral resources (in accordance with National Instrument 43-101 (Standards of Disclosure for Mineral Projects)). The report’s title is Pine Point Zinc-Lead Project Mineral Resource Estimate Update, Hay River, Northwest Territories, Canada. Prepared for Osisko Metals and Pine Point, it is effective May 31, 2024. The report’s authors are Pierre-Luc Richard, PGeo (PLR Resources Inc.) and Colin Hardie, PEng (BBA Inc.), as well as Carl Michaud, PEng, and Alexandre Dorval, PEng, both of G Mining Services Inc. The Pine Point project is located on the south shore of Great Slave Lake in the Northwest Territories, near infrastructure, with paved highway access, an electrical substation and 100 kilometres of viable haulage roads.
In addition and outside of the Pine Point JV, the company acquired in July, 2023, from Glencore Canada Corp., a 100-per-cent interest in the past-producing Gaspe copper mine, located near Murdochville in the Gaspe peninsula of Quebec. The company is currently focused on resource evaluation of the Copper Mountain expansion project that hosts a current mineral resource consisting of an indicated mineral resource of 495 Mt grading 0.37 per cent copper equivalent and an inferred mineral resource of 6.3 Mt grading 0.37 per cent CuEq (in accordance with National Instrument 43-101 (Standards of Disclosure for Mineral Projects)); see May 6, 2024, news release of Osisko Metals entitled “Osisko Metals announces updated mineral resource estimate at Gaspe copper — indicated resource of 495 Mt grading 0.37 per cent copper equivalent.” Gaspe copper hosts the largest undeveloped copper resource in eastern North America, strategically located near existing infrastructure in the mining-friendly province of Quebec.
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