Osisko Metals Incorporated (TSXV: OM | OTCQX: OMZNF | FRANKFURT: 0B51) has announced its 2024 mineral resource estimate update for the Pine Point Project, located near Hay River, in the Northwest Territories of Canada.
The 2024 MRE was prepared by BBA Inc. and PLR Resources Inc. and will form the resource base for a feasibility study that is planned to officially start in Q3 2024. Cut-off grades are based on estimated long-term metal prices, mining costs, metal recoveries, concentrate transport, and smelter costs. The definition drill programme supporting the 2024 MRE was executed between 2018 and 2024.
Robert Wares, CEO, and chairman, commented, “We are very happy to have met a critical milestone with this MRE that successfully converted the majority of the mineral resources to the indicated category. With our partner Appian Capital Advisory LLP, we can now rapidly advance Pine Point to the feasibility stage following finalization of trade-off studies.”
Highlights include:
- Indicated mineral resources of 49.5Mt grading 4.22% zinc and 1.49% lead containing approximately 4.6Blbs of zinc and 1.6Blbs of lead in situ (undiluted)
- Inferred mineral resources of 8.3Mt grading 4.18% zinc and 1.69% lead containing approximately 0.7Blbs of zinc and 0.3Blbs of lead in situ (undiluted)
- Compared to the previous MRE, the conversion of Inferred mineral resources increased the tonnage of the current indicated mineral resources by 214% with an associated decrease in the quantity of Inferred mineral resources
- Mineral resources reported for the 2024 MRE used variable cut-off grades between 1.41% and 1.51% ZnEq for open pit resources and between 4.10% and 4.40% ZnEq for underground resources
Additionally, new metallurgical test work is in progress. Previous test work highlighted Pine Point as a potential producer among the cleanest, high-grade zinc and lead concentrates globally. The company believes this adds value to the project as most smelter clients would want some Pine Point concentrate for blending purposes.
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