Osisko Metals Intersects 9.40% Zinc+lead Over 12.17 Metres at Pine Point

MONTREAL, April 24, 2019 (GLOBE NEWSWIRE) -- Osisko Metals Incorporated (the “Company” or “Osisko Metals”) (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased to announce assay results from 127 drill holes completed in the M-40 area within the East Mill Zone in the Pine Point Mining Camp (“PPMC”). 

The objective of the 2018 – 2019 drill program was to convert the Cominco Ltd. unclassified near-surface historical resources into current mineral resources and locally extend known zones of mineralization. These holes were not included in the Mineral Resource Estimate released in December 2018, and they will help to convert Inferred Resources to Indicated category.

Highlights include drill hole M40-18-PP-072 that intersected 8.16% Zinc and 1.24% Lead over 12.17 metres from the definition drill program, while exploration drilling outside of mineralized pit-constrained resources returned 6.12% Zinc and 4.31% Lead over 6.00 metres in hole M40-18-PP-128. The M-40 area contains six (6) modeled pits in the reported current mineral resource estimate but also exhibits exploration potential for continuous high-grade mineralization between the modelled pits over a strike length of 1,070 metres. This area was poorly drilled during historical drill programs and geological evidence suggests two parallel tabular deposits to be further explored. Other high-grade intersections are noted in Tables  1 and 2. (See 2018 Fall Drill Campaign East Mill Zone - M-40 Detailed and 2018 Fall Drill Campaign East Mill Zone Regional - M-40).

All intersections are within a flat-lying tabular-style deposit type and all intercepts are located above 60 metre vertical depth. Composite assay details are provided in Tables 2, and please refer to the augmented press release posted on SEDAR and on the Osisko Metals website for drill hole collar information related to this disclosure.

Exploration intercepts outside of modelled pits.

Jeff Hussey, President & CEO of Osisko Metals, commented: “In 2019, we will be focused on exploration and the discovery of new mineralization at Pine Point. We are excited about and looking forward to the first airborne gravity survey to be flown at Pine Point and it is planned for July 2019. This type of survey is relatively new and is the right tool for Pine Point mineralization that is not conductive nor magnetic; but it has a good density contrast and that is what the gravity survey can detect. This key survey will add significant data to our compilation and digitization of historical data. Of particular interest is the exploration potential around the current M-40 resource modelled pits that could significantly expand the currently outlined high grade mineralization.”

The M-40 area is part of the East Mill Zone and the various modelled pits are illustrated in above-referenced maps. Tabular mineralization in which the current resources occur are within two parallel trends. The northernmost trend has a strike length of 1.57 kilometres extending to the west from the previously mined L-37 open pit that still contains high grade mineralization in the western pit wall. It has a lateral width of approximately 450 metres. The southernmost trend has a known mineralized strike length of 270 metres, a lateral width of 200 metres and is open for further exploration to the southwest.

The Company notes that the westernmost modelled pit in the referred map is in the immediate vicinity of the historical M-40 deposit that was partially mined underground by Cominco Ltd. and produced 350,870 tonnes of 5.5% Zinc and 2.2% Lead.  The westernmost modeled pit is located outside the previously mined underground area. A portion of the drilling in this release was directed at evaluating the pillars left unmined by Cominco and exploring the extensions to the deposit beyond the previously mined area.

About Osisko Metals

Osisko Metals is a Canadian exploration and development company creating value in the base metal space with a focus on zinc mineral assets. The Company controls Canada’s two premier historical zinc mining camps: The Pine Point Mining Camp (“PPMC”), located on the south shore of Great Slave Lake in the Northwest Territories, near established infrastructure, paved highway access and with 100 kilometres of mine haulage roads and power substation already in place. The PPMC currently hosts a NI43-101 Inferred Mineral Resource of 38.4 Mt grading 4.58% zinc and 1.85% lead, making it the largest near-surface, pit-constrained zinc deposit in Canada (please refer to the SEDAR-filed Amended Technical Report for further information). The 2018-2019 drill holes, once fully assayed, will be incorporated into the database with the objective of issuing a new resource estimate in H2 2019. The Bathurst Mining Camp (“BMC”), located in northern New Brunswick, with NI43-101 Indicated Mineral Resources of 1.96 Mt grading 5.77% zinc, 2.38% lead, 0.22% copper and 68.9g/t silver (9.00% ZnEq) and Inferred Mineral Resources of 3.85 Mt grading 5.34% zinc, 1.49% lead, 0.32% copper and 47.7 g/t silver (7.96% ZnEq) in the Key Anacon and Gilmour South deposits. In Québec, the Company owns 42,000 hectares that cover 12 grass-root zinc targets that will be selectively advanced through exploration in 2019.

Note regarding mineral resources and Qualified Persons

For Pine Point, the above-mentioned Inferred Mineral Resource conforms to National Instrument 43-101 standards. These mineral resources were reported by the Company on December 6, 2018 and the independent qualified person for the resource estimate, as defined by NI43 101 guidelines, is Pierre-Luc Richard, P. Geo, of BBA Inc.

For the Bathurst Camp, the above-mentioned Inferred and Indicated Mineral Resource conforms to National Instrument 43-101 standards. These mineral resources were reported by the Company on February, 20th 2019 and the independent qualified person for the resource estimate, as defined by NI43 101 guidelines, is Pierre Desautels, P. Geo, of AGP Mining Consultants Inc.

Stanley G. Clemmer, P. Geo is registered in the Northwest Territories and is Chief Geologist for Pine Point Mining Limited, a wholly owned subsidiary of Osisko Metals Incorporated. He is the Qualified Person responsible for the technical data reported in this news release.

Quality Assurance / Quality Control

Osisko Metals adheres to a strict Quality Assurance and Quality Control program with regard to core handling, sampling, transportation of samples and lab analyses. Drill core samples from the Pine Point project area were securely transported to its core facility in Hay River, Northwest Territories where they were logged and sampled. Samples selected for assay were shipped via secure transportation to the ALS Canada Ltd.’s preparation facility in Yellowknife. Pulps were analyzed at the ALS Canada Ltd. facility in North Vancouver, British Columbia. All samples are analyzed by four acid digestion followed by both ICP-AES and ICP-MS for ultra-trace level detection of a multi-element suite with a 1% upper detection limit for base metals.  Samples reporting over 1% for Zn and 1% for Pb are analyzed by assay grade four acid digestion and ICP-AES analysis with an upper detection limit of 30% and 20% respectively.  Samples reporting Zn >30% and or Pb >20% are analyzed by traditional titration.

*Outside of modelled pits, m = within historical underground development area

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the use of proceeds of the Offering; the timing and ability of the Corporation, if at all, to obtain final approval of the Offering from the TSX Venture Exchange; an exemption being available under MI 61-101 and Policy 5.9 of the TSX Venture Exchange from the minority shareholder approval and valuation requirements for each related party transaction; objectives, goals or future plans; statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates; the preliminary nature of metallurgical test results; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in the Corporation's public documents filed on SEDAR at www.sedar.com. Although the Corporation believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Reference to historical production in the vicinity of Osisko Metals properties in this press release does not imply that any future mineral resources or discoveries will be of economic viability, nor does it imply that additional discoveries will be made.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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