Montreal - Osisko Metals Incorporated (the 'Company' or 'Osisko Metals') (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased to announce results from the 2022 definition drilling program at its Pine Point Project, located in the Northwest Territories, Canada. This continuous drill program is designed to achieve an average drill spacing of approximately 30 metres within current mineral resources to upgrade resources presently classified as Inferred to the Indicated category so they can be included in the upcoming feasibility study.
In August of this year, the Company filed the 2022 Preliminary Economic Assessment ('PEA') that included higher commodity prices and reduced dewatering costs. All intercepts reported below were within, or immediately adjacent to, the currently modelled and proposed open pit shells included in the PEA. Further assay results are pending.
The results reported in Tables 1 & 2 below are within expectations for the infill program needed to convert the North Zone deposits (Y68, Y65, and X71) to the Indicated Mineral Resource category (See Map). Shallow zinc and lead sulphides were intersected between 18 and 95 metres vertical depth and occurred as continuous, flat-lying, and relatively thin, Tabular-style mineralization. Prismatic-style mineralization, with more vertical continuity, was locally encountered within the Tabular-style mineralization.
Highlights Include:
Drill hole X71-22-PP-036 intersected 00 metres, grading 6.80% Zn and 2.58% Pb (9.38% Zn+Pb)
Drill hole X71-22-PP-040 intersected 00 metres, grading 25.80% Zn and 6.84% Pb (32.65% Zn+Pb)
Drill hole Y65-22-PP-009 intersected 00 metres, grading 12.87% Zn and 1.32% Pb (14.19% Zn+Pb)
Drill hole Y68-22-PP-019 intersected 00 metres, grading 9.94% Zn and 13.66% Pb (23.61% Zn+Pb)
Jeff Hussey, President & COO, commented: 'We are pleased to report more positive definition drilling results as we prepare for the winter drilling campaign, expected to start in January 2023. Following the 2020 and 2022 PEA studies and further drilling, we will initiate the feasibility phase of the project in H2 2023. In parallel, we are continuing to advance the Environmental Assessment process which will continue into 2023.'
About Osisko Metals
Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals space. The Company controls one of Canada's premier past-producing zinc mining camps, the Pine Point Project, located in the Northwest Territories for which the 2022 PEA has indicated an after-tax NPV of $603M and an IRR of 25% is based on the current Mineral Resource Estimates that are amenable to open pit and shallow underground mining and consist of 15.7Mt grading 5.55% ZnEq of Indicated Mineral Resources and 47.2Mt grading 5.94% ZnEq of Inferred Mineral Resources. Please refer to the technical report entitled 'Preliminary Economic Assessment, Pine Point Project, Hay River, Northwest Territories, Canada' dated July 30, which has been filed on SEDAR. The Pine Point Project is located on the south shore of Great Slave Lake in the Northwest Territories, near infrastructure, and paved highway access, and also has an electrical substation as well as 100 kilometres of viable haulage roads already in place.
The Company is also in the process of acquiring, from Glencore Canada, a 100% 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 Mount Copper Expansion Project that hosts a NI43-101 Inferred Resource of 456Mt grading 0.31% Cu (see April 28, 2022 press release). Gaspe Copper hosts the largest undeveloped copper resource in Eastern North America, strategically located near existing infrastructure in the mining-friendly province of Quebec.
Contact:
Robert Wares
CEO
Osisko Metals Incorporated
Email: info@osiskometals.com
WEB: www.osiskometals.com
Cautionary Statement on 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. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance are not statements of historical fact and constitute forward-looking information. This news release may contain forward-looking information pertaining to the Pine Point Project, including, among other things, the results of the PEA and the IRR, NPV and estimated costs, production, production rate and mine life; the expectation that the Pine Point Project will be an robust operation and profitable at a variety of prices and assumptions; the expected high quality of the Pine Point concentrates; the potential impact of the Pine Point Project in the Northwest Territories, including but not limited to the potential generation of tax revenue and contribution of jobs; and the Pine Point Project having the potential for mineral resource expansion and new discoveries. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including, without limitation, assumptions about: favourable equity and debt capital markets; the ability to raise additional capital on reasonable terms to advance the development of its projects and pursue planned exploration; future prices of zinc and lead; the timing and results of exploration and drilling programs; the accuracy of mineral resource estimates; production costs; operating conditions being favourable; political and regulatory stability; the receipt of governmental and third party approvals; licenses and permits being received on favourable terms; sustained labour stability; stability in financial and capital markets; availability of equipment; and positive relations with local groups. 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. Factors that could cause actual results to differ materially from such forward-looking information are set out in the Company's public documents filed at www.sedar.com. Although the Company 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 Company 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.
OSISKO METALS INCORPORATED 
