Osisko Metals Incorporated announced additional results from the 2022 definition drilling program at its Pine Point Project, located in the Northwest Territories, Canada. As the Company drives towards a feasibility study, this continuous drill program is designed to achieve an average drill spacing of approximately 30 metres within current mineral resources. This spacing is intended to upgrade resources presently classified as Inferred to the Indicated category in order to be used in the feasibility to be initiated in H2 2023.

In August of this year, the Company filed the 2022 Preliminary Economic Assessment that included higher commodity prices and reduced dewatering volume estimates and associated costs. The PEA Update was prepared in collaboration with independent engineering firms BBA Inc., WSP Canada Inc., & Hydro-Resources Inc. All intercepts reported below were within, or immediately adjacent to, the currently modelled and proposed open pit shells designed for 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 and West Zone deposits (X25, X61, X64, X68, Y53, Y62, and Z60) to the Indicated Mineral Resource category. In the North Zone, shallow zinc and lead sulphides were intersected between 16 and 82.7 metres vertical depth. Drilling at the X25 deposit in the West Zone intersected mineralization between 90 and 143.5 metres vertical depth.

All reported results are from Tabular-style deposits characterized by continuous, flat-lying mineralization. More vertically continuous Prismatic-style mineralization was locally encountered within the Tabular-style mineralization. Ongoing hydrogeological modelling of the past two years has consisted of: Profile Tracer Tests which measure groundwater flow and conductivity of the bedrock stratigraphy within the drill hole, Injection Tests to model the aquifer characteristics, and Physio-chemical measurements of the water within the drill holes to characterize the groundwater in and around the deposits.

The model is continuously evolving while incorporating new data from field tests. The updated hydrogeological model will be used to continuously improve forecasts for dewatering volume estimates that will be used in the Pine Point feasibility study planned for H2 of 2023.