The hydrogeological hole hit 0.5 metres of 33.42% zinc and 4.96% lead, suggesting “good exploration potential” north of the R190 deposit.
Pine Point includes indicated resources of 12.9 million tonnes at 4.56% zinc and 1.73% lead
According to Robert Wares, Osisko Metals’ chair and CEO, the latest assays are some of the “best ever” from Pine Point.
“We are extremely pleased with today’s results as they exceeded current block model predictive grades and are among the best ever reported at Pine Point. The combination of large widths and high grades at shallow depth confirms the unique nature of prismatic mineralization in this camp, and strengthens our resolve to discover new prismatic deposits within our large property package,” Wares said in a release.
Additional hydrogeological and infill holes have been completed at the O556, P449 and X25 deposits in the West zone with a 20-hole winter program planned.
A July 2020 preliminary economic assessment from July 2020 defined Pine Point as an 11,250 t/d open-pit and underground operation, mining 47 small open pits and eight high-grade shallow underground deposits. The proposed 10-year mine would produce an average of 327 million lb. of zinc and 143 million lb. of lead annually at estimated cash costs of U$67¢ per lb. of zinc-equivalent (including smelting, transport and royalties) with a total initial capital cost of $555.7 million.
Pine Point includes indicated resources of 12.9 million tonnes at 4.56% zinc and 1.73% lead (6.29% zinc-equivalent) and inferred resources of 37.6 million tonnes at 4.89% zinc and 1.91% lead (6.8% zinc-equivalent).
Between 1964 and 1987, Pine Point produced 64 million tonnes grading 7% zinc and 3.1% lead.
