Osisko Metals Incorporated provided an overview of its 2022 development objectives for the Pine Point Project located near Hay River in the NWT, Canada. The winter drilling program is ongoing at site, and assay results for 2021 are pending. Completing the 3D Hydrogeological Model: Following the release of preliminary results of the 3D Hydrogeological Model, Osisko Metals will complete and release the results from the new hydrogeological model in first quarter of 2022. Work to date has identified substantial cost savings from lower dewatering estimates.
Updating the Preliminary Economic Assessment: The 2020 PEA Update is underway, which will incorporate higher long-term zinc and lead prices, anticipated cost savings from the lower dewatering estimates based on the new 3D hydrogeological model, and updated key assumptions underpinning the life of mine plan with the objective of increasing the total tonnage mined. The Updated PEA release date is planned for late first quarter of 2022. Infill Drill Campaign: Drilling will continue throughout 2022, with the principal objective of converting the Life of Mine plan (“LOM”) resource to the Indicated category by second quarter of 2023, this will serve as basis for reserve calculations in the Feasibility Study. Advancement of the Developer's Assessment Report (“DAR”): A critical milestone to maintain the project's timeline is the permitting schedule. Osisko Metals is working with the government and local communities to advance and submit the DAR in early 2023. Kick-off of the Feasibility Study:Osisko Metals also expects to initiate work on the Feasibility Study following the completion of the updated PEA. With significant de-risking activities completed in 2021, the Company is planning to rapidly progress towards the Feasibility Study phase with completion targeted for fourth quarter of 2023. Qualified Person: Mr. Robin Adair is the Qualified Person and the Vice President Exploration for Osisko Metals Incorporated. He is responsible for the technical data related to drilling in this news release and he is a Professional Geologist registered in the Northwest Territories. Mr. Michael Verreault P.Eng. MSc, will be acting as the Qualified Person for Osisko Metals regarding hydrogeological work. He is a Professional Geological Engineer with a Master's degree in Hydrogeology, and he is responsible for the hydrogeological technical data reported in this news release.