Canadian metals and exploration company Osisko Metals Inc. has provided a summary of its 2017 corporate milestones and has offered an outlook for 2018.
The company consolidated over 63 000 ha within the Bathurst Mining Camp (BMC) in New Brunswick, making Osisko Metals the largest landowner of this highly prospective region. Among these claims, the company acquired the majority of the Brunswick Belt, which covers significant portions of the strike length that hosted both the former Brunswick No.12 and No. 6 mines, and offers some of the most prolific geology in the Bathurst Camp.
The company also successfully signed a number of key agreements to purchase groups of claims hosting significant historical deposits, namely Key Anacon, Mount Fronsac, Flat Landing Brook, Gilmour South, Camel Back and Louvicourt. In September of 2017, Osisko Metals began an aggressive Phase 1 diamond drill programme focussed on resource definition and expansion of a number of these historical deposits.
According to Osisko Metals, the company had a very successful year raising capital and negotiating a strategic royalty deal with Osisko Gold Royalties, adding a total of CAN$41.75 million to its treasury.
The company reinforced its Board of Directors by adding John Burzynski, President, CEO and Director of Osisko Mining Inc., as well as Amy Satov, CEO and Co-Founder of Litron Distributors Ltd. The company also appointed Robin Adair, P. Geo, as Vice President Exploration and Gary Woods, P.Geo, as Senior Exploration Manager, Bathurst Project. With the addition of these two senior geologists, Osisko Metals’ management team now has over 100 years of work experience in base metals exploration, more particularly in the BMC region.
President and CEO, Jeff Hussey, remarked: “2017 was a very successful year for Osisko Metals and we look forward to 2018 on many different fronts. Consolidating one of Canada’s largest historical zinc mining camps in Bathurst, New Brunswick, was a major move for the company, as well was attracting a management team that is both knowledgeable and experienced in exploration and development of base metals assets. We also successfully raised sufficient capital to finance our programmes and lastly, we initiated the acquisition of Pine Point, Canada’s once most profitable zinc mining camp in the southern Northwest Territories. I would like to thank all of our stakeholders for their support during this exciting first year as Osisko Metals and look forward to a new year of milestones as we remain committed to creating shareholder value.”
The company believes its latest acquisitions of BMC, Key Anacon and Key Anacon East, are exciting targets for Osisko Metals.
Osisko Metals has budgeted CAN$10 million in exploration work across the BMC. Exploration efforts incorporate a three-pronged approach to maximise success including 45 000 m of drilling at historical deposits and 5000 m of drilling at untested earlier stage targets for a total of 50 000 m of drilling combined with detailed airborne gravity surveys.
The company expects a large portion of its effort will be centered on the Key Anacon property. Osisko Metals is to drill a minimum of 12 000 m in addition to drilling the area surrounding the historical resource, exploration drilling will be conducted throughout the East Zone.
An airborne gravity survey will also be completed in order to identify other areas of potential on the property, including areas located under a thin veneer of younger flat lying rocks that overlie Bathurst Camp favourable stratigraphy.