Mar 30 2018
Osisko Metals Incorporated (the "Company" or "Osisko Metals") is pleased to announce that it has signed an option agreement (the "Agreement") with Osisko Mining Inc to earn a 50% interest in the Urban-Barry Base Metals Project (the "Project"), a select package of 151 claims located within Osisko Mining's Urban-Barry claim group.
The Project covers 8,511 hectares (85.11 km2) and is located 225 kilometres ENE of the town of Val-d'Or and 100 km south of the town of Chibougamau, Québec, located on portions of the Urban-Barry Greenstone Belt in the eastern part of the Abitibi sub-province. The claims include twelve priority drill-ready airborne electromagnetic targets within two geological settings: 1) bi-modal volcanic sequences combined with Cu-Zn-Pb anomalies in tills. The targets have strong potential for volcanogenic massive sulphide (VMS) mineralization and 2) mafic-ultramafic intrusions combined with Cu-Ni anomalies in tills, representing potential for magmatic copper-nickel-cobalt mineralization.
THE TRANSACTION
Pursuant to the Agreement, the Company may earn a 50% interest in the Project by funding an aggregate of $5,000,000 in exploration expenditures over four (4) years as outlined below:
Osisko Mining shall retain a 100% interest over any fortuitous precious metals (gold-silver) discoveries on the claims covered by the agreement. Osisko Mining will be project operator during the earn-in period.
Jeff Hussey, President and CEO of Osisko Metals, stated: "We are very happy to be signing this agreement with Osisko Mining. They have been very successful exploring the Windfall gold project and advancing exploration in the Urban Barry Camp. Their exploration and technical teams are second to none, one of the key reasons we are happy to have them as operators of this drill-ready project. We expect the program to begin during the second quarter of 2018 and to move forward quickly, as 2,000 metres of drilling have already been designed to rapidly test initial exploration targets".
Qualified Person
Mr. Mathieu Savard is the Qualified Person responsible for the technical data reported in this news release. He is a Professional Geologist registered in Quebec and is Vice President Exploration Québec of Osisko Mining Incorporated.