Osisko Metals is advancing its plans to submit an environmental assessment (EA) to governmental groups in Q4 2020 with regards to permits at its completely owned Pine Point zinc mine development.
The zinc exploration and development company has been issued the preliminary economic assessment (PEA) and ongoing discussions with stakeholders and shareholders are currently being held on the way forward, Osisko said in a company update on Thursday.
Jeff Hussey, Osisko’s president and chief operating officer said the drilling resumption announced on August 27, is in step with the upcoming presentation of its EA, indicating a vital breakthrough in moving the project forward so that construction may begin by the end of 2023.
The environmental work is supported by fundamental recommendations from the PEA and is being carried out in preparation for a feasibility study, Hussey said. The company plans to proceed quickly on the Pine Point project to address the anticipated supply shortage in the zinc market. The drill results will be released in the upcoming weeks, Hussey noted.
Canadian-based Osisko Metals concentrates on zinc mineral assets operating two leading zinc mining camps. Its main projects are Pine Point in the Northwest Territories and its Bathurst mining camp in Northern New Brunswick.
The proposed Pine Point project would be the fourth largest zinc mine in North America and the ninth-largest, globally, if entered into production. The project holds a mineral resource of 12.9mn mt of indicated mineral resources, grading 6.29pc zinc equivalent and 37.6mn mt of inferred mineral resources, grading 6.8pc zinc equivalent.