Vedanta to exclude base metals business from sweeping demerger
The group said it will consider the base metals business demerger at a later stage.
Osisko Metals president and CEO Jeff Hussey called 2018 a “very successful” year for his company, thanks to low zinc inventories and mid-term mine output forecasted to be less than global demand.
Last February the company acquired Pine Point Mining and initiated the largest active drill program in the Northwest Territories. By the end of the year, a pit constrained inferred resource of 38 million tonnes grading 4.58% zinc and 1.85% lead was defined. The property hosts 33.9 billion lb. of zinc and 1.6 billion lb. of lead.
The property hosts 33.9 billion lb. of zinc and 1.6 billion lb. of lead
Definition drilling will continue this year at Pine Point. A separate brownfield exploration program will be launched after a site-wide digital compilation over the central portion of the project is completed. A new indicated and inferred resources estimate is also due this year.
Several of Osisko’s other projects lie in the Bathurst zinc-lead camp in New Brunswick. With last year’s acquisition of the Key Anacon project, the company expanded its land holdings and began a successful early stage exploration campaign. Several massive sulphide intercepts were recorded up to 85 metres thick in the Titan zone, the best of which was 22.2 metres averaging 6.07% zinc, 2.19% lead, 0.92% copper and 48.8 g/t silver.
A grassroots exploration program is planned for the Key Anacon property. Re-interpretation of the local volcanic stratigraphy has allowed Osisko to outline a 25 km extension of relatively untested section of the Brunswick Horizon located east of the former Brunswick No. 12 mine.
This article originally appeared in the Canadian Mining Journal.
