Osisko Metals (TSXV: OM) is expanding its zinc footprint to northern Canada in a $35 million deal to acquire Pine Point Mining (TSXV: ZINC) and its Pine Point project near Hay River in the Northwest Territories.
Pine Point – once Canada’s most profitable zinc-lead mine – produced nearly 64 million tonnes of ore from 52 deposits between 1964 and 1987. Another 46 deposits on the property were identified but never put into production.
The acquisition, combined with Osisko Metal’s 50,000-hectares of zinc properties in New Brunswick’s Bathurst Mining Camp, gives the junior exploration and development company control over two world-class past-producing base metal camps.
“For fifty years Brunswick was the largest underground zinc mine in the world and Pine Point was the most profitable open-pit operation at that time in Canada,” says Jeff Hussey, Osisko Metals’ president and CEO. “These are the two premiere zinc-producing mining camps, and we are going to work hard to create value in both camps.”
Pine Point Mining completed a preliminary economic assessment of the project, 10 km south of Great Slave Lake and 65 km east of Hay River, in May 2017, outlining a 13-year mine life with total life-of-mine production of 1.35 billion pounds of zinc and 536 million pounds of lead.
For the rest of this article: http://www.northernminer.com/news/osisko-metals-purchase-zinc-mining-camp-nwt/1003792815/