Pine PointSA国际影视传媒檚 new owner is signaling an aggressive push towards getting the siteSA国际影视传媒檚 lead-zinc stores estimated and the financial feasibility of the project defined.
Osisko Metals Inc. announced it had acquired Pine Point Mining Ltd. on Feb. 23, obtaining all outstanding shares of the company and exchanging already-held shares in Pine Point for shares in Osisko.
KSA国际影视传媒檃tlodeeche First Nation, which inked exploration agreements with Pine Point Mining Ltd. last fall SA国际影视传媒� along with Deninu Kue First Nation and the Fort Resolution M茅tis Council SA国际影视传媒� has been meeting regularly with the new owners, says Chief Roy Fabian.
SA国际影视传媒淭heySA国际影视传媒檙e just keeping us abreast of what theySA国际影视传媒檙e doing,SA国际影视传媒� says Fabian. SA国际影视传媒淭heySA国际影视传媒檙e consulting with us on a regular basis and letting us know what kind of work theySA国际影视传媒檙e doing.SA国际影视传媒�
While Fabian says most of the project is on Deninu Kue traditional territory, exploration will eventually cross over into KFN traditional territory. As well, if a mine does start up, the KFN will be looking to develop an impact and benefits agreement. The exploration agreements were the first step towards that.
SA国际影视传媒淔or us, weSA国际影视传媒檙e putting a plan together on how we want to deal with the Pine Point Mine. If it ever gets to a point of production,SA国际影视传媒� says Fabian.
He said the First Nation is looking at putting together a small conference for the community on what kinds of benefits, and work and business opportunities, are available when a mine is built in the area.
SA国际影视传媒淲e hope to have that conference sometime soon so we can educate our people, build a little capacity so that (if the mine) gets to the point of production, weSA国际影视传媒檝e done some preparation work and we can look at what sort of businesses we want to get into,SA国际影视传媒� says Fabian,
In a press release, Osisko president and CEO Jeff Hussey stated the junior miner is looking to drill 50,000 metres in 2018 at over 40 historic deposits, hoping to SA国际影视传媒渞apidly convertSA国际影视传媒� whatSA国际影视传媒檚 known to be there historically into a NI43-101 compliant mineral resource estimate SA国际影视传媒� the official instrument used to legally define a mineral resource in Canada.
After that, the company can use that information as well as market information on demand and price of commodities SA国际影视传媒� now and whatSA国际影视传媒檚 projected SA国际影视传媒� to determine with certainty whether the profit margins are there to start mining.
Hussey did not respond to requests for additional comment by press time.
Osisko is an exploration and development company with a focus on zinc, and has other properties in New Brunswick and Quebec.
Hussey stated the acquisition of Pine Point is helping Osisko Metals SA国际影视传媒渁dvance its goal of becoming a leading base metal mining company in Canada.SA国际影视传媒�
Last year, Pine Point Mining Ltd. undertook a preliminary economic assessment of the project, which estimated it would have a 13-year mine life, producing 1.35 billion pounds of zinc and 536 million of lead, with a total estimated pre-tax income of $908 million. Capital costs to get the mine started up were pegged at $153.8 million, with ongoing costs of $117.5 million over the life of the mine, which it estimated it could afford through the money being brought in.
