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Canadian miner buys lead-zinc mine under $27M deal
New investment Canada’s Osisko Metals has acquired a lead-zinc mine in the country’s Northwest Territories from Pine Point Mining under a deal worth some C$34 million ($27 million).
"The Pine Point Project has had a positive Preliminary Economic Assessment study ... which focused on a restricted subset of open-pit deposits, totaling 25.8 million tonnes of Indicated Resources grading 2.9% zinc and 1.1% lead and 3.7 million tonnes of Inferred Resources grading 2.9% zinc and 0.8% lead," the company said in a statement.
Jeff Hussey, the president and CEO of Osisko Metals, said the "addition of the Pine Point Project to our exploration and development portfolio is [in line with] our strategy of consolidating world class base metal mining districts."
Based in Montreal, Osisko Metals says it is an exploration and development company focused on base metals with an emphasis on zinc. The company is listed on the Toronto Stock Exchange (TSX).