Osisko Metals Incorporated (the “Company” or “Osisko Metals“) (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased to announce an updated Mineral Resource Estimate (“MRE”) at Copper Mountain as part of the Gaspé Copper Project, located near Murdochville in the Gaspé Peninsula of Quebec.
The updated MRE (see Table 1 below) comprises an open-pit Indicated Resource of 495 million tonnes grading 0.37% CuEq, representing a 30% increase in copper-equivalent metal content over the previously reported copper-only Inferred Resource (see April 28, 2022 press release), as well as greater than 99% conversion rate from Inferred to Indicated category.
At 3.25 billion pounds (1.47 million tonnes) of contained copper, not including significant molybdenum (180 million pounds) and silver (28 million ounces) resources (see Table 1 below), the Copper Mountain in-pit Indicated Resource hosts the largest undeveloped copper asset in Eastern North America.
Other improvements in the updated MRE include a 38% reduction of the strip ratio (now estimated at 1.23) from the estimate in the previously reported Inferred Resource, based on the mineralization geometry that surrounds the former open pit mine.
Robert Wares, CEO & Chairman of the Board, commented: “We are extremely pleased with the results of the updated Mineral Resource Estimate for the Copper Mountain Deposit. The overall copper resource has increased since we announced the maiden resource estimate in 2022 with significant molybdenum and silver credits now included in the estimate. Integrating the recently-announced positive metallurgical testing results, the Gaspé Copper Project is showing excellent potential towards becoming a key Canadian copper-molybdenum producer, located in one of the world’s safest mining jurisdictions.”
Mr. Wares continued: “This MRE will provide the basis for a Preliminary Economic Assessment, scheduled to be released in early Q1 2025 in the context of what we believe is the start of a strong long-term copper market. Furthermore, we strongly believe that this important asset could become a core component of Quebec’s critical mineral development strategy that aims to provide essential metals for global decarbonization initiatives.”
