Osisko Metals Incorporated (TSXV: OM | OTCQX: OMZNF | FRANKFURT: 0B51) has released 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.
Robert Wares, CEO, and chairman, 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.”
The updated MRE comprises an open-pit indicated resource of 495Mt grading 0.37% CuEq, representing a 30% increase in copper-equivalent metal content over the previously reported copper-only inferred resource, as well as greater than 99% conversion rate from inferred to indicated category.
At 3.25Blbs (1.47Mt) of contained copper, not including significant molybdenum (180Mlbs) and silver (28Moz) resources, the Copper Mountain in-pit indicated resource hosts the largest undeveloped copper asset in Eastern North America.
Additionally, the company has announced that 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.
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