Osisko Metals Incorporated (TSXV: OM | OTCQX: OMZNF | FRANKFURT: 0B51) has announced an updated mineral resource estimate for the Gaspé Copper Project, located near Murdochville in the Gaspé Peninsula of Quebec.
The updated MRE includes pit-constrained resources comprising 824Mt grading 0.34% CuEq of indicated category and 670Mt grading 0.38% CuEq of inferred category. This MRE represents a 53% increase in copper-equivalent metal content over the previously reported indicated resource and a 100-fold increase in copper-equivalent metal content in inferred resources.
Robert Wares, CEO & Chairman, commented, “We are very proud to announce this updated resource estimate for Gaspé Copper. The overall resource has increased dramatically since last spring’s MRE as a result of new geological modelling and extending the modelled Whittle pit boundaries towards Needle Mountain to the south. A minimum 70,000m drill programme is now planned for 2025, with the objective of converting the bulk of the current inferred resource to indicated category. There is also excellent potential for converting currently categorized in-pit waste rock to mineralized material with this drill programme, which would further grow the in-pit resource while reducing the strip ratio.”
At 4.91Blbs (2.23Mt) of contained copper, as well as significant molybdenum (274Mlbs) and silver (46.0Moz), the latest Gaspé Copper in-pit indicated resource hosts by far the largest undeveloped copper-molybdenum deposit in Eastern North America, exclusive of inferred resources.
“This MRE represents a much larger resource than was estimated previously, presenting the potential for a bulk tonnage mining operation with significantly higher throughput. Given this new resource milestone, management has elected to defer the PEA, originally slated for release in Q1 2025, to a later date until additional new drilling is completed. Ongoing studies will focus on a larger-scale mine plan and relocation of the mill complex away from the current sit.” Added Mr. Wares.
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