Osisko tables new drill results from Gaspe copper project, Quebec
Osisko Metals Inc. [OM-TSXV, OMZNF-OTC] has posted new drill results from its Gaspe copper project in Quebec. On Thursday, Osisko released drill results from Gaspe with an expansion hole intersecting a significant mineralized wdith.
Drill hole 30-1090 intersected new mineralization located 105 metres south of the 2024 mineral resource estimate model, returning 279 metres averaging 0.49% copper and 3.35 g/t silver, including 8.7 metres averaging 2.24% copper and 9.8 g/t silver.
A second intercept in this same hole returned 108 metres averaging 0.84% copper and 7.79 g/t gold, extending mineralization to a vertical depth of 525 metres. The current drill program is designed to convert the November 2024 mineral resource estimate to measured and indicated categories and test the expansion of the system deeper and laterally to the south and southwest.
On Thursday, Osisko shares edged up 1.19% or $0.005 to 42.5 cents. The shares trade in a 52-week range of 55 cents and 16 cents.
The Gaspe copper project is located next to the town of Murdochville in the Gaspe Peninsula, on the traditional territory of the Mi’gmaq First Nation of Gespe’gew’gi.
The company is currently focused on resource expansion at the Gaspe copper system, with current indicated mineral resources of 824 million tonnes of grade 0.34% copper equivalent (CuEq) and inferred resource of 670 million tonnes grading 0.38% CuEq. Osisko aims to restart the Murdochville Gaspe copper mine by 2031.
The company said the former mine site contains excellent estimated resources of copper, a critical and strategic mineral that is increasingly in demand worldwide, and other important byproducts in in the industry such as molybdenum. The project is currently in the advanced exploration phase and Osisko plans to continue its feasibility studies until 2027.
Osisko was in news back in January when it welcomed the welcome the participation of the government of Quebec in its Gaspe copper project. Osisko said the government of Quebec will lead a pilot project to create a committee that seeks to maximize the economic benefits of the Gaspe copper project. The committee will be overseen by the Quebec Ministry of Natural Resources and Forests and aims to optimize socio-economic benefits in the Gaspe Peninsula by ensuring strong collaboration with the business community throughout the project development process.
The announcement was made in Murdochville during a press conference by Maite Blanchette Vezina, Minister of Natural Resources and Forests and Minister Responsible for the Bas-Saint-Laurent Region and the Gaspesie-Iles-de-la Madeleine Region, along with Mr. Stephane Sainte-Croix, MNA for Gaspe, and local representatives.