Osisko welcomes Quebec’s participation in Gaspe copper project
Osisko Metals Inc. [OM-TSXV, OMZNF-OTC] said it is pleased to welcome the participation of the government of Quebec in its Gaspe copper project, which 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 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 on Monday 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.
Osisko CEO Robert Wares also participated in the press conference.
“We are delighted to have the participation and support of the government of Quebec in the advancement of the Gaspe copper project,’’ said Wares. “Osisko Metals intends to develop the project in harmony with the citizens of Murdochville and the Gaspe Peninsula, the Mi’gmaq community of Gespe’gewa’gi, and the local business community while prioritizing respect for the environment and sustainable development in our activities,’’ he said. “We firmly believe that Gaspe copper could become an economic pillar that will benefit the Gaspe Peninsula for several decades to come.’’
On Tuesday, Osisko shares eased 1.53% or $0.005 to 32 cents to trade in a 52-week range of 37 cents and 14.5 cents.
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.
Meanwhile, the announced pilot project comes from the 2024-2025 road map for the harmonious and responsible development of mining activity. The objectives of the maximization committee formed in Murdochville, therefore, aim to improve and consolidate approaches that promote economic benefits on a regional scale, increase the participation of local and indigenous business communities in the development of the project, and identify opportunities within the circular economy.
Creating a place for exchanges between the business community and Osisko Metals also facilitates the overall understanding of the project and it opportunities it creates in the area. Various local and regional economic development organizations – municipal, government, business and indigenous will sit on the committee.