Business
Osisko Metals Announces the Start of Drilling at Gaspé Copper; Maiden Resource to be Released in April
MONTREAL, April 12, 2022 (GLOBE NEWSWIRE) -- Osisko Metals Incorporated (the “Company” or “Osisko Metals”) (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased
About this update from Osisko Metals Incorporated
[{"type":"text","content":" MONTREAL, April 12, 2022 (GLOBE NEWSWIRE) -- Osisko Metals Incorporated (the “Company” or “Osisko Metals”) (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased to announce that drilling at Gaspé Copper will begin this week. The drill program will focus on re-evaluation of copper mineralization near the past-producing Mount Copper open pit, with Phase 1 (10,000 metres) primarily designed to evaluate extent of near-surface oxide mineralization, and a subsequent Phase 2 program (20,000 metres) for infill drilling in order to update the currently modelled in-pit resource. The company anticipates issuing the maiden, NI43-101 compliant, in-pit Inferred Mineral Resource Estimate for the Mount Copper deposit before the end of April, which will be based on historical drilling results from Noranda (until 1998), and more recently from Xstrata and Glencore Canada (2011 to 2019). Robert Wares, Chairman & CEO, commented: “We are excited to take this first step in re-evaluating the historic Gaspé Copper mine located near the community of Murdochville. Our initial drilling will be focused on completing our due diligence requirements, including further testing of the surface oxide zone. Should Osisko Metals acquire this asset from Glencore Canada, the objective this year will be to complete the 30,000 metre drill program and launch a Preliminary Economic Assessment of the project. Additional drilling may be completed this year in order to upgrade the forthcoming Inferred Mineral Resource Estimate to the Measured and Indicated categories so that we can rapidly move forward to a Feasibility Study.” The expansion of the Mount Copper open pit was evaluated by Noranda in the 1980’s but did not proceed due to the presence of the copper smelter located on the pit perimeter. Mining operations ceased in 1999 and the smelter closed in 2002. Since then, the entire mine, mill and smelter complex was dismantled and the site has been on care and maintenance. With the smelter gone, potential expansion of the Mount Copper pit is now possible and this will be the focus of the Company’s resource evaluation in the context of rising copper prices. Pine Point Update The winter drill program at Pine Point is finishing and drilling will be suspended during spring break-up. Drilling will resume in June 2022 and remaining drilling, which will extend into winter 20...