MONTREAL, Feb. 10, 2025 (GLOBE NEWSWIRE) -- Osisko Metals Incorporated (the "Company or "Osisko Metals") (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased to announce that the 2025 drill program is underway at its 100%-owned Gaspé Copper project, located next to the town of Murdochville in the Gaspé Peninsula, eastern Québec.
2025 Drill Program
The 2025 drill program, now slated at 110,000 metres, is designed to 1) convert existing inferred resources (see press release dated November 14, 2024) into the indicated or measured resource categories; 2) test potential expansion of the current resources deeper to 250 m below the E Zone horizon and further to the south towards Needle Mountain; 3) further characterize higher grade skarn zones (0.5% - 3.0% Cu); and 4) validate new geological models. In addition, approximately 10,000 metres of drilling outside the main mining concession will test regional exploration targets on surrounding claims.
The first drill began turning last week and drilling is expected to end by November 2025. A second drill will arrive later this month followed by additional drills in the spring, increasing as required as the program advances.
Robert Wares, CEO, commented: “We are very pleased to resume drilling at Gaspé Copper and are very excited about the growth potential of the resource base. This program aims to confirm existing open-pit resources and potentially expand them based on a new geological model for distribution of primary copper mineralization at Gaspé Copper. This intensive drill program will lead to an updated mineral resource estimate, slated to be released in Q2 2026.”
About Osisko Metals
Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals sector, with a focus on copper and zinc. The Company acquired a 100% interest in the past-producing Gaspé Copper mine from Glencore Canada Corporation in July 2023. The Gaspé Copper mine is located near Murdochville in Québec‘s Gaspé Peninsula. The Company is currently focused on resource expansion of the Gaspé Copper system, with current Indicated Mineral Resources of 824 Mt grading 0.34% CuEq and Inferred Mineral Resources of 670 Mt grading 0.38% CuEq (in compliance with NI 43-101). For more information, see Osisko Metals’ November 14, 2024 news release entitled “Osisko Metals Announces Significant Increase in Mineral Resource at Gaspé Copper“. Gaspé Copper hosts the largest undeveloped copper resource in eastern North America, strategically located near existing infrastructure in the mining-friendly province of Québec.
In addition to the Gaspé Copper project, the Company is working with Appian Capital Advisory LLP through the Pine Point Mining Limited joint venture to advance one of Canada‘s largest past-producing zinc mining camps, the Pine Point project, located in the Northwest Territories. The current mineral resource estimate for the Pine Point project consists of Indicated Mineral Resources of 49.5 Mt at 5.52% ZnEq and Inferred Mineral Resources of 8.3 Mt at 5.64% ZnEq (in compliance with NI 43-101). For more information, see Osisko Metals’ June 25, 2024 news release entitled “Osisko Metals releases Pine Point mineral resource estimate: 49.5 million tonnes of indicated resources at 5.52% ZnEq”. The Pine Point project is located on the south shore of Great Slave Lake, Northwest Territories, close to infrastructure, with paved road access, an electrical substation and 100 kilometers of viable haul roads.
For further information on this press release, visit www.osiskometals.comor contact:
Robert Wares, Chief Executive Officer of Osisko Metals Incorporated
Cautionary Statement on Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance are not statements of historical fact and constitute forward-looking information. This news release may contain forward-looking information pertaining to the Gaspé Copper Projects, including, among other things, Gaspé Copper hosting the largest undeveloped copper resource in Eastern North America and Glencore becoming a Control Person of the Company.
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information are set out in the Company’s public disclosure record on SEDAR+ (www.sedarplus.ca) under Osisko Metals’ issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
