Osisko Metals (TSX: OM) said assays from six new drill holes at its Gaspé copper project in Quebec show the presence of a high-grade zone that bodes well for the deposit’s potential. The stock climbed.
Hole 30-1109 cut 134 metres grading 1.04% copper from 727 metres depth, as well as 41 metres of 1.35% copper from 543 metres downhole, Osisko said Thursday. Another hole, 30-1106, returned 34 metres of 1.04% copper from 864 metres depth. The Gaspé project is near Murdochville, about 825 km northeast of Montreal.
“We view these results as positive for Osisko Metals shares,” Scotia Capital mining analyst Eric Winfill said in a note. “Infill drilling returned long mineralized copper intercepts while expansion drilling encountered additional mineralized intercepts outside the current resource area.”
Crews are working to upgrade the deposit’s current resource to measured and indicated from inferred by the first quarter of next year – ahead of a decision to potentially reopen the former Noranda mine in Murdochville by the early 2030s. A preliminary economic assessment will probably be released in the first half of 2026.
Osisko Metals rose 3.6% to 43.5¢ apiece Thursday afternoon in Toronto, giving the company a market value of about $265 million. The stock has traded between 21¢ and 55¢ in the past year.
Indicated tonnes
Gaspé hosts 824 million indicated tonnes grading 0.27% copper, 0.015% molybdenum and 1.74 grams silver for contained metal of 2.23 million tonnes of copper, 124,000 tonnes of molybdenum and 46 million oz. of silver, according to an estimate released in November.
The inferred resource is estimated at 670 million tonnes grading 0.3% copper, 0.02% molybdenum and 1.37 grams silver for contained metal of 1.99 million tonnes of copper, 133,000 tonnes of molybdenum and 29.5 million oz. of silver.
Osisko is targeting 130,000 metres as part of its 2025 drilling campaign.
Other results released Thursday include those of hole 30-1103, which cut 168 metres grading 0.24% copper from 323 metres depth, and hole 30-1110, which intersected 1,092 metres averaging 0.2% copper from 8 metres downhole.
“The growth potential of the Gaspé copper deposit continues to be demonstrated with today’s new high-grade results,” CEO Robert Wares said in the statement. “Our expansion drilling is exceeding expectations, hand-in-hand with the solid infill results on our main resource area.”
