Osisko Metals (TSXV: OM; OTCQX: OMZNE) has updated the resource estimate at its Copper Mountain deposit to an indicated resource of 495 million tonnes grading 0.30% copper, 0.016% molybdenum, and 1.75 g/t silver (0.37% copper equivalent). That resource contains 3.2 billion lb. copper, 180 million lb. molybdenum, and 27.9 million oz. silver.
There is also an inferred resource of 6.3 million tonnes at 0.30% copper, 0.19% molybdenum, and 1.44 g/t silver (0.37% copper equivalent).
The deposit is believed to be the largest undeveloped copper asset in Eastern North America, said Osisko. The new numbers represent a 30% increase in copper equivalent metal content over the previous estimate, as well as a 99% conversion rate to indicated from inferred.
“We are extremely pleased with the results of the updated mineral resource estimate for the Copper Mountain deposit,” said Osisko Metals CEO and chair Robert Wares. “Integrating the recently announced positive metallurgical testing results, the Gaspé copper project is showing excellent potential towards becoming a key Canadian copper-molybdenum producer, located in one of the world’s safest mining jurisdictions.”
Metallurgical studies averaged 91.9% recovery from 19 bulk copper-molybdenum flotation tests and 94.2% from three locked-cycle copper-molybdenum separation tests.
“This MRE will provide the basis for a preliminary economic assessment, scheduled to be released in early first quarter 2025 in the context of what we believe is the start of a strong long-term copper market” he continued. “Furthermore, we strongly believe that this important asset could become a core component of Quebec’s critical mineral development strategy that aims to provide essential metals for global decarbonization initiatives.”
The Copper Mountain deposit is part of Osisko’s Gaspé copper project near Murdochville, Que. The company acquired 100% of the past-producing Gaspé mine in 2022. Copper was first discovered in 1921, but production did not begin until 1955. Operations ceased in 2002.
Osisko has plans in place to reopen the mine, beginning with the remnant mineralization in the existing pit. The company also believes there is potentially high-grade underground mineralization that was never mined by Noranda subsidiary Gaspé Copper.
Recent news releases are posted on www.OsiskoMetals.com.
