Osisko Metals Incorporated (TSX: OM) (OTCQX:OMZNF) (FRANKFURT: 0B51) is pleased to announce new drill results and re-analysis results from historic drill core from the Gaspé Copper Project, located in the Gaspé Peninsula of Eastern Québec.

Osisko Metals Chief Executive Officer Robert Wares commented: “These new results include three holes for the Southern Extension, again demonstrating that the deposit is wide open to the south. Drill hole 30-1177, located 150 metres south of the limit of the 2024 MRE model, intersected 315 metres averaging 0.42% Cu, including another high-grade zone of 51 metres averaging 1.24% Cu. Moreover, re-assaying of historical Noranda holes further to the south revealed more positive results, with drill hole 30-0888, located 625 metres south of the limit of the 2024 MRE model, producing 92.9 metres averaging 0.35% Cu from surface and 30-0874 producing 59.8 metres averaging 0.28% Cu. We look forward to the updated MRE on Gaspé Copper due to be released towards the end of March.”

New analytical results are presented below (see Table 1), including 53 mineralized intercepts from 19 new, and 2 re-assayed drill holes. Infill intercepts are located inside the 2024 MRE model (see November 14, 2024 news release), and are focused on upgrading inferred mineral resources to measured or indicated categories, as applicable. Expansion intercepts are located outside the 2024 MRE model and may potentially lead to additional resources that will be classified appropriately within the next MRE update. Some of the reported intercepts have contiguous shallower infill as well as deeper expansion (noted on Table 1 below as “Both”). Maps showing hole locations are available at www.osiskometals.com.

Highlights:

• Drill hole 30-1168
  • 694.0 metres averaging 0.31% Cu (0.38% CuEq – infill and expansion)
• Drill hole 30-1177 (Southern Extension)
  • 315.0 metres averaging 0.42% Cu (0.44% CuEq – expansion), including
    51.0 metres averaging 1.24% Cu and 14.5 g/t Ag

• Drill hole 30-0888 Re-assay (Southern Extension)
  • 92.9 metres averaging 0.35% Cu (0.47% CuEq – expansion)

• Drill hole 30-1167
  • 816.5 metres averaging 0.24% Cu (0.34% CuEq – infill and expansion)
• Drill hole 30-1171
  • 756.5 metres averaging 0.27% Cu (0.35% CuEq – infill and expansion)
• Drill hole 30-1162
  • 705.3 metres averaging 0.25% Cu (0.33% CuEq – infill)
• Drill hole 30-1174
  • 690.0 metres averaging 0.24% Cu (0.35% CuEq – infill and expansion)
• Drill hole 30-1166
  • 643.5 metres averaging 0.25% Cu (0.35% CuEq – infill and expansion)
• Drill hole 30-1179
  • 574.5 metres averaging 0.37% Cu (0.47% CuEq – infill)

Table 1: Infill and Expansion Drilling Results

* See explanatory notes below on copper equivalent values and Quality Assurance/Quality Controls.
** “Both” indicates drill holes that have contiguous shallower infill as well as deeper expansion intercepts.

Discussion

Southern Extension holes: Drill hole 30-1177 was drilled vertically through a B-Zone pillar, down to a level just below the E-Zone. It was located 150 metres south of the southern limit of the 2024 MRE model and intersected 315.0 metres averaging 0.42% Cu and 4.13 g/t Ag, including a high-grade intercept in the P1-W1-P2 units (hosting the B-Zone) that comprised 51 metres averaging 1.24% Cu and 14.5 g/t Ag. Drill hole 30-0874 and 30-0888 were historical Noranda holes from which preserved core was re-assayed, drilled vertically and located on top of Needle East Mountain, 535 metres and 625 metres south of the southern limit of the 2024 MRE model, respectively. Drill hole 30-0874 intersected 59.8 metres averaging 0.28% Cu and 3.08 g/t Ag, while drill hole 30-0888 intersected 92.9 metres averaging 0.35% Cu and 4.78 g/t Ag, demonstrating that the deposit is open to the south for at least 600 metres beyond the southern limit of the 2024 MRE model.

Drill holes 30-1158, 30-1163, 30-1175 and 30-1178 were drilled at or just outside the eastern and western margins of the 2024 MRE model in order to confirm portions of the outer limits of the deposit. All four holes intersected little or sporadic mineralization, as expected.

Mineralization at Gaspé Copper is of porphyry copper/skarn type and occurs as disseminations and stockworks of chalcopyrite with pyrite or pyrrhotite and minor bornite and molybdenite. One prograde and at least five retrograde vein/stockwork mineralizing events have been recognized at Copper Mountain, which overprint earlier, bedding replacement skarn and porcellanite-hosted mineralization throughout the Gaspé Copper system. Porcellanite is a historical mining term used to describe bleached, pale green to white potassic-altered hornfels. Subvertical stockwork mineralization dominates at Copper Mountain whereas prograde bedding-parallel mineralization, which is mostly stratigraphically controlled, dominates in the area of lower Copper Mountain, Needle Mountain, Needle East, and Copper Brook. High molybdenum grades (up to 0.5% Mo) were locally obtained in both the C Zone and E Zone skarns away from Copper Mountain.

The 2022 to 2024 Osisko Metals drill programs were focused on defining open-pit resources within the Copper Mountain stockwork mineralization (see May 6, 2024 MRE press release). Extending the resource model south of Copper Mountain into the poorly-drilled prograde skarn/porcellanite portion of the system subsequently led to a significantly increased resource, mostly in the Inferred category (see November 14, 2024 MRE press release).

The current drill program is designed to convert the November 2024 MRE to Measured and Indicated categories, as well as test the expansion of the system deeper into the stratigraphy and laterally to the south and southwest towards Needle East and Needle Mountain respectively. The November 2024 MRE was limited at depth to the base of the L1 skarn horizon (C Zone), and all mineralized intersections below this horizon represent potential depth extensions to the deposit, to be included in the next scheduled MRE update in Q1 2026.

Most holes are being drilled sub-vertically into the altered calcareous stratigraphy that dips 20 to 25 degrees to the north. The L1 (C Zone) the L2 (E Zone) skarn/marble horizons were intersected in most holes, as well as intervening porcellanites that host the bulk of the disseminated copper mineralization.

Table 2: Drill hole locations

Explanatory note regarding copper-equivalent grades

Copper Equivalent grades are expressed for purposes of simplicity and are calculated taking into account: 1) metal grades; 2) estimated long-term prices of metals: US$4.25/lb copper, $20.00/lb molybdenum, and US$24/oz silver; 3) estimated recoveries of 92%, 70%, and 70% for Cu, Mo, and Ag respectively; and 4) net smelter return value of metals as percentage of the price, estimated at 86.5%, 90.7%, and 75.0% for Cu, Mo, and Ag respectively.

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 averaging 0.34% CuEq and Inferred Mineral Resources of 670 Mt averaging 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 averaging 5.52% ZnEq and Inferred Mineral Resources of 8.3 Mt averaging 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, NWT, close to infrastructure, with paved road access, an electrical substation and 100 kilometres of viable haul roads.

For further information on this news release, visit www.osiskometals.com or contact:

Don Njegovan, President
Email: info@osiskometals.com
Phone: (416) 500-4129