Osisko Metals Incorporated (TSX-V: OM) (OTCQX: OMZNF) (FRANKFURT: 0B51) is pleased to announce additional drilling results from the Gaspé Copper Project, located in the Gaspé Peninsula of Quebec. Twelve of the eighteen holes being reported were collared on the periphery of the existing Mount Copper open pit and utilized controlled directional drilling techniques, including one long drill hole that was flattened at shallow dips to crosscut the higher-grade mineralization below the existing open pit (see map).
Robert Wares, Chairman & CEO, commented: “We are very happy with this latest slate of drill results at Gaspé Copper, which are not only confirming grades at the Mount Copper deposit but also expanding the modelled limits of mineralization. Final results of the 2022 program are still pending, including another long directional drill hole that was designed to crosscut a known northwestern discontinuity and intersect higher grade mineralization below the bottom of the existing pit. We look forward to announcing these final results in the near future and resume drilling early next summer.”
Table 1: Composites of Intersected Mineralization
Intersections marked with an asterisk in the above table extended mineralization beyond the 2022 MRE block model and hence may add to the next resource estimate update. Intersections of less than 10 metres are not reported. The maximum internal dilution of reported intersections (below calculated composites of 10.5 metres grading minimum of 0.16% Cu) is 5.0 metres.
The start of mineralization in many of the holes is relatively deep as they were collared well outside the block model envelope (modelled mineralized shell) in order to reach desired targets within the model.
DDH 30-996A was collared on the eastern margin of the pit, outside of the block model, and failed at a depth of 108 metres.
The pit-constrained Inferred Mineral Resource Estimate (“MRE”) established that mineralization extends well beyond the existing Mount Copper open pit (see April 28, 2022 press release). The results in the tables herein help to confirm the historical assays and provide closer drill spacing in preparation for upcoming economic studies. Eight of the eighteen drill holes have extended mineralization beyond the current modeled pit shell used for the MRE.
The porphyry copper-style stockwork mineralization at Mount Copper is characterized by widespread, continuous copper mineralization radiating from the central primary source of mineralizing fluids, i.e. the Mount Copper porphyry intrusion located at depth.
Metal grades tend to decrease further away from the source, very gradually, leaving abundant lower-grade mineralization surrounding the center of the system. Economic factors detailed in the MRE have changed since the historical mine was closed such that drill results on the margin of the pit are generally above the proposed cut-off grade of 0.16% Cu.
Osisko Metals would like to announce that Killian Charles, Vice President of Corporate Development, has assumed the role of CEO & President of Brunswick Exploration as of January 1st. In doing so, he has left his role with the Company to focus on BRW and will remain with the Company in an advisory capacity. We wish him all the best in his new role, and thank him for his dedication to helping us obtain our flagship projects and communicating our vision and progress to shareholders.
Table 2: Drill hole Collar Locations (UTM NAD83 – Zone 20)
|Hole Name||Area||Easting||Northing||Elev. (m)||Azm.||Dip||Length (m)|
Mr. Jeff Hussey is the Qualified Person and President/COO for Osisko Metals Incorporated. He is responsible for the technical data reported in this news release and he is a Professional Geologist registered in the Province of Quebec.
Quality Assurance / Quality Control
Osisko Metals adheres to a strict QA/QC program for core handling, sampling, sample transportation and analyses. Drill core samples from the Mines Gaspe project area are securely transported to its core facility on site, where they were logged and sampled. Samples selected for assay are shipped to ALS Canada Ltd.’s preparation facility in Sudbury. Pulps are analyzed at the ALS Canada Ltd. facility in North Vancouver, BC. All samples are analyzed by four acid digestion followed by both ICP-AES and ICP-MS for a multi-element suite with a 1% upper detection limit for base metals.
About Osisko Metals
Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals space. The Company controls one of Canada’s premier past-producing zinc mining camps, the Pine Point Project, located in the Northwest Territories for which the 2022 PEA has indicated an after-tax NPV of $602M and an IRR of 25% is based on the current Mineral Resource Estimates that are amenable to open pit and shallow underground mining and consist of 15.7Mt grading 5.55% ZnEq of Indicated Mineral Resources and 47.2Mt grading 5.94% ZnEq of Inferred Mineral Resources. Please refer to the technical report entitled “Preliminary Economic Assessment, Pine Point Project, Hay River, Northwest Territories, Canada” dated July 30, which has been filed on SEDAR. The Pine Point Project is located on the south shore of Great Slave Lake in the Northwest Territories, near infrastructure, paved highway access, and has an electrical substation as well as 100 kilometres of viable haulage roads already in place.
The Company is also in the process of acquiring, from Glencore Canada, a 100% interest in the past-producing Gaspé Copper Mine, located near Murdochville in the Gaspé peninsula of Quebec. The Company is currently focused on resource evaluation of the Mount Copper Expansion Project that hosts a NI43-101 Inferred Resource of 456Mt grading 0.31% Cu (see April 28, 2022 press release). Gaspé Copper hosts the largest undeveloped copper resource in Eastern North America, strategically located near existing infrastructure in the mining-friendly province of Quebec.
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