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Osisko Metals Reports First Infill Drill Results at Gaspé Copper

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Osisko Metals Reports First Infill Drill Results at Gaspé Copper

 

 

 

 

 

Osisko Metals Incorporated (TSX-V: OM) (OTCQX: OMZNF) (FRANKFURT: 0B51) is pleased to announce initial drilling results from the Gaspé Copper project, located in the Gaspé Peninsula of Quebec. Infill drilling at the Mount Copper deposit has thus far demonstrated a limited extent of oxidation and significant mineralization beyond the currently modeled (pit-constrained) Inferred Mineral Resource Estimate (see April 28, 2022 press release). Results from sixteen holes are reported below, and all except DDH 30-0976 are from the Mount Copper area on the southeast side of the deposit (see map).

 

Highlights include:

  • Of the sixteen drill holes reported below, fourteen extended disseminated/stockwork copper-silver mineralization outside the current pit-constrained resource model, including up to 170 metres in drill hole 30-0991 below the currently designed pit floor. All fourteen holes ended in mineralization above or within the C Zone skarn horizon.
  • Drill hole 30-0977, located 142.0 metres south of the modelled pit, intersected 375.3 metres grading 0.20% Cu and 1.31g/t Ag. This hole stopped in mineralization and can be extended if warranted.
  • Drill hole 30-0985 intersected 528.0 metres grading 0.26% Cu and 1.72g/t Ag, including 46.5 metres grading 1.1% Cu and 6.19g/t Ag in skarn-style disseminated mineralization in the C Zone. This hole extends 122.0 m below the currently designed pit floor and stopped in mineralization.

 

Robert Wares, Chairman & CEO, commented: “We are very pleased with the initial results of our 30,000-metre drill program at Gaspé Copper. Most of the reported results are from holes collared on top of Mount Copper, where historical drilling was relatively scarce. We can now confirm that this area is mineralized with limited oxide copper and that the potential for further expansion of the deposit appears to be significant as most of these holes ended in mineralization. With four drill rigs on site currently, I am excited to build upon what is already the largest undeveloped copper resource in Eastern North America.”

 

Mineralization reported in the table below consists of disseminated and fracture-filling stockwork chalcopyrite mineralization with minor molybdenite, hosted within potassic-altered hornfels (porcellanites) and skarn. Oxidized zones are minor and appear to be associated with regional structures where they intersect the surface. Preliminary results indicate that the oxide model used in the current MRE was most likely over-estimated and was overly conservative. The intersected mineralized intervals are consistent with historical drilling results, they confirm continuity of mineralization and meet or exceed expectations with respect to the current MRE for the Mount Copper deposit (see Map). Molybdenum assays received to date indicate values generally equal to or less than 0.1% Mo.

 

Table 1: Drill hole intersections

 

Hole No. From To Drill Width Cu Ag
(m) (m) (m) % g/t
30-0976 7.40 420.00 412.60 0.209 1.21
30-0977* 5.70 381.00 375.30 0.200 1.31
30-0978* 3.20 87.00 83.80 0.307 1.44
30-0978A* 3.95 230.80 226.85 0.188 1.44
Including 50.50 118.00 67.50 0.352 1.70
30-0979* 5.00 330.00 325.00 0.204 1.90
Including 6.50 45.50 39.00 0.526 2.61
30-0980 7.00 318.00 311.00 0.137 2.84
30-0981 3.00 453.00 450.00 0.213 1.80
Including 69.00 153.00 84.00 0.399 2.09
Including 163.50 229.50 66.00 0.358 2.47
30-0982 4.50 187.10 182.60 0.146 1.05
Including 103.50 166.50 63.00 0.240 1.55
30-0982A 4.00 411.00 407.00 0.118 1.10
Including 354.00 408.00 54.00 0.224 2.25
30-0983 4.50 444.00 439.50 0.130 1.34
30-0984 4.00 384.00 380.00 0.182 1.19
Including 81.00 196.50 115.50 0.264 1.44
30-0985* 12.00 540.00 528.00 0.258 1.72
Including 93.00 139.50 46.50 1.100 6.19
30-0987 4.00 393.00 389.00 0.188 1.50
Including 58.50 157.50 99.00 0.374 1.93
30-0988 6.00 256.50 250.50 0.110 0.94
30-0990 4.00 285.00 281.00 0.131 1.18
30-0991 5.00 282.00 277.00 0.064 0.90

*Intersections outside of 2022 MRE block model.

 

Table 2: Drill holes Collar Locations (UTM (NAD83) Zone 20)

 

Hole Name Easting Northing Elev. (m) Azm. Dip Length (m)
30-0976 315380.6 5426443.4 580.4 65.0 -82.0 420.0
30-0977 316171.8 5425923.6 612.0 65.0 -80.0 381.0
30-0978 316188.4 5426018.6 644.4 65.0 -80.0 87.0
30-0978A 316190.4 5426019.2 644.6 65.0 -80.0 231.0
30-0979 316417.8 5426181.2 682.6 245.0 -80.0 330.0
30-0980 316310.3 5426264.5 717.7 245.0 -80.0 318.0
30-0981 316077.0 5426404.5 743.7 252.0 -86.0 453.0
30-0982 316137.6 5426258.4 757.8 65.0 -80.0 187.5
30-0982A 316137.9 5426258.4 757.8 65.0 -75.0 411.0
30-0983 316224.8 5426397.6 742.7 245.0 -80.0 444.0
30-0984 316077.0 5426405.4 743.8 305.0 -65.0 384.0
30-0985 315983.8 5426407.0 741.2 65.0 -82.0 540.0
30-0987 315996.8 5426321.0 741.6 90.0 -80.0 393.0
30-0988 315831.4 5426298.8 662.8 40.0 -58.0 270.0
30-0990 316381.4 5426382.5 678.1 245.0 -80.0 285.0
30-0991 316360.0 5426478.0 674.1 245.0 -78.0 282.0

 

Qualified Person

 

Mr. Jeff Hussey is the Qualified Person and the 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 $603M and an IRR of 25% 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.

 

Posted August 4, 2022

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