Abstract
The global push towards decarbonization to combat climate change has led to an unprecedented shift in energy transition metals such as copper and zinc. Coupled with uncertain supply in politically sensitive regions, Osisko Metals is at the forefront of a new generation of mining companies looking to restart projects in historical mining camps, specifically at its lead-zinc Pine Point Project and the Gaspé Copper Project. Osisko Metals plans to become the leading base metal developer in North America.
To move these projects forward as expeditiously as possible, Osisko Metals has fast-tracked its resource estimation models for both projects. As this year’s CIM Conference is in Montreal, this presentation will focus on the work underway at Gaspé Copper to upgrade the Mineral Resource Estimates from the Inferred to the Indicated categories.
An initial Inferred Mineral Resource Estimate (MRE) at Mount Copper was completed in 2022 by SGS Canada Inc. as part of the Gaspé Copper Project, located near Murdochville in the Gaspé Peninsula of Quebec. This MRE is the first step for Osisko’s comprehensive strategy at Gaspé Copper to fully evaluate all potential for economic copper deposits remaining within this past-producing porphyry copper/skarn complex. This resource is pit-constrained to mineralization surrounding the past-producing Mount Copper open pit mine and uses a base case of US$3.80/lb copper and a lower cut-off grade of 0.16% sulfide copper. It was estimated using data from historical drilling completed between the 1960’s and 2019.
Osisko Metals reported that the deposit of the Gaspé Copper Project contains 1.412 Mt (3.1 billion pounds) of copper in Sulphide minerals in the Inferred category, making the Mount Copper Expansion Project host to the largest untapped copper resource in Eastern North America. The MRE also reported an estimate of 1.98 for the strip ratio and a grade of 0.31% Cu in sulphide minerals (0.351% Total Cu).
The objective of the definition drilling program is to refine the sulfide/oxide ratios in the deposit and upgrade the Mineral Resource Estimate to the Indicated category in preparation for an eventual feasibility study. By the time of the CIM convention in May, we will have the majority of these results and look forward to sharing them in the presentation.