An initial Inferred Mineral Resource Estimate (MRE) at Mount Copper was completed 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 ration and a grade of 0.310% Cu in sulphide minerals (0.351% Total Cu). The ongoing 30,000 meter drill program has for objective to refine the sulfide/oxide ratios in the deposit and upgrade the Mineral Resource Estimate to the Measured & Indicated categories by year end.

This technical report will be used by Osisko Metals in fulfillment of their continuing disclosure requirements under Canadian securities laws, including National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). This technical report, effective on April 12, 2022, is written in support of the resource estimate for the Gaspé Copper Project released by the Company on April 28, 2022.

Download the full NI 43-101 Technical Report