Gaspé Copper was a significant copper producer in Eastern Canada for over forty years and closed more than two decades ago. Today, the need for copper as a critical mineral for the green energy revolution is more significant than ever, and advancements in mining technology make the potential of re-opening the mine a compelling possibility.
Osisko Metals has developed an internal model that suggests there is a strong economic case for re-opening Gaspé Copper. It will test its assumptions by focusing initially on the remnant mineralization in the existing pit. By drilling and re-evaluating the remaining resources, it intends to validate the model and close the transaction with Glencore.
The Company also believes that there is strong exploration potential around high-grade underground mineralization at the site that has never been mined by Gaspé Copper’s former operators. This belief is supported by the discovery of a major bulk tonnage historical resource at depth in the late 1990s.