TL;DR
Get smart everyday buys delivered free — and shop member deals
- Fast, free delivery on millions of items
- Access to Prime Big Deal Days deals on October 6–7
- Prime Video, Amazon Music and more included
Osisko Metals expects its Gaspé copper resource in Quebec to grow as drilling tests areas beyond the current model and the company evaluates deeper deposits. It plans to complete a 50,000-metre drill program by mid-October, with assay data expected in January, and is considering an interim resource estimate this fall that would include Porphyry Mountain.
Osisko Metals expects a major resource increase at its Gaspé copper project in Quebec, as drilling extends mineralization beyond the current model and the company examines whether deeper deposits can be included in future mine planning. The company expects to complete a 50,000-metre drill program by mid-October, with the assay database ready in January, and is considering an interim resource estimate this fall that would include the Porphyry Mountain deposit.
Drilling results released Sept. 28 extended mineralization beyond the current resource model near Needle Mountain. Osisko reported that hole 30-1243 intersected 211.5 metres grading 0.59% copper, including 28.5 metres at 2.31% copper and 11.8 grams of silver per tonne. Hole 30-1236 returned 86.5 metres at 1.36% copper, including 18 metres at 4.53% copper and 23.3 grams of silver per tonne. Hole 30-1239 intersected 63.8 metres at 0.98% copper, including 16.1 metres at 2.54% copper and 8.98 grams of silver per tonne.
Osisko says the higher-grade intervals support the potential for a westward pit expansion in a future resource update. CEO Robert Wares told The Northern Miner that an interim estimate this fall is being considered, but the timing and scope have not been confirmed. The company expects the completed drilling and assay database to provide information for later resource work.
The current Gaspé estimate, dated April, reports 1.83 billion measured and indicated tonnes grading 0.27% copper, 0.017% molybdenum and 1.57 grams of silver per tonne. Osisko reports contained metal of 10.77 billion pounds of copper, 673.2 million pounds of molybdenum and 92.8 million ounces of silver. These are figures from the existing estimate; any revised resource would depend on the results of additional work and formal estimation.
How Deeper Ore Could Change Gaspé
The potential addition of deeper mineralization matters because it could change the scale and layout of the proposed mine, not just the reported resource total. Wares told The Northern Miner that a pit envisioned at roughly one kilometre deep could allow access to deposits that were previously considered difficult to reach. He said Osisko is modelling Porphyry Mountain as part of the overall project and expects to include it as an inferred resource.
That remains a company development concept, not a demonstrated change to project economics. A larger resource could support further study of the mine, but it does not by itself establish that the deeper material can be mined profitably, permitted or developed. The company’s next economic assessment is expected later, after resource work and other studies.
Gaspé’s scale also has implications for infrastructure and logistics. Osisko expects the project, if built, to produce 500,000 to 600,000 tonnes of copper concentrate annually, which it says would be shipped through the port of Gaspé, about 75 kilometres away. The mine would require a regional electricity transmission upgrade, and the company is discussing power needs with Hydro-Québec. Those requirements would be part of determining whether and how a large-scale project could proceed.
As an affiliate, we earn on qualifying purchases.
From Former Mine to New Estimate
Gaspé is the site of the former Noranda mine in eastern Quebec, which closed in 1999. Osisko describes it as one of North America’s largest undeveloped copper resources. The company’s April estimate more than doubled the site’s reported copper content, according to the source report; the figures in that estimate are the current reference point for the proposed resource growth.
The new work follows the existing resource model and focuses on adding information from drilling around Needle Mountain, while also evaluating deeper mineralization. Porphyry Mountain lies about one kilometre below the surface, according to Wares. Osisko’s modelling aims to assess it in relation to the proposed pit, but the deposit’s potential inclusion in a resource estimate remains subject to the company’s work and reporting.
Osisko has also said it plans to spin off its New Brunswick copper assets into a separate publicly traded company, which it expects to call Osisko Critical Minerals. Wares told The Northern Miner that the planned separation is intended to give those assets their own focus and opportunity to raise capital. The company said it expects the new listing by November. The spinoff is a separate corporate move; it does not establish the timing or outcome of Gaspé’s development.
“There’s still significant growth ahead in the next six months.”
— Robert Wares, Osisko Metals CEO, speaking to The Northern Miner
As an affiliate, we earn on qualifying purchases.
Resource Timing and Mine Feasibility
Osisko has not confirmed whether it will publish an interim resource estimate this fall or specified how much new material might be included. The drilling program is expected to finish by mid-October, but the final assay database is not expected until January. The Sept. 28 results are selected drill intersections and do not, on their own, establish the size, continuity or economic viability of a deposit.
It is also not yet clear how much Porphyry Mountain or other deeper mineralization would be included in a future estimate, or whether it would materially alter a mine design. Wares’ comments about the possible depth and size of a future operation are company projections. A resource estimate is not the same as a reserve, and no construction decision or final economic case is established by the information in the report.
Key project requirements remain ahead. Osisko says it must advance plans to dewater historic workings and the proposed pit area, pursue permits, and resolve the project’s electricity supply and transmission needs. The report does not provide a final capital cost, operating cost, production schedule or confirmed permitting outcome.
As an affiliate, we earn on qualifying purchases.
Assays, Permits and Economic Study
The immediate milestone is completion of the 50,000-metre drilling program by mid-October, followed by preparation of an assay database expected in January. Osisko may publish an interim resource estimate this fall, according to Wares, but the company has not confirmed that release. A later updated estimate would incorporate drilling and any resource modelling the company completes.
After the updated resource is published, the next major study milestone is a preliminary economic assessment, which Wares expects by late 2027. Before then, the company plans to apply for full permits around June after completing testing related to dewatering. Wares told The Northern Miner that permitting could take about two years, with pit dewatering potentially around 2029; those dates are company expectations and depend on approvals and project progress.
Osisko is also in discussions with Hydro-Québec about the mine’s power requirements. Wares described a possible new 250-megawatt transmission line between Chandler and the north shore of the St. Lawrence River. The route and infrastructure plan have not been confirmed. The project’s development path will depend on resource results, economic studies, permits, dewatering and power arrangements.
As an affiliate, we earn on qualifying purchases.
Key Questions
What is Osisko planning at Gaspé?
Osisko is completing a 50,000-metre drill program intended to add information to the Gaspé copper resource and test mineralization beyond the current model. It is also considering an interim resource estimate that could include Porphyry Mountain.
When could Osisko publish a new resource estimate?
Wares told The Northern Miner the company is considering an interim estimate this fall. The timing is not confirmed. Osisko expects the assay database from the current drilling program to be ready in January.
What did the latest drilling find?
Osisko reported several copper intersections near Needle Mountain, including 211.5 metres at 0.59% copper in hole 30-1243, with higher-grade intervals within the reported length. The results extend mineralization beyond the current resource model, according to the company.
How large is the existing Gaspé resource?
The April estimate lists 1.83 billion measured and indicated tonnes grading 0.27% copper, 0.017% molybdenum and 1.57 grams of silver per tonne. Those are the current reported resource figures, not a confirmed future reserve or production amount.
When could Gaspé begin operating?
The source report does not give a confirmed mine-start date. Wares expects a preliminary economic assessment by late 2027 and has described permitting and dewatering work that could extend into 2029, but the project still requires studies, approvals and infrastructure planning.
Source: rss
Halloween Picks
halloween
As an affiliate, we earn on qualifying purchases.
