Just one month after announcing a deal to acquire the Gaspé Copper project, near Murdochville, Que., Osisko Metals (TSXV: OM; OTC: OMZNF) has announced an initial inferred resource estimate for the Mount Copper deposit at the project using data from historical drilling completed between the 1960’s and 2019.
The company has also started a 30,000-metre drill program at the project, located in the Gaspé Peninsula.
The project includes a past producing mine that ran for about 45 years from 1955 to 1999 and produced a total of 150 million tonnes grading 0.86% copper. Osisko, which signed an option agreement with Glencore Canada to acquire the property in late March, believes there is a strong economic case for re-opening the project.
The new resource estimate totals 456 million tonnes grading 0.351% copper with a sulphide grade of 0.31% copper for 3.1 billion lb. of contained copper.
“This is the first step for our comprehensive strategy at Gaspé Copper to fully evaluate all potential for economic copper deposits remaining within this past-producing porphyry copper/skarn complex,” the company’s CEO Robert Wares said in a press release.