Osisko Metals Announces the Start Of 2023 Drilling at Gaspé Copper

MONTREAL, Aug. 16, 2023 (GLOBE NEWSWIRE) -- Osisko Metals Incorporated (the “Company” or “Osisko Metals”) (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased to announce that the 2023 drilling program at the Gaspé Copper Project is underway. The 8,000 to 10,000-metre program will focus on continued infill drilling of the Inferred Mineral Resource of the Mount Copper open pit deposit (see details below under “About Osisko Metals”), and will also begin evaluation of remaining higher-grade (2% to 4% Cu) skarn mineralization of the underground E Zone (details to be provided in September).

The company anticipates issuing an updated, NI43-101 compliant, pit-constrained Mineral Resource Estimate for the Mount Copper deposit in Q4 2023, which will be based on historical drilling data from Noranda (until 1998), and more recently from Xstrata and Glencore Canada (2011 to 2019), as well as Osisko Metals’ 2022 and 2023 drill results.

The expansion of the Mount Copper open pit was evaluated by Noranda in the 1980’s but did not proceed due to the presence of the copper smelter located on the pit perimeter. Mining operations ceased in 1999 and the smelter closed in 2002. Since then, the entire mine, mill and smelter complex was dismantled and the site has been on care and maintenance. With the smelter gone, potential expansion of the Mount Copper pit is possible and this will be the focus of the Company’s resource evaluation in the context of rising copper prices.

The Company also wishes to announce that a metallurgical testing program has been launched for the Mount Copper deposit, which will include approximately 200 batch tests and 18 lock-cycle tests from eighteen 30-kilogram samples taken from drill core sample rejects from the 2022 drill program, in order to establish copper, silver and molybdenum recoveries. In addition, 16 grinding tests will be performed from corresponding NQ half core samples.

Finally, the Company also wishes to announce the start of field work this month for Phase 1 Environmental Assessment of the Gaspé Copper Project. Field work will focus on the evaluation of the drainage system at the eastern portion of the mine site in view of obtaining permits next year to begin dewatering of the Mount Copper open pit, to allow for in-pit geotechnical drilling as soon as possible.

Qualified Person

Mr. Jeff Hussey, P. Geo., is the Qualified Person on the Gaspé Copper Project for Osisko Metals. He is responsible for the technical data reported in this news release and he is a Professional Geologist registered in Quebec.