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Osisko Metals says drilling at its Gaspé copper project in Quebec is on track to finish by mid-October, with assays expected to be compiled by January. The company is considering an interim resource estimate this fall that could include Porphyry Mountain, while recent Needle Mountain drill results extend mineralization beyond the current resource model. The scale and timing of any resource increase remain unconfirmed.
Osisko Metals says new drilling at its Gaspé copper project in eastern Quebec has extended mineralization beyond the current resource model, and the company is considering an interim resource estimate this fall that could include the Porphyry Mountain deposit. The development could add to a project that already contains an estimated 10.77 billion pounds of copper, but the size of any increase has not been established.
Osisko’s 50,000-metre drilling program is on track to be completed by mid-October, CEO Robert Wares told The Northern Miner. He said the company expects its assay database to be ready in January. Management is also weighing whether to publish an interim estimate this fall, incorporating tonnes from Porphyry Mountain; the company has not confirmed that it will do so.
Results released Sept. 28 include hole 30-1243, which 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.
The company said the higher-grade intercepts support the potential for a westward expansion of the pit in a future resource update. Drilling has also extended mineralization around Needle Mountain beyond the current model. These are exploration results, however, and do not by themselves establish how much additional material could be included in a compliant resource estimate or whether it could be mined economically.
A Larger Pit Could Reach Deeper Ore
Resource growth could affect how Osisko designs and evaluates Gaspé, a former mine that closed in 1999. The company’s April estimate reported 1.83 billion measured and indicated tonnes grading 0.27% copper, 0.017% molybdenum and 1.57 grams of silver per tonne. It reported contained metal of 10.77 billion pounds of copper, 673.2 million pounds of molybdenum and 92.8 million ounces of silver.
Wares told The Northern Miner that the planned pit could reach roughly 3 kilometres long, 2 kilometres wide and 1 kilometre deep. He said a deep open pit could provide access to ore sources previously considered inaccessible, including Porphyry Mountain, which lies about one kilometre below the surface. That is the company’s assessment; the project’s mine plan and economics have not yet been established through a preliminary economic assessment.
Osisko expects the project to produce 500,000 to 600,000 tonnes of copper concentrate a year if developed. That production figure is a company expectation, not current output. The project would also require transportation, power infrastructure, permits and water management work, so a larger resource alone would not determine whether or when a mine is built.
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From April Estimate to Next Studies
The April resource estimate more than doubled Gaspé’s reported copper content, according to the source report. Osisko describes the former Noranda operation as one of North America’s largest undeveloped copper resources. It has said Glencore, the mine’s former owner, agreed to purchase all concentrates produced at the site. Any future production remains dependent on project development and approvals.
Osisko also announced plans last month to spin off its New Brunswick copper assets into a separate publicly traded company, provisionally named Osisko Critical Minerals. Wares told The Northern Miner the listing was expected by November, with executive chairman John Burzynski serving as CEO until a new management team is hired. The planned separation is intended to give the Gaspé-focused company a sharper focus and the spin-off an opportunity to raise capital, according to Wares.
After an updated resource estimate, the next major Gaspé milestone is a preliminary economic assessment, which Wares expects by late 2027. Osisko also needs to advance plans to dewater historic mine workings and the proposed pit area. Wares said testing was complete and the company planned to apply for full permits around June; he estimated permitting could take about two years, with dewatering potentially starting around 2029.
“There’s still significant growth ahead in the next six months.”
— Robert Wares, Osisko Metals CEO, speaking to The Northern Miner
geological drill core sample containers
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Resource Size and Project Economics
Osisko has not disclosed a quantified estimate of how much the new drilling might add to Gaspé’s resources. It is also not confirmed whether an interim estimate will be published this fall or exactly which drilling results and deposits it would include. The assay database is expected in January, but the source report does not specify a publication date for the next full estimate.
The reported drill intersections are not equivalent to mineable reserves. Further work would be needed to determine the continuity and classification of mineralization, the potential mining methods, costs and project economics. The company’s proposed pit dimensions, production expectations and potential access to deep ore reflect management’s current plans and views rather than an approved development plan.
Other dependencies remain, including permits, dewatering, power supply and transport. Wares said Osisko had discussed electricity requirements with Hydro-Québec for more than a year and that regional transmission infrastructure would need an upgrade. A possible option he described was a new 250-megawatt line between Chandler and the north shore of the St. Lawrence River; the source does not report a final route or commitment.
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Assays, Estimate and Permitting Milestones
The company’s near-term task is to complete the drilling program, expected by mid-October, and prepare the assay database for January. Osisko may issue an interim estimate this fall with Porphyry Mountain included, but it has not confirmed that schedule. An updated resource estimate is expected before the preliminary economic assessment that Wares has forecast for late 2027.
Osisko also plans to pursue full permits after completing testing, with Wares identifying around June as the intended application timing and estimating a process of about two years. The company will need to develop its dewatering and electricity plans as those studies proceed. The timing and outcome of these steps, along with the resource update, will determine how much progress Gaspé makes toward a development decision.
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Key Questions
What has Osisko reported at Gaspé?
Osisko reported drill intersections that extend mineralization beyond the current resource model around Needle Mountain. The results include 211.5 metres grading 0.59% copper in hole 30-1243, with higher-grade intervals within the intersection.
How much copper is in the current Gaspé resource?
Osisko’s April estimate reported 1.83 billion measured and indicated tonnes and contained metal of 10.77 billion pounds of copper, along with molybdenum and silver. That is the current reported estimate cited in the source material, not a new estimate from the latest drilling.
When could Osisko publish another resource estimate?
The company is considering an interim estimate this fall that could include Porphyry Mountain, but has not confirmed it. The drilling program is expected to finish by mid-October and the assay database is targeted for January; a specific date for a full updated estimate was not provided.
Does the drilling confirm that Gaspé can be mined profitably?
No. Drill results and a resource estimate do not establish project profitability. Osisko’s next major study milestone is a preliminary economic assessment, which CEO Robert Wares has said he expects by late 2027.
What infrastructure and approvals would Gaspé need?
Osisko says the project would require permits, dewatering of historic mine workings and upgrades to regional electricity transmission. The company is also considering concentrate shipments from the mine to the port of Gaspé, about 75 kilometres away. The final infrastructure plans and approvals are not yet established.
Source: rss
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