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Osisko Metals expects to expand the resource at its Gaspé copper project in Quebec using new drilling and deeper mineralization, including the Porphyry Mountain deposit. The company says its 50,000-metre drilling program is on track to finish by mid-October, with the assay database expected in January; an interim resource estimate this fall is being considered, not confirmed.
Osisko Metals says new drilling and the addition of deeper mineralization could expand the resource at its Gaspé copper project in eastern Quebec, where a 50,000-metre drill program is expected to finish by mid-October. Chief Executive Robert Wares told The Northern Miner the company is considering an interim resource estimate this fall that would include the Porphyry Mountain deposit; the timing and scope of that estimate have not been confirmed.
Drilling results released Sept. 28 extended mineralization beyond the current resource model near Needle Mountain, according to Osisko. 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 said the higher-grade intervals support the potential for a westward pit expansion in a future resource update. They are drill intersections, however, and do not by themselves establish the amount of economically recoverable copper. Wares said the company expects the assay database from the current program to be ready in January, after drilling is scheduled to wrap up in mid-October.
The company’s April resource estimate reported 1.83 billion measured and indicated tonnes grading 0.27% copper, 0.017% molybdenum and 1.57 grams of silver per tonne. Osisko reported contained metal of 10.77 billion pounds of copper, 673.2 million pounds of molybdenum and 92.8 million ounces of silver. Those figures describe the existing estimate; the scale of any increase from ongoing work has not yet been quantified.
How Deeper Ore Could Change Gaspé
A larger resource could change how Osisko evaluates the former Noranda mine, which closed in 1999, and inform later project studies. The company is modelling Porphyry Mountain, located about one kilometre below the surface, as part of the overall project and plans to include it as an inferred resource, Wares told The Northern Miner. An inferred classification carries less geological confidence than measured or indicated categories, and its inclusion would not by itself show that mining it is economic.
Wares said a pit reaching roughly one kilometre deep could make some deeper deposits accessible through ramps from the pit floor. He described a potential mine about 3 km long, 2 km wide and 1 km deep; those dimensions are management’s description of a possible development concept, not an approved mine design. The project still requires economic assessment, permits, power infrastructure and other development decisions.
Osisko expects Gaspé could produce 500,000 to 600,000 tonnes of copper concentrate annually if developed. It says Glencore has agreed to buy all concentrate produced at the site. The projection and offtake arrangement provide commercial context, but neither establishes that the mine will be built or that forecast output will be achieved.
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Gaspé’s Existing Resource and Plan
Osisko calls Gaspé one of North America’s largest undeveloped copper resources. The April estimate, which the report said more than doubled the site’s copper content, is the current benchmark against which new drilling may be assessed. Resource estimates can change as geological information is added; they are not the same as proven reserves or a construction decision.
The company is also separating its New Brunswick copper assets into a proposed publicly traded company, Osisko Critical Minerals, to focus more closely on Gaspé. Wares said the spinout was expected to list by November. The report does not confirm that the listing has occurred. Osisko has also discussed electricity needs with Hydro-Québec; one option described by Wares is a new 250-megawatt transmission line. The project’s proposed concentrate route would use the Port of Gaspé, about 75 km away.
After a resource update, Osisko’s next major technical milestone is a preliminary economic assessment, which Wares expects by late 2027. The company also needs to advance plans for dewatering 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, potentially allowing dewatering around 2029. These are company expectations, not completed approvals.
“There’s still significant growth ahead in the next six months.”
— Robert Wares, Osisko Metals CEO, speaking to The Northern Miner
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Resource Size and Mine Economics
No revised resource figure has been announced, and Osisko has not confirmed whether it will publish the proposed interim estimate this fall. The assays from the current program are not expected to be compiled into a database until January, according to Wares. The extent to which the new results add tonnage, change grades or support a westward pit expansion remains unknown.
It is also not yet clear what a future economic assessment will conclude about capital costs, operating costs, mine design or project returns. The company’s statements about potential mine dimensions, annual concentrate output, permitting dates and infrastructure describe plans or expectations rather than settled outcomes. The status of the proposed New Brunswick spinout and its expected listing was not confirmed in the report.
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Assays, Resource Update and Permits
Osisko’s immediate step is to complete the 50,000-metre drill program, expected by mid-October, and prepare the assay database for January. The company may release an interim estimate this fall that includes Porphyry Mountain, but has not committed to that schedule. A subsequent updated resource would provide a clearer measure of how the drilling has changed the project’s reported inventory.
Wares has identified a preliminary economic assessment by late 2027 as the next major milestone after the resource update. Before then, Osisko expects to pursue full permits and advance dewatering plans. The project’s timeline will also depend on regulatory decisions and resolution of power requirements, including whether a new transmission line is needed.
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Key Questions
What has Osisko announced about Gaspé?
Osisko says new drilling and deeper mineralization could increase the Gaspé project’s resource. It is considering an interim estimate that would include Porphyry Mountain, but has not confirmed that estimate or released a revised resource figure.
When will the current drilling results be compiled?
CEO Robert Wares told The Northern Miner the 50,000-metre program was on track to finish by mid-October and the assay database was expected to be ready in January. Those are company expectations.
How large is Gaspé’s current resource?
Osisko’s April estimate reported 1.83 billion measured and indicated tonnes grading 0.27% copper, with additional molybdenum and silver. It reported contained metal of 10.77 billion pounds of copper, 673.2 million pounds of molybdenum and 92.8 million ounces of silver.
Does the drilling mean Gaspé will become a mine?
No. The reported intersections and resource estimate do not establish that the project is economically viable or will be built. Osisko still needs further technical work, an economic assessment, permits and infrastructure planning.
What is the next major project milestone?
After a resource update, Wares expects a preliminary economic assessment by late 2027. Osisko also plans to advance permitting and dewatering work, with timing dependent on approvals and project requirements.
Source: rss
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