Osisko Metals acquires 199 claims near Gaspe
2024-12-06 17:47 ET – News Release
Mr. Robert Wares reports
OSISKO METALS ACQUIRES ADDITIONAL CLAIMS NEAR GASPÉ COPPER
Osisko Metals Inc. has acquired a group of 199 claims adjacent to its Gaspe copper project.
Pursuant to a sales agreement dated Oct. 8, 2024, with the two private holders of the interest in the claims, Osisko Metals acquired a 100-per-cent interest in the claims in exchange for the issuance of five million common shares of its capital stock and the grant of a 2-per-cent net smelter return royalty, half of which is redeemable for an amount of $2-million.
The common shares issued in connection with the acquisition are subject to various restriction periods to a statutory hold period expiring four months and one day from the date of issue pursuant to applicable Canadian securities laws. The claims cover additional ground near the Gaspe copper project, including claims over potential tailings storage areas, and exploration targets to the north and south of the current property.
About Osisko Metals Inc.
Osisko Metals is a Canadian exploration and development company creating value in the critical metals sector, with a focus on copper and zinc. The company acquired a 100-per-cent interest in the past-producing Gaspe copper mine from Glencore Canada Corp. in July, 2023. The Gaspe copper mine is located near Murdochville in Quebec’s Gaspe Peninsula. The company is currently focused on resource expansion of the Gaspe copper system, with current indicated mineral resources of 824 Mt (million tonnes) grading 0.34 per cent CuEq (copper equivalent) and inferred mineral resources of 670 Mt grading 0.38 per cent CuEq (in compliance with NI 43-101). For more information, see Osisko Metals’ Nov. 14, 2024, news release entitled “Osisko Metals Announces Significant Increase in Mineral Resource at Gaspe Copper.” Gaspe Copper hosts the largest undeveloped copper resource in eastern North America, strategically located near existing infrastructure in the mining-friendly province of Quebec.
In addition to the Gaspe copper project, the company is working with Appian Capital Advisory LLP through the Pine Point Mining Ltd. joint venture to advance one of Canada ‘s largest past-producing zinc mining camps, the Pine Point project, located in the Northwest Territories. The current mineral resource estimate for the Pine Point project consists of indicated mineral resources of 49.5 Mt at 5.52 per cent ZnEq and inferred mineral resources of 8.3 Mt at 5.64 per cent ZnEq (in compliance with NI 43-101). For more information, see Osisko Metals’ June 25, 2024, news release entitled “Osisko Metals Releases Pine Point Mineral Resource Estimate: 49.5 Million Tonnes of Indicated Resources at 5.52% ZnEq.” The Pine Point project is located on the south shore of Great Slave Lake, NWT, close to infrastructure, with paved road access, an electrical substation and 100 kilometres of viable haul roads.
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