Osisko Metals drills 300 m of 0.55% Cu at Gaspe

Apr 3, 2023

2023-04-03 10:34 ET – News Release

Mr. Robert Wares reports

OSISKO METALS REPORTS ADDITIONAL DRILL RESULTS AT MOUNT COPPER INCLUDING 300.0 METRES GRADING 0.55% COPPER AND 3.59 G/T SILVER

Osisko Metals Inc. has released the final drilling results from the 2022 program at the Gaspe copper project, located in the Gaspe Peninsula of Quebec. Five of the six holes reported below were collared along the periphery of the historical Mount Copper open pit, including one low-angle directional drill hole (30-1003) oriented to crosscut the higher-grade mineralization located below the bottom of the existing open pit, and one hole (30-992) was collared on the eastern flank of Mount Copper.

Highlights:

Drill hole 30-1003, drilled shallowly toward the west under the existing pit, intersected 300 metres grading 0.55 per cent copper (Cu), 3.59 grams per tonne (g/t) silver (Ag) and 0.02 per cent molybdenum (Mo), followed by an additional 244.5 metres grading 0.32 per cent Cu, 1.41 g/t Ag and 0.02 per cent Mo. This hole extended mineralization beyond the lower limit of the current block model by 107 metres.
Drill hole 30-0998A, drilled shallowly toward the west under the existing pit, intersected 255 metres grading 0.34 per cent Cu, 2.73 g/t Ag and 0.02 per cent Mo. This hole ended within the limit of the block model and met the expected grades.
Drill hole 30-1010, drilled toward the south under the existing pit, intersected 304.5 metres grading 0.54 per cent Cu, 3.43 g/t Ag and 0.04 per cent Mo. This hole extended mineralization 122 metres above the block model and ended in weak mineralization, extending 56 metres beyond the lower limit of the block model.
Drill hole 30-1015, drilled toward the east between Mount Copper and the existing pit intersected 300 metres grading 0.18 per cent Cu, 1.10 g/t Ag and 0.01 per cent Mo, followed by an additional 150 metres grading 0.33 per cent Cu, 2.40 g/t Ag and 0.02 per cent Mo. This hole extended mineralization beyond the lower limit of the block model by 117 metres.

Robert Wares, chairman and chief executive officer, commented: “The 2022 infill drilling was successful in better defining and potentially expanding the in-pit resource at Mount Copper. Drilling will resume in June and the upcoming summer program will allow conversion of the 2022 inferred mineral resource estimate to the measured and indicated category, in preparation for an eventual feasibility study. The company also plans on drill testing the deep-seated Porphyry Mountain deposit in 2023, as well as residual high-grade massive sulphide mineralization previously reported in the E zone.”

Intersections underlined in the above table extended mineralization beyond the 2022 MRE block model.

Intersections of less than 10 metres are not reported. The maximum internal dilution of reported intersections (below calculated composites of 10.5 metres grading minimum of 0.16 per cent Cu) is 5.0 metres.

Drill hole 30-0998 intersected minor mineralization and failed in a rubble zone at a depth of 214.5 metres. It was re-drilled as hole 30-0998A.

Drill hole 30-1003 was drilled perpendicular to well-developed NNW-striking joint set to test potential higher-grade mineralization associated with these joints under the historical pit. This hole intersected 300 metres of higher-grade mineralization that was cross-cut by poorly mineralized, late-stage quartz-feldspar porphyry dykes.

Drill hole 30-998A was also drilled perpendicular to the NNE joint set and returned 255 metres of average-grade mineralization.

Drill hole 30-1010 was collared at the northern margin of the pit and was oriented sub-parallel to the NNE joint set, also intersecting higher grades over 304 metres.

Five of the six drill holes extended mineralization beyond the current block model used for the 2022 Mineral Resource Estimate. The porphyry-skarn style stockwork mineralization at Mount Copper is characterized by large, continuous copper mineralization radiating from the central primary source of mineralizing fluids known as the Mount Copper Dyke Swarm.

Qualified Person

Mr. Jeff Hussey is the Qualified Person, President, and COO for Osisko Metals Incorporated. He is responsible for the technical data reported in this news release and he is a Professional Geologist registered in the Province of Quebec.

Quality Assurance / Quality Control

Osisko Metals adheres to a strict QA/QC program for core handling, sampling, sample transportation and analyses. Drill core samples from the Mines Gaspe project area are securely transported to its core facility on site, where they were logged and sampled. Samples selected for assay are shipped to ALS Canada Ltd.’s preparation facility in Sudbury. Pulps are analyzed at the ALS Canada Ltd. facility in North Vancouver, BC. All samples are analyzed by four acid digestion followed by both ICP-AES and ICP-MS for a multi-element suite with a 1 per cent upper detection limit for base metals.

About Osisko Metals

Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals space. The Company controls one of Canada’s premier past-producing zinc mining camps, the Pine Point Project, located in the Northwest Territories for which the 2022 PEA has indicated an after-tax NPV of $602M and an IRR of 25 per cent is based on the current Mineral Resource Estimates that are amenable to open pit and shallow underground mining and consist of 15.7Mt grading 5.55 per cent ZnEq of Indicated Mineral Resources and 47.2Mt grading 5.94 per cent ZnEq of Inferred Mineral Resources. Please refer to the technical report entitled “Preliminary Economic Assessment, Pine Point Project, Hay River, Northwest Territories, Canada” dated July 30, which has been filed on SEDAR. The Pine Point Project is located on the south shore of Great Slave Lake in the Northwest Territories, near infrastructure, paved highway access, and has an electrical substation as well as 100 kilometres of viable haulage roads already in place.

The Company is also in the process of acquiring, from Glencore Canada Corporation, a 100-per-cent interest in the past-producing Gaspe Copper Mine, located near Murdochville in the Gaspe peninsula of Quebec. The Company is currently focused on resource evaluation of the Mount Copper Expansion Project that hosts a NI43-101 Inferred Resource of 456 Mt grading 0.31 per cent Cu (see April 28, 2022 press release). Gaspe Copper hosts the largest undeveloped copper resource in Eastern North America, strategically located near existing infrastructure in the mining-friendly province of Quebec.

We seek Safe Harbor.

https://osiskometals.com/