Osisko Metals said initial drilling results at its Gaspé copper project in eastern Quebec topped expectations. Shares jumped. All five holes drilled in the past three months intersected significant disseminated mineralization within the volume of the company’s 2024 resource, CEO Robert Wares said in a statement Monday. New mineralization was also added at depth well below the base of the 2024 estimate.
Osisko is working to expand the Gaspé copper system’s resource with a view to potentially reopening the former Noranda mine in Murdochville, about 825 km northeast of Montreal. It’s targeting permits and construction by the early 2030s, with initial capital spending estimated at about $1.8 billion.
“Today’s results advance two of Osisko’s stated goals for the 2025 drill campaign: conversion of its large-scale resource to measured and indicated, and expansion at depth and to the south,” National Bank Financial mining analyst Rabi Nizami said in a note Monday.
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