07:55 AM EDT, 05/06/2024 (MT Newswires) -- Osisko Metals ( OMZNF ) reported Monday an increase in indicated resources at the Gaspe copper project in Quebec.

Osisko Metals' ( OMZNF ) updated resource estimates indicated resources of 495 million tonnes grading 0.37% copper equivalent, a 30% increase in copper-equivalent metal content over the previously reported copper-only inferred resource.

Inferred resources stood at 6.3 million tonnes grading 0.37% copper equivalent.

"Integrating the recently-announced positive metallurgical testing results, the Gaspe copper project is showing excellent potential towards becoming a key Canadian copper-molybdenum producer, located in one of the world's safest mining jurisdictions," Osisko Metals ( OMZNF ) CEO and Chairman Robert Wares said.

The company plans to use the updated estimate as the basis for a preliminary economic assessment, which is scheduled to be released in the first quarter of 2025.