01:55 PM EST, 11/14/2024 (MT Newswires) -- Osisko Metals ( OMZNF ) on Thursday released an updated Mineral Resource Estimate (MRE) for the Gaspe Copper Project in Quebec.

The updated MRE includes pit-constrained resources comprising 824-million tonnes grading 0.34% copper equivalent (CuEq) in the indicated category and 670-million tonnes grading 0.38% CuEq of inferred resources. The MRE shows a 53% increase in indicated copper-equivalent resources and a 100-fold increase in copper-equivalent inferred resources.

At 4.91 billion pounds (2.23 million tonnes) of contained copper, as well as significant molybdenum (274 million pounds) and silver (46.0 million ounces), the latest Gaspe Copper in-pit indicated resource hosts by far the largest undeveloped copper-molybdenum deposit in Eastern North America, exclusive of inferred resources, the company said.

"The overall resource has increased dramatically since last spring's MRE as a result of new geological modelling and extending the modelled Whittle pit boundaries towards Needle Mountain to the south," chief executive Robert Wares said. "A minimum 70,000 metre drill program is now planned for 2025, with the objective of converting the bulk of the current Inferred resource to Indicated category ... Given this new resource milestone, management has elected to defer the PEA (preliminary economic assessment), originally slated for release in Q1 2025, to a later date until additional new drilling is completed. Ongoing studies will focus on a larger-scale mine plan and relocation of the mill complex away from the current site."

Osisko Metals ( OMZNF ) shares were last seen down $0.01 to $0.23 on the TSX Venture Exchange.

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