-- Osisko Metals (OM.TO) on Tuesday said it has updated a mineral resource estimate for the Gaspe copper project in Quebec showing a 119% increase in mineral resources.
The updated MRE includes base case, pit-constrained resources comprising 1.83 billion tonnes averaging 0.27% copper of measured and indicated (M&I) categories and 239 million tonnes averaging 0.41% copper of inferred category.
The M&I resource outlines one of the largest undeveloped copper molybdenum deposits in North America at 10.8 billion pounds of contained copper, 673 million pounds of molybdenum and 93 million ounces of silver.
Inferred resources outline the potential for an additional 2.2 billion pounds of contained copper, 83 million pounds of molybdenum and 14 million ounces of silver.
This MRE is the result of higher long-term copper price estimates, geological reinterpretation of the deposit that has allowed for extension of the mineralized system to the south, and reduction of cut-off grade from 0.12% copper to 0.09% copper.