
New Expansion Hole Intersects 279 Metres Averaging 0.49 % Cu
Nine Drill Rigs Now Active on Site
Osisko Metals Incorporated (the “Company” or “Osisko Metals”) (TSX-V:OM; OTCQX:OMZNF; FRANKFURT:0B51) is pleased to announce that Pine Point Mining Limited (PPML) and the Town of Hay River have signed a Memorandum of Understanding (MOU) stating their intentions to work together to seize opportunities for long term sustainable growth for Hay River through the development and operations of Pine Point Mining Project (Project).
“Pine Point Mining Ltd. is committed to fostering positive and constructive relationships with communities with the aim of facilitating a positive impact from our mine development project and potential future mining operations for long-term sustainable growth for all communities impacted by our Project,” said Jeff Hussey, CEO, PPML.
“The Pine Point mine presents an exciting opportunity to significantly benefit residents and businesses of Hay River,” said Her Worship Kandis Jameson, Mayor, Town of Hay River. “Our Town Council looks forward to working closely with Pine Point Mining Ltd. to maximize the economic potential of the project while thoughtfully considering all aspects of community impact.”
The MOU allows both parties to identify and discuss issues that advance the development of the Project and provide long-term beneficial opportunities to the Town of Hay River, its residents and businesses that will continue well past the life of the proposed Project.
Pine Point Mining Ltd. is a joint venture between Osisko Metals Incorporated and Appian Natural Resources Fund III LP. (See note About Osisko Metals for further details.) The Town of Hay River is a municipal corporation established under the Cities, Towns and Villages Act (SNWT 2003, c.22).
PPML town halls
PPML have begun to host a series of town halls to engage with local communities. Pine Point’s CEO Jeff Hussey and Sustainability Manager Veronica Chisholm, as well as other PPML representatives, will present on key aspects of the project: mining, processing, tailings, water management, as well as environmental studies completed and underway. They will also answer questions, and ask for feedback on progress so far.
The following dates and time are confirmed:
Hay River
Hay River Recreation Centre
November 5: 6 to 10 p.m.
Yellowknife
Tree of Peace Friendship Centre
November 25: 6 to 10 p.m.
Planning is ongoing to meet with all local communities, and additional dates will be announced as they are finalized.
About Osisko Metals
Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals space, more specifically copper and zinc. The Company is in a joint venture with Appian Capital Advisory LLP for the advancement of one of Canada's premier past-producing zinc mining camps, the Pine Point Project, located in the Northwest Territories, for which current mineral resources have been calculated for the 2024 MRE (as defined herein). The Project is held under the joint venture company Pine Point Mining Limited.
The Pine Point Project has a mineral resource estimate consist of 49.5Mt grading 5.52% ZnEq of Indicated Mineral Resources and 8.3Mt grading 5.64% ZnEq of Inferred Mineral Resources (in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects). The report’s title is Pine Point Zinc-Lead Project Mineral Resource Estimate Update, Hay River, Northwest Territories, Canada. Prepared for Osisko Metals Incorporated and Pine Point Mining Limited, it is effective May 31, 2024. The report’s authors are Pierre-Luc Richard, P. Geo. (PLR Resources Inc.), Colin Hardie, P. Eng. (BBA Inc.), as well as Carl Michaud, P. Eng., and Alexandre Dorval, P. Eng., both of G Mining Services Inc. The Pine Point Project is located on the south shore of Great Slave Lake in the Northwest Territories, near infrastructure, with paved highway access, an electrical substation, and 100 kilometres of viable haulage roads.
In addition, and outside of the Pine Point JV, the Company acquired in July 2023, from Glencore Canada Corporation, a 100% interest in the past-producing Gaspé Copper Mine, located near Murdochville in the Gaspé peninsula of Québec. The Company is currently focused on resource evaluation of the Copper Mountain Expansion Project that hosts a current mineral resource consisting of an Indicated Mineral Resource of495Mt grading 0.37% CuEqand an Inferred Mineral Resource of 6.3Mt grading 0.37% CuEq (in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects); see May 6, 2024 news release of Osisko Metals entitled “Osisko Metals announces updated mineral resource estimate at Gaspé Copper – indicated resource of 495 mt grading 0.37% copper equivalent"). Gaspé Copper hosts the largest undeveloped copper resource in Eastern North America, strategically located near existing infrastructure in the mining-friendly province of Québec.
About Appian
Appian Capital Advisory LLP is a London-headquartered investment advisor to long-term value-focused private capital funds that invest solely in mining and mining-related companies.
Appian is a leading investment advisor in the metals and mining industry, with global experience across South America, North America, Europe, Australia and Africa and a successful track record of supporting companies to achieve their development targets, with a global operating portfolio overseeing nearly 6,300 employees. Appian has a global team of 65 experienced professionals with presences in London, Toronto, Vancouver, Montreal, New York, Lima, Belo Horizonte, Perth, Mexico City and Dubai. The Appian team, through its private capital funds, has a long history of successfully bringing mines through development and into production, having completed nine mine builds in the last six years.
For more information, please visit www.appiancapitaladvisory.com, or find Appianm on LinkedIn, Instagram, and Twitter.
Media contacts
Jeff Hussey, CEO, Pine Point Mining Ltd.
Phone: 514-513-6710
Patrick Bergen, Town of Hay River
Phone: 867-874-6522 ext. 216
Email: asao@hayriver.com
Follow PPML on www.pinepointmining.com, on LinkedIn at https://www.linkedin.com/company/pine-point-mining-limited/, and on Facebook at https://www.facebook.com/pinepointminingltd/.
For further information, visit www.osiskometals.com or contact:
Robert Wares, Chairman and Chief Executive Officer, Osisko Metals Incorporated
Email: info@osiskometals.com
Phone: 514-861-4441
Follow Osisko Metals on Facebook at https://www.facebook.com/osiskometals, on LinkedIn at https://www.linkedin.com/company/osiskometals, and on X at https://twitter.com/osiskometals.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance are not statements of historical fact and constitute forward-looking information. This news release may contain forward-looking information pertaining to the Pine Point and Gaspé Copper Projects, including, among other things, the results of the 2022 PEA on Pine Point and the IRR, NPV and estimated costs, production, production rate and mine life; the ability to identify additional resources and reserves (if any) and exploit such resources and reserves on an economic basis; the expected high quality of the metal concentrates; the potential economic impact of the projects on local communities, including but not limited to the potential generation of tax revenues and contribution of jobs; the timing and ability for Projects to reach construction decision (if at all); the estimated costs to take the Projects to construction decision (if at all) and the impact to the Company of the disposition of ownership interest and control in the Pine Point Project, which is a material property of the Company; Gaspé Copper hosting the largest undeveloped copper resource in Eastern North America and Glencore becoming a Control Person of the Company.
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including, without limitation, assumptions about: favourable equity and debt capital markets; the ability and timing for the Pine Point joint-venture parties to fund cash calls to advance the development of the Pine Point Project and pursue planned exploration and development; future spot prices of copper, zinc, lead and molybdenum; the timing and results of exploration and drilling programs; the accuracy of mineral resource estimates; production costs; political and regulatory stability; the receipt of governmental and third party approvals; licenses and permits being received on favourable terms; sustained labour stability; stability in financial and capital markets; availability of mining equipment and positive relations with local communities and groups. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information are set out in the Company’s public disclosure record on SEDAR (www.sedar.com) under Osisko Metals’ issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Osisko Metals’ high-quality polymetallic assets present a compelling investment opportunity amid a rapidly expanding critical and base metals market, as North America continues to strengthen its domestic supply.
Osisko Metals (TSXV:OM) is an exploration and development company focusing on two base metal assets in Canada – Gaspé Copper and Pine Point – targeting copper and zinc, both critical minerals necessary for the global transition to clean energy. These assets are past-producing, brownfield projects of significant potential for future production.
The Gaspé Copper project in Québec has a rapid development plan to begin mining the indicated resource of 824 million tons (Mt) of ore grading 0.34 percent copper equivalent. As the gap between available copper supply and growing demand widens, Osisko Metals is well-positioned to help create and strengthen a domestic supply chain for the North American market.
The company’s Pine Point zinc-lead project in the Northwest Territories contains an indicated mineral resource estimate of 49.5 million tons at 4.2 percent zinc and 1.5 percent lead, in addition to significant inferred resources. Zinc is a necessary mineral for the clean energy transition and has important applications throughout the manufacturing industry. This widespread use of this mineral has analysts cautioning about a looming supply shortage.
A preliminary economic assessment (PEA) completed in 2022 indicates the Pine Point project has the potential to become a world-class, high-grade zinc asset, with an after-tax net present value (NPV) of C$602 million and internal rate of return (IRR) of 25 percent. A feasibility study is now fully underway, with an expected completion date in Q2 2025.
In February 2023, Osisko Metals announced a C$100-million investment agreement with Appian Natural Resources Fund III for a joint venture on the Pine Point project. The agreement includes C$75.3 million of funding for the project and up to C$24.7 million in cash payments to Osisko Metals. Pine Point Mining Limited (PPML) and the Town of Hay River have also signed a memorandum of understanding (MOU) to seize opportunities for long-term sustainable growth for Hay River through the development and operations of the Pine Point mining project.
Led by a management team with a wide range of expertise throughout the natural resources industry and experience in geology, exploration, corporate finance and corporate administration, Osisko Metals is well-poised to become a world-class supplier of base metals.
The Gaspé Copper project in Québec is among the most significant copper development projects in eastern North America. Osisko Metals completed the 100-percent acquisition of Gaspé Copper in July 2023 and has since commenced drilling at the property. Québec has a well-known reputation as one of the most mining-friendly jurisdictions in North America, with a long history of copper production.
The Pine Point asset in the Northwest Territories has the infrastructure in place to help the company move the project toward development. The project has an existing hydroelectric power substation on site, rail access within 60 kilometers, and paved access roads to the site.
Robert Wares is a professional geologist with more than 35 years of experience in mineral exploration and development. He was responsible for discovering the Canadian Malartic bulk tonnage gold mine, which Osisko Mining subsequently developed into one of Canada’s largest gold producers. Among other awards, Wares was a co-winner of the Prospectors and Developers Association of Canada’s “Prospector of the Year Award” for 2007 and was named, together with John Burzynski and Sean Roosen, as “Mining Men of the Year” for 2009 by the Northern Miner. Wares sits on the board of directors of Brunswick Exploration. Wares has a Bachelor of Science and an honorary doctorate in earth sciences from McGill University.
John Burzynski most recently served as the chairman, chief executive officer and director of Osisko Mining where he led his team in the discovery, development and sale of the Windfall Gold project to Gold Fields Ltd. for C$2.2 billion. Burzynski has over 35 years' experience as a professional geologist on international mining and development projects. He was one of the three original founders of Osisko Mining which developed and sold the Canadian Malartic mine in 2014 to an Agnico Eagle Mines Limited and Yamana Gold Inc. partnership for C$3.9 billion and created Osisko Gold Royalties (today a C$5 billion company). Burzynski was a co-winner together with Sean Roosen and Robert Wares of the Prospectors and Developers Association of Canada (PDAC)'s "Prospector of the Year Award" for 2007 and the Northern Miner's "Mining Man of the Year" for 2009; and the "Prospector of the Year Award" for 2024, among numerous other awards. Burzynski holds a Bachelor of Science (Honours) degree in geology from Mount Allison University and a Master of Science in exploration and mineral economics (MINEX) degree from Queen's University. He is a registered P.Geo. in Québec, a Fellow of the Royal Canadian Geographical Society and an honorary colonel with the Royal Canadian Air Force. He currently serves as chairman and a director of O3 Mining.
Don Njegovan most recently served as chief operating officer at Osisko Mining prior to its sale to Gold Fields. He was previously a director of St. Andrew Goldfields until it was acquired by Kirkland Lake Gold in 2016 and is currently on the board of directors of Cornish Metals. He was formerly managing director of Global Mining at Scotiabank from August 2010 to June 2014. Njegovan was a Toll Cross Securities Inc. investment banker from June 2005 to July 2010. Njegovan has over 30 years of experience in the mining industry, starting in 1989 for Hudson Bay Mining & Smelting Co. He holds a Bachelor of Science in mining engineering from Michigan Technological University and a Bachelor of Arts from the University of Manitoba.
Blair Zaritsky most recently served as the chief financial officer of Osisko Mining. He is a chartered professional accountant and has over 20 years of Canadian public practice experience, with exposure to various types of engagements and clients, gained through managing audit engagements of publicly listed companies traded on the Toronto Stock Exchange, TSX Venture Exchange, and Canadian Securities Exchange. Zaritsky obtained his chartered professional accountant designation in 2003 and holds dual Bachelor of Arts degrees in accounting and economics from Brock University and Western University, respectively. Zaritsky currently serves as a director of STLLR Gold.
Amanda Johnston most recently served as the vice-president of finance of Osisko Mining. She is a chartered professional accountant and has over 20 years of experience in the mining industry and audit and assurance groups. Johnston obtained her chartered professional accountant designation in 2013 and holds a Bachelor of Accounting (Honours) Co-Op degree from Brock University. Johnston currently serves as a director of Metalla Royalty & Streaming.
Alexandria Marcotte most recently served as vice-president of project coordination of Osisko Mining. She is a professional geologist registered in Ontario with over 15 years of progressive senior level experience working internationally for senior and junior companies. Marcotte holds an Honours Bachelor of Science degree from the University of Toronto and an MBA from the Schulich School of Business. She currently serves as a director of Angel Wing Metals.
Lili Mance has served as the corporate secretary of Osisko Metals since 2018. She also served as vice-president and corporate Secretary of Osisko Mining. She has 30 years of experience in the financial, wealth management and resource industries serving in a legal, compliance and corporate secretarial capacity. Mance spent 18 years with the Dundee group of companies in various increasingly senior level legal and compliance roles and its various public and private subsidiaries. Mance is a member of the Institute of Corporate Directors and has been a member of the Governance Professionals of Canada since 2004.
Jeff Hussey has 32 years of professional experience in the mining industry. He has worked in both open-pit and underground mine operations at various stages of mine life, from start-up to mine closure, and more recently, working in mineral exploration and development projects. He spent 19 years with Noranda/Falconbridge. His mine operation experience includes work at the Brunswick No. 12 mine, Gaspé Copper mines, the Antamina mine start-up in Peru, as well as the Raglan mine in Northern Québec. As a senior scientist with the Mining Technology Group at the Noranda Technology Centre in 2002, he enhanced his network in the metallurgical research and mining innovation fields. As a consultant since 2007, Jeff Hussey and Associates has helped junior mine development companies by offering exploration, mining, and geo-metallurgical support services. These include Champion Iron Mines, Focus Graphite, Puma Exploration and Starcore International in Mexico. While at Champion Iron Mines, he participated in building significant high-quality iron ore resources, completing feasibility studies and participating in raising more than $70 million for corporate development. While working with Focus Graphite, development responsibilities included a feasibility study and associated work with community stakeholders and governments. Hussey has a Bachelor of Science in geology from the University of New Brunswick.
Ann Lamontagne is a civil engineer who obtained her doctoral degree in mining environment from Laval University in 2001. She has worked in the mining industry for over 25 years as a consultant for geotechnical, water management, hydrogeology, and environmental projects. She has been involved in the development of several mining projects where her expertise has been invaluable in minimizing environmental risks throughout the mine planning process, from initial design through to closure and reclamation. Lamontagne has also been involved in many R&D projects with mining companies, including Nouveau Monde Graphite, Troilus Gold, and Mason Graphite.
Killian Charles has been president and CEO of Brunswick Exploration since 2020. Prior to this, he was vice-president, corporate development for Osisko Metals, where he now remains as a special advisor. Charles was a mining analyst at Laurentian Bank Securities and at Industrial Alliance Securities (Broker) for six years. He also worked as a manager of corporate development at Integra Gold, until its acquisition by Eldorado Gold in 2017. Charles received an undergraduate degree in Earth and Planetary Sciences from McGill University.
Luc Lessard holds a bachelor’s degree in mining engineering from Laval University, is a member of the Ordre des ingénieurs du Québec and has over 30 years of experience in the design, construction and operation of mines. He is the president, chief executive officer and director of Falco Resources and chief operating officer of Osisko Development. He currently sits on the board of directors of Osisko Metals.
Prior to joining Falco and Osisko, he was senior vice-president, technical services of Osisko Gold Royalties, COO of Canadian Malartic GP (jointly owned by Agnico Eagle Mines and Yamana Gold) and before, COO and senior vice-president, engineering and construction of Osisko Mining Corporation, where he was responsible for the design, construction and commissioning of the Canadian Malartic gold mine. He also was vice-president of engineering and construction for Iamgold and General Manager for Cambior. During his career, Lessard worked on several surface and underground mining projects.
Developing high-grade base metal assets in Canada to meet future demand
New Expansion Hole Intersects 279 Metres Averaging 0.49 % Cu
Nine Drill Rigs Now Active on Site
Osisko Metals Incorporated (the " Company or " Osisko Metals ") ( TSX-V: OM ; OTCQX: OMZNF ; FRANKFURT: 0B51 ) is pleased to announce new drill results from the Gaspé Copper Project, located in the Gaspé Peninsula of Eastern Québec.
Osisko Metals Chief Executive Officer Robert Wares commented: "Today's new results continue to confirm the large-scale potential of mineralization at Gaspé Copper. Expansion hole 30-1090 in particular has intersected a significant mineralized width, underscoring the excellent prospects for increasing the size of the known deposit towards the south. The program is advancing well, with a ninth drill rig added recently to accelerate the definition and expansion program."
Significant new analytical results are presented below and include 25 mineralized intercepts from eight drill holes (Table 1). The infill intercepts are all located inside the defined 2024 Mineral Resource Estimate model ("MRE", see November 14, 2024 news release ), and are focused on upgrading inferred mineral resources to measured or indicated categories, as applicable. The expansion intercepts are all located outside the 2024 MRE model and may lead to additional resources that will be classified appropriately within the next MRE update. Maps showing hole locations are available at www.osiskometals.com .
Highlights:
Table 1: Infill and Expansion Drilling
DDH No. | From (m) | To (m) | Width (m) | Cu % | Ag g/t | Mo % | CuEq* | Type |
30-1077 | 129.0 | 201.0 | 72.0 | 0.22 | 2.71 | 0.24 | Infill | |
And | 291.0 | 313.5 | 22.5 | 0.23 | 2.62 | 0.009 | 0.28 | Infill |
And | 384.0 | 399.0 | 15.0 | 0.52 | 3.73 | 0.55 | Infill | |
And | 428.5 | 450.7 | 22.2 | 0.30 | 2.33 | 0.006 | 0.34 | Infill |
And | 481.5 | 553.5 | 72.0 | 0.19 | 1.41 | 0.013 | 0.25 | Expansion |
And | 603.8 | 777.0 | 173.2 | 0.27 | 1.49 | 0.035 | 0.42 | Expansion |
30-1078 | 6.0 | 262.5 | 256.5 | 0.25 | 1.79 | 0.008 | 0.29 | Infill |
And | 307.5 | 688.5 | 381.0 | 0.22 | 1.69 | 0.022 | 0.32 | Expansion |
30-1079 | 22.5 | 342.0 | 319.5 | 0.28 | 2.14 | 0.008 | 0.32 | Infill |
And | 456.0 | 636.0 | 180.0 | 0.37 | 2.54 | 0.007 | 0.41 | Expansion |
(Including) | 480.7 | 481.8 | 1.1 | 8.66 | 35.2 | 8.84 | Expansion | |
30-1080 | 15.0 | 535.5 | 520.5 | 0.23 | 1.02 | 0.013 | 0.29 | Infill |
And | 774.0 | 969.0 | 195.0 | 0.26 | 1.28 | 0.030 | 0.39 | Expansion |
30-1081 | 42.0 | 71.0 | 29.0 | 0.16 | 1.79 | 0.18 | Infill | |
And | 94.0 | 395.8 | 301.8 | 0.41 | 3.36 | 0.006 | 0.45 | Infill |
(Including) | 322.3 | 330.0 | 7.7 | 1.99 | 14.58 | 2.08 | Infill | |
And | 445.5 | 490.0 | 44.5 | 0.23 | 1.32 | 0.28 | Expansion | |
30-1084 | 5.6 | 477.0 | 471.4 | 0.25 | 1.95 | 0.009 | 0.30 | Infill |
And | 522.6 | 578.0 | 55.4 | 0.33 | 2.64 | 0.041 | 0.51 | Expansion |
And | 616.8 | 706.5 | 89.7 | 0.29 | 1.93 | 0.012 | 0.35 | Expansion |
30-1086 | 14.1 | 166.5 | 152.4 | 0.18 | 0.73 | 0.19 | Infill | |
And | 219.0 | 250.5 | 31.5 | 0.22 | 1.13 | 0.23 | Infill | |
And | 433.1 | 466.5 | 33.4 | 0.25 | 1.12 | 0.26 | Infill | |
And | 888.5 | 949.5 | 61.0 | 0.23 | 0.98 | 0.009 | 0.27 | Expansion |
30-1090 | 15.0 | 294.0 | 279.0 | 0.49 | 3.35 | 0.51 | Expansion | |
(Including) | 66.0 | 72.0 | 6.0 | 3.34 | 14.42 | 0.019 | 3.49 | Expansion |
(Including) | 164.0 | 172.7 | 8.7 | 2.24 | 9.78 | 2.29 | Expansion | |
And | 331.5 | 357.0 | 25.5 | 0.24 | 1.96 | 0.26 | Expansion | |
And | 417.0 | 525.0 | 108.0 | 0.84 | 7.79 | 0.89 | Expansion | |
(Including) | 433.4 | 445.3 | 11.9 | 3.00 | 30.46 | 3.20 | Expansion |
Notes: Please see explanatory notes below on copper equivalent values and Quality Assurance / Quality Control.
Table 2: Drill hole locations
DDH No. | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Elevation |
30-1077 | 0 | -90 | 879 | 316400 | 5425987.8 | 637.7 |
30-1078 | 0 | -90 | 837 | 316300 | 5425903 | 608.4 |
30-1079 | 0 | -90 | 780 | 316298 | 5425814 | 584.3 |
30-1080 | 0 | -90 | 976 | 315500 | 5426425 | 580.0 |
30-1081 | 0 | -90 | 490 | 316505 | 5425800 | 584.9 |
30-1084 | 0 | -90 | 816 | 316397 | 5425889 | 606.9 |
30-1086 | 0 | -90 | 978 | 315500 | 5426320 | 580.0 |
30-1090 | 0 | -90 | 675 | 316477 | 5425532 | 565.7 |
Drill hole 30-1090 intersected new mineralization located 105 metres south of the 2024 MRE model, returning 279.0 metres averaging 0.49% Cu and 3.35 g/t Ag (including 8.7 metres averaging 2.24% Cu and 9.8 g/t Ag) ; a second intercept in this same hole (below the base of the 2024 MRE model) returned 108 metres averaging 0.84% Cu and 7.79 g/t Ag , extending mineralization to a vertical depth of 525 metres.
Drill hole 30-1078 (located in the south-central deposit) intersected 256.5 metres averaging 0.25% Cu and 1.79 g/t Ag , followed by a second intercept of 381.0 metres averaging 0.22% Cu and 1.69 g/t Ag , extending mineralization 280 metres below the base of the 2024 MRE model to a vertical depth of 688 metres.
Drill hole 30-1079 (located in the south-central deposit) intersected 319.5 metres averaging 0.28% Cu and 2.14 g/t Ag , followed by a second intercept of 180.0 metres averaging 0.37% Cu and 2.54 g/t Ag , extending mineralization 307 metres below the base of the 2024 MRE model to a vertical depth of 636 metres.
Drill hole 30-1081 (located in the south-central deposit) intersected 301.8 metres averaging 0.41% Cu and 3.36 g/t Ag ( including 7.7 metres averaging 1.99% Cu and 14.6 g/t Ag at the level of the C Zone skarn ), followed by a second intercept of 44.5 metres averaging 0.23% Cu and 1.32 g/t Ag, extending mineralization 146 metres below the base of the 2024 MRE model to a vertical depth of 490 metres.
Drill hole 30-1084, also located in the south-central portion of the deposit, intersected 471.4 metres averaging 0.25% Cu and 1.95 g/t Ag, followed by a second intercept at depth of 55.4 metres averaging 0.33% Cu and 2.64 g/t Ag, and a third deeper intercept of 89.7 metres averaging 0.29% Cu and 1.93 g/t Ag, extending mineralization 306 metres below the base of the 2024 MRE model to a vertical depth of 706 metres.
Drill hole 30-1080 (located at the northwest end of the deposit) intersected 520.5 metres averaging 0.23% Cu and 1.02 g/t Ag , followed by a second intercept of 195.0 metres averaging 0.26% Cu and 1.28 g/t Ag , extending mineralization 418 metres below the base of the 2024 MRE model to a vertical depth of 969 metres.
Mineralization occurs as disseminations and veinlets of chalcopyrite and is mostly stratigraphically controlled in the area of Needle Mountain, Needle East, and Copper Brook. High molybdenum grades (up to 0.4% Mo) were locally obtained in both the C Zone and E Zone skarns. At least five vein/stockwork mineralizing events have been recognized at Copper Mountain, which overprint earlier skarn/porcellanite-hosted mineralization throughout the Gaspé Copper system.
The 2022 to 2024 Osisko Metals drill programs were focused on defining open-pit resources within the Copper Mountain stockwork mineralization ( see May 6, 2024 MRE press release ). Extending the resource model south of Copper Mountain into the poorly-drilled primary skarn/porcellanite portion of the system subsequently led to a significantly increased resource, mostly in the Inferred category ( see November 14, 2024 MRE press release ).
The current drill program is designed to convert of the November 2024 MRE to Measured and Indicated categories, as well as test the expansion of the system deeper into the stratigraphy and laterally to the south and southwest towards Needle East and Needle Mountain respectively.
All holes were drilled sub-vertically into the altered calcareous stratigraphy, which dips 20 to 25 degrees to the north. The L1 (C Zone) the L2 (E Zone) skarn/marble horizons were intersected in most holes, as well as intervening porcellanites (pale green to white potassic-altered hornfels) that host the bulk of the disseminated copper mineralization.
The November 2024 MRE was limited at depth to the base of the L1 skarn horizon (C Zone), and all mineralized intersections below this horizon represent potential depth extensions to the deposit, to be included in the next scheduled MRE update in Q1 2026.
Explanatory note regarding copper-equivalent grades
Copper Equivalent grades are expressed for purposes of simplicity and are calculated taking into account: 1) metal grades; 2) estimated long-term prices of metals: US$4.00/lb copper, $20.00/lb molybdenum and US$24/oz silver; 3) estimated recoveries of 92%, 70% and 70% for Cu, Mo and Ag respectively; and 4) net smelter return value of metals as percentage of the price, estimated at 86.5%, 90.7% and 75.0% for Cu, Mo and Ag respectively.
Qualified Person
The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Bernard-Olivier Martel, P. Geo. (OGQ 492), an independent consultant, is at "qualified person" as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").
Quality Assurance / Quality Control
Mineralized intervals reported herein are calculated using an average 0.12% copper lower cut-off over contiguous 20-metre intersections (shorter intervals as the case may be at the upper and lower limits of reported intervals). Intervals of 20 metres or less are reported unless indicating significantly higher grades . True widths are estimated at 90 – 92% of the reported core length intervals.
Osisko Metals adheres to a strict QA/QC program for core handling, sampling, sample transportation and analyses, including insertion of blanks and standards in the sample stream. Drill core is drilled in HQ or NQ diameter and securely transported to its core processing facility on site, where it is logged, cut and sampled. Samples selected for assay are sealed and shipped to ALS Canada Ltd.'s preparation facility in Sudbury. Sample preparation details (code PREP-31DH) are available on the ALS Canada website. 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 copper, molybdenum and silver.
About Osisko Metals
Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals sector, with a focus on copper and zinc. The Company acquired a 100% interest in the past-producing Gaspé Copper mine from Glencore Canada Corporation in July 2023. The Gaspé Copper mine is located near Murdochville in Québec ' s Gaspé Peninsula. The Company is currently focused on resource expansion of the Gaspé Copper system, with current Indicated Mineral Resources of 824 Mt averaging 0.34% CuEq and Inferred Mineral Resources of 670 Mt averaging 0.38% CuEq (in compliance with NI 43-101). For more information, see Osisko Metals' November 14, 2024 news release entitled "Osisko Metals Announces Significant Increase in Mineral Resource at Gaspé Copper". Gaspé Copper hosts the largest undeveloped copper resource in eastern North America, strategically located near existing infrastructure in the mining-friendly province of Québec.
In addition to the Gaspé Copper project, the Company is working with Appian Capital Advisory LLP through the Pine Point Mining Limited joint venture to advance one of Canada ' s largest past-producing zinc mining camps, the Pine Point project, located in the Northwest Territories. The current mineral resource estimate for the Pine Point project consists of Indicated Mineral Resources of 49.5 Mt averaging 5.52% ZnEq and Inferred Mineral Resources of 8.3 Mt averaging 5.64% ZnEq (in compliance with NI 43-101). For more information, see Osisko Metals ' June 25, 2024 news release entitled "Osisko Metals releases Pine Point mineral resource estimate: 49.5 million tonnes of indicated resources at 5.52% ZnEq". The Pine Point project is located on the south shore of Great Slave Lake, Northwest Territories, close to infrastructure, with paved road access, an electrical substation and 100 kilometers of viable haul roads.
For further information on this news release, visit www.osiskometals.com , or contact:
Don Njegovan, President
Email: info@osiskometals.com
Phone: (416) 500-4129
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "potential", "feasibility", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains forward-looking information pertaining to, among other things: the tax treatment of the FT Units; the timing of incurring the Qualifying Expenditures and the renunciation of the Qualifying Expenditures; the ability to advance Gaspé Copper to a construction decision (if at all); the ability to increase the Company's trading liquidity and enhance its capital markets presence; the potential re-rating of the Company; the ability for the Company to unlock the full potential of its assets and achieve success; the ability for the Company to create value for its shareholders; the advancement of the Pine Point project; the anticipated resource expansion of the Gaspé Copper system and Gaspé Copper hosting the largest undeveloped copper resource in eastern North America.
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including, without limitation, assumptions about: the ability of exploration results, including drilling, to accurately predict mineralization; errors in geological modelling; insufficient data; equity and debt capital markets; future spot prices of copper and zinc; the timing and results of exploration and drilling programs; the accuracy of mineral resource estimates; production costs; political and regulatory stability; the receipt of governmental and third party approvals; licenses and permits being received on favourable terms; sustained labour stability; stability in financial and capital markets; availability of mining equipment and positive relations with local communities and groups. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information are set out in the Company's public disclosure record on SEDAR+ (www.sedarplus.ca) under Osisko Metals' issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/9056bd4b-e68d-4dd1-a787-1f3b346d2cde
https://www.globenewswire.com/NewsRoom/AttachmentNg/3e9ed8b2-4c21-47aa-9923-f5e30da77ff4
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Osisko Metals Incorporated (the " Company " or " Osisko Metals ") (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: OB51) announces that, effective June 13, 2025, the Company has been continued from British Columbia ( Business Corporations Act (British Columbia) to Ontario ( Business Corporations Act (Ontario)) (the " Continuance ").
The Company adopted new articles and by-laws as part of the Continuance, which replaced the prior articles and by-laws of the Company. The Continuance and the new articles and by-laws of the Company were each approved by shareholders at the Company's annual and special meeting of shareholders held on May 29, 2025. Copies of the certificate of continuance and the new articles and by-laws of the Company will be available on SEDAR+ ( www.sedarplus.ca ) under the Company's issuer profile and on the Company's website at www.osiskometals.com .
About Osisko Metals
Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals sector, with a focus on copper and zinc. The Company acquired a 100% interest in the past-producing Gaspé Copper mine from Glencore Canada Corporation in July 2023. The Gaspé Copper mine is located near Murdochville in Québec ' s Gaspé Peninsula. The Company is currently focused on resource expansion of the Gaspé Copper system, with current Indicated Mineral Resources of 824 Mt grading 0.34% CuEq and Inferred Mineral Resources of 670 Mt grading 0.38% CuEq (in compliance with NI 43-101). For more information, see Osisko Metals' November 14, 2024 news release entitled " Osisko Metals Announces Significant Increase in Mineral Resource at Gaspé Copper ". Gaspé Copper hosts the largest undeveloped copper resource in eastern North America, strategically located near existing infrastructure in the mining-friendly province of Québec.
In addition to the Gaspé Copper project, the Company is working with Appian Capital Advisory LLP through the Pine Point Mining Limited joint venture to advance one of Canada ' s largest past-producing zinc mining camps, the Pine Point project, located in the Northwest Territories. The current mineral resource estimate for the Pine Point project consists of Indicated Mineral Resources of 49.5 Mt at 5.52% ZnEq and Inferred Mineral Resources of 8.3 Mt at 5.64% ZnEq (in compliance with NI 43-101). For more information, see Osisko Metals' June 25, 2024 news release entitled "Osisko Metals releases Pine Point mineral resource estimate: 49.5 million tonnes of indicated resources at 5.52% ZnEq" . The Pine Point project is located on the south shore of Great Slave Lake, Northwest Territories, close to infrastructure, with paved road access, an electrical substation and 100 kilometers of viable haul roads.
For further information on this news release, visit www.osiskometals.com or contact:
Robert Wares, Chief Executive Officer of Osisko Metals Incorporated
Email: info@osiskometals.com
Phone: (514) 861-4441
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "potential", "feasibility", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains forward-looking information pertaining to, among other things: the anticipated resource expansion of the Gaspé Copper system; Gaspé Copper hosting the largest undeveloped copper resource in eastern North America; and the advancement of the Pine Point project.
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information are set out in the Company's public disclosure record on SEDAR+ (www.sedarplus.ca) under Osisko Metals' issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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Includes 15.6 Metres Averaging 1.47% Cu and 8.5 g/t Ag
E Zone Skarn Returns 29.7 Metres Averaging 1.92% Cu and 15.2 g/t Ag
Infill Drilling Continues to Extend Deposit at Depth Below 2024 MRE
Osisko Metals Incorporated (the " Company or " Osisko Metals ") ( TSX-V: OM ; OTCQX: OMZNF ; FRANKFURT: 0B51 ) is pleased to announce new drilling results from the 2025 drilling program at the Gaspé Copper Project, located in the Gaspé Peninsula of Eastern Québec. Results for eight new holes are reported below, located at the southern end of the deposit defined in the 2024 Mineral Resource Estimate ("MRE", see attached map and November 14, 2024 news release ).
Highlights (see Table 1 below):
Table 1: Drill hole mineralized intervals, see attached map for drill hole locations.
DDH No. | From (m) | To (m) | Width (m) | Cu % | Ag g/t | Mo % |
30-1068 | 58.5 | 247.5 | 189.0 | 0.30 | 2.62 | |
And | 327.5 | 376.5 | 49.0 | 0.69 | 5.65 | |
And | 450.0 | 484.5 | 34.5 | 0.16 | 1.03 | |
And | 555.8 | 591.0 | 35.2 | 0.29 | 1.95 | |
30-1070 | 45.0 | 205.5 | 160.5 | 0.16 | 1.92 | |
And | 345.9 | 369.0 | 23.1 | 0.25 | 2.09 | 0.005 |
And | 412.7 | 535.5 | 122.8 | 0.62 | 4.86 | 0.011 |
(Including) | 415.5 | 441.1 | 25.6 | 2.19 | 16.86 | 0.006 |
And | 599.0 | 628.7 | 29.7 | 1.92 | 15.21 | |
30-1071 | 7.0 | 61.0 | 54.0 | 0.51 | 5.21 | |
30-1072 | 19.0 | 45.2 | 26.2 | 0.17 | 1.69 | |
And | 374.1 | 396.0 | 21.9 | 0.42 | 3.79 | 0.018 |
And | 456.0 | 504.0 | 48.0 | 0.39 | 2.99 | 0.005 |
30-1074 | 127.0 | 176.5 | 49.5 | 0.22 | 2.51 | |
And | 304.5 | 327.0 | 22.5 | 0.27 | 1.66 | |
And | 369.0 | 396.0 | 27.0 | 0.21 | 1.79 | 0.047 |
And | 435.0 | 553.5 | 118.5 | 0.26 | 1.92 | 0.017 |
And | 629.9 | 797.1 | 167.2 | 0.22 | 1.60 | 0.007 |
30-1075 | 15.0 | 273.0 | 258.0 | 0.33 | 2.95 | |
(Including) | 236.4 | 252.0 | 15.6 | 1.47 | 8.48 | |
And | 354.7 | 399.0 | 44.3 | 0.23 | 2.00 | |
And | 433.5 | 529.5 | 96.0 | 0.54 | 3.34 | |
30-1076 | 12.0 | 220.4 | 208.4 | 0.40 | 2.61 | |
(Including) | 193.0 | 205.0 | 12.0 | 1.91 | 9.61 | |
And | 244.2 | 315.0 | 70.8 | 0.25 | 2.15 | |
And | 396.0 | 420.0 | 24.0 | 0.26 | 1.86 | |
And | 498.6 | 547.5 | 48.9 | 0.34 | 2.78 | |
Drill hole 30-1073 was drilled to the east of the 2024 MRE limit and did not intersect significant mineralization. Previously reported drill holes 30-1062 and 30-1066 were also collared to the southeast and to the east, respectively, of the 2024 MRE limit and these holes also failed to intersect significant mineralization, indicating that the deposit does not extend towards the east. The deposit remains open to the south and southwest.
All holes were drilled sub-vertically into the altered calcareous stratigraphy which dips 20 to 25 degrees to the north; true widths are estimated at 90-92% of reported widths. The L1 (C Zone) the L2 (E Zone) skarn/marble horizons were intersected in most holes, as well as intervening porcellanites (pale green to white potassic-altered hornfels) that host the bulk of the disseminated copper mineralization.
The November 2024 MRE was limited at depth to the base of the L1 skarn horizon (C Zone), and all mineralized intersections below this horizon represent potential depth extensions to the deposit, to be included in the next scheduled MRE update in Q1 2026.
Mineralization occurs as disseminations and veinlets of chalcopyrite and is mostly stratigraphically controlled in the area of Needle Mountain, Needle East and Copper Brook. As expected, no significant molybdenum mineralization was encountered in porcellanites in the latter areas, but high grades (up to 0.4% Mo) were locally obtained in both the C Zone and E Zone skarns. The bulk of the molybdenum mineralization occurs in veinlet stockworks further north at Copper Mountain, where true porphyry copper-style mineralization occurs, forming a distinct secondary mineralized zone that is characterized by widespread, continuous copper-molybdenum stockwork mineralization radiating from the central source of hydrothermal fluids, i.e. the Copper Mountain porphyry intrusion. At least five vein/stockwork mineralizing events have been recognized at Copper Mountain, which overprint earlier skarn/porcellanite-hosted mineralization throughout the Gaspé Copper system.
The 2022 to 2024 Osisko Metals drill programs were focused on defining open-pit resources within the Copper Mountain stockwork mineralization, leading to the May 2024 MRE (see May 6, 2024 press release). Extending the resource model south of Copper Mountain into the poorly-drilled primary skarn/porcellanite portion of the system subsequently led to a significantly increased resource, mostly in the Inferred category (see November 14, 2024 press release).
The current drill program is designed to convert the November 2024 MRE to Measured and Indicated categories, as well as test the extension of the system deeper into the stratigraphy and laterally to the south and southwest towards Needle East and Needle Mountain respectively.
Qualified Person
Mr. Bernard-Olivier Martel, P. Geo. is the Independent Qualified Person 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
Mineralized intervals reported herein are calculated using an average 0.12% copper lower cut-off over contiguous 20-metre intersections (shorter intervals as the case may be at the upper and lower limits of reported intervals). Intervals of 20 metres or less are not reported unless indicating significantly higher grades.
Osisko Metals adheres to a strict QA/QC program for core handling, sampling, sample transportation and analyses, including insertion of blanks and standards in the sample stream. Drill core is drilled in HQ or NQ diameter and securely transported to its core processing facility on site, where it is logged, cut and sampled. Samples selected for assay are sealed and shipped to ALS Canada Ltd.'s preparation facility in Sudbury. Sample preparation details (code PREP-31DH) are available on the ALS Canada website. 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 copper, molybdenum and silver.
About Osisko Metals
Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals sector, with a focus on copper and zinc. The Company acquired a 100% interest in the past-producing Gaspé Copper mine from Glencore Canada Corporation in July 2023. The Gaspé Copper mine is located near Murdochville in Québec ' s Gaspé Peninsula. The Company is currently focused on resource expansion of the Gaspé Copper system, with current Indicated Mineral Resources of 824 Mt averaging 0.34% CuEq and Inferred Mineral Resources of 670 Mt averaging 0.38% CuEq (in compliance with NI 43-101). For more information, see Osisko Metals' November 14, 2024 news release entitled " Osisko Metals Announces Significant Increase in Mineral Resource at Gaspé Copper ". Gaspé Copper hosts the largest undeveloped copper resource in eastern North America, strategically located near existing infrastructure in the mining-friendly province of Québec.
In addition to the Gaspé Copper project, the Company is working with Appian Capital Advisory LLP through the Pine Point Mining Limited joint venture to advance one of Canada ' s largest past-producing zinc mining camps, the Pine Point project, located in the Northwest Territories. The current mineral resource estimate for the Pine Point project consists of Indicated Mineral Resources of 49.5 Mt averaging 5.52% ZnEq and Inferred Mineral Resources of 8.3 Mt averaging 5.64% ZnEq (in compliance with NI 43-101). For more information, see Osisko Metals ' June 25, 2024 news release entitled "Osisko Metals releases Pine Point mineral resource estimate: 49.5 million tonnes of indicated resources at 5.52% ZnEq" . The Pine Point project is located on the south shore of Great Slave Lake, Northwest Territories, close to infrastructure, with paved road access, an electrical substation and 100 kilometers of viable haul roads.
For further information on this news release, visit www.osiskometals.com or contact:
Don Njegovan, President
Email: info@osiskometals.com
Phone: (514) 861-4441
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "potential", "feasibility", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains forward-looking information pertaining to, among other things: the tax treatment of the FT Units; the timing of incurring the Qualifying Expenditures and the renunciation of the Qualifying Expenditures; the ability to advance Gaspé Copper to a construction decision (if at all); the ability to increase the Company's trading liquidity and enhance its capital markets presence; the potential re-rating of the Company; the ability for the Company to unlock the full potential of its assets and achieve success; the ability for the Company to create value for its shareholders; the advancement of the Pine Point project; the anticipated resource expansion of the Gaspé Copper system and Gaspé Copper hosting the largest undeveloped copper resource in eastern North America.
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including, without limitation, assumptions about: the ability of exploration results, including drilling, to accurately predict mineralization; errors in geological modelling; insufficient data; equity and debt capital markets; future spot prices of copper and zinc; the timing and results of exploration and drilling programs; the accuracy of mineral resource estimates; production costs; political and regulatory stability; the receipt of governmental and third party approvals; licenses and permits being received on favourable terms; sustained labour stability; stability in financial and capital markets; availability of mining equipment and positive relations with local communities and groups. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information are set out in the Company's public disclosure record on SEDAR+ (www.sedarplus.ca) under Osisko Metals' issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.
A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/a06701a0-9a60-4582-8ca8-1494ea93f74e
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Osisko Metals Incorporated (the " Company " or " Osisko Metals ") (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: OB51) announces the results of its annual and special meeting of shareholders of the Company (the " Meeting ") held earlier today.
A total of 290,548,699 common shares of the Company (" Common Shares ") were represented, in person or by proxy, at the Meeting, representing approximately 47.67% of the total issued and outstanding Common Shares as of the record date of the Meeting.
All matters presented for shareholder approval at the Meeting were overwhelmingly approved as follows:
The Omnibus Plan was adopted by the board of directors of the Company on January 17, 2025. The Omnibus Plan is a fixed 10% plan and provides for the grant of options, restricted share units, performance share units and deferred share units. The aggregate maximum number of Common Shares reserved for issuance pursuant to the Omnibus Plan is 60,956,063 Common Shares (less any Common Shares reserved for issuance under other share compensation arrangements of the Company). The Omnibus Plan has received conditional acceptance from the TSX Venture Exchange.
For more details regarding the matters presented at the Meeting, please refer to the management information circular dated April 9, 2025, which is accessible on SEDAR+ ( www.sedarplus.ca ) under the Company's issuer profile and on the Company's website at www.osiskometals.com .
About Osisko Metals
Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals sector, with a focus on copper and zinc. The Company acquired a 100% interest in the past-producing Gaspé Copper mine from Glencore Canada Corporation in July 2023. The Gaspé Copper mine is located near Murdochville in Québec ' s Gaspé Peninsula. The Company is currently focused on resource expansion of the Gaspé Copper system, with current Indicated Mineral Resources of 824 Mt grading 0.34% CuEq and Inferred Mineral Resources of 670 Mt grading 0.38% CuEq (in compliance with NI 43-101). For more information, see Osisko Metals' November 14, 2024 news release entitled " Osisko Metals Announces Significant Increase in Mineral Resource at Gaspé Copper ". Gaspé Copper hosts the largest undeveloped copper resource in eastern North America, strategically located near existing infrastructure in the mining-friendly province of Québec.
In addition to the Gaspé Copper project, the Company is working with Appian Capital Advisory LLP through the Pine Point Mining Limited joint venture to advance one of Canada ' s largest past-producing zinc mining camps, the Pine Point project, located in the Northwest Territories. The current mineral resource estimate for the Pine Point project consists of Indicated Mineral Resources of 49.5 Mt at 5.52% ZnEq and Inferred Mineral Resources of 8.3 Mt at 5.64% ZnEq (in compliance with NI 43-101). For more information, see Osisko Metals' June 25, 2024 news release entitled "Osisko Metals releases Pine Point mineral resource estimate: 49.5 million tonnes of indicated resources at 5.52% ZnEq" . The Pine Point project is located on the south shore of Great Slave Lake, Northwest Territories, close to infrastructure, with paved road access, an electrical substation and 100 kilometers of viable haul roads.
For further information on this news release, visit www.osiskometals.com or contact:
Robert Wares, Chief Executive Officer of Osisko Metals Incorporated
Email: info@osiskometals.com
Phone: (514) 861-4441
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "potential", "feasibility", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains forward-looking information pertaining to, among other things: the anticipated resource expansion of the Gaspé Copper system; Gaspé Copper hosting the largest undeveloped copper resource in eastern North America; and the advancement of the Pine Point project.
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information are set out in the Company's public disclosure record on SEDAR+ (www.sedarplus.ca) under Osisko Metals' issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
News Provided by GlobeNewswire via QuoteMedia
Osisko Metals Incorporated (the " Company or " Osisko Metals ") ( TSX-V: OM ; OTCQX: OMZNF ; FRANKFURT: 0B51 ) is pleased to announce new drilling results from the 2025 drilling program at the Gaspé Copper Project, located in the Gaspé Peninsula of Eastern Québec. Results for six new holes are reported below, located at the southern end of the deposit defined in the 2024 Mineral Resource Estimate ("MRE", see attached map and November 14, 2024 news release).
Highlights (see Table 1 below):
Robert Wares, Osisko Metals CEO, commented: "We are very pleased with these new drill results at Gaspé which continue to confirm our new geological model. New mineralization has again been added at depth, well below C Zone skarn horizon, and drill hole 30-1067 further demonstrates the potential to extend the deposit to the south. DDH 30-1067 was terminated in an undocumented stope above the C zone, at a depth of 137 metres. Further drilling will be conducted this month to test the deeper stratigraphy in this area for extended mineralization (to the base of the E zone, about 316 metres below hole 30-1067."
Table 1: Drill hole mineralized intervals, see attached map for drill hole locations.
DDH No. | From | To | Width | Cu | Ag | Mo |
(m) | (m) | (m) | % | g/t | % | |
30-1061 | 12.0 | 184.5 | 172.5 | 0.18 | 1.52 | |
And | 228.0 | 274.5 | 46.5 | 0.35 | 2.05 | |
And | 327.0 | 358.5 | 31.5 | 0.25 | 1.93 | |
And | 497.0 | 712.5 | 215.5 | 0.31 | 2.67 | |
30-1062 | 19.0 | 72.0 | 53.0 | 0.19 | 2.18 | |
And | 96.0 | 128.5 | 32.5 | 0.15 | 1.62 | |
And | 282.0 | 307.0 | 25.0 | 0.19 | 1.62 | |
30-1064 | 36.0 | 200.7 | 164.7 | 0.26 | 1.94 | |
And | 235.5 | 376.5 | 141.0 | 0.26 | 2.20 | |
And | 497.7 | 505.3 | 7.6 | 1.04 | 9.29 | 0.133 |
And | 546.9 | 618.0 | 71.1 | 0.37 | 2.58 | |
30-1065* | 12.0 | 335.0 | 323.0 | 0.43 | 3.18 | |
(Including) | 205.8 | 216.9 | 11.1 | 1.54 | 12.5 | |
(Including) | 260.0 | 273.3 | 13.3 | 2.50 | 17.8 | |
And | 520.5 | 555.0 | 34.5 | 0.35 | 2.61 | |
30-1066 | 573.0 | 604.5 | 31.5 | 0.41 | 4.37 | |
30-1067* | 15.0 | 151.8 | 136.8 | 0.32 | 3.18 |
*Holes marked by an asterisk intersected stopes and did not reach targeted depths.
The deposit remains open to the south and southwest. Drill holes 30-1062 and 30-1066 are located at the southeast margin and to the east of the 2024 MRE limit (respectively), and these two holes did not intersect significant mineralization, indicating that the deposit may not extend towards the east.
All holes were drilled sub-vertically into the altered calcareous stratigraphy which dips 20 to 25 degrees to the north; true widths are estimated at 90-92% of reported widths. The L1 (C Zone) the L2 (E Zone) skarn/marble horizons were intersected in most holes, as well as intervening porcellanites (pale green to white potassic-altered hornfels) that host the bulk of the disseminated copper mineralization.
The November 2024 MRE was limited at depth to the base of the L1 skarn horizon (C Zone), and all mineralized intersections below this horizon represent potential depth extensions to the deposit, to be included in the next scheduled MRE update in H1 2026.
Mineralization occurs as disseminations and veinlets of chalcopyrite and is mostly stratigraphically controlled in the area of Needle Mountain, Needle East and Copper Brook. As expected, no significant molybdenum mineralization was encountered in porcellanites in the latter areas, but high grades (up to 0.4% Mo) were locally obtained in both the C Zone and E Zone skarns. The bulk of the molybdenum mineralization occurs in veinlet stockworks further north at Copper Mountain, where true porphyry copper-style mineralization occurs, forming a distinct secondary mineralized zone that is characterized by widespread, continuous copper-molybdenum stockwork mineralization radiating from the central source of hydrothermal fluids, i.e. the Copper Mountain porphyry intrusion. At least five vein/stockwork mineralizing events have been recognized at Copper Mountain, which overprint earlier skarn/porcellanite-hosted mineralization throughout the Gaspé Copper system.
The 2022 to 2024 Osisko Metals drill programs were focused on defining open-pit resources within the Copper Mountain stockwork mineralization, leading to the May 2024 MRE (see May 6, 2024 press release). Extending the resource model south of Copper Mountain into the poorly-drilled primary skarn/porcellanite portion of the system subsequently led to a significantly increased resource, mostly in the Inferred category (see November 14, 2024 press release).
The current drill program is designed to convert of the November 2024 MRE to Measured and Indicated categories, as well as test the expansion of the system deeper into the stratigraphy and laterally to the south and southwest towards Needle East and Needle Mountain respectively.
Qualified Person
Mr. Bernard-Olivier Martel, P. Geo. is the Independent Qualified Person 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
Mineralized intervals reported herein are calculated using an average 0.12% copper lower cut-off over contiguous 20-metre intersections (shorter intervals as the case may be at the upper and lower limits of reported intervals). Intervals of 20 metres or less are reported unless indicating significantly higher grades.
Osisko Metals adheres to a strict QA/QC program for core handling, sampling, sample transportation and analyses, including insertion of blanks and standards in the sample stream. Drill core is drilled in HQ or NQ diameter and securely transported to its core processing facility on site, where it is logged, cut and sampled. Samples selected for assay are sealed and shipped to ALS Canada Ltd.'s preparation facility in Sudbury. Sample preparation details (code PREP-31DH) are available on the ALS Canada website. 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 copper, molybdenum and silver.
About Osisko Metals
Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals sector, with a focus on copper and zinc. The Company acquired a 100% interest in the past-producing Gaspé Copper mine from Glencore Canada Corporation in July 2023. The Gaspé Copper mine is located near Murdochville in Québec ' s Gaspé Peninsula. The Company is currently focused on resource expansion of the Gaspé Copper system, with current Indicated Mineral Resources of 824 Mt averaging 0.34% CuEq and Inferred Mineral Resources of 670 Mt averaging 0.38% CuEq (in compliance with NI 43-101). For more information, see Osisko Metals' November 14, 2024 news release entitled " Osisko Metals Announces Significant Increase in Mineral Resource at Gaspé Copper ". Gaspé Copper hosts the largest undeveloped copper resource in eastern North America, strategically located near existing infrastructure in the mining-friendly province of Québec.
In addition to the Gaspé Copper project, the Company is working with Appian Capital Advisory LLP through the Pine Point Mining Limited joint venture to advance one of Canada ' s largest past-producing zinc mining camps, the Pine Point project, located in the Northwest Territories. The current mineral resource estimate for the Pine Point project consists of Indicated Mineral Resources of 49.5 Mt averaging 5.52% ZnEq and Inferred Mineral Resources of 8.3 Mt averaging 5.64% ZnEq (in compliance with NI 43-101). For more information, see Osisko Metals ' June 25, 2024 news release entitled "Osisko Metals releases Pine Point mineral resource estimate: 49.5 million tonnes of indicated resources at 5.52% ZnEq" . The Pine Point project is located on the south shore of Great Slave Lake, Northwest Territories, close to infrastructure, with paved road access, an electrical substation and 100 kilometers of viable haul roads.
For further information on this news release, visit www.osiskometals.com or contact:
Don Njegovan, President, Email: info@osiskometals.com
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "potential", "feasibility", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains forward-looking information pertaining to, among other things: the tax treatment of the FT Units; the timing of incurring the Qualifying Expenditures and the renunciation of the Qualifying Expenditures; the ability to advance Gaspé Copper to a construction decision (if at all); the ability to increase the Company's trading liquidity and enhance its capital markets presence; the potential re-rating of the Company; the ability for the Company to unlock the full potential of its assets and achieve success; the ability for the Company to create value for its shareholders; the advancement of the Pine Point project; the anticipated resource expansion of the Gaspé Copper system and Gaspé Copper hosting the largest undeveloped copper resource in eastern North America.
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including, without limitation, assumptions about: the ability of exploration results, including drilling, to accurately predict mineralization; errors in geological modelling; insufficient data; equity and debt capital markets; future spot prices of copper and zinc; the timing and results of exploration and drilling programs; the accuracy of mineral resource estimates; production costs; political and regulatory stability; the receipt of governmental and third party approvals; licenses and permits being received on favourable terms; sustained labour stability; stability in financial and capital markets; availability of mining equipment and positive relations with local communities and groups. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information are set out in the Company's public disclosure record on SEDAR+ (www.sedarplus.ca) under Osisko Metals' issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/862b1188-64a0-4cd7-9885-854274ed8fb7
Empire Metals Limited (LON:EEE), the AIM-quoted and OTCQB-traded resource exploration and development company, is pleased to announce several strategic technical appointments and partnerships that strengthen the in-house project development team and support the advancement of the Pitfield Titanium Project ("Pitfield" or the "Project") in Western Australia.
These appointments coincide with the commencement of bulk-scale metallurgical testing, a critical step in progressing Pitfield toward commercial development.
Highlights
These key appointments advance the Company toward confirming project economics and assessing mine design, process flowsheets and product options-critical steps in the development pathway to commercial mine production.
Commenting on the announcement, Shaun Bunn, Managing Director, said:
"I am delighted to welcome Alan and Pocholo to our team. Their technical expertise will be invaluable as we move toward defining the economic potential and product strategy for Pitfield. Building a strong in-house team has been key to our progress so far, and these appointments mark an important next step.
"We are also very pleased to be working with Strategic Metallurgy, whose reputation and experience in process development will significantly strengthen our metallurgical programme. The timing is ideal, with large-scale metallurgical testing now underway, including ore scrubbing and spiral gravity separation, using bulk samples collected earlier this year."
Process Development Update
A large-scale metallurgical testwork programme, involving mineral separation techniques that require bulk feed samples, between approximately 0.5 to 1.5 tonnes each, has commenced using the material collected from the February 2025 Air Core drilling. The programme includes ore scrubbing, desliming and gravity spiral testwork. Alternative gravity separation unit processes, such as jigs and up-current classifiers, are also being evaluated.
Flotation testwork is also being carried out on the fines fraction, separated in the desliming step. As part of this programme, bulk mineral concentrates will be produced for downstream processing, testing both hydrometallurgical and product finishing flowsheet concepts. This will allow a consistent, common mineral concentrate stream to be assessed across the range of flowsheet options that are being considered downstream of the mineral separation step.
Figure 1. Photos of bulk testwork programme showing clockwise from bottom left: deslimed feed sample, wet scrubber unit, and gravity spirals .
This bulk testwork programme will produce significant volumes of concentrates which will feed into beneficiation testwork and result in larger product samples which can be delivered to potential end users for assessment for the first time.
In addition, this programme is designed to assess different types of process equipment and analyse a variety of flowsheet options, resulting in technical information necessary for developing a commercial process flowsheet.
About Strategic Metallurgy
Strategic Metallurgy Pty Ltd, established in 2010, is a metallurgical consulting company whose business model is to work with mining companies to develop their metallurgical strategy and ensure that it fits into their overall business plan. With a proven track record of providing expert consulting, process development, testwork management, feasibilities and strategic reviews Strategic Metallurgy has the extensive hands-on experience that Empire requires to progress the Pitfield Project through the metallurgical testing, process modelling, flowsheet design stages to pilot plant design and operation.
The Pitfield Titanium Project
Located within the Mid-West region of Western Australia, near the northern wheatbelt town of Three Springs, the Pitfield titanium project lies 313km north of Perth and 156km southeast of Geraldton, the Mid West region's capital and major port. Western Australia is ranked as one of the top mining jurisdictions in the world according to the Fraser Institute's Investment Attractiveness Index published in 2023, and has mining-friendly policies, stable government, transparency, and advanced technology expertise. Pitfield has existing connections to port (both road & rail), HV power substations, and is nearby to natural gas pipelines (refer Figure 2).
Figure 2. Pitfield Project Location showing the Mid-West Region Infrastructure and Services.
Competent Person Statement
The scientific and technical information in this report that relates to process metallurgy is based on information reviewed by Ms Narelle Marriott, an employee of Empire Metals Australia Pty Ltd, a wholly owned subsidiary of Empire. Ms Marriott is a member of the AusIMM and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code 2012. Ms. Marriott consents to the inclusion in this announcement of the matters based on their information in the form and context in which it appears.
The technical information in this report that relates to the geology and exploration of the Pitfield Project has been compiled by Mr Andrew Faragher, an employee of Empire Metals Australia Pty Ltd, a wholly owned subsidiary of Empire. Mr. Faragher is a member of the AusIMM and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code 2012. Mr Faragher consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.
**ENDS**
For further information please visit www.empiremetals.co.uk or contact:
About Empire Metals Limited
Empire Metals is an AIM-listed and OTCQB-traded exploration and resource development company (LON:EEE)(OTCQB:EPMLF) with a primary focus on developing Pitfield, an emerging giant titanium project in Western Australia.
The high-grade titanium discovery at Pitfield is of unprecedented scale, with airborne surveys identifying a massive, coincident gravity and magnetics anomaly extending over 40km by 8km by 5km deep. Drill results have indicated excellent continuity in grades and consistency of the in-situ mineralised beds and confirm that the sandstone beds hold the higher-grade titanium dioxide (TiO₂) values within the interbedded succession of sandstones, siltstones and conglomerates. The Company is focused on two key prospects (Cosgrove and Thomas), which have been identified as having thick, high-grade, near-surface, in-situ bedded TiO₂ mineralisation, each being over 7km in strike length.
An Exploration Target* for Pitfield was declared in 2024, covering the Thomas and Cosgrove mineral prospects, and was estimated to contain between 26.4 to 32.2 billion tonnes with a grade range of 4.5 to 5.5% TiO2. Included within the total Exploration Target* is a subset that covers the in-situ weathered sandstone zone, which extends from surface to an average vertical depth of 30m to 40m and is estimated to contain between 4.0 to 4.9 billion tonnes with a grade range of 4.8 to 5.9% TiO2.
The Exploration Target* covers an area less than 20% of the overall mineral system at Pitfield which demonstrates the potential for significant further upside.
Empire is now accelerating the economic development of Pitfield, with a vision to produce a high-value titanium metal or pigment quality product at Pitfield, to realise the full value potential of this exceptional deposit.
The Company also has two further exploration projects in Australia; the Eclipse Project and the Walton Project in Western Australia, in addition to three precious metals projects located in a historically high-grade gold producing region of Austria.
*The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. See RNS dated 12 June 2024 for full details.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
Click here to connect with Empire Metals (OTCQB:EPMLF, AIM:EEE) to receive an Investor Presentation
President Donald Trump’s surprise announcement of 30 percent tariffs on imports from the EU and Mexico has triggered immediate backlash from various stakeholders, with less than three weeks to go before the tariffs take effect on August 1.
The tariffs—part of a broader series of trade penalties that include duties on copper and new levies on Canada, Japan, South Korea, and Brazil—have drawn sharp criticism from some of the country's closest allies and trading partners.
In Canada, Prime Minister Mark Carney responded forcefully to the 35 percent tariff on Canadian goods, defending his country’s record and accusing Trump of undermining years of bilateral cooperation.
Throughout the current trade negotiations with the United States, the Canadian government has steadfastly defended our workers and businesses. We will continue to do so as we work towards the revised deadline of August 1.
— Mark Carney (@MarkJCarney) July 11, 2025
Canada has made vital progress to stop the scourge…
“Throughout the current trade negotiations with the United States, the Canadian government has steadfastly defended our workers and businesses,” Carney wrote on X. “We are building Canada strong.”
Canada's United Steelworkers union condemned the copper tariffs, which they say threaten thousands of Canadian jobs.
“This is yet another escalation in Trump’s trade war that puts Canadian jobs and entire industries at risk,” said USW National Director Marty Warren in a July 10 release.
“Canadian workers didn’t start this trade war, but they’re the ones paying the price,” Warren added.
The union also urged Ottawa to protect its domestic industry: “More than 3,000 of our union’s members work in Canada’s copper industry alone. We need immediate and decisive action to protect these workers.”
Across the Atlantic, the EU has not yet issued a formal response, but analysts say the move could derail the bloc’s ongoing negotiations with Washington.
“Trump’s strategy is to make outrageous demands, then bring them down, then make another push to win some last-minute concessions,” Mathieu Savary, Chief Strategist at BCA Research, told Reuters.
He also predicted that Europe may eventually settle for a 10 percent tariff—"something that the EU can actually handle."
The US move has also rattled Asia. South Korea’s Ministry of Trade said it would accelerate negotiations with the US following Trump’s threat of a 25 percent tariff.
The ministry said its goal is to “produce mutually beneficial results” and address trade imbalances.
Meanwhile, Japan’s Prime Minister Shigeru Ishiba convened a national task force, saying he “deeply regrets” the tariffs and that Tokyo would continue to protect its national interests.
In Africa, South African President Cyril Ramaphosa blasted Trump’s 30 percent tariff on South African exports, calling it unjustified.
“This reciprocal tariff is not based on an accurate representation of trade data,” Ramaphosa said, maintaining that 77 percent of US exports to South Africa are already duty-free while urging the state to respond to a proposed trade framework submitted in May.
In Latin America, Brazil’s President Luiz Inácio Lula da Silva took aim at Trump’s broader protectionist tone.
At the recent BRICS summit in Rio de Janeiro, Lula said: “The world has changed. We don’t want an emperor.”
Lula was responding to Trump’s threat to slap 10 percent tariffs on BRICS nations if they pursued "anti-American" policies. The Brazilian president reiterated calls for a diversified global trade system, including reducing reliance on the US dollar.
Underlying the current showdown is America’s long-standing import dependence.
According to the recent US Geological Survey (USGS), in 2024, the United States was over 50 percent import reliant for 46 nonfuel mineral commodities — and fully import dependent for 12, including many critical minerals used in manufacturing, defense, and energy sectors.
Despite the mounting backlash, President Trump remains firm, repeatedly portraying the tariffs as necessary to protect American industries and secure better trade terms.
Whether this approach yields results or triggers prolonged trade wars remains uncertain. With less than three weeks before the tariffs take effect, stakeholder groups and nations remain varied in their approach and response to the impending sanctions.
But with little indication from the White House of a willingness to retreat, the global economic community is bracing for a turbulent second half of the year.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Lobo Tiggre, CEO of IndependentSpeculator.com, discusses the recent news that the US plans to put a 50 percent tariff on copper imports.
He also weighs in on gold, silver and platinum price drivers, as well as uranium stocks.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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US President Donald Trump said Tuesday (July 8) that he plans to impose a 50 percent tariff on all copper imports, a dramatic escalation of his administration’s use of targeted trade restrictions on national security grounds.
“I believe the tariff on copper, we're going to make 50 percent,” Trump said during a White House cabinet meeting.
Though he did not provide a timeline, Commerce Secretary Howard Lutnick said in a subsequent CNBC interview that the tariff could take effect by late July or as early as August 1, with details to be posted on Trump’s Truth Social account.
The announcement triggered immediate market reaction. According to Reuters, copper futures for September delivery surged 13 percent on the day, closing at US$5.6855 per pound—its biggest single-day jump since 1989.
Traders cited fears of a supply crunch and price volatility as buyers scrambled to secure US-bound shipments ahead of the tariff implementation.
The decision marks a culmination of a months-long process that began in February, when Trump signed an executive order instructing the Department of Commerce to investigate whether copper imports posed a national security threat under Section 232 of the Trade Expansion Act of 1962.
The rarely used statute gives the president broad authority to impose tariffs or quotas if imports are deemed harmful to national defense or essential industries.
The copper tariff follows a similar pattern established during Trump’s first term, when the White House used Section 232 to levy tariffs on steel and aluminum.
Since returning to office, Trump has expanded his use of the provision to include automobiles, pharmaceuticals and critical minerals like rare earths.
The brunt of the copper tariff is expected to fall on key US trade partners — most notably Chile, Canada and Mexico, which collectively accounted for the majority of America’s US$17 billion in copper imports in 2024, according to US Census Bureau data.
Chile alone shipped US$6 billion worth of copper to the US last year.
Officials from Chile, Canada and Peru, have pushed back against the measure, arguing their exports pose no threat to US national security and citing long-standing free trade agreements.
However, none have been granted exemptions as of Wednesday (July 9), and negotiations remain in limbo.
The looming copper tariff comes on the heels of broader trade actions taken by the Trump administration. On Monday (July 7), the White House imposed stiff tariffs on imports from 14 countries, including Japan, South Korea, Malaysia, South Africa and Kazakhstan.
These levies, effective August 1, targeted a wide range of sectors, from steel and aluminum to automotive parts and textiles.
Despite its relatively small trade deficit in copper — the US exported US$11.3 billion and imported US$9.6 billion worth of the metal in 2024 — the White House argues that the country remains dangerously reliant on foreign refining and processing capacity.
The legal foundation for the copper tariff lies in Section 232, which allows the president to act unilaterally on trade when national security is at stake. Experts say the provision gives Trump more durable legal ground than his recent attempts to use emergency powers to implement broad, country-specific tariffs — some of which are being challenged in federal court.
“Section 232 tariffs are central to President Trump’s tariff strategy,” said Mike Lowell, a trade attorney with ReedSmith, in an interview with CNBC. “They aren’t the target of the pending litigation, and they’re more likely to survive a legal challenge and continue into the next presidential administration.”
The administration’s increasing reliance on Section 232 tariffs reflects a shift toward industrial policy motivated by supply chain security, particularly for materials with dual-use applications in civilian and defense sectors.
Copper is a case in point. Used extensively in electrical wiring, motors, semiconductors and military-grade communications equipment, the red metal has been classified as critical to US infrastructure and defense capabilities.
Analysts point out that demand for the red metal is set to surge in the coming years due to the ongoing energy transition and growing adoption of electric vehicles.
In April, Trump issued a separate executive order launching a Section 232 investigation into US reliance on imported critical minerals and processed rare earths, calling them “essential for national security and economic resilience.” The order cited specific applications in jet engines, missile guidance, radar systems and advanced electronics.
As of Wednesday, no formal timeline had been posted on Trump’s Truth Social account, and details around carve-outs or exemptions remained unclear.
For now, however, Trump appears undeterred. The head of state has already threatened that pharmaceuticals may be next in line for potential action.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Nobel Resources Corp. (TSX – V: NBLC) (the “Company” or “Nobel”) is pleased to provide an update on its ongoing exploration at the Cuprita Project (the “Project” or “Cuprita”) in Atacama Region, Chile. Following the recent identification by Nobel geologists of a leach cap with characteristics strongly associated with porphyry copper-(gold) deposits in the region at Cuprita, including associated highly anomalous copper in soils and bedrock, the Company has additionally confirmed:
The geological features being identified by Nobel field work at Cuprita demonstrates the Project is highly prospective.
According to Vern Arseneau, COO of Nobel, “After only a few short weeks in the field, Nobel Geologists have identified key characteristics of a shallow mineralized porphyry system at Cuprita. The leach cap, IP anomaly, significant copper bearing rock chips and the copper in soil anomaly are all located adjacent to a ground magnetic low. These traits are situated near the intersection of a major north-northeast striking fault structure with numerous northwest striking quartz veins with copper oxides. Intersecting major faults is a common, if not essential, structural control for the emplacement of copper-gold porphyries in the region (Figure 3). This is essentially the complete suite of important indicators used when identifying productive porphyry copper systems, combined with a leach cap in one of the most important porphyry copper belts globally indicate excellent potential for a mineralized porphyry deposit at the Cuprita project.”
The IP survey was carried out by Argali Geophysical SA during November 2018 and consisted of three E-W lines across the area of the recently identified leach cap. Survey parameters were 100m spaced dipoles with an estimated depth penetration of 700m at N=27. The top of the IP anomaly, based on this data, is estimated to be approximately 200meters below surface. (Figure 3; line 7055700N). All three lines exhibit a similar chargeability/resistivity response and the anomaly remains open to the North and South.
The chargeability anomalies from 7 to 9 mV/V are in line with many of the porphyry copper deposits near Inca de Oro which are notoriously low in pyrite and therefore in chargeability. Chargeability of less than 10 mV/V has been observed at many deposits local to Cuprita. Similarly, field observations by Nobel geologists have also confirmed the general lack of pyrite in altered rocks at Cuprita.
Rock chip sampling of mineralized structures associated with the leach cap, anomalous soil samples and the ground magnetic anomalies returned highly anomalous copper values ranging from 0.25 to 3.46% Cu. Many of the rock samples contain remnant copper sulfides, such as Chalcocite, Chalcopyrite and locally Bornite (Figure 1). Additionally, a sample taken 500m to the northeast, where QZ vein stockwork with disseminated chrysocolla outcrops with a grade of 2.06% Cu (Figure 2) signifying the potential for a large extensive system.
Figure 1: Rock sample with Chalcopyrite and Bornite grading 1.36% copper associated with the leach cap.
Figure 2: Sample of copper-rich stockwork of quartz and chrysocolla grading 2.06% copper from 500 meters northeast of previous sample.
According to Larry Guy, CEO, “Nobel geologists believe that this newly identified geological / geochemical evidence along with the geophysical compilation points to potential for a large mineralized porphyry at shallow depth covering the area between the anomalous soil results to the South and extending more than 2 kilometers North to the previously reported ground magnetic lows. (Figures 3 and 4; map and cross section and Figure 5 conceptual geological model).
Geologically, Cuprita is part of the Metallogenic Paleocene Porphyry Copper Belt that hosts several major porphyry copper deposits, such as El Salvador, Cerro Colorado, Spence, Sierra Gorda, Fortuna, as well as several gold deposits. Recent field work at Cuprita has focused the targeting for forthcoming drill programs.
Figure 3: Compilation map showing the location of the extensive leached cap (lithocap) and associated structures, outcrop samples, quartz-copper veins, soil geochemical anomalies, tourmaline breccias associated with a magnetic low, that comprise the key criteria for a mineralized porphyry target.
Figure 4. Schematic Section showing the Conceptual Model of the Porphyry in Cuprita.
Figure 5. Conceptual model for the Cuprita porphyry target (modified after Halley et al., 2015) The key geological components for the classic mineralized Andean porphyry model have been identified at the Cuprita target.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Mr. David Gower, P.Geo., as defined by National Instrument 43-101 of the Canadian Securities Administrators. Mr. Gower is a consultant of Nobel and is not considered independent of the Company.
About Nobel
Nobel Resources is a Canadian resource company focused on identifying and developing prospective mineral projects. The Company has a team with a strong background of exploration success.
For further information, please contact:
Lawrence Guy
Chairman and Chief Executive Officer
+1 647-276-0533
Vincent Chen
Investor Relations
vchen@nobel-resources.com
www.nobel-resources.com
Cautionary Note Regarding Forward-looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, the mineralization and prospectivity of the Project, the Company’s ability to explore and develop the Project, the Company’s ability to obtain adequate financing and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward- looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Nobel, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Nobel has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Nobel does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Photos accompanying this announcement are available at
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Completion of Major Drilling Campaign Targeting Maiden Mineral Resource Estimate
Empire Metals Limited, the AIM-quoted and OTCQB-traded exploration and development company, is pleased to announce the successful completion of its largest drilling campaign to date at the Pitfield Project in Western Australia ('Pitfield' or the 'Project'). This programme focussed on high-grade titanium mineralisation within the in-situ weathered cap at the Thomas Prospect and is designed to underpin the Company's maiden JORC compliant Mineral Resource Estimate ('MRE').Highlights
Shaun Bunn, Managing Director, said: "We are very pleased to have completed this important drilling campaign on time, on budget and without safety incident. With drilling now complete, our focus turns to resource modelling and progressing Pitfield towards its maiden Mineral Resource Estimate, which is a key milestone as we look to bring this globally significant titanium project to commercialisation, maintaining the ambitious development schedule we have delivered over the past two years."
MRE Drilling Programme
With the completion of the current drill campaign, the largest undertaken by the Company to date, total drilling at Pitfield has now surpassed 32,000m across 382 holes, providing a robust foundation for geological modelling, resource definition (refer Figure 1) and initial economic evaluation work.
Since commencing the maiden drilling campaign at Pitfield on 27 March 2023 Empire has completed 382 drill holes for a total 32,265 metres comprising:
Figure 1. Grey-scale magnetics overlain by airborne gravity data showing RC, AC and diamond drillhole collar locations and JORC Exploration Target areas.
May-June 2025 Campaign
The location and spacing of the current RC and AC drillholes were designed, with the input of mineral resource consultants Snowden-Optiro, to provide the necessary drill assay data density to allow the preparation of an MRE at the Thomas Prospect.
The completed drill campaign consisted of 140 AC drillholes, on a 400 x 200m drillhole-spaced grid with an average forecast depth of 45.4m, for a total of 6,360 metres, and 40 RC drillholes within the AC drilling grid, to an average depth of 94.4m, for a total of 3,776 metres. The overall drillhole grid extends 5.2km by 2.6km and totals an area of 1,352 hectares (refer Figure 2).
Figure 2. RC and AC drill hole collar locations within the Thomas Prospect priority area.
During the campaign all drill holes were subsampled on a 2m interval, resulting in over 5,000 drill samples being collected, logged by our on-site team of geologists and then prepared for shipment to Intertek's Perth based analytical laboratory. As of the end of June all drill hole and QA/QC samples have been delivered to Intertek for geochemical analysis and assaying.
The Pitfield Titanium Project
Located within the Mid-West region of Western Australia, near the northern wheatbelt town of Three Springs, the Pitfield titanium project lies 313km north of Perth and 156km southeast of Geraldton, the Mid West region's capital and major port. Western Australia is ranked as one of the top mining jurisdictions in the world according to the Fraser Institute's Investment Attractiveness Index published in 2023, and has mining-friendly policies, stable government, transparency, and advanced technology expertise. Pitfield has existing connections to port (both road & rail), HV power substations, and is nearby to natural gas pipelines as well as a green energy hydrogen fuel hub, which is under planning and development (refer Figure 2).
Figure 2. Pitfield Project Location showing theMid-West Region Infrastructure and Services
Competent Person Statement
The technical information in this report that relates to the Pitfield Project has been compiled by Mr Andrew Faragher, an employee of Empire Metals Australia Pty Ltd, a wholly owned subsidiary of Empire. Mr Faragher is a Member of the Australian Institute of Mining and Metallurgy. Mr Faragher has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Faragher consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.
**ENDS**
For further information please visit www.empiremetals.co.uk or contact:
About Empire Metals Limited
Empire Metals is an AIM-listed and OTCQB-traded exploration and resource development company (LON:EEE) with a primary focus on developing Pitfield, an emerging giant titanium project in Western Australia.
The high-grade titanium discovery at Pitfield is of unprecedented scale, with airborne surveys identifying a massive, coincident gravity and magnetics anomaly extending over 40km by 8km by 5km deep. Drill results have indicated excellent continuity in grades and consistency of the mineralised beds and confirm that the sandstone beds hold the higher-grade titanium dioxide (TiO₂) values within the interbedded succession of sandstones, siltstones and conglomerates. The Company is focused on two key prospects (Cosgrove and Thomas), which have been identified as having thick, high-grade, near-surface, bedded TiO₂ mineralisation, each being over 7km in strike length.
An Exploration Target* for Pitfield was declared in 2024, covering the Thomas and Cosgrove mineral prospects, and was estimated to contain between 26.4 to 32.2 billion tonnes with a grade range of 4.5 to 5.5% TiO2. Included within the total Exploration Target* is a subset that covers the weathered sandstone zone, which extends from surface to an average vertical depth of 30m to 40m and is estimated to contain between 4.0 to 4.9 billion tonnes with a grade range of 4.8 to 5.9% TiO2.
The Exploration Target* covers an area less than 20% of the overall mineral system at Pitfield which demonstrates the potential for significant further upside.
Empire is now accelerating the economic development of Pitfield, with a vision to produce a high-value titanium metal or pigment quality product at Pitfield, to realise the full value potential of this exceptional deposit.
The Company also has two further exploration projects in Australia; the Eclipse Project and the Walton Project in Western Australia, in addition to three precious metals projects located in a historically high-grade gold producing region of Austria.
*The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
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