Osisko Metals Incorporated (the "
Company" or
"
Osisko Metals") (TSX-V: OM; OTCQX: OMZNF;
FRANKFURT: 0B51) is pleased to announce preliminary metallurgical
and grindability testwork results from the Gaspé Copper Project
located near Murdochville in the Gaspé peninsula in Québec.
Testwork was performed on eighteen composite samples of mineralized
drill core from selected intersections of the 2023 drill program at
Copper Mountain, and employed a conventional copper-molybdenum
flotation flowsheet and reagents.
Highlights
- Copper
recoveries averaged 91.9% from nineteen bulk Cu-Mo
locked-cycle flotation tests (including one composite sample) and
averaged 94.2% from three locked-cycle Cu-Mo
separation tests.
- Copper
concentrate grades averaged 24.1% Cu from nineteen bulk Cu-Mo
locked-cycle flotation tests and averaged 28.0% Cu from three
locked-cycle Cu-Mo separation tests.
- Molybdenum
recoveries averaged 84.3% and concentrate grades averaged of 1.18%
Mo from nineteen locked-cycle Cu-Mo bulk tests. Molybdenum
recoveries averaged 72.3% and concentrate grades averaged of 0.85%
Mo from three bulk Cu-Mo locked-cycle Cu-Mo separation test.
Molybdenum stage recoveries average 87.2% and concentrate grade
averaged 58.8% Mo. The overall combined molybdenum recoveries
averaged 65.2%.
- Silver
recoveries averaged 71.1% from nineteen bulk Cu-Mo
locked-cycle flotation tests and averaged 71.8%
from the three locked-cycle Cu-Mo separation tests, with
concentrate grades averaging 120 g/t Ag for all locked-cycle
tests.
- Eighteen
grindability tests produced an average Bond Rod Mill Work index
(RWi) of 13.8 kWh/t and an average Bond Ball Mill Work Index (BWi)
of 10.5 kWh/t, indicating average hardness of mineralized
material.
Robert Wares, CEO and Chairman of the Board,
commented: “Preliminary testwork on Copper Mountain material has
produced excellent numbers. At approximately 92% average copper
recoveries and 65% molybdenum recoveries, these results indicate
that Gaspé Copper should produce both copper and molybdenum
concentrates with excellent metal grades and a payable silver
credit added to the copper concentrate. These results have
surpassed expectations relative to historical numbers from past
production at Copper Mountain and will provide positive input into
ongoing PEA work. Pending multi-element analyses of final
concentrates will provide trace element data that will establish if
any smelter penalty thresholds are reached, and this additional
information will be disclosed as soon as possible. Work on the
updated Mineral Resource Estimate (MRE) for Copper Mountain is also
progressing well and we expect to release the new MRE in the coming
weeks.”
Metallurgical Testwork
A bench-scale metallurgical test work program
was undertaken at Base Metallurgical Laboratories located in
Kamloops British Columbia. The testwork program included:
1) Sample
Characterization;2) Grindability;3) Conventional flotation
flowsheet and reagent schemes;4) Batch and locked-cycle Cu-Mo bulk
flotation tests to produce copper (Cu) and molybdenum (Mo)
concentrates;5) Composite Cu-Mo bulk flotation followed by Cu-Mo
separation tests;6) Head grades tested ranged from 0.21% to 0.90%
copper, 44 to 1347 g/t molybdenum and 0.9 to 5.0 g/t silver;
Sample Selection
Eighteen composite samples, totaling of 1100 kg,
produced from drill core providing a suitable range of copper
grades were selected for metallurgical testing. Head assays for the
eighteen composite samples ranged from 0.21% to 0.90% copper, 44 to
1347 g/t molybdenum, 0.9 to 5.0 g/t silver and 0.01 to 0.07 g/t
gold. Table 1 provides drill hole intervals and composite head
grades for the metallurgical samples:
Table 1 – Details of Metallurgical Sample
Selection
Metallurgical Sample # |
Hole ID |
IntervalFrom (m) -To (m) |
Cu % |
Mo (g/t) |
Ag (g/t) |
MGMET23-01 |
30-1005 |
225.0 - 244.5 |
0.43 |
49 |
2.5 |
MGMET23-02 |
30-1005 |
868.5 - 891.0 |
0.90 |
721 |
4.6 |
MGMET23-03 |
30-1003 |
388.5 - 405.0 |
0.38 |
21 |
4.0 |
MGMET23-04 |
30-1003 |
717.0 - 744.0 |
0.52 |
1347 |
3.5 |
MGMET23-05 |
30-1003 |
1171.5 - 1191.0 |
0.26 |
122 |
1.1 |
MGMET23-06 |
30-1012 |
513.0 - 531.0 |
0.47 |
152 |
2.2 |
MGMET23-07 |
30-1006 |
547.5 - 565.5 |
0.32 |
197 |
1.2 |
MGMET23-08 |
30-1008 |
546.0 - 564.0 |
0.47 |
486 |
3.2 |
MGMET23-09 |
30-1011 |
424.5 - 442.5 |
0.47 |
247 |
1.3 |
MGMET23-10 |
30-1024 |
702.0 - 717.0 |
0.29 |
272 |
0.9 |
MGMET23-11 |
30-1021A |
388.5 - 408.0 |
0.33 |
312 |
1.4 |
MGMET23-12 |
30-1019 |
412.5 - 429.0 |
0.23 |
163 |
1.4 |
MGMET23-13 |
30-995 |
351.0 - 369.0 |
0.22 |
66 |
2.1 |
MGMET23-14 |
30-999 |
741.0 - 765.0 |
0.31 |
300 |
1.6 |
MGMET23-15 |
30-984 |
273.0 - 291.0 |
0.21 |
63 |
1.2 |
MGMET23-16 |
30-988 |
235.5 - 253.3 |
0.30 |
111 |
1.9 |
MGMET23-17 |
30-979 |
216.5 - 236.0 |
0.39 |
125 |
5.0 |
MGMET23-18 |
30-993 |
199.5 - 217.5 |
0.22 |
44 |
1.5 |
Testing Procedures
Composites were created based on the selected
drill core intervals (Table 2). Once created each
composite was stage crushed to nominal 1.5 inch (3.8 cm),
representative mass was split out for SMC testing at the -31.5 mm
and +26.5 mm range. Once SMC testing was completed the products
were returned and the composites were again stage crushed to -½
inch (-1.3 cm) where 15 kg was removed for Rod Mill Work Index
testing. The remaining mass was stage-crushed to -6 mesh. The
crushed material was blended and split into 24 kg sub-lots, each
sub-lot was rotary split into 2 kg charges. A single test charge
was riffle split to remove 250 g for head assay. The head cuts were
pulverized to 80% passing 75 µm.
Metallurgical samples comprising drill core were
crushed, split and sub-sampled for comminution testwork and head
assays. Samples were wet-grinded in a closed batch mill at 65%
solids targeting the required grind size. Ground samples were
discharged into a flotation cell and pulp-level adjusted to the
appropriate volume and density for flotation testing. The pulp
was conditioned with reagents before beginning flotation. A series
of open-circuit batch rougher and cleaner flotation tests were
undertaken to optimize flotation conditions prior to operating
locked-cycle flotation tests. The combined rougher concentrate was
dewatered ahead of regrinding while retaining the process water for
the cleaner stage. The rougher concentrate was reground to a target
size with the regrind discharge size confirmed by laser particle
sizing. The reground product was cleaned in successive dilution
stages. The final concentrate and intermediate tails were filtered
and dried separately in a low temperature oven before assaying.
The general approach to locked cycle testing was
conducted as per the batch tests. Each cycle test was completed
with 5 cycles, the rougher and 1st cleaner were completed open
circuit, the intermediate cleaner tailings were recirculated to the
feed of each subsequent stage for the following cycle; that is the
3rd cleaner tailing of cycle A was recirculated to the 2nd cleaner
Feed of cycle B, the 2nd cleaner tail A was recirculated to the
feed of the 1st cleaner Feed B. This process continued for cycles
C, D and E. All final products and final intermediate streams were
filtered, dried, and assayed for metallurgical balancing. Locked
cycle testing provides a methodology to best estimate steady-state
metallurgical projections for a full-scale operation.
Reagents used for bulk Cu-Mo flotation included
lime, potassium amyl xanthate (PAX), 3418A, and methyl isobutyl
carbinol (MIBC). Nitrogen sparging, fuel oil, sodium hydrosulfide
(NaHS) and MIBC were used for Cu-Mo separation.
Analysis was completed on pulverized sample
splits using wet digestion methods for copper, molybdenum and
silver. In each case, the samples were digested by a strong
oxidization using a combination of Aqua-Regia, potassium chlorate
and bromine. Copper was analyzed using atomic adsorption (AA)
spectroscopy, and molybdenum and silver by inductively coupled
plasma – optical emission spectroscopy (ICP-OES).
Metallurgical tests assay quality is evaluated
by producing material balances of all products reconciled head
which is compared to the direct head for all elements in
consideration.
Grindability
Grindability tests were performed on each of the
metallurgical samples. The average SMC Axb value was 46.6, average
Bond Ball Mill Work index (BWi) was 10.49 kWh/t, average Rod Mill
Work Index (RWi) was 13.89 kWh/t and average Abrasion index (Ai)
was 0.384.
Batch Flotation Tests
A composite sample was initially tested with
average copper grade to determine the optimal grind size for
further flotation tests. Four (4) grind sizes ranging from 80%
passing (P80) of 66 microns to 125 microns were tested. P80 of 75
microns was selected as the primary grind size for further
testing.
Bulk Cu-Mo Locked-Cycle
Flotation
Cu-Mo locked cycle tests (LCT) were performed at
a grind size of 75 microns for the rougher stage with regrind to a
target of 30 microns for the cleaner stages. Table 2 shows the bulk
Cu-Mo concentrate grades and recovery results. Copper concentrate
grades ranged from 17.1% to 30.9% with recoveries ranging from
86.1% to 95.7%. Molybdenum grades ranged from 0.08% to 2.74% with
recoveries ranging from 75.7% to 92.3%.
Table 2. Bulk Cu-Mo LCT Results
Test ID |
Sample ID |
Concentrate grade |
Recovery (%) |
Cu % |
Mo % |
Ag (g/t) |
Cu |
Mo |
Ag |
LCT25 |
LOM Comp |
20.6 |
0.74 |
98 |
94.5 |
83.6 |
75.6 |
LCT66 |
MGMET23-01 |
30.4 |
0.35 |
182 |
94.5 |
88.2 |
85.3 |
LCT49 |
MGMET23-02 |
22.9 |
1.81 |
80 |
94.8 |
85.8 |
78.1 |
LCT59 |
MGMET23-03 |
24.0 |
0.08 |
193 |
93.3 |
76.3 |
84.4 |
LCT67 |
MGMET23-04 |
17.1 |
1.25 |
96 |
96.5 |
93.1 |
78.2 |
LCT60 |
MGMET23-05 |
25.5 |
1.06 |
64 |
95.1 |
85.0 |
66.5 |
LCT50 |
MGMET23-06 |
23.1 |
0.63 |
48 |
87.2 |
82.3 |
42.6 |
LCT61 |
MGMET23-07 |
24.8 |
1.57 |
47 |
94.6 |
89.8 |
60.4 |
LCT62 |
MGMET23-08 |
24.5 |
2.74 |
115 |
93.8 |
92.8 |
71.1 |
LCT51 |
MGMET23-09 |
24.8 |
1.17 |
40 |
92.0 |
86.5 |
47.8 |
LCT52 |
MGMET23-10 |
23.0 |
2.53 |
71 |
86.1 |
88.0 |
62.7 |
LCT65 |
MGMET23-11 |
17.1 |
1.12 |
67 |
87.1 |
75.7 |
74.0 |
LCT53 |
MGMET23-12 |
19.9 |
1.42 |
99 |
87.4 |
84.8 |
67.1 |
LCT56 |
MGMET23-13 |
25.3 |
0.61 |
165 |
90.1 |
79.6 |
70.2 |
LCT64 |
MGMET23-14 |
24.5 |
1.68 |
102 |
95.7 |
81.3 |
72.2 |
LCT57 |
MGMET23-15 |
29.3 |
1.10 |
139 |
90.4 |
84.3 |
76.2 |
LCT68 |
MGMET23-16 |
21.7 |
0.84 |
120 |
91.3 |
80.5 |
76.2 |
LCT54 |
MGMET23-17 |
28.0 |
0.75 |
334 |
94.7 |
75.4 |
86.8 |
LCT55 |
MGMET23-18 |
30.9 |
1.05 |
205 |
87.8 |
89.2 |
77.2 |
Average: |
24.1 |
1.18 |
119 |
91.9 |
84.3 |
71.1 |
Cu-Mo Separation
To produce molybdenum concentrates, due to the
low feed concentrations, metallurgical samples were combined to
produce three larger composite samples (low-, medium- and
high-grade copper samples) for batch bulk flotation tests and
subsequent Cu-Mo separation testing. Table 3 shows the composite
sample head grades. Copper head grades ranged from 0.26% to 0.55%,
molybdenum grades ranged from 135 to 234 g/t and silver head were
consistently 2.2 g/t.
Table 3. Composite Sample Assays for Cu-Mo
Separation Tests
CompositeSample |
Metallurgical Samples |
Head Grades |
Cu % |
Mo (g/t) |
Ag (g/t) |
|
MGMET23-02, MGMET23-06, |
|
|
|
1 |
MGMET23-09 |
0.551 |
1981 |
2.21 |
|
MGMET23-03, MGMET23-05, |
|
|
|
|
MGMET23-07, MGMET23-08, |
|
|
|
2 |
MGMET23-11, MGMET23-14, |
0.32 |
234 |
2.2 |
|
MGMET23-16 |
|
|
|
|
MGMET23-10, MGMET23-12, |
|
|
|
3 |
MGMET23-13, MGMET23-15, |
0.26 |
135 |
2.2 |
|
MGMET23-17, MGMET23-18 |
|
|
|
1 Calculated head grade
Multiple large batch flotation tests were
performed for each composite sample to produce bulk Cu-Mo
concentrates followed by Cu-Mo separation tests. Three Cu-Mo
separation locked-cycle tests were performed at a grind size of 30
microns for the rougher stage with regrind to a target of 15
microns for the cleaner stages. Table 4 shows final copper
concentrate grades and recoveries for the locked-cycle tests.
Copper grade ranged from 22.2% to 30.9% with recoveries ranging
from 92.3% to 96.6%.
Table 4. Copper Concentrate Assays and
Recoveries
CompositeSample |
Assay |
Recoveries % |
Cu % |
Mo % |
Ag (g/t) |
Cu |
Mo |
Ag |
123 |
30.922.228.6 |
0.10.10.1 |
9276162 |
96.692.392.7 |
8.19.19.5 |
70.158.275.5 |
Table 5 shows final molybdenum concentrate
grades and recoveries for the locked-cycle tests. Molybdenum grade
ranged from 55.7% to 60.7% with recoveries ranging from 57.7% to
70.7%.
Table 5. Molybdenum Concentrate Assays and
Recoveries
CompositeSample |
Assay |
Recoveries % |
Cu, % |
Mo, % |
Ag (g/t) |
Cu |
Mo |
Ag |
123 |
0.351.030.55 |
60.055.760.7 |
293348 |
0.010.080.02 |
57.767.370.7 |
0.30.50.3 |
Full multi-element analyses of final
concentrates are pending and further testing is planned during 2024
to further optimize metallurgical performance.
Qualified Person
Christian Laroche is a consultant for Synectiq
Inc. and the independent Qualified Person (“QP”) responsible for
the technical data related to all testing reported in this press
release. Mr. Laroche is a registered member of the Ordre des
Ingénieurs du Québec.
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 a
joint venture partner 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 the 2022 PEA (as defined herein) has
indicated an after-tax NPV of C$602 million and an IRR of 25%,
based on long-term zinc price of US$1.37/lb and the current mineral
resource estimates that are amenable to open pit and shallow
underground mining. The current mineral resource estimate in the
2022 PEA consists of 15.7 Mt grading 5.55% ZnEq of
Indicated Mineral Resources and 47.2 Mt grading 5.94% ZnEq
of Inferred Mineral Resources. Please refer to the
technical report entitled “Preliminary Economic Assessment,
Pine Point Project, Hay River, Northwest Territories,
Canada” dated August 26, 2022 (with an effective date of July
30, 2022), which was prepared for Osisko Metals and PPML by
representatives of BBA Engineering Inc., HydroRessources Inc., PLR
Resources Inc. and WSP Canada Inc. (the “2022 PEA”). Please refer
to the full text of the 2022 PEA, a copy of which is available on
SEDAR (www.sedar.com) under the Osisko Metals’ issuer profile, for
the assumptions, methodologies, qualifications and limitations
described therein. 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, as well as 100 kilometres of viable haulage roads.
In addition, the Company also 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 Mount Copper Deposit that hosts (in
accordance with National Instrument 43-101 – Standards of
Disclosure for Mineral Projects) an Inferred Mineral
Resource of 456Mt grading 0.31% Cu (see
April 28, 2022 news release of Osisko Metals entitled “Osisko
Metals Announces Maiden Resource at Gaspé Copper – Inferred
Resource of 456 Mt Grading 0.31% 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.
For further information on this news release,
visit www.osiskometals.com or contact:
Robert Wares, Chairman & CEO of Osisko Metals
Incorporated
Email: info@osiskometals.comwww.osiskometals.com
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 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
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 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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