Osisko Metals Launches Deep Porphyry Exploration Project ("DPEX") and Confirms 852 Metres Averaging 0.95% CuEq at Historic Porphyry Mountain Deposit
Gaspé Copper Reaches for the Deep as High-Grade Porphyry Core Validated
The most recent news (February 5, 2026) announces the launch of the Deep Porphyry Exploration Project ("DPEX") at the Gaspé Copper Project. Osisko Metals confirmed a significant historical drill intercept (DDH 30-0943) that was re-assayed, yielding 852 metres of 0.95% CuEq (0.70% Cu, 0.062% Mo, and 2.92 g/t Ag). This intercept is located at the Porphyry Mountain deposit, which sits deeper than the main Copper Mountain deposit. The company aims to define a maiden Inferred Mineral Resource Estimate (MRE) for this deeper, higher-grade zone by the end of 2026. This news followed the February 4, 2026, closing of a C$15 million "bought-deal" flow-through financing at C$1.27 per share—a substantial premium to the current trading price.
- Resource Quality Shift: The Gaspé Copper project has historically been viewed as a massive but low-grade (0.34%-0.38% CuEq) bulk-tonnage play. The confirmation of 0.95% CuEq over 852 metres at Porphyry Mountain introduces a higher-grade core that could significantly enhance the project's overall economics and Internal Rate of Return (IRR).
- Strategic Validation: The participation of Agnico Eagle, Hudbay Minerals, and Franco-Nevada in recent financings, coupled with the $1.27/share flow-through price (closed Feb 4), suggests that major industry players value the exploration upside at a significantly higher level than the market did in 2025 ($0.48 private placement).
- Capital Infusion: The $15 million in flow-through funds specifically earmarked for "critical mineral mining expenditures" ensures the 2026 DPEX program is fully funded without further immediate dilution for general exploration.
- Future Infrastructure: Management’s suggestion that the Copper Mountain open pit could provide ramp access to the deeper Porphyry Mountain deposit indicates a potential integrated mine plan that could lower the capital intensity of reaching high-grade ore at depth.
Osisko Metals is focused on the development of critical metals in Canada. Its flagship is the Gaspé Copper Project (acquired from Glencore in 2023), located in Murdochville, Québec. It is currently the largest undeveloped copper resource in Eastern North America. The company also maintains a 50% interest in the Pine Point Zinc Project in the Northwest Territories through a joint venture with Appian Capital Advisory.