TSX-V-listed Osisko Metals’ option to acquire the Gaspé copper project from Glencore Canada has been extended to the end of the week, the company announced on Monday.
Osisko in March announced the option to acquire the past-producing eastern Quebec copper mine, and said at the time that it had until the end of June to exercise the option.
Osisko will acquire the option for a $25-million upfront payment and a $20-million payment upon start of commercial production.
Osisko believes that there is substantial exploration and resource development potential at Gaspé copper, which includes the past-producing Mount Copper openpit mine, the higher-grade Needle Mountain and E-Zone underground mines, as well as the undeveloped Porphyry Mountain bulk tonnage deposit.
Gaspé was a significant copper producer in eastern Canada for over 40 years.