Osisko Metals to spin out New Brunswick assets
Canadian copper and zinc explorer Osisko Metals has decided to create a new mineral exploration company called Osisko Critical Minerals Corporation (OCMC) to transfer and unlock the group's noncore assets in New Brunswick into a dedicated, standalone vehicle.
The new company will be led by John Burzynski as CEO, who says New Brunswick has been home to major metal deposits in the past and there is excellent potential for defining a significant mineralised bulk-tonnage porphyry-skarn deposit on Osisko's assets.
"Historically there has been no exploration for these systems in northern New Brunswick, despite a near-identical geological setting and the relatively close proximity to Osisko's flagship Gaspé copper project. Much as the Osisko companies redefined gold exploration in Québec, with our past work at Canadian Malartic and at Windfall, we believe there is significant untested potential on the assets that will be transferred to OCMC, which could lead to the discovery of new copper deposits in New Brunswick.
"Plans for OCMC will include an aggressive exploration programme and drilling, planned to start following the conclusion and financing of the transaction," Burzynski confirms.
OCMC will explore financing alternatives with Osisko due to retain a minority interest in OCMC after completion of any such financing.
OCMC will hold 2 972 mineral claim units, or about 645 km2, of which some claims are subject to option commitments that will be transferred to OCMC. The properties include several exploration targets prospective for copper, silver and gold.
Notably, the NB Copper project toward the north of New Brunswick represents a compelling new copper exploration opportunity that is readily accessible through paved highways and gravel roads. NB Copper has not been systematically drill tested despite it having similar geology to the Gaspé copper project.
