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Osisko Metals secures option to acquire up to 75% of O3's Ashuanipi gold project

Osisko Metals Inc. signed an option agreement with O3 Mining Inc. to earn up to 75% stake in the Ashuanipi gold project in Quebec.

The company said Sept. 16 that it will earn an initial 50% interest in the project by spending C$1.5 million on exploration within the first year of the agreement's effective date, and an additional C$2.0 million on or before the second year.

Osisko may then earn an additional 25% interest in the project by funding C$5.0 million in exploration expenditures over two years following the initial earn-in period.

O3 Mining will be the project operator during the earn-in period.

Meanwhile, Osisko said that it will start an 8,000-meter drilling program on its Ascension zinc-lead-silver project in Quebec this month, extending to the beginning of December.

The company also said that it will pursue an exploration program beginning this fall within the Quevillon base metals earn-in with Osisko Mining Inc. by targeting copper-nickel-PGE deposits. The exploration will involve the use of an airborne magnetic-electromagnetic survey covering the entire 20-kilometer strike length of the potentially fertile ultramafic complex.