Vancouver, British Columbia--(Newsfile Corp. - October 19, 2026) - Osiris One Metals Ltd (TSXV: OSM) (FSE: JI8) ("Osiris" or the "Company") is pleased to announce that it has entered into a definitive agreement dated October 19, 2026 (the "Agreement") with an arm's length party (the "Vendor") and the Vendor's shareholders to acquire the option (the "Option") to acquire a 100% undivided interest in to the mineral claims comprising the Island Range Copper Gold Project ("Island Range" or the "Project") located on Vancouver Island, British Columbia (the "Transaction").
Highlights
Large tenement holding: Island Range is an over 8,500 hectare copper gold project on Vancouver Island, approximately 25 km south of Port Alberni, with good forestry road and tidewater access.
Large scale porphyry potential: Airborne magnetics and geological interpretation support a model where the numerous high grade skarns may be peripheral expressions of a larger concealed porphyry system.
Defined priority targets: The Project covers several anomalies identified by previous exploration that were never tested, including: Happy John Extensions, Silver King & Copper Queen, Hecate Mountain and Handy Creek East.
Work program to commence this calendar year: Mapping, geochemical surveys and induced polarisation (IP) geophysics.
Located in a proven high grade copper district: The Island Range claims are contiguous with the historic Three Jays and Monitor copper producers, and in the same rocks as the North Island Copper project.
Three Jays historically produced at 7.50% copper, 0.97 g/t gold.
Monitor historically produced at 9.08% copper, 0.05 g/t gold.
Two of the most advanced targets, Happy John and Silver King & Copper Queen, lie adjacent to Monitor.
Sunshine is a historical artisanal producer within the current project area, with 1916 reported production at approximately 17.4% copper and 43.6 g/t silver.
About the Island Range Copper Gold Project
The Island Range Copper Gold Project comprises 7 contiguous mineral claims covering approximately 8,535 hectares on central Vancouver Island, British Columbia, approximately 25 kilometres south of Port Alberni. The Project benefits from established forestry road access, sheltered tidewater access via Alberni Inlet and proximity to existing services and infrastructure at Port Alberni.
Island Range hosts numerous high grade copper gold silver cobalt skarn occurrences, including Happy John, Silver King & Copper Queen and Sunshine, within a historically mineralised district that remains substantially underexplored by modern exploration and drilling. The Company is targeting a concealed copper gold porphyry system, supported by the presence of Jurassic Bonanza intrusive dykes, major structures, coherent multi element geochemical anomalies and significant magnetic responses. These features suggest that the surface skarns may represent the high level expression of a broader intrusive related mineralised system, with potential for both high grade skarn mineralisation and a larger concealed porphyry copper gold system.
Island Range shares several geological characteristics with NorthIsle Copper and Gold's North Island Project and the former BHP operated Island Copper Mine. All three occur within Vancouver Island's Wrangellia Terrane and Jurassic Bonanza magmatic arc, providing a relevant regional setting for the Company's exploration concept. Jurassic Bonanza arc intrusive activity and associated porphyry and skarn style copper gold mineralisation are key features of these regional systems. From 1971 to 1995, Island Copper Mine produced approximately 2.71 billion pounds of copper, 1.13 million ounces of gold and 11.6 million ounces of silver. Earlier this year, NorthIsle updated the North Island Project's indicated resource to 3.8 billion pounds of copper and 8.7 million ounces of gold, demonstrating the potential for substantial porphyry systems on Vancouver Island. (Baldys 2022; Ray 2013)
Island Range contains several of the geological ingredients that characterise systems such as NorthIsle's North Island Project and BHP's Island Copper Mine, yet is at a much earlier stage of exploration, with its potential concealed porphyry source still to be systematically tested.
The Project is contiguous with the historic Three Jays and Monitor copper mines, which reported average production grades of 7.50% copper and 0.97 g/t gold, and 9.08% copper and 0.05 g/t gold, respectively. Within Island Range, the Sunshine Prospect hosted artisanal production in 1916, with reported average grades of 17.38% copper and 43.6 g/t silver.
Island Range complements Osiris One's existing Western Range Project, in which the Company acquired an 80% interest earlier this year and which it has subsequently expanded to cover further structures of interest.
Upcoming Q4 Exploration Program
The Company will imminently commence a new exploration program across the more than 8,500 hectare project area. The next phase of work is designed to build on the substantial body of historical exploration data, further refine the Company's understanding of previously identified geochemical and geophysical anomalies, and assess the potential extensions of known mineralised trends across the broader Project area.
The next phase will include:
High resolution drone mapping: A detailed drone based topographic and aerophotogrammetric survey. The program will generate high resolution digital terrain model and imagery dataset across the project area, providing an improved geological and structural base for integrating historical mining, surface geology, geochemistry and geophysical datasets.
Geochemical surveys: Systematic geochemical sampling will be undertaken across priority areas to further define previously identified copper gold anomalies and assess their continuity beyond the limits of historical sampling. The program will also investigate areas with limited previous coverage and assist in identifying broader geochemical trends that may indicate concealed or previously unrecognised mineralised systems.
Induced polarisation (IP) geophysics: Targeted IP surveying will be undertaken across priority geochemical and previously identified geophysical anomalies to better define the geometry and extent of potentially sulphide bearing zones at depth. The survey is intended to identify chargeability and resistivity responses associated with mineralised structures, skarn alteration and potential concealed intrusive related mineral systems, while providing greater definition of targets beneath areas of limited surface exposure.
Integrated geological interpretation and 3D modelling: Results from the new topographic, geochemical and IP programs will be integrated with previous exploration data, surface mapping and existing geophysical datasets. This work will support the development of an updated three dimensional geological and structural model of the project.
The Company expects the upcoming work program to generate multiple potential news catalysts, including completion and interpretation of geochemical sampling and completion and interpretation of the IP geophysics.
Sreenath Didugu, CEO of Osiris One Metals, commented:
"Island Range presents a compelling opportunity to advance a mineralised copper system that has seen very limited modern drill testing. The Project combines multiple high grade copper occurrences at surface with coherent geochemical anomalies, significant magnetic features and a geological setting prospective for both skarn and larger intrusion related porphyry style mineralisation. Its location within the same broader Vancouver Island geological terrane that hosts significant porphyry copper systems, including those being advanced at NorthIsle's North Island Project and, previously, BHP's Island Copper Mine, further highlights the potential prospectivity.
"Our immediate focus will be on completing targeted geophysical work to sharpen the existing geological model."
"We see a clear opportunity to test to what extent these high grade surface occurrences continue at depth and form part of a broader mineralised system across Island Range."
Qualified Person and Technical Disclosure
The scientific and technical information contained in this news release has been reviewed and approved by Michael Thirnbeck and a member of the Australasian Institute of Mining and Metallurgy (AusIMM No. 109115), an independent consulting geologist and a "Qualified Person" as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
This news release contains data that is historical in nature. The historic geochemical and geophysical data disclosed herein was not collected or generated by the Company or the Vendor and has not been independently reviewed or verified by the Company; the Company is in the process of compiling and reviewing all historic exploration records. Michael Thirnbeck has reviewed the historical exploration results and reports referenced in this news release but has not independently verified the historical sampling, analytical or quality assurance/quality control procedures employed in the underlying work.
This data is disclosed for background purposes only. Referenced historical production figures, resource estimates and geological statements relating to other properties are provided for context for the Project only and are not necessarily indicative that the Project host similar potential, size or grades of mineralization. No mineral resource or mineral reserve has been defined on the Project and there is no assurance that further work will result in a mineral resource classification. Much of the historical production and grade information predates modern reporting standards and should not be relied upon as evidence of a current mineral resource or mineral reserve, or as indicative of future exploration results.
Transaction Summary and Option
Pursuant to the Agreement, Osiris has agreed to acquire the exclusive Option to acquire a100% interest in the Island Range Copper Project by way of purchasing all the issued and outstanding shares of the Vendor in exchange for issuing an aggregate total of 8,000,000 common shares of Osiris to the shareholders of the Vendor. Upon completion of the Transaction (the "Closing"), the Vendor will become a wholly owned subsidiary of Osiris and continue to hold the Option.
Subject to the terms and conditions of the Transaction, the aggregate consideration payable and the expenditures required to be incurred in respect of the Project to exercise the Option will be as follows (all dollar amounts are expressed in Canadian dollars):
Aggregate cash payments of $1,375,000 as follows:
(a) $10,000 on or before the date that is 30 days from Closing;
(b) an additional $15,000 on or before the date that is 90 days from Closing;
(c) an additional $100,000 on or before the date that is 12 months from Closing;
(d) an additional $250,000 on or before the date that is 24 months from Closing;
(e) an additional $500,000 on or before the date that is 36 months from Closing; and
(f) an additional $500,000 on or before the date that is 48 months from Closing; and
incurring an aggregate of not less than $530,000 in expenditures on or in respect of the Project as follows:
(a) $30,000 within on or before the date that is 45 days from Closing;
(b) an additional $100,000 on or before the date that is 12 months from Closing;
(c) an additional $200,000 on or before the date that is 24 months from Closing; and
(d) an additional $200,000 on or before the date that is 36 months from Closing; and
issuing common share of Osiris with an aggregate value of $1,375,000 as follows:
(a) $25,000 on or before the date that is 90 days from Closing;
(b) an additional $100,000 in common shares of Osiris on or before the date that is 12 months from Closing;
(c) an additional $250,000 in common shares of Osiris on or before the date that is 24 months from Closing;
(d) an additional $500,000 in common shares of Osiris on or before the date that is 36 months from Closing; and
(e) an additional $500,000 in common shares of Osiris on or before the date that is 48 months from Closing.
Upon exercise of the Option, the Project will be subject to aggregate net smelter return royalties of 3.0%. The Company will have the right to repurchase 0.5 percentage points of those royalties for $1,000,000, reducing the aggregate royalty to 2.5%.
The Transaction is an arm's length transaction, and no finder's fees are to be paid in connection with the Transaction. The Transaction remains subject to TSX Venture Exchange (the "TSXV") approval and the common shares issuable in connection with the Transaction and the Option will be subject to a statutory four month hold period from the date of issuance, in accordance with applicable Canadian securities laws.
Closing of the Transaction and payment of the consideration under the Agreement remain subject to the completion and delivery of customary closing documentation for a transaction of this nature.
The common shares issuable pursuant to the Transaction or the Option have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Sources
- Christopher Baldys, P.Eng. (2022) NI 43-101 Geological Report On the Nahmint Copper-Gold-Silver-Cobalt Project
- Ray G.E. (2013) A review of skarns in the Canadian Cordillera. British Columbia Geological Survey, Open File 2013-08, Ministry of Energy and Mines.
About Osiris One Metals Ltd.
Osiris One Metals Ltd. (TSXV: OSM) is building exposure to strategic and critical minerals as a copper explorer focused on constructing a portfolio of high growth assets. The Company aims to acquire and develop projects with strong geological fundamentals, clear catalysts, and the potential to create significant value.
On behalf of the Board
Sreenath Didugu
CEO
sdidugu@qcap.com.au
Forward-looking Statements
This news release contains "forward looking information" within the meaning of applicable Canadian securities laws. Often, but not always, forward looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations (including negative variations) of such words and phrases, or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward looking information in this news release includes statements related to: the completion of the Transaction (including receipt of TSXV acceptance); the timing and payment of the consideration under the Agreement; the exercise of the Option; the Q4 Exploration Program; and the Company's anticipated plans for compilation, verification and confirmation work programmes in respect of the Project. Forward looking information is based on management's reasonable assumptions, estimates, expectations and opinions as of the date of this news release. A variety of factors, including known and unknown risks, many of which are beyond the Company's control, could cause actual results to differ materially from the forward looking information in this news release. These include meeting the conditions to close the Transaction, receipt of TSXV acceptance, the availability and reliability of historical records, the ability to verify historical information, the results of any future exploration and confirmation programmes (which cannot be guaranteed), availability of capital and labour, changes in laws or permitting requirements, and such other factors as may impact the Transaction and any future activities in respect of the Project. Additional risk factors can also be found in the Company's public filings under the Company's SEDAR+ profile at www.sedarplus.ca. Forward looking statements contained herein are made as of the date of this news release and the Company undertakes no obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation. Accordingly, readers should not place undue reliance on forward looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Not for distribution to United States newswire services
or for dissemination in the United States
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/319620
Source: Osiris One Metals Ltd.