Osisko Development's Cariboo Gold Project is moving closer to production, the company announced along with its fourth-quarter and year-end results for the period ending Dec. 31, 2024.
The Cariboo Gold project, located near Barkerville southeast of Prince George, is now officially considered "shovel-ready," with the company set to advance construction and development as planned, the report states.
In November 2024, Osisko Development received critical permits under British Columbia's Mines Act and Environmental Management Act, marking the successful completion of the permitting process.
These approvals allow the company to proceed with construction, operation, and reclamation activities at the project site. The permits also govern environmental discharges, including water and air quality controls outside the immediate mine site boundaries.
Under an existing provincial permit, the company began underground development in Q1 2024, extracting a bulk sample of up to 10,000 tonnes of mineralized material from the Lowhee Zone.
The underground drift from the Cow Portal has been completed, totaling approximately 1,172 meters, and around 7,400 tonnes of material has been extracted for assaying and analysis. The completion of the bulk sampling program is expected to extend into Q2 2025, as the company awaits assay results and conducts a reconciliation process to compare the bulk sample results with the predicted tonnes and grade.
Osisko Development is also in the final stages of an optimized feasibility study (OFS) for the Cariboo Gold Project. The study aims to identify ways to enhance mine development, streamline the process flowsheet, and accelerate the timeline to reach a 4,900-tonne-per-day throughput capacity.
The OFS will incorporate updated assumptions on metal prices, foreign exchange, and capital and operating costs.
The company is actively engaged in discussions regarding financing options for the Cariboo Gold Project, including a comprehensive project construction financing package. This effort is part of its ongoing strategy to ensure adequate funding to advance the project through its next phases.
Osisko Development expects to see the completion of key milestones in the coming quarters, including the underground development, bulk sample extraction and finalization of the feasibility study.
These activities are critical as the company moves toward the construction phase, the report states, with expected completion of the bulk sample program and feasibility study by Q2 2025.
