Osisko Development advances Cariboo gold project

Osisko Development Corp. has reported progress on its Cariboo Gold Project located in Wells, British Columbia. The company announced the commencement of a new two-year drill program focused on resource extension and discovery-oriented exploration.

The program aims for resource conversion and is expected to be completed by the third quarter of 2021, supporting a feasibility study. The company is also entering the process planning stage for the BC Environmental Process for the Cariboo project. Additionally, Osisko Development has begun development of mineralized material from the Bonanza Ledge Phase 2, with stockpiling initiated at the mill. First gold production from this phase is projected for the second quarter of 2021.

Osisko Development has acquired a new comminution circuit designed for a 7,500 tonne per day mining operation. This investment is expected to accelerate the construction of processing facilities and reduce engineering risk. Furthermore, the company has commissioned a new Sandvik MT720 continuous miner, which is anticipated to improve drift development performance by 25% and reduce costs by 50% compared to traditional drill and blast methods.

At the San Antonio Gold Project in Sonora, Mexico, Osisko Development has completed engineering and permitting for processing the gold mineralized stockpile via heap leaching. The company is also planning a 35,000-meter exploration and infill drill program for the Sapuchi, Golfo de Oro, and California projects, with an initial exploration budget of approximately US$6 million for 2021.