Osisko Development drills 8.4 metres of 8.43 g/t gold at Cariboo

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After starting trading on the TSX Venture in December, Osisko Development has reported its second set of drill results from the conversion drill program underway at the Cariboo gold project in central B.C.

The latest results are from the Cow Mountain and Valley vein corridors, which lie along strike.

Drill highlights from Valley zone include 8.4 metres of 8.43 g/t gold, including 0.5 metres of 84.5 g/t gold; 9.2 metres of 6.3 g/t gold; and 7.7 metres of 4.18 g/t gold. Hole CM-20-083, which returned the 8.4-metre intercept, hit mineralization outside of any modelled vein corridors and extended the known mineralization within this area by up to 50 metres.

Measured and indicated resources at Cariboo stand at 21.4 million tonnes grading 4.6 g/t gold, for a total of 3.2 million gold oz

Notable intercepts from Cow Mountain include 3.8 metres of 5.95 g/t gold and 4 metres of 4.38 g/t gold.

Nine rigs are working at the property – four of these are at the Valley zone.

Sean Roosen, CEO of Osisko Development commented,

“The most recent high-grade results from the Valley Zone certainly go to the character of this project. We are still seeing many exciting new zones in this project that are within the current mine plan area,” Sean Roosen, CEO of Osisko Development, said in a release.

Roosen added that the company plans to increase its rig count and scale up its exploration efforts along the 83-km mineralized trend after closing financings totalling $200 million.

Measured and indicated resources at Cariboo stand at 21.4 million tonnes grading 4.6 g/t gold, for a total of 3.2 million gold oz, with an additional 21.7 million inferred tonnes, at 3.9 g/t gold, containing a further 2.7 million gold oz.

Permitting is underway for a 4,750 t/d underground operation at Cariboo with a feasibility study expected in the second half of 2021. Osisko Development also holds the 1,000 t/d QR mill within its 2,071 sq. km of mineral rights in the area. The project is subject to review under the BC Environmental Assessment Act, but not subject to review under the federal Impact Assessment Act.

(This article first appeared in the Canadian Mining Journal)