- Osisko Development Corp. (TSXV:ODV) has achieved a significant milestone with the approval of BC Mines Act permits for its Cariboo Gold Project
- This approval paves the way for the company to advance construction and operational plans for the underground project
- The Cariboo Gold Project is projected to operate over an initial 12-year mine life, with potential for extensions through resource conversion and further exploration
- Osisko Development stock (TSXV:ODV) opened trading at C$2.30
Osisko Development Corp. (TSXV:ODV) has achieved a significant milestone with the approval of BC Mines Act permits for its wholly-owned Cariboo Gold Project, located in central British Columbia.
This approval paves the way for the company to advance construction and operational plans for the underground project.
“Receipt of the construction and operating permits for the Cariboo Gold Project is a major milestone and monumental achievement for Osisko Development and its stakeholders,” The company’s founder, chairman and CEO, Sean Roosen commented in a media release. “It is the culmination of almost five years of extensive discussion and consultation with provincial regulators, Indigenous nations and host communities in ensuring the Project becomes a model for responsible mine development and environmental stewardship that redefines mining for a better future.”
The newly secured permits include essential construction and operating authorizations, while remaining Environmental Management Act permits have been referred to the Statutory Decision Maker of the Ministry of Energy and Climate Solutions, with a decision anticipated soon. Osisko is actively exploring various funding options, including a comprehensive financing package, to support the project’s development.
Progress is ongoing in the Lowhee Zone, where bulk sampling and underground development are underway. The company expects to complete the bulk sample program by Q1 2025, alongside an optimized feasibility study slated for completion in Q2 2025. These efforts are crucial for securing financing and advancing the project.
Osisko aims to make a formal positive final investment decision and engage in project financing discussions in the coming months, which would enable full-scale construction to commence in the latter half of 2025, targeting completion by the end of 2027.
Developing a generational district
The Cariboo Gold Project is projected to operate over an initial 12-year mine life, with potential for extensions through resource conversion and further exploration. Key highlights include:
- Gold production: Up to 223,000 ounces per annum during peak operations, averaging 194,000 ounces during Phase 2 at a throughput of 4,900 tonnes per day.
- Optimized feasibility study: Currently in progress, expected to enhance mining and processing efficiencies.
The Mines Act permits received include:
- M-247: Permit for the Mine Site Complex and Bonanza Ledge.
- M-198: Permit for the QR Mill.
Environmental Management Act permits for the Mine Site Complex, QR Mill, and Bonanza Ledge have been referred for further review.
Osisko is also collaborating with the Ministry of Water, Land and Resource Stewardship and the Ministry of Forests to secure approvals for the construction of a transmission line, essential for project operations.
Indigenous partnerships
Osisko has touted its relationships with Indigenous nations, having established participation agreements with the Lhtako Dené Nation and the Williams Lake First Nation.
“The Cariboo Gold Project represents a significant opportunity for Lhtako Dené Nation and we are pleased that it has received its BC Mines Act Permits,” Lhtako Dené Nation chief Clifford Lebrun stated. “The Mine and its surrounding infrastructure is firmly located in our core traditional territory, and we have been active participants at every stage of the project from mineral exploration to the Environmental Assessment and the BC Mines Act Permit. We look forward to a sustainable and growing relationship with Osisko Development as the project proceeds through to operation.”
The company is currently in discussions with the Xatśūll First Nation to develop similar agreements, ensuring that local communities benefit from the project.
About Osisko Development Corp.
Osisko Development Corp. is a Canadian gold development company focused on-past-producing properties located in mining-friendly jurisdictions with district scale potential. Its projects include Cariboo Gold Project, Tintic Project, and San Antonio Gold Project in Sonora, Mexico.
Osisko Development stock (TSXV:ODV) opened trading more than 22 per cent higher at C$2.30.
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(Top photo via Osisko Development Corp.)