Project Description

The Cariboo Gold Project, 100%-owned by Osisko Development, is an advanced stage feasibility level gold project located in central British Columbia in the historical Wells-Barkerville mining camp. The total land package covers an area of 192,000 hectares and includes approximately 80 kilometers strike of mineral targets providing prospective opportunities for future discoveries.

A Feasibility Study on the Cariboo Gold Project, released in early 2023, envisions a robust and scalable underground operation expected to produce approximately 1.87 million ounces of gold over a 12-year mine life, with an after-tax NPV5% of C$502 million and 20.7% IRR at a US$1,700/oz gold price.

The Project received an Environmental Assessment Certificate on October 10, 2023, in accordance with the BC Environmental Assessment Act (2018). Receipt of the EA Certificate successfully concludes the EA process for the Project, which was launched in October 2019. The Company anticipates receiving permits in Q3 2024.


Geological Foundation

Ore Sorting Technology

Roadheader Sandvik MT-720

Mineral Reserves and Resources

The 2022 Feasibility Study (“FS”) mineral resource estimate (“MRE”) covers all the deposits in the Cow-Island-Barkerville Mountain Corridor. The resource area for the Cow Mountain/Island Mountain segment covers a strike length of 3.7 km and a width of approximately 700 metres (“m”), down to a vertical depth of 600 m below surface. The estimate for the Barkerville Mountain segment covers a strike length of 3 km and a width of approximately 700 m, down to a vertical depth of 500 m below surface.

The QPs have classified the 2022 Feasibility Study MRE as Measured, Indicated, and Inferred Mineral Resources based on data density, search ellipse criteria, drill hole density, and interpolation parameters. The 2022 Feasibility Study MRE is considered to be reliable and established on quality data and geological knowledge. The 2022 Feasibility Study MRE follows the 2014 CIM Definition Standards on Mineral Resources and Reserves.

Cariboo Gold Project 2022 FS MRE Reported at a 2.0 g/t Au cut-off grade
(except for Bonanza Ledge reported at a 3.5 g/t Au cut-off grade)

Category Deposit Tonne Au Grade Au Ounce Ag Grade Ag Ounce
‘000 (Au g/t) ‘000 (Ag g/t) ‘000
Measured Bonanza Ledge 47 5.06 8  –  –
Indicated Bonanza Ledge 32 4.02 4  –  –
BC Vein 1,030 3.12 103  –  –
KL 386 3.18 39  –  –
Lowhee 1,368 3.18 140 0.23 10
Mosquito 1,288 3.68 152 0.08 3
Shaft 4,781 3.39 523 0.06 9
Valley 2,104 3.14 213 0.09 6
Cow 3,644 3.31 388 0.09 11
Total Indicated  14,635 3.32 1,564 0.09 39
Inferred BC Vein 461 3.55 53  –  –
KL 1,918 2.75 169  –  –
Lowhee 445 3.34 48 0.10 1
Mosquito 1,290 3.55 147 0.01 0
Shaft 6,468 3.84 800 0.01 1
Valley 2,119 3.30 225 0.02 1
Cow 2,769 3.03 270 0.00 0
Total M+I 14,682 3.33 1,571 0.09 39
Total Inferred  15,470 3.44 1712 0.01 4


  1. The independent and qualified persons for the Mineral Resource Estimates, as defined by NI 43-101, are Carl Pelletier, P.Geo., and Vincent Nadeau Benoit, P.Geo. (InnovExplo Inc.). The effective date of the 2022 Feasibility Study Mineral Resource Estimate is November 11, 2022.
  2. These Mineral Resources, exclusive of the reserves, are not Mineral Reserves as they do not have demonstrated economic viability.
  3. The Mineral Resource Estimate follows the 2014 CIM Definition Standards on Mineral Resources and Reserves and the 2019 CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines.
  4. A total of 481 vein zones were modelled for the Cow Mountain (Cow and Valley), Island Mountain (Shaft and Mosquito), Barkerville Mountain (BC Vein, KL, and Lowhee) deposits and one gold zone for Bonanza Ledge. A minimum true thickness of 2.0 m was applied, using the gold grade of the adjacent material when assayed or a value of zero when not assayed.
  5. The estimate is reported for a potential underground scenario at a cut-off grade of 2.0 g/t Au, except for Bonanza Ledge at a cut-off grade of 3.5 g/t Au. The cut-off grade for the Cow, Valley, Shaft, Mosquito, BC Vein, KL, and Lowhee deposits was calculated using a gold price of US$1,700/oz; a USD:CAD exchange rate of 1.27; a global mining cost of $54.32/t; a processing and transport cost of $22.29/t; a G&A plus Environmental cost of $15.31/t; and a sustaining CAPEX cost of $31.19/t. The cut-off grade for the Bonanza Ledge deposit was calculated using a gold price of US$1,700/oz; a USD:CAD exchange rate of 1.27; a global mining cost of $79.13/t; a processing and transport cost of $65.00/t; and a G&A plus Environmental cost of $51.65/t. The cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rate, mining cost, etc.).
  6. Density values for Cow, Shaft, Lowhee, and BC Vein were estimated using the ID2 interpolation method, with a value applied for the non-estimated blocks of 2.80 g/cm3 for Cow, 2.78 g/cm3 for Shaft, 2.74 g/cm3 for Lowhee, and 2.69 g/cm3 for BC Vein. Median densities were applied for Valley (2.81 g/cm3), Mosquito (2.79 g/cm3), and KL (2.81 g/cm3). A density of 3.20 g/cm3 was applied for Bonanza Ledge.
  7. A four-step capping procedure was applied to composited data for Cow (3.0 m), Valley (1.5 m), Shaft (2.0 m), Mosquito (2.5 m), BC Vein (2.0 m), KL (1.75 m), and Lowhee (1.5 m). Restricted search ellipsoids ranged from 7 g/t Au to 50 g/t Au at four different distances ranging from 25 m to 250 m for each deposit. High-grades at Bonanza Ledge were capped at 70 g/t Au on 2.0 m composited data.
  8. The gold Mineral Resources for the Cow, Valley, Shaft, Mosquito, BC Vein, KL, and Lowhee vein zones were estimated using Datamine StudioTM RM 1.9 software, using hard boundaries on composited assays. The silver Mineral Resources and the dilution halo gold mineralization were estimated using Datamine StudioTM RM Pro 1.11. The Ordinary Kriging (“OK”) method was used to interpolate a sub-blocked model (parent block size = 5 m x 5 m x 5 m). Mineral Resources for Bonanza Ledge were estimated using GEOVIA GEMSTM7 software using hard boundaries on composited assays. The OK method was used to interpolate a block model (block size = 2 m x 2 m x 5 m).
  9. Results are presented in situ. Ounce (troy) = metric tons x grade / 31.10348. Calculations used metric units (metres, tonnes, g/t, etc.). The number of tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects. Rounding followed the recommendations as per NI 43101.
  10. The qualified persons responsible for this section of the Report are not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource Estimate.

Mineral Reserves were classified in compliance with the CIM Definition Standards for Mineral Resources and Mineral Reserves. As such, the Mineral Reserves are based on Measured and Indicated Mineral Resources and do not include any Inferred Mineral Resources. Measured and Indicated Mineral Resources are exclusive of proven and probable reserves. Mineral Reserves are the estimated tonnage and grade of ore that is considered economically viable for extraction.

Mineral Reserves for the Project deposit incorporate dilution and mining recovery factors based on the selected mining method and design. In addition, economic analyses were completed to validate the profitability of particular areas of the reserves.

Cariboo Gold Statement of Mineral Reserves as of December 6, 2022

 Category Tonnage Grade Contained Gold Grade Contained Silver
(t) Au (g/t) (oz) Ag (g/t) (oz)
Cow 4 126 955 3.41 452 941 0.08 11 018
Valley 3 444 914 3.70 409 887 0.14 15 059
Shaft 7 962 448 3.87 989 757 0.02 4 473
Mosquito 602 591 4.93 95 479 0.03 619
Lowhee 566 547 4.56 83 088 0.21 3 786
Total P & P 16,703,454 3.78 2,031,152 0.07 34,955


  1. The Qualified Person for the Mineral Reserve Estimate is Eric Lecomte, P.Eng. (InnovExplo).
  2. The Mineral Reserve Estimate has an effective date of December 6, 2022.
  3. Estimated at US$1,700/oz Au using an exchange rate of US$1.27:CAD1.00, variable cut-off value from 1.70 g/t to 4.00 g/t Au.
  4. Mineral reserve tonnage and mined metal have been rounded to reflect the accuracy of the estimate and numbers may not add due to rounding.
  5. Mineral Reserves include both internal and external dilution along with mining recovery. The external dilution is estimated to be 8%. The average mining recovery factor was set at 93.6% to account for mineralized material left in each block in the margins of the deposit.

Stock Information





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