THE CARIBOO GOLD PROJECT
Project Description
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Osisko Development, through its 100%-owned subsidiary Barkerville Gold Mines Ltd., is proposing to construct and operate the Cariboo Gold Project, an underground gold mine and associated infrastructure and activities, in the historic Cariboo Mining District in east-central BC, east and southeast of the City of Quesnel. Osisko is a Canadian company based in Wells, BC and headquartered in Montreal, Canada.
The Project is subject to review under the BC Environmental Assessment Act, 2018 (BCEAA, 2018) and the review will be led by the British Columbia Environmental Assessment Office. The Project entered the review process in fall of 2019 and has an accepted Project Description and Section 10 order under the BC Environmental Assessment Act, 2002 (BCEAA, 2002). This Project Description has also been accepted as fulfilling the requirements of the Initial Project Description for the BCEAA and the Project is now entering the Early Engagement Phase. The Project is not subject to review under the Federal Impact Assessment Act.
Cariboo Gold Project Highlights
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Primary Commodity: | Gold |
Location: |
|
Land Package: | 2,071 km2 of mineral rights |
Reserves and resources1,2: |
Measured resources of 39 Koz, 240 Kt @ 5.1 g/t Indicated resources of 3,160 Koz, 21,201 Kt @ 4.6 g/t Inferred resources of 2,721 Koz, 21,640 Kt @ 3.9 g/t |
Status: | Permitting – Development |
Anticipated Production: | Low capex, phased growth plan to production of over 200 koz/yr3 with sufficient resources for further expansion. |
- Includes resources at Cariboo and Bonanza Ledge II
- Please refer to Mineral Reserves and Resources section of this website for complete details
- Based on throughput expansion from 4,000 tpd to 4,750 tpd as per submissions to permitting agencies
Project’s Mineral Reserves and Resources
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The updated mineral resource estimate for the Cariboo Gold Project includes 3.2 million ounces of gold (21.4 million tonnes grading 4.6 g/t Au) in the measured and indicated resource category, and 2.7 million ounces of gold (21.6 million tonnes grading 3.9 g/t Au) in the inferred resource category. Resource grades have some built-in dilution integrated through the process of modelling of “vein corridors” as opposed to individual veins, which, individually have gold grades that are commonly higher than 8.0 g/t. Metallurgical testing has shown that the mineralization can be effectively upgraded by flotation and x-ray transmission ore-sorting, owing to the strong association of gold with pyrite. The concentrates can then be processed at the wholly owned QR mill. This mill is currently being refurbished to treat ore from the BC Vein mine being developed near Wells.
The mineral resource estimate is built upon nearly 500,000 meters of core from the 2015 to 2019 drill campaigns, and historically verified drill data using a total of 2,218 drill holes. A strong understanding of the controls of mineralization enabled Osisko Royalties’ technical team to construct a mineral resource estimate constrained by lithology, alteration, structure and mineralization.
Cariboo Gold Project Mineral Resource Estimate at 2.1 g/t Au cut-off
Category |
Deposit |
Tonnes |
Grade |
Ounces |
(‘000) |
(Au g/t) |
(‘000) |
||
Measured |
Bonanza Ledge |
240 |
5.1 |
39 |
Indicated |
Bonanza Ledge |
86 |
3.9 |
11 |
BC Vein |
1,192 |
4.7 |
179 |
|
KL |
393 |
3.3 |
42 |
|
Lowhee |
381 |
3.7 |
46 |
|
Mosquito |
783 |
6.0 |
150 |
|
Shaft |
10,889 |
4.7 |
1,644 |
|
Valley |
1,744 |
4.5 |
251 |
|
Cow |
5,734 |
4.5 |
838 |
|
Total Indicated Resources |
21,201 |
4.6 |
3,160 |
|
Inferred |
BC Vein |
472 |
3.9 |
60 |
KL |
1,926 |
2.9 |
181 |
|
Lowhee |
1,032 |
3.2 |
105 |
|
Mosquito |
1,348 |
4.8 |
208 |
|
Shaft |
7,913 |
4.2 |
1,081 |
|
Valley |
5,683 |
4.0 |
722 |
|
Cow |
3,276 |
3.5 |
364 |
|
Total Measured and Indicated Resources |
21,441 |
4.6 |
3,200 |
|
Total Inferred Resources |
21,649 |
3.9 |
2,721 |
Mineral Resource Estimate notes:
- The independent and qualified persons for the mineral resource estimates, as defined by NI 43-101, are Christine Beausoleil, P.Geo., and Carl Pelletier, P.Geo. (InnovExplo Inc.). The effective date of the mineral resource estimate is October 5, 2020.
- These mineral resources are not mineral reserves as they do not have demonstrated economic viability.
- The mineral resource estimate follows CIM Definition Standards.
- A total of 334 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 (1) gold zone for Bonanza Ledge. A minimum true thickness of 2.0 m was applied, using the grade of the adjacent material when assayed or a value of zero when not assayed.
- The estimate is reported for a potential underground scenario at cut-off grade of 2.1 g/t Au. The cut-off grades were calculated using a gold price of US$1,350 per ounce.
The vein corridors comprising the Cariboo resource estimate are modelled to an average depth of 350 meters, exploration drilling has intersected mineralization at depths below 700 meters from surface. The Resulting Issuer will continue with the systematic exploration to further define and expand the known zones and develop greenfield targets on the remaining land package. The Resulting Issuer intends to drill from underground infrastructure once permitting and construction of an exploration drift is complete. The robust 3D litho-structural model that defines the controls of mineralization allows the exploration team to define additional mineral resource much more efficiently, with a high hit rate (80% of the drill holes intersect potentially economic mineralization), lowering the cost per discoverable ounce. This model can be applied to the remaining 65 kilometers of strike.
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), an updated technical report for the Cariboo will be filed on SEDAR (www.sedar.com) under Osisko Royalties’ issuer profile and, in due course, the Resulting Issuer’s issuer profile.
Technical Reports
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NI 43-101 Technical Report and Mineral Resource Estimate for the Cariboo Gold Project, British Columbia, Canada
October 5, 2020
NI 43-101 Technical Report – Preliminary Economic Assessment of the Cariboo Gold Project
District of Wells, British Columbia, Canada
August 18, 2019
NI 43-101 Technical Report and Mineral Resource Estimate
Update for the Cariboo Gold Project, British Columbia, Canada
May 29, 2019
Photo Gallery
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Stock Information
CORPORATE ADDRESS
1100, av des Canadiens-de-Montreal
Suite 300, P.O. Box 211
Montreal, QC H3B 2S2
Tel: 1.514.940.0685
Int: 1.888.974.1412
Fax: 1.514.940.0687
BGM - Community Relations Office
4270 Sanders Ave., P.O. Box 247
Wells, BC V0K 2R0
Tel: 1.778.414.8493
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