LE PROJET AURIFÈRE CARIBOO

Description du projet

Osisko Développement, par l’entremise de sa filiale à part entière Barkerville Gold Mines Ltd, propose de construire et d’exploiter une mine d’or souterraine et les infrastructures et activités associées sur le projet aurifère Cariboo, situé dans le district minier historique de Cariboo au centre-est de la Colombie-Britannique, à l’est et au sud-est de la ville de Quesnel. Osisko est une société canadienne basée à Wells, en Colombie-Britannique, dont le siège social se trouve à Montréal (Canada).

Le projet est assujetti à un examen en vertu du BC Environmental Assessment Act, 2018 (BCEAA, 2018) et l’examen sera mené par le bureau des évaluations environnementales de la Colombie-Britannique (British Columbia Environmental Assessment Office). Le processus d’examen a débuté à l’automne 2019 et le projet compte déjà une description de projet acceptée et une ordonnance en vertu de l’article 10 du BC Environmental Assessment Act, 2002 (BCEAA, 2002). Cette description de projet a également été acceptée puisque répondant aux exigences à titre de description de projet initiale en vertu de la BCEAA, 2018 et le projet entre maintenant dans la phase d’engagement préliminaire. Le projet n’est pas assujetti à l’examen en vertu de la Loi sur l’évaluation d’impact fédérale.

Réserves et ressources minérales du projet

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

The table below displays the results of the 2022 MRE for the Project at the official 2.0 g/t Au cut-off grade for all eight deposits: Cow, Valley, Shaft, Mosquito, KL, Lowhee, BC Vein and Bonanza Ledge.

The reported quantities and grade estimates at different cut-off grades are presented for the sole purpose of demonstrating the sensitivity of the mineral resource model to the selection of a reporting cut-off grade.

Cariboo Gold Project 2022 Mineral Resource Estimate 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 Tonnes Grade Ounces
000 (Au g/t) 000
Measured Bonanza Ledge 47 5.1 8
Indicated Bonanza Ledge 32 4.0 4
BC Vein 1,030 3.1 103
KL 389 3.2 40
Lowhee 1,621 3.6 188
Mosquito 1,795 4.3 249
Shaft 11,139 4.3 1,531
Valley 4,403 3.8 536
Cow 6,645 3.8 811
Total Indicated Mineral Resources 27,055 4.0 3,463
Inferred BC Vein 461 3.5 53
KL 1,905 2.8 168
Lowhee 520 3.5 59
Mosquito 1,262 3.6 146
Shaft 5,730 3.9 725
Valley 2,135 3.4 235
Cow 2,394 3.1 236
Total Measured and Indicated Mineral Resources 27,102 4.0 3,470
Total Inferred Mineral Resources 14,407 3.5 1,621

 

Notes relatives à l’estimation des ressources minérales (anglais):

  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 Mineral Resource Estimate is May 17, 2022.
  2. These mineral resources are not mineral reserves as they do not have demonstrated economic viability.
  3. The Mineral Resource Estimate conforms to the 2014 CIM Definition Standards on Mineral Resources and Reserves and follows the 2019 CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines.
  4. A total of 471 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 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 USD1,600 per ounce; a USD/CAD exchange rate of 1.30; a global mining cost of $50.41/t; a processing & transport cost of $30.41/t; and a G&A + Environmental cost of $16.18/t. The cut-off grade for the Bonanza Ledge deposit was calculated using a gold price of USD1,600 per ounce; a USD/CAD exchange rate of 1.30; a global mining cost of $79.13/t; a processing & transport cost of $60.00/t; and a G&A + Environmental cost of $51.65/t. The cutoff 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, 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, 2.79 g/cm3 for Shaft, and 2.69 g/cm3 for BC Vein. Median densities were applied for Valley (2.81 g/cm3), Mosquito (2.79 g/cm3), KL (2.81 g/cm3) and Lowhee (2.75 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 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 mineral resources for the Cow, Valley, Shaft, Mosquito, BC Vein, KL, and Lowhee vein zones were estimated using Datamine Studio TM RM 1.9 software using hard boundaries on composited assays. The 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 GEMS TM 6.7 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). 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 43-101.
  10. The qualified persons responsible for this section of the technical 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.

Les corridors de veines compris dans l’estimation des ressources de Cariboo sont modélisés jusqu’à une profondeur moyenne de 350 mètres. Les forages d’exploration ont recoupé de la minéralisation jusqu’à une profondeur de plus de 700 mètres sous la surface. L’émetteur résultant continuera l’exploration systématique afin de mieux définir et d’augmenter l’étendue des zones connues et développer de nouvelles cibles sur le reste de la propriété. L’émetteur résultant envisage de forer depuis les infrastructures souterraines lorsque les permis auront été obtenus et que la galerie d’exploration aura été complétée. Le modèle litho-structural 3D robuste qui définit les contrôles de la minéralisation permet à l’équipe d’exploration de définir des ressources minérales additionnelles de façon beaucoup plus efficace, avec un taux de réussite élevé (80 % des sondages recoupent de la minéralisation potentiellement économique), ce qui réduit les coûts par once découverte. Ce modèle peut être appliqué sur les 65 kilomètres d’étendue latérale restante.

Conformément au Règlement 43-101 sur l’information concernant les projets miniers (le « Règlement 43-101 »), un rapport technique mis à jour pour Cariboo sera déposé sur SEDAR (www.sedar.com) sous le profil d’émetteur de Redevances Osisko et, éventuellement, sous le profil d’émetteur de l’émetteur résultant.

The Company cautions that the decision to undertake test mining at Bonanza Ledge II has been taken without the benefit of a feasibility study of mineral reserves, demonstrating economic and technical viability, and, as a result there may be increased uncertainty of achieving any particular level of recovery of material or the cost of such recovery. The Company cautions that historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that production will continue as anticipated or at all or that anticipated production  costs will be achieved.  The failure to continue production would have a material adverse impact on the Company’s ability to generate revenue and cash flow to fund operations.  Failure to achieve the anticipated production costs would have a material adverse impact on the Company’s cash flow and potential profitability.  In continuing current operations at Bonanza Ledge II, as contemplated, the Company will not be basing its decision to continue such operations on a feasibility study of mineral reserves demonstrating economic and technical viability.

Rapport technique

NI 43-101 Technical Report – Preliminary Economic Assessment for the Cariboo Gold Project

24 mai 2022

Cours de l’action

 

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