Osisko Gold Group (TSXV, NYSE: ODV) has traced gold mineralization below 700 metres at its Cariboo project in British Columbia, more than twice the deposit’s average depth.
The company has drilled 11 holes totalling 8,971 metres, including highlight results of 13.19 grams gold per tonne over 3.6 metres at 596 metres vertical depth and 6.17 grams over 7.1 metres at 517 metres. About 65% of the drilling tested ground outside the resource footprint at Cariboo, in the Wells-Barkerville camp some 650 km northeast from Vancouver.
“We haven’t had a duster in six years,” Osisko Founder, Chair and CEO Sean Roosen said in an interview, using the exploration slang term for a barren drill hole. “The geological model is performing very well,” he told The Northern Miner’s Western Editor, Henry Lazenby, this month at the Rule Symposium on Resource Investing in Boca Raton, Fla.
Cariboo’s mine plan hinges on the 17.8 million probable tonnes in reserve grading 3.62 grams gold per tonne for 2.07 million ounces. The $881-million (US$652-million) underground mine is expected to produce 190,000 oz. a year over 10 years, with first gold targeted for 2028. Roosen, who led the discovery and construction of Canadian Malartic in Quebec, said that like Malartic, deeper drilling could add reserves, extend Cariboo’s mine life and support more production within the permitted footprint.
Watch the full interview below:
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