Osisko Gold has announced that its Board of Directors has made a formal decision to proceed with the construction of the Cariboo Gold Project.
Sean Roosen, Chairman and CEO, says “the Board’s formal positive decision to commence full-scale construction of our flagship Cariboo Gold Project represents a defining milestone for Osisko Gold and a pivotal inflection point toward our objective of becoming an intermediate gold producer.”
He went on to say that the decision is “a culmination of more than a decade of de-risking work on the Project, from early exploration when the first drills hit the ground in 2015, through permitting and technical studies, and into project financing and pre-construction.”
There is a 30-month construction period from August 1st with an expected first gold pour in quarter 1 of 2029.
The company says 613 direct jobs will be supported at peak construction, and there will be 525 permanent jobs during operations.
It says the project will also generate substantial direct and indirect economic benefits for local communities and the province.
The project is designed as a conventional, decline-accessed underground mining operation employing mechanized long-hole stoping mining methods, with paste backfill, to extract ore from gold-bearing vein corridors.
Underground access is currently provided through the Cow portal, with development extending into the Lowhee and Cow deposit zones.
At the mine site complex, earthworks have commenced on the second underground access at the Valley Portal.
Once established, the Valley Portal will provide a second development front and support critical path primary development access to the Valley and Shaft Zones, which host the majority of the Cariboo Gold deposit’s mineral reserves and mineral resources.
Approximately 3 kilometres of underground development has been completed to date.
Early works have already commenced during pre-construction, with preparatory activities at the mine site complex, waste rock storage facility, sediment control pond and water treatment plant, among other areas.
–Files by George Henderson, My Cariboo Now
Something going on in the Prince George area you think people should know about?
Send us a news tip by emailing pgnews@vistaradio.ca.
