Osisko Development Corp. has begun a 70,000‑meter, fully‑funded drilling program at its flagship Cariboo Gold Project in central British Columbia, deploying multiple drill rigs through the end of 2026 to target the Proserpine, Barkerville, and Cariboo Deep zones within the 186,740‑hectare land package.
The program’s first phase is a 10,000‑meter surface diamond‑drill campaign that will extend the current resource estimate by roughly 300 m in depth. Subsequent phases will focus on high‑grade intercepts in the Proserpine and Barkerville Mountain prospects, with the goal of adding new mineral resources that could extend the mine life and improve economics.
Management emphasized the strategic importance of the program. President Chris Lodder said the company is “keen to launch a solid exploration program that will have multiple rigs operating through 2026 across Proserpine, Barkerville, and Cariboo Deep, all within a stone’s throw of the existing deposit.” Chairman and CEO Sean Roosen added that the recent $450 million loan facility from Appian Capital Advisory “provides a key financing commitment that allows us to maintain momentum toward a formal investment decision.”
Osisko’s cash position supports the program: Q3 2025 results showed $401.4 million in cash and cash equivalents, while Q4 2024 reported $106.7 million. The fully‑funded drilling program demonstrates the company’s confidence in the project’s long‑term potential and its ability to secure capital for development.
The Cariboo Gold Project is already shovel‑ready, having received its Environmental Assessment Certificate on October 10 2023, a Mines Act permit on November 20 2024, and an Environmental Management Act permit on December 12 2024. An optimized feasibility study released in April 2025 projects an average annual gold production of 190,000 ounces over a 10‑year mine life, with first gold expected in the second half of 2027.
By de‑risking the project through extensive drilling, Osisko aims to strengthen its resource base, improve project economics, and accelerate the path to production, reinforcing investor confidence in the company’s growth strategy.
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