Osisko Development reports drill results from Cariboo gold project in B.C.

Osisko Development (TSXV: ODV) has released the latest drill results from the Valley zone at its Cariboo gold project in central B.C., approximately 115 km southeast of Prince George and 500 km north of Vancouver. 

Highlights included drillhole CM-21-005, which returned 10.7 metres grading 17.16 grams gold per tonne starting from 228.1 metres, including 1.25 metres of 20.20 grams gold. Hole CM-21-012, cut 0.5 metres grading 150 grams gold from 308 metres, including 0.5 metres of 62.60 grams gold.

Hole CM-21-005 intersected a modelled vein corridor, which, the company said, has increased confidence in its model, while CM-21-012, drilled 100 metres to the north, intersected ten mineralised vein corridors, extending the corridors to depths of 440 metres. 

The primary focus of the drilling at Valley zone is “to increase indicated category ounces to support our ongoing feasibility study,” Chris Lodder, Osisko’s president, stated in a press release, adding that the results from the zone “are hitting our designed targets and expanding the vein corridors at depth.”

The drilling is part of an ongoing 200,000-metre exploration and resource category conversion drill program. To date, 68 holes totalling 30,000 metres have been drilled at the Valley zone. 

Currently, ten diamond drill rigs are turning on the project.

An updated mineral resource estimate for Cariboo in 2020 outlined 21.4 million measured and indicated tonnes grading 4.6 grams gold per tonne for 3.2 million oz. contained gold. Inferred resources add 21.7 million tonnes of 3.9 grams gold for 2.7 million gold ounces.

Osisko also announced that incentive stock options had been granted to the company’s officers to purchase 492,600 common shares of the company for $7.10 per share for five years. It has also granted 427,100 restricted share units (RSUs) to officers.

At press time in Toronto, Osisko was trading at $6.97 per share within a 52-week trading range of $6.95 and $9.00. The company has about 191 million common shares outstanding for a $1.3 billion market capitalization.