Osisko Development’s Cariboo gold project nears shovel-ready status as all key permits secured
Osisko Development (NYSE: ODV, TSXV: ODV) announced on Thursday it has received all Environmental Management Act (EMA) permits for its 100%-owned Cariboo gold project in central British Columbia.
The approval – in combination with the necessary BC Mines Act permits secured in late November – means that Osisko has successfully Cariboo’s permitting process, placing the project close to shovel-ready status.
“Our government is pleased that this project is one step closer to operation, which will provide good, well-paying jobs and open up long-term opportunities for local small businesses, communities, and First Nations,” stated Jagrup Brar, BC’s minister of mining and critical minerals.
Full-scale construction is expected to commence in the second half of 2025, once Osisko makes a final investment decision. The company stressed it will only start when a project financial package is in place, adding that it is advancing discussions on various funding options.
Osisko received the following permits after a review by the mine review committee that was set up by the BC mines office:
- Mines Act permit for the mine site complex and Bonanza Ledge deposit;
- Mines Act permit for the QR mill;
- Environmental Management Act permit for the mine site complex;
- Environmental Management Act permit for QR mill; and
- Environmental Management Act permit for Bonanza Ledge.
The BC Mines Act permits grant the company the ability to proceed with the construction, operation and reclamation activities on each of the site boundaries, as outlined within the scope of the project. The Environmental Management Act permits pertain to any project-related discharge activities to the environment, including water and air, within the areas outside of the immediate mine site boundaries.
Osisko said it is continuing work with the provincial minister of water, land and resource stewardship, as well as the ministry of forests, on obtaining approvals for a transmission line construction.
In early 2023, Osisko tabled a feasibility study on the Cariboo gold project, outlining an underground operation that is expected to produce approximately 21.87 million oz. of gold over a 12-year mine life.