Underground Development Progress At The Cariboo Gold Project

MONTREAL - Osisko Development Corp. reported on its ongoing bulk sample and underground development activities at its Cariboo Gold Project located in central British Columbia (BC), Canada. The Company has now successfully completed 100% of the underground development, totalling approximately 1,172 meters, to access the target area of the contemplated bulk sample in the Lowhee Zone of the deposit.

Preparations are underway and in their final stages to extract 10,000 metric tonnes of mineralized material. Stope preparation is largely complete with blasting and extraction expected to be completed in the coming weeks. Results of the bulk sample are anticipated in Q1 2025 supporting ongoing work on the optimized feasibility study expected to be completed in Q2 2025.

"Our team has made significant progress on underground development with ~1.2 kilometers completed to reach the bulk sample target area. We are now in the heart of the orebody in the Lowhee Zone and getting preliminary visual confirmation of the geology underpinning the Cariboo Gold Project. We have included some images from these zones in this release and are encouraged by our preliminary assessments. Once the bulk sample is extracted, it will undergo ore sorter testing at Tomra's facility in Saskatoon, Saskatchewan and processing into a concentrate. These steps will provide valuable grade reconciliation data relative to the resource model and validate our assumptions on ore sorting. Both efforts are expected to significantly derisk the project from a technical standpoint as we continue to progress towards securing a fully funded financing solution to advance the project," commented Sean Roosen, Founder, Chairman and CEO.