Cariboo Gold Project in Canada Completes 3.4 km of Underground Development

en.Wedoany.com Reported - On October 27, Osisko Gold announced the latest construction progress of the Cariboo Gold Project in British Columbia, Canada. As of September 30, overall project construction was approximately 28% complete, with cumulative expenditures of CAD 355 million and approximately 3.4 km of cumulative underground development completed. The company, through its subsidiary Barkerville Gold Mines, has awarded the subsequent underground mine development and related engineering contracts to JDS Energy & Mining, effective October 5.

Underground works are currently advancing from the existing Cow portal toward the Lowhee mineralized zone and the Cow Mountain mining area, with underground development approximately 11% complete. Earthworks at the Valley portal and ventilation portal are 85% complete, with portal construction scheduled for completion in the fourth quarter of 2026, and roadheaders will be used to increase underground working faces. Due to rock conditions, noise control measures and low-temperature concrete curing requirements, the company has adjusted its year-end 2026 monthly advance target from 500 m to approximately 360 m.

Underground mobile equipment procurement totals approximately CAD 43 million, including Caterpillar loaders and haul trucks, MacLean Engineering support and service vehicles, and Epiroc drills and jumbos. The first equipment deliveries are scheduled for the end of 2026, with most equipment expected to arrive at site in 2027; underground development continues to use contractor equipment at this stage.

As of the end of September, detailed engineering design was approximately 42% complete, more than half of procurement packages had been awarded, and cumulative procurement commitments totaled approximately CAD 360 million. Remaining construction costs are estimated at approximately CAD 907 million. The project is scheduled for first gold pour in the first quarter of 2029, with commercial production in the second half of that year.