Project UpdateJul 23, 2026, 07:01 AM
Osisko Gold Cariboo Project Infill Drilling Validates Model; $350M Loan Conditions Met
AI Summary
Osisko Gold Group Inc. announced final results from its infill drilling program in the Lowhee Zone of the Cariboo Gold Project, which validated existing geological and mine-planning assumptions. Preliminary reconciliation analysis showed expected local variability, with Zone 1 indicating more tonnes and gold ounces at a lower grade, and Zone 2 showing fewer tonnes but more gold ounces at a higher grade. The company anticipates satisfying the technical conditions precedent for the remaining undrawn US$350 million under its senior secured project loan facility in Q3 2026, subject to Appian Capital's review and sign-off.
Key Highlights
- Infill drilling in Lowhee Zone completed, validating geological and mine-planning assumptions.
- Preliminary reconciliation for Zone 1 indicated ~30% more tonnes and 6% more gold ounces.
- Zone 1 showed an approximate 18% lower gold grade compared to the existing model.
- Preliminary reconciliation for Zone 2 indicated ~8% fewer tonnes and 8% more gold ounces.
- Zone 2 showed an approximate 16% higher gold grade compared to the existing model.
- Technical conditions for remaining US$350 million loan facility anticipated in Q3 2026.
- Appian Capital's review and sign-off are pending for the loan facility.
- Average core recovery improved from 92% in 2025 to 94% in 2026.
Price Impact
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