Osisko Development reports financial results for Q2 2024, progress continues on Cariboo Gold Project.

From GlobeNewswire: 2024-08-12 18:00:00

Osisko Development Corp. reports financial results for Q2 2024, selling 805 ounces of gold. The company generated $2.6 million in revenues and $2.7 million in cost of sales. Recent corporate updates include granting deferred share units to directors and completing payments for the Tintic Project acquisition. The Company had approximately $33.7 million in cash as of June 30, 2024.

The Cariboo Gold Project in British Columbia is making progress with permits. Permits have been drafted and are under review, with final permits expected in Q3 2024. The Company continues to explore funding options for the project. Pre-construction activities are underway, with a bulk sample program expected to be completed in Q4 2024. After a temporary pause due to wildfires, normal operations resumed on July 26, 2024.

At the Tintic Project in Utah, diamond drilling at the Big Hill target area did not yield significant intercepts of copper, gold, or molybdenum. Further exploration targets have been identified in the area. Trixie West Porphyry Target drilling suggested potential mineralization in the western hanging wall block of the Eureka Lilly fault. The Zuma area has been identified as a high-potential porphyry target.

The San Antonio Gold Project in Mexico remains in care and maintenance. The Company is awaiting next steps from the Mexican government for permitting, with a strategic review underway. Subsequent to Q2 2024, incentive stock options and restricted share units were granted to senior officers. Key upcoming milestones include the completion of the Cariboo Gold Project bulk sample in Q4 2024 and detailed engineering and permitting work.



Read more at GlobeNewswire:: Osisko Development Reports Second Quarter 2024 Results