Osisko Development (TSX.V: ODV)
Announced an agreement with Nicola Mining to toll treat ore from their Barkerville Gold subsidiary at NM’s processing facility located at Merritt, B.C.
Merritt is around 6 hours driving distance from the Barkerville Gold project in the Cariboo region of British Columbia.
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Former Barkerville Gold Bonanza Ledge Mine, Cariboo, B.C. Osisko Development.
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| Osisko Development | TSX.V: ODV |
| Stage | Development and exploration |
| Metal | Gold |
| Market cap | C$472 m @ C$6.75 |
| Location | B.C. Canada, Sonora and Guerrero, Mexico |
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Osisko Development’s Barkerville Gold Mines in Toll Milling Accord with Nicola Mining for Cariboo mill feed.
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Vancouver, British Columbia–(Newsfile Corp. – December 2, 2022) – (FSE: HLI) (OTCQB:Nicola Mining Inc. (TSXV: NIM) is pleased to announce that it and Osisko Development Corp (NYSE: ODV) (TSXV: ODV) (“Osisko”) have signed a Memorandum of Understanding (“MOU“) for the processing of gold mill feed currently stock piled at Osisko’s site, located in the Cariboo Mining District in east-central BC, east and southeast of the City of Quesnel. The gold mill feed originates from Osisko’s wholly owned subsidiary Barkerville Gold Mines Ltd[1].
Under the MOU, Osisko hopes to transport approximately 15,000 tonnes of mineralized material to Nicola’s mill site, located near Merritt, British Columbia. Nicola’s Merritt Mill site is a unique milling and processing facility because the Company owns the industrial-zoned site free-hold. The approximate $30.0 million facility is also the location of the historic Craigmont Copper Mine, which had an historic production grade of 1.3% Cu.
Both parties have already commenced cooperative efforts and expect to enter into a Milling Profit Share Agreement in the near future. Concentrate from the mill feed is expected to be sold to Ocean Partners UK Limited[2], with whom the Company announced on April 30, 2021, that it entered into a purchase contract (the “Purchase Contract”) for gold and silver concentrate.
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Nicola’s Merritt Mill is the only facility in the Province of British Columbia permitted to accept third party gold and silver mill feed from throughout the province.
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Peter Espig, CEO of Nicola, commented;
“We are very excited to secure another solid source of gold mill feed.
“We have been very impressed with the Osisko team and look forward to moving forward in a mutually beneficial relationship.
“Furthermore, we want to thank the Ministry of Energy, Mines and Low Carbon Innovation for its facilitation of an introduction.”
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If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com
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Disclaimer
The writer does not hold any shares in Osisko Development at the time of writing.
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