VANCOUVER, Canada – (NewMediaWire) – August 20, 2024 – Golden Cariboo Resources Ltd. (“GCC” or the “Company”) (CSE-GCC, OTC-GCCFF, WKN-A0RLEP) is pleased to provide a summary of drilling to date following a review and interpretation of intersections on its Quesnelle Gold Quartz Mine property (the “Property”) near Hixon, British Columbia.
Since the Company began drilling on the property, a total of 4,144.4 m in 15 diamond drill holes has been completed in three different zones. Six holes (QGQ22-2 to -3, 23-4 and 24-5 to -7) were drilled to test the Main Zone in proximity to the historic workings dating from 1866 to 1939. The best results were obtained by drilling to the southeast, perpendicular to previous drilling of 2,201 m in 13 holes completed between 1983 and 2008, the latter hole targeting the northwest trending andesite/metaclastic sedimentary contact.
Phase 1 drilling has been completed and the drilling team is currently taking a break. Phase 2 will then begin. The drilling equipment will remain on site.
Consequently, hole QGQ23-04 intersected a broad zone of pyritic fault-hosted mineralization beneath the historic gold-bearing Koch Vein in underground workings, returning 1.35 g/t gold (“Au”) over 41.0 m (134.5 ft), including 4.65 g/t Au over 7.15 m (23.5 ft) and 1.12 g/t Au over 18.7 m (61.4 ft) (News Release dated April 30, 2024), 30 m south of the 0.69 g/t Au over 22.3 m (73.2 ft) intersection in hole QGQ22-02 (News Release dated April 25, 2023). A zone of quartz-carbonate veining was encountered below the pyritic fault mineralization in QGQ23-04, returning 2.77 g/t Au over 6.25 m (news release dated April 30, 2024).
Three holes (QGQ22-1 and 24-8 to -9) were drilled in the North Hixon Zone, initially targeting the Company’s 2019 discovery of magnetite-pyrite-bearing alluvium which returned 9.8 g/t Au. Although the source was not intersected, the hole intersected zones of pyritic fault mineralization and quartz-carbonate veinlets; the latter are associated with predominantly sericite-pyrite-silica altered metaclastic sedimentary rocks within broad zones of ankerite alteration near the contact with andesitic tuff. Results included: 0.87 g/t Au over 32.0 m, ending in mineralization, in QGQ22-1 and; 0.58 g/t Au over 61.4 m and 0.43 g/t Au over 89.7 m, including 0.99 g/t Au over 24.6 m, all within an anomalous zone of 0.29 g/t Au over 263.1 m in QGQ22-8 (News Release July 16, 2024). Visible gold was identified in association with sphalerite in QGQ22-8. The zone was interpreted to trend 135/70SW, resulting in true widths of approximately 50%, but the true width is not definitively known. There is extremely little outcrop across the property area and initial difficulties were encountered in drilling oriented core.
The Halo Zone, which the Company discovered in late 2022 830 m northwest of the Main Zone, returned 1.01 to 5.08 g/t Au from a 6 m deep trench from four grab samples of a strongly limonitic, low quartz carbonate fault zone (news release dated May 18, 2023). The Halo Zone was targeted by six holes (QGQ24-10 to -15), with the three more west-oriented holes intersecting quartz carbonate veinlets with visible gold (news release July 18, 2024) below the fault zone, which is hosted primarily in sericite-pyrite-fuchsite-silica altered andesitic flows within broad zones of ankerite alteration similar to those encountered in the North Hixon Zone and likely represents a sub-parallel zone. If the zone follows a similar trend to that encountered in North Hixon, true widths of the Halo Zone may be 50-70% of the hole lengths. Minor amounts of sphalerite, commonly associated with the visible gold, as well as minor amounts of chalcopyrite and trace galena were encountered in the veins. Logging is complete and sampling is ongoing. Results are pending. The mineralization and alteration encountered show strong similarities to the main zone from which the best intercepts were drilled to the southeast (at 090 to 134 to the halo holes).
Preliminary analysis of intersections indicates major, probable northwest-trending first order faults, which typically follow lithological contacts. In the Main Zone, northeast-trending vein trends have been identified and southeast-trending drilling has successfully intersected mineralization. Based on this and the interpreted orogenic style of mineralization, where second order structures are generally associated with mineralization, the main mineralized structures are believed to be northeast-trending.
Therefore, the current plan is to target the southeast strike length of the Halo Zone from the west to intersect it using an oriented core system perpendicular to the overall direction. This will be followed by drilling to the southeast to target the second order structures. Good potential exists in the 830 m towards the Main Zone, as well as to the northwest of Halo and southeast of the Main Zone where no drilling has been completed to date.
Phase 1 completed and drilling crew takes a break, then phase 2 begins. Drillers remain on site
The technical information in this news release has been reviewed by Jean Pautler, P.Geo., a Qualified Person as defined by NI 43-101.
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About Golden Cariboo Resources Ltd.
Golden Cariboo Resources Ltd. is rediscovering the Cariboo Gold Rush by continuing highly targeted drilling and trenching programs on its Quesnelle Gold-Quartz Mine property, which is almost completely surrounded on three of four sides by Osisko Development (NSE-ODV/TSXV-ODV). Historically, over 101 placer gold flows have recorded production on the 90 km long trend from the Cariboo Hudson Mine in the north to the Quesnelle Gold-Quartz Mine property, and successful placer mining continues to this day.
Golden Cariboo’s Quesnelle Gold Quartz Mine property is located 4 km northeast of Hixon in central British Columbia, accessible by road. The project includes the Quesnelle Quartz gold-silver deposit, which was discovered in 1865 in connection with placer mining. Hixon Creek, which cuts through the old workings, is a placer creek that has been used for small-scale placer mining since the mid-1860s.
For further information please contact:
GOLDEN CARIBOO RESOURCES LTD
“J. Frank Callaghan”
J. Frank Callaghan, President and CEO
Phone: 604-669-6463
Neither the Canadian Securities Exchange (“CSE”) nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Warnings:
This news release contains statements that constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the Company’s plans, intentions, beliefs and current expectations with respect to future business activities and plans of the Company. Forward-looking information can often be identified by the words “may,” “would,” “could,” “should,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect” or similar expressions and includes information with respect to: the expectation that the Company will receive all necessary exemptions and approvals to complete the Offering; the expectation that the Company will complete the Offering on the terms disclosed or at all; the expectation that the proceeds will be used for property exploration and general working capital; the Company’s exploration plans with respect to its Quesnelle Gold Quartz Mine property; and the expected participation of the Insider in the Offering.
Such forward-looking statements are based on a number of assumptions made by management, including, but not limited to, that the Company will obtain all necessary exemptions and approvals to complete the Offering; that the Company will complete the Offering on the terms announced or at all; that the proceeds will be used for property exploration and general working capital; that the Company will have the necessary funds to advance its exploration plans; that the Company will not encounter any regulatory or other impediments to the implementation of its business plans; that the insider will participate in the Offering on the terms and in the amounts that management currently expects; and that the Company will be able to rely on the exemption from the formal valuation and minority shareholder approval requirements on the basis expected.
In addition, forward-looking information involves numerous known and unknown risks, uncertainties and other factors that may cause the actual plans, intentions, activities, results, performance or achievements of the Company to differ materially from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. These risks include, among others: that the Company may not obtain the necessary exemptions and approvals to complete the Offering; that the Company may not complete the Offering on the terms disclosed or at all; that the Company may not be able to use the proceeds for property exploration and general working capital; that the Company may incur unexpected costs; that the Company may not have the necessary resources to pursue its exploration plans; that the Company’s operations may be adversely affected by possible future governmental regulations and controls or by changes in applicable laws and regulations; that the insider may not participate in the Offering on the terms and in the amounts currently anticipated by management or at all; and that the Company may not be able to rely on the exemption from the formal valuation and minority shareholder consent requirements on the basis currently anticipated. This forward-looking information reflects management’s best judgment based on information currently available. Forward-looking statements cannot be guaranteed and actual future results may differ materially. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements or information. Neither the Company nor its representatives make any representations or warranties, express or implied, as to the accuracy, adequacy or completeness of the information in this press release. Neither the Company nor its representatives will have any contractual, tortious, fiduciary or other liability to you or any other person arising from the use of the information in this press release by you or any of your representatives or from any omissions in the information in this press release.
The forward-looking statements contained herein speak only as of the date they were originally made. The Company does not intend, and undertakes no obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
