GCC:CC - Golden Cariboo 5-Year Exploration Permit Approved
(TheNewswire)
February 7, 2024 – TheNewswire- Vancouver, Canada –Golden Cariboo ResourcesLtd. (the “ Company ”) (CSE: GCC ) ( OTC:GCCFF ) ( WKN-A0RLEP) announces its Notice of Workapplication to expand mineral exploration activities at theCompany’s 100% owned Quesnelle Gold Quartz Mine Project (“QGQProject”) near Hixon, British Columbia has been approved.
The Company’s mineral exploration permit has beenauthorized for an additional five years. The exploration team willfirst target the newly discovered replacement mineralization andhigh-grade gold bearing veins between and adjacent to the Main zoneand the new discovery of the Halo zone ( See News Release dated May 18,2023 ), which is open along strike and atdepth. The approved permit includes up to 270surface diamond drill holes on 54 drill pads as well as up to 5.7 kmof trenching, 7.86 km of trail construction and 10 line km of IPgeophysical surveying. Additional exploration activities may includesoil sampling, self-potential geophysical surveying, bedrock mappingand regional prospecting activities.
Company President and CEO, Mr. J. Frank Callaghancommented “We’re excited to advance an extensive multi-phaseexploration program at the Company’s QGQ Project. The Companyacquired the project due to its historic production, presence of agreenstone contact and its potential to host similar mineralization tothe Bonanza Ledge Mine, which our team originally discovered and putinto production at Osisko Development’s Cariboo Gold Project. AfterGolden Cariboo’s team put the Bonanza Ledge Mine into production andfurther developed the Cariboo Gold Project, it was acquired by OsiskoRoyalties for $330 million and is now owned and operated by OsiskoDevelopment. We feel that there is a similar opportunity to repeat ourachievements at the QGQ Project and fundamentally believe that youmake a mine, you don’t find one.”
AboutGolden Cariboo Resources Ltd.
Golden Cariboo Resources Ltd. is rediscovering theCariboo Gold Rush by proceeding with high-grade targeted drilling andtrenching programs on its Quesnelle Gold Quartz Mine Project which isalmost fully encircled on 3 of 4 sides by Osisko Development (NSE-ODV/TSXV-ODV) .His torically, over 101 placer gold creeks on the90 km trend from the Cariboo Hudson mine north to the Quesnelle GoldQuartz mine have recorded production and successful placer miningcontinues to this day.
Golden Cariboo’s Quesnelle Gold Quartz Mine propertyis 4 km northeast of, and road accessible from, Hixon in centralBritish Columbia. The property includes the Quesnelle Quartzgold-silver deposit, which was discovered in 1865 in conjunction withplacer mining activities. Hixon Creek, which dissects the QuesnelleGold Quartz Mine property, is a placer creek which has seensmall-scale placer production since the mid 1860's.
GOLDEN CARIBOO RESOURCES LTD.
“J. Frank Callaghan”
J. Frank Callaghan, President &CEO
Neither the “CSE” Canadian Securities Exchange norits Regulation Service Provider (as that term is defined in thepolicies of the Canadian Securities Exchange) accepts responsibilityfor the adequacy or accuracy of this release.
This news release containsstatements which constitute “forward-looking information” withinthe meaning of applicable securities laws, including statementsregarding the plans, intentions, beliefs and current expectations ofthe Company with respect to future business activities and plans ofthe Company. Forward-looking information is often identified by thewords “may”, “would”, “could”, “should”, “will”,“intend”, “plan”, “anticipate”, “believe”,“estimate”, “expect” or similar expressions and includesinformation regarding: the number of Shares outstanding following theConsolidation; the effect of the Consolidation on the market for theShares; and the treatment of fractional shares in theConsolidation.
The forward-looking statementsherein speak only as of the date they were originally made. TheCompany has no intention and undertakes no obligation to update orrevise any forward-looking statements, whether as a result of newinformation, future events or otherwise, except as required bylaw.
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