GCC:CC - Golden Cariboo Commences 2024 Drilling Campaign
(TheNewswire)
April 16, 2024 – TheNewswire - Vancouver, Canada – Golden Cariboo ResourcesLtd. ( “GCC or theCompany” ) ( CSE: GCC ) , ( OTC:GCCFF ) , ( WKN:A0RLEP ) announced today that it has commenced drilling at itsQuesnelle Gold Quartz Mine Project (“QGQ Project”) near Hixon, BC,and has recently completed the first diamond drill hole (QGQ24-05) ofits 2024 drilling campaign.
The Company is operating two shifts and under optimalconditions, is drilling approximately 100 meters per day.
Drill hole QGQ24-05 was drilled for 321m from the samepad as QGQ23-04 to target the greenstone-phyllite contact to thenorthwest of QGQ23-04 and possible mineralization on the west side ofthe contact. Logging and sampling of QGQ24-05 is in progress withover half completed to date. Samples are being shipped to the labregularly for analysis. The drill is currently re-mobilizing tocommence drilling of QGQ24-06.
T he balance of logging andsampling of drill holeQGQ23-04 (formerly referred to as QGQ23-01) from the Company’s 2023drill program has been completed. 122 sampleswere expedited to ALS Geochemistry in North Vancouver, BC foranalysis. Results are pending.
Company President and CEO, Mr. J. Frank Callaghancommented “We are excited to have launched our 2024 drillingcampaign. The Company has a 5-year exploration permit with approval todrill 270 surface diamond drill holes on 54 drill pads. I anticipatethis will lead to an exciting time ahead as our exploration andmanagement teams strive to put our third mine into production inBritish Columbia’s prolific Cariboo mining region.”
Mr. Callaghan commented further, stating “The Companyacquired the QGQ 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.”
About Golden 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). Historically, 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.
For further information please contact:
GOLDEN CARIBOO RESOURCES LTD
“J. Frank Callaghan”
J. Frank Callaghan, President &CEO
Tel: 604-682-2928
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.
Cautionary Statements:
This news releasecontains statements which constitute “forward-looking information”within the 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 expectation that the Company will receiveall necessary exemptions and approvals to complete the Offering; theexpectation that the Company will complete the Offering on the termsdisclosed, or at all; the expectation that the proceeds will be usedfor property exploration and for general working capital; theCompany’s exploration plans with respect to its Quesnelle GoldQuartz Mine property; and the anticipated participation of the insiderin the Offering.
Such forward-lookingstatements are based on a number of assumptions of management,including, without limitation, that the Company will receive allnecessary exemptions and approvals to complete the Offering; that theCompany will complete the Offering on the terms disclosed, or at all;that the proceeds will be used for property exploration and forgeneral working capital; that the Company will have the resourcesrequired to proceed with its exploration plans; that the Company willnot run into regulatory or other barriers in carrying out its businessplans; that the insider will participate in the Offering, on the termsand conditions and in the amount currently expected by management; andthat the Company will be able to rely on the exemption from the formalvaluation and minority shareholder approval requirements on the basisanticipated.
Additionally,forward-looking information involve a variety of known and unknownrisks, uncertainties and other factors which may cause the actualplans, intentions, activities, results, performance or achievements ofthe Company to be materially different from any future plans,intentions, activities, results, performance or achievements expressedor implied by such forward-looking statements. Such risks include,without limitation: that the Company will not receive the necessaryexemptions and approvals to complete the Offering; that the Companywill not complete the Offering on the terms disclosed, or at all; thatthe Company will be unable to use the proceeds for propertyexploration and for general working capital; that the Company mayincur unanticipated costs; that the Company may not have the resourcesrequired to pursue its exploration plans; that the Company’soperations could be adversely affected by possible future governmentlegislation policies and controls or by changes in applicable laws andregulations; that the insider may not participate in the Offering onthe terms and conditions and in the amount currently expected bymanagement, or at all; and that the Company may not be able to rely onthe exemption from the formal valuation and minority shareholderapproval requirements on the basis currently expected. Suchforward-looking information represents management’s best judgmentbased on information currently available. No forward-looking statementcan be guaranteed and actual future results may vary materially.Accordingly, readers are advised not to place undue reliance onforward-looking statements or information. Neither the Company nor anyof its representatives make any representation or warranty, express orimplied, as to the accuracy, sufficiency or completeness of theinformation in this news release. Neither the Company nor any of itsrepresentatives shall have any liability whatsoever, under contract,tort, trust or otherwise, to you or any person resulting from the useof the information in this news release by you or any of yourrepresentatives or for omissions from the information in this newsrelease.
The forward-lookingstatements herein speak only as of the date they were originally made.The Company 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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