GCC - Golden Cariboo Infill Drilling Results Compiled for QGQ22-01 Yielding 0.87 g/t Gold (0.57g/t cut) Over 32.0m (105 ft); QGQ24-08 In Progress to Target Up-dip Extent.
(TheNewswire)
May 7, 2024
Vancouver, Canada – TheNewswire – GoldenCariboo Resources Ltd. (“GCC” or the “Company”) (CSE-GCC,OTC-GCCFF, WKN-A0RLEP) is pleased to report additional results fromthe North Hixon zone at its Quesnelle Gold Quartz Mine property nearHixon, British Columbia. Infill sampling was completed for QGQ22-01 in2023 and recent compilation of data has highlighted expanded zones ofgold mineralization than reported from initial sampling in April 25, 2023 News Release . The 0.87 g/t gold(0.57g/t cut) over 32.0m (105 ft) intercept was returned from thebottom of the hole and is followed by only one 0.6m long barrenintercept, so is still open at depth. Additional drilling at the NorthHixon zone will target the western and vertical extension of multiplegold intercepts resulting from the 2022 drilling and trenchingprograms.
The followingupdated table of intercepts from QGQ22-01 includes results from infillsampling.
| HOLE ID |
| FROM (m) |
| TO (m) |
| INTERVAL (m) |
| Au (g/t) |
| cut Au (g/t)* |
| INTERVAL (ft) |
| QGQ22-01 |
| 173.3 |
| 182 |
| 8.7 |
| 0.52 |
| 0.52 |
| 28.5 |
| including |
| 176.3 |
| 177.5 |
| 1.2 |
| 1.45 |
| 1.45 |
| 3.9 |
| and including |
| 179.1 |
| 180.3 |
| 1.2 |
| 1.52 |
| 1.52 |
| 3.9 |
| QGQ22-01 |
| 199.6 |
| 208.2 |
| 8.6 |
| 0.98 |
| 0.98 |
| 28.2 |
| QGQ22-01 |
| 235.25 |
| 267.3 |
| 32.0 |
| 0.87 |
| 0.57 |
| 105.0 |
| including |
| 235.25 |
| 239.4 |
| 4.15 |
| 4.04 |
| 1.73 |
| 13.6 |
| including |
| 236 |
| 236.5 |
| 0.5 |
| 29.2 |
| 10.0 |
| 1.6 |
| intervening interval |
| 239.4 |
| 245 |
| 5.6 |
| 0.11 |
| 0.11 |
| 18.4 |
| and including |
| 245 |
| 252.8 |
| 7.8 |
| 0.80 |
| 0.80 |
| 25.6 |
| including |
| 245 |
| 246.3 |
| 1.3 |
| 3.25 |
| 3.25 |
| 4.3 |
| intervening interval |
| 252.8 |
| 261.3 |
| 8.5 |
| 0.11 |
| 0.11 |
| 27.9 |
| and including |
| 261.3 |
| 267.3 |
| 6.0 |
| 0.54 |
| 0.54 |
| 19.7 |
| Intervals are downhole lengths and true width is notyet known |
| * grades cut to 10 g/t Au |
| NB pale red intervals arecontiguous and comprise the entire red interval |
The intercept inred includes two intervening intervals of low grade, which are shownseparately and the high grade value of 29.2 g/t gold over 0.5m (1.6ft), from a fault zone, has been capped at 10 g/t gold to moderate thenugget effect of gold within the second gold grade column. Thisresults in 4.04 g/t gold (1.73 g/t cut) over 4.15m (13.6 ft) from thefault zone, followed by elevated to significant grades within pyritic,replacement style mineralization hosted by the phylliticmetasedimentary rocks, similar to those encountered in the Main zonedrilling earlier this year.
Drilling is inprogress, with approximately 1,564m (5,132 ft) in 7 holes completed todate by the Company at the Main and North Hixon zones. Assay resultsare pending for QGQ24-05 to QGQ24-07. The Company continues to testthe Main zone’s northwestern extension of the greenstone-schistcontact and have also stepped out 50m (164 ft) to the southwest from QGQ22-01at the North Hixon zone with QGQ24-08. Drilling of QGQ24-08 is inprogress concurrently with core logging and sampling.
The technicalinformation in this news release has been reviewed by Jean Pautler,P.Geo., a qualified person with respect to NI 43-101.
About GoldenCariboo Resources Ltd.
Golden CaribooResources Ltd. is rediscovering the Cariboo Gold Rush by proceedingwith highly targeted drilling and trenching programs on its QuesnelleGold Quartz Mine property which is almost fully encircled on 3 of 4sides by Osisko Development (NSE-ODV/TSXV-ODV). Historically, over 101placer gold creeks on the 90 km trend from the Cariboo Hudson minenorth to the Quesnelle Gold Quartz Mine property have recordedproduction and successful placer mining continues to this day.
GoldenCariboo’s Quesnelle Gold Quartz Mine property is 4 km northeast of,and road accessible from, Hixon in central British Columbia. The Project includesthe Quesnelle Quartz gold-silver deposit, which was discovered in 1865in conjunction with placer mining activities. Hixon Creek, whichdissects the old workings, is a placer creek which has seensmall-scale placer production since the mid 1860s.
For furtherinformation please contact:
GOLDEN CARIBOO RESOURCES LTD
“J. Frank Callaghan”
J. Frank Callaghan, President &CEO
Tel: 604-682-2928
VISIT OUR WEBSITE FOR MOREDETAILS
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CautionaryStatements:
This newsrelease contains statements which constitute “forward-lookinginformation” within the meaning of applicable securities laws,including statements regarding the plans, intentions, beliefs andcurrent expectations of the Company with respect to future businessactivities and plans of the Company. Forward-looking information isoften identified by the words “may”, “would”, “could”,“should”, “will”, “intend”, “plan”, “anticipate”,“believe”, “estimate”, “expect” or similar expressions andincludes information regarding; the expectation that the Company willreceive all necessary exemptions and approvals to complete theOffering; the expectation that the Company will complete the Offeringon the terms disclosed, or at all; the expectation that the proceedswill be used for property exploration and for general working capital;the Company’s exploration plans with respect to its Quesnelle GoldQuartz Mine property; and the anticipated participation of the insiderin the Offering.
Suchforward-looking statements are based on a number of assumptions ofmanagement, including, without limitation, that the Company willreceive all necessary exemptions and approvals to complete theOffering; that the Company will complete the Offering on the termsdisclosed, or at all; that the proceeds will be used for propertyexploration and for general working capital; that the Company willhave the resources required to proceed with its exploration plans;that the Company will not run into regulatory or other barriers incarrying out its business plans; that the insider will participate inthe Offering, on the terms and conditions and in the amount currentlyexpected by management; and that the Company will be able to rely onthe exemption from the formal valuation and minority shareholderapproval requirements on the basis anticipated.
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 orachievements expressed or implied by such forward-looking statements.Such risks include, without limitation: that the Company will notreceive the necessary exemptions and approvals to complete theOffering; that the Company will not complete the Offering on the termsdisclosed, or at all; that the Company will be unable to use theproceeds for property exploration and for general working capital;that the Company may incur unanticipated costs; that the Company maynot have the resources required to pursue its exploration plans; thatthe Company’s operations could be adversely affected by possiblefuture government legislation policies and controls or by changes inapplicable laws and regulations; that the insider may not participatein the Offering on the terms and conditions and in the amountcurrently expected by management, or at all; and that the Company maynot be able to rely on the exemption from the formal valuation andminority shareholder approval requirements on the basis currentlyexpected. Such forward-looking information represents management’sbest judgment based on information currently available. Noforward-looking statement can be guaranteed and actual future resultsmay vary materially. Accordingly, readers are advised not to placeundue reliance on forward-looking statements or information. Neitherthe Company nor any of its representatives make any representation orwarranty, express or implied, as to the accuracy, sufficiency orcompleteness of the information in this news release. Neither theCompany nor any of its representatives shall have any liabilitywhatsoever, under contract, tort, trust or otherwise, to you or anyperson resulting from the use of the information in this news releaseby you or any of your representatives or for omissions from theinformation in this news release.
Theforward-looking statements herein speak only as of the date they wereoriginally made. The Company has no intention and undertakes noobligation to update or revise any forward-looking statements, whetheras a result of new information, future events or otherwise, except asrequired by law.
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