GCC - Multiple Broad Intercepts of Replacement Gold Mineralization Intersected in Drill Hole QGQ23-04
(TheNewswire)
April 30, 2024 – TheNewswire - Vancouver, Canada – Golden Cariboo ResourcesLtd. ( “GCC” or the “Company” ) ( CSE- GCC,OTC-GCCFF, WKN-A0RLEP ) is pleased to announcethe receipt of the remaining assay results from QGQ23-04 at its Quesnelle Gold Quartz Mine property (the“Project”) near Hixon, British Columbia .
Surface drill hole QGQ23-04, previously referred to asQGQ23-01, was reported as containing several gold (“Au”)intercepts with additional results pending ( January 18, 2024 NewsRelease ). The upper portion of QGQ23-04intersected a broad zone of replacement mineralization, which returned4.65 g/t Au over 7.15m (23.5 ft) and 1.12 g/t Au over 18.7m (61.4 ft),below the probable historical Koch Vein. Of significant interest isthat the entire interval, including the intervening 0.08 g/t Auinterval over 15.15m (49.7 ft), grades 1.35 g/t Au over 41.0m (134.5ft). This represents a significant increase in size and tenor up-dipand to the south of the 0.69 g/t Au over 22.3m (73.2 ft) interceptobtained in QGQ22-02 ( April 25, 2023 NewsRelease ).
Recent results from the remaining assays for the lower129.85m (426 ft) of QGQ23-04 have identified additional replacementmineralization returning 2.77 g/t Au over 6.25m (20.5 ft) and 2.96 g/tAu over 0.65m (2.1 ft). Mineralization is observed both inquartz-carbonate-pyrite veining and in variably sericitic alteredmetamorphosed fine clastic sedimentary rocks, which lie proximal tothe greenstone contact and a lamprophyre dyke. The mineralization isopen in all directions. Significant gold results are tabulated below and are associated with anomalous arsenic.
| Hole No. |
| From (m) |
| To (m) |
| Interval (m) |
| Interval ( ft ) |
| Au (g/t) |
| results reported previously |
| QGQ 23-04 |
| 88.5 |
| 95.65 |
| 7.15 |
| 23.5 |
| 4.65 |
| including |
| 88.5 |
| 90.4 |
| 1.9 |
| 6.2 |
| 11.65 |
| intervening interval |
| 95.65 |
| 110.8 |
| 15.15 |
| 49.7 |
| 0.08 |
| and |
| 110.8 |
| 129.5 |
| 18.7 |
| 61.4 |
| 1.12 |
| including |
| 115.3 |
| 116.4 |
| 1.1 |
| 3.6 |
| 5.38 |
| and including |
| 120.75 |
| 122.1 |
| 1.35 |
| 4.4 |
| 4.87 |
| new results |
| QGQ 23-04 |
| 164.15 |
| 170.4 |
| 6.25 |
| 20.5 |
| 2.77 |
| including |
| 166.3 |
| 170.4 |
| 4.1 |
| 13.5 |
| 3.85 |
| including |
| 169.4 |
| 170.4 |
| 1.0 |
| 3.3 |
| 12.0 |
| and |
| 173.45 |
| 174.1 |
| 0.65 |
| 2.1 |
| 2.96 |
intervals represent down holelengths since true widths cannot be determined
Weighted averagefrom 88.5 to 129.5m is 1.35 g/t Au over 41.0m (134.5 ft).
Drilling continues to demonstrate the existence ofmultiple bodies of previously overlooked replacement-stylemineralization beyond the original mine workings, in addition to thehistorically targeted high grade gold-bearing veins found throughoutthe Project area.
Drilling is ongoing to target the lateral and verticalextensions of the replacement mineralization, adjoining thegreenstone-phyllite contact, towards the Halo zone ( 23-May18 News Release ) where similar mineralization was discovered by trenching in2022, approximately 800m (2625 ft) northwest along strike of the current drilling on the Main Zone . 3D geological modelling of historical and new explorationdata is in progress.
The technical information in this news release has beenreviewed by Jean Pautler, P.Geo., a qualified person with respect toNI 43-101.
About Golden Cariboo Resources Ltd.
Golden Cariboo Resources Ltd. is rediscovering theCariboo Gold Rush by proceeding with highly targeted drilling andtrenching programs on its Quesnelle Gold Quartz Mine property 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 property have recorded production and successful placermining continues to this day.
Golden Cariboo’s Quesnelle Gold Quartz Mine propertyis 4 km northeast of, and road accessible from, Hixon in centralBritish Columbia. The Project includes the Quesnelle Quartz gold-silver deposit, which wasdiscovered in 1865 in conjunction with placer mining activities. HixonCreek, which dissects the old workings, is a placer creek which hasseen small-scale placer production since the mid 1860s.
For further information 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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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 ofits representatives shall have any liability whatsoever, undercontract, tort, trust or otherwise, to you or any person resultingfrom the use of the information in this news release by you or any ofyour representatives or for omissions from the information in thisnews release.
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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