GCC:CC - Trenching Results from New Discovery by Golden Cariboo Resources Ltd.
(TheNewswire)
May 18, 2023 – TheNewswire - Vancouver, Canada –Golden Cariboo ResourcesLtd. (the “Company”) (TSXV:GCC ) ( OTC:GCCFF ) ( WKN:A0RLEP) ispleased to announce a new discovery at the Company’s Quesnelle Gold Quartz Mine property nearHixon, central British Columbia from itstrenching and regional mapping program in the autumn of2022.
Three trenches and 9 test pits were excavatedtargeting: the extension of the North Hixon zone, which returned 9.85g/t Au from local float in 2019; the favourable greenstone/phyllitecontact, and; areas of listwanite. A total of 6 chip, 13 channel, and46 grab samples were collected from the trenches. The North Hixon zonewas extended 100m to the southwest; grab samples of mineralizedgreenstone-listwanite returned 0.76 g/t and 0.52 g/t gold, silicifiedgreenstone ran 1.31 g/t gold and a mineralized quartz vein yielded1.02 g/t gold. No significant results were obtained from thechip/channel samples except for 0.78 g/t Au across 0.25m fromsilicified greenstone. However, difficulty was encountered samplingthe highly silicified zones resulting in collection of grab samplesacross them. Trenching was also restricted to the drill trail tominimize disturbance.
A new showing (Halo zone) was discovered 800mnorth-northwest of the Main zone, proximal to the favourable phyllite(sedimentary) and greenstone (volcanic) contact. The 10m long trenchhere intersected altered phyllite bedrock 150m to the southwest ofaltered greenstone subcrop, which returned 1.34 g/t gold.Mineralization is usually best developed in the greenstone, proximalto the phyllite contact. Only grab samples could be collected from thespoils along the trench sides due to the 6m depth of overburden,except for one channel sample which returned 0.45 g/t Au over 1m fromclay-sericite altered phyllite. Grab samples of clay altered phyllitereturned 5.08, 2.97 and 1.01 g/t gold with 2.23 g/t gold from asheared fault zone, and 1.63 and 0.88 g/t gold from sericitic fuchsiterich phyllite. Mineralization at this new discovery lies southwest ofthe favourable contact zone and is open laterally in all directionsand at depth. (See attached map or view on the Company’s website at www.goldencariboo.com ). Additional trenching and mapping, including follow up atthis new NW Extension/Halo zone, is proposed to commence this seasonas soon as ground conditions allow.
Drilling is currently in progress at the Main zone withplans to further define the lateral extent and depth of mineralizationin proximity to the greenstone-phyllite contact.
Golden Cariboo Director, Andrew H. Rees commented,“The results from our trenching and mapping programs have exceededexpectations resulting in a new discovery, reaffirming our belief inthe potential of the Quesnelle Gold Quartz Mine property. The presenceof substantial gold-bearing mineralization in trench assays will playa role in directing our next phases of drilling and explorationefforts on the Property."
The technical information in this news release has beenreviewed by Jean Pautler, P.Geo., a qualified person with respect toNI 43-101.
AboutGolden Cariboo Resources Ltd.
Golden Cariboo Resources Ltd. is rediscovering theCariboo Gold Rush by proceeding with targeted drilling and trenchingprograms on its Quesnelle Gold Quartz Mine project which is almostfully encircled on 3 of 4 sides by Osisko Development (ODV:NSE/TSXV) . His torically, over 101 placer gold creeks on the 90 km trendfrom the Cariboo Hudson mine north to the Quesnelle Gold Quartz minehave recorded production in excess of 2.6 million ounces of gold up to1933 (Hall, 1986) and successful placer mining continues to thisday.
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 and produced 2,048 tonnes grading 3.14 g/t Auand 4.18 g/t Ag in 1932 and 1939, with an additional 217 tonnes ofunknown grade reported in 1878 (BC Minfile, 2021). Hixon Creek, whichdissects the Hixon Gold claims, is a placer creek which has seenlimited, small-scale placer production since the mid 1860's. FromMinistry of Mines Reports prior to 1945, estimates of up to $2,000,000worth of placer gold was mined from Hixon Creek.
GOLDEN CARIBOO RESOURCES LTD
“Andrew H. Rees”
Andrew H. Rees, Director
Neither the TSX Venture Exchange nor its RegulationService Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
This news release contains certain forward-lookingstatements which involve known and unknown risks, delays, anduncertainties not under the control of Golden Cariboo Resources Ltd.which may cause actual results, performance or achievements of GoldenCariboo Resources Ltd. to be materially different from the results,performance or expectation implied by these forward-lookingstatements. By their nature, forward-looking statements involve riskand uncertainties because they relate to events and depend on factorsthat will or may occur in the future. Actual results may varydepending upon exploration activities, industry production, commoditydemand and pricing, currency exchange rates, and, but not limited to,general economic factors.
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