(TheNewswire)
January 15, 2024 – TheNewswire- Vancouver, Canada – Golden Cariboo ResourcesLtd. (the “Company”) (CSE:GCC ) / ( OTC:GCCFF ) / ( WKN:A0RLEP) is pleased to announce the appointment of Mr. J.Frank Callaghan to the Company’s Board of Directors and as theCompany's President and Chief Executive Officer (CEO), effectiveimmediately. With a wealth of experience in the mining industry, Mr.Callaghan brings a strong leadership background and a proven minemaking track record to the Company.
Mr. Callaghan’s progressive career in the BC andYukon mining industry spans over 30 years in the Gold Bridge/Bralorne,Goldstream/Revelstoke, Wells/Barkerville and Atlin gold camps,including 20 years in the Smithers Cu-Ag-Au and Keno Hill Ag-Pb-Zncamps, culminating in bringing two gold mines into production. Mr.Callaghan is o riginally responsible for thestrategic plan leading to the discovery, financing and initialfeasibility work for Osisko Development Corp’s (ODV-TSX.V/ODV-NYSE)Cariboo Gold Project. Mr. Callaghan began assembling the Cariboo GoldProject near Wells in central BC in 1994, made the original BonanzaLedge Discovery in 2000, processed a 10,000 tonne bulk sample in 2004at the Mt. Polley Mine, completed approximately 150,000 meters ofdrilling which was subsequently twinned and expanded upon by Osisko toachieve similar results, initiated the usage of ore sorting technologythat is being utilized today, advanced long term environmentalstudies, established meaningful engagement with the Lhtako Dene Nationand commissioned traditional use studies resulting in the signing of amutually beneficial Memorandum of Understanding (MOU) in 2000.
Additionally, in 2009 Mr. Callaghan acquired the(Quesnel River) QR Mine and Mill then rebuilt the mill, re-establishedunderground mining operations and resumed gold production from the QRMine in 2010. The company began trucking ore from the Bonanza LedgeMine on a Small Mines Permit to the QR mill facility near Quesnel andpoured the first gold bar from the Bonanza Ledge in July 2014.
Commenting on his appointment, Mr. Callaghan stated"I am honoured to lead such a dynamic and forward-thinkingorganization. This team brought the Bonanza Ledge Mine from thediscovery stage through to production while I was CEO of BarkervilleGold Mines before the acquisition of the company for $330 milliondollars by Osisko Royalties, which was then spun into OsiskoDevelopment. I feel strongly that we can do it again as there ispotential in a similar geological setting at the Company’s QuesnelleGold Quartz Mine property (the “Property”) near Hixon,BC.”
Mr. Callaghan continued “The Property liesapproximately 70km north and along the trend to Osksio’s“beachhead” Cariboo Gold Project, with planned gold productionnear Wells set to begin in 2024 with a 12-year mine life averaging163,695 ounces per year (ODV NR 01-03-2023) and trucking sorted ore tothe QR milling facility. After pouring through historic data andutilizing boots on the ground prospecting, surface “float” fromhistoric underground operations was discovered with similar alterationand mineralization to the Bonanza Ledge Mine near Wells. Together withthis talented team, we will strive to build on past achievements as weadvance exploration and the potential development of the Property thatOsisko has now almost fully encircled through subsequent landacquisitions." See Company website www.goldencariboo.com
Mr. Tom Kennedy, former CEO of the Company, has beennamed Chief Operating Officer (COO) by the Company’s Board ofDirectors. Mr. Kennedy expressed confidence in Mr. Callaghan's abilityto lead the Company into its next phase of growth. Mr. Kennedy stated,"We are thrilled to welcome back Frank as our CEO. Frank’sextensive industry knowledge, coupled with a strategic vision, alignsseamlessly with Golden Cariboo Resources' goals. We believe that hisleadership will play a pivotal role in driving the Companyforward.".
The Board of Directors would like to sincerely thankMr. Tom Kennedy for his tireless work commitment and leadership inguiding the Company to this stage as CEO. We look forward to workingtogether with Mr. Kennedy in his new role as COO. Mr. Callaghan added,“I have had the pleasure of working along side Tom in board rolessince we met in 1990 and look forward to continuing our amazingworking relationship”.
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 Corp. (ODV-TSX.V/ODV-NYSE). 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 in excess of 2.6 million ouncesof gold up to 1933 (Hall, 1986) and successful placer mining continuesto 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 Quesnel 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 “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 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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