Golden Cariboo Intersects 204.85m (672.08 ft) of 0.80 g/t Gold From Surface, Including 143.85m (471.95 ft) of 1.01 g/t Gold in Extension of New Discovery at Halo Zone
VANCOUVER, BC - (NewMediaWire) - September 24, 2024 - Golden Cariboo Resources Ltd. (the "Company") (CSE:GCC) (OTC:GCCFF) (WKN:A402CQ) (FSE:3TZ) announced today an extension of the previously disclosed Halo zone discovery (See September 10, 2024 News Release) with a gold intersection in drill hole QGQ24-14 intersecting 204.85m (672.08 ft) of 0.80 g/tonne gold from surface, including 143.85m (471.95 ft) of 1.01 g/t gold.
This intersection represents continuity of the broad Halo zone, from surface gold mineralization intersected in drill hole QGQ24-13. Mineralization comprises quartz-carbonate veining containing low to moderate concentrations of pyrite +/- visible gold within broad iron-carbonate +/- sericite alteration envelopes. The host rock is variably altered volcaniclastic rocks interpreted to be Takla Group. Drill hole QGQ24-14 was drilled from the same pad as QGQ24-13, which intersected 136.51m of 1.46 g/t gold and is a 45-degree change in orientation towards the north from drill hole QGQ24-13. Gold mineralization at depth in drill hole QGQ24-14 extends 100 meters from drill hole QGQ24-13. See Figure 3 for further context.
Golden Cariboo's President and CEO Frank Callaghan stated, "Our fantastic results further expand the Halo zone discovery to the north. Drilling to date confirms that it's a continuous and thick zone of gold mineralization from surface, which remains open in all directions. With holes 13 and 14, we now have two amazing drill holes that have been interpreted to be a separate trend from our previous success at the North Hixon zone, 474m to the southeast, where we intersected 263.10 meters (863.20 ft) of gold mineralization in drill hole QGQ24-08. Our full team of geologists and support staff are currently on site in anticipation of the next phase of drilling."
QGQ24-14
FROM (m)
TO (m)
INTERVAL (m)*
Au g/t**
Au (g/t)** capped^
INTERVAL (ft)*
QGQ24-14
4.00
208.85
204.85
0.80
0.44
672.08
Including
46.35
190.2
143.85
1.01
0.50
471.95
* Interval widths reported at this point have insufficient data to reliably estimate true width.
** Au g/t calculated using fire assay results replaced with metallic screen results for all samples selected for metallic screen analysis
^ Gold grades have been capped at 10 g/t ("grams per tonne").
Drill hole QGQ24-14 tested further to the north of drill hole QGQ24-13's discovery hole. Drill hole QGQ24-14 was drilled at an azimuth of 282 degrees, an inclination of -48 degrees and ended at a vertical depth of 211 m. The vertical depth at the bottom of the reported 204.85 m intercept is 167 m. See maps enclosed in the figures below and the Company website (www.goldencariboo.com) for further context.
Figure 1: Example of typical mineralization and alteration in drill core observed in the Halo zone. Assays from the veins in this photo range from 0.03 g/tonne to 1.18 g/tonne gold. The photo shows from 175.85 to 188.48m down the drill hole.
Figure 3: Current map of the Halo zone plus a portion of the North Hixon Zone.
QA/QC samples including blanks, standards and coarse reject duplicates constitute 5% of the total number of samples.
The shipments were sent to the ALS laboratory in North Vancouver (accredited) for its laboratory analysis. Samples in hole QGQ24-13 (and going forward) had a change in assaying method to mitigate potential nugget effect. QGQ24-14 assays were crushed by ALS to >70% passing below 2 mm and split using a riffle splitter. 1000 g splits were pulverized to >85% passing below 75 microns. An aqua regia digest with an inductively coupled plasma atomic emission spectroscopy (ICP-AES) finish was used for 36-element analysis on 0.5 g aliquot. All samples were analyzed for gold content by fire assay with an inductively coupled plasma atomic emission spectroscopy (ICP-AES) finish on 50 g aliquot. Any sample returning >10 g/t Au was reanalysed by fire assay with a gravimetric finish on a 50 g sample (ALS code: Au-GRA21). Additionally select samples have been chosen for metallic screening. For metallic screening, a 1 kg pulp was screened to 100 microns. The entire oversize fraction and duplicate 50 g assays on the undersize fraction were completed.
The technical information in this news release has been reviewed by Dr. Sarah Palmer, P.Geo., a qualified person with respect to NI 43-101.
About Golden Cariboo Resources Ltd.
Golden Cariboo Resources Ltd. is rediscovering the Cariboo Gold Rush by proceeding with highly targeted drilling and trenching programs on its Quesnelle Gold Quartz Mine property which is almost fully encircled on 3 of 4 sides by Osisko Development. Historically, over 101 placer gold creeks on the 90 km trend from the Cariboo Hudson mine north to the Quesnelle Gold Quartz Mine property have recorded production and successful placer mining continues to this day.
Golden Cariboo's Quesnelle Gold Quartz Mine property is 4 km northeast of, and road accessible from, Hixon in central British Columbia. The Project includes the Quesnelle Quartz gold-silver deposit, which was discovered in 1865 in conjunction with placer mining activities. Hixon Creek, which dissects the old workings, is a placer creek which has seen small-scale placer production since the mid-1860s.
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Cautionary Statements:
This news release contains statements which constitute "forward-looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and plans of the Company. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions and includes information regarding; the expectation that the Company will receive all necessary exemptions and approvals to complete the Offering; the expectation that the Company will complete the Offering on the terms disclosed, or at all; the expectation that the proceeds will be used for property exploration and for general working capital; the Company's exploration plans with respect to its Quesnelle Gold Quartz Mine property; and the anticipated participation of the insider in the Offering.
Such forward-looking statements are based on a number of assumptions of management, including, without limitation, that the Company will receive all necessary exemptions and approvals to complete the Offering; that the Company will complete the Offering on the terms disclosed, or at all; that the proceeds will be used for property exploration and for general working capital; that the Company will have the resources required to proceed with its exploration plans; that the Company will not run into regulatory or other barriers in carrying out its business plans; that the insider will participate in the Offering, on the terms and conditions and in the amount currently expected by management; and that the Company will be able to rely on the exemption from the formal valuation and minority shareholder approval requirements on the basis anticipated.
Additionally, forward-looking information involve a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: that the Company will not receive the necessary exemptions and approvals to complete the Offering; that the Company will not complete the Offering on the terms disclosed, or at all; that the Company will be unable to use the proceeds for property exploration and for general working capital; that the Company may incur unanticipated costs; that the Company may not have the resources required to pursue its exploration plans; that the Company's operations could be adversely affected by possible future government legislation policies and controls or by changes in applicable laws and regulations; that the insider may not participate in the Offering on the terms and conditions and in the amount currently expected by management, or at all; and that the Company may not be able to rely on the exemption from the formal valuation and minority shareholder approval requirements on the basis currently expected. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. Neither the Company nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this news release. Neither the Company nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this news release by you or any of your representatives or for omissions from the information in this news release.
The forward-looking statements herein speak only as of the date they were originally made. The Company has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
