Golden Cariboo Intersects Visible Gold and Veining in Recent Drilling Including Veining 150 m North of Known Mineralization; Completes MMI and Mapping Programs
VANCOUVER, British Columbia - (NewMediaWire) - October 16, 2024 - Golden Cariboo Resources Ltd. (the "Company") (CSE:GCC) (OTC:GCCFF) (WKN:A402CQ) (FSE:3TZ) announces an update on current drilling in the Halo zone. Drill hole QGQ24-16 was completed at a depth of 362.10 m (1188 ft) and contains multiple examples of visible gold (see Figure 1). Drill hole QGQ24-17 is currently underway and at a depth of 343.21 m (1126 ft). Both drill holes have intersected extensive quartz-carbonate veining and alteration. Figure 2 shows an example of such in drill hole QGQ24-17. Both drill holes QGQ24-16 and QGQ24-17 are targeting extensions of mineralization in the newly discovered Halo zone. Drill hole QGQ24-16 was drilled at an azimuth of 315 degrees and a dip of -45 degrees, while QGQ24-17 is being drilled at an azimuth of 000 degrees and a dip of -45 degrees. See Figure 3 for a map with more details.
Additionally, the Company wishes to announce that they have completed a Mobile Metal Ion ("MMI") soil sampling geochemistry program proximal to the Halo zone and North Hixon zone discoveries, as well as a field mapping program targeting the Halo zone, North Hixon zone, Main zone and beyond. The MMI soil sampling is effective at detecting pathfinder elements for gold mineralization through till cover, which will aid in future exploration. The field mapping identified potential structural controls on mineralization, kinematic history of the area and geometry of the system.
Golden Cariboo's President and CEO Frank Callaghan stated: "We've only scratched the surface of this massive gold system. Through the excellent work of Dr. Palmer and the team we've increased our understanding of these structurally-controlled gold deposits on the property. Adding onto that, the MMI geochemistry results should help the technical team get a hint at what's below the surface where there is till cover. Drilling continues to deliver examples of visible gold at the Halo zone and we anticipate continuing to deliver exceptional results. We're seeing additional quartz veining and alteration within drill hole QGQ24-17 in unexplored territory."
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 (NSE-ODV/TSXV-ODV). 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.
