Drilling Finds 'Multiple Examples' of Visible Gold at BC Property

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John Newell Disclaimer

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Golden Cariboo Resources Ltd. (GCC:CSE; GCCFF:OTC; A0RLEP:WKN; 3TZ:FSE) announced that drilling in at least one hole in the Halo Zone of its Quesnelle Gold Quartz Mine property in British Columbia has found "multiple examples of visible gold."

The company announced an update on its drilling program at Quesnelle on Tuesday. Drill hole QGQ24-16, the one showing the visible gold, was drilled to a depth of 362.1 meters. Another hole, QGQ24017, is still underway and is at a depth of 343.21 meters. Both holes intersected "extensive quartz-carbonate veining and alteration," Golden Cariboo said in its release.

"We've only scratched the surface of this massive gold system," Golden Cariboo President and Chief Executive Officer Frank Callaghan said. "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."

The drilling program "continues to deliver examples of visible gold at the Halo zone," he continued. "(And) we’re seeing additional quartz veining and alteration within drill hole QGQ24-17 in unexplored territory."

Both drill holes are targeting extensions of mineralization in the newly discovered Halo zone, the company said. 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.

John Newell of Newell & Associates on September 6* wrote that the company has strong potential, emphasizing that broad intersections from the Halo zone, located just 830 meters from the historic Quesnelle Gold Quartz Mine, hint at the possibility of uncovering a major deposit.

According to Newell, these results position Golden Cariboo to capitalize on further exploration in one of British Columbia's most prolific gold districts.

Further Exploration

Golden Cariboo also announced in the release that it has completed a mobile metal ion (MMI) soil sampling geochemistry program central 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 company said.

The field mapping identified potential structural controls on mineralization, kinematic history of the area and geometry of the system, Golden Cariboo noted.

The company announced earlier this month that drilling at the Halo Zone intersected 85.83 meters at 0.55 grams per tonne gold (g/t Au) from surface, including 17.06 meters of 1.75 g/t Au, representing continuity of the surface gold mineralization.

It is further exploring whether there are three separate zones (Halo, North Hixon, and Main) or of it is continuous to the Main zone, with the North Hixon zone on a parallel trend.

The possible continuity "could indicate that they could be onto a large system here," company consultant John Feneck told Streetwise Reports recently. "I think that indicates that they're on to something good here."

Investors Should 'Keep a Close Eye' on Stock

Newell agreed and highlighted the project's proximity to Osisko Development Corp. (ODV:TSX.V) enhances its value as a potential acquisition target. The company's management, with a track record of developing successful projects, continues to drive exploration efforts in this historically rich mining region, he said.

Additionally, Newell commented that Golden Cariboo's ability to intersect mineralization consistently demonstrates its potential for growth, suggesting that "investors should keep a close eye on this junior exploration stock as it advances its exploration program."

Phase 2 of the company's drill program is anticipated to include up to 5,000 meters of drilling, as well as trenching and mapping to further define mineralized zones. The company expects that continued positive results from the drilling program will lead to a new National Instrument 43-101 resource estimate.

The Catalyst: Running With the Bulls

Gold hit a record high of US$2,685.42 in September, and most experts agree its bull market has not ended. The price was US$2,663 per ounce Tuesday morning.

The yellow metal "edged higher on Tuesday, lifted by retreating Treasury yields, while investors cautiously awaited for more data that could offer fresh clues on the Federal Reserve's monetary easing cycle," Anushree Ashish Mukherjee wrote for Reuters.

Goldman Sachs has raised its forecast for gold in early 2025 to US$2,900 from the previous US$2,700, Investing.com reported.

According to Reuters, gold is on-track for its best quarter in four years. The recent rise was "fueled by the U.S. Federal Reserve's half-percentage-point cut and flare-ups in the Middle East," author Sherin Elizabeth Varghese wrote.

Ownership and Share Structure

According to the company, management and insiders own 30% of Golden Cariboo Resources. President and CEO Frank Callaghan owns 16.45% or 6.93 million shares; Elaine Callaghan has 0.97% or 0.41 million shares; Director Andrew Rees has 0.79% or 0.33 million shares; and Director Laurence Smoliak has 0.3% or 0.13 million shares.

Retail investors hold the remaining 81.48%. There are no institutional investors.

According to Golden Cariboo, it has 50.3 million shares outstanding, 24.83 million warrants, and 3.8 million options.

Its market cap is CA$8.85 million. Over the past 52 weeks, Golden Cariboo has traded between CA$0.08 and CA$0.36 per share.