Mining Company Uncovers Extensive Gold System in BC

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Golden Cariboo Resources Ltd. (GCC:CSE; GCCFF:OTC; A0RLEP:WKN; 3TZ:FSE) is reviewing its accomplishments in 2024 at its Quesnelle Gold-Quartz Mine in British Columbia, noting that its exploration program successfully identified multiple parallel northwesterly trending zones of mineralization at the project.

The zones included "visible gold observed in core and on surface over a horizontal width of at least 600 meters between the North Hixon zone and the western margin of the Halo zone," the company said in a release. "This extends over a strike length of at least 2 kilometers."

Later in the season, the company acquired significant mineral titles, including the Washburn Lateral Crown-granted claim, or District Lot 9545, which includes first rights to economic minerals within the lot.

"It was first granted in 1920 and was once part of the Quesnelle Quartz Mining Co. Ltd land package, retained its rights over the years and is an encumbrance to overlying ground and computer staked claims," the company said in a release. "Golden Cariboo now owns the lot which is located immediately adjacent to the Main zone and the North Hixon zone, successfully consolidating the Quesnelle Gold Quartz Mine property."

Golden Cariboo said it also staked a 90,989-hectare (ha) mineral claim group contiguous to the Quesnelle property "along a geological belt encircling a regional-scale intrusion known as the Naver pluton."

"The main focus of 2024 exploration activities were drilling and property-scale bedrock mapping with the emphasis of understanding the extent of gold mineralization and the potential structural controls of mineralization at the property," Golden Cariboo said. "The company commenced their exploration program in April 2024, which included drilling approximately 5,500 meters in 17 NQ-sized surface diamond drill holes in three general areas, property scale bedrock mapping, and a 15-line kilometers MMI soil geochemistry survey, finishing up the season in December 2024."

The company continued, "Significant accomplishments were made throughout the season."

Details of 2024 Accomplishments

Golden Cariboo is rediscovering the Cariboo Gold Rush with highly targeted drilling and trenching programs on the Quesnelle property, which is almost fully encircled on three of four sides by Osisko Development. Historically, over 101 placer gold creeks on the 90-kilometer 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, the company said.

According to the company, some highlights of its exploration at the Main zone of Quesnelle in 2024 included hole QGQ24-05, which was drilled to 321.6 meters and yielded a number of greater than 1 gram per tonne gold (g/t Au) intercepts over narrow down-hole intervals, including 0.4-1.4 g/t gold.

"Gold mineralization is open at depth, to the east and along trend to the northwest and southeast, beyond the mapped extents of the historic Quesnelle Quartz Mine workings," the company said.

At the North Hixon zone, drill hole QGQ22-01 highlighted visible gold associated with sphalerite, and a 263.1-meter intercept grading 0.29 g/t Au in drill hole QGQ24-008 included 0.58 g/t Au over 61.4 meters and 0.43 g/t Au over 89.7 meters, and including 0.99 g/t Au over 24.6 meters. Hole QGQ24-09, located along trend about 100 meters to the northwest, also extended mineralization in the zone.

Bedrock mapping identified a potential southeasterly extension of the North Hixon zone located about 137 meters southeast of drill hole QGQ24-08 with 1.27g/t gold from a grab sample, the company said.

Twelve surface drill holes were collared and multiple zones with visible gold were observed in the core of the Halo zone, which is 830 meters northwest of the historic mine, the company said.

Intercepts included 136.51 meters averaging 1.77 g/t Au in discovery drill hole QGQ24-13, as well as 31 meters of 0.53 g/t Au from a depth of 39.01 meters, including 50.99 meters of 1.28 g/t Au in drill hole QGQ24-16. Golden Cariboo noted the trend at the Halo zone is open in all directions.

"The 2025 exploration season will build upon these findings, delineate the gold bearing zones and target new areas using the knowledge gained in 2024 by our experienced team," the release said.

Multiple Occurrences of Visible Gold

During its exploration, Golden Cariboo found multiple occurrences of visible gold in its core results from the project.

"Visible gold in current drilling indicates potential for high-grade assays from mineralized targets," Couloir Capital Senior Mining Analyst Ron Wortel wrote of the project in a recent research report.

Couloir Capital assigned a "Buy" recommendation to company's stock, citing Golden Cariboo's exploration initiatives as a unique opportunity for exposure to gold resource discovery in a Tier 1 jurisdiction.

Even before the release of recent assay results expanding the Halo Zone, Couloir assigned a fair value of CA$0.40 per share to the stock, projecting an upside of 286% from the current share price at the time of the report.

The Catalyst: Is Gold on Track for a Big Year?

The gold market experienced its best start since 2023 and is on track for another big year, Neils Christensen reported for Kitco.

Eric Strand, founder of the boutique precious metals firm AuAg Funds, said he expects gold prices to surpass US$3,000 an ounce this year, Christensen wrote.

"We predict that gold will break the US$3,000 level during the year and potentially finish even higher, with a realistic target of US$3,300," Strand said.

Gold prices were "solidly higher" in early U.S. trading on Thursday, hitting a three-month high and "closing in on new record highs," according to Jim Wyckoff with Kitco News.

Writing for FX Empire on Thursday, Christopher Lewis noted the gold market looked "rather strange and strong during the early hours."

The gold market looks rather strange and strong during the early hours on Thursday, as it looks like we are going to do everything we can to rally during the trading scenario that we find ourselves in on Thursday.

"The $2,800 level above is going to be a major barrier, but if we can break above there, I do think that we get a lot of momentum after that," Lewis wrote. "There would be a lot of FOMO trading. We’ve been building up pressure for a couple of weeks and we are at the top of an uptrend, so I certainly do not wish to get short of the gold market any time soon."

Ownership and Share Structure

According to Golden Cariboo, management and insiders own 30% of the company.

President and Chief Executive Officer Frank Callaghan owns 11.49%, Elaine Callaghan has 0.68%, Director Laurence Smoliak has 0.21%.

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

The company said it has 60.3 million shares outstanding, and its market cap is CA$7.55 million. Over the past 52 weeks, Golden Cariboo has traded between CA$0.11 and CA$0.36 per share.