Mining Co. Discovers Significant Gold Anomalies in British Columbia

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Golden Cariboo Resources Ltd. (GCC:CSE; GCCFF:OTC; A0RLEP:WKN; 3TZ:FSE) announced it has identified two "significantly sized" gold in Mobile Metal Ion (MMI) soil anomalies north of the currently known extent of the Halo zone at its Quesnelle Gold-Quartz Mine in British Columbia.

Detailed analysis of the MMI soil data, which covers an area of about 1.7 kilometers by 0.5 kilometers located generally between Hixon Creek and Buckley Creek, "has revealed gold anomalies that have been shown to correlate with known gold mineralization of the trenching and diamond drilling program," geologist David Mark said in a release. "This, therefore, shows that MMI is invaluable in outlining gold targets within the Quesnelle Gold Quartz Mine property. As such, it has revealed numerous gold anomalies throughout the MMI survey area that are new targets for future exploration."

Mark said two of the strongest targets are "a gold anomaly within the northern part of the survey area at its eastern edge" and a gold-copper-silver anomalous zone in the northern end of the survey area.

The first anomaly in the north is the strongest on the property and has dimensions of 240 meters by at least 135 meters, with it being open to the east. The southernmost edge of this gold anomaly is located 260 meters north of the collar of drill hole QGQ24-20.

The second anomaly also returned values in arsenic, cadmium, cobalt, molybdenum, lead, antimony, and zinc, Mark said. It is located at the northern end of the survey area, and its dimensions cover an area of at least 200 meters by 500 meters, with it being open to the north, west, and east.

"This southernmost edge of this anomaly is located 600 meters north of the collar of drill hole QGQ24-20," Mark said.

Golden Cariboo said it will expand trenching and drilling activities to target these two northerly zones of the property during the 2025 exploration season.

Hole Capped 'A Remarkable Year'

Last month, the company announced drilling results that significantly extended the Halo zone at its Quesnelle by 100 meters to the northwest.

After those results, the Halo zone comprised an irregular, up to about 320-meter by 290-meter by 320-meter body with mineralization open to the northwest and at depth, including 718 meters of untested strike north-northwest.

"Drill hole QGQ24-20 capped off a remarkable year, stepping out 100 meters and delivering another exceptional intercept that affirms the Halo zone as a major discovery in the Cariboo Gold District," said Golden Cariboo President and Chief Executive Officer Frank Callaghan. "Greenstone contacts host many of the world's premier gold camps, and we have now identified one only 4 kilometers from a major highway and community in central British Columbia."

According to Technical Analyst Clive Maund, while "the grades found are good, the big news here is the extent of it."

According to the company, drill hole QGQ24-20 intersected 0.71 grams per tonne gold (g/t Au) with 6.96 g/t silver (Ag) over 341.96 meters from 20.12 meters, including 0.99 g/t Au with 9.8 g/t Ag over 236.88 meters and 1.45 g/t Au with 16.05 g/t Ag over 137.17 meters, the company said. This included better grade intercepts returning 7.36 g/t Au with 164.95 g/t Ag over 11.95 meters and 16.35 g/t Au with 9.09 g/t Ag over 4.29 meters.

According to Technical Analyst Clive Maund, while "the grades found are good, the big news here is the extent of it."

On the company's one-year chart, "early this month, the share price broke out of the downtrend, leading into the second low of a Double Bottom made with its lows of last July–August," he wrote three days after the release.

"Zooming out still further by means of a 17-year chart, we see that a gigantic base pattern has formed above a zone of strong support at a low level, with the recent high volume and stronger volume indicators promising a new bull market, especially given the ongoing upward march of gold itself," Maund wrote.

Site's Next Chapter Now Being Written

Golden Cariboo is rediscovering the Cariboo gold rush by proceeding with highly targeted drilling and trenching programs on its Quesnelle gold quartz mine property, which is bordered by Osisko Development Corp. and partly intertwined at the north end of the Cariboo gold project and located along a favorable corridor adjacent to the Spanish and Eureka thrust faults over a 94,889-hectare area. 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.

Golden Cariboo has said diamond drilling beyond the Halo zone along the several kilometers of untested strike on multiple parallel trends remains a high priority.

"The next chapter of another bedrock source of the long and storied Cariboo Gold Fields is now being written in Hixon," Callaghan said in a February 28 release.

During its exploration, Golden Cariboo has 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 as he assigned a Buy recommendation for the company's stock, citing Golden Cariboo's exploration initiatives as a unique opportunity for exposure to a gold resource discovery in a Tier 1 jurisdiction.

The Catalyst: Gold's Steady Rise

Following remarks from Fed Chair Jerome Powell, gold prices soared to an all-time high on Wednesday as the U.S. Federal Reserve held interest rates steady as anticipated, Daksh Grover and Brijesh Patel reported for Reuters on March 19.

Spot gold rose 0.5% to US$3,047.80 per ounce as of 03:57 pm ET after hitting an all-time high of $3,051.99 earlier in the session.

"Gold rallies to another historic high after a truly virtuoso performance by Chair Powell — as stocks and bonds also rally," said Tai Wong, an independent metals trader, according to the Reuters report. "Gold is in a bull market after surging strongly above US$3,000 and will continue to move higher on 'elevated' uncertainty and fear of higher inflation. … The market is thinking, buy gold no matter what."

Geopolitical tensions and economic uncertainty are driving safe-haven flows to the yellow metal, pushing up gold prices, Garth Friesen wrote for Forbes on March 15.

"However, several other longer-term factors and trends will help determine whether the rally will be sustained," he noted.

On March 11, according to Friesen, DoubleLine Chief Executive Officer Jeffrey Gundlach said, "I think gold will make it to US$4,000. I'm not sure that'll happen this year, but I feel like that's the measured move anticipated by the long consolidation at around US$1,800 on gold."

In addition, Goldman Sachs recently revised its gold forecast higher to $3,100 a troy ounce by the end of 2025.

Ownership and Share Structure

According to Golden Cariboo, management and insiders own 12.2% of the company, and President and Chief Executive Officer Frank Callaghan owns nearly 11%.

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$7.74 million. Over the past 52 weeks, Golden Cariboo has traded between CA$0.11 and CA$0.36 per share.