Gold Explorer Finds High-Grade 16.43g/t Breakthrough at BC's Quesnelle

1. Golden Cariboo Resources Inc. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000. In addition, Golden Cariboo Resources Inc. has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.
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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Golden Cariboo Resources Ltd. (GCC:CSE; GCCFF:OTC; A402CQ:WKN; 3TZ:FSE) announced new drilling results from its Quesnelle Gold Quartz Mine property in British Columbia, according to a release on February 3.

The company reported intersecting 0.42 grams per tonne gold (g/t Au) over 47.01 meters from the surface in diamond drill hole QGQ25-25, within a broader anomalous interval of 0.26 g/t Au over 190.2 meters. Additional gold mineralization was found deeper in the hole, including 0.76 g/t gold over 20.45 meters from 324.88 meters. The drill hole concluded in mineralization, yielding 1 g/t gold over 1.91 meters.

Diamond drill hole QGQ25-25 is a step out in the Halo zone, with the collar positioned 96 meters to the north-northeast of QGQ24-20, which returned 0.99 g/t Au and 9.77 g/t silver (Ag) over 236.88 meters. QGC25-28, an 80-meter step north of diamond drill hole QGQ25-25, is currently being extended to target depth, intersecting extensive quartz-carbonate veins.

"We continue to drive forward with intersections of mineralization from surface, extending the deposit along strike at our Halo zone," said President and Chief Executive Officer Frank Callaghan. "Our excellent infrastructure and proximity to the community of Hixon in Central British Columbia allows our team to drill year-round. We’re excited to be drilling in the winter and look forward to an active year in the Cariboo Gold Corridor."

Field Exploration Activities Underway

In January, Golden Cariboo announced the start of field activities for its 2026 exploration program at Quesnelle.

The company is launching a 7,500-meter surface diamond drilling program, concentrating on priority zones identified through geological mapping, sampling, and structural interpretation studies. To prepare for deeper and more technically challenging targets, Golden Cariboo plans to transition from NQ to HQ-sized (larger diameter) core soon. This change is expected to improve core recovery and provide better geological information from key structural and mineralized zones.

The 2026 exploration initiative aims to build on the momentum and technical successes of previous seasons. Company personnel have mobilized to the site, located about 4 kilometers northeast of Hixon and 50 kilometers southeast of Prince George, and are clearing the access road and removing winter snow to ensure safe and efficient entry. Crews are also preparing the water line and pump systems necessary for drilling operations.

"With road access now opened and drilling set to advance north of the Halo zone from QGQ25-28, we are well positioned for continued success," Callaghan said at the time. "The planned 7,500-meter drill program, along with trenching and other geological studies, represents our most comprehensive exploration efforts to date. As we prepare to transition from NQ to HQ core, we expect to gain even more detailed insight into the structures and mineralized zones that continue to drive our excitement for this project."

Initially, drilling will continue within QGQ25-28, which has reached a depth of 354.19 meters and is the northernmost drill string within the Halo zone, Golden Cariboo stated in the release. QGQ25-28 is situated approximately 200 meters north of QGQ24-20, which encountered significant gold grades associated with a major fault along a northwesterly striking contact between mafic to intermediate volcanic host rocks (greenstones) and a black argillite unit. QGQ24-20 returned 137.17 meters of 1.55 grams per tonne (g/t) gold and 16.05 g/t silver, including 4.29 meters of 16.43 g/t gold and 9.09 g/t silver, and 2 meters of 6.53 g/t gold and 957 g/t silver, the company has reported.

Additional exploration activities this season will include over 1 kilometer of trenching, mapping, prospecting, geochemical sampling, ground and airborne geophysical studies, and ongoing refinement of geological models, the company stated.

Drilling Could Be 'Key Catalyst' For Finding Project's Potential

To enhance the execution of last fall's drilling at the project, the company enlisted two experienced geologists, according to a research note by Couloir Capital's Analyst Ron Wortel and his team on November 29.

"The campaign is expected to expand the footprint of existing gold-bearing zones and identify new drill-ready targets," Wortel wrote. "The results of the campaign will be crucial in determining follow-up drilling priorities and could serve as a key catalyst for reassessing the project's long-term development potential."

At the time of Wortel's report, Golden Cariboo's share price was around CA$0.05 per share. The analyst noted that GCC is trading at a significant discount compared to many of its peers active in established B.C. gold camps, with market caps ranging from about CA$6 million to over CA$40 million. Given the strong indications of scale potential at Halo and multiple additional targets on the Quesnelle property, Couloir believes Golden Cariboo should be valued at the higher end of this range. Thus, Couloir's fair value target price for the Canadian junior miner is CA$0.40 per share. The difference between this target and GCC's current price suggests a potential return of 700%. Golden Cariboo remains a Buy.

With the ongoing surface drill program at Quesnelle, Golden Cariboo is focusing on priority sites identified through previous exploration work, including trenching, sampling, and surface mapping, reported Wortel. The company aims to extend the known strike of the Halo and Main zones to approximately 2 kilometers from about 600 meters. Success in this endeavor would increase the likelihood that the mineralized system at Quesnelle is of district style and scale, potentially leading to a valuation rerating.

Before commencing the drill program, Golden Cariboo raised CA$1.5 million in equity funding, Wortel noted. The funds will be used not only to advance the 2-kilometer Halo-Main corridor expansion but also to accelerate work in emerging parallel trends. Prior to the capital raise, at the end of Q3/25 (September 30), the company had CA$0.73 million in cash and CA$1 million in working capital. It has an estimated 8.53 million options and 53.11 million warrants, all out of the money.

In early September, Cariboo discovered the KM Uno zone at Quesnelle, a derisking and value-enhancing event, reported Wortel. Initial bedrock sampling from volcanic subcrop and angular float material there returned encouraging gold and silver results, up to 1.1 g/t gold and 8 g/t silver. The zone contains consistent gold-silver-arsenic soil anomalies and the same geophysical features as the mineralization at Halo. The discovery also means that Quesnelle contains multiple mineralized zones. "With KM Uno now identified, Golden Cariboo evolves from a single-zone story into a multizone gold-silver system," wrote Wortel.

The analyst highlighted that there are several parallel mineralized structures at Quesnelle. Halo is situated between two of them, Sunset to the west and KM Uno to the southeast. This trio directly correlates to "previously mapped gold-silver-arsenic soil anomalies, airborne resistivity highs and ground conductivity features, suggesting a district-scale gold system," Wortel wrote.

In the December 2025 Midas Letter, James West noted that the company is a "thinly traded microcap focused on British Columbia's historic Cariboo Gold District."

"Information flow has been limited in recent months, typical for junior explorers between financing rounds and field programs," West wrote. "The company’s value proposition hinges on reactivating historical resources using modern exploration techniques and metallurgy. Without recent drilling results or corporate updates, Golden Cariboo stays firmly in the speculative bucket for investors with high risk tolerance and patience for extreme illiquidity."

In an updated email sent to subscribers, Couloir Capital on January 19 noted, "On January 13, Golden Cariboo Resources Ltd. Announced that it has launched its 2026 exploration program at the Quesnelle Gold Quartz Mine Property in British Columbia, advancing toward a planned ~7,500-meter surface diamond drilling campaign north of the Halo Zone."

The update continued, "The program also includes trenching, mapping, sampling, and geophysical work to refine and prioritize drill targets."

 The Catalyst: 'Safe Haven' Gold Surges Back

Gold prices experienced significant volatility on Wednesday as geopolitical tensions flared up following the U.S. downing of an Iranian drone, Archie Mitchell reported for the BBC on February 4. The precious metal, often considered a "safe haven" for investors during uncertain times, surged back above US$5,000 an ounce after several days of sharp declines. Gold had previously reached record highs due to rapid shifts in U.S. trade policy, ongoing geopolitical conflicts, and increased bullion purchases by central banks.

Wednesday's rise to US$5,061 per ounce marked an increase of about 80% compared to the same period last year.

A U.S. military spokesperson confirmed that the Iranian drone was shot down after it "aggressively approached" an American aircraft carrier in the Arabian Sea. Tehran has not commented on the incident that occurred on Tuesday.

Gold prices had peaked at US$5,500 in January but fell sharply last Friday after U.S. President Donald Trump nominated Kevin Warsh as chair of the Federal Reserve, Mitchell noted. Warsh is seen by investors as a relatively stable choice, easing concerns about the central bank's independence following Trump's criticisms of current chair Jerome Powell and the pace of interest rate cuts. Friday's 9% drop in gold prices was the largest one-day decline since 1983.

Despite recent declines, gold was still up over 15% in 2026, reported Anuron Mitra for Investing.com on February 3.

"Safe haven demand, ongoing central bank buying, and the outlook for real rates remain supportive over the medium term," noted analysts at ING in a report, according to Mitra. "While shorter-term dynamics sparked the latest rally, the foundation of gold’s multiyear uptrend continues to rest on steady official sector accumulation. This trend began in 2022 following Russia’s invasion of Ukraine. Although central bank purchases eased slightly last year, institutions remain significant net buyers."

Ownership and Share Structure¹

Two insiders own 9.13% of Golden Cariboo. They include president and CEO Frank Callaghan, who is the largest shareholder overall with 9.01%. Laurence Smoliak owns 0.12%. The rest is in retail. There are no institutional investors at this time.

The Canadian explorer has 106.86 million outstanding shares, and 106.86 million free float traded shares. Its market cap is CA$5.33 million. Its 52-week range is CA$0.04–CA$0.16 per share.