Intercept of 0.58 g/tonne Gold Over 61.40m (201 feet) on North Hixon Zone with Additional Gold Mineralization Above and Below at the Quesnelle Gold Quartz Mine Property

June 11, 2024
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Golden Cariboo Resources Ltd.

CSE-GCC | OTC-GCCFF | WKN-A0RLEP

Golden Cariboo Resources Ltd.  has announced it has intercepted gold mineralization in QGQ24-08 QGQ24-07 and QGQ24-05 at both the North Hixon and the Main zones on its Quesnelle Gold Quartz Mine Property (the “Property”) near Hixon, British Columbia.

Initial results from the first 265.34m (871 ft) of QGQ24-08 (final depth of 712.01m or 2,336 ft) successfully intersected the up-dip extent of mineralization which tested the Company’s 2019 discovery of metasedimentary-hosted mineralization in float at the North Hixon zone. QGQ22-01 yielded 0.87 grams per tonne (“g/t”) gold (0.57g/t cut) over 32.0m (105 ft), open down hole (See May 7, 2024 Press Release). QGQ24-08 has returned 0.58 g/t gold over 61.40m (201.40 ft) with assays variable through the zone and reflect fault, replacement and vein styles of mineralization. True width intercepts are not definitely known since the orientation and controls are not fully understood due to the scarcity of outcrop on the Property. There is an association with carbonate alteration which is reflected in assays. Significant gold results are tabulated below, with complete results pending. Additional narrow zones of gold mineralization were also intersected.

QGQ22-08 Results

True widths are not yet known.

Holes QGQ24-05 to -07 were drilled on the Main zone. QGQ24-05 targeted a suspected F2 fold closure to the northwest of the intercept in QGQ23-04 which yielded 1.35 g/t Au over 41.0m (134.5 ft). QGQ24-05, drilled to 321.60m, yielded a number of greater than 1 g/t gold intercepts over narrow down hole intervals (0.4-1.4 g/t gold) and is thought to have been drilled completely in the hanging wall of the mineralized zone. QGQ24-06 was terminated at a depth of 172.20 with no significant results due to difficulty in recovering the fault hosted mineralized zone, similar to the top of the zone in QGQ23-04, and hole QGQ24-07 was lost at 56.65m.

3D geological modelling is in progress and structural geologist, Dr. Sarah E. Palmer, PhD, has been on site to aid in the analysis. Ms. Palmer identified three phases of folding which is consistent with the suspected model for mineralization on the Property, which is epizonal orogenic, also recently described as continental margin sediment-hosted gold and previously known as turbidite-hosted gold and saddle reefs. Examples of such deposits include the Cariboo Gold deposit in Wells-Barkerville, British Columbia, the Spanish Mountain property near Likely, Nova Scotia’s Meguma district, Newfoundland’s Queensway Project, Australia’s Bendigo district, and Uzbekistan’s large Muruntau deposit. The deposits discussed above are not necessarily indicative of the Quesnelle Gold Quartz Mine Property.

The technical information in this news release has been reviewed by Jean Pautler, 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 Property 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.

For further information please contact:

GOLDEN CARIBOO RESOURCES LTD

“J. Frank Callaghan”

Frank Callaghan, President & CEO
Tel: 604-551-7685

Scott Young, Corporate Development
Tel: 705-888-2756

VISIT OUR WEBSITE FOR MORE DETAILS
www.goldencariboo.com

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MiningIR hosts a variety of articles from a range of sources. Our content, while interesting, should not be considered as formal financial advice. Always seek professional guidance and consult a range of sources before investing.
James Hyland, MiningIR
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