Golden Cariboo Resources Ltd. announces today an intersection in drill hole QGQ24-15 of 85.83 m (281.59 ft) at 0.55 g/tonne gold from surface, including 17.06 m (55.97 ft) of 1.75 g/t gold. The intersection in drill hole QGQ24-15 represents continuity of the broad and from surface gold mineralization at the Halo zone, previously intersected in drill holes QGQ24-13 and QGQ24-14. Drill hole QGQ24-15 encountered a higher volume of a volcanic flow unit in comparison to holes QGQ24-13 and QGQ24-14, which is observed to be less amenable for veining and gold mineralization.
Additionally, drill hole QGQ24-11 intersected 65.27 m (214.14 ft) of 0.25 g/t gold, including 11.09 m (36.38 ft) of 1.00 g/t gold. Drill hole QGQ24-11 encountered a fault at the top of bedrock followed by a mineralized portion of the Halo zone until a depth of 86 m (282.15 ft). Subsequent drilling will provide further insight into the geometry of the faulting and the volcanic flow unit and will enhance targeting capabilities within the Halo zone.Mineralization comprises quartz-carbonate veining containing low to moderate concentrations of pyrite +/- visible gold within broad iron-carbonate +/- sericite alteration envelopes in variably altered volcaniclastic and volcanic rocks. Drill hole QGQ24-15 was drilled from the same pad as QGQ24-13 and QGQ24-14. See Figure 1 and Figure 2 for further context about these intersections.
The discovery at the Halo zone and subsequent oriented core and field data analysis by the technical team indicates several important points about this gold system. The mineralized veins are subvertical to vertical and are striking to the northeast oblique to observed lithological contacts that strike northwest, three phases of deformation are observed in outcrop, and later faulting appears to be an important conduit for gold mineralization.
“Drilling in the Halo zone has resumed to follow up on our fantastic results to date. Now we have a targeted and systematic drill program ongoing that will further define the Halo zone and beyond. We have enormous gold intercepts and we’re combining drill, geophysical and field data to vector in on further mineralization with bulk-tonnage mining potential. Further exploration is happening to determine whether we have three separate zones (Halo zone, North Hixon zone and Main zone) or whether Halo zone is continuous to Main zone, with North Hixon zone representing a parallel trend.”
Golden Cariboo’s President and CEO, Frank Callaghan stated
| QGQ24-15 | FROM (m) | TO (m) | INTERVAL (m)* | Au g/t** | Au (g/t**) capped^ | INTERVAL (ft)* |
| QGQ24-15 | 4.86 | 90.69 | 85.83 | 0.55 | 0.46 | 281.59 |
| Including | 4.86 | 21.92 | 17.06 | 1.75 | 1.31 | 55.97 |
| QGQ24-11 | 20.73 | 86.00 | 65.27 | 0.25 | 0.25 | 214.14 |
| Including | 68.80 | 79.89 | 11.09 | 1.00 | 1.00 | 36.38 |
* Interval widths reported at this point have insufficient data to reliably estimate true width.
** Au g/t calculated using fire assay results replaced with metallic screen results for all samples selected for metallic screen analysis
^ Gold grades have been capped at 10 g/t (“grams per tonne”).
Drill hole QGQ24-15 tested a steeper angle (-65 degrees) than drill hole QGQ24-14 (-48 degrees), was drilled in the same orientation (282 degrees), with QGQ24-15 ending at a vertical depth of 140 m. The mineralization in drill hole QGQ24-15 was present down to a vertical depth of 79 m. Given the subvertical to vertical nature of the veins, the technical team recognizes that shallower angles for drill holes are more optimal than steeper drill holes for defining the vein system going forward. See enclosed figures below and the Company website (www.goldencariboo.com) for further context.
QA/QC samples including blanks, standards and coarse reject duplicates constitute 5% of the total number of samples.
The shipments were sent to the ALS laboratory in North Vancouver (accredited) for analysis. Samples in hole QGQ24-13 (and going forward) had a change in assaying method to mitigate potential nugget effect. Assays were crushed by ALS to >70% passing below 2 mm and split using a riffle splitter. 1000 g splits were pulverized to >85% passing below 75 microns. An aqua regia digest with an inductively coupled plasma atomic emission spectroscopy (ICP-AES) finish was used for 36-element analysis on 0.5 g aliquot. All samples were analyzed for gold content by fire assay with an inductively coupled plasma atomic emission spectroscopy (ICP-AES) finish on 50 g aliquot. Any sample returning >10 g/t Au was reanalyzed by fire assay with a gravimetric finish on a 50 g sample (ALS code: Au-GRA21). Additionally select samples have been chosen for metallic screening. For metallic screening, a 1 kg pulp was screened to 100 microns. The entire oversize fraction and duplicate 50 g assays on the undersize fraction were completed.
The technical information in this news release has been reviewed by Dr. Sarah Palmer, 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 Project 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: 604-669-6463
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