Golden Cariboo Reports Encouraging Drilling Results: 0.87 g/t Gold Over 32 Meters in QGQ22-01; Further Drilling Underway with QGQ24-08 to Explore Up-Dip Extent

May 7, 2024
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Golden Cariboo Resources Ltd.

CSE-GCC | OTC-GCCFF | WKN-A0RLEP

Golden Cariboo Resources Ltd. is pleased to report additional results from the North Hixon zone at its Quesnelle Gold Quartz Mine property near Hixon, British Columbia. Infill sampling was completed for QGQ22-01 in 2023 and recent compilation of data has highlighted expanded zones of gold mineralization than reported from initial sampling in April 25, 2023 News Release. The 0.87 g/t gold (0.57g/t cut) over 32.0m (105 ft) intercept was returned from the bottom of the hole and is followed by only one 0.6m long barren intercept, so is still open at depth. Additional drilling at the North Hixon zone will target the western and vertical extension of multiple gold intercepts resulting from the 2022 drilling and trenching programs.

The following updated table of intercepts from QGQ22-01 includes results from infill sampling:

The intercept in red includes two intervening intervals of low grade, which are shown separately and the high grade value of 29.2 g/t gold over 0.5m (1.6 ft), from a fault zone, has been capped at 10 g/t gold to moderate the nugget effect of gold within the second gold grade column. This results in 4.04 g/t gold (1.73 g/t cut) over 4.15m (13.6 ft) from the fault zone, followed by elevated to significant grades within pyritic, replacement style mineralization hosted by the phyllitic metasedimentary rocks, similar to those encountered in the Main zone drilling earlier this year.

Drilling is in progress, with approximately 1,564m (5,132 ft) in 7 holes completed to date by the Company at the Main and North Hixon zones. Assay results are pending for QGQ24-05 to QGQ24-07. The Company continues to test the Main zone’s northwestern extension of the greenstone-schist contact and have also stepped out 50m (164 ft) to the southwest from QGQ22-01 at the North Hixon zone with QGQ24-08. Drilling of QGQ24-08 is in progress concurrently with core logging and sampling.

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 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

VISIT OUR WEBSITE FOR MORE DETAILS
www.goldencariboo.com

Neither the “CSE” Canadian Securities Exchange nor its Regulation Service Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements:

This news release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and plans of the Company. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding; the expectation that the Company will receive all necessary exemptions and approvals to complete the Offering; the expectation that the Company will complete the Offering on the terms disclosed, or at all; the expectation that the proceeds will be used for property exploration and for general working capital; the Company’s exploration plans with respect to its Quesnelle Gold Quartz Mine property; and the anticipated participation of the insider in the Offering.

Such forward-looking statements are based on a number of assumptions of management, including, without limitation, that the Company will receive all necessary exemptions and approvals to complete the Offering; that the Company will complete the Offering on the terms disclosed, or at all; that the proceeds will be used for property exploration and for general working capital; that the Company will have the resources required to proceed with its exploration plans; that the Company will not run into regulatory or other barriers in carrying out its business plans; that the insider will participate in the Offering, on the terms and conditions and in the amount currently expected by management; and that the Company will be able to rely on the exemption from the formal valuation and minority shareholder approval requirements on the basis anticipated.

Additionally, forward-looking information involve a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: that the Company will not receive the necessary exemptions and approvals to complete the Offering; that the Company will not complete the Offering on the terms disclosed, or at all; that the Company will be unable to use the proceeds for property exploration and for general working capital; that the Company may incur unanticipated costs; that the Company may not have the resources required to pursue its exploration plans; that the Company’s operations could be adversely affected by possible future government legislation policies and controls or by changes in applicable laws and regulations; that the insider may not participate in the Offering on the terms and conditions and in the amount currently expected by management, or at all; and that the Company may not be able to rely on the exemption from the formal valuation and minority shareholder approval requirements on the basis currently expected. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. Neither the Company nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this news release. Neither the Company nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this news release by you or any of your representatives or for omissions from the information in this news release.

The forward-looking statements herein speak only as of the date they were originally made. The Company has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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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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