By James West | Midas Letter
Golden Cariboo Resources Ltd. (CSE: GCC | OTC: GCCFF | FSE: 3TZ) has delivered its inaugural mineral resource estimate for the Quesnelle Gold Quartz Mine Property in central British Columbia — and if President and CEO Frank Callaghan is right, the initial estimate may represent only the beginning of a much larger gold system.
The inaugural NI 43-101 resource includes approximately 178,000 ounces of gold equivalent in the Indicated category and 1.0 million ounces AuEq in the Inferred category, based on an open-pit-constrained model at a 0.15 g/t AuEq cut-off.
Speaking with Midas Letter, Callaghan emphasized that the current resource was generated using only 24 Golden Cariboo drill holes.
“We’ve only used 24 of the drill holes,” Callaghan said, noting additional holes outside the current pit model and around the historic underground workings could potentially be incorporated into future resource updates.
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Expansion Potential Remains Significant
Perhaps the most important takeaway from the conversation is the scale of the exploration opportunity that remains.
According to Callaghan, Golden Cariboo has so far drilled approximately 670 metres of strike length, while geological evidence suggests the mineralized trend could extend for roughly four kilometres.
Asked whether anything stood in the way of potentially doubling the resource, Callaghan’s response was straightforward: “No, there’s not.”
The company plans to continue approximately 100-metre step-out drilling to expand the mineralized footprint while additional drilling focuses on infill work designed to upgrade Inferred resources into the Indicated category.
Adding further exploration upside, Callaghan said the company has identified four additional parallel trends, providing multiple targets beyond the mineralization incorporated into the current resource model.
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Infrastructure Provides an Important Advantage
The Quesnelle property is located approximately four kilometres northeast of Hixon, British Columbia, with road access and proximity to Highway 97. The project can be accessed year-round, a notable advantage compared with many more remote Canadian exploration projects.
Golden Cariboo’s next phase is expected to combine resource expansion drilling with infill drilling, environmental baseline studies, First Nations engagement and early permitting work.
Callaghan also indicated that metallurgical work remains ahead as the company develops a better understanding of how the deposit could ultimately be processed.
For now, however, the strategy is uncomplicated.
As West summarized it during the interview: “Drill, drill, drill, drill — baby drill.”
With only a fraction of the interpreted mineralized trend incorporated into the maiden estimate, Golden Cariboo now has a defined resource base — and considerable room to determine just how large the Quesnelle gold system could become.
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Disclaimer
This article is for informational and editorial purposes only and does not constitute investment advice, a recommendation, solicitation or offer to buy or sell any securities. The information presented is based on publicly available information and comments made during an interview with Golden Cariboo Resources Ltd. management and has not been independently verified by the author or Midas Letter. Mineral resource estimates are subject to geological, technical, economic and other uncertainties, and Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. Readers should conduct their own due diligence and consult a qualified investment professional before making any investment decision. The author, Midas Letter, MiningIR, their principals, affiliates or contributors may from time to time hold positions in securities discussed and may receive compensation from issuers for marketing, media, investor relations or other services. Any such relationship should be considered a potential conflict of interest.
