Multiple Broad Intercepts of Replacement Gold Mineralization Intersected in Drill Hole QGQ23-04

April 30, 2024
3115

Golden Cariboo Resources Ltd.

CSE: GCC | OTC: GCCFF | WKN: A0RLEP

Golden Cariboo Resources Ltd. is pleased to announce the receipt of the remaining assay results from QGQ23-04 at its Quesnelle Gold Quartz Mine property (the “Project”) near Hixon, British Columbia.

Surface drill hole QGQ23-04, previously referred to as QGQ23-01, was reported as containing several gold (“Au”) intercepts with additional results pending (January 18, 2024 News Release). The upper portion of QGQ23-04 intersected a broad zone of replacement mineralization, which returned 4.65 g/t Au over 7.15m (23.5 ft) and 1.12 g/t Au over 18.7m (61.4 ft), below the probable historical Koch Vein. Of significant interest is that the entire interval, including the intervening 0.08 g/t Au interval over 15.15m (49.7 ft), grades 1.35 g/t Au over 41.0m (134.5 ft). This represents a significant increase in size and tenor up-dip and to the south of the 0.69 g/t Au over 22.3m (73.2 ft) intercept obtained in QGQ22-02 (April 25, 2023 News Release).  

Recent results from the remaining assays for the lower 129.85m (426 ft) of QGQ23-04 have identified additional replacement mineralization returning 2.77 g/t Au over 6.25m (20.5 ft) and 2.96 g/t Au over 0.65m (2.1 ft). Mineralization is observed both in quartz-carbonate-pyrite veining and in variably sericitic altered metamorphosed fine clastic sedimentary rocks, which lie proximal to the greenstone contact and a lamprophyre dyke. The mineralization is open in all directions. Significant gold results are tabulated below and are associated with anomalous arsenic.

 Hole No. From (m)To (m)Interval (m)Interval (ft)Au (g/t)
Results Reported PreviouslyQGQ 23-04 88.595.657.1523.54.65
 including88.590.41.96.211.65
 intervening interval95.65110.815.1549.70.08
 and110.8129.518.761.41.12
 including115.3116.41.13.65.38
             including120.75122.11.354.44.87
New ResultsQGQ 23-04 164.15170.46.2520.52.77
 including166.3170.44.113.53.85
 including169.4170.41.03.312.0
 and173.45174.10.652.12.96
Table 1: intervals represent down hole lengths since true widths cannot be determined

Weighted average from 88.5 to 129.5m is 1.35 g/t Au over 41.0m (134.5 ft).

Drilling continues to demonstrate the existence of multiple bodies of previously overlooked replacement-style mineralization beyond the original mine workings, in addition to the historically targeted high grade gold-bearing veins found throughout the Project area.  

Drilling is ongoing to target the lateral and vertical extensions of the replacement mineralization, adjoining the greenstone-phyllite contact, towards the Halo zone (23-May18 News Release) where similar mineralization was discovered by trenching in 2022, approximately 800m (2625 ft) northwest along strike of the current drilling on the Main Zone. 3D geological modelling of historical and new exploration data is in progress.

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”       

J. Frank Callaghan, President & CEO

Tel:  604-682-2928

For additional information, please visit our website at 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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James Hyland, MiningIR
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