Golden Cariboo Commences 2024 Drilling Campaign
GOLDEN CARIBOO RESOURCES L TD.
804 –750 WEST PENDER STREET
VANCOUVER, B.C. CANADA V6C 2T7
TELEPHONE: 604-682-2928
FAX: 604-685-6905
GOLDENCARIBOO.com
CSE Stock Symbol GCC
Golden Cariboo Commences 2024 Drilling Campaign
April 16, 2024
Vancouver, Canada – Golden Cariboo Resources Ltd. (“GCC or the Company” ) (CSE-GCC, OTC -
GCCFF, WKN-A0RLEP) announced today that it has commenced drilling at its Quesnelle Gold Quartz
Mine Project (“QGQ Project”) near Hixon, BC, and has recently completed the first diamond drill hole
(QGQ24-05) of its 2024 drilling campaign.
The Company is operating two shifts and under optimal conditions, is drilling approximately 100 meters
per day. Drill hole QGQ24-05 was drilled for 321m from the same pad as QGQ23-04 to target the
greenstone-phyllite contact to the northwest of QGQ23-04 and possible mineralization on the west side
of the contact. Logging and sampling of QGQ24-05 is in progress with over half completed to date.
Samples are being shipped to the lab regularly for analysis. The drill is currently re-mobilizing to
commence drilling of QGQ24-06.
The balance of logging and
sampling of drill hole QGQ23-04
(formerly referred to as QGQ23-01) from
the Company’s 2023 drill program has
been completed . 122 samples were
expedited to ALS Geochemistry in North
Vancouver, BC for analysis. Results are
pending.
Company President and CEO, Mr. J.
Frank Callaghan commented “ We are
excited to have launched our 2024
drilling campaign. The Company has a 5-
year exploration permit with approval to
drill 270 surface diamond drill holes on
54 drill pads. I anticipate this will lead to
an exciting time ahead as our exploration
and management teams strive to put our
third mine into production in British
Columbia’s prolific Cariboo mining
region.”
Mr. Callaghan commented further, stating “ The Company acquired the QGQ Project due to its historic
production, presence of a greenstone contact and its potential to host similar mineralization to the
Bonanza Ledge Mine, which our team originally discovered and put into production at Osisko
Development’s Cariboo Gold Project. A fter Golden Cariboo’s team put the Bonanza Ledge Mine into
production and further developed the Cariboo Gold Project, it was acquired by Osisko Royalties for $330
million and is now owned and operated by Osisko Development. We feel that there is a similar opportunity
to repeat our achievements at the QGQ Project and fundamentally believe that you make a mine, you
don’t find one.”
About Golden Cariboo Resources Ltd.
Golden Cariboo Resources Ltd. is rediscovering the Cariboo Gold Rush by proceeding with high -grade
targeted drilling and trenching programs on its Quesnelle Gold Quartz Mine Project 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
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
Quesnelle Gold Quartz Mine property, is a placer creek which has seen small -scale placer production
since the mid 1860’s.
For further information please contact:
GOLDEN CARIBOO RESOURCES LTD
“J. Frank Callaghan”
J. Frank Callaghan, President & CEO
Tel: 604-682-2928
Neither the “CSE” Canadian Securities Exchange nor its Regulation Service Provider (as that term is defined in the policies of the Canadian Securities E xchange)
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 activ ities and plans of the Company. Forward -looking
information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “beli eve”, “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 r eceive 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 e xploration 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 fo rmal 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 t o 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 unanticipat ed 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 pos sible future government legislation
policies and controls or by changes in applicable laws and r egulations; 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 fo rmal 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 ma y 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, ex press or
implied, as to the accuracy, su fficiency or completeness of the information in this news release. Neither the Company nor any of its representatives shall h ave any
liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the informat ion 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 o r otherwise, except as required by law.