Mining Co. Unleashes 7,500-Meter Drill Program in British Columbia

1. Golden Cariboo Resources Inc. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000. In addition, Golden Cariboo Resources Inc. has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Golden Cariboo Resources Inc.
3. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Golden Cariboo Resources Ltd. (GCC:CSE; GCCFF:OTC; A402CQ:WKN; 3TZ:FSE) has announced the commencement of field activities for its 2026 exploration program at the Quesnelle Gold Quartz Mine Property in British Columbia, as stated in a January 13 release.

The company is embarking on a 7,500-meter surface diamond drilling program, focusing on priority zones identified through geological mapping, sampling, and structural interpretation studies. In preparation for deeper and more technically challenging targets, Golden Cariboo plans to transition from NQ to HQ-sized (larger diameter) core soon. This upgrade is expected to enhance core recovery and provide improved geological information from key structural and mineralized zones.

The 2026 exploration initiative seeks to build on the momentum and technical successes of previous seasons. Company personnel have mobilized to the site, located about 4 kilometers northeast of Hixon and 50 kilometers southeast of Prince George, and are clearing the access road and removing winter snow to ensure safe and efficient entry. Crews are also preparing the water line and pump systems necessary for drilling operations.

"Our team is energized as we begin the 2026 exploration season at the Quesnelle Gold Quartz Mine Property," said President and Chief Executive Officer Frank Callaghan. "With road access now opened and drilling set to advance north of the Halo zone from QGQ25-28, we are well positioned for continued success. The planned 7,500-meter drill program, along with trenching and other geological studies, represents our most comprehensive exploration efforts to date."

He continued, "As we prepare to transition from NQ to HQ core, we expect to gain even more detailed insight into the structures and mineralized zones that continue to drive our excitement for this project."

Initially, drilling will continue within QGQ25-28, which has reached a depth of 354.19 meters and is the northernmost drill string within the Halo zone, Golden Cariboo stated in the release. QGQ25-28 is situated approximately 200 meters north of QGQ24-20, which encountered significant gold grades associated with a major fault along a northwesterly striking contact between mafic to intermediate volcanic host rocks (greenstones) and a black argillite unit.

QGQ24-20 returned 137.17 meters of 1.55 grams per tonne (g/t) gold and 16.05 g/t silver, including 4.29 meters of 16.43 g/t gold and 9.09 g/t silver, and 2 meters of 6.53 g/t gold and 957 g/t silver, the company has reported.

Additional exploration activities this season will include over 1 kilometer of trenching, mapping, prospecting, geochemical sampling, ground and airborne geophysical studies, and ongoing refinement of geological models, the company stated.

Analyst: Stock Trades at Discount to Peers

To improve the execution of last fall's drilling at the project, the company brought on board two seasoned geologists, wrote Couloir Capital's Analyst Ron Wortel and his research team in a November 29 research note. "The campaign is expected to broaden the footprint of existing gold-bearing zones and define new drill-ready targets," Wortel wrote. "The campaign's results will play a central role in determining follow-up drilling priorities and could represent a key catalyst for reassessing the longer-term development potential of the project."

At the time of Wortel's report, Golden Cariboo's share price was approximately CA$0.05 per share. The analyst noted that GCC is trading at a significant discount compared to many of its peers active in established B.C. gold camps. The market caps of these companies range from about CA$6 million to over CA$40 million.

Given the strong indications of scale potential at Halo and multiple additional targets on the Quesnelle property, Couloir believes Golden Cariboo should be in the upper end of the range. Thus, Couloir's fair value target price for the Canadian junior miner is CA$0.40 per share. The difference between this target and GCC's current price suggests a potential return of 700%. Golden Cariboo remains a Buy.

With the ongoing surface drill program at Quesnelle, Golden Cariboo is focusing on priority sites identified through previous exploration work, including trenching, sampling, and surface mapping, reported Wortel. The company aims to extend the known strike of the Halo and Main zones to approximately 2 kilometers from about 600 meters. Success in this endeavor would increase the likelihood that the mineralized system at Quesnelle is of district style and scale, potentially leading to a valuation rerating.

Before commencing the drill program, Golden Cariboo raised CA$1.5 million in equity funding, Wortel noted. The funds will be used not only to advance the 2-kilometer Halo-Main corridor expansion but also to accelerate work in emerging parallel trends. Prior to the capital raise, at the end of Q3/25 (September 30), the company had CA$0.73 million in cash and CA$1 million in working capital. It has an estimated 8.53 million options and 53.11 million warrants, all out of the money.

In early September, Cariboo discovered the KM Uno zone at Quesnelle, a derisking and value-enhancing event, reported Wortel. Initial bedrock sampling from volcanic subcrop and angular float material there returned encouraging gold and silver results, up to 1.1 grams per ton gold and 8 g/t silver. The zone contains consistent gold-silver-arsenic soil anomalies and the same geophysical features as the mineralization at Halo. The discovery also means that Quesnelle contains multiple mineralized zones. "With KM Uno now identified, Golden Cariboo evolves from a single-zone story into a multizone gold-silver system," wrote Wortel.

The analyst highlighted that there are several parallel mineralized structures at Quesnelle. Halo is situated between two of them, Sunset to the west and KM Uno to the southeast. This trio directly correlates to "previously mapped gold-silver-arsenic soil anomalies, airborne resistivity highs and ground conductivity features, suggesting a district-scale gold system," Wortel wrote. Halo has shown near-surface mineralization. Highlight hole QGQ24-13 intersected 1.77 g/t Au over 136.51 meters. Follow-up hole QGQ24-20 showed 0.56 g/t Au over 475.4 meters, including 1.06 g/t Au over 236.88 meters. Sunset has indicated the presence of mineralization, including possible extensions toward historically producing areas like the Hixon Creek Placer. The company is testing possible northern extensions of the mineralized system with its work at Buckley Creek, 1 kilometer north-northwest of the Halo discovery hole and 2 kilometers north of the Main zone shaft.

The Catalyst: Gold's Strong Performance This Year

Gold prices continue their upward trajectory, trading near record highs above US$4,630 per ounce, as recent economic data show that producer prices are still rising, putting some pressure on overall inflation, reported Neil Christensen for Kitco News on January 14.

Economists note that although inflation remains elevated, it is not yet considered a threat to the anticipated easing from the Federal Reserve through 2026, Christensen said. The U.S. Labor Department reported on Wednesday that the headline Producer Price Index (PPI) increased by 0.2% in November and 0.1% in October, following a 0.6% rise in September. Over the past year, headline wholesale inflation rose by 3.0%, according to the report. Annual inflation was hotter than expected, as economists had predicted it would remain unchanged at 2.7%, Christensen wrote. The wholesale inflation data for October and November were released simultaneously due to a delay caused by the 43-day government shutdown that lasted through October.

While the Federal Reserve is expected to continue reducing rates this year, the rise in producer prices could introduce some uncertainty regarding the pace of rate cuts. However, this uncertainty has had little effect on gold, which continues to enjoy strong bullish momentum, the article noted.

Spot gold last traded at US$4,632 per ounce, up 1% on the day, according to Christensen. Meanwhile, core PPI, which excludes volatile food and energy costs, rose 0.1% in November and 0.7% in October. The report also highlighted that core inflation indicates higher prices are becoming entrenched in the broader economy. Annual core PPI increased by 3.5% in November, marking the largest 12-month increase since March, when it also rose by 3.5%.

The metal has risen more than 6% in just the first 13 days of 2026, after breaking through multiple milestones and gaining 64% last year, reported Ishaan Arora and Anjana Anil for Reuters on January 13. Leading brokerages anticipate gold will hit US$5,000/oz in 2026, driven by continued safe-haven demand amid geopolitical tensions, monetary policy easing, ETF inflows, and central bank purchases, sustaining last year's momentum.

Gold's record high on Monday was spurred by concerns over the Federal Reserve's independence after Chair Jerome Powell revealed that the Trump administration had threatened him with criminal charges, according to the Reuters report. Additionally, there is widespread political uncertainty following the U.S. seizure of Venezuela's Nicolas Maduro in a military raid, President Donald Trump's threats to take control of Greenland, and his consideration of intervening in the unrest in Iran.

"Real assets come to the fore in the kind of environment we're looking at," said independent precious metals analyst Ross Norman, according to the Reuters report. "The rules are out the window. Precious metal is reflecting all of that."

Gold has also benefited from expectations of U.S. interest rate cuts, which would lower the opportunity cost of holding non-yielding assets like gold. "Should current geopolitical risks persist and U.S. rate-cutting expectations remain intact, gold may attempt a more sustained breach of US$4,600 in the coming weeks," Tim Waterer, KCM Trade's chief market analyst, told Reuters.

Ownership and Share Structure¹

Two insiders own 9.13% of Golden Cariboo. They include president and CEO Frank Callaghan, who is the largest shareholder overall with 9.01%. Laurence Smoliak owns 0.12%. The rest is in retail. There are no institutional investors at this time.

The Canadian explorer has 106.86 million outstanding shares, and 106.86 million free float traded shares. Its market cap is CA$6.41 million. Its 52-week range is CA$0.04–CA$0.16 per share.