Gold Explorer Uncovers 70.65m High-Grade Zone in BC's Cariboo District

1. Golden Cariboo Resources Ltd. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
2.  In addition, Golden Cariboo Resources Ltd. 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.
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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) announced promising results from its recent drilling at the Quesnelle gold quartz mine property, situated 4 kilometers northeast of Hixon in British Columbia, according to a March 10 release.

The company reported that drill hole QGQ25-27, located within the Halo zone, yielded a notable gold intersection of 0.89 grams per tonne gold (g/t Au) over a stretch of 70.65 meters, starting from a shallow depth of 14.20 meters.

"Intersecting nearly 71 metres of continuous gold mineralization from near surface is another strong indication of the scale and continuity developing within the Halo zone," President and Chief Executive Officer Frank Callaghan said.

He emphasized that these results bolster the company's confidence in the significant mineralized system being delineated at the Quesnelle property. As drilling progresses, each new data point gathered will contribute to a planned mineral resource estimate (MRE) for the site.

QGQ25-27 was drilled at an orientation of 353 degrees and had to be terminated earlier than planned due to technical difficulties, Golden Cariboo noted. Another drill hole, QGQ25-26, which was positioned between the main zone and the Halo zone, encountered significant amounts of andesitic flow, a rock type generally not conducive to quartz veining. Meanwhile, drilling continues with hole QGQ25-28, which aims to explore the northwest extension of the Halo zone.

In terms of quality assurance and quality control, QA/QC samples, including blanks, standards, and coarse reject duplicates, made up 5 percent of all samples processed. The drilling utilized NQ core, which was logged, split, and sent to the accredited MSALABS laboratory in Prince George for analysis. There, samples underwent a rigorous preparation process, including crushing, splitting, and pulverizing, followed by a 35-element analysis using aqua regia digest and inductively coupled plasma atomic emission spectroscopy.

Additionally, PhotonAssay analysis was performed for gold and silver, providing a comprehensive evaluation of the gold distribution, particularly useful in coarse gold environments like the Halo zone, the company said.

QGQ25-27 also intersected 1.71 g/t silver (Ag) over 70.65 meters, and smaller intervals of 3.25 g/t Au and 1.42 g/t Ag over 8.2 meters and 3.86 g/t Au and 3.49 g/t Ag over 5.2 meters, according to the release.

The technical information provided in this update has been reviewed and approved by Jean Pautler, an independent consultant and professional geoscientist registered with the Association of Professional Engineers and Geoscientists of the Province of British Columbia, ensuring the reliability and independence of the results reported.

A Significant Step in Advancing the Property

Earlier this month, Golden Cariboo announced its intention to commission the MRE for Quesnelle, which is in British Columbia's Cariboo Gold District. This initiative, aligned with the National Instrument 43-101 Standards of Disclosure for Mineral Projects, was detailed in a March 1 release. The MRE will evaluate the Halo and Main zones of the property, incorporating data from the company’s initial 28 NQ-sized surface diamond drill holes and up to nine historical drill holes.

Callaghan expressed confidence in the decision at the time, noting the encouraging geological continuity and mineralization observed from the initial drilling efforts. "Commissioning an independent resource estimate at this stage reflects the strength and consistency of the drilling results we have generated to date," Callaghan stated.

He emphasized that the data collected thus far provides the management with enough confidence to proceed with a formal NI 43-101 resource estimation, marking a significant step in systematically advancing the property.

The MRE process will be carried out by a Qualified Person as defined under NI 43-101 and will include tasks such as validating the drill database, conducting geological modeling, estimating grades, and classifying the mineral resources according to CIM Definition Standards. Golden Cariboo remarked that it is unusual to pursue a mineral resource estimate so early in the exploration phase, but the consistent results from the Halo and Main zones justify this independent technical assessment at this point.

The company also highlighted that its drilling efforts are ongoing, aimed at further delineating the known mineralized zones. These continued explorations may lead to future updates to the resource estimates.

Results Are 'Turning Heads'

In an era where tangible results are paramount and speculative enthusiasm has waned, Golden Cariboo Resources (CSE: GCC, OTC: GCCFF) is making a significant impact with its drilling operations in British Columbia’s historic Cariboo Gold District, according to a sponsored report by The Deep Dive's Jay Lutz on February 10. This area, just kilometers from the site of the famed gold rush sparked by Billy Barker, is now the focus of Golden Cariboo’s ambitious exploration efforts.

"After nearly a decade in retirement, Frank (Callaghan) is back, leading Golden Cariboo’s exploration at the Halo Zone — and the early results are turning heads: 136.5 meters of 1.46 g/t Au, long intercepts across multiple zones, and consistent mineralization across every hole drilled," Lutz wrote.

He continued, "While Artemis and Osisko move shovels and billions in the same region, Golden Cariboo is a CA$5 million (now CA$11.2 million) market cap stock with 5¢ shares — still at the beginning of its journey. But with infrastructure, access, and geology all in its favor, could this be the next early-stage name to rewrite the future of this storied district?"

In a recent analysis by Couloir Capital, Analyst Ron Wortel and his team discussed the ongoing exploration campaign by Golden Cariboo at the Quesnelle property, noting that the campaign aims to both expand the footprint of existing gold-bearing zones and pinpoint new drill-ready targets. The outcomes of this exploration effort are deemed crucial for setting future drilling priorities and could significantly influence the reassessment of the project's long-term development potential.

At the time of the report, Golden Cariboo's shares were trading at approximately CA$0.05 each, which represents a substantial discount when compared to its industry peers. Despite this, the company shows promising signs of scalability at its Halo zone and other potential targets within the Quesnelle property.

Couloir Capital has therefore set a fair value target price of CA$0.40 per share for Golden Cariboo, indicating a potential upside of 700% at the time the note was written. Golden Cariboo is rated as a buy by Couloir Capital.

The Catalyst: Analysts Say Bull Market Is Still On

Gold recently experienced one of its most significant single-session declines in months, a movement that Wall Street has largely overlooked, according to Hillary Remy of The Street on March 9.

According to CBS News, after a historic surge that saw the price of gold climb from approximately US$2,624 per ounce a year ago to a record high of US$5,589 in January, the article said. The price underwent a sharp correction in early March, settling around US$5,350. This pullback has been painful for those who invested during the peak of the frenzy.

However, seasoned analysts familiar with gold's historical patterns are interpreting this decline as a normal, healthy correction within an ongoing bull market that shows no signs of concluding soon, Remy reported. The primary concern now is whether the factors that initially propelled gold to unprecedented heights remain in effect. The consensus among experts suggests that these driving forces are still largely present.

The recent downturn in March wasn't triggered by any specific crisis but resulted from profit-taking activities typical after a sustained rally, the report said. A temporary strengthening of the U.S. dollar also contributed to the downward pressure on gold prices, as the value of gold often moves inversely to the dollar. Investors who had reaped substantial gains from gold's dramatic rise over the past year seized this moment to secure their profits.

The market is currently facing challenges in maintaining stability around the US$5,200 mark as investors grapple with persistent inflation concerns, reported Neils Christensen for Kitco News on March 11. These concerns are prompting speculation that the Federal Reserve might sustain its neutral monetary stance for an extended period. According to the latest data from the U.S. Bureau of Labor Statistics, the Consumer Price Index (CPI) increased by 0.3% in February, following a 0.2% rise in January, aligning with economists' predictions. Year-over-year, inflation remained steady at 2.4%, consistent with January's figures and expectations, yet still above the Federal Reserve's 2% target.

Analysts are now anticipating a potential surge in inflation due to recent U.S.-Israel military actions against Iran, which have led to significant disruptions in global supply chains, especially affecting the oil market, Christensen noted.

Chris Zaccarelli, chief investment officer for Northlight Asset Management, told Kitco, "The good news is that inflation didn’t come in higher than expected in this morning’s CPI report; however, this is backward-looking data from before the war in Iran began." He added that it is widely believed the Federal Reserve will delay any policy changes until it becomes clear whether inflation expectations will increase and stabilize or revert to pre-conflict levels.

In response to the inflation data, the gold market experienced some downward pressure, with spot gold prices dropping to US$5,178.10 an ounce, a decline of 0.24% on the day. The report also pointed out that rising shelter costs continued to be a significant factor in inflation, contributing a 0.2% increase in February. Additionally, the food index saw a 0.4% rise, while the energy index increased by 0.6%.

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$11.21 million. Its 52-week range is CA$0.04–CA$0.14 per share.