Golden Cariboo Resources Ltd. (CSE:GCC) (OTC:GCCFF) (WKN:A402CQ) (FSE:3TZ) announced its intention to commission an independent Mineral Resource Estimate prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects for the Halo and Main zones at its Quesnelle Gold Quartz Mine property. The property is located approximately 4 km northeast of Hixon in the Cariboo Gold District of British Columbia, Canada.
The proposed mineral resource estimate will incorporate assay and geological data from the company's first 28 NQ-sized surface diamond drill holes completed and reported on the property, together with up to nine historical drill holes at and adjacent to the Main zone. All drill results referenced have been previously disclosed by the company and are available on SEDAR+ and the company's website at https://www.goldencariboo.com.
"Commissioning an independent resource estimate at this stage reflects the strength and consistency of the drilling results we have generated to date," stated Frank Callaghan, President of Golden Cariboo Resources. "From our very first holes, we have observed encouraging geological continuity and mineralization across both the Halo and Main zones. While this work remains at the exploration stage, the data density and repeatability we are seeing have provided management with sufficient confidence to move forward with a formal NI 43-101 resource estimation."
The company notes that undertaking a mineral resource estimate following an initial drill campaign is not typical in early-stage exploration. However, the consistency of geological and assay results encountered across both the Halo and Main zones has provided sufficient information to justify an independent technical assessment at this time. The independent MRE will be prepared by a Qualified Person as defined under NI 43-101 and will include validation of the drill database, geological modeling, grade estimation and classification of the mineral resource estimate in accordance with CIM Definition Standards.
Importantly, Golden Cariboo's current drilling programs remain ongoing and are designed to continue testing the known mineralized footprint beyond the areas contemplated for the initial mineral resource estimate. Results from additional drilling may support future updates to any resource that may be estimated. The company will provide further updates regarding the selection of the independent consultant and anticipated timing for completion of the MRE.
Golden Cariboo cautions investors that mineral resources are not mineral reserves and do not have demonstrated economic viability. The MRE will be subject to the assumptions, qualifications and limitations contained in the independent technical report to be filed on SEDAR+ upon completion. The technical information in the announcement has been reviewed and approved by Jean Pautler, an independent consultant commissioned by the company who is a Professional Geoscientist registered with the Association of Professional Engineers and Geoscientists of the Province of BC.
The Quesnelle Gold Quartz Mine property includes the Quesnelle Quartz gold-silver deposit, which was discovered in 1865 and developed over a footprint of about 150m x 150m at the Main zone straddling Hixon Creek. The geological setting of the gold mineralization at the property shows strong similarities with the Spanish Mountain gold deposit, situated 120 km towards the southeast along the same geological trend.
