FULL DISCLOSURE: The Deep Dive is long the equity of Golden Cariboo Resources
Drilling has officially begun at Golden Cariboo Resources’ (CSE: GCC) Quesnelle Gold Quartz Mine Project in British Columbia. The program has started with a bang, with the first drill hole already having been completed.
The first hole of the season, QCQ24-05, is said to have been drilled to a depth of 321 metres, targeting a greenstone-phyllite contact to the northwest of QGQ23-04, which was drilled from the same pad. Logging and sampling is currently underway, with samples being shipped to the lab regularly for analysis.
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The current drill team is said to be operating at a rate of two shifts per day, with the team averaging 100 metres of drilling per day. While the company has not disclosed the size of this specific drill program, company CEO Frank Callaghan commented that, “[Golden Cariboo] 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. [..] After 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.” Callaghan continued.
Logging and sampling from the 2023 drill program meanwhile has been completed, with the final samples, totaling 122, having now been sent to the lab for analysis with results pending.
Golden Cariboo Resources last traded at $0.22 on the CSE.
FULL DISCLOSURE: Canacom Group, the parent company of The Deep Dive is long the equity of Golden Cariboo Resources. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
