Initial resource estimate the goal
Just a few days ago, Golden Cariboo Resources (CSE GCC / OTC GCCFF) announced the commencement of the 2024 drill program at its Quesnelle Gold Quartz Mine project. CEO J. Frank Callaghan’s company acquired the QGQ project for several reasons, including historical production at the project, a greenstone contact and the potential to host similar gold mineralization as the nearby Bonanza Ledge mine.
That mine was originally discovered and developed by the team around the Golden Cariboo CEO and brought into production at Osisko Development’s Cariboo Gold Project. After production was achieved at the Bonanza Ledge mine and the Cariboo Gold project was further developed, Osisko Royalties eventually took over the mine, which is now operated by Osisko Development, for 330 million dollars!
3D model based on historical drilling data
Golden Cariboo’s CEO sees QGQ as an opportunity to repeat this success and the company has taken the first steps on this path with the recently announced drill program. To further increase the chances of success of these activities, Golden Cariboo has now acquired software (Micromine) to create a 3D geologic model of the Quesnelle Gold Quartz Mine project.
This model incorporates the company’s extensive database of historic drilling on the property, which dates back to the 1970s and totals more than 4 kilometers of historic drilling. The majority of these holes were drilled in the vicinity of the historic Quesnelle Quartz Mine.
Initial resource estimate the goal
Golden Cariboo hopes that the creation of the 3D model will provide an improved understanding of the property as well as new insights into the types of mineralization occurring and their geological controls. This, according to the company, should generate additional targets for the ongoing drilling program at QGQ.
Golden Cariboo’s President and CEO, J. Frank Callaghan stated, “The creation of a geologic model is an important step in defining the opportunity at the QGQ project. The inclusion of historical data will allow the Company to design an efficient drill program with the goal of establishing a maiden mineral resource on our past producing gold mine property.”
Conclusion: Golden Cariboo Resources is currently one of the most exciting gold stories out there in our eyes. Not only does the QGQ property appear extremely promising, but the team around CEO J. Frank Callaghan has already discovered a mine and brought it into production – in the immediate vicinity of Golden Cariboo’s current project. Now that drilling has started, the excitement is increasing almost daily and every opportunity to increase the chances of success, in this case through the 3D model, is to be welcomed. After all, what we consider to be great potential is still offset by the risks inherent in the exploration business. We will definitely be following this promising story!
Disclaimer: GOLDINVEST Consulting GmbH offers editors, agencies and companies the opportunity to publish comments, analyses and news on https://www.goldinvest.de. This content is intended solely for the information of readers and does not represent any kind of call to action; neither explicitly nor implicitly are they to be understood as a guarantee of any price developments. Furthermore, they are in no way a substitute for individual expert investment advice; rather, they are advertising/journalistic publications. Readers who make investment decisions or carry out transactions on the basis of the information provided here do so entirely at their own risk. The acquisition of securities, especially in the case of penny stocks, involves high risks that can lead to the total loss of the capital invested. GOLDINVEST Consulting GmbH and its authors expressly exclude any liability for financial losses or the guarantee that the content of the articles offered here is up-to-date, correct, appropriate and complete. Please also note our terms of use.
In accordance with §34b WpHG (Securities Trading Act) and Section 48f (5) BörseG (Austrian Stock Exchange Act), we would like to point out that clients, partners, authors and employees of GOLDINVEST Consulting GmbH hold or may hold shares in Golden Carbiboo Resources and therefore a possible conflict of interest exists. Furthermore, we cannot rule out the possibility that other market letters, media or research companies may discuss the stocks we recommend during the same period. This may result in the symmetrical generation of information and opinions during this period. Furthermore, there is a consulting or other service agreement between Golden Carbiboo Resources and GOLDINVEST Consulting GmbH, which constitutes a conflict of interest.
