Golden Cariboo Resources drilling Quesnelle Gold Quartz Mine, British Columbia
Golden Cariboo Resources Ltd. [CSE-GCC ] announced its drill crew has been mobilized to a diamond drill on site at one of 54 permitted drill pads at the company’s Quesnelle Gold Quartz Mine property near Hixon, British Columbia. Drilling is expected to commence immediately. The company anticipates drilling to depths of approximately 350 metres this season, building off the successes of last year’s program and will now target a
greenstone contact and the accompanying, newly discovered replacement style mineralization.J. Frank Callaghan, president and CEO, expressed enthusiasm, stating, “It is exciting to have discovered replacement style mineralization associated with a greenstone contact. Replacement style mineralization (excluding the associated benefits of a greenstone contact) is similar to what has been produced nearby at Osisko Development Corp.’s Bonanza Ledge mine, that GCC’s team originally discovered, developed, permitted and put into production before Osisko’s $330 million acquisition.”
Callaghan continued “The company’s exploration thesis is that its Quesnelle Gold Quartz project contains similar host rocks to Osisko’s Cariboo Gold project consisting of the Bonanza Ledge mine and the multi-million ounce Cariboo Gold Mine that is expected to go into production as early as this year. Having personally been a part of the Bonanza Ledge discovery and bringing it into production, it is very exciting to have encountered a greenstone contact in addition to the similar A-veins, B-veins and replacement style mineralization that make up Osisko’s Bonanza Ledge operation.”
Golden Cariboo Resources is rediscovering the Cariboo Gold Rush by proceeding with high-grade targeted drilling and trenching programs on its Quesnelle Gold Quartz Mine Project which is almost fully encircled on 3 of 4 sides by Osisko Development Corp. [NYSE, TSXV-ODV]. Historically, over 101 placer gold creeks on the 90 km trend from the Cariboo Hudson mine north to the Quesnelle Gold Quartz mine have recorded production and successful placer mining continues to this day.
Golden Cariboo’s Quesnelle Gold Quartz Mine property is 4 km northeast of, and road accessible from, Hixon in central British Columbia. The property includes the Quesnelle Quartz gold-silver deposit, which was discovered in 1865 in conjunction with placer mining activities. Hixon Creek, which dissects the Quesnelle Gold Quartz Mine property, is a placer creek which has seen small-scale placer production since the mid 1860’s.