Golden Cariboo Resources (CSE: GCC; US-OTC: GCCFF) has outlined an initial resource of 175,000 indicated oz. gold and 995,000 inferred oz. at its past-producing Quesnelle property in central British Columbia, providing a baseline for further drilling. The stock plunged.
The site contains 10 million indicated tonnes grading 0.55 gram gold per tonne and 1.5 grams silver for 175,000 oz. gold and 494,000 oz. silver of contained metal, Golden Cariboo said Tuesday. Inferred resources were pegged at 70.9 million tonnes grading 0.44 gram gold and 1.2 grams silver for 995,000 oz. gold and 2.63 million oz. silver.
The estimate, which covers the company’s Halo and North Hixon zones, is based on a database comprising 24 diamond drill holes totalling 8,466 metres. Quesnelle’s Main zone, which includes six of the company’s drill holes and several historical surface drill holes, is not included in the resource.
Golden Cariboo’s first resource “validates the strength of the Halo discovery,” CEO Frank Callaghan said in the statement.
Shares of Golden Cariboo dropped 31% to 9¢ Tuesday morning in Toronto, valuing the company at about $14 million (US$10 million). The stock has traded between 4¢ and 13.5¢ in the past year.
Couloir Capital analyst Ron Wortel, whose firm provides commissioned research on Golden Cariboo, called the initial resource the company’s key near-term valuation catalyst in an Aug. 25 note. Couloir maintained a Buy rating and 40¢ fair value while assigning the stock a “very high” risk rating. Before the estimate, the firm based its valuation largely on peer market capitalizations because Golden Cariboo didn’t yet have a compliant resource.
Historic district
Located about 4 km northeast of Hixon, roughly 60 km south of Prince George, Quesnelle is part of a 949-sq.-km land package in the historic Cariboo gold district. The property, which is adjacent to the advanced-stage Cariboo project being developed by Osisko Development (TSXV, NYSE: ODV), has year-round road access and sits along a geological corridor adjacent to the Spanish and Eureka thrust faults.
Gold exploration at Quesnelle dates back to the Cariboo gold rush of the 19th century. The deposit in the Main zone was discovered in 1865.
Golden Cariboo is targeting a broader mineralized system around the mine’s historic workings. The geological setting has similarities to Spanish Mountain Gold’s (TSXV: SPA; US-OTC: SPAUF) namesake deposit about 120 km to the southeast, the company says.
It describes Quesnelle as a sediment-hosted vein deposit belonging to the epizonal orogenic class.
Near surface
Golden Cariboo’s resource follows an aggressive drilling campaign that began to define the Halo zone in 2024. Recent drilling has demonstrated broad, near-surface mineralization as well as extensions at depth.
Earlier this month, the company said hole QGQ26-30 cut 268.24 metres grading 0.58 gram gold from 28.26 metres depth, including 30.62 metres at 1.16 grams gold from 140.03 metres downhole.
Golden Cariboo plans to continue drilling outside the areas covered by the initial estimate, work that could provide additional data for future resource updates. Its 2026 exploration program includes about 7,500 metres of drilling.
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