Golden Cariboo Resources (CSE: GCC) has released an inaugural mineral resource estimate for its Quesnelle Gold Quartz Mine property in central British Columbia, outlining 178,000 gold equivalent ounces in the indicated category and just over 1.0 million ounces inferred.
The pit-constrained estimate, reported at a cut-off grade of 0.15 g/t gold equivalent, includes the following.
- Indicated resources of 9.97 million tonnes grading 0.556 g/t gold equivalent (0.547 g/t gold and 1.5 g/t silver)
- Containing 178,000 gold equivalent ounces (175,000 ounces gold and 494,000 ounces silver)
- Inferred resources of 70.9 million tonnes grading 0.444 g/t gold equivalent (0.437 g/t gold and 1.2 g/t silver)
- Containing 1.01 million gold equivalent ounces (995,000 ounces gold and 2.63 million ounces silver)
The estimate covers the Halo and North Hixon zones and draws on 24 diamond drill holes totalling 8,466 metres, all completed by the company. Mineralization is orogenic in style, with gold carried in quartz-carbonate veins and pyrite-bearing replacement zones hosted in intermediate to mafic volcanic and sedimentary rocks.
President and CEO Frank Callaghan said the estimate “validates the strength of the Halo discovery,” adding that the deposit spans roughly 1,150 metres of strike and 420 metres in width and remains open in all directions.
A good portion of the property sits outside the numbers. The historic Main zone, site of the original 1865 discovery, was excluded along with six of the company’s 30 drill holes. Four parallel geophysical and geochemical targets, which Callaghan said carry multi-kilometre potential, are also untested for resource purposes.
Next up is step-out and infill drilling at Halo aimed at converting inferred ounces to indicated, alongside metallurgical testwork and environmental baseline studies.
Golden Cariboo Resources last traded at $0.135 on the TSX Venture.
