Golden Cariboo Resources Ltd. announced it has intercepted gold mineralization in QGQ24-08 QGQ24-07 and QGQ24-05 at both the North Hixon and the Main zones on its Quesnelle Gold Quartz Mine Property (the "Property") near Hixon, British Columbia. Initial results from the first 265.34m (871 ft) of QGQ24-08 (final depth of 712.01m or 2,336 ft) successfully intersected the up-dip extent of mineralization which tested the Company's 2019 discovery of
metasedimentary-hosted mineralization in float at the North Hixon zone. QGQ22-01 yielded 0.87 grams per tonne ("g/t") gold (0.57g/t cut) over 32.0m (105 ft), open down hole (See May 7, 2024 Press Release). QGQ24-08 has returned 0.58 g/t gold over 61.40m (201.40 ft) with assays variable through the zone and reflect fault, replacement and vein styles of mineralization. True width intercepts are not definitely known since the orientation and controls are not fully understood due to the scarcity of outcrop on the Property. There is an association with carbonate alteration which is reflected in assays. Significant gold results are tabulated below, with complete results pending. Additional narrow zones of gold mineralization were also intersected. Holes QGQ24-05 to -07 were drilled on the Main zone. QGQ24-05 targeted a suspected F2 fold closure to the northwest of the intercept in QGQ23-04 which yielded 1.35 g/t Au over 41.0m (134.5 ft). QGQ24- 05, drilled to 321.60m, yielded a number of greater than 1 g/t gold intercepts over narrow down hole intervals (0.4-1.4 g/t gold) and is thought to have been drilled completely in the hanging wall of the mineralized zone. QGQ24-06 was terminated at a depth of 172.20 with no significant results due to difficulty in recovering the fault hosted mineralized zone, similar to the top of the zone in QGQ23-04, and hole QGQ24-07 was lost at 56.65m. 3D geological modelling is in progress and structural geologist, Dr. Sarah E. Palmer, PhD, has been on site to aid in the analysis. Ms. Palmer identified three phases of folding which is consistent with the suspected model for mineralization on the Property, which is epizonal orogenic, also recently described as continental margin sediment-hosted gold and previously known as turbidite-hosted gold and saddle reefs. Examples of such deposits include the Cariboo Gold deposit in Wells-Barkerville, British Columbia, the Spanish Mountain property near Likely, Nova Scotia's Meguma district, Newfoundland's Queensway Project, Australia's Bendigo district, and Uzbekistan's large Muruntau deposit. The deposits discussed above are not necessarily indicative of the Quesnelle Gold Quartz Mine Property. The technical information in this news release has been reviewed by Jean Pautler, P.Geo., a qualified person with respect to NI 43-101.