CSE: GCC | OTC: GCCFF | WKN: AORLEP

Quesnelle Gold Quartz

The Quesnelle Gold Quartz Mine Property is located in central British Columbia, Canada, near the town of Hixon which sits about 55 km south of Prince George and about 50km north of Quesnel.

Over the past 4 years, Golden Cariboo Resources (CSE: GCC | OTC: GCCFF | WKN: A0RLEP) has been consolidating this project, and is now the only public company other than Osisko Development Corp. (CSE: ODV | NYSE: ODV) to solely own property in this region.

In terms of the geography, it is best described as a bookshelf where on one end of the bookshelf, Osisko Development Corp.’s project is heading into production. At the other end sits Golden Cariboo Resources’ Quesnelle Gold Quartz Mine Property – in very similar rocks – with access to virtually all of the same infrastructure and resources.

The 3814ha property comprises 21 contiguous mineral tenures and is accessible year-round via forest service roads leaving Highway 97 near the community of Hixon, British Columbia. The Property was acquired by Golden Cariboo Resources in 2019 and is surrounded to the north, south and west by Barkerville Gold Mines Ltd (‘BGM’), a wholly owned subsidiary of Osisko Development Corp (CSE: ODV | NYSE: ODV). In 2016, BGM staked a 40km belt of mineral claims after the original owners staked the heart of the trend centered at the underground mine workings and reclaimed millsite at the old Quesnelle Quartz Mining Company Ltd. Crown-granted mineral claims and earlier hardrock workings from the 1860’s, located adjacent to and under Hixon Creek. Historical placer production reported up to 1945 in Annual Reports to the Minister of Mines, estimates up to $2,000,000 worth of placer gold was mined from Hixon Creek. Placer operations are still producing gold along Hixon Creek and vicinity to this day.

The Property includes the Quesnel Quartz gold-silver deposit, which was discovered in 1865 in conjunction with placer mining activities and produced 2,048 tonnes grading 3.14 g/t Au and 4.18 g/t Ag in 1932 and 1939, with an additional 217 tonnes of unknown grade reported in 1878. The deposit model for the Property is the orogenic type, consisting of gold bearing quartz veins and quartz-carbonate-pyrite replacement style mineralization such as at Osisko Development’s Cariboo Gold Project, centered 75 km to the southeast of the Property.

Historical work - Quesnelle Gold Quartz

Historical work on the Quesnelle Gold Quartz Mine Property between 1866 and 2018 has included:

Approximately 1250m of early underground development; prospecting, mapping and sampling, hand, and over 500m of excavator, trenching (primarily between 1980 and 1988), about 20 line km of soil sampling in 1971 and between 1980 and 1988, less than 30 line km of ground magnetic, minor induced polarization (“IP”) and 7.64 line km of self potential geophysical surveying, road construction and maintenance, a LiDAR and orthoimagery survey over the entire Property in 2018, a recent airborne magnetic and electromagnetic survey on adjacent ground which overlaps the Property area, and 2863m of diamond drilling in 22 holes, much of which was completed prior to 1989.

Diamond drill results include: 5.72 g/t Au, 20.6 g/t Ag over 1.5m in DDH 83-1 and 6.75 g/t Au and 54.5 g/t Ag over 3m from DDH 07-1 from the Main zone and; 5.2 g/t Au over 2.75m in DDH 88-5 and 11.8 g/t Au and 12.9 g/t Ag over 1.5m in DDH 07-3 from the East zone.

Exploration activities by Golden Cariboo, from 2019 to August 2022 include:
Trail construction and maintenance, 487m3 of excavation in 34 trenches and pits, a 268m NQ diamond drill hole at the North Hixon zone which targeted 9.8 g/t Au from local float. A subsequent trench and drill program was completed later in 2022, with results to be released when they are received.

Trench results from 2019 include:
5 g/t Au and 61.5 g/t Ag over the 0.6m wide accessible portion of the 1.75m wide Koch vein and 1.94 g/t Au over 0.5m from the footwall,9 g/t Au with >100 g/t Ag from a grab of pyritic Koch vein boulders, 2 g/t Au and 25.3 g/t Ag as an average from 3 grab samples of quartz vein boulders at the Main shaft, 2 g/t Au, with 10.1 g/t Ag over 0.4m and 7.65 g/t Au over 1.7m from Main shaft area.

Permitted mineral exploration activities are in progress and plans for 2023 include:

A follow-up drill program is to commence in early spring to target several key zones, including the Koch Vein and the greenstone-schist contact, trenching along strike to the northwest of the Main and East zones and at the North Hixon showing due to potential and shallower overburden cover; trenching may also occur at the Cayenne and Pioneer showings depending on an initial evaluation, regional to local detailed mapping and sampling of the Property to include the Pioneer mine, Cayenne showing, the North Hixon showing and the Morrison-Hercules adit areas, groundtruthing to verify and confirm specific key features identified during the LiDAR survey, a differential GPS survey of 2019-2022 and historical drill and trench sites, pits, infrastructure and old workings (much was uncovered during 2019 trenching), to accurately locate them in order to guide future drilling and sedimentary rocks of the Nicola Group, within the Quesnel Terrane; and the Slide Mountain Terrain is also noted near here along the Eureka thrust fault which is located between the Nicola Group and the Barkerville Terrane.

*The Quesnelle Quartz Mining Company was the fourth mining company registered in BC in 1878, just after the Cariboo Quartz Mining Company..

Rainbow

The Rainbow Claim Group comprises of seven legacy and celled mineral claims (Rainbow, RM1 and Yes claims) covering a total physical area of 142.9ha on Valley Mountain.

Located within 2km of Wells, BC and Osisko’s proposed mine at the Valley Zone, Golden Cariboo Resources owns 100% of the mineral rights of the Rainbow Property, along a 2km portion of the limestone belt and mineralized trend which is noted to be parallel to the Baker-Rainbow contact of Osisko’s Barkerville Gold Belt on the adjacent Barkerville and Cow Mountain. The forested Property is located within the Snowshoe Group of the Barkerville Terrane and is easily accessed by quad or 4WD from the north or south side of the Property, with access also provided directly to a 37m adit located on the northwest end of the Property. The adit was drifted in 1937 for a distance of 37m along the gold bearing quartz ‘B’-veins, with vein widths ranging from 50 to 150cm (ARIS19815). Exploration activities are in progress to further identify key targets.

Rimrock

Rimrock is a 116.3 hectare Property 100% owned by Golden Cariboo.

Rimrock has industrial road access directly through the Property, along with other trails, about 12km up the 2400FSR from Highway 26, and about 36 driving km from Wells, BC. Year round access is maintained along the 2400FSR. A portion of the Property has been cleared of trees for placer mining and forestry purposes, and replanting has occurred to the east of the 2400FSR.

The Property straddles a 1.3km portion of the geological contact between greenstone-greenstone schist and metasedimentary rocks of the Snowshoe Group and is located immediately adjacent to and overlying productive placer mines of Tregillus Lake and Langford Camp. Osisko Development’s (CSE: ODV | NYSE: ODV) Cariboo Gold Project land package is contiguous to the east of the Rimrock property while Omineca Mining and Metals (CSE: OMM) is contiguous to the north, west and south of the Rimrock property. LiDAR and other exploration activities are in progress.

White Pine

The White Pine Property is located 2.5km southeast of Barkerville and 7.5km southeast of Wells, BC within the heart of Osisko’s Cariboo Gold Project and historical Barkerville Gold Belt.

The White Pine Property, District Lot 17F, is owned by Golden Cariboo Resources and Barkerville Gold Mines Ltd, a wholly owned subsidiary of Osisko Development Corp (CSE: ODV | NYSE: ODV), as Tenants in Common. This 39.8ha F-Grant claim was originally issued in the 1800s and allows for the use of various surface and undersurface rights, including production rights.

The White Pine Property has industrial road access into the Property. The majority of the Property has been logged and replanted at least twice. Grassroots mineral exploration has taken place here over the years, including various airborne geophysical surveys, and the last placer mining activities that occurred were in the early 2000’s by Pete Wright. Historical records, specifically a map from 1880’s, indicates placer gold production was 50oz to the set. Ongoing research and database compilation is in progress.

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