Explorer Gives Update on Photon Assaying Progress
Golden Cariboo Resources Ltd. (GCC:CSE; GCCFF:OTC; A0RLEP:WKN; 3TZ:FSE) expects precise results from this alternative to fire assaying. Two analysts rate this company a Buy; read on to learn why.
Golden Cariboo Resources Ltd. (GCC:CSE; GCCFF:OTC; A0RLEP:WKN; 3TZ:FSE) provided an update on the photon assay orientation study being done on select rock and drill core samples collected from its Quesnelle gold quartz project in central British Columbia, a news release noted.
ALS Canada Ltd. is employing Chrysos Corp.'s PhotonAssay, an environment-friendly alternative to fire assay, to analyze the gold content in these samples. Designed to deliver precise and efficient results for gold exploration, this advanced technology evaluates the potential for better addressing the nugget effect, the high variability in grade in a deposit when large, coarse gold particles are present.
"Golden Cariboo remains committed to employing innovative exploration," President and Chief Executive Officer (CEO) Frank Callaghan said in the release. "The upcoming results will provide valuable insights as we advance our exploration efforts at the Quesnelle gold quartz mine property."
ALS Canada's laboratory in Thunder Bay, Ontario, received pulp and reject samples of the selected samples of drill hole QGQ24-20, prepared by their North Vancouver laboratory. From these, earlier fire assay analysis had returned 0.71 grams per ton gold (0.71 g/t Au) and 6.96 g/t silver (Ag) over 341.96 meters (341.96m) from 20.12m downhole, including 0.99 g/t Au and 9.8 g/t Ag over 236.88m and 1.45 g/t Au and 16.05 g/t Ag over 137.17m.
As for reject samples of hole QGQ24-21, preparation by the North Vancouver lab is done, and they are en route to the Thunder Bay lab for photon assay. After, the roughly 500 gram (500 gm) sample will be pulverized. Then a photon assay for gold will be done on a 50 gm aliquot from this sample. This hole is notable for containing multiple, larger than 1 millimeter visible gold grains. It is the ninth consecutive hole showing visible gold that Golden Cariboo has drilled since it discovered the Halo zone in July 2024.
"Ultimately, pending final results and overview, PhotonAssay may replace fire assay as the main method for gold quantification in all future rock and core samples taken at the Quesnelle property," according to the release.
Exploring for Multiounce Targets
Headquartered in Vancouver, Golden Cariboo Resources is rediscovering the Cariboo Gold Rush with its highly targeted drilling and trenching programs at Quesnelle. This project encompasses the quartz gold-silver deposit, discovered in 1865 in conjunction with placer mining activities and corresponding mine, from which gold, silver, lead and zinc were produced historically. Smaller-scale placer production was done at Hixon Creek since the mid-1860s. Now, the company is exploring for many multiple-ounce exploration targets throughout the property, according to its Investor Presentation.
Quesnelle, spanning 94,899 hectares, is about 4 kilometers (4 km) northeast of the community of Hixon, road accessible, along a favorable corridor adjacent to the Spanish and Eureka thrust faults and bordered by Osisko Development Corp. (ODV:TSX.V). Historically, more than 101 placer gold creeks on the 90 km trend from the Cariboo Hudson mine north to the Quesnelle property recorded production, and successful placer mining is still being done in the area today.
In 2024, Golden Cariboo drilled 5797m at Quesnelle, and this led to the Halo zone discovery with hole QGQ24-13 that showed 136.51m of 1.77 g/t Au near surface. Subsequent drilling confirmed a large, continuous gold zone returning 204.85m of 0.8 g/t Au, in drill hole QGQ24-14, and 452.51m of 0.3 g/t, in drill hole QGQ24-17. Additional completed drill holes were completed, for which results are pending, and they contained visible gold, too.
Most of the gold trend at Quesnelle has yet to be drill tested. It consists of multiple parallel trends as defined by the Main zone (Quesnelle quartz mine) and the North Hixon zone. Drilling at the latter was only three holes, two done in 2024. Of the set, hole QGQ24-08 returned a highlight intercept, 263.13m of 0.29 g/t Au.
Golden Cariboo has started the exploration work it has planned for this year, budgeted at CA$3 million (CA$3M), according to its Investor Presentation. At Quesnelle, efforts will include data compilation, integration and three-dimensional modelling; trenching and sampling; and 7,500m of diamond drilling. Regionally, the company's plans calls for research and data compilation; various airborne geophysical surveys; and property mapping and sampling.
'Junior Miners Take Off'
The junior miners, or exploration companies, like Golden Cariboo Resources, have just started to make their move, purported Brien Lundin of The Gold Newsletter on June 16. Until just recently, in an unprecedented situation, the gold price was at record highs and climbing, yet the junior miners stayed around long-term lows.
"We've waited a long time in this new gold bull market for the excitement to trickle down to the junior mining sector," Lundin wrote. "Well, wait no longer...because it's happening now."
As proof of the juniors' move, he cited the uptrend in the S&P/TSX Venture Composite Index (CNDX), comprised mostly of micro- to small-cap resource stocks.
With gold still in a bull market, the gold price opened above US$3,400 an ounce (US$3,400/oz) on June 17 for the third consecutive trading day, reported Yahoo! Finance. The article pointed out current geopolitical influencers on the price, including the war between Israel and Iran, tariff uncertainty including soon-to-be-announced U.S. tariffs on the pharmaceutical industry and difficult trade negotiations between the U.S. and the European Union and Japan. Rising demand for gold from central banks remains a significant driver.
Garrett Goggin, Golden Portfolio lead analyst, highlighted on June 16 that despite ongoing bullish news stories about gold, gold stocks are still trading at massive discounts to fair value. For the first time in 50 years, gold has pushed much higher, but gold stocks have lagged. He noted a recent news report indicating that foreign traders no longer want to be paid in U.S. dollars but, rather, in their own currency. As well, foreign investors have been getting rid of U.S. dollars.
"That kind of bond destruction is part of the reason why I believe this gold trend is not just an ordinary, short-term uptrend," Goggin wrote. "It's a long-term, widespread sea change in the currency markets."
He also pointed to global competitors to the U.S. having been buying gold for years and, in the case of China, likely under-reporting the amount.
According to Bloomberg on June 3, Goldman Sachs estimated that, in aggregate, central banks around the world are accumulating roughly 80 metric tons of gold a month, worth about US$8.5 billion at current prices.
"While the true scale of their buying is shrouded in mystery, nobody expects them to stop," the article read. "Trade data indicates China accounts for a lot of the purchases, along with other unidentified buyers via Switzerland."
George Milling-Stanley, chief gold strategist at State Street Global Advisors, predicts that gold regularly will break through record prices throughout the rest of this year, he said in a June 3 "Money Life with Chuck Jaffe" interview. He attributed these future climbs to ongoing geopolitical turbulence, and both macroeconomic and interest rate uncertainty.
"Our bullish case suggests that we could actually take out whatever resistance is available at the US$3,500 area, and possibly even trade as high as US$3,900," Milling-Stanley noted.
The strategist highlighted the fact that a new floor in the gold price, above US$3,000/oz, has been established, reflecting "a huge leap" from last year's floor of US$2,000/oz.
Citi, however, is less optimistic, having just lowered its six- to 12-month gold price target to US$2,800/oz from US$3,000/oz, Reuters reported on June 17. Gold could drop to US$2,500-$2,700/oz by H2/26, the bank noted.
"We see investment demand for gold abating in late 2025 and 2026, as ultimately, we see the President Trump popularity and U.S. growth 'put' kicking in, especially as the U.S. midterms come into focus," Citi wrote in a note, according to Reuters.
Longer term, Incrementum in Liechtenstein sees gold reaching US$4,800/oz by 2030, its base case scenario in its report, The Big Long: In Gold We Trust, Trade Brains reported on June 1. Conceivably, though, the firm wrote, gold could reach US$8,900/oz by 2030, due to inflation, central bank policies, worldwide economic uncertainty and under-allocation of gold in investment portfolios. The events that could impede gold from reaching either target, the asset and wealth management firm noted, are volatility, decreasing safe haven demand and U.S. Federal Reserve interest rate hikes.
The Catalysts: More and More Results
Results of the photon assay orientation study are expected soon, and Golden Cariboo will report them when they are available, it said in the news release.
Also, throughout the year, as the company continues its 12-month drilling and exploration program at Quesnelle, it will continue releasing results on an ongoing basis.
Stock, at Cyclical Low, a Buy
Technical Analyst Clive Maund told Streetwise Reports exclusively on May 16 that Golden Cariboo was at "an excellent point" to enter or add to a position in it. He pointed out the stock was at a cyclical low at long-term support, and on six occasions when previously at this price, CA$0.09 per share, throughout the past 11 years, it reversed to the upside. Currently, the price is even lower, CA$0.07 at the start of trading on June 17.
Couloir Capital Senior Mining Analyst Ron Wortel highlighted compelling parts of Golden Cariboo's story, in a September 2024 research report. He noted Quesnelle's location in the Cariboo Camp is like that of Barkerville, a historical hardrock gold mine. In the Cariboo Camp, gold is found along the mining tends for more than 175 km of its length, and the camp extends on trend about 75 km north of Wells-Barkerville. Cariboo remains relatively underexplored.
"Some compare the camp with its several parallel trends and structures and length to the Abitibi Gold Camp of Ontario and Quebec," Wortel wrote. "We believe that Golden Cariboo's projects are well located to be part of this opportunity to fully explore the region and find more big gold deposits."
The analyst also noted that drilling at Quesnelle has shown potential for bulk tonnage targets there, and visible gold indicates the possibility of returning high-grade results from mineralized targets.
Wortel also highlighted the team advancing Quesnelle and their experience and technical expertise.
Streetwise Ownership Overview*
Golden Cariboo Resources Ltd. (GCC:CSE; GCCFF:OTC; A0RLEP:WKN;3TZ:FSE)
*Share Structureas of 6/18/2025Source: Refinitiv and Golden Cariboo"When investing in the highly risky junior mining market, many look to follow well-known names with a track record of success," the analyst wrote. " One may be able to add Frank Callaghan to this list for his success in the Cariboo Camp, and he is starting again where he found his mine. We suggest that the drive and the knowledge are there to generate this success again."
Wortel has a Buy rating on Golden Cariboo and a price target implying a 471% return.
Ownership and Share Structure
According to Refinitiv, three insiders own 10.63% of Golden Cariboo. They are President and CEO Frank Callaghan, the largest shareholder overall, with 9.87%, Elaine Callaghan and Laurence Smoliak.
The rest is in retail. There are no institutional investors at this time.
The Canadian explorer has 70.23 million (70.23M) outstanding shares and 62.76M free float traded shares. Its market cap is CA$3.36M. Its 52-week range is CA$0.06-0.27 per share.
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Important Disclosures:
Golden Cariboo Resources Ltd. has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Golden Cariboo Resources Ltd.Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.For additional disclosures, please click here.