Source: Streetwise Reports 11/07/2024

Drilling and field operations at Golden Cariboo Resources Ltd.'s (GCC:CSE; GCCFF:OTC; A0RLEP:WKN; 3TZ:FSE) past-producing Quesnelle project in British Columbia's Cariboo Gold District continue to find the yellow metal throughout the project, from visible gold in drill cores to mineralization in outcrop samples. One mining analyst says it's a good indication of the mine's potential.

Drilling and field operations at Golden Cariboo Resources Ltd.'s (GCC:CSE; GCCFF:OTC; A0RLEP:WKN; 3TZ:FSE) past-producing Quesnelle project in British Columbia's Cariboo Gold District continue to find the yellow metal throughout the project, from visible gold in drill cores to mineralization in outcrop samples.

President and Chief Executive Officer Frank Callaghan told Streetwise Reports that despite the high level of experience on his team, several geologists had never seen visible gold before, and their first views of it were "priceless."

"It was on the outside of this piece of core," Callaghan said. "And then the core had split … and there was more gold on the inside of it, as well."

Callaghan said he's drilled "hundreds and hundreds" of holes, but he "can count on my hands how many times I've seen it (visible gold)."

He said the company is seeing the gold in "every drill hole," so they keep moving forward chasing the deposit and working at the site 24 hours a day.

And according to Callaghan, the structure of the mineralization is "thickening up" as they drill. The technical team has also recognized multiple types of quartz veins that can contain gold, a common feature in large gold deposits of similar nature.

Last month, the company announced it was even forced to stop drilling in a vein zone at the property due to proximity to Osisko Development Corp.'s nearby mineral claims. Drill hole QGQ24-17 was terminated at a depth of 477.32 meters, and the "only thing that stopped us from drilling further was the claim boundary with Osisko," Callaghan said at the time.

On Tuesday, the company announced rock sample results from its 2024 field campaign, which found up to 8.47 grams per tonne gold (g/t Au) in one outcrop in the Halo zone and 1.13 g/t Au in another outcrop near the Pioneer showing.

"Although there is a lot of glacial cover on this project, our geologists still managed to find new gold-bearing outcrops in areas of great significance," Callaghan said in a release announcing the results. "We have now expanded the surface footprint of gold mineralization at the Halo zone to the northeast and increased the strike length of our gold trend. We're in a very large gold system that is being demonstrated by multiple, varied work programs."

Drilling 'Nonstop' and 'Underbudget'

Golden Cariboo, a Canadian explorer-developer, is targeting a potential multimillion-ounce gold resource at the 3,814-hectare Quesnelle project, where gold, silver, lead and zinc were produced historically, according to its Investor Presentation.

The company's neighbors in the mining district include Osisko's Cariboo Gold Project, Spanish Mountain Gold Ltd. (SPA:TSX.V) (Spanish Mountain deposit), Omineca Mining and Metals Ltd. (OMM:TSX.V; OMMSF:OTCMKTS) (Wingdam mine) and Taseko Mines Ltd. (TKO:TSX; TGB:NYSE.MKT) (Gibraltar mine).

Callaghan began rediscovering the Cariboo Camp in the mid-1990s as Barkerville Gold Mines Ltd. He and his then team discovered a gold deposit at Bonanza Ledge and advanced the project to production. He also assembled and developed the Cariboo Gold Project. Ultimately, Osisko Royalties acquired Barkerville and the assets in 2015 for US$338M. Osisko is about to restart mining operations in the camp.

Subsequently, in 2019, Callaghan acquired the Quesnelle Gold Quartz project, where he aims to repeat his previous successes, given the property's geology is similar to that of the other two projects.

Previously, the company reported observing multiple instances of visible gold in several holes earlier this fall and summer.

"Visible gold in current drilling indicates potential for high-grade assays from mineralized targets," Couloir Capital Senior Mining Analyst Ron Wortel wrote in a recent research report.

Given that Golden Cariboo is continuing its exploration program at Quesnelle throughout 2024, near-term catalysts include drill and assay results demonstrating significant grades or widths and better-defined mineralization controls and trends, according to Wortel.

Callaghan told Streetwise Reports that drilling continues to be "nonstop" and underbudget."

External catalysts include market transactions in the junior mining space involving projects or companies in the Cariboo region. Reports by Osisko Development of project advancements or production results relative to adjacent land also could boost Golden Cariboo's stock price.

The Catalyst: Index Also Confirms Bull Run for Junior Stocks

Experts agreed gold is in a bull market and expect it to go higher. However, after hitting a record high of US$2,790.15 per ounce last week, spot gold was down more than 3% to a three-week low on Wednesday morning as investors moved to the U.S. dollar after Donald Trump's election as U.S. president on Tuesday, Reuters reported.

Market participants are also looking ahead to the Federal Reserve's interest rate decision on Thursday for further clues on the bank's easing cycle, Reuters said.

"A clear presidential victory when the market has been pricing in a contested result, removal of an element of risk, Trump-trades include the dollar's strengthening this morning and the combination of the two has brought gold lower," StoneX analyst Rhona O'Connell said, according to Reuters.

Gold's rise has "resulted in big returns for the investors who bought in earlier this year," Angelica Leicht reported for CBS News last month. "For example, the investors who purchased gold in March when it hit US$2,160 per ounce have seen their gold values increase by nearly 27% in the time since. That's a huge uptick in value in a matter of months, especially on an asset that's known more for long-term growth."

Recently polled London Bullion Market Association members indicated they believe the gold price could reach US$2,940/oz during 2025, reported Stockhead on Oct. 28.[OWNERSHIP_CHART-11131]

"Combined with expectations of lower global interest rates, this further enhances gold's attractiveness as an investment," the article noted.

As for gold equities, the S&P/TSX Venture Composite Index (SPCDNX) confirmed a bull run for junior, intermediate, and senior mining stocks when it closed above 1,000 recently, Stewart Thomson with 321Gold wrote. The index is a key indicator of the health of the general gold, silver, and mining stocks market.

Ownership and Share Structure

According to Golden Cariboo, management and insiders own 30% of Golden Cariboo Resources. President and CEO Frank Callaghan owns 16.45% or 6.93 million shares; Elaine Callaghan has 0.97% or 0.41 million shares; Director Andrew Rees has 0.79% or 0.33 million shares; and Director Laurence Smoliak has 0.3% or 0.13 million shares.

Retail investors hold the remaining. There are no institutional investors.

The company said it has 50.3 million shares outstanding, 24.83 million warrants, and 3.8 million options.

Its market cap is CA$9.63 million. Over the past 52 weeks, Golden Cariboo has traded between CA$0.08 and CA$0.36 per share.

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Important Disclosures:

1. Omineca Mining and Metals Ltd. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
2. 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.
3. 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. and Omineca Mining and Metals Ltd.
4. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
5. 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.

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( Companies Mentioned: GCC:CSE; GCCFF:OTC; A0RLEP:WKN;3TZ:FSE, )

The Biden administration is opening the West Coast to offshore wind. Companies have largely focused on the East Coast, like this wind farm off Block Island, Rhode Island.; Credit: Don Emmert/AFP via Getty Images

Lauren Sommer | NPR

Updated May 25, 2021 at 2:56 PM ET

The Biden administration plans to open the California coast to offshore wind development, ending a long-running stalemate with the Department of Defense that has been the biggest barrier to building wind power along the Pacific Coast.

The move adds momentum to the administration's goal of reaching 100% carbon-free electricity by 2035, coming just weeks after the country's first large-scale offshore wind farm was approved off the coast of New England. Today, the country has just a handful of offshore wind turbines in the Atlantic Ocean, with around a dozen wind farms being developed in federal waters off the East Coast.

"It's an announcement that will set the stage for the long term development of clean energy and the growth of a brand new made-in-America industry," says national climate adviser Gina McCarthy. "Now we're thinking big and thinking bold."

The agreement identifies two sites off Central and Northern California with the potential to install massive floating wind turbines that could produce 4.6 gigawatts of electricity, enough to power 1.6 million homes.

Interest in offshore wind on the West Coast has grown for years, especially with California's own ambitious goal to cut greenhouse gas emissions. The deep waters off the coast have the potential to produce a significant amount of energy.

But the Defense Department has largely objected to the idea, since the Navy and Air Force use the area for training and testing operations. In response to the growing interest, the Navy released a map in 2017 putting large swaths of California waters off limits.

In 2018, the federal Bureau of Ocean Energy Management solicited interest from wind developers. But negotiations with the Department of Defense have been slow going ever since, effectively blocking wind development off California.

Tuesday's announcement outlines a compromise for a 399-square-mile area off Morro Bay, a site that's appealing to renewable energy companies because of existing transmission lines nearby that once service a retired power plant. It also identifies a location off Humboldt County in Northern California.

"It's our view that the world faces a grave and growing climate crisis," says Dr. Colin Kahl, undersecretary of defense for policy. "Climate change is both a threat to the Department of Defense's operations around the world and an existential challenge to our ability to maintain resilience here at home."

Another key site, just offshore from the Diablo Canyon nuclear power plant, was not included in Tuesday's deal. California's last-remaining nuclear plant is scheduled to completely close by 2025, freeing up more potential transmission lines for offshore wind.

The Biden administration has set a goal of jump-starting the country's offshore wind sector with 30 gigawatts of projects by 2030. Those wind farms will foster tens of thousands of jobs, according to the White House, between renewable energy installers, manufacturers and steelworkers.

"This is a major breakthrough — a major advancement that will allow California to start planning for its carbon-free electricity goals with offshore wind firmly in the picture," says Nancy Rader of the California Wind Energy Association, who also pointed to the challenges. "Offshore wind development off the coast at Morro Bay and Humboldt will require a major port facility in each area to construct the floating platforms and assemble the turbines that will require continued proactive planning by the state and federal governments."

Still, the areas identified in the agreement may not be enough for hitting the administration's clean electricity goal, as well as California's. The state is planning to get 100% of its electricity from zero-emission sources by 2045. To reach that, renewable energy needs to triple statewide with offshore wind playing a key role, reaching 10 GW, according to a recent state analysis. Tuesday's deal could provide just half of that.

A potential lease auction for the offshore wind sites could be held in mid-2022. But the projects will still have to negotiate concerns about the potential impacts on California's fishing industry and shipping channels, as well as any environmental concerns about sensitive ecosystems.

"Far too many questions remain unanswered regarding potential impacts to marine life which is dependent on a healthy ecosystem," says Mike Conroy of the Pacific Coast Federation of Fishermen's Associations. "The fishing industry has been told these areas work best for offshore wind developers; but no one has asked us what areas would work best for us."

Copyright 2021 NPR. To see more, visit https://www.npr.org.

This content is from Southern California Public Radio. View the original story at SCPR.org.

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