Golden Cariboo Finalizes Q2 Drilling at Quesnelle Gold Quartz Mine, Expands Maiden Mineral Resource Estimate Dataset

Q2 Diamond Drilling Program Completed at Halo Zone

On July 22, 2026, Golden Cariboo Resources Ltd. announced the completion of five diamond drill holes at the Quesnelle Gold Quartz Mine property in central British Columbia. The drill holes, numbered QGQ26-30 through QGQ26-34, targeted high-priority structural features adjacent to the established Halo zone. This drilling phase represents the second quarter of the company’s ongoing exploration on the 94,899-hectare property, located 4 kilometres northeast of Hixon within a favorable geological corridor.

The drill holes varied in depth, with QGQ26-34 reaching 540 metres and QGQ26-31 extending to 122.3 metres. Each was drilled at specific azimuths and inclinations to systematically test the mineralized zone’s structural geometry. Notably, hole QGQ26-30 targeted the western contact of the Halo zone at 401 metres depth, providing valuable data on the lateral extent and continuity of mineralization in this critical area.

Incorporation of QGQ26-30 into Maiden Mineral Resource Estimate

Golden Cariboo disclosed that drill hole QGQ26-30 will be included in its upcoming maiden Mineral Resource Estimate. This integration significantly expands the study’s scope, as property-wide data validation identified the opportunity to add up to 9 historical drill holes to the resource calculation. Consequently, the MRE database now encompasses these historical holes along with the company’s first 30 surface diamond drill holes, greatly enhancing the resource assessment’s data foundation.

President and CEO Frank Callaghan described the addition of QGQ26-30 as "a pivotal addition that directly enhances the scale and confidence of our geological model." The combined use of new and historical data reflects a rigorous resource estimation approach leveraging all available geological information across the property. This expanded dataset is expected to yield a more comprehensive and confident delineation of the mineralized system’s footprint.

Ongoing Assay Program and Sample Analysis

Core logging and sampling from the completed drill holes are underway, with MSALabs in Prince George conducting assays continuously. While no specific timeline for assay results release was provided, the use of an independent external laboratory ensures data quality and credibility for resource estimation.

Receiving assay results progressively allows Golden Cariboo to initiate preliminary geological interpretations concurrently with ongoing drilling and analysis. This continuous feedback loop supports informed drilling decisions and refinement of exploration strategy. President and CEO Callaghan stated, "With assays actively progressing at MSALabs, we continue to define the true footprint of this system while maintaining cost effective, year round drilling."

Drill Hole Locations and Technical Details

The five drill holes were strategically positioned to enhance understanding of the mineralized corridor at the Quesnelle Gold Quartz Mine. Drill hole QGQ26-30 was collared at easting 531404, northing 5922719, with an azimuth of 270 degrees and inclination of -54 degrees, reaching 401 metres depth. Hole QGQ26-31 was drilled from easting 531391, northing 5922773, to 122.3 metres depth at -53 degrees inclination.

Holes QGQ26-32, QGQ26-33, and QGQ26-34 followed similar systematic drilling patterns to test the Halo zone’s lateral and vertical extent and to step out toward the Main zone. Hole QGQ26-34, targeting structural features further northeast, reached 540 metres, making it one of the deepest in the campaign. The geographic distribution and varied inclinations reflect a methodical approach to building a three-dimensional understanding of the mineralized system.

Exploration Advancing Toward the Main Zone

The latest drilling campaign successfully stepped out to test structural contacts and the corridor extending toward the Main zone, the historically developed portion of the Quesnelle Quartz gold-silver deposit. Discovered in 1865, the Main zone covers approximately 150 by 150 metres (less than 6 acres) across Hixon Creek. Golden Cariboo’s current strategy aims to demonstrate lateral continuity of mineralization from the Halo zone toward the Main zone, potentially establishing a larger mineralized corridor.

This stepping-out approach aligns with standard exploration practices for vein and fault-hosted gold deposits, testing mineralization along regional structural trends adjacent to the Spanish and Eureka thrust faults.

Geological Context and Regional Comparisons

The Quesnelle Gold Quartz Mine property lies along a 90-kilometre trend from the Cariboo Hudson mine to the north. Over 101 placer gold creeks along this trend have historically recorded gold production, with placer mining ongoing today. This extensive placer mining history indicates a large-scale gold source in the region, which Golden Cariboo targets through lode-based exploration.

The company’s geological model highlights strong similarities between the Quesnelle property and the Spanish Mountain gold deposit, located 120 km southeast along the same trend. Spanish Mountain is a sediment-hosted vein (SHV) deposit within the epizonal orogenic subclass, which includes world-class deposits like Muruntau in Uzbekistan and Bendigo in Australia. This comparison suggests potential for significant precious metals mineralization at Golden Cariboo’s property.

Data Validation and Maiden Resource Estimate Outlook

Through a comprehensive property-wide data validation process, Golden Cariboo identified and incorporated underutilized historical drill data into the upcoming mineral resource estimate. This thorough review ensures all relevant geological data informs the resource definition. While no specific release date for the maiden MRE was provided, the expanded dataset—from 30 new holes to include 9 historical holes—substantially increases data density, supporting a more robust and confident resource estimate.

Qualified Person Review and Technical Assurance

Technical information in the announcement was reviewed and approved by Gordon Gibson, an independent consultant and Professional Geoscientist (P.Geo.) registered with the Association of Professional Engineers and Geoscientists of British Columbia (APEGBC). Gibson is qualified as a "Qualified Person" under National Instrument 43-101 of the Canadian Securities Administrators.

Engagement of an independent qualified geoscientist ensures exploration results and interpretations meet professional and regulatory standards, providing investor confidence. The use of an external consultant adds objectivity to technical assessments.

Cost-Effective, Year-Round Drilling Operations

President and CEO Frank Callaghan emphasized the company’s commitment to "maintaining cost effective, year round drilling" at the Quesnelle property. This approach enables continuous exploration activity beyond traditional seasonal constraints, facilitating steady data collection and project advancement. Maintaining operational efficiency is critical for exploration-stage companies, and steady drilling supports consistent progress toward resource development. No specific exploration budgets or spending guidance for 2026 or beyond were disclosed.

Property Location and Regional Significance

The Quesnelle Gold Quartz Mine property borders Osisko Development (NSE:ODV/TSXV:ODV) and partially overlaps with the Osisko-operated Cariboo Gold Project at the northern end. Proximity to a major gold exploration company and shared geological trends may enhance the relevance of Golden Cariboo’s exploration results, as Osisko’s successes could validate the regional geological model. The property is accessible by road from Hixon, central British Columbia, supporting logistical efficiency.

Spanning 94,899 hectares, the property offers substantial exploration upside with multiple drilling and development targets within a contiguous land package along a favorable geological corridor, representing a significant asset for a junior exploration company.