Cantharellus cibarius, commonly known as the chanterelle, is a mycelial mushroom. Meaning, the mushroom you see above ground is the "fruit" and the actual plant is intertwined threads that grow with the roots of trees and bushes. Contrary to popular thought, they do not get bigger if you wait another day. They grow overnight and the size they are when they come out of the ground is the size they will be. They are very tasty - don't let those store bought mushrooms taint your palette. These morsels are wonderful simply sauteed with butter (or olive oil), salt and pepper. They can be orange or yellow (or white in Oregon). They have a fruity smell, reminiscent of apricots and a mildly peppery taste (hence its German name "Pfifferling"), and are considered an excellent edible mushroom. Chanterelles are relatively high in Vitamin C, very high in Potassium, and are among the richest sources of Vitamin D known. But don't get zealous when finding and collecting a large batch, and eat them several days in a row. All wild mushrooms have toxins - the chanterelle (and all edible wild mushrooms) is a toxin level 1 or below. So if you eat them in excess, you'll get a sore tummy and some [ahem] bathroom issues.
Chanterelle gathering is a fun activity in itself, but when added with geocaching - well - it makes for a perfect day!
Certainly geocache to your heart's content. But if you don't know how to correctly identify chanterelles or any other edible mushroom - leave them be.