Woodjam South: 15,000 m Drilling Program Started on Southeast Zone
Vancouver, BC, March 23, 2011 - Cariboo Rose Resources Ltd. (TSX-V: CRB) “Cariboo Rose” and Fjordland Exploration Inc. (TSX-V: FEX), 40%-60% partners in the Woodjam Joint Venture (“WJV”), report that Gold Fields Limited’s (NYSE: GFI) exploration company (Gold Fields Horsefly Exploration Corporation) “Gold Fields” has forwarded drill results from the initial hole of the 2011 drilling program on the Deerhorn Zone of the Woodjam North gold-copper property. The property is located 45 km east of Williams Lake in south-central British Columbia.
Drill hole DH11-26 intersected 151.5 m grading 0.83g/t gold and 0.21% copper, including 68.8 m grading 1.17g/t gold and 0.35% copper (see table below). DH11-26 also had a 36.7 m unmineralized interval between 210 m and 246.7 m. The hole was collared approximately 230 m south of hole DH10-21 (156.6 m grading 1.14g/t Au and 0.29% Cu from 141.9 m, including 64 m grading 1.92g/t Au and 0.39% Cu from 212 m), with an azimuth of 320 degrees and a dip of -65 degrees. The 2011 drilling program commenced on February 10th and is designed to expand the mineralized zone intersected in hole DH10-21 which was collared approximately 90 m south of hole DH09-03 (89.5 m grading 1.16g/t Au and 0.26% Cu, including 26 m grading 3.25g/t Au and 0.6% Cu).
|Hole ID||From (m)||To (m)||Int. (m)||Au g/t||Cu%||Au Eq g/t|
*Au Equivalent in g/t calculated using US$950/oz gold, US$2.50/lb copper and the formula: ((g/t Au + (%Cu x 22 x Price Cu/lb)) / (Price Au/oz x 0.032151)). Metallurgical recoveries and net smelter returns are not considered.
The mineralized zone, as presently defined, is approximately 300 m in length and a minimum of 100 m in width and is open to the northwest and southeast and down dip/plunge. In addition, a second mineralization trend to the north with approximate dimensions of 700 m in length and 100 m in width was previously indicated by drilling in 2010; no further testing has yet taken place on this trend.
Megabuck East Zone:
On the Megabuck East Zone, located between the Megabuck and Deerhorn zones, three to four drill holes are planned to test magnetic anomalies and coincident induced polarization anomalies.
On the Megabuck Zone, five to six drill holes totaling 2,000 m are planned to provide confirmation on the geometry of the mineralized body and information for preliminary metallurgical studies.
At Woodjam South, drilling commenced on March 16th, the beginning of a 15,000 m drilling program (5,000 m infill, 6,000 m expansion drilling and 4,000 m unallocated) designed to assist with the calculation of an inferred NI 43-101 compliant resource on the Southeast Zone. In addition, a program of reverse circulation drilling will test other targets on the southern part of the Woodjam South property.
This work program outlined above on the Woodjam North and Woodjam South properties is part of the $6 million budget announced by Gold Fields for 2011 (see News Release dated March 2, 2011).
Core samples were analyzed by ALS Laboratory Group, a certified facility in North Vancouver, BC. Glen Garratt, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
About Cariboo Rose Resources Limited
Cariboo Rose Resources Ltd. is a mineral exploration company with six gold, copper and molybdenum exploration projects in British Columbia and the Yukon. The Woodjam North and Woodjam South properties (totaling 56,150 ha) are part of the Woodjam Joint Venture between Cariboo Rose (40%) and Fjordland Exploration Inc. (60%); both properties are now under option to Gold Fields Horsefly Exploration Corporation. Additionally, Cariboo Rose has two other gold-copper exploration projects adjoining the Woodjam Properties, a gold exploration project in the White Gold District of the Yukon, and a copper exploration project south of BC’s Kemess mine. Cariboo Rose trades on the TSX Venture exchange under the symbol “CRB”. For more information please visit the Company’s website at www.cariboorose.com.
About Gold Fields Limited
Gold Fields is one of the world’s largest unhedged producers of gold with attributable production of 3.5 million ounces per annum from nine operating mines in South Africa, Ghana, Australia and Peru. Gold Fields also has an extensive growth pipeline with both greenfield and near mine exploration projects at various stages of development. Gold Fields has total attributable Mineral Reserves of 78 million ounces and Mineral Resources of 281 million ounces. For more information visit the company’s website at www.goldfields.co.za.
Glen Garratt, P.Geo, Director.
Cariboo Rose Resources Ltd.
Paul Way, Business Development Manager
Phone: (604) 681-7913, Toll Free: 888-656-6611; email: firstname.lastname@example.org
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.