Vancouver, BC, July 22, 2016 – Cariboo Rose Resources Ltd. (TSX-V: CRB) (“Cariboo Rose”) has initiated the 2016 exploration program on its 100% owned Canadian Creek Gold project located in the Yukon Territory.
Cariboo Rose’s Canadian Creek Project is located 150 km south of Dawson City and borders, to the south of, Goldcorp Inc.’s ( G , NASDAQ: GG) Coffee Gold property. Goldcorp recently acquired the property by purchasing Kaminak Gold Corp. Adjoining Canadian Creek’s eastern claim boundary is the large tonnage Casino copper-gold-molybdenum porphyry deposit owned by Western Copper and Gold Corp. (TSX: WRN).
A crew is currently opening up the camp and will begin the program immediately. The program is budgeted at $225,000 and will comprise extensive excavator trenching in large multi-element (Au, As, Sb) soil geochemical anomalies that extend over an area of approximately 10 km by 3 km. Previous work has shown that this area hosts gold mineralization similar to the Coffee property and this year’s work will follow up on those earlier discoveries as well as testing a large number of unexplored geochemical trends. The objective of the program is to better define the controls on existing occurrences and evaluate as much of the target area as possible for its discovery potential in order to plan a much larger second phase program.
The Canadian Creek property, approximately 10 km by 6.5 km in size, hosts structurally localized gold-bearing zones in the northern half of the property similar in style to Goldcorp’s Coffee deposit and porphyry copper-gold-molybdenum mineralization similar to Western Copper and Gold’s Casino deposit on the southern half.
Cariboo Rose and its predecessor companies have spent in excess of $4.5 million on the project since the first claims were acquired in 1993. Highlights of early work included 55 m grading 0.72 g/t gold in hole 94-319 and 140 m grading 0.31 g/t gold in hole 07-04. In more recent times reconnaissance drilling along gold-arsenic targets located further to the north towards the Goldcorp owned Coffee property confirmed the occurrence of gold mineralization with intersections including 1.09 g/t Au over 3.0 m and 3.46 g/t Au over 1.5 m. Further soil sampling completed in 2009 led to the discovery of additional gold and arsenic-in-soil anomalies that align along prospective structural trends. The most recent program, completed in 2011 at a cost of $1.5 million, consisted of extensive soil geochemical and magnetometer surveying with 5,589 soil samples collected, excavator trenching, and select induced polarization (IP) surveying. Several trenches cut gold mineralization with gold values up to 4,400 ppb.
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.
Glen Garratt, P.Geo.
VP, Director
Cariboo Rose Resources Ltd.
Contact:
Paul Way, Business Development Manager
Phone: (604) 681-7913, Toll Free: 888-656-6611; email: pway@eastfieldgroup.com
About Cariboo Rose Resources Limited
Cariboo Rose Resources is a well-funded prospect generating mineral exploration company with six precious and base metal exploration projects in BC and the Yukon. 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.