In 2016, Cariboo Rose proposes to focus its exploration effort on the Canadian Creek Project located 150 km south of Dawson City in the Yukon. The Canadian Creek property borders Kaminak Gold Corporation’s (TSX-V: KAM) Coffee Gold property immediately south of the recently discovered Sugar Zone. On its eastern claim boundary the property is bordered by the large tonnage Casino copper-gold-molybdenum porphyry deposit owned by Western Copper and Gold Corp. (TSX: WRN).
The Canadian Creek property, approximately 11 km by 6.5 km in size, hosts structurally localized gold-bearing zones similar in style to Kaminak Gold’s Coffee gold veins in its northern half and porphyry copper-gold-molybdenum mineralization similar to Western Copper and Gold’s Casino deposit on the southern half. A Five-Year Class 3 Exploration Permit was recently issued by the Yukon Government to Cariboo Rose for authorization to perform mechanical trenching and extensive drilling over this time period.
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. The most recent program, completed in 2011 at a cost of $1.5 million, consisted of extensive soil geochemical and magnetometer surveying with more than 5,000 soil samples collected, excavator trenching, and select induced polarization surveying. This year’s program will focus on upgrading the targets, many of which are similar in character to Kaminak Gold’s Coffee occurrences.
In addition to its primary focus on the Canadian Creek Project the company will continue its reconnaissance gold exploration for carbonate and structurally-hosted gold in the southern Cariboo region of BC where favourable targets are beginning to develop. Cariboo Rose continues to hold a 100% interest in the Carruthers Pass massive sulphide base metal project in northern BC, the Pat porphyry copper-gold project contiguous with Consolidated Woodjam Copper’s (TSX: WCC) Woodjam project in south-central BC, and a 35% interest in the Cowtrail Project also contiguous with the Woodjam project.
Cariboo Rose remains financially healthy with approximately $375,000 in cash and cash equivalents.
Bill Morton, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
J.W. (Bill) Morton, P.Geo.
President and CEO
Cariboo Rose Resources Ltd.
Paul Way, Business Development Manager
Phone: (604) 681-7913, Toll Free: 888-656-6611; email: email@example.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.