Cariboo Rose Announces the Return of the Canadian Creek Property, Yukon; Commences British Columbia Exploration
(via Thenewswire.ca)
Vancouver, BC, July 11, 2013 -
Cariboo Rose Resources Ltd. (TSX-V: CRB) ("Cariboo Rose") is
pleased to announce that it is assuming the operatorship and a 100%
interest in the Canadian Creek Property, Yukon Territory from Coastal
Gold Corp. (TSX-V: COD)
("Coastal Gold", formerly Castillian Resources
Corp.).
The Canadian Creek property is located in the Yukon
Territory approximately 160 kilometres south of Dawson City. 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 & Gold Corp. (TSX: WRN).
The property encompasses 320 claims covering
6,180 hectares and is prospective for both copper-gold porphyry
mineralization (Casino style) and lode gold mineralization (Kaminak
style).
The terms of the acquisition include a $30,000 cash payment and the
assumption of certain unpaid contractor liabilities. Coastal Gold
acquired an option to earn a 60% interest in the Canadian Creek
property in 2010 by way of an assignment of a 2009 agreement between
Cariboo Rose and Alder Resources Ltd. for terms which included
$250,000 in payments, the issuance of 150,000 shares plus an
additional share issuance equal to $30,000 value and the completion of
$2,500,000 in exploration. The final $100,000 option payment and final
share issuance ($30,000 equivalent) were not completed.
Cariboo Rose has also commenced exploration on the Koster Dam property
in partnership with Badger Minerals Ltd., a private corporation. The
Koster Dam project is a joint venture (70% owned by Cariboo Rose and
30% by Badger Minerals) located immediately southwest of the Gang
Ranch and approximately 18 kilometres north of the former producing
Blackdome gold-silver mine (80 kilometres southwest of the City of
Williams Lake) in BC. Koster Dam is road accessible and located in a
semi-arid landscape at an average elevation of 1,200 metres. The
exploration program is covering an area of high gold (in heavy mineral
concentrates) outlined in the late nineteen eighties.
The Koster Dam property was staked by Cariboo Rose following a review
of an unpublished report completed in the mid 1980's during active
mining at Blackdome. Heavy mineral samples from several small
drainages within the area of the claims returned very high gold values
with some exceeding 10 g/t Au. A subsequent search of assessment
records indicates that part of the current claims was staked a few
years later and re-sampled confirming the initial results with heavy
mineral sample results of up to 20 g/t Au being obtained. The
assessment report indicates that only four rock samples were collected
and it appears that follow-up was minimal.
Cariboo Rose has 28,516,577 shares issued and approximately $900,000
in cash
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.
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 prospect generating mineral exploration
company with six gold, copper and molybdenum exploration projects in
BC and the Yukon. Properties 100% owned include the Canadian Creek
copper-gold property located in the White Gold District of the Yukon,
the Monte Christo gold-copper project in the Cariboo Region of
south-central BC and the Pat gold-copper property in the Cariboo
region of south-central BC. Joint Venture projects include the 35%
owned Cowtrail gold-copper property located in the Cariboo region of
south-central BC and the 70% owned Koster Dam gold project in
south-central BC. Projects optioned out include the Carruthers Pass
copper-zinc-silver property in north-central BC. 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.
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