Caribou Signs LOI to Acquire Northern Extension of Buckingham Graphite Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 1, 2015) - Caribou King Resources Ltd. ("Caribou" or the "Company")(TSX VENTURE:CKR) announces it has signed a letter of intent with Cavan Ventures Inc. (TSX VENTURE:CVN) to move towards a potential joint venture for 24 claims attached to the northern boundary of Caribou's Buckingham property. Grab samples on Cavan's have returned values as high as 86.5% Corg with flakes over 5mm in diameter (see CVN press release dated July 8, 2014).
Cavan's Buckingham property consists of 24 claims located in Ranges VIII and IX, Buckingham Township, Quebec and covers an area of 1,682.8 hectares (4,157 acres). Cavan's Buckingham property is 1.7 kilometers north of the historic Walker graphite mine and covers the northern extension of a graphite zone on Caribou's Buckingham property. A helicopter-borne magnetic and time-domain electromagnetic survey confirmed a historic conductor, and further resolved a second parallel conductor to a length of 300 meters (see news release September 24, 2013). Two airborne geophysics programs were performed showing massive anomalies plus six graphite-rich zones in trenches on the claims followed up on these airborne anomalies.
Terms of the definitive agreement will be released pending assay results from a mini bulk sample set to be taken in the coming week.
President Mike England states, "This LOI is a first step for Caribou in our goal to consolidate land in this very rich graphite region."
Isabelle Robillard, P. Geo #287 (an Associate of Inlandsis Consultants s.e.n.c.), an Independent Qualified Person under National Instrument 43-101, has approved the technical information provided in this news release.
About the Buckingham Project
The Buckingham property is currently comprised of eight claim blocks totaling 480 hectares, situated in southwestern Quebec in the Central Metasedimentary Belt of the Grenville Geologic Province. Graphite occurs in veins and within pegmatite, diopside skarn, marble and gneiss. The region is known for its graphite deposits that were mined periodically from 1875 to 1920 and delivered graphite of exceptional quality. Buckingham is situated approximately at the western limit of historic Walker Graphite Mine, which extracted 816 tons of both disseminated flaky graphite and vein-type (lump) graphite. Vein-type graphite is the most valuable with large-size flake graphite having the highest price of the flake types. At the main test pit of Walker Mine, situated some 750 meters east of Buckingham property, disseminated graphite occurred in gneiss, in proportions up to 25% and was described as affording a very high percentage of large flakes (F. Cirkel, 1907, Mining Division of Canada, Ottawa Department of Mines, 306p.). Recent work by the Company has identified beep mat anomalies on the southeastern portion of the property in close proximity to the historic Walker Graphite mine. Similar geology is shared throughout the area and follow-up EM surveys and drilling are planned to test these highly anomalous areas.
About Caribou King Resources
Caribou King Resources Ltd. (TSX VENTURE:CKR) is a publicly-traded, Canadian junior exploration company that holds a portfolio of highly prospective graphite projects. These include: TAC in Quebec with historic drilling including 9.86% Cgf over 46.75 meters; Lac Vert in Quebec with graphite intersections in three historic drill holes; Buckingham that is located 750 meters west of the historic Walker Graphite Mine and Montpellier which is located in Quebec and hosts graphite mineralization in a zone 15 meters wide exposed through historical drilling and trenching over a strike length of 250 meters. Caribou is advancing these projects through multiple active exploration programs now underway.
On Behalf of the Board of Directors
CARIBOU KING RESOURCES LTD.
Michael England, CEO and Director
"Neither 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."
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
