Caribou King Begins Large-Scale Exploration Program at Buckingham
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 10, 2015) - Caribou King Resources Ltd. ("Caribou" or the "Company") (TSX VENTURE:CKR)(FRANKFURT:CB8)(OTCBB:CBULF) announces the commencement of a large-scale exploration program at its 100%-owned Buckingham Property in southern Quebec.
The two-phase exploration program will consist of a ground-based electromagnetic (EM) survey covering approximately 75% of the property (Phase 1), followed by a detailed mapping and sampling campaign across the entire property (Phase 2). The overall goal of this program is to capture sufficient data in order to plan an efficient drilling campaign.
The first lines of the EM survey have already been completed and Phase 1 of the program is expected to be completed within five weeks.
Phase 1: Ground-Based Electromagnetic Survey
The EM survey consists of twenty-nine 100-metre spaced, NW-SE oriented lines across the majority of the property, with additional, 50-metre spaced lines surveyed across the high-potential target zones: the Uncle Zone and Case Zone. Readings will be taken every 25 metres.
Denser coverage across the higher potential zones will assist Caribou's geological team in defining the extent of previously observed mineralization, while the wider-spaced lines will serve to rapidly cover more area and identify any other conductors on the property.
Phase 2: Detailed Mapping and Sampling Campaign
Upon completion of the EM survey, Caribou's geological team will commence a detailed sampling and mapping campaign, covering the entire property. Assays and structural measurements taken during this phase will provide a better understanding of the extent and continuity of mineralization on the property.
The resultant data from both campaigns will be used by the company's geological team to synthesize a conceptual geological model of the property, which will in turn be used to design a potential drilling campaign.
Mike England, CEO and director, states, "We are excited going forward as we begin our exploration program at Buckingham. Our approach has been well-calculated by our technical team to be both efficient and expedient. Pending results of the current program, we expect to have a drilling program planned by November 2015."
Please see: http://www.caribouking.com/index.php?page=buckingham for maps and more information.
The technical contents of this release were approved by Mr. Case Lewis, P.Geo., a Qualified Person as defined by National Instrument 43-101.
About the Buckingham Property
The 100%-owned Buckingham Graphite Property is located 7 kilometres northwest of the town of Buckingham, Quebec, Canada and consists of eight claim blocks totaling 480 hectares. Well-maintained bush roads provide easy access to the property. Assays from the property have yielded values as high as 81.1% with purities of over 99.2% Ct (total carbon) obtained from basic flotation, without the use of chemical beneficiation methods such as acid leach or alkaline roast (CKR NR Apr 20, 2015 & Nov 14, 2013). The Buckingham Property lies within the Central Metasedimentary Belt of the Grenville Geologic Province with graphite occurring in veins and masses within pegmatite, diopside skarn, marble and gneiss.
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).
