Cariboo Rose Resource's CEO Reviews the Company
Vancouver, Jan. 5, 2024 - Cariboo Rose Resources Ltd. "Cariboo Rose" (TSXV:CRB) is pleased to review the assets of the company which consist of seven mineral properties located in British Columbia plus cash and marketable securities currently valued at approximately $400,000. The company has no debt and has never been consolidated. Cariboo Rose operates on a model where option agreements with other companies derive both income and exploration leverage. A summary of projects effective the beginning of 2024 follows.
Lightning Strike: A 100% owned shale hosted gold silver project modelled on the Spanish Mountain Gold Project located in similar rocks 95 kilometers to the northwest owned by Spanish Mountain Gold Ltd. (TSX-V: SPA) and the FG Gold Project located 35 kilometers to the north. Shale hosted orogenic gold deposits are one of the most attractive models for large gold deposits in the world and include the giant Murantau and Sukoy Log deposits in Russia. Seven historic drill holes on the Lightning Strike claims include intercepts of 3.42 g/t gold and 228.1 g/t silver over 5.0 meters, 0.77 g/t gold over 20.0 meters and 19.30 g/t gold over 1.5 meters. Reverse circulation (RC) drill holes completed in 2021 by Cariboo Rose included results of 0.62 g/t gold and 7.2 g/t silver over 38.0 meters including 1.43 g/t gold and 16.3 g/t silver over 10.6 meters and 0.54 g/t gold and 14.8 g/t silver over 19.8 meters.
Carruthers Pass: 100% owned subject to an option with Vizsla Copper Corp. (TSX-V: VSU) who may earn a 60% interest in the project by making payments of $650,000 and completing $3,000,000 in exploration By February 17, 2026. Sediment hosted massive sulfide mineralization was discovered at Carruthers Pass by Freeport McMoRan Copper and Gold in 1997 and in 2003 a 100% interest in the project was sold to Cariboo Rose (earn-in completed in 2012 subject to a 21/2% royalty to Franco-Nevada Corporation). The property is located in northern BC south of the Kemess copper-gold mine Most significant to the project is a mineralized slab of rock weighing several thousand tons protruding from talus with a drill intercept of 3.1 meters grading 6.2% copper, 5.8% zinc, 2.37 g/t gold and 192.0 g/t silver Numerous untested geochemical and geophysical targets remain. The project is fully permitted. A VTEM airborne geophysical survey and four diamond drill holes were completed by Vizsla Copper in 2022 at a cost of approximately $2.0 million.
Coquigold: A 100% owned, epithermal gold and silver project located in southern BC 10 kilometers north of Shovelnose Mountain (Westhaven Gold Corp.). Central to Coquigold is an area where in 2008 the BC Geological Survey identified quartz sinter and several areas of chalcedonic volcanic and intrusive breccia, bedrock sampling by Cariboo Rose returned up to 43.1 g/t silver, 559 ppm arsenic, 13,400 ppb mercury and 101ppm antimony. In Dec. 2021 an option to earn a 70% interest was granted to CMP Minerals Inc. who must make option payments totaling $500,000 cash (and shares); issue 200,000 common shares and incur $2,000,000 in exploration expenditures, over a four-year period. In May, 2022 453 soil samples were collected on new claims and in December, 2022 a helicopter-borne magnetic gradient, radiometric, and VLF-EM survey was completed followed by a 3-hole diamond drill program which tested the Red Vein occurrence without success. Soil sampling completed in 2022 identified four new epithermal targets based on anomalous concentrations of arsenic, antimony, silver and lead including the XYZ target with 5 contiguous soil samples averaging 102 ppm As.
Cowtrail: A 100% owned porphyry copper gold project located in southcentral BC contiguous with the Woodjam copper-gold porphyry project owned by Vizsla Copper Corp. Reconnaissance drill testing of extensive induced polarization anomalies (vintage 1997, 2004 and 2006) define a vector of mineralization trending to the west beyond the area drilled. Significant drill intercepts include 1.16 g/t gold over 18.3m and 0.17% copper and 0.11
g/t gold over 40.0m. An untested soil gold arsenic anomaly with coincident strong IP is located a further 2km to the west. The project was optioned to BRS Resources Ltd in November 2022 who may earn a 60% interest over a four-year term by making payments totaling $400,000 and completing $2,000,000 in exploration. The project is fully permitted. A diamond drill program started in May 2023.
CHG (Carbonate Hosted Gold): 100% owned subject to an option with Basin Uranium Corp. (CSE: NCLR) who may earn a 60% interest by making payments of $300,000 and completing $1,500,000 in exploration by Nov, 2025 and thereafter an additional 10% interest by completing a bankable feasibility study within 24 months. CHG is located in southern BC near the community of Clinton. CHG is drained to the east by three creeks with very strong gold silt anomalies in a predominantly limestone terrane. A VTEM airborne geophysical survey was completed in 2021 and indicates a number of resistivity and magnetic anomalies. Basin Uranium recently completed a seven-hole (depths of 43m to 64m) reverse circulation drill program with none of the holes penetrating through the gravelly overburden. Cariboo Rose has been advised by Basin Uranium that another attempt will be made in the first quarter of 2024 using a diamond drill rig.
Koster Dam: The project, 55% owned by Cariboo Rose and 45% by Discovery Lithium Corp., is located in southern BC with the property boundary being three kilometers north of the former producing Blackdome Gold Mine (in production from 1986 to 1991 during which time it produced 225,000 ounces of gold and 547,000 ounces of silver). The target at Koster Dam is volcanic hosted gold influenced by the Fraser River Fault system. Recent programs have located areas of greater than 1.0 gram/t gold in rubble, greater than 3.0 g/t gold in silt and chalcedonic quartz in outcrop. A Triaxial magnetic survey and a LiDAR Survey were completed in 2021. First review indicates a number of linear features in the general vicinity of anomalous rubble, soil and silt result (gold, silver and arsenic). A modest prospecting program completed in 2023 identified two areas with gold mineralized float returning assays to 2.6 g/t gold.
Pat: A 100% owned porphyry copper-gold project located in southcentral BC (staked by Cariboo Rose in 2004). It is contiguous with the Woodjam copper-gold porphyry project owned by Vizsla Copper Corp. covering a very strong unexplained magnetic airborne anomaly in prospective Nicola Group volcanic rocks.
J.W. (Bill) Morton P. Geo, CEO of Cariboo Rose Resources Ltd., within the context of the requirements of NI-43-101, is the qualified person who takes full responsibility for this news release.
Bill Morton
J.W. (Bill), P.Geo.
President
Contact:
Phone: (604) 681-7913, Toll Free: 888-656-6611; website at http://www.cariboorose.com.
email: info@eastfieldgroup.com
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