(TheNewswire)
Vancouver, BC – TheNewswire - Dec ember 8 , 2022 - Cariboo Rose Resources Ltd. (“CaribooRose”) ( TSXV: CRB ) has begundiamond drilling at its Coquigold epithermal gold-silver projectlocated approximately 15 kilometers south of the community of Merritt,BC. Central to Coquigold is an area where in 2008 the BC GeologicalSurvey identified and sampled quartz sinter and several areas ofsilicified (chalcedonic) volcanic and intrusive breccia, bedrocksampling in 2019 by Cariboo Rose confirmed an epithermal mineralizingevent with bedrock samples returning up to 43.1 grams per tonnesilver, 559 ppm arsenic, 13,400 ppb mercury and 101 ppm antimony. TheCoquigold claim block, composed of 15 contiguous claims, covers 2,660hectares with its southern boundary approximately 3 kilometers northof Shovelnose Mountain Property where Westhaven Gold Corp is currentlyexploring the Shovelnose epithermal gold discovery.
Fieldwork at Coquigold started in May, 2022 with 453 soil samplescollected on new claims staked in January of this year. This work wasfollowed with a recently completed helicopter borne magnetic,radiometric and VLF-EM survey flown by Precision GeoSuveys of Langley,BC (490 line kilometers flown). Diamond drilling was initiated Dec 2with 3 or 4 holes planned. The drill program is taking advantage ofthe availability of a drill contractor to complete the work beforesnow depth becomes problematic. Core will be stored until it can belogged and sampled in the New Year.
Coquigold is subject to a December 2021 option agreement with CMPMinerals Inc. (a private company), who may earn a 70% interest in the project by making option payments totaling $250,000cash; issuing 200,000 common shares; paying an additional $250,000in cash or shares and incurring $2,000,000 in explorationexpenditures, over a period of four years.
J.W. (Bill) Morton P.Geo, within the context of the requirements ofNI-43-101, is the qualified person who takes responsibility for thisnews release.
Bill Morton
J.W. (Bill) Morton, P.Geo., President
Cariboo Rose Resources Ltd.
Contact:
Phone: (604) 681-7913, Toll Free: 888-656-6611; email: info@eastfieldgroup.com
Other Projects:
Lightning Strike, 100% owned shale hosted gold silver project modelled on theSpanish Mountain Gold Project located in similar rocks 95 kilometresto the northwest owned by Spanish Mountain GoldLtd. ( TSX-V: SPA ) and the FG GoldProject located 35 kilometers to the north owned by Karus Gold Corp.Shale hosted orogenic gold deposits are one of the most attractivemodels for large gold deposits in the world and include the giantMurantau and Sukoy Log deposits in Russia. Seven historic drillholes on the Lightning Strike claims include intercepts of 4.54 g/tgold and 60.2 g/t silver over 3.8 meters, 0.77 g/t gold over 20.0meters and 19.30 g/t gold over 1.5 meters. Reverse circulation (RC)drill holes completed by in 2021 by Cariboo Rose included results of 0.62 g/t gold and 7.2 g/tsilver over 38.0 meters including 1.43 g/t gold and 16.3 g/t silver over 10.6meters and 0.54 g/t gold and 14.8 g/t silver over 19.8meters . The project is fully permitted. 11 drillholes (1,500 meters) of drilling was completed in early October(analysis currently in progress).
Carruthers Pass, 100% owned subject to an option with Vizsla Copper Corp.( TSX-V:VSU ) (a spinout from Vizsla Silver completed Sept 30, 2021) whomay earn a 60% interest by making payments of $650,000 and completing$3,000,000 in exploration, sediment hosted massive sulfide discoveredby Freeport McMoRan Copper and Gold in 1997, a 100% interest wasacquired by Cariboo Rose from FMC in 2011, located in northern BCsouth of the Kemess copper-gold mine, most significant to the projectis a mineralized slab of rock weighing several hundred tonnesprotruding from talus with a drill interceptthrough it of 3.1 metersgrading 6.2% copper, 5.8% zinc, 2.37 g/t gold and 192.0 g/tsilver , numerous untested geochemical andgeophysical targets. The project is fully permitted. An airbornegeophysical survey and three diamond drill holes were completed latein 2022 (analytical work is still in progress).
Cowtrail, 100%owned, located in southcentral BC, contiguous with the Woodjamcopper-gold porphyry project owned by Consolidated Woodjam Copper.Reconnaissance drill testing of extensive induced polarizationanomalies (vintage 1997, 2004 and 2006) define a vector ofmineralization trending to the west beyond the area drilled.Significant drill intercepts include 1.16 g/t gold over 18.3m and 0.17% copper and0.11 g/t gold over 40.0m . An untested soil goldarsenic anomaly with coincident strong IP is located a further 2km tothe west. The soil grid at Cowtrail was expanded in 2021 and 2022 with1,066 new samples. The project was recently optioned to BRS ResourcesLtd., currently a private company, who may earn a 60% interest over afour year term by making payments totalling $400,000 and completing$2,000,000 in exploration. The project is fully permitted. A threehole diamond drill program (600 meters) is planned for early in2023.
CHG, 100% ownedsubject 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 andthereafter an additional 10% interest bycompleting a bankable feasibility study within 24 months. CHG islocated in southern BC near the community of Clinton. CHG (short forCarbonate Hosted Gold) is drained to the east by three creeks withvery strong gold silt anomalies in a predominantly limestone terrane.A VTEM airborne geophysical survey was completed by Geotech AirborneSurveys in 2021 and indicates a number of resistivity and magneticanomalies. Basin Uranium recently advised the company that it willcontinue with the option. The project is fully permitted fordrilling.
Koster Dam, 55%owned by Cariboo Rose and 45% by ISM Resources Corp. (private) islocated in southern BC 10 kilometers north of the former producingBlackdome gold mine. Koster Dam is a volcanic hosted gold targetrelated to the Fraser River Fault system. Recent programs have locatedareas of greater than 1.0 gram/t gold in rubble, greater than 3.0 g/tgold in silt and chalcedonic quartz in outcrop. A Triaxial magneticsurvey and a liDar Survey were completed in 2021. Preliminary reviewindicates a number of linear features in the general vicinity ofanomalous rubble, soil and silt results (gold, silver and arsenic). The project is fully permitted for drilling. Tripoint Geoservices ofKelowna has been retained to complete additional geochemical surveyingand prospecting vectoring in from existing anomalous clusters (gold)and linear features indicated in the 2021 airborne survey. A budget of100,000 has been set ($55,000 from Cariboo Rose).
Pat, 100%owned, staked by Cariboo Rose in 2004, located in southcentral BC iscontiguous with the Woodjam copper-gold porphyry project owned byConsolidated Woodjam Copper covers a very strong unexplained magneticairborne anomaly in prospective Nicola Group volcanic rocks.
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release. Readers are advised that thisnews release contains a number of forward looking statements that maynot occur to fruition.
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