(TheNewswire)
Vancouver – TheNewswire- January 5, 2024 - Cariboo Rose Resources Ltd. “Cariboo Rose”(TSXV:CRB) is pleased to review the assets ofthe company which consist of seven mineral properties located inBritish Columbia plus cash and marketable securities currently valuedat approximately $400,000. The company has no debt and has never beenconsolidated.
Cariboo Rose operates on a model where optionagreements with other companies derive both income and explorationleverage. A summary of projects effective the beginning of 2024follows.
Lightning Strike : A 100% owned shale hosted gold silver project modelled onthe Spanish Mountain Gold Project located in similar rocks 95kilometers to the northwest owned by Spanish Mountain Gold Ltd.(TSX-V: SPA) and the FG Gold Project located 35 kilometers to thenorth. Shale hosted orogenic gold deposits are one of the mostattractive models for large gold deposits in the world and include thegiant Murantau and Sukoy Log deposits in Russia. Seven historicdrill holes on the Lightning Strike claims include intercepts of 3.42g/t gold and 228.1 g/t silver over 5.0 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 in 2021 by Cariboo Rose included results of 0.62g/t gold and 7.2 g/t silver over 38.0 meters including 1.43 g/t goldand 16.3 g/t silver over 10.6 meters and 0.54 g/t gold and 14.8 g/tsilver 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 makingpayments of $650,000 and completing $3,000,000 in exploration ByFebruary 17, 2026. Sediment hosted massive sulfide mineralization wasdiscovered at Carruthers Pass by Freeport McMoRan Copper and Gold in1997 and in 2003 a 100% interest in the project was sold to CaribooRose (earn-in completed in 2012 subject to a 2 1 / 2 % royalty to Franco-NevadaCorporation). The property is located in northern BC south of theKemess copper-gold mine Most significant to the project is amineralized slab of rock weighing several thousand tons protrudingfrom 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 untestedgeochemical and geophysical targets remain. The project is fullypermitted. A VTEM airborne geophysical survey and four diamond drillholes were completed by Vizsla Copper in 2022 at a cost ofapproximately $2.0 million.
Coquigold : A100% owned, epithermal gold and silver project located in southern BC10 kilometers north of Shovelnose Mountain (Westhaven Gold Corp.).Central to Coquigold is an area where in 2008 the BC Geological Surveyidentified quartz sinter and several areas of chalcedonic volcanic andintrusive breccia, bedrock sampling by Cariboo Rose returned up to43.1 g/t silver, 559 ppm arsenic, 13,400 ppb mercury and 101ppmantimony. In Dec. 2021 an option to earn a 70% interest was granted toCMP Minerals Inc. who must make option payments totaling $500,000 cash(and shares); issue 200,000 common shares and incur $2,000,000 inexploration expenditures, over a four-year period. In May, 2022 453soil samples were collected on new claims and in December, 2022 ahelicopter-borne magnetic gradient, radiometric, and VLF-EM survey wascompleted followed by a 3-hole diamond drill program which tested theRed Vein occurrence without success. Soil sampling completed in 2022identified four new epithermal targets based on anomalousconcentrations of arsenic, antimony, silver and lead including the XYZtarget with 5 contiguous soil samples averaging 102 ppm As.
Cowtrail : A100% owned porphyry copper gold project located in southcentral BCcontiguous with the Woodjam copper-gold porphyry project owned byVizsla Copper Corp. Reconnaissance drill testing of extensive inducedpolarization anomalies (vintage 1997, 2004 and 2006) define a vectorof mineralization trending to the west beyond the area drilled.Significant drill intercepts include 1.16 g/t gold over 18.3m and0.17% copper and 0.11
g/t gold over 40.0m. An untested soil gold arsenicanomaly with coincident strong IP is located a further 2km to thewest. The project was optioned to BRS Resources Ltd in November 2022who may earn a 60% interest over a four-yearterm by making payments totaling $400,000 and completing $2,000,000 inexploration. The project is fully permitted. A diamond drill programstarted in May 2023.
CHG (Carbonate HostedGold): 100% owned subject to an option withBasin Uranium Corp. (CSE: NCLR) who may earn a 60% interest by makingpayments of $300,000 and completing $1,500,000 in exploration by Nov,2025 and thereafter an additional 10% interest by completing abankable feasibility study within 24 months. CHG is located insouthern BC near the community of Clinton. CHG is drained to the eastby three creeks with very strong gold silt anomalies in apredominantly limestone terrane. A VTEM airborne geophysical surveywas completed in 2021 and indicates a number of resistivity andmagnetic anomalies. Basin Uranium recently completed a seven-hole(depths of 43m to 64m) reverse circulation drill program with none ofthe holes penetrating through the gravelly overburden. Cariboo Rosehas been advised by Basin Uranium that another attempt will be made inthe first quarter of 2024 using a diamond drill rig.
Koster Dam : Theproject, 55% owned by Cariboo Rose and 45% by Discovery Lithium Corp.,is located in southern BC with the property boundary being threekilometers north of the former producing Blackdome Gold Mine (inproduction from 1986 to 1991 during which time it produced 225,000ounces of gold and 547,000 ounces of silver). The target at Koster Damis volcanic hosted gold influenced by the Fraser River Fault system.Recent programs have located areas of greater than 1.0 gram/t gold inrubble, greater than 3.0 g/t gold in silt and chalcedonic quartz inoutcrop. A Triaxial magnetic survey and a LiDAR Survey were completedin 2021. First review indicates a number of linear features in thegeneral vicinity of anomalous rubble, soil and silt result (gold,silver and arsenic). A modest prospecting program completed in 2023identified two areas with gold mineralized float returning assays to2.6 g/t gold.
Pat : A 100%owned porphyry copper-gold project located in southcentral BC (stakedby Cariboo Rose in 2004). It is contiguous with the Woodjamcopper-gold porphyry project owned by Vizsla Copper Corp. covering avery strong unexplained magnetic airborne anomaly in prospectiveNicola Group volcanic rocks.
J.W. (Bill) Morton P. Geo, CEO of Cariboo Rose Resources Ltd., within the context of the requirements ofNI-43-101, is the qualified person who takes full responsibility forthis news release.
Bill Morton
J.W. (Bill), P.Geo.
President
Cariboo Rose Resources Ltd.
Contact:
Phone: (604) 681-7913, Toll Free: 888-656-6611; website at http://www.cariboorose.com .
email: info@eastfieldgroup.com
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