(TheNewswire)
Vancouver, BC - TheNewswire - March 10 , 2023 - Cariboo Rose Resources Ltd. (“Cariboo Rose”) ( TSX-V: CRB ) has been advised by Basin Uranium Corp. ( CSE: NCLR ) ( “Basin Uranium ”) , who are earning an interest in theCarbonate Hosted Gold Project (“ CHG ”), that reversecirculation drilling is expected to start imminently.
CHG is located in southern BC near the community ofClinton in a semiarid setting on the east slope of the Marble Range. Akey contributor to the geological validation of CHG is thepermissiveness of gold mineralization to carbonate rocks (siltysediments and limestone) as demonstrated by the Muddy Lake deposit innorthern BC, the Rackla gold project in the Yukon Territory and thenumerous gold deposits of Carlin Nevada. Since initiating explorationin 2013 Cariboo Rose has targeted three small drainages sourcing inthe Marble Range (limestone dominant) that returned highly anomalousgold analysis in silt with numerous samples returning values rangingfrom 100 ppb to 929 ppb gold in silt and to greater than 10,000 ppbgold in sluiced silt. These east-flowing drainages source from an areaapproximately 8 kilometers wide. An interesting observation on thepotential of CHG is an excerpt from the Report to the Minister ofMines [British Columbia] 1886 referencing G.M. Dawson of theGeological Survey of Canada, (C.M. Dawson is namesake to Dawson City,Yukon). From the report: “Specimens of a jaspery quartz containingfree gold and assaying $300 to the ton have been found in the earlypart of this year in three separate locations within the surveyedbounds of the town of Clinton....” (readers are cautioned to treatthis reference with caution owing to its time frame and rudimentarycontext).
In 2021 a VTEM (Versatile Time Domain Electromagnetic)airborne geophysical survey was completed by Geotech Airborne Surveysand identified a number of resistivity and magnetic anomalies near thetopographical high end of the silt and sluiced silt dispersion trains.The current drill program will target these anomalies all of which areblind.
Basin Uranium may earn a 60% interest in CHG 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.
J.W. (Bill) Morton P.Geo, within the context of therequirements of NI-43-101, is the qualified person who takesresponsibility for this news 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
AboutCariboo Rose Resources Limited
Cariboo Rose owns seven mineral projects in BritishColumbia. A summary of other projects is as follows:
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 3.42 g/tgold 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 by in 2021 by Cariboo Rose included results of0.62 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. The projectis fully permitted. 11 drill holes (1,467 meters) of drilling wascompleted in early October.
Carruthers Pass, 100% owned subject to an option with Vizsla Copper Corp.( TSX-V: VSU ) who may earn a60% interest by making payments of $650,000 and completing $3,000,000in exploration. Sediment hosted massive sulfide mineralization wasdiscovered by Freeport McMoRan Copper and Gold in 1997 A 100% interestin Carruthers Pass was acquired by Cariboo Rose from Freeport McMoRanExploration in 2011 The property is located in northern BC south ofthe Kemess copper-gold mine Most significant to the project is amineralized slab of rock weighing several hundred tonnes protrudingfrom talus with a drill intercept through it of 3.1 meters grading6.2% copper, 5.8% zinc, 2.37 g/t gold and 192.0 g/t silver, numerousuntested geochemical and geophysical targets. The project is fullypermitted. A VTEM airborne geophysical survey and three drill holeswere completed late in 2022 at a cost of approximately $2.0million.
Coquigold, , 100% owned, epithermal gold (quartz-adularia) located insouthern BC 10 kilometers north of Shovelnose Mountain (Westhaven GoldCorp.-Shovelnose discovery). Central to Coquigold is an area where in2008 the BC Geological Survey identified and sampled quartz sinter andseveral areas of silicified (chalcedonic) volcanic and intrusivebreccia, bedrock sampling in 2019 by Cariboo Rose confirmed anepithermal mineralizing event with bedrock samples returning up to43.1 grams per tonne silver, 559 ppm arsenic, 13,400 ppb mercury and101ppm antimony. In December 2021 an option to earn a 70% interest wasgranted to CMP Minerals Inc. ( CSE: CMP ) who must make option paymentstotaling $250,000 cash; issue 200,000 common shares; pay an additional $250,000 in cash or shares and incur$2,000,000 in exploration expenditures, over a four yearperiod. In May, 2022 453 soil samples werecollected and in December, 2022 a helicopter-borne magnetic gradient, radiometric, and VLF-EMsurvey (451 line kilometers) completed followed by a 3 hole diamonddrill program (274 meters) in December (logging, sampling and analysisstill incomplete).
Cowtrail, 100%owned, located in southcentral BC, contiguous with the Woodjamcopper-gold porphyry project owned by Vizsla Copper Corp.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 and0.17% copper and 0.11 g/t gold over 40.0m. An untested soil goldarsenic anomaly with coincident strong IP is located a further 2km tothe west. The project was optioned to BRS Resources Ltd in November2022 who may earn a 60% interest over a four year term by makingpayments totalling $400,000 and completing $2,000,000 in exploration.The project is fully permitted. A diamond drill is planned for earlyin 2023.
Koster Dam, 55%owned by Cariboo Rose and 45% by ISM Resources Corp. ( CSE: ISM ) is located insouthern BC 10 kilometers north of the former producing Blackdome goldmine. The target at 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). A program of additional geochemical surveying and prospecting in2022.
Pat, 100%owned, staked by Cariboo Rose in 2004, located in southcentral BC iscontiguous with the Woodjam copper-gold porphyry project owned byVizsla Copper Corp. covers a very strong unexplained magnetic airborneanomaly
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