(TheNewswire)
Vancouver, BC – TheNewswire - May 3, 2022 , Cariboo Rose Resources Ltd. (“CaribooRose”) ( TSXV: CRB ) ispleased to announce that it has been issued an exploration permit bythe Ministry of Energy and Mines for the Coquigold gold-silver projectlocated in the Spences Bridge Gold Belt. The permit includes drillingand access trail building.
Coquigold is located 15 kilometers southwest of the Community ofMerritt and 10 kilometers north of Shovelnose Mountain Gold Discovery (Westhaven GoldCorp.-TSX-V:WHN). The project is prospective for epithermalgold-silver. Central to Coquigold is an area where in 2008 the BCGeological Survey identified, sampled and subsequently published theresults from areas of quartz sinter and silicified (chalcedonic)volcanic and intrusive breccia. Bedrock sampling in 2019 on claimsstaked in 2018 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. Onlypreliminary evaluation by prospecting and soil sampling has so farbeen completed on the 2,660 hectare (6,574 acre) property. Coquigoldis optioned to CMP MineralsInc. , currently a private company, who may earn a 70% interestin the project by making option payments totaling $250,000 cash,issuing 200,000 common shares and paying an additional $250,000 incash or shares and incurring $2,000,000 in exploration expendituresover a four year term. An exploration expenditure of $300,000 isrequired in the first year and drilling is planned. Work is planned tocommence immediately including additional grid work and drill trailconstruction.
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
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.
AboutCariboo Rose Resources Limited
Cariboo Rose owns seven mineral projects in BritishColumbia. A summary of these projects is as follows:
Lightning Strike , 100% owned shalehosted gold silver project modelled on the Spanish Mountain GoldProject located in similar rocks 95 kilometres to the northwest ownedby Spanish Mountain Gold Ltd. ( TSX-V: SPA ) and theFG Gold Project located 35 kilometers to the north owned by KarusGold Corp.. 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. Eleven reversecirculation (RC) drill holes were completed in September, 2021.Significant gold-silver intercepts were obtained in four of theseholes including 0.62 g/t gold and 7.2 g/t silver over 38.1 meters inhole LSRC21-06 and 1.00 g/t gold and 34.2 g/t silver over 7.6 metersin hole LSRC21-08. Further drilling is planned for 2022.
Seven historic drill holes on the Lightning Strikeclaims include intercepts of 4.54 g/t gold and 60.2 g/t silver over3.8 meters, 1.03 g/t gold over 26.0 meters, 0.77 g/t gold over 20.0meters and 19.30 g/t gold over 1.5 meters.
Carruthers Pass , 100% owned subjectto an option with Vizsla Copper Corp. (TSX-V:VSU) (a spinout fromVizsla Silver completed Sept 30, 2021) who may earn a 60% interest bymaking payments of $650,000 and completing $3,000,000 in exploration,sediment hosted massive sulfide discovered by Freeport McMoRan Copperand Gold in 1997, a 100% interest was acquiredby Cariboo Rose from FMC in 2011, located in northern BC south of theKemess 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 fully permitted with drilling anticipated in2022.
Cowtrail , 100% owned, locatedin southcentral BC, contiguous with the Woodjam copper-gold porphyryproject owned by Consolidated Woodjam Copper. Reconnaissance drilltesting of extensive induced polarization anomalies (vintage 1997,2004 and 2006) define a vector of mineralization trending to the westbeyond the area drilled. Significant drill intercepts include 1.16 g/tgold over 18.3m and 0.17% copper and 0.11 g/t gold over 40.0m. Anuntested soil gold arsenic anomaly with coincident strong IP islocated a further two kilometers to the west. The project isoptioned to BRS Resources Ltd., currently a private company, who mayearn a 60% interest over a four year term by making payments totalling$400,000 and completing $2,000,000 in exploration. The project isfully permitted.
Coquigold, 100%owned, epithermal gold (quartz-adularia) located in southern BC 10kilometers 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% was granted to CMP Minerals Inc. who are required to makeoption payments totaling $250,000 cash, issue 200,000 common shares;pay an additional $250,000 in cash or shares and incur $2,000,000 inexploration expenditures, over a period of four years. An explorationexpenditure of $300,000 is required in the first year.
CHG , 100% owned subjectto 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 several targets identified. The project is fullypermitted.
Koster Dam , 55% owned byCariboo Rose and 45% by Ameriwest Lithium Inc.( CSE: AWLI ) Inc. is located in southern BC 10kilometers north of the former producing Blackdome gold mine. KosterDam is a volcanic hosted gold target related to the Fraser River Faultsystem. Recent programs have located areas of greater than 1.0 gram/tgold in rubble and chalcedonic quartz in outcrop. A Triaxial magneticsurvey and a liDar Survey were completed in 2021. A number of linearfeatures in the general vicinity of anomalous rubble, soil and siltresults (gold, silver and arsenic). Work will resume in 2022. Theproject is fully permitted.
Pat , 100% owned, stakedby Cariboo Rose in 2004, located in southcentral BC contiguous withthe Woodjam copper-gold porphyry project owned by Consolidated WoodjamCopper covers a very strong unexplained magnetic airborne anomaly inprospective Nicola Group volcanic rocks.
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