(TheNewswire)
Vancouver, BC – TheNewswire - June 22, 2023 - CMP Mining Inc. “CMPMining” (CSE:CMP) and Cariboo Rose Resources Ltd. “Cariboo Rose”(TSXV:CRB) report the status of ongoingexploration at the Coquigold gold silver project located 10 kilometerssouthwest of the community of Merritt, BC. The recognition of thepotential for gold-silver mineralization at Coquigold is a function ofproximity to the Shovelnose gold-silver project owned by WesthavenGold Corp. (TSX-V: WHN) and data published in 2008 by the BCGeological Survey.
Three known occurrences on the Property showindications of epithermal alteration; the Castillion Creek exhalativezone in the north containing 3 stacked exhalative/sinter units, thepossible southern lateral extension of the Castillion Creekexhalative/sinter zone; the XYZ zone (6 kilometers to the south) andan area of silica-altered plutonic and volcanic rock named the D zone(7 kilometers to the southeast), which was the focus of recentdrilling; 274 meters in three holes (CQ22-01,102.1m, CQ22-02,145.4mand CQ22-03, 26.5m).
Summary of Drill Results:
CQ22-01: overburden 0-16m, hole bottom 112.1m, no significantprecious metal values.
CQ22-02: overburden 0-19m; strong limonite-carbonatealteration 71.0-95.0m and 142.0m-145.4m; holebottom 145.4m, no significant precious metal values.
CQ22-03: overburden 0-3m; strong limonite-carbonatealteration 3.0-26.5m; anomalous arsenic (to 90 ppm) 4.0-16.0m, holebottom 26.5m, no significant precious metal values.
Simultaneous to the drilling program, which wascompleted by Paradigm Drilling of Kamloops,
BC, between Dec. 3 and 23, 2022, an airborne survey(magnetic, radiometric and VLF-EM ) was completed by PrecisionGeophysics of Langley BC. A compilation showing an image of totalmagnetic intensity with known epithermal occurrences including the Dzone overlain is attached to this news release. Of particular interestare linear features outlined by contrasting high and low magneticintensity contours. An exploration permit application has beensubmitted to allow exploration of these features.
Analytical work was completed by MSALabs Ltd. ofLangley BC. Using a 30-gram sample with fusion and trace level AASdetection procedures for gold and 0.5-gram sample digested in a 3:1Aqua Regia mixture and analyzed with ICP-AES procedures for basemetals.
Coquigold is subject to a December 2021 optionagreement with CMP Mining which may earn a 70% interest in the project by making option payments totaling $250,000cash; issuing 200,000 common shares; paying an additional $250,000 incash or shares and incurring $2,000,000 in exploration expenditures,over a four-year term.
J.W. (Bill) Morton P.Geo, within the context of therequirements of NI-43-101, is the qualified person who takes fullresponsibility for this news release.
Bill Morton
J.W. (Bill), 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. These include:
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 Gold Project located 35 kilometers to the northowned by Karus Gold Corp. Shale hosted orogenic gold deposits are oneof the most attractive models for large gold deposits in the world andinclude the giant Murantau and Sukoy Log deposits in Russia. Sevenhistoric drill holes on the Lightning Strike claims include interceptsof 3.42 g/t gold and 228.1 g/tsilver 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 hole results completed by Cariboo Rose in 2021and 2022 include 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.
Carruthers Pass, 100% owned subject to an option with Vizsla Copper Corp.( TSX-V: VSU) who may earn a 60% interest by making payments of $650,000and completing $3,000,000 in exploration. Sediment hosted massivesulfide mineralization was discovered by Freeport McMoRan Copper andGold in 1997 A 100% interest in Carruthers Pass was acquired byCariboo Rose from Freeport McMoRan Exploration in 2011 The property islocated in northern BC south of the Kemess copper-gold mine Mostsignificant to the project is a mineralized slab of rock weighingseveral hundred tonnes protruding 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. A VTEM airbornegeophysical survey and four diamond drill holes were completed late in2022 at a cost of approximately $2.0 million.
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 and 0.17% copper and0.11 g/t gold over 40.0m .
An untested soil gold arsenic anomaly with coincidentstrong IP is located a further 2km to the west. The project wasoptioned to BRS Resources Ltd in November 2022 who may earn a 60%interest over a four year term by making payments totalling $400,000and completing $2,000,000 in exploration. The project is fullypermitted. A diamond drill program is currently in progress.
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 magnetic anomalies. Basin Uranium recentlycompleted the first four holes of seven-hole reverse circulation drillprogram.
Koster Dam, 55%owned by Cariboo Rose and 45% by ISM Resources Corp. 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). Tripoint Geoservices of Kelowna completed a program of additionalgeochemical surveying and prospecting in 2022. The project is fullypermitted for drilling.
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 in prospective Nicola Group volcanic rocks.
please visit the company’s website at http://www.cariboorose.com .
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