(TheNewswire)
Vancouver, BC / TheNewswire / Nov 23 2017 - Cariboo Rose Resources Ltd. (“Cariboo”) (TSX-V: CRB) is pleased to announce that it has entered into an option agreement dated effective November 21, 2017 with privately owned ZP Mining Inc. (“ZP”) to advance its Carbonate Hosted Gold Project (the “Project”). Terms of the agreement will allow ZP to earn a 60% interest in the Project, currently 100% owned by Cariboo, by completing $1,500,000 in work and making $300,000 in payments over a 51/2 year term. Following earning a 60% interest, ZP may earn an additional 15% interest in the Project by paying Cariboo an additional $100,000 and completing a feasibility study within a further 36 months. Closing of the agreement is subject to the approval of the TSX Venture Exchange.
The Project was initiated by Cariboo in 2013 to explore for carbonate hosted gold in south-central British Columbia, such as occurs in Carlin, Nevada, Muddy Lake, British Columbia (Wheaton River Minerals-now Goldcorp), and at the Rackla gold project in the Yukon Territory (Atac Resources Ltd.). The claims overlie a sequence of Paleozoic and Mesozoic aged carbonate rocks located near the community of Clinton, BC. Rationale for the Project includes historical Geologic Survey of Canada reference to high-grade gold values being obtained in jasperoid float samples in the area (silicified carbonate) and highly anomalous gold in stream drainages shown by government regional geochemical surveys.
Beginning in 2013, Cariboo began a program of silt sampling east trending water courses in the Marble Range. Significant gold anomalies were obtained in three drainages trending eastward and spanning a north-south distance of approximately three kilometers. Three sample types were taken at each sampling site with the first being a conventional silt sample, the second being a sample concentrated in a portable sluice box, and the third being a sample concentrated in a gold pan. Conventional silt samples reached 929 ppb gold, samples concentrated in a portable sluice box reached 995 ppb gold and samples concentrated in a gold pan reached 1612 ppb gold (other samples which are not considered anomalous ranged in value from 0 to 16.7 ppb gold). All of the stream anomalies abruptly cut-off on their western, upslope edge validating the significance of the target and indicating a local source. Since 2013, Cariboo has collected and analyzed 108 silt samples, 108 “sluiced” samples, 108 “panned” samples, 895 soil samples and 132 rock (float or rubble) samples.
The 2008 program is anticipated to include an airborne geophysical survey and further ground surveys.
J.W. (Bill) Morton P.Geo, within the context of the requirements of NI-43-101, is the qualified person who takes full responsibility 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
About Cariboo Rose Resources Limited
In addition to its 100% owned Canadian Creek property located in the Yukon Territory Cariboo Rose owns interests in five mineral projects in British Columbia. Cariboo Rose also owns a strategic investment of free trading shares in Western Copper and Gold Corp.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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