Exploration Status at Coquigold

2023-06-22 / @thenewswire

(TheNewswire)

Vancouver, BC – TheNewswire - June 22, 2023 - CMP Mining Inc. “CMP Mining” (CSE:CMP) and Cariboo Rose Resources Ltd. “Cariboo Rose” (TSXV:CRB) report the status of ongoing exploration at the Coquigold gold silver project located 10 kilometers southwest of the community of Merritt, BC. The recognition of the potential for gold-silver mineralization at Coquigold is a function of proximity to the Shovelnose gold-silver project owned by Westhaven Gold Corp. (TSX-V: WHN) and data published in 2008 by the BC Geological Survey.

Three known occurrences on the Property show indications of epithermal alteration; the Castillion Creek exhalative zone in the north containing 3 stacked exhalative/sinter units, the possible southern lateral extension of the Castillion Creek exhalative/sinter zone; the XYZ zone (6 kilometers to the south) and an area of silica-altered plutonic and volcanic rock named the D zone (7 kilometers to the southeast), which was the focus of recent drilling; 274 meters in three holes (CQ22-01,102.1m, CQ22-02,145.4m and CQ22-03, 26.5m).

Summary of Drill Results:

CQ22-01: overburden 0-16m, hole bottom 112.1m, no significant precious metal values.

CQ22-02: overburden 0-19m; strong limonite-carbonate alteration 71.0-95.0m and 142.0m-145.4m; hole bottom 145.4m, no significant precious metal values.

CQ22-03: overburden 0-3m; strong limonite-carbonate alteration 3.0-26.5m; anomalous arsenic (to 90 ppm) 4.0-16.0m, hole bottom 26.5m, no significant precious metal values.

Simultaneous to the drilling program, which was completed by Paradigm Drilling of Kamloops,

BC, between Dec. 3 and 23, 2022, an airborne survey (magnetic, radiometric and VLF-EM ) was completed by Precision Geophysics of Langley BC. A compilation showing an image of total magnetic intensity with known epithermal occurrences including the D zone overlain is attached to this news release. Of particular interest are linear features outlined by contrasting high and low magnetic intensity contours. An exploration permit application has been submitted to allow exploration of these features.

Analytical work was completed by MSALabs Ltd. of Langley BC. Using a 30-gram sample with fusion and trace level AAS detection procedures for gold and 0.5-gram sample digested in a 3:1 Aqua Regia mixture and analyzed with ICP-AES procedures for base metals.

Coquigold is subject to a December 2021 option agreement with CMP Mining which may earn a 70% interest in the project by making option payments totaling $250,000 cash; issuing 200,000 common shares; paying an additional $250,000 in cash or shares and incurring $2,000,000 in exploration expenditures, over a four-year term.

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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), 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

Cariboo Rose owns seven mineral projects in British Columbia. These include:

Lightning Strike, 100% owned shale hosted gold silver project modelled on the Spanish Mountain Gold Project located in similar rocks 95 kilometres to the northwest owned by Spanish Mountain Gold Ltd. (TSX-V: SPA) and the FG Gold Project located 35 kilometers to the north owned by Karus Gold Corp. Shale hosted orogenic gold deposits are one of the most attractive models for large gold deposits in the world and include the giant Murantau and Sukoy Log deposits in Russia. Seven historic drill holes on the Lightning Strike claims include intercepts of 3.42 g/t gold and 228.1 g/t silver over 5.0 meters, 0.77 g/t gold over 20.0 meters 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/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 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 $650,000 and completing $3,000,000 in exploration. Sediment hosted massive sulfide mineralization was discovered by Freeport McMoRan Copper and Gold in 1997 A 100% interest in Carruthers Pass was acquired by Cariboo Rose from Freeport McMoRan Exploration in 2011 The property is located in northern BC south of the Kemess copper-gold mine Most significant to the project is a mineralized slab of rock weighing several hundred tonnes protruding from talus with a drill intercept through it of 3.1 meters grading 6.2% copper, 5.8% zinc, 2.37 g/t gold and 192.0 g/t silver, numerous untested geochemical and geophysical targets. The project is fully permitted. A VTEM airborne geophysical survey and four diamond drill holes were completed late in 2022 at a cost of approximately $2.0 million.

Cowtrail, 100% owned, located in southcentral BC, contiguous with the Woodjam copper-gold porphyry project owned by Vizsla Copper Corp. Reconnaissance drill testing of extensive induced polarization anomalies (vintage 1997, 2004 and 2006) define a vector of mineralization trending to the west beyond the area drilled. Significant drill intercepts include 1.16 g/t gold over 18.3m and 0.17% copper and 0.11 g/t gold over 40.0m.

An untested soil gold arsenic anomaly with coincident strong IP is located a further 2km to the west. The project was optioned to BRS Resources Ltd in November 2022 who may earn a 60% interest over a four year term by making payments totalling $400,000 and completing $2,000,000 in exploration. The project is fully permitted. A diamond drill program is currently in progress.

CHG, 100% owned subject 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 and thereafter an additional 10% interest by completing a bankable feasibility study within 24 months. CHG is located in southern BC near the community of Clinton. CHG (short for Carbonate Hosted Gold) is drained to the east by three creeks with very strong gold silt anomalies in a predominantly limestone terrane. A VTEM airborne geophysical survey was completed by Geotech Airborne Surveys in 2021 and indicates a number of resistivity and magnetic anomalies. Basin Uranium recently completed the first four holes of seven-hole reverse circulation drill program.

Koster Dam, 55% owned by Cariboo Rose and 45% by ISM Resources Corp. is located in southern BC 10 kilometers north of the former producing Blackdome gold mine. The target at Koster Dam is a volcanic hosted gold target related to the Fraser River Fault system. Recent programs have located areas of greater than 1.0 gram/t gold in rubble, greater than 3.0 g/t gold in silt and chalcedonic quartz in outcrop. A Triaxial magnetic survey and a LiDAR Survey were completed in 2021. Preliminary review indicates a number of linear features in the general vicinity of anomalous rubble, soil and silt results (gold, silver and arsenic). Tripoint Geoservices of Kelowna completed a program of additional geochemical surveying and prospecting in 2022. The project is fully permitted for drilling.

Pat, 100% owned, staked by Cariboo Rose in 2004, located in southcentral BC is contiguous with the Woodjam copper-gold porphyry project owned by Vizsla Copper Corp. covers a very strong unexplained magnetic airborne anomaly in prospective Nicola Group volcanic rocks.

please visit the company’s website at http://www.cariboorose.com.

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.