Cariboo Rose Lines up Ducks in BC and Yukonadmin
Vancouver, BC, October 8, 2013 – Cariboo Rose Resources Ltd. (TSX-V: CRB) (“Cariboo Rose”) is pleased to announce that it has regained a 100% interest in the Carruthers Pass volcanogenic massive sulphide prospect located in northern British Columbia.
Carruthers Pass was acquired by Cariboo Rose from the Phelps Dodge Corporation of Canada Limited (later Freeport-McMoRan of Canada Limited) in 2003. The agreement with Phelps Dodge required Cariboo Rose to pay $120,000 (or issue shares valued at payment requirements), and complete $750,000 in exploration by May 31, 2012. Cariboo Rose entered into subsequent option deals with Maxtech Ventures Inc., Hawthorne Gold Corp. and La Quinta Resources Corp. that satisfied these requirements by May 31, 2012. On Sept 30, 2013 the option agreement between Cariboo Rose and La Quinta Resources Corp. was terminated, and Cariboo Rose Resources regained a 100% interest in the project.
In 1997 Phelps Dodge Corporation discovered an occurrence of massive sulphide at the base of a talus slope on the Carruthers Pass project and explored the discovery with several programs. The massive sulphide occurrence had been variously interpreted to be outcrop or a large block of rock that broke off an adjacent cliff. In 2011 La Quinta Resources Ltd. completed a drill hole into the massive sulphide occurrence intercepting 3.1 metres grading 6.2% copper, 5.8% zinc, 192.0 g/t silver and 2.37 g/t gold before exiting the massive sulphide and encountering unconsolidated sediments. The conclusion was made that the massive sulphide was not in place and most likely originated from an outcrop on the adjacent cliff face. The company considers Carruthers Pass to be highly prospective with a number of untested geophysical, geochemical and geological targets.
As previously reported on July 11, 2013, the company recently regained a 100% interest in the Canadian Creek property located in the Yukon Territory approximately 160 kilometres south of Dawson City. The property encompasses 320 claims covering 6,180 hectares and is prospective for both copper-gold porphyry mineralization (Casino style) and lode gold mineralization (Kaminak style). The Canadian Creek property borders Kaminak Gold Corporation’s (TSX-V: KAM) Coffee Gold property immediately south of the recently discovered Sugar Zone. Included in the Canadian Creek claims are the Casino “B” claims which abut the large tonnage Casino copper-gold-molybdenum porphyry deposit owned by Western Copper & Gold Corp. (TSX: WRN).
Cariboo Rose remains well financed and has commenced reconnaissance exploration for epithermal and carbonate-hosted gold in south-central British Columbia. In addition, results from the exploration program on the Koster Dam project are pending.
Bill Morton, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
J.W. (Bill) Morton, P.Geo.
President and CEO
Cariboo Rose Resources Ltd.
Paul Way, Business Development Manager
Phone: (604) 681-7913, Toll Free: 888-656-6611; email: email@example.com
About Cariboo Rose Resources Limited
Cariboo Rose Resources is a prospect generating mineral exploration company with six gold, copper and molybdenum exploration projects in BC and the Yukon. Properties 100% owned include the Canadian Creek copper-gold property located in the White Gold District of the Yukon, the Carruthers Pass copper-zinc-silver property in north-central BC, the Monte Christo gold-copper project in the Cariboo Region of south-central BC and the Pat gold-copper property in the Cariboo region of south-central BC. Joint Venture projects include the 35% owned Cowtrail gold-copper property located in the Cariboo region of south-central BC and the 70% owned Koster Dam gold project in south-central BC. Cariboo Rose trades on the TSX Venture exchange under the symbol “CRB”. For more information 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.
Posted: October 8th, 2013 under ACCESSWIRE.