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Vancouver, BC – TheNewswire – Sept 18, 2024 – Cariboo Rose Resources Ltd. (“Cariboo Rose”) (TSX-V: CRB) provides an update on exploration on its gold–copper-silver projects.
Cariboo Rose operates on a model where projects are acquired and subsequent option agreements with other companies derive both income and exploration leverage. Factors which make this viable, in addition to having projects that possess large deposit attributes, include acquiring large acreage tenures, keeping expiry dates well into the future and having the projects fully permitted. A summary of the more important 2024 projects, all of which are located in British Columbia, follows.
Lightning Strike: A 100% owned, 4,073-hectare, shale hosted gold-silver project modelled on the Spanish Mountain Gold Project located in similar rocks 95 kilometers to the northwest owned by Spanish Mountain Gold Ltd. (TSX-V: SPA). 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. A number of notable drill holes on Lightning Strike include intercepts of 3.42 g/t gold and 228.1 g/t silver over 5.0 meters, 0.62 g/t gold and 7.2 g/t silver over 38.0 meters, 0.77 g/t gold over 20.0 meters and 19.30 g/t gold over 1.5 meters. An exploration permit to drill, valid until April 28, 2029, was granted in 2024.
Carruthers Pass: A 100% owned, 3,895-hectare base and precious metal project that would include Greens Creek Alaska as an analog. Massive sulfide mineralization was discovered here by Freeport McMoRan Copper and Gold in 1997. In 2003 a 100% interest in the project was sold to Cariboo Rose via an earn-in completed in 2012 (subject to a 21/2% royalty to Franco-Nevada Corporation). The property is located in northern BC south of the Kemess copper-gold mine. Of major significance to the project is a mineralized slab of rock weighing several thousand tons protruding from talus with a diamond 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. The project is fully permitted for drilling with a current permit expiry of Dec 31, 2026. The most recent work, completed in 2022, at a cost of approximately $2.0 million, included a VTEM electromagnetic airborne survey and four diamond drill holes. Numerous geochemical and geophysical targets remain untested including some with robust cobalt values.
Cowtrail: A 100% owned, 4,717-hectare, porphyry copper gold project located in southcentral BC contiguous with the Woodjam copper-gold porphyry project owned by Vizsla Copper Corp. (TSX-V: VCU). The Cowtrail project is under option to BRS Resources Ltd (CSE: BRS) who may earn a 60% interest by completing $2,000,000 in exploration, making payments of $200,000 cash and share issuances equivalent to $200,000 by Dec 19, 2027. Reconnaissance drill testing of extensive induced polarization anomalies (vintage 1997, 2004 and 2006) define a vector of mineralization trending to the southwest beyond the area drilled. Significant drill intercepts include 0.15% copper and 0.12 g/t gold over 105.0 meters, 0.17% copper and 0.11 g/t gold over 40.0m and 1.16 g/t gold over 18.3m. A separate gold arsenic soil anomaly with coincident strong IP and a 6-meter drill intercept grading 0.82 g/t gold, is located 2 km to the west. The exploration permit to drill is valid until Aug 23, 2026.
Coquigold: A 100% owned, 2,660-hectare, epithermal gold and silver project located in southern BC 10 kilometers north of Shovelnose Mountain (Westhaven Gold Corp. (TSX-V: WHN)). Central to Coquigold is an area where in 2008 the BC Geological Survey identified quartz sinter and several areas of chalcedonic volcanic and intrusive breccia. Subsequent bedrock sampling by Cariboo Rose returned up to 43.1 g/t silver, 559 ppm arsenic, 13,400 ppb mercury and 101ppm antimony. Soil sampling completed in 2022 identified four new epithermal targets based on anomalous concentrations of arsenic, antimony, silver and lead. In 2022 the project was optioned to CMP Mining Inc. (CSE: CMP) who may earn a 60% interest over a four-year term by making payments totaling $450,000, issuing 200,000 shares and completing $2,000,000 in exploration. An exploration permit to drill, valid until Aug 14, 2028, was granted in 2023.
CHG (Carbonate Hosted Gold): A 100% owned, 4,760-hectare, carbonate hosted gold target 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 and is drained to the east by three creeks with very strong gold silt anomalies in a predominantly limestone terrane. A VTEM airborne electromagnetic survey was completed in 2021 and indicates a number of resistivity and magnetic anomalies. In 2023 Basin Uranium completed a seven-hole reverse circulation drill program in one target with none of the holes penetrating through the gravelly overburden. In March 2024 a single diamond drill hole was completed. This hole encountered overburden to 120 meters followed by a clay altered unit and sandstone to 139m where the hole was lost in a fault without encountering significant results. Basin Uranium advises that more work is planned. The current permit issued in 2020 authorizing drilling is valid until Oct 25, 2025.
Koster Dam: The 5,463-hectare epithermal precious metal project, 55% owned by Cariboo Rose and 45% by Discovery Lithium Corp. (CSE: DCLI), is located in southern British Columbia 5 kilometers north of the Blackdome gold silver Mine (in production from 1986 to 1991 during which time it produced 225,000 ounces of gold and 547,000 ounces of silver). The target at Koster Dam is volcanic hosted gold related to the Fraser River Fault system similar to Blackdome. Recently, areas with greater than 3.0 g/t gold in silt and chalcedonic quartz in outcrop have been located. Airborne magnetic and LiDAR surveys were completed in 2021and indicate a number of linear features. A program completed in 2023 guided by these linear features identified two new areas where gold mineralized float returned assays to 2.6 g/t gold. A 2024 program following up the 2023 work will start before the end of September.
This news release has been reviewed and approved by Mr. J.W. (Bill) Morton, P.Geo., who is the Qualified Person within the context of NI 43-101 and takes responsibility for it.
J.W. (Bill) Morton, P.Geo.
President and CEO
Contact:
Phone: (604) 681-7913, Toll Free: 888-656-6611; 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.
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