VANCOUVER, BC / ACCESSWIRE / April 24, 2014 / Cariboo Rose Resources Ltd. (TSX-V: CRB) ("Cariboo Rose") is pleased to advise that it has further consolidated its interest in the Canadian Creek project by substantially completing the terms of an earn-in on the Casino "B" portion of the Canadian Creek claims and acquiring a minority interest in another portion of the claims called the Ana.
The Canadian Creek property, covering 6,180 ha, is located in the Yukon approximately 160 km south of Dawson City. The Canadian Creek property borders Kaminak Gold Corporation's (TSX-V: KAM) Coffee Gold property immediately south of the recently discovered Sugar Zone. On its eastern claim boundary the property is bordered by the large tonnage Casino copper-gold-molybdenum porphyry deposit owned by Western Copper and Gold Corp. (TSX: WRN). Of the 320 claims that make up the Canadian Creek property, 265 are now owned outright by Cariboo Rose, and 55 claims, constituting the "Casino B" option, are registered in the name of Casino Mining Corp., wholly-owned by Western Copper and Gold. Cariboo Rose is now close to completing the work programs and assessment work requirements for these 55 claims in accordance with the terms of the "Casino B" option agreement entered into in the year 2000 to earn a 100% interest in the claims subject to a 10% net profits interest. As well, in December 2013, Cariboo Rose paid a sum of $15,000 to a minority partner for their 11.8% interest in the Ana Joint Venture and now holds 100% of these claims.
Exploration on the Canadian Creek property has been on-going since the early 1980's. Cariboo Rose and its predecessor companies have been involved since 1992 with various partners who have spent approximately $3.5 million. The initial focus of exploration on the property was to explore for potential western extensions to the nearby Casino copper-porphyry deposit owned by Western Copper and Gold. Drill campaigns in 1993 and 1994 by Eastfield Resources Ltd. (TSX-V: ETF), and in 2000 and 2007 by Wildrose Resources Ltd. primarily focused on the portion of the claims immediately west of the Casino deposit. These programs returned a number of positive results including 0.72 g/t Au over 55.0 m in drill hole 94-319 in Casino Complex rocks, and the identification of a second porphyry centre in Koffee Bowl approximately five km further to the west.
Soil geochemical surveys conducted on the northern part of the property in 2000 and 2007 identified anomalous gold and arsenic-in-soil anomalies, which in the context of the 2009 discovery of the White Gold Deposit by Underworld Resources Inc. and the 2010 discovery of the Coffee deposits by Kaminak Gold, initiated a refocus on the exploration potential of the Canadian Creek property. A reconnaissance drill program along these gold-arsenic targets in 2009 confirmed the development of mineralization with intersections including 1.09 g/t Au over 3.0 m and 3.46 g/t Au over 1.5 m. Further soil geochemistry sampling completed in 2009 led to the discovery of additional gold and arsenic-in-soil anomalies that align along prospective structural trends. In 2011, an exploration program of soil geochemical sampling, detailed ground magnetic surveys, induced polarization and trenching was conducted. These surveys identified targets similar in character to the Coffee Creek occurrences and remain to be tested. In 2013, Cariboo Rose paid $30,000 to recapture a full interest in the project from the previous option partner who was close to earn-in.
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 protected]
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 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 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.
SOURCE: Cariboo Rose Resources Ltd.