Tickers: XTSX:CRB
Tags: Mining
Vancouver, BC / TheNewswire / July 18, 2017 - Cariboo Rose Resources Ltd. (TSX-V: CRB) ("Cariboo Rose") is pleased to announce that it has granted an option on its 100% owned Koster Dam project located near Gang Ranch, British Columbia, to a private company called Oakley Ventures Inc. ("Oakley").
The Koster Dam project is a reconnaissance gold exploration initiative targeting gold-silver mineralization similar to what occurs at the formerly producing Blackdome mine located approximately 18 kilometres to the south. The Blackdome mine was a low sulphidation epithermal gold-silver deposit. It was in production from 1986 to 1989 during which it produced 225,000 oz of gold and 547,000 oz of silver.
At Koster Dam, exploration initiated in 2012 and continuing in 2013, 2014 and 2015 was predominantly conventional silt sampling augmented with the preconcentrating of those samples in a portable sluice box. This work defined a well-focused anomalous target area. Conventional silt samples in the target area reach 632 ppb gold while samples preconcentrated in a portable sluice box reach 1,451 ppb gold. The next phase of exploration will develop procedures to identify the source of these anomalous gold results in an area that is devoid of outcrop.
Oakley may earn an initial 50% interest in Koster Dam by matching Cariboo Rose's prior expenses of $110,495 within 12 months of the effective date. Oakley may thereafter, at its sole discretion, purchase the remaining 50% interest in the project by paying $400,000 within 20 days of completing the initial option or proceed with a joint venture interest of 50%.
Cariboo Rose is now focusing on its 100% owned Canadian Creek gold project in the Yukon contiguous to Western Copper and Gold Corp's (TSX: WRN) Casino porphyry copper-gold-molybdenum property on the east and Goldcorp Inc.'s (TSX: G, NASDAQ: GG) Coffee property on the north. Exploration is currently underway at Canadian Creek and drill program scheduled to start in early August.
J.W. (Bill) Morton, P.Geo. is a qualified person within the context of National Instrument 43-101, and has read and takes responsibility for this news release.
J.W. Morton
Cariboo Rose Resources Ltd.
Contact:
Phone: (604) 681-7913, Toll Free: 888-656-6611
About Cariboo Rose Resources Limited
In addition to its 100% owned Canadian Creek property Cariboo Rose owns interests in five mineral projects in British Columbia three of which are 100% owned. Cariboo Rose also owns a strategic investment of 500,000 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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