Management of Cariboo Rose Resources would like to announce the plans for the summer season. It will be an active season with exploration on three properties in British Columbia and one in the Yukon.
The Canadian Creek copper-gold-molybdenum property in the Yukon, located approximately 300 km northwest of Whitehorse and 160 km south of Dawson City, will have seven to nine holes drilled in promising targets. A budget of $400,000 has been approved and a contract with a diamond drill contractor signed. Drilling is expected to begin in early July. North American Vanadium Inc. (NAVI, CDNQ) will fund the work under an option that gives them the right to earn a 60% interest in the property. This property, which has the potential to host a porphyry style or an intrusion related deposit, is located to the immediate west of the Casino deposit. Previous drill highlights include 150 metres grading 0.49 g/t gold and 26 metres grading 1.04 g/t gold.
The Woodjam gold-copper property is located in south-central British Columbia 70 kilometres east of Williams Lake and five kilometres from the Mount Polley claim group. Woodjam, is a joint venture between Cariboo Rose and Fjordland Exploration (FEX, TSX-V), where Cariboo Rose holds a 40% interest in the property and Fjordland holds a 60% interest. Previous drilling in Woodjam has included 361 metres grading 0.84 g/t gold and 0.12% copper and 358 meters grading 0.82 g/t gold and 0.12% copper. An induced polarization study is currently ongoing, preliminary results are encouraging and drilling is planned to follow up the geophysical program.
The Carruthers Pass copper-zinc-silver property is located in northern British Columbia, approximately 70 kilometres south of the Kemess gold-copper mine and 200 kilometres north of Smithers. It is under option to Hawthorne Gold Corp. (HGC, TSX-V), who may earn a 60% interest in the property. Hawthorne completed a surface mapping and prospecting program in 2006 at a cost of $130,000 with a follow up program planned for 2007.
The Cowtrail gold-copper property is located five kilometres southeast of the existing Mt. Polley claim group, operated by Imperial Metals Corporation. The property covers an airborne magnetic feature that extends to the northwest from a weakly mineralized alkalic intrusive discovered by drilling completed by Eastfield Resources and Imperial Metals Corporation in 1998. It is under option to Dajin Resources Corp. (DJI, TSX-V), who may earn a 65% interest in the property. In 2006, $91,000 was spent by Dajin Resources Corp. to establish grids and complete 20 line kilometres of magnetometer and induced polarization surveys. This work has resulted in the identification of a number of promising targets that will be evaluated in 2007.
J.W. Morton, P.Geo is the qualified person who has reviewed and takes responsibility for this news release.
Bill Morton
J.W. (Bill) Morton, P.Geo
President
Contact:
Paul Way, Business Development Manager
(604) 681-7913
Toll Free: 888-656-6611
pway@eastfieldgroup.com
or:
B&D Capital Partners
(604) 685-6465
Or visit the Company’s website at: http://www.cariboorose.com/
About Cariboo Rose Resources Ltd.
Cariboo Rose Resources Ltd. is a Canadian public resource company that trades on the TSX - Venture exchange under the symbol CRB and currently operates five mineral exploration projects in Western Canada. It was spun off of Wildrose Resources (“WRS” TSX-V) in 2006, to allow Wildrose to focus on the Spanish Mountain Project.
Cariboo Rose Resources is part of The Eastfield Group. Since its inception in 1987, The Eastfield Group has utilized a successful business strategy that amplifies its exposure by securing third party exploration financing on the majority of its projects. This has allowed the company to minimize share dilution and risk, while maximizing leverage. The other companies in The Eastfield Group are Eastfield Resources (“ETF” TSX-V) and Wildrose Resources (“WRS” TSX-V).
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company’s expectations. Certain risk factors may also affect the actual results achieved by the Company.
TSX:CRB