Cariboo Rose Resources Ltd. (“Cariboo Rose”) (TSX-V: CRB) and Fjordland Exploration Ltd. (“Fjordland”) (TSX-V: FEX) are pleased to announce that drill hole 07-78, located in the newly discovered Southeast Zone, cored 3.9 feet (1.17 metres) from the top of the bedrock surface that carries significant amounts of chalcopyrite. Unfortunately the hole was lost due to caving. The intercept returned an assay of 0.38% copper and 0.012% Mo. The chalcopyrite occurs along quartz veinlets and fractures forming an intense stockwork. Another vertical hole, 07-79, a few metres from the original site is in progress. The first hole was lost due to caving of the thick overburden and measures are being taken to avoid this problem in the current hole.
Hole 07-78 lies approximately 350 metres north of previous drilling in the Southeast Zone (see map at the end of this news release). Extensive lower grade mineralization intersected in previous drilling (see news release dated October 4, 2007) indicates that the Southeast Zone may now extend across a distance of at least 800 metres and is open in all directions. The intensity of chalcopyrite bearing stockwork in this initial intercept in hole 07-78 has not been seen elsewhere on the Woodjam property.
Tom Schroeter, President of Fjordland Exploration, comments that “we consider this to be a very interesting mineralized intercept and if we can show that it has some dimension in this next hole we will be looking at significantly increasing our drilling plans”.
The Southeast Zone is one of three large alteration/mineralization targets that are outlined by geophysics and drilling within a 5 kilometre by 6 kilometre area on the property. The current reconnaissance drilling program has also included holes in the Takom and Megabuck Zones and will include holes in an IP chargeability anomaly east of the Megabuck Zone. Two photos of core from drill hole 07-78 are also posted on the Company’s website.
Fjordland Exploration optioned the Woodjam property from Cariboo Rose Resources (then Wildrose Resources Ltd.) in 2002 and earned a 60% interest in 2006 having completed $1,500,000 in exploration. The Woodjam Joint Venture was at that point initiated with Fjordland owning a 60% interest and Cariboo Rose the remaining 40%.
Analysis was performed by Acme Analytical Laboratories, a certified facility located in Vancouver, using multielement (I.C.P-ES) procedures with gold and silver determined using fire assay procedures. The 2007 drilling program and sampling protocol are being supervised by Bruce Laird P.Geo. of Mincord Exploration Consultants Ltd. G. L. Garratt, P.Geo. is the qualified person who has reviewed and takes responsibility for this news release.
J.W. 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 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 from Wildrose Resources Ltd. (TSX-V: WRS) in 2006, to allow Wildrose to focus on the Spanish Mountain Project. Cariboo Rose is part of the Eastfield Group. Since its inception in 1987, the Eastfield Group has utilized a successful business strategy that leverages its exposure by securing third party exploration financing on the majority of its projects. The other companies in the Eastfield Group are Eastfield Resources (TSX-V: ETF) and Wildrose Resources.
The TSX - Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain certain “Forward-Looking Statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the TSX - Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.
TSX:CRB
