Drilling is now underway at the Cariboo Rose (TSX-V: CRB) Canadian Creek Property with six holes to be drilled. Veraz Petroleum Ltd. (CNQ: VRAZ) will fund the $400,000 program under an option that gives Veraz (formerly North American Vanadium Inc.) the right to earn a 60% interest in the property.
The Canadian Creek copper-gold-molybdenum property is located in the Yukon, approximately 300 km northwest of Whitehorse and 160 km south of Dawson City. This property, which has the potential to host a porphyry style copper-gold-molybdenum deposit or an intrusion related gold deposit, is adjacent to Western Copper Corporation’s (TSX: WRN) Casino deposit. The targets to be tested in the current program are located 1,000 to 1,500 metres to the west of the Casino deposit which has measured and indicated resources of 1.12 billion tonnes grading 0.24% copper, 0.21 g/t gold and 0.02% molybdenum, (E.D. Titley, Report Revised Resource Estimate, Casino Property, Yukon Territory, for Lumina Copper Corp., Feb 27, 2004 filed on SEDAR).
Previous drill highlights on the Canadian Creek Property in 1994 and 2000 returned encouraging porphyry gold mineralization in several holes. One hole intersected 150 metres grading 0.49 g/t gold, including 47 metres grading 0.73 g/t gold while another hole intersected 26 metres grading 1.04 g/t gold.
A program of surveying and geochemistry was completed in 2006 in preparation for the current drill program. During this surveying, several pieces of mineralized galena rich rubble were found, grading up to 4,919 g/t (143 oz/t) silver. Although this style of mineralization (precious metal vein) is not the predominant target type it represents an additional potential of the property.
G. L. Garratt, P.Geo. is the qualified person who has reviewed and takes responsibility for this news release.
G.L.Garratt
G.L. Garratt, P.Geo.
VP, Director
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 of Wildrose Resources Ltd. (TSX-V: WRS) 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. The other companies in The Eastfield Group are Eastfield Resources Ltd. (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.