Cariboo Rose Resources Ltd (“Cariboo Rose”) (TSX-V: CRB) and Fjordland Exploration Inc. (“Fjordland”) (TSX-V: FEX) are pleased to announce the discovery of a new porphyry copper-molybdenum system at the Woodjam Property. The Woodjam property is located in south-central British Columbia, five kilometres south of Imperial Metals Corp’s (TSX: III) Mount Polley mine property.
Drill testing was initiated in July (See news release of July 19th, 2007) to investigate the Southeast Zone and is currently on the sixth hole of an expanded 3,000 metre ten hole drill program. The first two holes, drilled in the Southeast Zone, have resulted in a significant discovery. Both holes terminated in mineralization at the limit of the drill. Additional sites have been prepared for further drilling.
- Hole 07-72: Encountered potassium feldspar-altered quartz monzonite bedrock at 32.6 metres and then cored 309.3 metres grading 0.11% copper with 14 ppm (parts per million) molybdenum to the bottom of the hole at 325.2 metres.
- Hole 07-73: Located approximately 550 metres to northeast of hole 07-72, it encountered similar bedrock under overburden which persisted to 82.6 metres and then cored 242.6 metres grading 0.18% copper and 64 ppm molybdenum to the bottom of the hole at 325.2 metres. Included in this intersection are 106.2 metres (219.0-325.2 metres) grading 0.26% copper and 63 ppm molybdenum and 66.0 metres grading 0.27% copper and 150 ppm molybdenum (0.015% Mo) (249.0 to 315.0 metres). Individual 3 metre samples in hole 07-73 assayed as high as 0.44% copper and 622 ppm molybdenum (0.06% Mo).
This new discovery was targeted as a result of the large reconnaissance induced polarization (IP) geophysical survey completed earlier this year to explore for new sulphide centres and obtain more resolution on the Megabuck and Takom zones. These two zones are areas of known mineralization on the Woodjam property. The survey subsequently uncovered a new zone 3 kilometres east of the Takom area, now called the Southeast Zone, and suggests that a large intrusive/hydrothermal complex measuring approximately five kilometres by six kilometres underlies the almost 30,000 hectare Woodjam property, with at least three large IP chargeability anomalies. The IP survey and the location of this year’s holes are on the attached map.
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%. Work initially focused on the Megabuck Zone where a gold rich style of mineralization has been evaluated with 67 diamond drill holes (45 since 2003). At the Megabuck Zone, porphyry copper style mineralization has statistically shown that mineralization grading 0.12% copper will also grade 1.00g/t gold.
Approximately 16,000 metres of drilling has been completed since 2001, most of which has been in the Megabuck zone. Exploration has demonstrated that the property is prospective for bulk-tonnage gold-copper deposits similar to other porphyry deposits in B.C.’s prolific Quesnel Terrane. Drilling in 2004 included a hole that intersected 378 metres grading 0.81 g/t gold and 0.12% copper and another that intersected 397 metres grading 0.82 g/t gold and 0.12% copper. Drilling in 2006 included a hole with 94 metres grading 0.95 g/t gold and 0.19% copper and another hole with 92 metres grading 1.0 g/t gold and 0.22% copper.
In 2005 the sphere of exploration interest at the Woodjam property was expanded to include the Takom Zone located 1.5 kilometers to the south where records indicate that a drill hole completed in 1974 returned an intercept of 10.6 metres grading 1.27g/t gold and 0.13% copper. Highlights of the 2005 program in this area included hole 05-48 with 0.12g/t gold and 0.12% copper over 82.6 metres. A single hole was drilled here in 2006 with 0.16g/t gold and 0.18% copper over 31.0 metres. It was then decided to complete an extensive induced polarization survey to provide insight into the overall size of the hydrothermal system in the area shown on the attached map.
The current drill program has been designed to test the broader concepts that have evolved from the 2002 and 2007 geophysical surveys and the Joint Venture has decided to expand the geophysical survey with resumption slated for mid October.
Analysis was preformed by Acme Analytical Laboratories, a certified facility located in Vancouver, using multielement (I.C.P / E.S) procedures with gold determined using a separate geochemical 1.C.P assay procedure. External standards were inserted into the sample sequence on a ratio of approximately one standard per twenty-five samples. The 2007 drilling program and sampling protocol are being supervised by Bruce Laird P.Geo of Mincord Exploration Consultants Ltd. J.W. (Bill) Morton P.Geo. is the qualified person who has reviewed and takes responsibility for this news release.
J.W. (Bill) Morton, P.Geo.
Contact: Paul Way, Business Development Manager
Toll Free: 888-656-6611
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.