Vancouver, BC, October 1, 2008 - Cariboo Rose Resources Ltd. (“Cariboo Rose”) (TSX-V: CRB) and Fjordland Exploration Inc. (“Fjordland”) (TSX-V: FEX) are pleased to report that reconnaissance drilling on the Deerhorn geophysical target has identified a new area of copper mineralization on the Woodjam property, 40 km east of the city of Williams Lake, BC. Drill holes WJ-08-92 and 93, spaced 100 m apart, have both intersected intervals of quartz-chalcopyrite-magnetite veining as well as disseminated chalcopyrite mineralization in an area approximately 1.5 km northeast of the Megabuck copper-gold zone. The intrusion hosting mineralization in the newly-drilled Deerhorn Zone visually appears similar to that intersected in the Megabuck Zone. The Joint Venture considers this a new discovery that again indicates the good exploration potential on this property. The final reconnaissance exploration drill hole of this phase has been spotted and will be started this week on another un-drilled IP/magnetic geophysical target. Four large areas of copper mineralization have now been identified within an area of 5.0 km by 6.0 km: Megabuck, Takom, Southeast and now Deerhorn.
Seven drill holes were recently completed in the Southeast Zone and analytical results are expected within the next two weeks. The Southeast Zone was discovered by drilling a geophysical target late in 2007 and 15 drill holes have been completed to date with all 15 holes intersecting mineralized intrusive. Further drilling is being planned for this exciting new occurrence where grid drilling covers an area of 550 m by 250 m that is well mineralized and open ended. The last reported drill hole in this area, WJ-08-83, intersected 402.0 m of 0.44% copper, 0.079 g/t gold and 0.006% molybdenum (including 71.93 m of 0.80% copper, 0.123 g/t gold and 0.003% molybdenum). Three other widely spaced holes indicate that mineralization has been intersected along 1,000 m of the 1.5 km long IP geophysical target. Less than one third of the geophysical target has been drill tested.
A sample of molybdenite from the Southeast Zone was submitted to the BC Geological Survey for age dating and has returned a date of approximately 197 million years. This date coincides very closely with age dating from Teck Cominco Limited’s (TSX: TCK.B) huge Highland Valley Copper mine which returned dates from 191.3 to 198.0 million years. The Southeast Zone has geological characteristics comparable to the Highland Valley Copper mine such as being hosted within a quartz monzonite to monzodiorite and the association of mineralization with quartz stockworks, disseminated and coating fractures. Both deposits are associated with large intrusive complexes or batholiths; Highland Valley Copper with the Guichon Batholith and the Southeast Zone with the Takomkane Batholith. This is a significant new discovery that indicates the favourable potential for discovering new copper-gold-molybdenum deposits in this prolific geological belt.
One hole was also completed in the Takom target area which is defined by a 3.0 km long IP geophysical anomaly. Copper mineralization has also been observed in this hole and analytical results for the Deerhorn and Takom drill holes are expected in late November.
A tour of the Woodjam property was completed on September 25, 2008 and included media and technical analysts. The Joint Venture has received significant interest in the project from several large mining companies. Once all the drill results have been received and compiled the Joint Venture will plan the next drilling phase.
Core samples will be submitted to Acme Analytical Laboratories, a certified facility in Vancouver, BC. Bruce Laird, P. Geo., of Mincord Exploration Consultants Ltd. is supervising the 2008 drilling program and sampling protocol. G.L. Garratt, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
G.L.Garratt, P.Geo.
Director
Cariboo Rose Resources Ltd.
Contact:
Paul Way, Business Development Manager
Phone (604) 681-7913, Toll Free: 888-656-6611
email: pway@eastfieldgroup.com
About Cariboo Rose Resources:
Cariboo Rose Resources Ltd. is a Canadian public resource company that trades on the TSX - Venture exchange under the symbol CRB. Cariboo Rose holds a 40% interest in the 48,000-hectare Woodjam copper-gold-molybdenum property in south-central British Columbia. Cariboo Rose has six mineral exploration projects in Western Canada, two of which border the Woodjam property. Cariboo Rose is part of the Eastfield Group. Since its inception in 1987, the Eastfield Group has utilized a successful business strategy that leverages exposure by securing third party exploration financing on the majority of its projects. For more information please visit the Company’s website at www.cariboorose.com.
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