Vancouver, BC, October 14, 2008 - Cariboo Rose Resources Ltd. (TSX-V:CRB) is pleased to report that the Woodjam Joint Venture, comprised of Cariboo Rose Resources Ltd. (40%) and Fjordland Exploration Inc. (TSX-V:FEX) (60%) has intersected 200.75 m grading 1.01 % copper and 0.44 g/t gold in drilling on the Southeast Zone at the Woodjam property in central British Columbia. Drilling on the Southeast Zone is scheduled to re-commence next week. Reconnaissance drilling on the Takom and newly-discovered Deerhorn zones has just been completed; results are pending.
The drill results for the previously unreported seven Southeast Zone drill holes are summarized as follows:
|Hole ID ||From (m) ||To (m) ||Core Length (m) ||Cu % ||Mo % ||Au g/t |
|WJ-08-84 ||129.24||356.01 (eoh)||226.77||0.93||0.003||0.40|
|WJ-08-85 ||158.5||356.68 (eoh)||198.18||0.31||0.004||0.06|
|WJ-08-86 ||88.39||419.71 (eoh)||331.32||0.20||0.009||0.03|
|WJ-08-88 ||134.11||355.70 (eoh)||221.59||0.46||0.013||0.05|
|WJ-08-89 ||140.21||392.28 (eoh)||252.07||0.28||0.009||0.06|
|WJ-08-90 ||89.31||422.76 (eoh)||333.45||0.26||0.022||0.04|
|WJ-08-91 ||130.06||395.33 (eoh)||265.27||0.12||0.005||0.02|
(* WJ-08-87 was drilled in the Takom Zone and will be released when the results are available) (eoh = end of hole)
To date, fifteen vertical drill holes totaling 6,059 m have now been completed in the Southeast Zone and all are mineralized from the bedrock interface to the bottom of the holes. Twelve of these holes have been drilled in a grid pattern with drill spacing of approximately 100 m within an area of 300 m by 550 m. The deepest hole was approximately 700 m. Drill hole WJ-08-84 intersected a high-grade zone through its full length that is believed to reflect a more intensely altered and veined “core zone” within a large well-mineralized monzodiorite to quartz-monzonite intrusion. The last sample interval in this hole assayed 0.67 % copper, 0.104 g/t gold and 0.009 % molybdenum. Similar mineralization (e.g. 71.93 m grading 0.80 % copper, 0.123 g/t gold and 0.003 % molybdenum) was encountered in the upper portion of previously reported drill hole WJ-08-83, located 100 m to the northeast, indicating that this high-grade mineralization may have continuity over a large area. In conjunction with this higher-grade copper zone are significantly higher gold values.
All of the drilling in the 1.5 km by 1.0 km IP geophysical target has intersected mineralization, indicating the potential for greatly expanding the mineralized zone. Less than 1/3 of the target has been tested. Tom Schroeter, President of Fjordland, stated “The Joint Venture is extremely pleased with these results which show not only higher copper grades but also significantly enhanced gold values.
The mineralization displays very even distribution and continuity, which gives us great confidence in the strength of the system and the potential for expanding the zone. It is not unusual that within large zones of economic grade open-pittable resources there are high grade centres or keels, as evidenced at Imperial Metals’ Mount Polley, BC mine and at the Ridgeway Deeps mine at Cadia Hill, Australia. The Ridgeway deposit forms the underpinnings of a major company - Newcrest Mining.”
The Woodjam Project is rapidly developing into an important prospective copper-gold-molybdenum district in the Quesnel Terrane, BC, with four large mineralized target areas and the recent drilling results from the Southeast Zone. The Joint Venture is continually reviewing other similar deposits in its evaluation of the potential of the Woodjam Project. Some examples of other deposits in the region and elsewhere are:
|DEPOSIT (year-original resources) ||SIZE (Mt) ||Cu % ||Au g/t ||Mo % |
|Highland Valley||-Lornex, BC|
|Gibraltar Mine, BC (1971)||327.0||0.37||0.009|
|Mount Polley Mine, BC (1992)||48.8||0.38||0.56|
|Prosperity Deposit, BC (2008)||524.0||0.26||0.39|
|Cadia Hill Mine, Australia (1998)||267.0||0.15||0.65|
|*Ridgeway Mine, Australia (2002)||17.0||0.63||1.90|
* underground mining
Analysis was performed by Acme Analytical Laboratories, a certified facility in Vancouver, BC, using multi-element (ICP-ES) 2 Acid Digestion (1D) procedures, with gold and silver values determined using fire assay procedures. Re-analyses of samples assaying in excess of 10,000 ppm copper were performed by ICP-ES 4 Acid Digestion (7AR) procedures. External standards were inserted into the sample sequence at a ratio of approximately one standard per twenty-five samples. Bruce Laird, P.Geo., 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
Paul Way, Business Development Manager
Phone (604) 681-7913, Toll Free: 888-656-6611
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. 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. The other companies in the Eastfield Group are Eastfield Resources Ltd. (TSX-V: ETF), Lorraine Copper Corp. (TSX-V: LLC) and Wildrose Resources Ltd. (TSX-V: WRS). 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.
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