Vancouver, BC, November 17, 2010 - Cariboo Rose Resources Ltd. (TSX-V: CRB) and Fjordland Exploration Inc. (TSX-V: FEX), 40%-60% partners in the Woodjam Joint Venture (“WJV”), report that Gold Fields Limited’s (NYSE: GFI) exploration company, Gold Fields Horsefly Exploration Corporation (“Gold Fields”), has forwarded drilling results from an additional eight holes (2,844 m) of the 2010 program on the 13,827-hectare Woodjam South copper-gold-molybdenum property. Drilling continues to intersect long intervals of gold-copper-molybdenum mineralization highlighted by 244 m grading 0.50% copper, 0.04g/t gold and 0.015% molybdenum. Gold Fields has completed 19,260 m of drilling on the adjoining Woodjam North and Woodjam South properties this year; the properties are located 45 km east of Williams Lake in south-central British Columbia.
- Southeast Zone mineralization extended East, West and North and still open.
- Southeast Zone core area of mineralization now extends for 800 m by 600 m and has been drill-tested to over 400 m below the bedrock interface.
- A higher grade area indicated by hole SE10-14 which returned 0.50% Cu, 0.04g/t Au and 0.015% Mo over 244 m, including 180 m grading 0.61% Cu, 0.04g/t Au and 0.016% Mo.
- Holes bottomed in mineralization; zone remains open at depth.
- Drilling is ongoing.
|Hole ID||From (m)||To (m)||Int. (m)||Cu%||Au g/t||Mo%||Cu Eq %|
Table Notes: Intervals are core lengths; Cu Equivalent in % calculated using US$2.50/lb copper, US$950/oz Au and US$15/lb Mo and the formula: ((%Cu x 22 x Price Cu/lb) + (g/t Au x 0.03215 x Price Au/oz) + (%Mo x 22 x Price Mo/lb))/ (Price Cu/lb x 22). * = end of hole. Metallurgical recoveries and net smelter returns are not considered.
Hole SE10-14 was collared approximately 200 m north-northwest of hole WJ08-84 which assayed 359.1 m grading 0.69% Cu, 0.27g/t Au and 0.006% Mo, including 200.8 m grading 1.01% Cu, 0.44g/t Au and 0.002% Mo.
Hole SE10-08 assayed 304.8 m grading 0.20% Cu and 0.001% Mo. Hole SE10-12 assayed 198.12 m grading 0.34% Cu, 0.06g/t Au and 0.0019% Mo. Hole SE10-13 was lost prematurely due to drilling difficulties.
Hole SE10-15 assayed 307.85 m grading 0.20% Cu, 0.02g/t Au and 0.004% Mo, including 108 m grading 0.41% Cu, 0.04g/t Au and 0.002% Mo. This most northwesterly hole testing the induced polarization (IP) anomaly was collared approximately 350 m northwest of hole WJ08-84 and was located on the flank of the anomaly.
Hole SE10-16 assayed 220.37 m grading 0.19% Cu, 0.02g/t Au and 0.001% Mo. This hole, along with SE10-12, are the furthest holes drilled to date on the northwestern side of the IP anomaly, testing the ‘core’ area of mineralization.
The focus of this year’s drilling on the Southeast Zone was to expand the limits of the mineralized zone, as suggested by a 2.0 km by 1.0 km induced polarization anomaly. Wide-spaced drilling of the sixteen holes (5,700 m) so far during 2010, as well as 18 holes during 2007-2008, has now extended the area of mineralization to 1,300 m by 900 m; the deepest drilling was to 700 m. As with the previous drilling, all holes continue to be mineralized from the overburden/bedrock interface to the bottoms of the holes, except for two occurrences of host rock displacement by narrow, younger basalt dykes.
Elsewhere on the property, a program of induced polarization (approximately 42 line-km) and ground magnetic surveying was completed over prospective targets, identified as a result of the 2009 airborne magnetometer survey over the property.
Gold Fields has informed the WJV that following a brief break in the drilling during October 2010 to catch up on assay results, drilling has resumed with three to four additional holes planned to the end of the year. A drill location map may be viewed at http://www.cariboorose.com/i/pdf/2010-11_WJS_SEZ.pdf.
Core samples were analyzed by ALS Chemex Laboratories, a certified facility in Vancouver, BC. Glen 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.
Woodjam North Update
Phase Two drilling (5,127.3 m in 21 holes) was completed at the adjoining Woodjam North gold-copper property, bringing the total drilling at Woodjam North during 2010 to 13,560 m in 52 holes. Assay results for these holes are pending. Work at Woodjam North included additional IP surveying over the Spellbound area (23 line-km), as well as 27.5 line-km of reconnaissance IP over the Antoine Lake, Tisdall Lake and Horsefly Mountain areas to identify further exploration targets.
About Cariboo Rose Resources Limited
Cariboo Rose Resources Ltd. is a mineral exploration company with six gold, copper and molybdenum exploration projects in British Columbia and the Yukon. The Woodjam North and Woodjam South properties (totaling 56,150 ha) are part of the Woodjam Joint Venture between Cariboo Rose (40%) and Fjordland Exploration Inc. (60%); both properties are now under option to Gold Fields Horsefly Exploration Corporation. Additionally, Cariboo Rose has two other gold-copper exploration projects adjoining the Woodjam Properties, a gold exploration project in the White Gold District of the Yukon, and a copper exploration project south of BC’s Kemess mine. Cariboo Rose trades on the TSX Venture exchange under the symbol “CRB”. For more information please visit the Company’s website at www.cariboorose.com.
About Gold Fields Limited
Gold Fields is one of the world’s largest unhedged producers of gold with attributable production of 3.5 million ounces per annum from nine operating mines in South Africa, Ghana, Australia and Peru. Gold Fields also has an extensive growth pipeline with both greenfield and near mine exploration projects at various stages of development. Gold Fields has total attributable Mineral Reserves of 78 million ounces and Mineral Resources of 281 million ounces. For more information visit the company’s website at www.goldfields.ca.za.
Glen Garratt, P.Geo, Director.
Cariboo Rose Resources Ltd.
Paul Way, Business Development Manager
Phone: (604) 681-7913, Toll Free: 888-656-6611; email: firstname.lastname@example.org
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