The property ties onto the Kaminak Gold Corp. (“Kaminak”) (TSX-V: KAM) claims and is immediately south of the recently discovered “Sugar trend gold-in-soil anomaly” on the southeastern side of the Kaminak claims. Kaminak announced on July 6, 2011 that Sugar is a priority target for soil sampling with drilling planned for September, 2011 pending favourable soil results. To the immediate east of Canadian Creek is Western Copper Corp.’s (TSX: WRN) Casino copper-gold-molybdenum porphyry.
Cariboo Rose has granted Castillian Resources Corp. (TSX-V: CT) by way of assignment an option to acquire a 60% interest in the property by June 18, 2013 by making $160,000 in additional cash payments to Cariboo Rose, issuing a total of $45,000 in shares to Cariboo Rose and funding additional exploration expenditures totalling $1,425,000. Approximately $1,000,000 was spent in 2009 by a previous operator as part of the current option agreement.
The geology and previous exploration results on the Canadian Creek property are presented in an NI 43-101 technical report entitled “Summary Report on the Canadian Creek Property, Whitehorse Mining District, Yukon Territory, with Recommendations for Continuing Exploration” by R.J. Johnston, P.Geo. and Colin W.P. Russell, P.Geo. dated April 15, 2011 which is filed on SEDAR by Castillian. Mr. Johnston who previously carried out exploration on the property is a qualified person as defined by NI 43-101 and Mr. Russell is an independent qualified person as defined by NI 43-101. The report recommends a two-phased $3 million exploration program.
The 2011 exploration program which is budgeted at $1.1 million will initially focus on completing soil geochemical coverage over the entire property followed by trenching/geology, ground magnetic and induced polarization surveys to define prospective structures and drill targets. The trenching/geology program will initially focus on the six existing gold-in-soil trends defined on the property from previous soil geochemistry programs. To date, only about 50% of the property was previously covered by soil geochemical sampling leaving significant room for further gold-in-soil anomaly discoveries. There is a significant gap between previous soil geochemical coverage and the boundary with the Kaminak property as shown in Figure 2.
On July 12 2011, Castillian was granted a Class 3 exploration permit for five years of proposed activity at Canadian Creek including drilling, extension of access trails, trenching and other key activities by Yukon Energy Mines and Resources.
Dr. Bill Pearson, P.Geo., President & CEO of Castillian commented: “We are delighted to begin exploration on this highly prospective property which has the potential to be a core asset for Castillian. The entire area will be the focus of intense exploration this summer. We have a very strong exploration team on site and work is progressing very rapidly.”
G. 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.
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
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 copper-gold-molybdenum properties (totaling 56,150 ha) belong to the Woodjam Joint Venture which consists of Cariboo Rose (40%) and Fjordland Exploration Inc. (TSX-V: FEX) (60%). Both properties are under option to Gold Fields Horsefly Exploration Corporation. Cariboo Rose and Fjordland have recently announced plans to amalgamate their interest in both Woodjam properties and spin-out the properties to shareholders in the form of a new publicly listed company (See Cariboo Rose news release of June 29, 2011). Other properties include the Canadian Creek copper-gold property located in the White Gold District of the Yukon optioned to Castillian Resources Corp. (TSX-V: CT); the Cowtrail gold property optioned to Dajin Resources Corp. (TSX-V: DJI) located in the Cariboo region adjacent to and north of the company’s Woodjam North property; The Carruthers Pass copper-zinc-silver property in north-central British Columbia subject to a Letter of Intent to option the project to La Quinta Resources Corporation (TSX-V: LAQ); and the Pat gold-copper property in the Cariboo region of south-central British Columbia adjacent to the company’s Woodjam North property. 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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.