TSX:CRB

News

2011 News

Cariboo Rose Resources Announces Ground Added to Woodjam Project, BC

June 7, 2011

Vancouver, BC, Jun 7, 2011 - Cariboo Rose Resources Ltd. (TSX-V: CRB) and Fjordland Exploration Inc. (TSX-V: FEX), 40%-60% partners in the Woodjam Joint Venture (“WJV”), and Gold Fields Limited’s (NYSE: GFI) exploration company, Gold Fields Horsefly Exploration Corporation (“Gold Fields”), have signed an option agreement with private vendors for the 625-hectare Magalloy-Magex Property. Magalloy-Magex is located in the Woodjam North Property, currently being explored by Gold Fields under an option agreement with the WJV. The Woodjam North Property is located 45 km east of Williams Lake, in south-central British Columbia. The option agreement was completed to cover prospective ground along an interpreted SW-NE trend of mineralization, which includes the Megabuck and Takom zones on the Woodjam North Property, where significant “porphyry-style” copper and gold mineralization has been identified by drilling.

For the option to acquire a 100% interest in the Magalloy 1-14 and Magex 1-12 mineral claims, Gold Fields, on behalf of the WJV, will make cash payments to the vendors totaling $300,000 over a four-year term and will reserve a 1.5% net smelter royalty for the vendors that may be purchased outright for a cash payment of $1.5 million. The cash payments required to be made shall be attributed to Gold Fields’ earn-in expenditures relating to the Woodjam North option agreement with the WJV.

The Magalloy-Magex Property is located 3.5 km to the south-southwest of the Megabuck Zone and 1.0 km to the west of the Takom Zone on the Woodjam North Property. The Magalloy-Magex option is underlain by extensive glacial drift; however, a few exposures of intrusive rocks and Nicola Group volcanic rocks have been mapped. Previous soil, silt and lake geochemical surveys indicate copper and molybdenum anomalies on the Property. Also, a reconnaissance induced polarization (IP) survey, completed in 2008 by the WJV, has outlined a potential 1.2-km southwesterly extension to the large IP chargeability anomaly covering the Takom Zone. The nearest drill hole on the Takom Zone (W07-75), located approximately 350 m east of the Magalloy-Magex Property boundary, returned a 12.3m interval grading 0.13% copper and 0.037g/t gold.

The WJV and Gold Fields plan to explore the Magalloy-Magex option during 2011, as part of their aggressive multi-million dollar exploration programs on the Woodjam North and Woodjam South projects.

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.

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, annualized production of 3.6 million ounces per annum from eight 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 77 million ounces and Mineral Resources of 225 million ounces. For more information visit the company’s website at www.goldfields.co.za.

Glen 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

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
View previous May 19, 2011 Drilling at Woodjam South (Southeast Zone) Yields 349.9 m Grading 0.33% Cu and 0.011% Mo in the First Hole of the Planned 15,000 m Drilling Program
Return to the 2011 news release list.
View next June 16, 2011 Cariboo Rose Resources Announces Drilling at Woodjam South Yields 349 m Grading 0.36% Copper, 0.05 g/t Gold and 0.006% Molybdenum, Including 53 m Grading 0.67% Copper, 0.04 g/t Gold and 0.005% Molybdenum
© 2024 Cariboo Rose Resources Ltd.
Designed and Powered by Adnet Communications
© 2024 Cariboo Rose Resources Ltd.
All rights reserved.
Disclaimer

Subscribe to our Email List

By providing your e-mail address, you are consenting to receive press releases, quarterly and annual reports, presentations and other information concerning Cariboo Rose Resources Ltd. and its affiliates and partners.