The highest gold-copper grades were intersected in drill hole DH10-23 that graded 0.53g/t Au and 0.22% Cu (0.92g/t Au Equivalent) over 95.74 m, including a higher-grade intercept of 41.2 m grading 0.89g/t Au and 0.26% Cu (1.35g/t Au Equivalent). A drill location map may be viewed at http://www.cariboorose.com/i/maps/WJN-DH-Drilling.pdf.
Deerhorn Zone: Significant Drill Results
Au Eq g/t
*Au Equivalent in g/t calculated using US$950/oz gold, US$2.50/lb copper and the formula: ((g/t Au + (%Cu x 22 x Price Cu/lb)) / (Price Au/oz x 0.032151)). Metallurgical recoveries and net smelter returns are not considered. * = End of Hole.
Drilling of these three holes tested a possible lateral (to the southeast) and down-dip extension of mineralization cut in hole DH10-21 (156.6 m grading 1.14g/t Au and 0.29% Cu from 141.9 m, including 64 m grading 1.92g/t Au and 0.39% Cu from 212 m). Hole DH10-21 was collared approximately 90 m south of hole DH09-03 (89.5 m grading 1.16g/t Au and 0.26% Cu, including 26 m grading 3.25g/t Au and 0.6% Cu). The target depth of hole DH10-23 was approximately 350 m; however, the hole was lost in a fault zone at 237.7 m. Nonetheless, significant values of gold and copper were encountered and the area of mineralization remains open.
Holes DH10-24 and 25 were drilled to test the postulated eastern extension of the mineralization, but encountered weakly altered and mineralized volcanic rocks and monzonite dykes, with a number of individual elevated assay intervals. The geometry of this second area of mineralization at Deerhorn is still not well understood.
Drilling of a minimum of 1,500 m on the Deerhorn Zone and the Megabuck East Area, to the southwest, is scheduled to commence in February. Immediately adjoining the Deerhorn Zone to the northeast is the Teslin River Resources Corp.’s Rand property; Gold Fields has recently optioned this property and plans to drill three to four holes totaling about 1,200 m, starting in mid-January.
Tisdall Lake Area
Reconnaissance mapping and prospecting by Gold Fields during 2010 in the Tisdall Lake area, located at the northeastern edge of the Woodjam North property, resulted in the discovery of variable amounts of vein to disseminated chalcopyrite showings in dioritic and gabbroic outcrop and float. Rock samples collected assayed up to 0.3% Cu. The area is coincident with a large magnetic high. Follow-up soil sampling and reconnaissance induced polarization surveys (four lines spaced 500 m apart totaling 14 line-km) over the area of chalcopyrite showings and mag highs showed a broad area (2.0 km by 1.0 km) of anomalous soils (Cu, Zn, As, Fe) and a number of IP chargeability highs indicating a linear anomaly of at least 1,500 m in length. This discovery represents a new target in the Woodjam district. Follow-up ground magnetic surveys and drilling of selected targets is planned for 2011.
Core samples were analyzed by ALS Laboratory Group, a certified facility in North 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.
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.co.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