At Woodjam South, drilling commenced on the Southeast Zone on March 16th, the beginning of a 15,000 metres (m) drilling program (5,000 m infill, 6,000 m expansion drilling and 4,000 m unallocated) on the main target in the core area measuring 800 m by 630 m to a depth of 400 m. A number of the drill sites are planned to allow calculation of an inferred pit-constrained NI 43-101 compliant resource by the end of 2011. In addition, a program of reverse circulation drilling will test other targets on the southern part of the Woodjam South property. This work program is part of the $5 million budget announced by Gold Fields for 2011 (see News Release dated March 2, 2011). A drill location map may be viewed at www.cariboorose.com
Southeast Zone Drilling:
|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 SE11-21 was collared between holes SE10-12, WJ08-88 and WJ08-85, along the interpreted southwestern portion of the higher-grade core area, and encountered copper-molybdenum mineralization from the top of the bedrock to the end of the hole at 507.2 m. The 349.9-m interval assayed 0.33% Cu, 0.011% Mo and 0.05g/t Au. Mineralization is hosted by quartz monzonite and occurs primarily in veins and as disseminations. Drilling is ongoing utilizing two machines.
To the end of 2010, a total of 38 diamond drill holes (14,544 m) have been completed on the Southeast Zone. All holes are mineralized from the bedrock interface to the bottoms of the holes, with the exception of one reconnaissance hole (SE10-20), drilled approximately 800 m north of the northern-most mineralized hole (SE10-07) and for two occurrences of host rock displacement by narrow, younger basalt dykes. The current drilling program is targeting mineralization to depths of greater than 450 m; however, the deepest hole to date (WJ08-82) is just over 700 m and ended in mineralization. The best hole drilled to date (WJ08-84) averaged 0.69% Cu, 0.26g/t Au and 0.006% Mo over 359.1 m, including 1.01% Cu, 0.44g/t Au and 0.002% Mo over 200.8 m.
Elsewhere over the 2-km by 1-km induced polarization anomaly on the Southeast Zone, reconnaissance drilling of three holes, SE10-04 (previously reported) and SE10-06 and SE10-11 (not previously reported) to the south of the core area currently being drilled off intersected interesting but low-grade copper and molybdenum mineralization hosted by quartz monzonite. Thus, mineralization has been discovered over a total length of approximately 1500 m and width of 630 m.
Fjordland President Tom Schroeter says: “The initial assay results from this infill and expansion drilling program are very encouraging and have the potential to expand the mineralized zone already defined in the Southeast Zone. We look forward to continuing positive results from this program, culminating in a 43-101 inferred resource before the end of 2011.”
Core samples were analyzed by ALS Laboratory Group, a certified facility in North Vancouver, BC. Tom Schroeter, P.Eng./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.
Paul Way, Business Development Manager
Phone: (604) 681-7913, Toll Free: 888-656-6611; email: firstname.lastname@example.org
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.