Vancouver, BC, Feb 23, 2023, Cariboo Rose Resources Ltd. (“Cariboo Rose”)(TSX-V: CRB) has been provided a 2022 exploration summary report of work completed at Carruthers Pass by Vizsla Copper Corp. (“Vizsla Copper”) (TSX-V: VCU) and has been advised that Vizsla will continue with the option. On Feb 17, 2023 Vizsla made the $40,000 second anniversary option payment and arranged for the issuance of $35,000 (value of) in its shares.
The 2023 program with an expenditure of $1,950,000 included a VTEM helicopter borne electromagnetic and aeromagnetic survey followed by a four hole NQ drill program (1,345m). Drill holes were then surveyed downhole with a bore hole transient EM procedure which successfully located an off hole conductor in hole CP22-17. The results from the drill program are encouraging and of particular interest is the discovery of massive sulfide layers in drill hole CP22-17, within a strong helicopter borne Versatile Time Domain Electromagnetic (VTEM) conductor. The massive sulfide layers are composed dominantly of pyrite and/or pyrrhotite, and may represent distal facies of a base metal rich VMS deposit.
Results of drilling completed in 2022 are as follows:
From 208.0m, 1m @ 1,460 ppm zinc and 3.52 g/t silver
From 214.0m, 1m @ 2,014 ppm zinc
From 223.0m, 1m @ 1,375 ppm zinc
From 313.9m, 0.5m @ 2,290 ppm copper
From 424.5m, 1m @ 1,429 ppm zinc
From 439.5m, 1m @ 2,150 ppm copper
From 442.5m, 1.5m @ 1,735 ppm zinc
From 549.5m, 2.2m @ 2,227 ppm zinc
From 86.1m, 1m @ 1,250 ppm zinc
From 321.0m, 1m @ 1,030 ppm zinc and 5.56 ppm silver
From 370.0m, 0.5m @ 1,045 ppm copper
Vizsla Copper may earn a 60% interest in the Carruthers Pass, copper-zinc-sliver-gold and cobalt property located approximately 75 kilometers southeast of the former producing Kemess copper gold mine (190 km northeast of Smithers BC) by completing $3,000,000 in exploration expenditures and paying $650,000 in cash and shares over a five year term.
Carruthers Pass is a shale hosted massive sulfide project (base and precious metal), discovered in 1997 by the Phelps Dodge Corporation of Canada (now Freeport McMoRan Copper and Gold Inc.). Cariboo Rose Resources Ltd. acquired Carruthers Pass in 2003 through an option agreement with Phelps Dodge and earned a 100% interest in the project in 2011 (subject to a 2.5% net smelter interest reducible to 1.0% for $1.5M). Most significant to the project is a mineralized slab of rock protruding from talus in the upper reaches of a valley below gossanous cliffs. In 2011 the mineralized slab was core drilled. An intercept of 3.1 meters grading 6.2% copper, 5.8% zinc, 2.37 g/t gold and 192.0 g/t silver was obtained before the drill bit passed through massive sulfide and into unconsolidated material. Although the in situ source of the mineralized slab has not been located it is almost certainly local. No further work was completed at Carruthers Pass between 2011 and the current program.
J.W. (Bill) Morton P.Geo, within the context of the requirements of NI-43-101, is the qualified person who takes responsibility for this news release.
J.W. (Bill) Morton, P.Geo., President
Cariboo Rose Resources Ltd.
Phone: (604) 681-7913, Toll Free: 888-656-6611; email: email@example.com
Lightning Strike, 100% owned shale hosted gold silver project modelled on the Spanish Mountain Gold Project located in similar rocks 95 kilometres to the northwest owned by Spanish Mountain Gold Ltd. (TSX-V:SPA) and the FG Gold Project located 35 kilometers to the north owned by Karus Gold Corp. Shale hosted orogenic gold deposits are one of the most attractive models for large gold deposits in the world and include the giant Murantau and Sukoy Log deposits in Russia. Seven historic drill holes on the Lightning Strike claims include intercepts of 3.42 g/t gold and 228.1 g/t silver over 5.0 meters, 0.77 g/t gold over 20.0 meters and 19.30 g/t gold over 1.5 meters. Reverse circulation (RC) drill holes completed by in 2021 by Cariboo Rose included results of 0.62 g/t gold and 7.2 g/t silver over 38.0 meters including 1.43 g/t gold and 16.3 g/t silver over 10.6 meters and 0.54 g/t gold and 14.8 g/t silver over 19.8 meters. The project is fully permitted. 11 drill holes (1,500 meters) of drilling were completed in early October (final analysis currently in progress).
Coquigold, 100% owned, epithermal gold (quartz-adularia) located in southern BC 10 kilometers north of Shovelnose Mountain (Westhaven Gold Corp.-Shovelnose discovery). Central to Coquigold is an area where in 2008 the BC Geological Survey identified and sampled quartz sinter and several areas of silicified (chalcedonic) volcanic and intrusive breccia, bedrock sampling in 2019 by Cariboo Rose confirmed an epithermal mineralizing event with bedrock samples returning up to 43.1 grams per tonne silver, 559 ppm arsenic, 13,400 ppb mercury and 101ppm antimony. In December 2021 an option to earn a 70% interest was granted to CMP Minerals Inc. who must make option payments totaling $250,000 cash; issue 200,000 common shares; pay an additional $250,000 in cash or shares and incur $2,000,000 in exploration expenditures, over a four year period. In May, 2022 453 soil samples were collected and in December, 2022 a helicopter-borne magnetic gradient, radiometric, and VLF-EM survey (451 line kilometers) completed followed by a 3 hole diamond drill program (274 meters) in December (logging, sampling and analysis still incomplete).
Cowtrail, 100% owned, located in southcentral BC, contiguous with the Woodjam copper-gold porphyry project owned by Vizsla Copper Corp. Reconnaissance drill testing of extensive induced polarization anomalies (vintage 1997, 2004 and 2006) define a vector of mineralization trending to the west beyond the area drilled. Significant drill intercepts include 1.16 g/t gold over 18.3m and 0.17% copper and 0.11 g/t gold over 40.0m. An untested soil gold arsenic anomaly with coincident strong IP is located a further 2km to the west. The project was optioned to BRS Resources Ltd in November 2022 who may earn a 60% interest over a four year term by making payments totalling $400,000 and completing $2,000,000 in exploration. The project is fully permitted. A diamond drill is planned for early in 2023.
CHG, 100% owned subject to an option with Basin Uranium Corp. (CSE: NCLR) who may earn a 60% interest by making payments of $300,000 and completing $1,500,000 in exploration by Nov, 2025 and thereafter an additional 10% interest by completing a bankable feasibility study within 24 months. CHG is located in southern BC near the community of Clinton. CHG (short for Carbonate Hosted Gold) is drained to the east by three creeks with very strong gold silt anomalies in a predominantly limestone terrane. A VTEM airborne geophysical survey was completed by Geotech Airborne Surveys in 2021 and indicates a number of resistivity and magnetic anomalies. Basin Uranium recently advised the company that it will continue with the option with plans to drill before the end of March, 2023. The project is fully permitted for drilling.
Koster Dam, 55% owned by Cariboo Rose and 45% by ISM Resources Corp. is located in southern BC 10 kilometers north of the former producing Blackdome gold mine. The target at Koster Dam is a volcanic hosted gold target related to the Fraser River Fault system. Recent programs have located areas of greater than 1.0 gram/t gold in rubble, greater than 3.0 g/t gold in silt and chalcedonic quartz in outcrop. A Triaxial magnetic survey and a liDar Survey were completed in 2021. Preliminary review indicates a number of linear features in the general vicinity of anomalous rubble, soil and silt results (gold, silver and arsenic). Tripoint Geoservices of Kelowna completed a program of additional geochemical surveying and prospecting in 2022. The project is fully permitted for drilling.
Pat, 100% owned, staked by Cariboo Rose in 2004, located in southcentral BC is contiguous with the Woodjam copper-gold porphyry project owned by Vizsla Copper Corp. covers a very strong unexplained magnetic airborne anomaly in prospective Nicola Group volcanic rocks.
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