Vancouver, BC, Feb 19, 2025, Cariboo Rose Resources Ltd. (“Cariboo Rose”) (TSX-V: CRB) has been advised by Basin Uranium Corp. (CSE: NCLR) (CNSX: NCLR.CN) (“Basin Uranium”), that it will be continuing with a revised option to earn an interest in the Carbonate Hosted Gold Project (“CHG”) located in southern British Columbia near the community of Clinton.
To finish the option obligations to earn a 60% interest in the project Basin Uranium is required to make exploration expenditures of $1,000,000, Cash Payment of $110,000 and Cash and or Share Payments of $110,000 before December 31, 2028. An exploration expenditure of $100,000, a Cash Payment of $15,000 and Cash and or Share Payments of $35,000 are due by December 31, 2025. Cariboo Rose will accept exploration expenditures and payments made by Basin Uranium up to December 31, 2024, which total $448,930 and $135,000 respectively, sufficient to satisfy obligations that were due by that date. Basin Uranium may earn a further 10% interest (70% total) in the Carbonate Hosted Gold Project by completing a bankable feasibility study within 24 months of earning the 60% interest.
CHG is drained to the east by three creeks with very strong gold silt anomalies in a predominantly limestone terrane with many silt values exceeding 500 ppb gold. A Versatile Time Domain Electromagnetic airborne survey (VTEM) completed in 2022 indicates a number of resistivity and magnetic anomalies in the potential source area of these geochemical anomalies which has a north-south extent of at least 6 kilometers. In 2023 Basin Uranium completed a seven-hole reverse circulation drill program in one target with none of the holes penetrating through the overburden. In March 2024 a single diamond drill hole was completed in the same area which encountered overburden to 120 meters followed by a clay altered unit to 139m before the hole was lost in a fault.
CHG is located in a semiarid setting on the east slope of the Marble Range. A key contributor to the geological concept of CHG is the permissiveness of gold mineralization to carbonate rocks (silty sediments and limestone) as demonstrated by the Muddy Lake deposit in northern BC, the Rackla gold project in the Yukon Territory and the numerous gold deposits in Nevada. An interesting observation on the potential of CHG is an excerpt from the Report to the Minister of Mines [British Columbia] 1886 referencing G.M. Dawson of the Geological Survey of Canada; From the report: “Specimens of a jaspery quartz containing free gold and assaying $300 to the ton have been found in the early part of this year in three separate locations within the surveyed bounds of the town of Clinton….” (readers are warned to treat this reference with caution owing to its time frame and rudimentary context)
Details of the 2025 program are still being formulated and will be released at a future date.
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.
Bill Morton
J.W. (Bill) Morton, P.Geo., President
Cariboo Rose Resources Ltd.
Contact:
Phone: (604) 681-7913, Toll Free: 888-656-6611; email: info@eastfieldgroup.com
About Cariboo Rose Resources Limited
Cariboo Rose owns seven mineral projects in British Columbia. In addition to Carbonate Hosted Gold these are:
- Lightning Strike, shale hosted gold, located east of 100 Mile House, 100% owned.
- Carruthers Pass, massive sulfide, located southwest of Kemess Mine, 100% owned.
- Cowtrail, contiguous with Woodjam project (Vizsla Copper Corp), 60% option to BRS Mining Resources.
- Pat, porphyry copper-gold, contiguous with Vizsla Copper Corp’s Woodjam project, 100% owned.
- Coquigold, epithermal gold, north of Westhaven Gold’s Shovelnose, 70% option to CMP Minerals.
- Koster Dam, gold, located near Black Dome Mine, 55% - 45% joint venture with Discovery Lithium Corp.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.