(TheNewswire)
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Vancouver, BC – TheNewswire - Feb 20, 2024 - Cariboo Rose Resources Ltd. (“Cariboo Rose”) (TSXV:CRB) has been advised by Basin Uranium Corp. (CSE:NCLR) (“Basin Uranium”), who are earning an interest in the Carbonate Hosted Gold Project (“CHG”), that diamond drilling is expected to start before the end of the month.
In 2021 a VTEM airborne geophysical survey was completed by Geotech Airborne Surveys over the Carbonate Hosted Gold (CHG) claim block located near the community of Clinton, BC and identified a number of resistivity and magnetic anomalies near the topographical high end of three silt alluvial dispersion trains. An initial test of some of these conductors was attempted in March 2023 using reverse circulation techniques. This drilling was unsuccessful owing to the inability of the reverse circulation drill to penetrate the overburden with all seven holes abandoned in till at depths ranging from 43 to 64 meters. The current drill program will again target these same anomalies using a diamond drill provided by Paradigm drilling of Kamloops, BC., It is anticipated, subject to costs incurred, that 500 to 600 meters will be drilled.
CHG is located in southern BC 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. Since initiating exploration in 2013 Cariboo Rose has targeted three small drainages sourcing in the Marble Range (limestone dominant) that returned highly anomalous gold analysis in silt with numerous samples returning values ranging from 100 ppb to 929 ppb gold in silt and to greater than 10,000 ppb gold in sluiced silt. These east-flowing drainages source from an area approximately 8 kilometers wide. 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 cautioned to treat this reference with caution owing to its time frame and rudimentary context).
Basin Uranium may earn a 60% interest in CHG by making payments of $300,000 and completing $1,500,000 in exploration by Dec 31, 2027 ($850,000 now completed) and thereafter an additional 10% interest by completing a bankable feasibility study within 24 months.
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.
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