Thursday,
July 09, 2009
Carruthers Pass Property Update High Grade Massive
Sulphide Showing Discovered
Vancouver, BC, July 9, 2009 - Cariboo Rose Resources Ltd. (TSX-V: CRB) has been informed that Hawthorne Gold
Corp. (TSX-V: HGC) has terminated its option of the Carruthers Pass
property in north-central BC. Hawthorne has forwarded a report outlining
the results of their 2008 exploration program. The report details sampling
carried out on cliffs above a high-grade boulder protruding from a talus
apron. Two significant new bedrock massive sulphide occurrences were
located and sampled. Other mineralized zones were also located but massive
sulphides were not observed. Previous sampling of the large massive
sulphide boulder returned significant values in copper, zinc, silver and
gold. Grab samples by Phelps Dodge in 2001 from this exposure returned the
following:
Sample #
|
Copper (%)
|
Zinc (%)
|
Silver (grams/t)
|
Gold (ppb)
|
62692
|
1.12
|
7.05
|
56
|
2,100
|
72638
|
2.62
|
2.99
|
>99
|
169
|
63454
|
3.13
|
4.50
|
>99
|
458
|
Govt-A
|
4.44
|
4.48
|
250
|
3,170
|
Sampling undertaken during the 2008 program (104 samples in total) returned
several anomalous results with the following table representing selective
grab samples from the more significant copper rich showings.
Sample #
|
Copper (%)
|
Zinc (%)
|
Silver (grams/t)
|
Gold (ppb)
|
39710
|
6.78
|
4.81
|
171.0
|
1.47
|
39707
|
5.15
|
0.12
|
28.3
|
0.15
|
39750
|
4.16
|
0.06
|
66.9
|
0.04
|
39729
|
2.50
|
0.04
|
23.6
|
0.04
|
39737
|
2.28
|
3.76
|
96.3
|
1.21
|
39720
|
1.61
|
0.07
|
19.5
|
0.07
|
The prospecting/sampling program identified at least two mineralized or
sulphide-bearing altered horizons which vary between two to four metres
thick and can be traced across the outcrop exposures for at least 100
metres. Within these horizons, pods of massive sulphides occur and which
are represented by the samples above. It is strongly suspected that these
are the source of the boulder occurrence.
An airborne geophysical survey over the property was completed in 2004. A
total of 295 line kilometres were flown utilizing a DIGHEM multi-coil,
multi-frequency electromagnetic system supplemented with a high sensitivity
magnetometer. The geophysical contractor, Fugro Airborne Surveys of
Toronto, reports that "the surveyed property contains several anomalous
features, many of which are considered to be of moderate to high priority
as exploration targets". The Fugro report itemizes fourteen target
areas that contain discrete electromagnetic anomalies attributable to
bedrock sources. These targets have had little follow-up exploration.
The Carruthers Pass property consists of 130 mineral claim units covering
3,250 hectares located approximately 70 kilometres south of the Kemess
gold-copper mine and 200 kilometres north of Smithers. Under the terms of a
2003 agreement with Phelps Dodge, Cariboo Rose may earn a 100% interest in
the Carruthers Pass Property by completing $750,000 ($187,000 remaining) in
exploration and issuing shares valued at $120,000 (cash or shares, $40,000
remaining) before the sixth anniversary of the agreement (May 31, 2012).
Phelps Dodge retains a back-in privilege to earn a 60% interest by
incurring exploration expenditures that are the greater of 200% of prior
expenditures or $1,500,000 (with the back-in election to be made before the
expiry of the 90 day period following the earlier of May 31, 2011 or the
completion of 2,500 metres of drilling [1,100 remaining]). Phelps Dodge may
earn an additional 10% interest by completing a feasibility study within
three years of earning its back-in interest. Should Phelps Dodge elect not
to exercise its back-in privilege it will be entitled to a 2 1/2% net
smelter return royalty that may be reduced to 1% by payment of $1,500,000.
G. L. 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.
Glen Garratt
G. L. Garratt, P.Geo., Director
Contact:
Paul Way, Business Development Manager
Phone (604) 681-7913, Toll Free: 888-656-6611
email: pway@eastfieldgroup.com
About Cariboo Rose Resources Ltd.
Cariboo Rose Resources Ltd. is a Canadian public resource company that
trades on the TSX - Venture exchange under the symbol CRB. Cariboo Rose has
six gold, copper and molybdenum exploration projects in Western Canada. The
company's Woodjam North property in the Cariboo region of BC is under
option to the Gold Fields Limited group of companies (NYSE: GFI) and the
company's Canadian Creek Project, in the White Gold District of the Yukon
is under option to Alder Resources (TSX-V: ALR). Cariboo Rose is part of
the Eastfield Group. Since its inception in 1987, the Eastfield Group has
utilized a successful business strategy that leverages exposure by securing
third party exploration financing on the majority of its projects. Other
affiliated companies in the group include Eastfield Resources Ltd. (TSX-V:
ETF) and Lorraine Copper Corp. (TSX-V: LLC). For more information please
visit the Company's website at www.cariboorose.com.
The TSX - Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. This news
release may contain certain "Forward-Looking Statements" within
the meaning of Section 21E of the United States Securities Exchange Act of
1934, as amended. All statements, other than statements of historical fact,
included herein are forward-looking statements that involve various risks
and uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could differ
materially from those anticipated in such statements. Important factors
that could cause actual results to differ materially from the Company's
expectations are disclosed in the Company's documents filed from time to
time with the TSX - Venture Exchange, the British Columbia Securities
Commission and the US Securities and Exchange Commission.
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