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Friday, January 18, 2008
Southeast Zone Returns 0.40% Copper And 0.014%
Molybdenum Over 114 Metres
Cariboo Rose
Resources Ltd. (TSX-V: CRB) ("Cariboo Rose") and Fjordland
Exploration Inc. (TSX-V: FEX) ("Fjordland") are pleased to report
the final results for the 2007 drill program completed at the Woodjam
Project, located in the Cariboo region of south-central British Columbia.
Results from the Southeast Zone:
Hole 07-79, the most northerly of three widely-spaced vertical holes in the
newly discovered Southeast Zone on the Woodjam property, intersected 203.55
metres of copper-molybdenum mineralization averaging 0.34% copper and 0.014%
molybdenum from bedrock surface at 145.2 metres to 348.75 metres, near the
limit of the drill rig. The final 3.9 metres of the hole encountered a
cross-cutting, post-mineral basaltic dyke and the mineralization in this hole
is thought to be open ended. A higher-grade portion of this hole beginning at
the bedrock surface graded 0.40% copper and 0.014% molybdenum over 113.8 metres.
Hole 07-79 was drilled three metres east of hole 07-78 which was lost at
bedrock where 1.2 metres of mineralization graded 0.38% copper and 0.012%
molybdenum. Hole 07-79 is a 310-metre northern step out from hole 07-73,
which in turn was a 500-metre northern step out from hole 07-72 (both drilled
earlier in the 2007 program). All three holes (07-79, 07-73, and 07-72)
bottomed in copper-molybdenum mineralization (excepting the dyke noted above
in 07-79) over an open-ended distance of 810 metres. The IP chargeability
anomaly that formed the initial drill target measures 1,500 metres by 1,000
metres and remains largely untested.
Tom Schroeter, President of Fjordland Exploration comments, "This drill
intersection in hole 07-79 compares very favourably with the grades in the
current reserves (383.6 million tonnes grading 0.31% copper and 0.009%
molybdenum) and resources (530 million tonnes grading 0.309% copper and
0.007% molybdenum) at the nearby Gibraltar open-pit mine. With 3 holes
bottomed in mineralization, we are looking at the potential for a similar
large-tonnage body."
Results from the Takom Zone:
Hole 07-77 intersected 53.3 metres of 0.27% copper and 0.29 g/t gold (206.7
metres to 260.0 metres). The highest individual 3-metre samples graded up to 0.93
g/t gold and 0.37% copper and 0.50 g/t gold and 0.51% copper. This hole is
approximately 200 metres northeast from hole 74-03 which returned 10.7 metres
grading 1.3 g/t gold and 0.13% copper. These results are viewed as indicating
a large target area of mineralization which displays a high gold to copper
ratio and opens up new vectors for further exploration of this relatively
untested area. Hole 07-76 was drilled in the Takom Zone approximately 500
metres to the northeast of hole 07-77 and encountered alteration and
anomalous copper.
2008 Exploration Plans:
The 2008 program at Woodjam is scheduled to begin in February 2008 with a
deep penetrating geophysical survey, capable of investigating depths of up to
500 metres, followed with drilling beginning the end of March deploying two
rigs.
For Further Information:
Core from the recent Southeast Zone discovery will be displayed at company
displays at the Vancouver Resource Investment Conference to be held in
Vancouver on January 20 and 21, 2008. A presentation is to be given on
Monday, January 21, 2008 at this conference to profile the recent successes
at the Woodjam project. A
copy of the presentation will be available on the companies' websites. The
companies will also be displaying at a "core shack" display on
Tuesday, January 29, 2008 at the Cordilleran Roundup to be held at the
Bayshore Resort and Marina. Select photographs of mineralized core and maps
have been posted by both companies on their respective web sites.
About The Woodjam Joint Venture:
The Woodjam Joint Venture consists of 60% Fjordland and 40% Cariboo Rose and
is situated in the Cariboo Region of south-central British Columbia,
approximately 55 kilometres east of the city of Williams Lake. The project is
located at low elevation, in a relatively flat and dry timbered landscape,
and is close to hydroelectric power and a natural gas pipeline.
The Woodjam Joint Venture has now identified three open ended zones of
porphyry mineralization on the Woodjam property. These are the copper-gold Megabuck
Zone, the copper-gold Takom Zone located 2.5 km to the south of the Megabuck
Zone and the newly discovered copper-molybdenum Southeast Zone, 2.5 km east
of the Takom Zone.
Assay Procedure:
Analysis was performed by Acme Analytical Laboratories, a certified facility
located in Vancouver, BC, using multi-element (ICP-ES)
procedures, with gold and silver determined using fire assay procedures. External
standards were inserted into the sample sequence on a ratio of approximately
one standard per twenty-five samples. The 2007 drilling program and sampling
protocol were supervised by Bruce Laird, P.Geo. of Mincord Exploration
Consultants Ltd. G.L. Garratt, P.Geo., and T. G. Schroeter, P.Eng./Geo. who
are qualified persons within the context of National Instrument 43-101, has
read and takes responsibility for this news release.
J.W. Morton
J.W. (Bill) Morton, P.Geo.
President
Contact: Paul Way, Business Development Manager
(604) 681-7913 Toll Free: 888-656-6611
pway@eastfieldgroup.com
Or visit the Company's website at: http://www.cariboorose.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 and currently operates
five mineral exploration projects in Western Canada. It was spun off from
Wildrose Resources Ltd. (TSX-V: WRS) in 2006, to allow Wildrose to focus on
the Spanish Mountain Project. Cariboo Rose is part of the Eastfield Group.
Since its inception in 1987, the Eastfield Group has utilized a successful
business strategy that leverages its exposure by securing third party
exploration financing on the majority of its projects. The other companies in
the Eastfield Group are Eastfield Resources (TSX-V: ETF) and Wildrose
Resources (TSX-V: WRS).
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.
Map of the New
Discovery Area
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