Cariboo Rose Grants Option on Koster Dam Gold Project
Vancouver, BC / TheNewswire / July 4, 2016 Cariboo Rose Resources Ltd. (TSX-V: CRB) ("Cariboo Rose") announces it has granted an option on its 100% owned Koster Dam project located near Gang Ranch, British Columbia to ALQ Gold Corp. (TSX-V: ALQ) ("ALQ").
The Koster Dam project is a conceptual reconnaissance gold exploration initiative targeting gold-silver mineralization similar to what occurs at the former producing Blackdome gold-silver mine located approximately 11 km to the south. At Koster Dam exploration initiated in 2012 and continuing in 2013, 2014 and 2015 was predominantly conventional silt sampling augmented with pre-concentrating of those samples in a portable sluice box. This work defined a well focused anomalous target area. Conventional silt samples in the target area reach 632 ppb gold while samples pre-concentrated in a portable sluice box reach 1,451 ppb gold. The next phase of exploration will develop procedures to identify the source of these anomalous gold results in an area that is devoid of outcrop.
ALQ may earn an initial 50% interest in Koster Dam by matching Cariboo Rose's prior expenses of $110,495 within a 12 month term. ALQ may thereafter, at its sole discretion, purchase the remaining 50% interest in the project by paying $400,000 within 20 days of completing the initial option or proceed with a joint venture interest of 50%.
Cariboo Rose plans to focus its efforts for 2016 on its 100% owned Canadian Creek project contiguous to the Kaminak Gold Corp. (TSX-V: KAM) ("Kaminak") owned Coffee project approximately 150 km south of Dawson City. Kaminak has recently agreed to be acquired by Goldcorp Inc. (TSX: G, NASDAQ: GG).
Bill Morton, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
J.W. (Bill) Morton, P.Geo.
President and CEO
Contact:
Paul Way, Business Development Manager
Phone: (604) 681-7913, Toll Free: 888-656-6611; email: pway@eastfieldgroup.com
About Cariboo Rose Resources Limited
Cariboo Rose Resources is a well-funded prospect generating mineral exploration company with six precious and base metal exploration projects in BC and the Yukon. Cariboo Rose trades on the TSX Venture exchange under the symbol "CRB". For more information please visit the Company's website at www.cariboorose.com.
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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