Cariboo Rose Resources Completes Casino "B" Option with Western Copper and Gold and Sells Back Nine Claims
10.11.2016 | The Newswire
Vancouver, Nov 10, 2016 - Cariboo Rose Resources Limited (TSX-V: CRB) ("Cariboo Rose") and Casino Mining Corp. ("Casino Mining"), a wholly owned subsidiary of Western Copper and Gold Corp. (TSX: WRN, NYSE MKT:WRN) ("Western") have completed an agreement (the "Purchase Agreement") whereby Cariboo Rose has exercised its option to acquire 55 mineral claims known as the Casino "B" Claims, and Casino Mining has purchased 9 of the Casino "B" Claims in return for 500,000 common shares of Western. Cariboo Rose has also been granted rights to reasonable access to its Canadian Creek project over Casino Mining's mineral claims. In return, Western has been granted a right of first refusal on the remaining 46 Casino "B" Claims.The nine Casino "B" Claims acquired by Casino Mining as part of the Purchase Agreement increase Casino Mining's land position on the western edge of the Casino deposit. The mineral claims include, or are in close proximity to areas where certain mining facilities are proposed. The new mineral claims underlie the site of the proposed heap leach facility and will provide a buffer zone to the open pit described in the Casino Project feasibility study.
Following the completion of the transaction, the Canadian Creek project, 100% owned by Cariboo Rose, will comprise 311 claims, including 46 Casino "B" Claims. Canadian Creek will share a 6 kilometer long north-south boundary on its eastern side with Western Copper and Gold and a 12 kilometer long east-west boundary on its north side with Goldcorp Inc. (TSX: G, NASDAQ: GG) (Coffee Project). The Canadian Creek property hosts structurally localized gold-bearing zones in the northern half of the property similar in style to Goldcorp's Coffee deposit and porphyry copper-gold-molybdenum mineralization similar to Western Copper and Gold's Casino deposit on the southern half. In 2016, a program of trenching and pit sampling was completed on selected targets that expressed anomalous conditions similar to the Coffee occurrences (see news release dated October 5, 2016).
J.W. (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, Cariboo Rose Resources Ltd.
Contact:
Cariboo Rose Resources Ltd.
Phone: (604) 681-7913
Toll Free: 888-656-6611
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.