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Cariboo Rose Announces Commencement of Exploration at Canadian Creek Project, Yukon
Jul. 14, 2011 (TheNewswire.ca) -- Vancouver, BC, July 14, 2011 - Cariboo Rose Resources Ltd....
About this update from Cariboo Rose Resources Ltd.
[{"type":"text","content":"\nCariboo Rose Announces Commencement of Exploration at Canadian Creek Project, Yukon\n\n Jul. 14, 2011 (TheNewswire.ca) -- Vancouver, BC, July 14, 2011 - Cariboo Rose Resources Ltd. (TSXV:CRB) (\"Cariboo Rose\")(TSX-V: CRB) is pleased to announce that exploration has commenced at its Canadian Creek property in the highly prospective Tintina Gold Belt of central Yukon. The property consists of 320 claims covering approximately 6,180 hectares located 160 kilometres south of Dawson and approximately 50 kilometres southeast of the White Gold (Underworld/Kinross) discovery.The property ties onto the Kaminak Gold Corp. (TSXV:KAM) (OOTC:KMKGF) (\"Kaminak\")(TSX-V: KAM) claims and is immediately south of the recently discovered \"Sugar trend gold-in-soil anomaly\" on the southeastern side of the Kaminak claims. Kaminak announced on July 6, 2011 that Sugar is a priority target for soil sampling with drilling planned for September, 2011 pending favourable soil results. To the immediate east of Canadian Creek is Western Copper Corp.'s (NYSE:WRN) (TSX: WRN) Casino copper-gold-molybdenum porphyry.Cariboo Rose has granted Castillian Resources Corp. (TSXV:CT) (TSX-V: CT) by way of assignment an option to acquire a 60% interest in the property by June 18, 2013 by making $160,000 in additional cash payments to Cariboo Rose, issuing a total of $45,000 in shares to Cariboo Rose and funding additional exploration expenditures totalling $1,425,000. Approximately $1,000,000 was spent in 2009 by a previous operator as part of the current option agreement.The geology and previous exploration results on the Canadian Creek property are presented in an NI 43-101 technical report entitled \"Summary Report on the Canadian Creek Property, Whitehorse Mining District, Yukon Territory, with Recommendations for Continuing Exploration\" by R.J. Johnston, P.Geo. and Colin W.P. Russell, P.Geo. dated April 15, 2011 which is filed on SEDAR by Castillian. Mr. Johnston who previously carried out exploration on the property is a qualified person as defined by NI 43-101 and Mr. Russell is an independent qualified person as defined by NI 43-101. The report recommends a two-phased $3 million exploration program.The 2011 exploration program which is budgeted at $1.1 million will initially focus on completing soil geochemical coverage over the entire property followed by tr...