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Cariboo Rose Resources Enters LOI to Grant Option on Carruthers Pass, BC
Apr. 27, 2011 (TheNewswire.ca) -- Vancouver, BC, April 27, 2011 - Cariboo Rose Resources (TS...
About this update from Cariboo Rose Resources Ltd.
[{"type":"text","content":"\nCariboo Rose Resources Enters LOI to Grant Option on Carruthers Pass, BC\n\n Apr. 27, 2011 (TheNewswire.ca) -- Vancouver, BC, April 27, 2011 - Cariboo Rose Resources (TSXV:CRB) Ltd. (TSX-V: CRB)(\"Cariboo Rose\") is pleased to announce that it has entered into a Letter of Intent (LOI) to option the Carruthers Pass, B.C. massive sulfide project to La Quinta Resources Corporation (TSXV:LAQ) (TSX-V: LAQ)(\"La Quinta\"). Under the terms of the LOI, Cariboo Rose will grant a six year option to acquire 90% of the project to La Quinta in exchange for $2 million dollars on exploration, payments of $470,000 dollars and issuing 2 million shares of common stock to Cariboo Rose. La Quinta has also been granted the opportunity to acquire the remaining 10% interest from Cariboo Rose at fair market value. The project is subject to a 2.5% royalty, which may be reduced to 1% royalty by purchase from the underlier, Phelps Dodge Corporation of Canada Limited for $1.5 million. Due diligence on the project is estimated to require between 30 to 75 days, depending on access to the property.The Carruthers Pass massive sulfide is a volcanogenic massive sulfide located 70 km south of the Kemess copper-gold mine in the Omineca Mining Division. The project consists of 8 claims with 130 units, covering approximately 3,250 hectares. The project, initially staked based on the presence of a large massive sulfide boulder, was bolstered by the discovery in 2008 of in-place massive sulfide mineralization in horizons.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.\n\n----------------------------------------------------------\n|Sample #|Copper (%)|Zinc (%)|Silver (grams/t)|Gold (ppb)|\n|--------------------------------------------------------|\n|39710 |6.78 |4.81 |171.0 |1.47 |\n|--------------------------------------------------------|\n|39707 |5.15 |0.12 |28.3 |0.15 |\n|--------------------------------------------------------|\n|39750 |4.16 |0.06 |66.9 |0.04 |\n|--------------------------------------------------------|\n|39729 |2.50 |0.04 |23.6 |0.04 |\n|--------------------------------------------------------|\n|39737 |2.28 |3.76 |96.3 |1.21 |\n|-------------------------------------------------------...