Vancouver, BC / TheNewswire / May 23, 2018 – Cariboo Rose Resources Ltd. ("Cariboo") (TSX-V: CRB) is pleased to announce that it has entered into an option agreement dated effective May 18, 2018 with privately owned ZP Mining Inc. ("ZP") to advance its Carbonate Hosted Gold Project (the "Project"). Terms of the agreement will allow ZP to earn a 60% interest in the Project, currently 100% owned by Cariboo, by completing $ 1,500,000 in work and making $ 300,000 in payments over a 51/2 year term. Following earning a 60% interest, ZP may earn an additional 15% interest in the Project by paying Cariboo an additional $ 100,000 and completing a feasibility study within a further 36 months. An initial option payment of $ 20,000 has been made.
The Project encompassing 5,109 hectares was initiated by Cariboo in 2013 to explore for carbonate hosted gold in south-central British Columbia, such as occurs in Carlin, Nevada, Muddy Lake, British Columbia (Wheaton River Minerals-now Goldcorp), and at the Rackla gold project in the Yukon Territory (Atac Resources Ltd.). The claims overlie a sequence of Paleozoic and Mesozoic aged carbonate rocks located near the community of Clinton, BC. Rationale for the Project includes historical Geologic Survey of Canada reference to high-grade gold values being obtained in jasperoid float samples in the area (silicified carbonate).
Beginning in 2013, Cariboo began a program of silt sampling east trending water courses in the Marble Range. Significant gold anomalies were obtained in three drainages trending eastward and spanning a north-south distance of approximately three kilometers. All of the stream anomalies abruptly cut-off on their western (upslope) edge indicating a discrete source. Since 2013, Cariboo has collected and analyzed a total of 324 stream sediment samples, 895 soil samples and 132 rock (float or rubble) samples.
The 2018 program is anticipated to include an airborne geophysical survey and further ground surveys.
J.W. (Bill) Morton P.Geo, within the context of the requirements of NI-43-101, is the qualified person who takes full responsibility for this news release.
J.W. (Bill) Morton, P.Geo.
Cariboo Rose Resources Ltd.
Phone: (604) 681-7913, Toll Free: 888-656-6611; email: firstname.lastname@example.org
In addition to its 100% owned Canadian Creek property located in the Yukon Territory Cariboo Rose owns interests in four mineral projects in British Columbia.
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