Cariboo Rose drills 95.74 m of 0.53 g/t Au at Woodjam
2011-01-11 05:13 PT - News Release
Mr. Glen Garratt reports
CARIBOO ROSE RESOURCES ANNOUNCES: WOODJAM NORTH DEERHORN ZONE DRILL HOLEINTERSECTS 95.74 M GRADING 0.53G/T GOLD AND 0.22% COPPER. NEW TARGETDISCOVERED AT TISDALL LAKE
Cariboo Rose Resources Ltd. and Fjordland Exploration Inc., 40-per-centand 60-per-cent partners in the Woodjam joint venture (WJV), havelearned that Gold Fields Ltd.'s exploration company (Gold FieldsHorsefly Exploration Corp.) has forwarded additional drilling resultsfrom the final three drill holes of the 2010 drilling program on theWoodjam North gold-copper property. The property is located 45 km eastof Williams Lake in south-central British Columbia. During 2010,twenty-two drill holes totaling 6,430 m were completed, bringing thetotal drilling at Deerhorn between 2008 and 2010 to thirty-six holestotaling 10,707 m.
The highest gold-copper grades were intersected in drill hole DH10-23that graded 0.53g/t Au and 0.22% Cu (0.92g/t Au Equivalent) over 95.74m, including a higher-grade intercept of 41.2 m grading 0.89g/t Au and0.26% Cu (1.35g/t Au Equivalent). A drill location map may be viewed at
https://www.cariboorose.com/i/maps/WJN-DH-Drilling.pdf.
Au Equivalent in g/t calculated using US$950/oz gold, US$2.50/lb copperand the formula: ((g/t Au + (%Cu x 22 x Price Cu/lb)) / (Price Au/oz x0.032151)). Metallurgical recoveries and net smelter returns are notconsidered. * = End of Hole.
Drilling of these three holes tested a possible lateral (to thesoutheast) and down-dip extension of mineralization cut in hole DH10-21(156.6 m grading 1.14g/t Au and 0.29% Cu from 141.9 m, including 64 mgrading 1.92g/t Au and 0.39% Cu from 212 m). Hole DH10-21 was collaredapproximately 90 m south of hole DH09-03 (89.5 m grading 1.16g/t Au and0.26% Cu, including 26 m grading 3.25g/t Au and 0.6% Cu). The targetdepth of hole DH10-23 was approximately 350 m; however, the hole waslost in a fault zone at 237.7 m. Nonetheless, significant values of goldand copper were encountered and the area of mineralization remainsopen.
Holes DH10-24 and 25 were drilled to test the postulated easternextension of the mineralization, but encountered weakly altered andmineralized volcanic rocks and monzonite dykes, with a number ofindividual elevated assay intervals. The geometry of this second area ofmineralization at Deerhorn is still not well understood.
Drilling of a minimum of 1,500 m on the Deerhorn Zone and the MegabuckEast Area, to the southwest, is scheduled to commence in February.Immediately adjoining the Deerhorn Zone to the northeast is the TeslinRiver Resources Corp.'s Rand property; Gold Fields has recently optionedthis property and plans to drill three to four holes totaling about1,200 m, starting in mid-January.
Tisdall Lake Area
Reconnaissance mapping and prospecting by Gold Fields during 2010 in theTisdall Lake area, located at the northeastern edge of the WoodjamNorth property, resulted in the discovery of variable amounts of vein todisseminated chalcopyrite showings in dioritic and gabbroic outcrop andfloat. Rock samples collected assayed up to 0.3% Cu. The area iscoincident with a large magnetic high. Follow-up soil sampling andreconnaissance induced polarization surveys
(four lines spaced 500 m apart totaling 14 line-km) over the area ofchalcopyrite showings and mag highs showed a broad area (2.0 km by 1.0km) of anomalous soils (Cu, Zn, As, Fe) and a number of IP chargeabilityhighs indicating a linear anomaly of at least 1,500 m in length. Thisdiscovery represents a new target in the Woodjam district. Follow-upground magnetic surveys and drilling of selected targets is planned for2011.
Core samples were analyzed by ALS Laboratory Group, a certified facilityin North Vancouver, BC. Glen Garratt, P.Geo., who is a qualified personwithin the context of National Instrument 43-101, has read and takesresponsibility for this news release.
About Gold Fields Limited
Gold Fields is one of the world's largest unhedged producers of goldwith attributable production of 3.5 million ounces per annum from nineoperating mines in South Africa, Ghana, Australia and Peru. Gold Fieldsalso has an extensive growth pipeline with both greenfield and near mineexploration projects at various stages of development. Gold Fields hastotal attributable Mineral Reserves of 78 million ounces and MineralResources of 281 million ounces. For more information visit thecompany's website at
www.goldfields.co.za.