Carbonate Hosted Gold Project Option
Carbonate Hosted Gold Project Option
Vancouver, BC, March 23, 2020, Cariboo Rose Resources Ltd. (“Cariboo”) (TSX -V: CRB) is
pleased to announce that it has entered into an option agreement effective March 23, 2020 with
privately owned Black Shield Metals Corp. (“Black Shield”) to advance its Carbonate Hosted Gold
Project (CHG) located in southern British Columbia near the Community of Clinton . Terms of the
agreement will allow Black Shield 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 5 1/2 year
term. Following earning a 60% interest , Black Shield may earn an additional 10 % interest (70%
total) by paying Cariboo an additional $500,000 and completing a feasibility study within a further
24 months.
The CHG Project, encompassing 3,302 hectares, was initiated by Cariboo in 2013 to explore for
carbonate hosted gold in south -central British Columbia, such as occurs in Ca rlin, Nevada, Muddy
Lake, British Columbia (Wheaton River Minerals), and at the Rackla gold project in the Yukon
Territory (Atac Resources Ltd.). The CHG claims overlie a permissive sequence of Paleozoic aged
carbonate rocks where Geologic Survey of Canada records indicate high-grade gold values were
obtained in silicified limestone (jasper) float in the late 1800’s.
Beginning in 2013 Cariboo began a program of silt sampling water courses that are all east -west
trending in this package of rocks . Significan t gold anomalies were obtained in three drainages
spanning a north -south distance of approximately three kilometers. All three stream anomalies
abruptly cut-off on their western (upslope) edge suggesting a discrete source with many silt samples
exceeding 2 00 ppb gold (maximum 930 ppb). Much of the area has recently been extensively
logged providing new access.
Fieldwork will start as soon as provincial health officials determine that the coronavirus pandemic
is contained.
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.
Bill Morton
J.W. (Bill) Morton, P.Geo.
President
Cariboo Rose Resources Ltd.
Contact:
Phone: (604) 681-7913, Toll Free: 888-656-6611; email: [email protected]
About Cariboo Rose Resources Limited
Cariboo Rose owns interests in four mineral projects in British Columbia.
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.