Posts Tagged Alder Resources

Castillian Provides update on Cariboo Rose’s Canadian Creek Property

Castillian Resources Corporation (“Castillian” or the “Company”) announces that pursuant to a letter agreement (the “Letter Agreement”) entered into with Alder Resources Ltd. (“Alder”) to acquire the right to earn a 60% interest in the Canadian Creek Gold property located in the Whitehorse Mining District, Yukon (the “Property”) (See Press Release dated October 18, 2010), the parties have clarified the terms of the previously entered into assignment agreement among Castillian, Alder and Cariboo Rose Ltd. Alder acquired its interest in the Property pursuant to an option agreement (the “Option Agreement”) dated June 11, 2009 entered into between Alder and Cariboo Rose Resources Ltd. (the “Optionor”) under which Alder had an option to acquire a 60% interest.

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Cariboo Rose and Alder Resources Gold Mineralization Discovered in New Targets

Cariboo Rose Resources Ltd. (TSX-V: CRB) and Alder Resources Ltd. (TSX-V: ALR) are pleased to report the results of the drilling program on the Canadian Creek Property, located in the Whitehorse Mining District of the Yukon Territory 160 km south of Dawson City. The property is also 50 km southeast of Underworld Resources Inc.’s White Gold project and adjacent to Western Copper Corp.’s Casino Deposit.

Ten core drill holes totaling 1,425m were completed along a series of gold-arsenic+/-antimony-bismuth soil geochemical and IP geophysical anomalies that cover an area of over four km in length. The program was the first drill test of these anomalies and confirmed the presence of auriferous quartz-carbonate veins and clay altered structures hosted in gneisses and granodiorite and monzonite intrusive rocks. All the drill holes returned anomalous gold intercepts with the most significant intercepts listed in the following table, all of which are from the eastern portion of the 2009 geochemical grid. 

Hole ID

From (m)

To (m)

*Interval (m)

Gold (g/t)

Silver (g/t)

CC09-05

63.87

71.24

7.37

0.16

including

64.90

65.24

0.34

0.53

13.5

CC09-06

5.00

20.00

15.00

0.33

CC09-08

77.80

79.30

1.50

3.50

3.5

CC09-10

82.80

90.05

7.25

0.68

 

including

82.80

85.80

3.00

1.10

30.4

                (* these are core lengths and may not reflect true thickness)

Drill holes CC09-5 and 6 tested a small portion of a two km long, open-ended gold soil geochemical anomaly. The gold geochemical anomaly is open for 800 m northeast from drill hole CC09-6. Near the eastern end of the grid a soil sample returned 2.2 g/t gold. Drill holes CC09-08 and 10 tested a separate anomaly to the north that is 600m long and open to the east.

Drill holes CC09-1 to 4, 7 and 9 returned anomalous gold-arsenic values across numerous intervals ranging from 2.0 m to 20 m with values up to 0.2 g/t gold and 0.46% arsenic. The 2009 drill holes were spaced from 300 m to 1.3 km apart. The broad dispersion of anomalous gold across the drilling area and the wide spacing between drill holes indicates that a large area of mineralization has been identified that hosts potential for a significant gold deposit.

Alder can earn a 60% interest in the Property by making a schedule of cash payments totaling $250,000 and issuing 250,000 shares to Cariboo Rose and completing exploration expenditures on the property totaling $2,500,000 by June 18, 2013.

G.L. Garratt, P. Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.

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Cariboo Rose Outlines Gold Geochemical Anomalies Along a 4 Km Trend in White Gold District

Cariboo Rose Resources Ltd. (TSX-V: CRB) and Alder Resources Ltd. (TSX-V: ALR) are pleased to report on ongoing exploration on the Canadian Creek Project in the Whitehorse Mining District of the Yukon Territory 160 km south of Dawson City. The property is also 50 km southeast of Underworld Resources Inc.’s (TSX-V: UW) White Gold project and approximately 25 km southeast of Kaminak Gold Corp.’s Coffee property.

A soil sampling grid has been cut and sampled, and the analytical results indicate a series of gold and arsenic anomalies across the entire 4.0 km width of the grid. The anomalies are defined by 20 ppb contours and individual anomalies are up to 1.5 km in length. At a 50 ppb gold threshold the largest anomaly is 1.2 km long and 300 m wide. The anomalies show strong linear trends from east-west to northeasterly. Previous sampling of float in one of these anomalies returned 6.6 g/t gold and 51 g/t silver from a piece of quartz-arsenopyrite vein. An induced polarization (IP) geophysical survey was also completed over the grid and outlined several anomalies that show the same general trend as the soil anomalies.

A separate gold geochemical anomaly, 3.0 km southeast of the gold-arsenic anomaly and adjacent the Casino Deposit presently being explored by Western Copper Corporation, was defined during previous exploration on the property and received some follow-up. An old trench (9076C) in the middle of this large anomaly was reported to have returned 1.69 g/t gold across 10 m. The trench was re-sampled with 5 m chip/panel samples and returned 45 m of 0.33 g/t gold with an interval of 10 m grading 0.93 g/t in the centre of the trench. A diamond drill hole completed in 1993 located within this same anomaly intersected 150 m grading 0.49 g/t gold, including 44 metres grading 0.71 g/t.

Alder has contracted Kluane Drilling, based in Whitehorse, to undertake a drilling program on the property. Kluane is presently drilling for Western Copper on the adjacent Casino Deposit and this provides a tremendous logistical and cost advantage to the project.

Alder can earn a 60% interest in the Property by completing a schedule of cash payments (totaling $250,000) to Cariboo Rose, issuing a total of 250,000 shares to Cariboo Rose, and fulfilling designated exploration expenditures on the property totaling $2,500,000 by June 18, 2013.

G.L. Garratt, P. Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release. Bob Johnston, P. Geo., also a qualified person within the context of National Instrument 43-101, is supervising the project work in the field. Analysis was performed by Acme Analytical Laboratories, a certified facility in Vancouver, BC, using multi-element (ICP-MS) Aqua Regia Digestion (1D) procedures, with gold and silver values determined using fire assay procedures.

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Cariboo Rose Options Canadian Creek Property, White Gold District, Yukon

canadiancreekforblog-300Vancouver, BC, June 15, 2009 – Cariboo Rose Resources Ltd. (TSX-V: CRB) has signed a Letter of Intent Option Agreement with Alder Resources Ltd. (TSX-V: ALR) giving Alder the option to earn a 60% interest in the currently 100% Cariboo Rose owned Canadian Creek Property. The total area of the Canadian Creek claims is 4,800 hectares (12,000 acres). The Canadian Creek property is located in the Whitehorse Mining District of the Yukon Territory 160 km south of Dawson City. The property is also 50 km southeast of the Underworld Resources Inc. (TSX-V: UW) owned White Gold project and approximately 25 km southeast of Kaminak Gold Corp.’s Coffee property.

Alder can earn a 60% interest in the Property by completing certain cash payments (totaling $250,000) to Cariboo Rose, issuing a total of 250,000 shares in its capital to Cariboo Rose, and fulfilling designated exploration expenditures on the property totaling $2,500,000, within the time specified, all to be completed by June 18, 2013. Alder has given a firm commitment to complete the first $250,000 of work by June 18, 2010.

Alder has also committed to fund and complete an NI 43-101 compliant report on the Canadian Creek property by January 31, 2010. Upon Alder earning a 60% interest in the Canadian Creek property the parties shall be constituted a joint venture.

Bill Morton, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.

Bill Morton
Bill Morton, P.Geo., Director

Contact:
Paul Way, Business Development Manager
Phone (604) 681-7913, Toll Free: 888-656-6611
email: pway@eastfieldgroup.com

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