Caribou Acquires Additional Claims at Mulloy and Increases Acreage by 50% Near Zenyatta’s Albany Project
September 27, 2013 (Source: Marketwired) — CARIBOU KING RESOURCES LTD. (“Caribou” or the “Company”) (TSX VENTURE:CKR)(FRANKFURT:CB8) is pleased to announce that it has acquired three additional strategic claim blocks contiguous to the southwest of the 100% owned Mulloy graphite project, located ten kilometers west of the Zenyatta Ventures Albany graphite project in Ontario. The acquisition increases the property by 50% to 5,693 hectares, and now includes the southwest end of a regional magnetic trend that encloses seven recently-discovered EM conductors (see news release, September 25, 2013).
As announced previously, the seven conductors define a broad, southwest to northeast trending corridor that parallels the regional aeromagnetic trend for over 1.6 kilometers and remains open in all directions. Permits for line-cutting and drilling have been submitted and are expected shortly, after which a grid will be established to further refine the strike length of the conductive corridor.
Mulloy Project Maps: http://caribouking.com/wpsite/graphite/mulloy/
The new claims are located approximately two kilometers southwest of the historic graphite discovery hole by Shell Canada Resources Ltd. that encountered 90% visual graphite in 18.68 meters of graphitic schist, followed by a second graphitic schist intersected over 19.78 meters for a total of 38.46 meters (see news release, August 15, 2013). The total depth of the drill hole was 182.70 meters and is located approximately 10 kilometers west of the Zenyatta’s Albany graphite project. An estimate of true thickness cannot be determined from the historic drilling, and the graphite content is a visual historical estimate and should not be relied upon without lab assay confirmation.
Michael England, CEO and Director states, “We are excited to have secured the entire magnetic trend that underlies the Mulloy property. Exploration on the new claim area will commence shortly and will consist of horizontal loop EM surveys and sampling to further define the broad, northwest-trending corridor of conductors that trends towards the new claims area. This is a very active and exciting time for Caribou King as we explore all of our highly prospective graphite properties, several of which are in close proximity to historic and operating graphite mines.”
The technical contents of this release were approved by Dr. Tom E. McCandless, P. Geo., qualified person as defined by National Instrument 43-101. The property has not been the subject of a National Instrument 43-101 report, and Dr. McCandless has not verified the technical data disclosed in this release.
Get our daily investorintel update
About Caribou King Resources
Caribou King Resources Ltd. (TSX VENTURE:CKR) is a publicly-listed, Canadian junior exploration company that holds a portfolio of highly prospective mineral properties located throughout Canada, including seven newly-acquired graphite projects. These Graphite projects include: Mulloy and Nezen in Ontario that are close to and adjoin the Zenyatta Ventures Ltd. Albany graphite project; TAC in Quebec with historic drilling including 9.86% Cgf over 46.75 meters; Lac Vert in Quebec with graphite intersections in three historic drill holes; Calumet in Quebec that is contiguous to the Canada Carbon (TSX VENTURE:CCB) Miller hydrothermal lump-vein graphite project; Buckingham that is located 750 meters west of the historic Walker Graphite Mine; St.Aime property that is contiguous with the Timcal Graphite Mine, currently Canada’s only producing graphite mine. Caribou is advancing each of these projects through multiple active exploration programs now underway.
On Behalf of the Board of Directors
Michael England, CEO
Caribou King Resources Ltd.
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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>