Caribou Acquires Property in Ontario With High Visual Graphite Content in Historic Drill Intercepts
August 15, 2013 (Source: Marketwired) — CARIBOU KING RESOURCES LTD. (“Caribou” or the “Company”) (TSX VENTURE:CKR)(FRANKFURT:CB8) announces that it has acquired the Pito graphite property, with a historic drill intercept of 90% graphite over eighteen meters. In the late 1970s Shell Canada Resources Ltd. drilled a north-directed hole at 60 degrees inclination that intercepted graphitic schist from 107.9-126.58 meters. As reported in the drill log, graphite forms 90% of schist over the 18.68 meter interval. After passing through roughly four meters of quartzite/chlorite schist, an additional 19.78 meters of graphitic schist was intercepted from 130.28-150.0 meters that is reported to be less silicified, resulting in zones of soft graphite (see Ontario Ministry of Northern Development and Mines, Report 42F15NE8019). An estimate of true thicknesses is not determined from the historic drilling, and the graphite intercepts are visual historical intercepts and should not be relied upon without lab assay confirmation. The total depth of the drillhole was 182.70 meters.
The Pito property is located 80 kilometers northwest of Hearst, Ontario, and consists of 96 units covering 1,536 hectares (3,840 acres). Twenty kilometers to the east, the Albany East graphite deposit that is presently under advanced exploration by Zenyatta Ventures Ltd. has reported five holes with 146m of 5.2% Cg, 177m of 5.3% Cg, 186m of 4.9% Cg, and 125m of 4.6% Cg, respectively (see Zenyatta Ventures news releases, July 2, 2013).
CEO Michael England states, “The Pito property represents an area with significant historic graphite values that, though visual in nature, are extremely intriguing and worthy of follow-up. We are presently reviewing all of the available historical data with the objective of making a property visit in the coming weeks.”
To acquire a 100% interest in the property, Caribou will issue a cumulative 5 million shares and incur expenditures of $600,000 over a 3 year period plus grant a 2.5% NSR to the vendor, one % of which can be purchased back for $1,000,000. This transaction is subject to TSX Venture approval.
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.
For more information, visit the website at www.caribouking.com.
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ON BEHALF OF THE BOARD
Michael England, CEO, Caribou King Resources Ltd.
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Caribou King Resources Ltd. Actual results may differ materially from those currently anticipated in such statements. 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.
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