Caribou King Resources Ltd.
TSX VENTURE : CKR

Caribou King Resources Ltd.

February 08, 2012 11:44 ET

Caribou Approves 2012 Exploration Program at the Vault Au-PGE Property, Yukon

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 8, 2012) - CARIBOU KING RESOURCES LTD. ("Caribou" or the "Company") (TSX VENTURE:CKR) has approved its 2012 exploration program for the Vault Au-PGE property, located 140 kilometers northwest of Haines Junction in the Whitehorse Mining District of southwestern Yukon, and within 500 meters of the Wellgreen Cu-Ni platinum group element ('PGE') project that is presently under resource evaluation by Prophecy Platinum Corp. (TSX VENTURE:NKL). The exploration program will include airborne geophysics as well as additional mapping and sampling to determine the extent of mafic and ultramafic rocks located on the property in late 2011. At their presentation at the 2012 Mineral Exploration Roundup held in Vancouver in January, Prophecy emphasized the importance of magnetic surveys in identifying potential new ore zones on the Wellgreen property (see the Wellgreen presentation at www.prophecyplat.com). To date, no detailed geophysical surveys or drilling have been carried out on the Vault property.

In 2011, rocks similar to those at Wellgreen were discovered at Vault, including gabbros, peridotite in outcrop, and a peridotite float grab sample with 93 ppb Pd and 42 ppb Pt. The property also hosts numerous high gold soil anomalies on the southeastern claims, and mapping and sampling completed in 2011 located quartz veins with up to 1.03 g/t gold in altered phyllites and andesites that are coincident with the previously-reported soil anomalies. An additional 103 claims were staked immediately southeast and contiguous with the property that will be assessed in 2012 for both potential gold and Wellgreen-type Cu-Ni-PGE mineralization.

"We are seeing similarities in rock types on our Vault property to Prophecy's Wellgreen Deposit, and are looking to examine this situation very closely this upcoming season." states Mike England, Caribou's CEO. "Our intention is to define potential targets for this summer's drill program in the Yukon."

Recently, Caribou entered an agreement with Alix Resources Corp. to 100% control of the Vault through a cash and share purchase subject to TSX approval (see Caribou News Release, February 2nd, 2012).

The technical contents of this release were approved by Dr. Tom McCandless, P.Geo., President and a Director of Caribou King and qualified person as defined by National Instrument 43-101.

Caribou King's mission is to identify, acquire, and advance high potential base and precious metal prospects. For more information visit the website at www.caribouking.com.

ON BEHALF OF THE BOARD

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.

Contact Information

  • Caribou King Resources Ltd.
    Michael England
    CEO
    1-604-683-3995 or Toll Free: 1-888-945-4770
    www.caribouking.com