Caribou King Resources Ltd.
TSX VENTURE : CKR
FRANKFURT : CB8
OTCBB : CBULF

Caribou King Resources Ltd.

November 04, 2015 08:00 ET

Caribou Completes Exploration Program at Buckingham, Reports Assays Up to 28.7% Cg and Expansion of Case Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 4, 2015) - CARIBOU KING RESOURCES LTD. ("Caribou" or the "Company") (TSX VENTURE:CKR)(FRANKFURT:CB8)(OTCBB:CBULF) is pleased to announce the completion of its exploration program and latest assay results from its 100%-owned Buckingham Graphite Project in Southern Quebec.

A total of 18 samples were taken on the property, 16 of which returned values in excess of 11.9% graphitic carbon (Cg), with an average of 21.0% Cg. Most samples were taken over approximately 900 metres from outcrops of a northeast-southwest trending paragneiss unit hosting large-flake, disseminated graphite mineralization, outcropping along the Case Zone. The assay results also include the balance of assays previously pending for 7 samples taken from the Case Zone earlier in the year (see NR dated May 22, 2015). Results are summarized in Table 1.

Table 1. Buckingham Grab Sampling Highlights:

Sample ID Northing Easting Cg %
210161 5053816 459400 28.7
210151 5053871 459431 27.3
210157 5053821 459399 27.1
210156 5053847 459405 24.3
210162 5053562 459344 23.8
210163 5053711 459317 23.2
210153 5053873 459432 22.9
210167 5053742 459785 22.5
210165 5053432 459269 21.5
210166 5053506 459260 20.4
210164 5053694 459381 19.5
210158 5054137 459592 18.2
210154* 5053732 459320 18.0
210160 5053843 459402 14.4
210155 5053885 459440 12.5
210152 5053903 459422 11.9
210159 5054040 459348 6.1
210168 5053301 460761 1.6
*all samples from outcrop except 210154 (taken from boulder)

The exploration program succeeded in delineating a mineralized sequence occurring along the western margin of the Case Zone over 900 metres of strike length and at least 250 metres of thickness and remains open to the north and south. The two-phase exploration program consisted of a ground-based electromagnetic (EM) survey followed by a detailed mapping and sampling campaign and was successful in generating sufficient data to plan a drilling program for the project.

Please see: http://www.caribouking.com/index.php?page=buckingham for maps showing sample locations and geological maps.

"The Case Zone at Buckingham continues to produce excellent results over significant strike length," stated Roger Moss interim CEO. "Based on our work to date, the Case Zone has shown consistent mineralization over at least 900 metres and has become a high priority target for our exploration team. We are confident that this recently completed program has provided ample data for planning a future drilling campaign at Buckingham."

The latest results from the Case Zone confirm earlier results ranging from 10.6 to 28.7% Cg (see NR dated May 22, 2015). Mineralization at the Case Zone occurs primarily as disseminated large-flake graphite mineralization hosted along paragneiss horizons, with vein-type, large-flake graphite occurring where the horizons are cross-cut by narrow, steeply dipping brecciated structures and veins. The current area of interest at the Case Zone, as determined by mapping, surface sampling, and geophysics, covers an area of at least 1000 metres in diameter.

Samples were treated at SGS Lakefield, Ontario, using method number GE/GO/GC_CS and code A05V. Graphitic carbon was determined by multistage furnace treatment and infrared detection on LECO instrumentation.

The technical contents of this release were approved by Mr. Case Lewis, P.Geo., a Qualified Person as defined by National Instrument 43-101.

About the Buckingham Property

The 100%-owned Buckingham Graphite Property is located 7 kilometres northwest of the town of Buckingham, Quebec, Canada and consists of eight claim blocks totaling 480 hectares. Well-maintained bush roads provide easy access to the property. The property lies within the Central Metasedimentary Belt of the Grenville Geologic Province with graphite occurring disseminated in paragneiss and within veins hosted within pegmatite, diopside skarn, marble and gneiss.

Two graphitic zones, the Uncle Zone and the Case Zone have been discovered to date, with both zones showing high grade occurrences of disseminated flake and vein type graphite and yielding assay values as high as 81.1%. Initial crushing and flotation of two samples from the Uncle zone has achieved purity up to 99.4% Cg from a single flotation test without process optimization (see news release February 17, 2015).

About the Caribou King Resources Ltd.

Caribou King Resources Ltd. is a publicly-traded, Canadian company focused on advancing its portfolio of highly prospective graphite projects at various stages of development in Canada and Namibia. The company is listed on the TSX Venture Exchange under the symbol CKR and has 20.5 million shares outstanding.

For more information, visit the website at www.caribouking.com.

"Neither 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."

FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).

Contact Information