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

Caribou King Resources Ltd.

December 01, 2014 12:26 ET

Caribou Issues Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 1, 2014) - CARIBOU KING RESOURCES LTD. ("Caribou" or the "Company") (TSX VENTURE:CKR)(FRANKFURT:CB8) is pleased to issue a corporate update on its post-consolidation plans, in order to reinforce its ongoing goal of generating value for the benefit of all of its shareholders. Effective Nov. 17, 2014 the common shares of Caribou King commenced trading on the TSX Venture Exchange on a post roll-back basis pursuant to a resolution passed by shareholders on Nov. 10, 2014 to consolidate its capital on a 1:15 basis.

Moving forward, the company will be directing focus towards its three highest-potential properties: TAC, Montpellier/MGD, and Buckingham. The company is in the process of evaluating the TAC and Montpellier/MGD properties in order to determine the property with the highest potential as a designated flagship project. All three properties are located in favourable regions of southern Quebec and are easily accessible by road.

The CKR team is poised to execute a detailed reconnaissance program on each of the properties in the coming months and aims to provide regular updates on its ongoing data compilation and evaluation efforts.

TAC Historic Highlights

  • Historical drilling includes over 2,822 metres of drilling in 49 holes;
  • Induced polarization (IP) and magnetic surveys were conducted on the property in 2013;
  • Historically conducted geophysical surveys include property-wide electromagnetic (EM) and mise-a-la-masse;
  • Assay results from one historical hole reported a weighted average of 10.21% Cg over 43.65 meters.

(Ministere de l'Energie et de Ressources Quebec, Report Nos. GM51068, 1992, 220p; GM51067, 1990, 24p.)

Montpellier/MGD Historic Highlights

  • Historical drilling includes over 1,340 metres in 36 holes;
  • Graphite mineralization in a zone with a width of about 15 meters and traced by means of trenching and drilling for more than 250 meters along strike;
  • Assay results from historical drilling reported a weighted average of 10.48% Cg over 45.0 meters and 11.82% Cg over 21.8 meters.

(1984, Ministere de l'Energie et de Ressources Quebec, Report Nos. GM42965, 80p; GM41744, 41p.)

The above data is historical in nature. There are no mineral resources or reserves on the above-mentioned properties. The Company has not done sufficient exploration work to state any resources or reserves and there can be no assurance that a resource or a reserve will be determined with additional work.

See below for references and detailed summaries of each property.

About the Montpellier/MGD Property

The Montpellier/MGD graphite property covers 359 contiguous hectares, located approximately 67 kilometres north-northeast of Ottawa, Ont. Historical drilling conducted on the property in the early 1990's includes over 1,340 metres in 36 holes.

The property hosts a main graphite zone with a width of about 15 meters and was traced by means of trenching and drilling for more than 250 meters along strike. Two other graphite zones occur 575 meters east of the main zone of mineralization.

Graphite mineralization associated with the highly metamorphosed sedimentary rocks of the Grenville geological sub-province. The lithologies include quartzofeldspathic and garnetiferous paragneiss, with the graphite mineralization occurring as large flakes interbedded parallel to the schistosity of the paragneisses. Assay results from historical drilling reported a weighted average of 10.48% Cg over 45.0 meters and 11.82% Cg over 21.8 meters (1984, Ministere de l'Energie et de Ressources Quebec, Report Nos. GM42965, 80p; GM41744, 41p.). Note that estimates of true thickness were not determined in the historical drilling.

The above data is historical in nature. There are no mineral resources or reserves on the above mentioned property. The Company has not done sufficient exploration work to state any resources or reserves and there can be no assurance that a resource or a reserve will be determined with additional work.

About the TAC Property

The TAC graphite property covers 1,477 contiguous hectares and is located in the Mousseau Township of Quebec, approximately 22km north of Riviere Rouge, Quebec.

Over 2,822 metres of drilling in 49 holes was conducted on the claims in the 1980's. Induced polarization (IP) and magnetic (EM) surveys were conducted on the property in 2013. Historically conducted geophysical surveys include property-wide EM and mise-a-la-masse. Mineralization has been historically reported as flakes up to 1cm in diameter but typically varying from 0.5mm to 5mm in diameter. Graphite appears to be preferentially developed within marble units; some crystals can be present locally in any of the metasedimentary lithologies.

EM surveys conducted on the property have identified numerous conductors which coincide with high-grade historical drilling intersections. Additional graphitic outcrops have been identified elsewhere on the property. Historical drilling on the property in the 1980's returned a weighted average graphite content of 10.21% Cgf over 43.65 meters (Ministere de l'Energie et de Ressources Quebec, Report Nos. GM51068, 1992, 220p; GM51067, 1990, 24p.)

The above data is historical in nature. There are no mineral resources or reserves on the above mentioned property. The Company has not done sufficient exploration work to state any resources or reserves and there can be no assurance that a resource or a reserve will be determined with additional work.

About the Buckingham Project

The Buckingham property is comprised of eight claim blocks totaling 480 hectares, situated in southwestern Quebec in the Central Metasedimentary Belt of the Grenville Geologic Province. Graphite occurs in veins and within pegmatite, diopside skarn, marble and gneiss. The region is known for its graphite deposits that were mined periodically from 1875 to 1920 and delivered graphite of exceptional quality. Buckingham is situated approximately at the western limit of historic Walker Graphite Mine, which extracted 816 tons of both disseminated flaky graphite and vein-type (lump) graphite. Vein-type graphite is the most valuable with large-size flake graphite having the highest price of the flake types. At the main test pit of Walker Mine, situated some 750 meters east of Buckingham property, disseminated graphite occurred in gneiss, in proportions up to 25% and was described as affording a very high percentage of large flakes (F. Cirkel, 1907, Mining Division of Canada, Ottawa Department of Mines, 306p.). Work by the Company has identified high-grade graphite and new conductors on the southeastern portion of the property in close proximity to the historic Walker Graphite mine.

The above data is historical in nature. There are no mineral resources or reserves on the above mentioned property. The Company has not done sufficient exploration work to state any resources or reserves and there can be no assurance that a resource or a reserve will be determined with additional work.

Mr. Case Lewis, P.Geo, consulting geologist, is Caribou King's Qualified Person for this release according to National Instrument 43-101. Mr. Lewis has reviewed and approved the technical data contained in this release. The Company has not yet done sufficient exploration work for Mr. Lewis to verify the historic information.

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
    604-683-3988 (FAX)