Caribou King Resources Corp.
TSX VENTURE : CKR

January 19, 2012 08:00 ET

Caribou King Resources-Corporate and Exploration Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 19, 2012) - CARIBOU KING RESOURCES CORP. ("Caribou" or the "Company") (TSX VENTURE:CKR) is pleased to provide an update of its corporate and exploration activities from 2011. At the annual general meeting held December 16th, 2011, the new name of "Caribou King Resources Ltd." was chosen to reflect the Company's broader interests in both base and precious metals opportunities. In the past twelve months, successful drilling was completed on its Caribou Dome Copper Project in Alaska, and five exploration properties were optioned in the Yukon with highlights for the following properties:

Vault, Yukon

The Vault Property is located 140 kilometers northwest of Haines Junction in the Whitehorse Mining District of southwestern Yukon, and adjacent to the Wellgreen platinum group element ('PGE') project that is presently under resource evaluation by Prophecy Platinum Corp. (TSX VENTURE:NKL). Detailed 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 previously-reported soil anomalies on the southwestern portion of the property. On the northwestern claims, rocks similar to those at Wellgreen were discovered including new gabbro outcrops, as well as peridotite in outcrop, and a peridotite float grab sample with 93 ppb Pd and 42 ppb Pt. During the 2011 program, an additional 103 claims were staked immediately southeast and contiguous with the property. These claims will be assessed in 2012 for potential gold as well as Wellgreen-type Cu-Ni-PGE mineralization.

Corky, Yukon

The Corky Cu-Mo(Au) porphyry project is located 125 kilometers northwest of Haines Junction in the Whitehorse Mining District. Sampling near historic soil anomalies confirmed the presence of copper mineralization with up to 2.14 wt.% Cu and 2.14 g/t Au. Eleven separate drill locations were selected to test for possible porphyry mineralization, but drilling was halted due to technical complications. These eleven target areas as well as an area of intense quartz veining located late in 2011 have yet to be drill-tested.

North Corky, Yukon

The North Corky claims consist of 200 claims immediately north of the Corky property that were staked following positive results reported from the Wellgreen project, less than two kilometers to the northwest. Reconnaissance mapping and sampling were carried out over the eastern half of the claims and twenty-nine outcrop rock grab samples, seven rock float grab samples and two stream sediment samples were collected from the property. Two grab rock samples of quartz veining in chloritized andesites two kilometers apart assayed with 2.60 wt.% and 2.57 wt.% Cu. Mapping and sampling of the western half of the property is anticipated for 2012.

Hartless Joe, Yukon

The Hartless Joe gold prospect is roughly 28 kilometers from Whitehorse, and hosts low sulfidation epithermal gold-silver veins in volcanic and sedimentary rocks. Mapping and sampling was carried out over six areas identified by geophysics and geochemistry as anomalous. Although gold assays for outcrop grab samples on the property were generally less than 1 g/t gold, two areas with 13.2 g/t and 8.60 g/t gold in rock grab samples, respectively, were identified for detailed mapping and closer-spaced sampling, with the intent to define possible drill targets.

Caribou Dome, Alaska

The Caribou Dome Cu(+Ag) massive sulfide property is located 177 kilometers south of Fairbanks, in the Talkeetna mining district of south-central Alaska. Historic exploration and development work from 1963-1971 defined a near-surface historic copper resource from over 36,000 feet of surface and underground drilling. The 2011 drill program tested the eastern extension of the deposit, where trenching in 2010 exposed up to 4.03% copper over seven meters. Six of nine core drill holes in the 2011 program intersected copper sulfide mineralization, with the greatest intercept encountering 3.4 meters with 3.36% Cu and 5.54 g/t Ag (see PR October 20, 2011).

The technical contents of this release were approved by Dr. Tom McCandless, P.Geo., President and a Director of Caribou Copper 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

Tom E. McCandless, President

Caribou Copper Resources Corporation

Forward-Looking Statement:

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. 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.

Contact Information

  • Caribou Copper Resources Corporation
    Mike England
    1-604-683-3995 or Toll Free: 1-888-945-4770
    604-683-3988 (FAX)
    www.caribouking.com