VANCOUVER – Caribou King Resources Ltd. have announced that three new eletromagnetic (EM) conductors have been identified on its 100%-owned Mulloy graphite project, located ten kilometers west of the Zenyatta Ventures Albany graphite project in Ontario. Michael England, CEO and Director states, “We are extremely encouraged by these latest results from Mulloy. Our recent fieldwork has established a broad corridor with multiple conductors that align with the orientation of underlying regional magnetics, and our historic drillhole with substantial graphite intersections lies within this corridor”.
“The grid EM survey will inevitably establish high priority drill targets for our impending diamond drill program. This is a very active and exciting time for Caribou King as we explore all of our highly prospective graphite properties, several of which are in close proximity to historic and operating graphite mines,”
A broad, northwest-trending corridor of seven EM conductors has now been established that parallels the regional aeromagnetic trend for over 1.6 kilometers and remains open in all directions. Permits for line-cutting and drilling have been submitted and are expected shortly, after which a grid will be established to further refine the strike length of the conductive corridor.
Two additional horizontal loop EM survey lines were conducted on existing roads located southwest of the initial north-south claim line survey (L0) that identified the four previous conductors (see news release Sept. 11, 2013). One new conductor was encountered on a NW-trending road located one kilometer southwest of the L0 survey, and two conductors were identified on a second NW-trending road located 1.6km from the L0 survey.
These two conductors are 175m apart and approximately 1.5km southwest of the historic graphite discovery hole by Shell Canada Resources Ltd. that encountered 90% visual graphite in 18.68 meters of graphitic schist, followed by a second graphitic schist intersected over 19.78 meters for a total of 38.46 meters (see news release, August 15, 2013). The total depth of the drill hole was 182.70 meters and is located approximately 10 kilometers west of the Zenyatta’s Albany graphite project. An estimate of true thickness cannot be determined from the historic drilling, and the graphite content is a visual historical estimate and should not be relied upon without lab assay confirmation.
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.
The company further announces it has granted a total of 500,000 stock options to a director and an officer of the company, exercisable at a price of $0.07 per share for a period of up to five years from the date of grant.
About Caribou King Resources
Caribou King Resources Ltd. (TSX VENTURE:CKR) is a publicly-listed, Canadian junior exploration company that holds a portfolio of highly prospective mineral properties located throughout Canada, including seven newly-acquired graphite projects. These Graphite projects include: Mulloy and Nezen in Ontario that are close to and adjoin the Zenyatta Ventures Ltd. Albany graphite project; TAC in Quebec with historic drilling including 9.86% Cgf over 46.75 meters; Lac Vert in Quebec with graphite intersections in three historic drill holes; Calumet in Quebec that is contiguous to the Canada Carbon (TSX VENTURE:CCB) Miller hydrothermal lump-vein graphite project; Buckingham that is located 750 meters west of the historic Walker Graphite Mine; St.Aime property that is contiguous with the Timcal Graphite Mine, currently Canada’s only producing graphite mine. Caribou is advancing each of these projects through multiple active exploration programs now underway.