Mr. Bill Morton reports

EXPLORATION STATUS AT COQUIGOLD

CMP Mining Inc. and Cariboo Rose Resources Ltd. have provided an update on the status of continuing exploration at the Coquigold gold-silver project located 10 kilometres southwest of the community of Merritt, B.C. The recognition of the potential for gold-silver mineralization at Coquigold is a function of proximity to the Shovelnose gold-silver project owned by Westhaven Gold Corp. (TSX-V: WHN) and data published in 2008 by the B.C. Geological Survey.

Three known occurrences on the property show indications of epithermal alteration; the Castillion Creek exhalative zone in the north containing three stacked exhalative/sinter units, the possible southern lateral extension of the Castillion Creek exhalative/sinter zone; the XYZ zone (six kilometres to the south) and an area of silica-altered plutonic and volcanic rock named the D zone (seven kilometres to the southeast), which was the focus of recent drilling; 274 metres in three holes (CQ22-01, 102.1 metres, CQ22-02, 145.4 m, and CQ22-03, 26.5 m).

Summary of drill results:

• CQ22-01: overburden 0 to 16 metres, hole bottom 112.1 m, no significant precious metal values;
• CQ22-02: overburden 0 to 19 m; strong limonite-carbonate alteration 71.0 to 95.0 m and 142.0 m to 145.4 m; hole bottom 145.4 m, no significant precious metal values;
• CQ22-03: overburden 0 to three m; strong limonite-carbonate alteration 3.0 to 26.5 m; anomalous arsenic (to 90 parts per million) 4.0 to 16.0 m, hole bottom 26.5 m, no significant precious metal values.

Simultaneous to the drilling program, which was completed by Paradigm Drilling of Kamloops, B.C., between Dec. 3 and Dec. 23, 2022, an airborne survey (magnetic, radiometric and VLF-EM) was completed by Precision Geophysics of Langley, B.C. A compilation showing an image of total magnetic intensity with known epithermal occurrences including the D zone overlain is attached to this news release. Of particular interest are linear features outlined by contrasting high and low magnetic intensity contours. An exploration permit application has been submitted to allow exploration of these features.

Analytical work was completed by MSALabs Ltd. of Langley, B.C. Using a 30-gram sample with fusion and trace level AAS detection procedures for gold and 0.5-gram sample digested in a 3:1 aqua regia mixture and analyzed with ICP-AES procedures for base metals.

Coquigold is subject to a December, 2021, option agreement with CMP Mining which may earn a 70-per-cent interest in the project by making option payments totalling $250,000 cash; issuing 200,000 common shares; paying an additional $250,000 in cash or shares and incurring $2-million in exploration expenditures, over a four-year term.

J.W. (Bill) Morton, PGeo, within the context of the requirements of National Instrument 43-101, is the qualified person who takes full responsibility for this news release.

About Cariboo Rose Resources Ltd.

Cariboo Rose owns seven mineral projects in British Columbia. A summary of these projects is as follows:

Lightning Strike, a 100-per-cent-owned shale-hosted gold silver project modelled on the Spanish Mountain gold project located in similar rocks 95 kilometres to the northwest owned by Spanish Mountain Gold Ltd. and the FG gold project located 35 kilometres to the north owned by Karus Gold Corp. Shale-hosted orogenic gold deposits are one of the most attractive models for large gold deposits in the world and include the giant Murantau and Sukoy Log deposits in Russia. Seven historic drill holes on the Lightning Strike claims include intercepts of 3.42 grams per tonne gold and 228.1 g/t silver over five metres, 0.77 g/t gold over 20 metres, and 19.30 g/t gold over 1.5 metres. Reverse circulation (RC) drill holes completed in 2021 by Cariboo Rose included results of 0.62 g/t gold and 7.2 g/t silver over 38 metres, including 1.43 g/t gold and 16.3 g/t silver over 10.6 metres and 0.54 g/t gold and 14.8 g/t silver over 19.8 metres. The project is fully permitted. Eleven drill holes (1,500 metres) were completed in early October, 2022.

Carruthers Pass is 100 per cent owned, subject to an option with Vizsla Copper Corp., which may earn a 60-per-cent interest by making payments of $650,000 and completing $3-million in exploration. Sediment-hosted massive sulphide mineralization was discovered by Freeport McMoRan Copper and Gold in 1997. A 100-per-cent interest in Carruthers Pass was acquired by Cariboo Rose from Freeport McMoRan Exploration in 2011. The property is located in Northern British Columbia south of the Kemess copper-gold mine. Most significant to the project is a mineralized slab of rock weighing several hundred tonnes protruding from talus with a drill intercept through it of 3.1 metres grading 6.2 per cent copper, 5.8 per cent zinc, 2.37 g/t gold and 192.0 g/t silver, and numerous untested geochemical and geophysical targets. The project is fully permitted. A VTEM (versatile time-domain electromagnetic) airborne geophysical survey and four diamond drill holes were completed late in 2022 at a cost of approximately $2-million.

Coquigold, 100 per cent owned, is an epithermal gold (quartz-adularia) project located in Southern B.C. 10 kilometres north of Shovelnose Mountain (Westhaven Gold Corp.-Shovelnose discovery). Central to Coquigold is an area where in 2008 the B.C. Geological Survey identified and sampled quartz sinter and several areas of silicified (chalcedonic) volcanic and intrusive breccia. Bedrock sampling in 2019 by Cariboo Rose confirmed an epithermal mineralizing event with bedrock samples returning up to 43.1 grams per tonne silver, 559 parts per million arsenic, 13,400 parts per billion mercury and 101 ppm antimony. In December, 2021, an option to earn a 70-per-cent interest was granted to CMP Minerals Inc., which must make option payments totalling $250,000 cash; issue 200,000 common shares; pay an additional $250,000 in cash or shares; and incur $2-million in exploration expenditures, over a four-year period. In May, 2022, 453 soil samples were collected and in December, 2022, a helicopter-borne magnetic gradient, radiometric, and VLF-EM (very-low-frequency electromagnetic) survey (451 line kilometres) was completed followed by a three-hole diamond drill program (274 metres) in December (logging, sampling and analysis still in progress).

Cowtrail, 100 per cent owned, is located in south-central B.C., contiguous with the Woodjam copper-gold porphyry project owned by Vizsla Copper Corp. Reconnaissance drill testing of extensive induced polarization anomalies (vintage 1997, 2004 and 2006) defined a vector of mineralization trending to the west beyond the area drilled. Significant drill intercepts include 1.16 g/t gold over 18.3 m and 0.17 per cent copper and 0.11 g/t gold over 40 m. An untested soil gold arsenic anomaly with coincident strong induced polarization is located a further two kilometres to the west. The project was optioned to BRS Resources Ltd. in November, 2022, which may earn a 60-per-cent interest over a four-year term by making payments totalling $400,000 and completing $2-million in exploration. The project is fully permitted. A diamond drill program is currently under way.

CHG is 100 per cent owned, subject to an option with Basin Uranium Corp., which may earn a 60-per-cent interest by making payments of $300,000 and completing $1.5-million in exploration by November, 2025, and thereafter an additional 10-per-cent interest by completing a bankable feasibility study within 24 months. CHG is located in Southern B.C. near the community of Clinton. CHG (short for Carbonate Hosted Gold) is drained to the east by three creeks with very strong gold silt anomalies in a predominantly limestone terrane. A VTEM airborne geophysical survey was completed by Geotech Airborne Surveys in 2021 and indicates a number of resistivity and magnetic anomalies. Basin Uranium recently completed the first four holes of a seven-hole reverse circulation drill program.

Koster Dam, 55 per cent owned by Cariboo Rose and 45 per cent by ISM Resources Corp., is located in Southern B.C. 10 kilometres north of the former-producing Blackdome gold mine. The target at Koster Dam is a volcanic-hosted gold target related to the Fraser River fault system. Recent programs have located areas of greater than one g/t gold in rubble, greater than three g/t gold in silt and chalcedonic quartz in outcrop. A triaxial magnetic survey and a lidar survey were completed in 2021. Preliminary review indicates a number of linear features in the general vicinity of anomalous rubble, soil and silt results (gold, silver and arsenic). Tripoint Geoservices of Kelowna completed a program of additional geochemical surveying and prospecting in 2022. The project is fully permitted for drilling.

Pat, 100 per cent owned, staked by Cariboo Rose in 2004, located in south-central B.C., is contiguous with the Woodjam copper-gold porphyry project owned by Vizsla Copper and covers a very strong unexplained magnetic airborne anomaly in prospective Nicola group volcanic rocks. Vizsla Copper holds a first right of refusal on the property.