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Width of Main Zone Increases to 740 Metres

VANCOUVER, BRITISH COLUMBIA- - Skygold Ventures Ltd. (Skygold) (TSX VENTURE:SKV), a Vancouver-based resource company exploring for precious metals in North America, and its partner Wildrose Resources Ltd. (Wildrose) (TSX VENTURE:WRS), today announced assay results from an additional 22 diamond drill holes on the Spanish Mountain gold property in south-central British Columbia that significantly expand the project's area of interest.

Drilling within the Main Zone has significantly increased its east west extent to at least 740 metres while regional drilling has intersected gold mineralization 1.5 kilometres west of the Main Zone. These latest results highlight the potential of the Spanish Mountain project as a world-class sediment-hosted gold deposit.

Mineralization within the Main Zone is associated with at least three separate, sub-parallel, stratigraphic horizons up to 500 metres wide and up to 135 metres thick. Geophysics completed in 2006, in conjunction with drilling and surface sampling has defined these favourable horizons over at least 2.5 kilometres. The extent of drilling within the Main Zone to date has tested only 20% of this area.

Hole locations in plan view relating to geophysical signatures can be viewed on the company website, www.skygold.ca.

Today's results include a wide selection of holes drilled within the middle stratigraphic horizon stepping out east and west of the Main Zone. Every hole within the target area has intercepted meaningful mineralization.

Highlights

  • Hole 549, drilled west of the known main zone, intersected over 127 metres of mineralization in numerous gold zones including 67.72 metres of 1.03 g/t gold below the Main Zone.
  • Westerly step-out holes 554 and 552 intersected 34.5 metres of 1.42 g/t gold and 19.52 metres of 1.20 g/t gold, respectively. These holes confirm that gold mineralization is associated with stratigraphy and can be followed in a northwesterly direction.
  • Hole 559, the most easterly step-out diamond drill hole on the property, intersected 22.5 metres of 1.45 g/t gold. Hole 285 (20.05 m of 1.05 g/t gold) and hole 559 are 740 metres apart and mark the eastern and western limits of drilling in the Main Zone. Both holes intersected the zone which remains open in all directions.
  • Drilling in the northern portion of the Main Zone intersected near surface mineralization within wide zones of lower grade mineralization such as hole 535, which intersected 18.22 metres of 1.05 g/t gold within a wider interval of 72.22 metres of 0.72 g/t gold.
  • Regional reverse circulation (RC) drilling has confirmed the presence of gold mineralization approximately 1.5 kilometres to the west of the Main Zone. Hole RC-363 (61.5 metres long) intersected 55.27 metres of 0.26 g/t gold to the bottom of the hole. These widths and grades are very common above the Main Zone where holes such as 255 started with 64.79 metres of 0.21 g/t gold before intersecting 90.5 metres of 1.33 g/t gold.

The following table summarizes significant results from the Central and North Main Zones. Due to geotechnical standards the laboratory is not informed of what samples belong to which holes therefore a number of holes have either incomplete data or no data available at this time. They are marked accordingly in the table.


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                                       Core     Gold
Hole #             From      To   Length (i)    (g/T)
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06-DDH-533         80.5    86.5         6.0     1.57               north
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                  101.5   119.5        18.0     0.60
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06-DDH-534         66.5    71.0         4.5     1.24               central
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                  258.0   264.5         6.5     1.27
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           incl.  290.0   294.5         4.5     1.11
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                  312.5   321.5         9.0     0.99
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                  336.5   346.5        10.0     1.24
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06-DDH-535        11.28    83.5       72.22     0.72               north
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           incl.  11.28    29.5       18.22     1.05
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                   61.0    76.0        15.0     1.02
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06-DDH-536        146.0   153.5         7.5     1.02               north
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06-DDH-537         13.5    54.5          41     1.08               central
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           incl.   39.5    53.0        13.5     1.56
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                  106.0   112.0         6.0     1.07
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                  137.0   155.0        18.0     1.18
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           incl.  131.0   138.5         7.5     1.73
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06-DDH-538          6.7    27.0        20.3     0.72               north
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06-DDH-539         55.5    73.0        17.5     1.35               central
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           incl.   56.5    67.5        11.0     1.95
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06-DDH-540        21.06    42.0       20.94     1.02               central
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06-DDH-541         73.5   102.0        28.5     0.61               north
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06-DDH-542         63.5    99.5        36.0     0.60               central
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           incl.   75.5    83.0         7.5     1.13
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                  141.0   142.5         1.5    26.70
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                  276.0   303.0        27.0     0.72
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           incl.  276.0   283.5         7.5     1.01
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06-DDH-543                                            Incomplete   north
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06-DDH-544         31.0    41.5        10.5     1.16  Incomplete   central
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                  143.5   160.0        16.5     0.82
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06-DDH-545        275.0   295.0        20.0     0.83               north
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           incl.  275.0   282.5         7.5     1.29
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           and    290.5   295.0         4.5     1.34
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06-DDH-546                                            Incomplete   central
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06-DDH-547                                            Incomplete   central
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06-DDH-548        149.5  153.32        3.82     1.12               central
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                  191.0   194.0         3.0     1.13
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06-DDH-549         50.0   101.0        51.0     0.85               central
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           incl.   51.5    66.5        15.0     1.00
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           and     86.0   101.0        15.0     1.45
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                  135.5   144.5         9.0     1.05
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                 239.28   307.0       67.72     1.03
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           incl.  263.5   280.0        16.5     1.21
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           and    297.5   307.0         9.5     1.98
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06-DDH-550         75.5  101.17       25.67     0.31               central
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                  219.5   244.5        25.0     0.38
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06-DDH-551        62.42  145.15       82.73     0.30               central
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                  211.0  224.64       13.64     0.74
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06-DDH-552         37.5   56.75       19.25     1.20               central
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           incl.   41.5    52.5        11.0     1.68
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                   70.0    74.5         4.5     9.72
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                  148.0  179.98       31.98     0.84
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           incl.  148.0   163.0        15.0     1.34
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           and    157.0   163.0         6.0     1.58
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06-DDH-553                                            Incomplete   central
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06-DDH-554        130.0   164.5        34.5     1.42               central
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           incl.  130.0   137.5         7.5     2.48
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           and    155.5   164.5         9.0     2.71
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                  255.5   273.5        18.0     0.78
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           incl.  255.5   261.5         6.0     1.14
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                  324.5   332.0         7.5     1.38
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06-DDH-555         53.5    88.0        34.5     1.09               central
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           incl.   70.0    88.0        18.0     1.86
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                  142.0   151.0         9.0     1.07
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06-DDH-556         36.0    37.5         1.5    16.30               central
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                   67.5    91.5        24.0     0.64
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           incl.   67.5    72.0         4.5     1.08
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06-DDH-557                                            Incomplete   central
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06-DDH-558                                            Incomplete   central
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06-DDH-559        195.0   217.5        22.5     1.45               central
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           incl.  202.5   216.0        13.5     2.06
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06-DDH-560         48.0    77.5        29.5     0.90               central
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           incl.   48.0    58.5        10.5     1.00
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           and     68.5    77.5         9.0     1.07
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06-DDH-561         34.0    61.0        27.0     1.23               central
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           incl.   35.5    43.0         7.5     2.17
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           and    51.16   57.73        6.57     1.99
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06-DDH-562                                            Incomplete   central
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06-DDH-563                                            No Data yet  central
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06-DDH-564                                            No Data yet  central
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06-DDH-565                                            Incomplete   central
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                                                      To end
06-DDH-566         32.1    38.0         5.9     0.86  of hole
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(i) represents drill hole intercept width

Reconnaissance RC drilling, outside of the Main Zone, has intersected anomalous gold values in 22 of the 25 holes returned to date. These holes were designed to test for anomalous gold mineralization and will be followed up with diamond drilling in 2007 as many of these holes did not reach the depth of the known Main Zone mineralization. There are currently 24 RC holes in the laboratory with results pending.

As diamond drilling results from the 2006 drill season continue to be processed, plans for an aggressive drill program in 2007 are being formulated. There are currently 17 diamond drill holes remaining in the lab. Previous interpretations of the mineralization have shown an overall North-South trend within a large North-Westerly trending geochemical and geophysical anomaly. Recent step out drill results indicate the zone may follow a more discreet northwest - southeast trend and as such has the potential to grow into a "camp" scale deposit. The entire anomaly area is approximately 4-5 times the size of the current known Main Zone and remains untested with diamond drilling.

Eco Tech Laboratory Ltd. of Kamloops, B.C., an accredited laboratory, is conducting the sample preparation and analyses. Skygold/Wildrose is submitting standards, blanks and duplicates into the sample stream to maintain quality control. All gold analyses will utilize standard screen metallic assay techniques. Robert Darney, P.Geo., and J.W. (Bill) Morton, P. Geo., are the qualified persons (as defined in NI 43-101) who have reviewed this news release.

The company will be exhibiting at the Prospectors and Developers Conference in Toronto March 4th interested participants can visit management at Booth # 2531.

On Behalf of the Board,

SKYGOLD VENTURES LTD.

Doug Fulcher, President

About Skygold Ventures Ltd.

Skygold Ventures is a Vancouver-based resource company exploring for precious metals in North America. Its shares trade on the TSX-V exchange under the symbol SKV.

Skygold's Spanish Mountain property, located near the historic town of Likely in south-central British Columbia, is one of the top gold prospects of the Cariboo region. Although Spanish Mountain has a long history of exploration, results from the past four years have produced the most convincing evidence to date that this exciting property may contain the source of some of the Cariboo's richest placer finds.

The Spanish Mountain project is a joint venture between Skygold and Wildrose Resources Ltd. Skygold owns a 70% interest and Wildrose holds a 30% participating interest.

This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

For more information, please contact
B&D Capital Partners
Brad Aelicks
(604) 685-6465
Website: www.skygold.ca

© 2022 Spanish Mountain Gold Ltd.
All rights reserved.
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