VANCOUVER, BRITISH COLUMBIA - Skygold Ventures Ltd. (Skygold) (TSX VENTURE:SKV), a Vancouver based resource company, and its partner, Wildrose Resources Ltd. (Wildrose) (TSX VENTURE:WRS), are pleased to announce the final assay results from the remaining 2006 diamond drill holes and reverse circulation holes on the Spanish Mountain property in south-central British Columbia.
All of the remaining diamond drill holes intersected gold associated with the upper horizon of the Main Zone. Drilling in 2006 has expanded the known dimensions of the Main Zone to up to 1200 metres north-south and 800 metres east-west. At least 3 sub-parallel mineralized horizons have been intersected. The depth extent of the Main Zone remains open in the area of holes 564 and 565 which ended in upper zone mineralization. Drilling, geophysics and soil geochemistry show that gold mineralization at Spanish Mountain is not restricted to the Main Zone and may be part of a much larger gold mineralizing system which has not been adequately tested. A wide spaced step-out drill program is planned for 2007 to further define the extent of the mineralization.
- Hole 564, intersected 29.68 metres of 1.22 g/t gold including 7.5 metres of 1.85 g/t gold.
- Hole 571, intersected 21.5 metres of 2.01 g/t gold including 10.3 metres of 3.15 g/t gold.
- Hole 572, intersected 21.0 metres of 1.23 g/t gold.
The following table summarizes significant results from diamond drilling in the Central Main Zone.
-------------------------------------------------------------------------- Hole No. From (m) To (m) Interval (m)(i) Au g/t 06-DDH-564 End of hole 134.00 163.68 29.68 1.22 Includes 134.00 141.50 7.50 1.85 06-DDH-565 66.00 87.00 21.00 0.65 Includes 66.00 73.50 7.50 1.04 End of hole 149.5 160.63 11.13 0.64 06-DDH-566 Hole Abandoned 06-DDH-567 40.00 58.00 18.00 1.17 06-DDH-568 68.5 77.50 21.0 1.21 06-DDH-569 57.50 77.00 19.50 0.52 06-DDH-570 20.50 34.5 14.0 0.72 06-DDH-571 11.50 22.00 10.50 0.97 65.5 111.5 46.0 1.14 91.50 113.00 21.50 2.01 Includes 96.70 107.00 10.30 3.15 06-DDH-572 56.50 77.5 21.0 1.23 -------------------------------------------------------------------------- (i) represents drill hole intercept width
Of the 50 reconnaissance reverse circulation (RC) drill holes, 15 were designed specifically to test overburden. The remaining 35 RC holes continued to intersect anomalous gold values indicative of Main Zone style mineralization. Hole RC-343, approximately 1.5 kilometres west of the Main Zone, near the western claim boundary, intersected 27.44 metres of 0.31 g/t gold. Hole RC-340 intersected 24.39 metres of 0.46 g/t gold (including 1.5 metres of 2.5 g/t gold). Other significant holes are RC-347 with 10.66 metres of 0.51 g/t gold and RC-361 with 15.24 metres of 0.33 g/t gold. These holes were all part of the series drilled within or near the historic placer pits to the west of the Main Zone and indicate the need for follow-up diamond drilling.
Skygold's President Doug Fulcher said, "We are pleased to see the final results of the 2006 drill program. The 2006 drilling has significantly increased our understanding of the gold mineralization at Spanish Mountain. Mineralization is associated with a contact between argillites and greywackes and over 96% of our diamond drill holes that have penetrated this contact have intersected the zone. For 2007, a significant step-out diamond drill program has been designed that will test the overall size of the mineralizing system. This will include testing anomalous gold values intersected in reverse circulation drilling over one kilometre west of the Main Zone as well as testing on-strike resistivity anomalies. Drilling will also continue to expand the Main Zone mineralization."
The Spanish Mountain project is a joint venture between Skygold Ventures Ltd. and Wildrose Resources Ltd. in which Skygold has a 70% participating interest and Wildrose has a 30% participating interest.
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.
On Behalf of the Board,
SKYGOLD VENTURES LTD.
Scott Weekes, V.P. Exploration
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.
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