VANCOUVER, BRITISH COLUMBIA - Skygold Ventures Ltd. (TSX VENTURE:SKV) ("Skygold") is pleased to announce the identification of four new exploration targets on its 100% owned Quesnel Trough SHG (sediment hosted gold) project in central British Columbia. The new targets are based on the results of Skygold's reconnaissance scale exploration program and each target is geologically similar to the Spanish Mountain discovery. Skygold controls one of the largest land packages in the Quesnel Trough area.
The regional program consisted of geological mapping, prospecting and soil and heavy mineral sampling over a large area of the claim holdings in central British Columbia (approximately 450,000 hectares) stretching intermittently from 100 kilometres southeast of Spanish Mountain to about 400 kilometres northwest of Spanish Mountain. Initial results have identified the four targets, each demonstrating moderate to strongly anomalous gold geochemical values, and all within areas of black clastic sediments that are very similar to those seen at Skygold's Spanish Mountain property. The four targets have been named Spanish Creek-Bosk Lake, Prince George, Manson Creek and MT Property.
The regional exploration program was supervised by J. Dawson, P.Eng. and G. Belik, P.Geo.
Highlights
- Spanish Creek- Bosk Lake Property
The Spanish Creek- Bosk Lake target consists of forty-four claims (18,600 hectares) located approximately 50 kilometres northeast of 100 Mile House. The claims are underlain by a sequence of Triassic black phyllite similar to that seen on the Spanish Mountain property. The area was previously worked in 1982 and 1984 when a large and significant gold geochemical anomaly (1500 metres X 600 metres) was outlined. Follow-up backhoe trenching discovered clusters of angular mineralized float boulders assaying up to 25 g/t gold.
The claims were allowed to lapse in 2006 and were subsequently acquired by Skygold. A detailed grid was established in 2006 to confirm the 1982 results. A gold anomaly up to 700 metres wide with values ranging from 20ppb to 500 ppb was traced over a length of 800 metres and remains open in all directions.
Reconnaissance sampling in other areas of the property has identified additional gold soil anomalies and a strong heavy mineral anomaly in a drainage in the Bosk Lake area.
- Prince George Property
The Prince George target consists of two claim blocks totaling approximately 32,600 hectares. The main block (Willow River Block) is centered about 30 kilometres southeast of Prince George and covers a large area of anomalous to strongly anomalous gold values in stream sediments identified by Skygold's 2006 heavy mineral sampling program. The sampling confirmed earlier government regional geochemical surveys (RGS) with values of up to 1120 ppb gold in standard silt samples. The target area is underlain by the Triassic slate/phyllite assemblage of rocks with veining and alteration noted in several outcroppings.
The second claim block is located near the village of Dunkley some 75 kilometres south of Prince George. The claims cover the probable source of a strong RGS gold anomaly that was confirmed by the 2006 heavy mineral sampling program. Limited soil sampling returned a single anomalous value at the end of a sample line. Heavy mineral sampling further upstream is also anomalous, indicating the source is likely upslope from much of the recent soil sampling conducted recently.
- Manson Creek MC Property
The Manson creek area is a historic placer gold belt that hosts numerous auriferous lode gold occurrences. The 107 claims (48,350 hectares) are underlain by Triassic black clastic rocks that display widespread veining and alteration and are also in a structurally favourable area with numerous deep-seated regional faults, folds and associated zones of strong fracturing and veining.
Results of the 2006 heavy mineral sampling program identified 12 drainages strongly anomalous in gold as well as a number of weaker gold anomalies and, on separate drainages, a strong platinum anomaly and a strong palladium anomaly.
- MT Property
The Matt group consists of twenty-four claims (11,130 hectares) centered about 34 kilometres east-southeast of Barkerville. The property is underlain by strongly deformed Proterozoic slates and quartzites. Widespread, late-stage quartz-carbonate veining and associated carbonate alteration, similar to that at Spanish Mountain, was noted during preliminary mapping.
The 2006 heavy mineral sampling program identified strong gold anomalies along two placer gold creeks which appear to have a well-defined source in the central portion of the property. A separate RGC sample (420 ppb) provided a second target area on the claims.
Scott Weekes, VP Exploration for Skygold, said, "We are very encouraged by these results from our SHG Project. They support our view that the favorable geology at our Spanish Mountain property extends to other areas of the region and raises the potential for a much larger deposit. This potential is typical of huge Sediment Hosted Vein Deposits (SHVD) like Sukhoy Log, and we are planning an aggressive follow-up exploration program for the 2007 field season. The program will include further geological mapping, geochemical sampling, prospecting and possible geophysical surveying and backhoe trenching."
Robert Darney, P.Geo. and Bob Singh, 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
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
