Main Zone Continues to Expand
VANCOUVER, BRITISH COLUMBIA - Skygold Ventures Ltd. ("Skygold") (TSX VENTURE:SKV) and Wildrose Resources Ltd. ("Wildrose") (TSX VENTURE:WRS) are pleased to announce Diamond Drill results from the on-going exploration program at the Spanish Mountain Project in Central British Columbia.
Drill results from this news release represent holes drilled in the Main Zone area and regional holes across the property. Since May start up, 110 holes have been drilled on the property and results from 26 of these holes were the subject of a news release dated September 10, 2007. This news release contains another 12 drill holes with results completed to date. Of these holes, 3 were targeted within the Main Zone as part of the 43-101 resource definition, one hole is from the southern part of the Main Zone where results are typically higher grade than average intercepts in the main zone and the remaining holes are from regional targets.
Vice President of Exploration Scott Weekes stated: "We are now starting to get results from the additional drilling we completed on the Main Zone and are on track for a 43-101 resource to be completed on the Main Zone in the first quarter of 2008. Hole 07-DDH-644 has intersected a wide zone better than 1.0 g/t gold in the Upper Argillite unit. This unit can be correlated across the entire main zone and forms the host to the bulk tonnage gold mineralization. In contrast, hole 07-DDH-634 drilled in the South Main zone intersected much higher grade gold mineralization in a greywacke host rock. This unit typically underlies the Upper Argillite and the combination of the consistently mineralized Upper Argillite with higher grade potential below, greatly enhances the economic viability of this project."
Highlights:
Main Zone:
- 07-DDH-644 intersects 84.5 metres of 1.12 g/t gold including 30 metres of 1.52 g/t gold. And 19.5 metres of 1.02 g/t gold further down the hole. Both of these intercepts lie within a wide zone of 173.50 metres of 0.74 g/t gold.
- 07-DDH-640 intersects 16.5 metres of 1.32 g/t gold and 13.5 metres of 1.06 g/t gold within a wider zone of 42.0 metres of 0.81 g/t gold.
- 07-DDH-642 intersects 18.0 metres of 1.04 g/t gold within a wider zone of 32.0 metres of 0.82 g/t gold.
South Main Zone (High grade area):
- 07-DDH-634 intersects 22.05 metres of 2.76 g/t gold including 3.05 metres of 14.60 g/t gold to the bottom of the hole. This hole was abandoned at 60.05 metres due to ground conditions.
Regional Drilling:
- Complete results for the Oscar area have not been received, to date one hole 07-DDH-612 which was abandoned at 57.0 metres due to ground conditions, intersected 38.71 metres of 0.20 g/t gold.
- Hole 07-DDH-596, located approximately 1.5 kilometres west of the Main Zone in the "Placer" area intersected 16.5 metres of 0.616 g/t gold near the bottom of the hole.
Summary of Results
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Hole Number From To Gold (g/t) Width
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7-DDH-596 264.5 281 0.616 16.5
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07-DDH-597A 98 101 10.15 3
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and 114.5 116 17.7 1.5
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no significant
07-DDH-599 values
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07-DDH-612 18.29 57 0.2 38.71 EOH @ 57 m
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07-DDH-634 38 60.05 2.76 22.05
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incl. 57 60.05 14.6 3.05
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07-DDH-640 23.5 40 1.317 16.5
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and 58 62.5 1.187 4.5
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and 162 204 0.806 42
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incl. 192 205.5 1.056 13.5
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07-DDH-642 52.5 84.5 0.823 32
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incl. 60.5 78.5 1.038 18
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and 129 130.5 7.3 1.5
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07-DDH-644 38 122.5 1.12 84.5
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incl 70 100 1.52 30
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and 187.5 207 1.02 19.5
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incl 189 196.5 2.33 7.5
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(i) Holes 600-611, 613-633, 635-639 & 643 have incomplete assay
data
(i) Holes 603, 613, 615, 616 & 641 were abandoned and failed to
reach target depth.
Discussion of Results:
The low grade mineralization intersected at the Oscar showing (38.71 metres of 0.20 g/t gold) located approximately 1.7 km north of the center of the Main Zone highlights the potential size of the hydrothermal system at Spanish Mountain. The intercept occurs in an Argillite unit which may be the same argillite horizon hosting the Main Zone or it may be another sub-parallel horizon such as the ones found in the Lower and North Zones surrounding the Main Zone. Results from three holes are pending from the Oscar area.
Drilling within the Main Zone has consistently intersected gold in the Upper Argillite horizon which now forms a sheet of mineralization traced along strike for approximately 800 metres with a width of approximately 500m and up to 135 metres thick. This "Upper Main Zone" of mineralization is one of three sub parallel horizons drilled to date, the other two horizons "Lower Main Zone" and "North Main Zone" enclose an area approximately 1.2 km by 1.0 km and are wide open in all directions. The greywacke units which lie between the various sub-parallel horizons are host to the higher grade mineralization.
Drilling and Assay progress:
The company is pleased to announce it has secured a new drill contractor and has mobilized another drill onto the property. This brings the total number of drills on the property to three with steady crew operating two of these drills. Crew for the third drill is anticipated to arrive on the property in January of 2008.
Assay results are being received at a faster pace since November 1, 2007. Over 300 samples have been received the past week (compared to just over 600 since September 1st, 2007) and we anticipate this pace to increase steadily going forward. At present we are experiencing a 6-8 week turn around time for all analysis.
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 Laboratories Ltd. of Kamloops BC, a BC accredited laboratory, is conducting the sample preparation and analyses of samples. Skygold/Wildrose are 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.
Doug Fulcher, President
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. 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
Skygold Ventures Ltd.
Tim Mikula
(604) 484-6317
(604) 684-0279 (FAX)
Website: www.skygold.ca
or
B&D Capital Partners
(604) 685-6465
