New Potential High Grade Target Area, Open at Depth, Identified Below the Upper Main Zone
VANCOUVER, BRITISH COLUMBIA - Skygold Ventures Ltd. ("Skygold") (TSX VENTURE:SKV) and Wildrose Resources Ltd. ("Wildrose") (TSX VENTURE:WRS) are pleased to announce results from the first 20 drill holes of the on-going 60,000 metre diamond drill program at Spanish Mountain.
Drilling to date has expanded the Main Zone to the east and west by approximately 100 metres - this expansion includes spectacular high grade gold intercepts. Reconnaissance drilling intersected wide zone greater than 60 metres of highly anomalous gold values approximately 1.3 km west of the Main Zone.
Results summary:
Main Zone Western Margin
- 07-DDH-588 drilled south-west of the current main zone outline, intersected an uncut interval of 42.0 metres averaging 9.38 g/t gold (including 27.0 metres of 14.34 g/t gold). Cut to 12.0 g/t gold, this interval averages 1.20 g/t gold over 42.0 metres.
- 07-DDH-588 contains the single highest grade intercept on the property 241 g/t (7.03 ounces/ton) gold over 1.50 metres.
- 07-DDH-586 intersects 13.5 metres of 1.32 g/t gold,
Main Zone Eastern Margin
- 07-DDH-583 intersects 13.5 metres of 1.08 g/t gold
- 07-DDH-595 intersects 22.5 metres of 1.19 g/t gold within a 50 metre interval averaging 0.76 g/t gold.
Southern Main Zone
- 07-DDH-576 intersects 15.0 metres of 1.07 g/t gold
Reconnaissance Drilling (Placer Area)
- 07-DDH-574 intersects 75.1 metres of 210 ppb (0.21 g/t) gold
- 07-DDH-578 intersects 63.0 metres of 170 ppb (0.17 g/t) gold
- 07-DDH-581 intersects 79.5 metres of 196 ppb (0.19 g/t) gold
(i) For a complete list of all drillhole intercepts see Table 1.
Discussion of results:
Main Zone area:
Holes 07-DDH-588 and 07-DDH-586 were drilled outside of the known mineralization and south of the main "Bulk Tonnage" mineralization target. The very high grade intercept in Hole 07-DDH-588 (entirely hosted in a greywacke unit) remains open at depth and may also be a down-dip extension of 2004 RC hole 228 which averaged 28.96 metres of 3.98 g/t gold including 12.19 metres of 8.89 g/t gold. Unlike other high grade intercepts in the greywackes, this intercept lies within a wide zone of gold mineralization making it a prime target for bulk minable mineralization. See section 1325 NE on our web site for an interpretation of this area.
Holes 07-DDH-583 and 07-DDH-595 are easterly step-outs on the Main Zone, hole 07-DDH-595 was drilled east of hole 06-DDH-287 which intersected 24.5 metres of 1.04 g/t gold. The mineralization intercepted in hole 07-DDH-595 is wider and higher grade than 06-DDH-287 indicating that the zone may be getting wider to the east. Hole 07-DDH-583 was drilled east of hole 07-DDH-579 which intersected wide zones of anomalous mineralization (76.5 metres of 0.274 g/t gold). See section 1650 NE on our web site for an interpretation of this area.
Reconnaissance Drilling:
Holes 07-DDH-574, -578 and -581 were all drilled to test favorable geophysical and geochemical anomalies approximately 1.3 km north-west of the center of the Main Zone. The intersection of wide zones of anomalous gold mineralization is very encouraging as these types of widths and grades are often associated with the Main Zone style of mineralization. It is worth noting that all holes drilled in this area have intersected the same degree of alteration (sericite & carbonate) as the Main Zone. See section Placer 1 on our web site for an interpretation of this area.
VP Exploration, Scott Weekes, commented: "The holes reported represent only 10% (6200m) of our planned drill program and have significantly added to our geological knowledge of the gold mineralization and increased the potential for more discoveries at Spanish Mountain. Our recent trip to Russia to see similar deposit styles highlights the importance of our reconnaissance drill hole results. Similar grade holes to our reconnaissance results fall within the proposed pit boundaries of both the Natalka (+ 43M Oz) and Degdekan deposits. Hole 07-DDH-588 appears to be a new target area below the upper Main Zone and is completely open at depth. That intercept - the highest grade ever on the property after it has already seen up to 50,000 metres of drilling in 351 holes only highlights how under drilled this project really is. Reconnaissance drilling has outlined a large area of anomalous gold mineralization which is being investigated further. We will be mobilizing a fourth diamond drill onto the property by the end of September."
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.
Table 1
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Gold
Hole Number From To (g/t) Width
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07-DDH-573 10 23.5 0.641 13.5 Hole abandoned
at 40.8 metres
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and 24.4 40.8 0.381 16.4
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07-DDH-574 11.9 87 0.21 75.1
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07-DDH-575 No core recovered
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07-DDH-576 6.1 35 0.414 28.9
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and 87.5 102.5 1.07 15
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07-DDH-577 17 30.5 0.369 13.5
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and 42.5 47 0.573 4.5
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and 216.5 221 0.733 4.5
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07-DDH-578 47 110 0.172 63
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07-DDH-579 72 148.5 0.274 76.5
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incl. 72 81 0.51 9
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07-DDH-580 20.5 42.5 0.532 22
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and 109.5 118.5 0.662 9
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07-DDH-581 103 182.5 0.196 79.5
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07-DDH-582 240 268.5 0.29 28.5
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07-DDH-583 74.5 77.5 1.055 3
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and 218.5 244 0.666 25.5
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incl. 230.5 244 1.079 13.5
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07-DDH-584 10.5 31.5 0.551 21
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07-DDH-585 83 111 0.165 28
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07-DDH-586 35.5 49 1.32 13.5
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07-DDH-587 Hole abandoned at 35.6 metres
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07-DDH-588 231.5 273.5 9.383 42
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incl. 239 266 14.34 27
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or 231.5 273.5 1.205 42 Cut to 12 g/t
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07-DDH-589 Hole abandoned at 24.38 metres
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07-DDH-590 Hole abandoned at 98.76 metres
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07-DDH-591 Hole abandoned at 58.50 metres
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07-DDH-592 Hole abandoned at 79.55 metres
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07-DDH-593 18.5 28 0.275 9.5
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07-DDH-594 89 109.5 0.216 20.5
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and 140 159 0.294 19
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07-DDH-595 49.5 99.5 0.775 50
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incl. 49.5 72 1.193 22.5
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07-DDH-596 Incomplete Assays
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07-DDH-597 Hole abandoned at 112.78 metres
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07-DDH-597A Incomplete Assays
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07-DDH-598 99.5 107.55 1 6.27 In the bottom
of the hole
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07-DDH-598A 99.36 105.46 0.845 6.1
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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
