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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.

Diamond Drilling on the Spanish Mountain Property continues to intersect the Main Zone and expand on the potential area for which a 43-101 resource will be completed. At present, the known zones (Main Zone, South Main, Lower Zone and North Zone) span an area approximately 1.2km by 1.2km. Potentially economic grade gold mineralization has been intersected in all of these zones. Holes have been drilled outside these known zones in the Placer Area, Oscar Showing and East Main Zone. Results contained in this news release include holes from the Main Zone, South Main, Placer Area, Oscar showing and eastern Main Zone step outs.

Highlights:

Main Zone:

  • Hole 07-DDH-661 intersects 99.5 metres of 1.41 g/t gold including 56.0 metres of 1.57 g/t gold including 25.5 metres of 2.21 g/t gold (see section 1550 N at the company's website).
  • Hole 07-DDH-643 intersects 15.0 metres of 1.74 g/t gold within a wider interval of 67.0 metres of 0.70 g/t gold.
  • Hole 07-DDH-647 intersects 22.5 metres of 1.13 g/t gold
  • Hole 07-DDH-604(i) (Twin of the upper zone in hole 05-DDH-252 which returned 47.75 metres of 1.67 g.t gold including 15.25 metres of 2.04 g/t gold) intersected 60.1 metres of 1.62 g/t gold including 36.0 metres of 2.42 g.t gold.

South Main:

  • Hole 07-DDH-600 intersects 5 separate zones of gold mineralization within a wider zone of 184.5 metres of 0.50 g/t gold including 18.5 metres of 1.08 g/t gold and 15 metres of 1.19 g/t gold. This intercept joins the upper and lower horizons into one continuous zone (see section D - D' at the company's website).

(i) Hole 07-DDH-604 was drilled as a quality control hole to duplicate mineralization intersected in hole 05-DDH-252.

Regional drilling in the Oscar area has intersected only weakly anomalous results to date. Hole 07-DDH-617 is still pending results for this area. Drilling in the Placer area has also intersected weakly anomalous values, to date and there are 13 holes with results pending in this area. The east Main Zone area has intersected 14.0 metres of 0.92 g/t gold in hole 07-DDH-602 but there are still 6 holes in this area with assay results pending.

Discussion of Results:

Main Zone mineralization continues to expand and is associated with a very specific stratigraphic package of rocks which has been intersected along strike for approximately 900 metres (see stratigraphic column "A" at the company's website). To date, none of the regional drilling has intersected the same stratigraphic sequence and the current understanding is that faulting and folding may be responsible for off-setting the Main Zone stratigraphy in the Placer and Oscar areas. Current interpretations indicate that the Main Zone is open to the northwest and south east but may be limited or offset to the northeast and southwest. The discovery of the North and South Main Zone mineralization outside the Main Zone indicates that favorable gold mineralized stratigraphic/structural horizons exists elsewhere along the overall mineralized belt. This highlights the potential for the discovery of additional deposits.

Drilling has already confirmed the presence of Main Zone stratigraphy to the northwest, in holes 07-DDH-685,687, 688, 689 and 695 which all intersected the Main Zone stratigraphic sequence (assays pending).

Vice President of Exploration Scott Weekes comments "We are very pleased with results and interpretations coming from the field. Being able to now recognize the stratigraphic sequence has helped refine drill targets in the Main Zone. There are still many holes remaining in the lab but results are starting to come back faster and we are getting closer to completing a 43-101 compliant resource on the Main Zone area. Holes such as 07-DDH-600 help to join the Lower and Upper Main zones together, and this will help us to develop a more robust resource estimate."

Table of all results:


---------------------------------------------------------------------------
                                                               Width    Au
Area               Hole Number                    From     To     (m) (g/t)
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Main Zone           07-DDH-661                   43.50 143.00  99.50  1.41
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Main Zone           07-DDH-661 Incl.             45.00  70.50  25.50  1.96
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Main Zone           07-DDH-661 Incl.             87.00 143.00  56.00  1.57
---------------------------------------------------------------------------
Main Zone           07-DDH-661 Incl.             91.50 117.00  25.50  2.21
---------------------------------------------------------------------------

---------------------------------------------------------------------------
South Main          07-DDH-600                   20.00  32.50  12.50  0.53
---------------------------------------------------------------------------
South Main          07-DDH-600                   52.50 237.00 184.50  0.50
---------------------------------------------------------------------------
South Main          07-DDH-600 Incl.             52.50  57.00   4.50  1.82
---------------------------------------------------------------------------
South Main          07-DDH-600                  111.50 149.00  37.50  0.70
---------------------------------------------------------------------------
South Main          07-DDH-600 Incl.            116.00 134.50  18.50  1.08
---------------------------------------------------------------------------
South Main          07-DDH-600                  159.50 189.00  29.50  0.55
---------------------------------------------------------------------------
South Main          07-DDH-600                  222.00 237.00  15.00  1.19
---------------------------------------------------------------------------
South Main          07-DDH-646                  116.95 128.50  11.55  0.77
---------------------------------------------------------------------------

---------------------------------------------------------------------------
South Main          07-DDH-648                   45.00  61.50  16.50  0.81
---------------------------------------------------------------------------
South Main          07-DDH-648 Incl.             45.00  52.50   7.50  1.04
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Eastern Fence       07-DDH-602                  199.00 213.00  14.00  0.92
---------------------------------------------------------------------------
NE of Main Zone     07-DDH-603               Abandoned
---------------------------------------------------------------------------
Eastern Fence       07-DDH-607         Failed to reach
                                                 depth
---------------------------------------------------------------------------
Eastern Fence       07-DDH-608           no sig values
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Oscar           07-DDH-605,616        weakly anomalous
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Placer              07-DDH-606        weakly anomalous
---------------------------------------------------------------------------
Placer              07-DDH-601           no sig values
---------------------------------------------------------------------------
Placer              07-DDH-609           no sig values
---------------------------------------------------------------------------
Placer              07-DDH-610               Failed to
                                          reach depth,
                                      weakly anomalous
---------------------------------------------------------------------------
Placer              07-DDH-615               Failed to
                                          reach depth,
                                      weakly anomalous
---------------------------------------------------------------------------
Placer              07-DDH-636         Failed to reach
                                                 depth
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Twin of DDH-252     07-DDH-604                   14.00  31.00  17.00  0.57
---------------------------------------------------------------------------
Twin of DDH-252     07-DDH-604                   47.50  58.00  10.50  0.69
---------------------------------------------------------------------------
Twin of DDH-252     07-DDH-604                   67.00 127.10  60.10  1.62
---------------------------------------------------------------------------
Twin of DDH-252     07-DDH-604 Incl.             85.00 121.00  36.00  2.42
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Main Zone           07-DDH-643                   29.00  42.00  13.00  0.62
---------------------------------------------------------------------------
Main Zone           07-DDH-643 incl.             36.00  42.00   6.00  1.03
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Main Zone           07-DDH-643                  186.50 253.50  67.00  0.70
---------------------------------------------------------------------------
Main Zone           07-DDH-643 Incl.            195.50 210.50  15.00  1.74
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Main Zone           07-DDH-643     a            231.50 253.50  22.00  0.78
---------------------------------------------------------------------------
Main Zone           07-DDH-643 Incl.            231.50 239.00   7.50  1.41
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Main Zone           07-DDH-645                  138.00 145.50   7.50  0.93
---------------------------------------------------------------------------
Main Zone           07-DDH-645                  219.00 234.00  15.00  0.54
---------------------------------------------------------------------------
Main Zone           07-DDH-645                  268.00 274.00   6.00  0.71
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Main Zone           07-DDH-647                  123.00 145.50  22.50  1.13
---------------------------------------------------------------------------

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

Brian Groves, 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
Brad Aelicks
(604) 685-6465

© 2021 Spanish Mountain Gold Ltd.
All rights reserved.
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