VANCOUVER, BRITISH COLUMBIA - Skygold Ventures Ltd. ("Skygold") (TSX VENTURE:SKV) and Wildrose Resources Ltd. ("Wildrose") (TSX VENTURE:WRS) are pleased to announce that step out diamond drilling on the Spanish Mountain Project has discovered Main Zone style mineralization in a series of 5 holes some 200-500m to the northwest.
The recognition of the Main Zone stratigraphic sequence led field crews to target holes 07-DDH-685, 687, 688, 689 and 695 which all intersected a well mineralized Main Zone stratigraphic sequence with multiple occurrences of visible gold.
Assay results from hole 07-DDH-685 were fast-tracked at the lab to determine the economic significance of this new zone which returned 37.5 metres of 1.01 g/t gold within a wider zone of 64.0 metres of 0.78 g/t gold. Hole 07-DDH-685 is approximately 200 metres away from the nearest Main Zone drill intercept. The next four holes all had comparable if not better intensity of veining and occurrences of visible gold and assays are pending. These five holes have extended the Main Zone stratigraphy by approximately 500 metres to the northwest.
Brian Groves, President of Skygold stated: " We are very pleased with this recent major expansion of the Main Zone of the Spanish Mountain deposit. The fact that our technical team targeted this drilling based on our geological model and hit gold demonstrates how far the results from the 2007 drill program have advanced our understanding of this property. We believe that further drilling will continue to expand the deposit and our knowledge of this remarkable gold system."
Highlights:
Main Zone Extension:
- 07-DDH-685 intersects 37.5 metres of 1.01 g/t gold within a wider zone of 64.0 metres of 0.78 g/t gold. Four holes in this area have results pending.
Main Zone:
- 07-DDH-649 intersects 22.5 metres of 1.01 g/t gold within a wider zone of 40.5 metres of 0.82 g/t gold or 142.5 metres of 0.47 g/t gold.
Discussion of Results:
Late in 2007, the geological model was completed on the Main Zone drill area. This model identified the key stratigraphic sequence related to the formation of the Main Zone deposit. At present, it is believed that there are at least four sub-parallel gold bearing horizons which include the North Zone, Upper and Lower Main Zones and South Main Zone. In some areas, these horizons converge into a single zone suggesting a structural link between them. Collectively these horizons cover an area approximately 1.2 kilometres by 1.2 kilometres (See Main Zone Plan Map - Jan. 15, 2008, at the company's website). Outlying areas such as the Placer Area, Oscar Area and eastern margins of the Main Zone have yet to be included into this interpretation as over 50% of the drilling results are still pending.
2008 Exploration Plans:
Three drills will be arriving on the property in January to continue testing mineralization surrounding the Main Zone and Main Zone extension and filling in areas between these two zones. A fourth drill is planned for early spring when weather conditions permit to test for mineralization in the South Main Zone (higher elevation) and in the Cedar Creek area. A 43-101 resource is still on track to be completed within the first quarter of 2008.
Complete table of results:
-------------------------------------------------------------------------- Area Hole Number From To Width (m) Au (g/t) -------------------------------------------------------------------------- Main Zone 07-DDH-649 139.50 282.00 142.50 0.47 -------------------------------------------------------------------------- Main Zone 07-DDH-649 incl. 147.00 169.50 22.50 0.66 -------------------------------------------------------------------------- Main Zone 07-DDH-649 incl. 241.50 282.00 40.50 0.82 -------------------------------------------------------------------------- Main Zone 07-DDH-649 and 241.50 264.00 22.50 1.01 -------------------------------------------------------------------------- -------------------------------------------------------------------------- Main Zone 07-DDH-653 34.00 41.50 7.50 0.58 -------------------------------------------------------------------------- Main Zone 07-DDH-653 116.00 139.50 23.50 0.59 -------------------------------------------------------------------------- Main Zone 07-DDH-653 incl. 132.00 139.50 7.50 1.04 -------------------------------------------------------------------------- -------------------------------------------------------------------------- Main Zone 07-DDH-654 32.61 46.00 13.39 0.53 -------------------------------------------------------------------------- -------------------------------------------------------------------------- Main Zone 07-DDH-655 66.00 73.00 7.00 1.38 -------------------------------------------------------------------------- Main Zone 07-DDH-655 192.00 203.00 11.00 0.51 -------------------------------------------------------------------------- -------------------------------------------------------------------------- South Main 07-DDH-650 90.00 108.50 18.50 0.52 -------------------------------------------------------------------------- South Main 07-DDH-650 and 152.00 168.50 16.50 0.66 -------------------------------------------------------------------------- -------------------------------------------------------------------------- South Main 07-DDH-652 108.00 127.00 19.00 0.52 -------------------------------------------------------------------------- -------------------------------------------------------------------------- Main Zone Ext. 07-DDH-685 143.00 207.00 64.00 0.78 -------------------------------------------------------------------------- Main Zone Ext. 07-DDH-685 incl. 143.00 180.50 37.50 1.01 -------------------------------------------------------------------------- Main Zone Ext. 07-DDH-685 and 315.00 333.50 18.50 0.45 --------------------------------------------------------------------------
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
