Skygold drilling continues to expand Main Zone and increases property
potential with high grade intersection 2.2 km away from Main Zone
March 26, 2008
Skygold Ventures
Ltd. ("Skygold") (SKV-TSXV) and Wildrose Resources Ltd.
("Wildrose") (WRS- TSXV) are pleased to announce Diamond Drill results from the
on-going exploration program at the Spanish Mountain Project in Central British
Columbia.
Highlights
- Main Zone expansion drilling
intersects 92.5
metres of 1.0 g/t gold to the west of the Main
Zone.
- Regional exploration drilling
on the Spanish Mountain property intersects 73.8 g/t gold over 1.5 metres in an
area 2.2km to the west of the centre of the Main Zone.
New results from drilling
completed in 2007 show wide zones of mineralization on the western edge of the
Main Zone and have also indicated the presence of gold mineralization up to 2.2 km away from the Main
Zone. With an initial NI 43-101 compliant resource estimate nearing
completion for a part of the Main Zone, these new results which lie outside of
that resource area, have already expanded the limits of the Main Zone beyond
the previous interpretation. Hole
07-DDH-670 which is located 50
metres west of the nearest Main Zone hole (07-DDH-515)
intersected 92.5 metres
of 1.0 g/t gold including 49.0
metres of 1.27 g/t gold and 12.0 metres of 1.36 g/t
gold. This intercept is higher grade and wider than those
in the nearest hole, 07-DDH-515. Assay results from Hole 07-DDH-670 are also
the first received from in-fill drilling in the area between stepout hole
07-DDH-685 which was drilled 150
metres to the west of hole 07-DDH-670 and which returned
37.5 metres
of 1.01 g/t gold (see News Release dated January 15, 2008).
Hole 07-DDH-632
intersected 73.8 g/t gold over 1.5 metres approximately 2.2km west of the
centre of the Main Zone. This hole is the first hole in a series of wide
spaced (120m by 400m) fence lines which has intersected significant gold mineralization.
The purpose of this regional drilling was to intersect gold mineralization
outside the Main Zone for further detailed drilling. The
significance of this hole is further emphasized when compared with similar
holes drilled near the centre of the Main Zone. Within the latter, hole
06-DDH-286 intersected 125 g/t over 0.75 metres with only 14.5 metres of 0.52 g/t
gold in the upper argillite. This hole however is located only 45 metres away from
05-DDH-255 which intersected 59.7 metres of 1.32 g/t gold.
Brian Groves, President
and CEO of Skygold states: "We are pleased with our continued
success at expanding the limits of the Main Zone. More importantly, we
have now intersected our first significant gold mineralization outside of the
Main Zone and will aggressively follow-up on this initial success with detailed
drilling. Our initial resource estimate for the central part of the Main Zone
is nearing completion, however these new results indicate that the Main Zone
has significant expansion potential which will be one of the objectives of the
2008 drilling program. We will likely need to update the initial resource
estimate later in 2008. The company is preparing to target further drilling
around hole 07-DDH-632 with one drill while two drills continue to step-out
both east and west of the Main Zone."
The following table
summarizes significant results from the Main Zone and western step outs
received since a previous release.
|
Hole No.
|
From (m)
|
To (m)
|
Int. (m) *
|
Gold g/t
|
|
|
|
|
|
|
East Main
|
07-DDH-623
|
87.3
|
89.1
|
1.8
|
12.40
|
|
|
|
|
|
|
Placer
|
07-DDH-624
|
230
|
249
|
19.0
|
0.42
|
|
|
|
|
|
|
Placer
|
07-DDH-632
|
76
|
77.5
|
1.5
|
73.80
|
|
|
|
|
|
|
Main Zone
|
07-DDH-666
|
46
|
53.5
|
7.5
|
1.18
|
|
And
|
132.5
|
134
|
1.5
|
16.20
|
|
|
|
|
|
|
Main Zone
|
07-DDH-667
|
55.5
|
91.5
|
36.0
|
0.59
|
|
Incl
|
55.5
|
72
|
16.5
|
0.92
|
|
And
|
87
|
91.5
|
4.5
|
1.08
|
|
|
|
|
|
|
Main Zone
|
07-DDH-668
|
67
|
92
|
25.0
|
1.15
|
|
Incl
|
73
|
85
|
12.0
|
1.97
|
|
|
|
|
|
|
Main Zone
|
07-DDH-669
|
52.5
|
87.5
|
35.0
|
1.02
|
|
Incl
|
52.5
|
70.5
|
18.0
|
1.32
|
|
|
189.5
|
201.5
|
12.0
|
1.94
|
|
|
|
|
|
|
Main Zone
|
07-DDH-670
|
107.5
|
200
|
92.5
|
1.00
|
|
incl.
|
107.5
|
156.5
|
49.0
|
1.27
|
|
|
168.5
|
180.5
|
12.0
|
1.36
|
|
|
|
|
|
|
Main Zone
|
07-DDH-671
|
71
|
111.5
|
40.5
|
1.13
|
|
Incl
|
86
|
99.5
|
13.5
|
2.04
|
|
|
|
|
|
|
Main Zone
|
07-DDH-672
|
95
|
118
|
23.0
|
1.73
|
|
and
|
strongly
anomalous lower portion of hole
|
|
|
|
|
|
|
|
|
Main Zone
|
07-DDH-673
|
297.5
|
307
|
9.5
|
1.03
|
|
|
|
|
|
|
Main Zone
|
07-DDH-674
|
239
|
242.93
|
3.93
|
1.57
|
|
|
|
|
|
|
Main Zone
|
07-DDH-686
|
68
|
137.5
|
69.5
|
1.30
|
(Twin of 06-DDH-564)
|
incl
|
68
|
112
|
44.0
|
1.66
|
|
incl.
|
80
|
98.5
|
18.5
|
2.56
|
|
|
|
|
|
|
Main Zone
|
07-DDH-688
|
337.5
|
343.5
|
6.0
|
6.11
|
|
incl.
|
339
|
340.5
|
1.5
|
22.20
|
|
|
|
|
|
|
|
|
|
|
|
|
* Represents drill
hole intercept width
Eco Tech Laboratories Ltd. of Kamloops
BC, a BC accredited laboratory,
is conducting the sample preparation and analyses of samples. Skygold and
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 and approved the contents of this news release.
On Behalf of the Board,
SKYGOLD VENTURES LTD
Brian Groves
Brian Groves.
President
Contact:
Tim
Mikula
www.skygold.ca
(604) 484-6317 or
B&D Capital Partners
(604) 685-6465
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release. 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.