Skygold
Drilling Intersects High-grade Gold Mineralization in Step-out Hole
1.50m of 96.20 g/t gold intersected 300m west
of the Main Zone and
58.5m of 1.13 g/t gold intersected 120m west of the Main Zone
Skygold Ventures Ltd.
("Skygold") (SKV-TSXV) and Wildrose Resources Ltd.
("Wildrose") (WRS- TSXV) are pleased to announce results from the
on-going diamond drilling program at the Spanish Mountain Project in Central
British Columbia.
Results from drill holes
completed to date have confirmed gold mineralization well outside of the area
of the initial NI 43-101 compliant resource estimate (disclosed in a News
Release dated April 3, 2008). The on-going drilling program is designed to
expand the area of gold mineralization identified within a portion of the
Main Zone. This portion of the Main Zone is the area of the initial resource
estimate which was calculated to contain a measured and indicated resource
using a 0.50 g/t cut off grade of 67,060,000 tonnes averaging 0.811 g/t gold
(1.75 million ounces of gold). The Main Zone remains open in all directions
and drilling in 2008 has focused on expanding the zone to the west and
northwest. Several holes in this area have intersected wide zones of gold
mineralization within areas where visible gold was identified in drill core.
Highlights:
- Hole 08-DDH-702 intersected 1.50 metres of 96.20 g/t gold
300 metres west of the Main Zone
- Hole
08-DDH-699 intersected 58.5 metres of 1.13 g/t gold including
21.0 metres of 1.52 g/t gold.
- Hole
07-DDH-690 intersected 27.0 metres of 1.22 g/t gold.
- Hole
07-DDH-692 intersected 22.5 metres of 1.09 g/t gold
- Hole
07-DDH-689 intersected 0.75 metres of 39.0 g/t gold
- Hole
07-DDH-695 intersected 13.50 metres of 1.21 g/t gold 450
metres west of the Main Zone
Discussion of
Results:
(Please see the attached plan map showing drill hole locations. The map is
also available on Skygold's website). Holes 699, 690, 692, 695 and 702 all
intersected the Main Zone stratigraphy and have all intersected significant
gold mineralization. Hole 702 intersected high grade gold mineralization of
96.2 g/t gold over 1.5 metres. This intercept is approximately 300
metres west of the area of the initial resource. Hole 699, drilled in the
northern part of the Main Zone, remains open to the west and south. Hole 699
is the highest grade and widest intercept returned from diamond drilling in
the northern part of the Main Zone. In addition to these holes, several
step out holes were drilled late in 2007 to test for gold mineralization west
of the Main Zone, some of these holes intersected visible gold including Hole
07-DDH-689 which intersected 7.75 metres of 5.5 g/t gold including 0.75
metres of 39.0 g/t gold. Hole 695 is approximately 450 metres west of
the resource area and has intersected 13.50m of 1.21 g/t gold, this intercept
is on a steeper section of the Main Zone stratigraphy and remains open in all
directions.
Scott Weekes, Vice
President of Exploration for Skygold commented, "We have now drilled two
of our best holes in the northern part of the Main Zone and to the west of
the Main Zone and both are located well outside of the resource area.
In 2008 we are continuing with our aggressive drill program and are working
to refine the geological model for the Main Zone and expand upon the
resource. Step out hole 695 has clearly shown the potential for the Main Zone
to expand significantly beyond what we currently know as the limits of gold mineralization".
Complete table of results follow:
Hole
|
|
From
|
To
|
Width
|
Au (g/t)
|
Area
|
|
|
|
|
|
|
|
07-DDH-629
|
|
244.50
|
246.00
|
1.5
|
7.82
|
SW Main
|
07-DDH-665
|
|
73.00
|
86.50
|
13.5
|
1.72
|
Main Zone (resource area)
|
07-DDH-676
|
|
78.00
|
88.50
|
10.5
|
0.61
|
E Main Zone
|
07-DDH-677
|
|
82.50
|
100.00
|
17.5
|
0.65
|
E Main Zone
|
07-DDH-683
|
|
240.00
|
244.50
|
4.5
|
1.99
|
400
m east of Main Zone
|
07-DDH-687
|
|
120.50
|
144.50
|
24
|
0.68
|
W Main Zone
|
07-DDH-689
|
|
98.00
|
98.75
|
0.75
|
39.00
|
W Main Zone
|
|
and
|
104.25
|
107.25
|
3
|
5.04
|
W Main Zone
|
|
and
|
165.50
|
176.00
|
10.5
|
0.71
|
W Main Zone
|
|
and
|
254.00
|
261.50
|
7.5
|
1.36
|
W Main Zone
|
07-DDH-690
|
|
58.00
|
85.00
|
27
|
1.22
|
W Main Zone
|
07-DDH-692
|
|
195.00
|
217.50
|
22.5
|
1.09
|
W Main Zone
|
|
incl.
|
210.00
|
211.50
|
1.5
|
3.12
|
W Main Zone
|
|
and incl.
|
216.00
|
217.50
|
1.5
|
7.71
|
W Main Zone
|
07-DDH-694
|
|
59.50
|
66.00
|
6.5
|
1.77
|
W Main Zone
|
|
and
|
198.00
|
205.50
|
7.5
|
3.53
|
W Main Zone
|
|
incl.
|
198.00
|
199.50
|
1.5
|
14.30
|
W Main Zone
|
07-DDH-695
|
|
298.50
|
312.00
|
13.50
|
1.21
|
450 m west of Main Zone
|
08-DDH-696
|
|
11.00
|
28.00
|
17
|
1.07
|
NW Main Zone
|
|
and
|
52.00
|
53.50
|
1.5
|
17.80
|
NW Main Zone
|
|
and
|
73.00
|
90.50
|
17.5
|
0.67
|
NW Main Zone
|
08-DDH-699
|
|
54.50
|
113.00
|
58.5
|
1.13
|
NW Main Zone
|
|
incl
|
84.50
|
105.50
|
21
|
1.52
|
NW Main Zone
|
08-DDH-702
|
|
268.50
|
270.00
|
1.5
|
96.2
|
300 m west of Main Zone
|
08-DDH-710
|
|
220.50
|
223.00
|
2.5
|
10.30
|
NW Main Zone
|
|
|
361.00
|
371.00
|
10
|
1.04
|
NW Main Zone
|
Holes 07-DDH-618,626,635,637 & 695 are
pending from 2007
|
|
|
Holes 07-DDH-625,627,628 & 631
returned no significant values
|
|
|
Holes 07-DDH-617, 680, 684, 693 and
08-DDH-701 contained anomalous gold values
|
|
Holes 08-DDH-697, 698, 700, 703-709 are
pending.
|
|
|
|
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
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.
Skygold
Ventures
Suite 615 - 800 West
Pender St.
Vancouver , B.C. V6C
2V6
tel. (604)484.6317
Fax (604) 684-0279
www.skygold.ca
For more
information contact B&D Capital Partners 604.685.6465
|