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WILDCAT INITIAL DRILL RESULTS
SUPPORT EXTENSION OF MINERALIZATION - HIGH SILVER GRADES REPORTED OVER
EXTENSIVE INTERVALS
Vancouver, B.C., March
21, 2011 – Wildcat Silver Corporation (TSX-V: WS) ("Wildcat�� or "the Company��) is pleased to announce the
results of the first three drill holes completed on the Company's flagship
Hermosa property (formerly the Hardshell project)* located in Santa Cruz
County, Arizona.
"We are very
encouraged with these drill results,��� Wildcat's President and CEO,
Chris Jones said. "Initial indications show that the size and extent of
the Hermosa silver deposit is expanding. We plan to continue an aggressive
drilling program throughout the remainder of the year and believe we can
significantly increase the resource as the deposit remains open in all
directions.��
To date, 23 holes have
been drilled for a total of 6,250 metres. At this time, three holes with full
assays are available to be reported, of which two holes (Hole HDS-111B and
HDS-119) are step-out holes.
Step-out hole HDS-111B is
located on the western edge of the current resource and was successful in
extending the known mineralization to the west. Hole HDS-111B intersected 19.8
metres of 282.8 g/t silver, 7.99% manganese, 1.64% zinc, 2.37% lead, and
0.17% copper within an interval of 32 metres averaging 186.2 g/t silver,
6.29% manganese, 1.29% zinc, 1.5% lead and 0.11% copper.
Of particular note,
step-out hole HDS-119 was drilled to the northeast of the current Hermosa
deposit suggesting that silver mineralization continues across the
northwest-southeast American Fault. An upper zone encountered 6.1 metres
averaging 377.2 g/t silver, 0.02% manganese, 0.02% zinc, 0.64% lead and 0.03%
copper within an interval of 12.2 metres of 220.5 g/t silver, 0.10%
manganese, 0.01% zinc, 0.61% lead, and 0.03% copper. In the lower mineral
horizon, this hole encountered 9.1 metres of 305.5 g/t silver in addition
to 21.12% manganese, 1.28% zinc, 2.39% lead, and 0.36% copper. This
intersection was within a broader interval of 24.3 metres which averaged
139.9 g/t silver, 15.30% manganese, 5.75% zinc, 1.43% lead and 0.19% copper.
Hole HDS-122 is located in
the southern extent of the current resource and confirms continuity between
widely spaced holes in the southern portion of the deposit. Hole HDS-122
encountered 18.4 metres of 218.4 g/t silver, 8.64% manganese, 1.21% zinc,
0.70% lead and 0.05% copper.
The Company intends to
continue to aggressively drill to the end of the year as mineralization
remains open in all directions. Exploration efforts will primarily focus on
step-out drilling with the objective of significantly expanding the current
resource. Wildcat now has four drills operating on the property (two core and
two reverse circulation).
A summary of the drill
results are provided below:
|
DH_ID
|
|
From(metres)
|
To
(metres)
|
Interval (metres)
|
Cu
%
|
Pb
%
|
Zn
%
|
Mn
%
|
Ag
g/t
|
|
HDS-111
|
|
13.7
|
45.7
|
32.0
|
0.11
|
1.5
|
1.29
|
6.29
|
186.2
|
|
includes:
|
13.7
|
33.5
|
19.8
|
0.17
|
2.37
|
1.64
|
7.99
|
282.8
|
|
HDS-119
|
|
47.3
|
59.5
|
12.2
|
0.03
|
0.61
|
0.01
|
0.10
|
220.5
|
|
includes:
|
48.8
|
54.9
|
6.1
|
0.03
|
0.64
|
0.02
|
0.02
|
377.2
|
|
and
|
|
166.2
|
190.5
|
24.3
|
0.19
|
1.43
|
5.75
|
15.30
|
139.9
|
|
includes:
|
166.2
|
175.3
|
9.1
|
0.36
|
2.39
|
1.28
|
20.12
|
305.5
|
|
HDS-122
|
|
99.0
|
117.4
|
18.4
|
0.05
|
0.70
|
1.21
|
8.64
|
218.4
|
* Wildcat's flagship
property, formerly the Hardshell project, has been renamed the "Hermosa
project��. The new
name reflects the increased size and scope of the project since it was
acquired and the Company believes the new name more appropriately reflects
the district rather than the originally named historic mine.
Qualified Person
The results of Wildcat's
drilling results have been reviewed, verified and compiled by Don Taylor,
MSc., PG, vice president of exploration for Wildcat Silver, a qualified person
as defined by National Instrument 43-101 (NI 43-101). Mr. Taylor has more
than 25 years of mineral exploration and mining experience, and is a Licensed
Professional Geologist in several US states.
Assays and Quality Assurance/Quality Control
To ensure reliable sample
results, Wildcat has a rigorous QA/QC program in place that monitors the
chain-of-custody of samples and includes the insertion of blanks, duplicates,
and certified reference standards in each batch of samples. Core is
photographed and split in half with one-half retained in a secured facility
for verification purposes. Sample preparation (crushing and pulverizing) is
performed at Skyline Laboratories, an ISO/IEC accredited lab located in
Tucson, Arizona. Skyline Laboratories prepares two pulps of all samples and
completes analysis of one pulp sample by ICP for Cu% (copper), Pb% (lead),
Zn% (zinc) and Mn% (manganese). The second pulp is shipped to Inspectorate
Labs, an ISO: 9001-2008 accredited laboratory in Reno, Nevada, where the
duplicate pulp is analyzed for Au (gold) and Ag (silver). Silver values are
determined by fire assay (1 AT) with an AA finish. For all samples that assay
greater than 200 ppm Ag, the sample is re-run using fire assay (1 AT) with a
gravimetric finish.
About Wildcat
Wildcat Silver is a
Canadian mineral exploration company focused on development of Hermosa, its
80% owned silver project located in Santa Cruz County, Arizona. The project
currently has an indicated mineral resource of 6.0 million tonnes averaging
187.8 grams per tonne silver for a total of 36 million ounces of silver in
addition to an inferred mineral resource of 46.3 million tonnes averaging
58.6 grams per tonne silver for a total of 85 million ounces of silver. The
Company has completed an updated preliminary economic assessment which
contemplates an 18 year mine life with expected annual production in excess
of 6 million ounces of silver for the first full six years of production.
Wildcat trades on the TSX
Venture Exchange under the symbol WS.
For additional
information please visit http://www.wildcatsilver.com/ or contact:
Letitia Cornacchia, Vice
President, Investor Relations and Corporate Communications
Telephone: +1 416 860 6310
Email: lcornacchia@wildcatsilver.com
Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.
FORWARD LOOKING
STATEMENTS
The statements that are
not historical facts are forward-looking statements involving known and
unknown risks and uncertainties that could cause actual results to vary
materially from targeted results. Such risks and uncertainties include those
described from time to time in Wildcat's latest annual report and management
discussion and analysis. Wildcat assumes no obligation to publicly update any
forward-looking statements, whether as a result of new information, future
events or otherwise.
CAUTIONARY NOTE
CONCERNING INFERRED MINERAL RESOURCES
A preliminary economic
assessment is preliminary in nature and includes inferred mineral resources.
Inferred mineral resources have a great amount of uncertainty as to their existence
and as to their economic and legal feasibility. It cannot be assumed that an
inferred mineral resource will have the economic consideration applied that
would enable it to be categorized in the mineral reserve category, and there
is no certainty that the preliminary assessment will be realized.
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