Skygold Reports Initial
Resource Estimate for Spanish Mountain
Skygold Ventures Ltd. ("Skygold") (SKV-TSXV)
and Wildrose Resources Ltd. ("Wildrose") (WRS- TSXV) are pleased to announce the
initial NI 43-101 compliant resource estimate for a portion of the Main Zone at
the Spanish Mountain Project in central British Columbia. Independent
resource estimate consultants Gary Giroux MASc, P. Eng (of Giroux Consultants
Ltd) and Giles Peatfield Ph.D., P.Eng have authorized the release of this
estimate. Using a cut-off grade of 0.5 g/t gold, the Main Zone is
estimated to contain 1.75 million ounces of gold in the Measured and Indicated
categories (67.06 million tonnes averaging 0.81 g Au/t). Current drilling
has expanded the Main Zone beyond the limits of this initial resource. The map
included with this release displays the extent of the Main Zone stratigraphy
and the location and size of the area of drilling that forms the basis for this
initial resource estimate.
The following Tables
summarize the results using various cut-offs:
Spanish Mountain: Measured Resource
Cut off
(g/t gold)
|
Category
|
Tonnes
|
Grade
(g/t gold)
|
Contained Gold (oz)
|
0.4
|
Measured
|
32,230,000
|
0.761
|
790,000
|
0.5
|
Measured
|
24,750,000
|
0.855
|
680,000
|
0.6
|
Measured
|
18,880,000
|
0.951
|
580,000
|
0.7
|
Measured
|
14,460,000
|
1.044
|
490,000
|
Spanish Mountain: Measured and Indicated (M&I)
Resource
Cut off
(g/t gold)
|
Category
|
Tonnes
|
Grade
(g/t gold)
|
Contained Gold (oz)
|
0.4
|
M&I
|
103,580,000
|
0.682
|
2,270,000
|
0.5
|
M&I
|
67,060,000
|
0.811
|
1,750,000
|
0.6
|
M&I
|
45,100,000
|
0.940
|
1,360,000
|
0.7
|
M&I
|
31,010,000
|
1.073
|
1,070,000
|
Spanish Mountain: Inferred Resource
Cut off
(g/t gold)
|
Category
|
Tonnes
|
Grade
(g/t gold)
|
Contained Gold (oz)
|
0.4
|
Inferred
|
9,870,000
|
0.563
|
180,000
|
0.5
|
Inferred
|
4,320,000
|
0.721
|
100,000
|
0.6
|
Inferred
|
2,020,000
|
0.913
|
60,000
|
0.7
|
Inferred
|
1,040,000
|
1.164
|
40,000
|
Brian Groves, President
of Skygold Ventures stated: "We are extremely encouraged by the
results of this initial resource estimate and with three drills active on the
property, we anticipate updating this resource estimate later in 2008. We
have already released results from drilling well outside of this current
resource area that intersected Main Zone type grades and widths (Hole
07-DDH-670 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; see News Release dated March
26, 2008) and are awaiting results from holes that intersected Main Zone
stratigraphy up to 500 metres from the area of the current resource. This
initial resource estimate complements other aspects of the Spanish Mountain
project such as favourable project location and infrastructure and promising
preliminary metallurgical recoveries"
A high resolution version
of the above map will be available at the company's web site.
Scott Weekes, VP
Exploration stated: "This initial resources marks a major milestone
in the exploration of the gold system at Spanish Mountain. It is
important to keep in mind we have not found the limits of the Main Zone which
currently, at a 0.2 g/t cutoff, hosts over 3.5 million ounces of gold at a
grade of 0.445 g/t Au. This is an indication of the scale of the
mineralizing system at Spanish Mountain. Our exploration
program is moving forward with three drills currently active on the project and
plans under way for a bulk sampling program to begin this summer."
The current resource is
based on 248 diamond drill holes completed by Skygold and Wildrose from 2005 to
2007. This represents a total of 56,620 metres of drilling and 29,877
individual gold assays. Analysis of the gold grade distribution resulted
in individual sample assays being capped at 26 g/t Au which affected only 9
assays. Additional factors included in the resource estimate are as
follows:
- A three dimensional solid constraining the
mineralization was produced from cross sections and level plans by Skygold
geologists.
- Uniform 5 metre down hole composites were
produced within the constraining solid. Intervals less than 2.5
metres (at the solid boundaries) were combined with adjoining intervals.
- A block model, with blocks 20 x 20 x 10 metres
was superimposed over the three dimensional solid.
- 181 specific gravity measurements were taken
(using the weight in air - weight in water method) from core samples
across the mineralized zone and from multiple lithologies. The
resource used the average value of 2.78 with a maximum value of 3.05 and a
minimum value of 2.57.
- Grade interpolation was done using ordinary
kriging and search ellipses determined by variography.
The complete NI 43-101
compliant report will be filed on Sedar as soon as possible.
Mr. Gary Giroux, MASc, P. Eng (BC) is a geological engineer working for
Giroux Consultants Ltd. and is the Qualified Person as defined by NI 43-101 for
the resource estimate. Mr. Giroux has over 30 years of experience in
mineral exploration, development and production. He specializes in
computer applications in resource estimation and has authored numerous papers
related to that field. He has practiced as a geological engineer since
1970 and has provided geostatistical services to the industry since 1976.
Mr. Giroux and Giroux Consultants Ltd. are independent of Skygold and Wildrose
under NI 43-101.
Dr. Giles Peatfield, P.Eng. is an independent geological engineer.
He has over 40 years experience in mineral exploration as an employee of a
major mining company and latterly as an independent consultant. He
specializes in project evaluation and quality control issues, including design
of sampling protocols and on-going monitoring of assay data. Dr.
Peatfield is independent of Skygold and Wildrose under NI 43-101.
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.