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Wednesday, May 21, 2008
SPANISH MOUNTAIN DRILLING INTERSECTS 47.5 METRES OF 2.04 G/T GOLD 275 METRES WEST OF THE MAIN ZONE RESOURCE
Wildrose Resources Ltd. ("Wildrose") (TSX-V: WRS) and Skygold Ventures Ltd. ("Skygold") (TSX-V: SKV) and 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 evaluated to contain a measured and indicated resource at a 0.50 g/t gold 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:
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 Spanish Mountain joint venture operator 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 (m)* |
Gold (g/t) |
Notes |
08-DDH-722 |
98.50 |
|
114.50 |
16.00 |
1.51 |
275m west of resource |
and |
154.50 |
|
202.00 |
47.50 |
2.04 |
|
including |
156.00 |
|
181.00 |
25.00 |
3.19 |
|
and |
241.00 |
|
247.25 |
6.25 |
1.75 |
|
08-DDH-697 |
149.00 |
|
168.50 |
24.00 |
1.04 |
150m west of resource |
08-DDH-698 |
106.50 |
|
118.00 |
11.50 |
1.09 |
230m west of resource |
08-DDH-701 |
227.50 |
|
233.50 |
6.00 |
0.56 |
230m west of resource |
08-DDH-705 |
124.00 |
|
140.00 |
16.00 |
1.80 |
320m west of resource |
08-DDH-706 |
85.34 |
|
96.00 |
10.66 |
0.55 |
150m west of resource |
and |
264.00 |
|
295.00 |
25.00 |
1.16 |
|
08-DDH-707 |
67.50 |
|
78.00 |
10.50 |
2.81 |
230m west of resource |
and |
150.00 |
|
159.00 |
12.00 |
0.92 |
|
08-DDH-711 |
22.00 |
|
47.00 |
25.00 |
0.57 |
500m west of resource |
and |
174.00 |
|
181.50 |
7.50 |
1.11 |
|
08-DDH-714 |
240.00 |
|
252.00 |
10.50 |
1.13 |
350m west of resource |
and |
358.00 |
|
359.00 |
1.00 |
37.60 |
|
Holes 618,626,635,637,708,712,717,718,719,720 and 721 are pending
Hole 703 returned no significant values
Holes 700,704,709,713,715 and 716 contained anomalous gold values
* - indicates core length
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,
WILDROSE RESOURCES LTD
Bill Morton
J. William Morton, P. Geo.
President
Contact:
Paul Way
Business Development Manager
pway@eastfieldgroup.com
(604) 681-7913 or toll-free (888) 656-6611
About The Spanish Mountain Joint Venture
The Spanish Mountain Joint Venture was created when Skygold exercised its option to obtain a 70% ownership in the Spanish Mountain property from Wildrose. Wildrose retained a 30% interest in the Spanish Mountain property.
Each party is responsible for all expenses and liabilities of the operation in proportion to their respective interests. Wildrose and Skygold have recently proposed a merger where Wildrose shareholders will get 0.82 Skygold shares for every Wildrose share they have, pending regulatory and shareholder approval.
About Wildrose Resources Ltd.
Wildrose Resources Ltd. is a Canadian public resource company that trades on the TSX - Venture exchange under the symbol WRS. Wildrose is part of the Eastfield Group. Since its inception in 1987, the Eastfield Group has utilized a successful business strategy that leverages its exposure by securing third party exploration financing on the majority of its projects.
The other companies in the Eastfield Group are Eastfield Resources (TSX-V:
ETF), Cariboo Rose Resources (TSX-V: CRB) and Lorraine Copper Corp. (TSX-V:
LLC).
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.
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