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Thursday, November 15, 2007
Spanish Mountain JV Intersects 84.50 Metres of 1.12
g/t Gold
Main Zone Continues to Expand
Wildrose Resources Ltd. ("Wildrose") (TSX-V: WRS) and Skygold
Ventures Ltd. ("Skygold") (TSX-V: SKV) and are pleased to announce
diamond drill results from the on-going exploration program at the Spanish
Mountain Project in Central British Columbia.
Drill results from this news release represent holes drilled in the Main Zone
area and regional holes across the property. Since May start up, 110 holes
have been drilled on the property and results from 26 of these holes were the
subject of a news release dated September 10, 2007. This news release
contains another 12 drill holes with results completed to date. Of these
holes, 3 were targeted within the Main Zone as part of the 43-101 resource
definition, one hole is from the southern part of the Main Zone where results
are typically higher grade than average intercepts in the main zone and the
remaining holes are from regional targets.
Skygold's Vice President of Exploration Scott Weekes stated: "We are now
starting to get results from the additional drilling we completed on the Main
Zone and are on track for a 43-101 resource to be completed on the Main Zone
in the first quarter of 2008. Hole 07-DDH-644 has intersected a wide zone
better than 1.0 g/t gold in the Upper Argillite unit. This unit can be
correlated across the entire main zone and forms the host to the bulk tonnage
gold mineralization. In contrast, hole 07-DDH-634 drilled in the South Main
zone intersected much higher grade gold mineralization in a greywacke host
rock. This unit typically underlies the Upper Argillite and the combination
of the consistently mineralized Upper Argillite with higher grade potential
below, greatly enhances the economic viability of this project."
Highlights:
Main Zone:
- 07-DDH-644
intersects 84.5
metres of 1.12 g/t gold including 30 metres of 1.52
g/t gold with 19.5
metres of 1.02 g/t gold further down the hole. Both
of these intercepts lie within a wide zone of 173.50 metres
of 0.74 g/t gold.
- 07-DDH-640
intersects 16.5
metres of 1.32 g/t gold and 13.5 metres of
1.06 g/t gold within a wider zone of 42.0 metres of
0.81 g/t gold.
- 07-DDH-642
intersects 18.0
metres of 1.04 g/t gold within a wider zone of 32.0 metres of
0.82 g/t gold.
South Main Zone (High grade
area):
- 07-DDH-634
intersects 22.05
metres of 2.76 g/t gold including 3.05 metres of
14.60 g/t gold to the bottom of the hole. This hole was abandoned at 60.05 metres
due to ground conditions.
Regional Drilling:
- Complete
results for the Oscar area have not been received, to date one hole
07-DDH-612 which was abandoned at 57.0 metres due
to ground conditions, intersected 38.71 metres of
0.20 g/t gold.
- Hole
07-DDH-596, located approximately 1.5 kilometres
west of the Main Zone in the "Placer" area intersected 16.5 metres of
0.616 g/t gold near the bottom of the hole.
Discussion of Results:
The low grade mineralization intersected at the Oscar showing (38.71 metres of 0.20
g/t gold) located approximately 1.7 km north of the center of the Main Zone
highlights the potential size of the hydrothermal system at Spanish Mountain.
The intercept occurs in an Argillite unit that may be the same argillite
horizon hosting the Main Zone or it may be another sub-parallel horizon such
as the ones found in the Lower and North Zones surrounding the Main Zone. Results
from three holes are pending from the Oscar area.
Drilling within the Main Zone has consistently intersected gold in the Upper
Argillite horizon which now forms a sheet of mineralization traced along
strike for approximately 800
metres with a width of approximately 500m and up to 135 metres thick. This
"Upper Main Zone" of mineralization is one of three sub parallel
horizons drilled to date, the other two horizons "Lower Main Zone"
and "North Main Zone" enclose an area approximately 1.2 km by 1.0 km and are wide open
in all directions. The greywacke units that lie between the various
sub-parallel horizons are host to the higher grade mineralization.
Drilling and Assay progress:
The company is pleased to announce it has secured a new drill contractor and
has mobilized another drill onto the property. This brings the total number
of drills on the property to three with steady crew operating two of these
drills. Crew for the third drill is anticipated to arrive on the property in
January of 2008.
Assay results are being received at a faster pace since November 1, 2007. Over
300 samples have been received the past week (compared to just over 600 since
September 1st, 2007) and we anticipate this pace to increase steadily going
forward. At present we are experiencing a 6-8 week turn around time for all
analysis.
The Spanish Mountain project is a joint venture between Skygold Ventures Ltd.
and Wildrose Resources Ltd. in which Skygold has a 70% participating interest
and Wildrose has a 30% participating interest.
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. W. Morton, P. Geo.
President
Contact: Paul Way
(604) 681-7913
www.wildroseresources.com
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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