Step Out Drilling
Significantly Expands Spanish Mountain Gold Zone
January 15, 2008
Skygold Ventures Ltd. ("Skygold") (SKV-TSXV)
and Wildrose Resources Ltd. ("Wildrose") (WRS- TSXV)
are pleased to announce that step out diamond drilling on the Spanish Mountain
Project has discovered Main Zone style mineralization in a series of 5 holes
some 200-500m to the northwest.
The recognition of the Main Zone stratigraphic sequence led field crews
to target holes 07-DDH-685,687, 688, 689 and 695 which all intersected a well
mineralized Main Zone stratigraphic sequence with multiple occurrences of
visible gold.
Assay results from hole 07-DDH-685 were fast-tracked at the lab to
determine the economic significance of this new zone which returned 37.5
metres of 1.01 g/t gold within a wider zone of 64.0 metres of 0.78 g/t
gold. Hole 07-DDH-685 is approximately 200 metres away from the
nearest Main Zone drill intercept. The next four holes all had comparable if
not better intensity of veining and occurrences of visible gold and assays are
pending. These five holes have extended the Main Zone stratigraphy by
approximately 500 metres
to the northwest.
Brian Groves, President of Skygold stated: " We are very pleased
with this recent major expansion of the Main Zone of the Spanish Mountain
deposit. The fact that our technical team targeted this drilling based on our
geological model and hit gold demonstrates how far the results from the 2007
drill program have advanced our understanding of this property. We believe that
further drilling will continue to expand the deposit and our knowledge of this
remarkable gold system."
Highlights:
Main Zone
Extension:
- 07-DDH-685
intersects 37.5
metres of 1.01 g/t gold within a wider zone of 64.0 metres of
0.78 g/t gold. Four
holes in this area have results pending.
Main Zone:
- 07-DDH-649
intersects 22.5
metres of 1.01 g/t gold within a wider zone of 40.5 metres of
0.82 g/t gold or 142.5
metres of 0.47 g/t gold.
Discussion of Results:
Late in 2007, the geological model was completed on the Main Zone drill
area. This model identified the key stratigraphic sequence related to the
formation of the Main Zone deposit. At present, it is believed that there are
at least four sub-parallel gold bearing horizons which include the North Zone,
Upper and Lower Main Zones and South Main Zone. In some areas, these horizons
converge into a single zone suggesting a structural link between them. Collectively
these horizons cover an area approximately 1.2 kilometres by 1.2 kilometres (See
Main Zone Plan Map - Jan. 15, 2008, at the company's website). Outlying areas
such as the Placer area, Oscar Area and eastern margins of the Main Zone have
yet to be included into this interpretation as over 50% of the drilling results
are still pending.
2008 Exploration Plans:
Three drills will be arriving on the property in January to continue
testing mineralization surrounding the Main Zone and Main Zone extension and
filling in areas between these two zones. A fourth drill is planned for early
spring when weather conditions permit to test for mineralization in the South
Main Zone (higher elevation) and in the Cedar Creek area. A 43-101 resource is
still on track to be completed within the first quarter of 2008.
Complete table of
results:
|
Area
|
Hole Number
|
|
From
|
To
|
Width (m)
|
Au (g/t)
|
|
Main Zone
|
07-DDH-649
|
|
139.50
|
282.00
|
142.50
|
0.47
|
|
Main Zone
|
07-DDH-649
|
incl.
|
147.00
|
169.50
|
22.50
|
0.66
|
|
Main Zone
|
07-DDH-649
|
incl
|
241.50
|
282.00
|
40.50
|
0.82
|
|
Main Zone
|
07-DDH-649
|
and
|
241.50
|
264.00
|
22.50
|
1.01
|
|
|
|
|
|
|
|
|
|
Main Zone
|
07-DDH-653
|
|
34.00
|
41.50
|
7.50
|
0.58
|
|
Main Zone
|
07-DDH-653
|
|
116.00
|
139.5
|
23.50
|
0.59
|
|
Main Zone
|
07-DDH-653
|
incl.
|
132.00
|
139.50
|
7.50
|
1.04
|
|
|
|
|
|
|
|
|
|
Main Zone
|
07-DDH-654
|
|
32.61
|
46.00
|
13.39
|
0.53
|
|
|
|
|
|
|
|
|
|
Main Zone
|
07-DDH-655
|
|
66.00
|
73.00
|
7.00
|
1.38
|
|
Main Zone
|
07-DDH-655
|
|
192.00
|
203.00
|
11.00
|
0.51
|
|
|
|
|
|
|
|
|
|
South Main
|
07-DDH-650
|
|
90.00
|
108.50
|
18.50
|
0.52
|
|
South Main
|
07-DDH-650
|
and
|
152.00
|
168.50
|
16.50
|
0.66
|
|
|
|
|
|
|
|
|
|
South Main
|
07-DDH-652
|
|
108.00
|
127.00
|
19.00
|
0.52
|
|
|
|
|
|
|
|
|
|
Main Zone Ext.
|
07-DDH-685
|
|
143.00
|
207.00
|
64.00
|
0.78
|
|
Main Zone Ext.
|
07-DDH-685
|
incl.
|
143.00
|
180.50
|
37.50
|
1.01
|
|
Main Zone Ext.
|
07-DDH-685
|
and
|
315.00
|
333.50
|
18.50
|
0.45
|
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.
Please click here to view project maps
On Behalf of the Board,
SKYGOLD VENTURES LTD
Brian Groves
Brian Groves.
President
www.skygold.ca
Contact:
Tim Mikula
(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.
