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Wednesday, February 27, 2008
Spanish Mountain Drilling Results Continue to Confirm Continuity of Main Zone Gold Mineralization
Drilling intersects 71.93 metres of 1.20 g/t gold
Vancouver, B.C., February 26, 2008 --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.
Results from drill holes completed late in 2007 continue to indicate strong continuity to the gold mineralization within the Main Zone at Spanish Mountain. Results have now been received for all holes that will be included in the initial NI 43-101 compliant resource calculation due for completion in March.
Three drills are active on the project with 29 holes (7684 metres) completed since drilling resumed in January. Drilling is currently targeting an extension to Main Zone mineralization up to 500 metres away from the area of the initial resource estimate.
Scott Weekes, VP Exploration of Skygold states: "With this latest set of results, Skygold remains on track to have our first 43-101 compliant resource estimate for the Spanish Mountain project completed in March. We have three drills on the property and a fourth planned for late spring and we are working aggressively to expand all of the mineralized zones. In addition to the drilling and resource work a program of bulk sampling and continued base line environmental studies are planned for 2008."
Highlights:
Main Zone:
- Hole 07-DDH-658 intersects 65.5 metres of 1.12/t gold including 33.0 metres of 1.91 g/t gold
- Hole 07-DDH-663 intersects 71.93 metres of 1.20 g/t gold including 29.5 metres of 1.81 g/t gold
- Hole 07-DDH-664 intersects 68.4 metres of 1.42 g/t gold including 33.4 metres of 2.22 g/t gold
East Zone:
- Hole 07-DDH-659 intersects 11.31 metres of 1.55 g/t gold at the collar so the true thickness of the zone is not known
Discussion of Results:
Results to date have mainly focused on the upper sections of the Main Zone (also termed Main Zone Argillite); this zone has proven to be very continuous and remains open in all directions. Holes 07-DDH-663 and 664 have both intersected gold mineralization and increased the extent of the deposit. The Main Zone together with the North and Lower Zones will be included in the initial resource calculation. The Lower Zone, which occurs beneath the Main Zone and is generally parallel to it, has begun to show continuity and is becoming more predictable. Hole 07-DDH-658 intersected 65.5 metres of 1.12 g/t gold at a shallower depth than previous interpretations had indicated. This intercept (portrayed on Section 1400N which will be available on Skygold's website) remains open to the west and south-west and suggests that the zone may become shallower to the west.
Regional drill results continue to show anomalous values and at present there are many holes for which results are pending. Further drilling in these areas is planned for early spring when the fourth diamond drill arrives on the property. Anomalous gold values occurred in the Main Zone prior to 2004 and with systematic drilling these anomalies have now become the subject of a resource calculation.
Table of all results:
| Area |
Hole Number |
|
From |
To |
Width
(m) |
Au
(g/t) |
| Main Zone |
07-DDH-614 |
|
Anomalous values |
|
|
|
| |
|
|
|
|
|
|
| |
07-DDH-649 |
|
147.0 |
169.5 |
22.5 |
0.66 |
| |
07-DDH-649 |
|
241.5 |
262.5 |
21.0 |
1.04 |
| |
|
|
|
|
|
|
| |
07-DDH-651 |
|
31.5 |
45.0 |
13.5 |
0.64 |
| |
07-DDH-651 |
|
170.5 |
178.0 |
7.5 |
1.05 |
| |
|
|
|
|
|
|
| |
07-DDH-656 |
|
50.0 |
69.5 |
19.5 |
0.56 |
| |
|
|
99.5 |
119.0 |
19.5 |
0.56 |
| |
|
|
|
|
|
|
| |
07-DDH-657 |
|
105.5 |
111.5 |
6.0 |
1.20 |
| |
|
|
|
|
|
|
| |
07-DDH-658 |
|
25.0 |
57.0 |
32.0 |
0.73 |
| |
07-DDH-658 |
|
173.0 |
238.5 |
65.5 |
1.12 |
| |
|
Incl |
174.5 |
207.5 |
33.0 |
1.91 |
| |
|
|
|
|
|
|
| |
07-DDH-659 |
|
12.19 |
23.5 |
11.31 |
1.55 |
| |
|
|
|
|
|
|
| |
07-DDH-660 |
|
175.5 |
197.0 |
21.5 |
0.92 |
| |
|
|
|
|
|
|
| |
07-DDH-662 |
|
75.5 |
116.0 |
40.5 |
0.53 |
| |
|
Incl |
104.0 |
114.5 |
10.5 |
1.01 |
| |
|
|
|
|
|
|
| |
07-DDH-663 |
|
4.57 |
76.5 |
71.93 |
1.20 |
| |
|
Incl |
11.5 |
41.0 |
29.5 |
1.81 |
| |
|
|
|
|
|
|
| |
07-DDH-664 |
|
6.10 |
74.50 |
68.4 |
1.42 |
| |
|
Incl |
6.10 |
39.5 |
33.4 |
2.22 |
| |
|
|
221.5 |
294.0 |
72.5 |
1.00 |
| |
|
|
|
|
|
|
| Regional Drilling |
|
|
|
|
|
|
| |
07-DDH-619 |
|
Anomalous Values |
|
|
|
| |
|
|
|
|
|
|
| |
07-DDH-620 |
|
Anomalous Values |
|
|
|
| |
|
|
|
|
|
|
| |
07-DDH-621 |
|
Anomalous Values |
|
|
|
| |
|
|
|
|
|
|
| |
07-DDH-622 |
|
No significant values |
|
|
|
| |
|
|
|
|
|
|
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.
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.
J.W.Morton
J.W. Morton, President
Wildrose Resources Ltd.
FOR FURTHER INFORMATION REGARDING WILDROSE PLEASE CONTACT:
Paul Way
(604) 681-7913 or
Toll Free: (888) 656-6611
Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Skygold Ventures Ltd. and/or Wildrose Resources Ltd. (the "Companies") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. In this news release, predictions about the Plan of Arrangement being approved and finalized are forward-looking statements. Although the Companies believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the conditions of the letter agreement not being satisfied. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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