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Monday, January 21, 2008
Spanish Mountain Main Zone Continues to Expand -
Drilling Intersects 99.50 Metres of 1.41 g/t Gold
Wildrose Resources Ltd. ("Wildrose")
(TSX-V: WRS) and Skygold Ventures Ltd. ("Skygold") (TSX-V: SKV) are
pleased to announce Diamond Drill results from the on-going exploration
program at the Spanish Mountain Project in Central British Columbia.
Diamond Drilling on the Spanish Mountain Property continues to intersect the
Main Zone and expand on the potential area for which a 43-101 resource will
be completed. At present, the known zones (Main Zone, South Main, Lower Zone
and North Zone) span an area approximately 1.2km by 1.2km. Potentially
economic grade gold mineralization has been intersected in all of these
zones. Holes have been drilled outside these known zones in the Placer Area,
Oscar Showing and East Main Zone. Results contained in this news release
include holes from the Main Zone, South Main, Placer Area, Oscar showing and
eastern Main Zone step outs.
Highlights:
Main Zone:
- Hole 07-DDH-661 intersects
99.5 metres of 1.41 g/t gold including 56.0 metres of 1.57 g/t gold
including 25.5 metres of 2.21 g/t gold.
- Hole 07-DDH-643 intersects
15.0 metres of 1.74 g/t gold within a wider interval of 67.0 metres of
0.70 g/t gold.
- Hole 07-DDH-647 intersects
22.5 metres of 1.13 g/t gold.
- Hole 07-DDH-604* (Twin of
the upper zone in hole 05-DDH-252 which returned 47.75 metres of 1.67
g/t gold including 15.25 metres of 2.04 g/t gold) intersected 60.1
metres of 1.62 g/t gold including 36.0 metres of 2.42 g/t gold.
South Main:
- Hole 07-DDH-600 intersects 5
separate zones of gold mineralization within a wider zone of 184.5
metres of 0.50 g/t gold including 18.5 metres of 1.08 g/t gold and 15
metres of 1.19 g/t gold. This intercept joins the upper and lower
horizons into one continuous zone.
Hole 07-DDH-604 was drilled as a quality control hole to
duplicate mineralization intersected in hole 05-DDH-252.
Regional drilling in the Oscar area has intersected only weakly anomalous
results to date. Hole 07-DDH-617 is still pending results for this area.
Drilling in the Placer area has also intersected weakly anomalous values, to
date and there are 13 holes with results pending in this area. The east Main
Zone area has intersected 14.0 metres of 0.92 g/t gold in hole 07-DDH-602 but
there are still 6 holes in this area with assay results pending.
Discussion of Results:
Main Zone mineralization continues to expand and is associated with a very
specific stratigraphic package of rocks which has been intersected along
strike for approximately 900 metres. To date, none of the regional drilling
has intersected the same stratigraphic sequence and the current understanding
is that faulting and folding may be responsible for off-setting the Main Zone
stratigraphy in the Placer and Oscar areas. Current interpretations indicate
that the Main Zone is open to the northwest and south east but may be limited
or offset to the northeast and southwest. The discovery of the North and
South Main Zone mineralization outside the Main Zone indicates that favorable
gold mineralized stratigraphic/structural horizons exists elsewhere along the
overall mineralized belt. This highlights the potential for the discovery of
additional deposits.
Drilling has already confirmed the presence of Main Zone stratigraphy to the
northwest, in holes 07-DDH-685,687, 688, 689 and 695 which all intersected
the Main Zone stratigraphic sequence (assays pending).
Skygold's Vice President of Exploration Scott Weekes comments, "We are
very pleased with results and interpretations coming from the field. Being
able to now recognize the stratigraphic sequence has helped refine drill
targets in the Main Zone. There are still many holes remaining in the lab but
results are starting to come back faster and we are getting closer to
completing a 43-101 compliant resource on the Main Zone area. Holes such as
07-DDH-600 help to join the Lower and Upper Main zones together, and this
will help us to develop a more robust resource estimate."
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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