WINNIPEG, Jan. 31 /CNW/ - Wildcat Exploration Ltd. (TSX-V:WEL) is pleased to announce an update on the drill program at its Jeep Property that has resumed this year. The Jeep Property is 100% owned by Wildcat and comprises a total of 3,187 hectares which is located in the Rice Lake greenstone belt, 250 kilometers northeast of Winnipeg, Manitoba.
The current drill program at the Jeep Property began on October 25 and stopped on December 20, 2006; drilling resumed January 12, 2007. To date, 3,504 meters have been drilled in 12 holes. A plan map of the property showing locations of historic and current drill holes, geology, and the location of 2006 channel sampling is attached at Figure 1: http://files.newswire.ca/535/JeepFigure.pdf
The geology of the Jeep Property is dominated by the multiphase Jeep Gabbro intrusion of Archean age. The rocks within this area, including the Jeep Gabbro have been in places, highly deformed and the regional Wanipigow Fault is adjacent to the southern edge of the property. The principal interest in this property is the quartz vein gold mineralization associated with the historic Jeep Gold Mine (1948 - 1950). This gold mineralization is hosted by altered quartz vein structures within the gabbro.
The objective of the current drill program is to investigate the gold-bearing quartz-rich vein system centered on the Jeep Gold Mine - the northwest trending No.1 vein and other roughly parallel associated vein structures. While targeting the gold-bearing quartz veins, most of the drill holes intersected sizeable concentrations of pyrrhotite (chalcopyrite) ranging from trace to 5% sulphides over tens of metres to massive sulphides over tens of centimeters. For details on the extent of the sulphides intersected by the current drilling program please see the Wildcat's press release dated November 27th, 2006.
As referenced in a news release dated September 20, 2006, channel sampling on the property, about 200 m southeast of the Jeep Shaft uncovered interesting sulphide mineralization occurring as disseminations, blebs and boulder sized concentrations within a brecciated and contaminated phase of the Jeep Gabbro. Systematic rock sampling, using samples retrieved along channels cut with a portable saw disclosed the existence of anomalous Ni, Cu and Pd concentrations. A highlight from the exposure highlighted in Figure 1 http://files.newswire.ca/535/JeepFigure.pdf, was a 0.75 m long channel sample which assayed 0.97 gpt Pd, 0.28% Ni, 0.25% Cu and 0.22 gpt Au, including up to 1.4 gpt Pd, 0.35% Ni, 0.36% Cu and 0.26 gpt Au within the sampled interval. It was also observed that Pd is concentrated along the trace of northwesterly striking faults.
An MMI Ni anomaly identified in a survey undertaken in 2005 appears to be spatially associated with the magmatogenic sulphide exposures (see Figure 1 http://files.newswire.ca/535/JeepFigure.pdf). The anomaly extends an additional 250 meters east of the current drilling by Wildcat.
Gold assay results from the first hole, JP-06-01, have been reported (see Table 1 and Wildcat's press release dated November 27, 2006). The best gold assay results so far have been from JP-06-05, where 109.5 grams over 0.78 meters was intersected (see Table 1 and Wildcat's press release dated December 12, 2006). The mineralized quartz veins intersected in holes JP-06-01 and JP-06-05 are presumed to be the prolongation of No.1 vein structure (see Figure 1 http://files.newswire.ca/535/JeepFigure.pdf).
Table 1: Significant Gold Assays ------------------------------------------------------------------------- Hole No. From (m) To (m) Width (m) Au (gpt) ------------------------------------------------------------------------- JP-06-01 160.98 161.34 0.36 2.91 ------------------------------------------------------------------------- JP-06-05 219.12 219.9 0.78 109.5 -------------------------------------------------------------------------
It should be noted that some of the drill holes intersected sulphide- rich phases and assayed anomalous Ni, Cu and PGE values. Complete assays have been received for holes JP-06-01 through JP-06-04. These holes contain modest nickel, copper and PGE values.
DDH JP-06-01
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Significant assays JP-06-01 include 2 meters of up to 0.15% Cu, 0.08% Ni, 0.12 gpt Au, 22.5 ppb Pd, 1.7 gpt Ag and 82.5 ppm Co from 139.85 to 141.85 meters. Also, from 132.80 to 133.80 meters, 0.13% Cu, 0.09% Ni, 0.11 gpt Au, 90 ppb Pt, 50 ppb Pd, 2.2 gpt Ag, 85 ppm Co was intersected. This interval is hosted within a lower grade mineralized interval from 131.65 to 142.85 m, with lower grade assays of 0.09% Cu, 0.06% Ni, 0.08 gpt Au, 21 ppb Pt, 24 ppb Pd, 1.73 gpt Ag and 67 ppm Co.
DDH JP-06-02
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No significant values were obtained from JP-06-02.
DDH JP-06-03
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In hole JP-06-03, from 52.0 to 55.0 meters, 0.16% Cu and 0.08% Ni was intersected over 3.0 meters. No other significant values were intersected in this hole.
DDH JP-06-04
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Significant assays from this hole include 0.53% Cu, 0.08% Ni from 29.33 to 29.75 meters and up to 0.11 gpt Pt from 28.75 to 29.33 meters. This hole also contains extensive intervals of sulphide mineralization and includes low grade Ni, Cu, PGE values across significant widths. From 28.75 to 38.18 meters, the hole intersected 9.43 meters of weakly mineralized sulphide rich material that assayed 0.09% Cu, 0.04% Ni, 30 ppb Au, 22 ppb Pt, 18 ppb Pd, 1.75 gpt Ag, 65 ppm Co.
No other significant values were intersected in this hole.
Other Drill Holes
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Hole number JP-07-13 is currently being drilled. Sampling and assaying is underway on holes JP-06-05 to 12.
Wildcat's 2007 exploration program on the Jeep Property is being managed by Tim Tuba, P.Geo. and Peter Theyer, P.Geo.; both are Qualified Persons as defined by NI 43-101. Technical and GEMS support were performed by Sasha Herwig, B.Sc.Hons. Geology. Drill cores are to be cut in half using a diamond saw, with one-half placed in sealed bags, and delivered to TSL Labs facility in Saskatoon, Saskatchewan. A sample quality control/quality assurance program has been implemented. All technical information in this release has been reviewed by Tim Tuba, P.Geo. as the Qualified Person on behalf of Wildcat.
This news release may contain forward-looking statements based on some assumptions and judgments regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements.
About Wildcat Exploration Ltd.
Wildcat is a Winnipeg-based mineral exploration company actively exploring for gold and base metals in Canada. For further information on the company please visit our website at www.wildcat.ca or contact us at info@wildcat.ca.
On behalf of the Board
"Jerrold Siemens"
Interim President and CEO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
SOURCE: Wildcat Exploration Ltd.