WINNIPEG, May 16 /CNW/ - Wildcat Exploration Ltd. (TSX-V:WEL) is pleased
to announce the results of its 2006 winter drill program on the Poundmaker
Property. Wildcat had terminated the drill program in February 2006 (announced
initially in a Press Release dated January 9, 2006) due to the unexpected and
exceedingly mild weather conditions.
The four hole, 742 meter, diamond drill program was conducted between
January 9 to 29, 2006 on the Poundmaker Property. The program tested the
subsurface extent of gold mineralization found along the Gold Creek Shear Zone
and the Liberty Gold Zone.
The first two drill holes targeted the Gold Creek Shear Zone, on the
Mike-Power grid, in the southern portion of the Poundmaker Property.
Drill hole PM-06-01 targeted a MMI geochemical anomaly along the Gold
Creek Shear Zone. The hole intersected several narrow zones of multi-phase
quartz-tourmaline breccia veins and associated strongly altered rocks with an
assemblage comprising sericite - chlorite - ankerite - quartz - pyrite with
minor intervals of strong silicification. Zones of high strain, including
mylonites, associated with the Gold Creek Shear Zone were also intersected.
Drill hole PM-06-02 was collared 1600 meters northwest of PM-06-01 and
targeted a surface grab sample assaying 9.5g/t gold from a quartz vein hosted
within highly altered Bidou Assemblage rocks within the Gold Creek Shear Zone.
The hole intersected 0.56 g/t gold over 0.3 meters within a quartz vein.
Strongly deformed and altered rocks intersected in this hole, including
sericite - chlorite - ankerite - pyrite are similar to the alteration and
deformation encountered in hole PM-06-01.
Significant alteration and deformation intersected within holes PM-06-01
and PM-06-02, show the highly prospect nature for gold mineralization in the
area of the Gold Creek Shear Zone. The Gold Creek Shear Zone, a minimum of 300
meters in width, has not been fully explored along its full width and strike
extent within the Wildcat claims.
Two additional holes, PM-06-03 and PM-06-04, were drilled to test the
Liberty showing, a recent gold discovery (see press release Sept. 23, 2005) -
northwest of Saxton Lake in the northern portion of the Poundmaker property.
The Liberty showing has a 75 meter strike length of alteration and quartz
veining carrying up to 59.2 g/t gold (press releases dated Sept. 23, 2005 and
Oct. 31, 2005).
Drill hole PM-06-03 was collared 25 meters southwest of the Liberty
Showing. Hole PM-06-03 intersected the Liberty vein approximately 20 meters
down hole and assayed 0.12 g/t gold over 0.4 meters and 0.77 g/t gold over 0.4
meters. Both gold samples are host within quartz veins associated with 1-2%
pyrite. The gold mineralization is host within rocks that have been subjected
to high strain and are variably altered with chlorite and silica. Drill hole
PM-06-04, collared 55 meters west of PM-06-03, along the Liberty showing also
intersected zones of high strain and strong chlorite and silica alteration
associated with the Liberty vein.
Deformation and alteration within both drill holes further establish that
the Liberty showing is associated with a broad northwest trending shear zone,
known as the Saxton Lake deformation zone. Two historical high-grade gold
showings, the Clinton shaft and the Poundmaker deposit flank the east margin
of the Saxton Lake deformation zone. The Clinton shaft lies two kilometers
east of the Liberty showing. The Poundmaker deposit lies 6 kilometers
southeast of the Clinton shaft.
All technical information in this release has been reviewed by Mark
Fedikow PhD, P.Geo. as the Qualified Person.
About Wildcat Exploration
Wildcat is a Winnipeg-based mineral exploration company actively
exploring for gold and base metals in Canada. The company specializes in
generating projects in-house and presently has six properties in Manitoba and
Saskatchewan. Currently exploration is being conducted in the Bissett gold
mining camp, southeast Manitoba. Wildcat will explore the base metal (zinc -
silver - lead) potential of the Wollaston Domain, Saskatchewan, along with
Phelps Dodge and BHP-Billiton, companies recently active in the area.
Wildcat has consolidated the largest land holdings (230 square
kilometers) in the Bissett gold mining camp. This land holding is
strategically positioned in the Rice Lake belt to encompass a tectono-
stratigraphic environment similar to that hosting the Red Lake gold deposits.
These rocks are under-explored and have received minimal diamond drilling. For
further information on the company please visit our website at www.wildcat.ca
or contact us at info(at)wildcat.ca.
On behalf of the Board
"Sol Prizant"
President and CEO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
