WINNIPEG, Nov. 27 /CNW/ - Wildcat Exploration Ltd. (TSX-V:WEL) ("Wildcat"
or the "Company") proudly announces preliminary results of their exploration
program in the Rice Lake greenstone belt of southeastern Manitoba. The Company
is pleased to announce that the first four drill holes have encountered
significant widths of combined disseminated, near solid and massive sulphide
intervals up to 53 meters thick at its 100% owned Jeep Property.
The Jeep Property, located 14 km east of the town of Bissett, is
accessible year-round by a gravel all weather road. The mineralization on this
project (a former gold mine) is polymetallic, consisting not only of Au in
quartz veins but also of previously not recognized magmatogenic- Ni- Cu -PGE
(platinum group elements) sulphides. Recent mechanical and hydraulic outcrop
stripping, defined sulfide mineralization extending along strike in excess of
300 meters. The zone is open along strike and along its width.
Wildcat assigned a high priority on exploring the Jeep mineralization
because this mineralization combines concrete indications for the existence of
magmatogenic sulphides containing Ni, Cu, and PGE with the known existence of
gold concentrations from historic mining records of the former Jeep gold mine.
Currently, four drill holes, JP-06-01 to JP-06-04, have been completed at
the Jeep Property, testing an extensive zone of predominantly disseminated
sulphide mineralization (pyrrhotite and chalcopyrite) with minor near solid
and massive sulphide mineralization hosted within a clastic debris zone.
Drilling has only tested approximately 100 meters of strike length. Surface
exposure of the zone is severely limited due to overburden cover.
All completed drill holes have intersected significant widths of
mineralization (see table below). Including up to 53.82 meters of disseminated
pyrrhotite and chalcopyrite, in hole JP-06-03. Assays are currently pending
from these holes.
<<
Table: Significant widths of combined disseminated sulphide intervals
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Hole No. From (m) To (m) Length (m)
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JP-06-01 128.96 167.60 38.64
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JP-06-02 84.00 99.70 15.70
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JP-06-03 8.35 62.17 53.82
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JP-06-04 22.11 47.04 24.93
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>>
There are considerable similarities between this mineralization on the
Jeep Property and Ni, Cu, PGE-bearing sulphides found in a number of
intrusions of the Nippissing gabbro suite (Agnew, East Bull Lake and River
Valley intrusions) occurring in vicinity of the Sudbury basin. These igneous
bodies also intruded and partially assimilated a sequence of volcanic and
sedimentary rocks, triggering sulphide accumulations containing stratabound Ni
Cu PGE prospects. Exploration of these targets defined a number of prospects
containing economic Pd concentrations in addition to significant Ni and Cu
values. One of these (the Shakespeare deposit) is currently under development
as a Ni Cu PGE open pit mine.
On the Jeep Property, the east-striking segment of the Jeep gabbro
intruded clastic rock sequences thought to be the products of continental
rifting. It partially digested and assimilated these clastic fragments of
which some contain disseminated pyrrhotite. Assimilation of silica and
sulphides triggered sulphide immiscibility leading to sulphide accumulation
and deposition. This mineralization largely preserved its original stratabound
magmatogenic character; however, postdepositional fracture controlled
redistribution of mainly chalcopyrite is evident.
The 2006 - 2007 drill program focus will continue on evaluating this area
to outline Ni, Cu and PGE mineralization.
Wildcat will be securing a contractor with a 3-D Borehole Pulse EM system
which will be used in the surveying of the drill holes. The surveys and
subsequent interpretation will be used for refining drill targets.
Wildcat is also planning a surface Induced Polarization (IP) geophysical
survey over the Ni Cu PGE and Jeep Mine areas. The survey is anticipated to be
completed before the end of December pending ground conditions. It is
anticipated that the IP survey will help in refining drill hole targeting on
both the Ni Cu PGE and gold mineralization.
At the former producing Jeep Mine, 200 meters northwest of the Ni Cu PGE
occurrence, gold mineralization is associated with northwest striking fault
zones and commonly associated with pervasive silica, carbonate and sulphide
hydrothermal alteration. Two distinct types of gold mineralization are
recognized: quartz vein gold lodes and sulphide-rich (arsenopyrite)
disseminated refractory gold lodes which are interpreted to form alteration
haloes around the quartz vein lodes.
From the first hole drilled by Wildcat on the property, JP-06-01, on the
Ni Cu PGE occurrence, a silica rich fracture zone with anomalous arsenopyrite
mineralization (up to 5% arsenopyrite) was intersected. The mineralized
intersection assayed 2.91 gpt Au over 0.36 meters from 160.98 to 161.34 meters
which is directly on strike 200 meters southeast with the main mineralized
vein system at the Jeep Mine. This discovery may indicate that the main
mineralized vein system (the No.1 vein system) continues 200 meters southeast
of the mine and occurs within the Ni Cu PGE occurrence.
Wildcat is also pleased to announce the addition of Peter Theyer Ph.D.
P.Geo. to our staff. Dr. Theyer is a well recognized and seasoned expert in
magmatogenic Ni Cu PGE deposits. The addition of Dr. Theyer to our staff adds
the benefits of his decades long experience specializing in the study of and
exploration of Ni, Cu, PGE deposits in Europe, Canada, USA and Central America
and as a senior Geologist with the Manitoba Government. Dr. Theyer's input
expanded the Company's scope previously focused on gold exploration to include
magmatogenic base metal and PGE to our palette of exploration targets with his
experience.
The Company's management and technical qualified personnel believes that
there is good potential for the mineralization in the Ni Cu PGE occurrence and
the gold mineralization from the Jeep Mine area to be more extensive both
laterally and vertically. Initial mapping conducted in the summer of 2006
suggests that the Ni Cu PGE mineralized zone is open in all directions.
Plotting and analysis of all available historic drill hole and mine data of
the Jeep gold mine using GEMS (3 dimension capable software) not only
disclosed the possible existence of mineralized quartz veins, but also aided
in visualizing their trends.
"We are very encouraged by the recent findings at our Jeep property in
Manitoba. Over the past six months, Wildcat has made noteworthy progress on
projects in both Manitoba and Saskatchewan. The addition of highly qualified
and experienced staff, the integration of innovative and efficient technology
and the completion of a major flow through financing have facilitated this
growth. Management believes that the current strategic plan will allow the
Company to efficiently explore its current mineralized zones as well as
evaluate and take on new and expanded projects with greater opportunity.
Wildcat is committed to generating and building shareholder value", Sol
Prizant, President and C.E.O.
Wildcat's 2006 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.
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.
Sol Prizant
President and C.E.O.
Wildcat Exploration Ltd.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
