Airborne Geophysics Commissioned for Jeep Project;
Field Teams Mobilized to Jeep and Garner Projects
WINNIPEG, June 5 /CNW/ - Wildcat Exploration Ltd. (WEL: TSX-V) Wildcat Exploration Ltd. is pleased to announce the commissioning of an airborne geophysical survey on the Company's wholly-owned Jeep Property located in the Rice Lake Greenstone Belt of southeastern Manitoba. In 2001, the Company conducted an airborne geophysical survey covering 2050 hectares of the property group, in the southern half of the current land package in close proximity to the historic Jeep Gold Mine. In the past year the Company has staked 9 claims for an additional 1966 hectares, encompassing the known northward extent of the "Jeep Gabbro". This additional ground is the focus of the airborne survey and current ground exploration programs.
The Company has commissioned Fugro Airborne Surveys Corp. of Mississauga, Ontario to conduct a helicopter-airborne magnetic and electromagnetic survey over recently staked claims in the northern portion of the Jeep property. The survey will comprise 567 line kilometers with flight line spacings of 50 meters. It is anticipated that survey results will be available in early fall.
The Company has also initiated surface exploration programs on its properties in the Rice Lake Greenstone Belt which includes integrated geological mapping, prospecting, and sampling on prospects and recently developed showings. Two teams have been mobilized to the area. The first team, under the direction of Peter Theyer P.Geo, has initiated geological mapping, prospecting and sampling on the Jeep Property, to follow up on results achieved from the recent Jeep property drill program. The program targeted both the southeastern prolongation of the No. 1 gold-bearing quartz vein system of the historic Jeep Gold Mine, and was also designed to outline and extend the strike and width of the discovered Nickel-Copper-PGE mineralization associated with the No. 1 mineralized quartz gold vein.
According to Mr. Theyer, "There are good arguments that the entire length and width of the "Jeep Gabbro" has a potential to contain similar mineralization. This as yet quite undefined sulphide mineralization, occurs at and adjacent to the margins of the "Jeep Gabbro" a complex assemblage of gabbroic and dioritic magmatic bodies that intruded and partially assimilated clastic mafic to felsic heterolithic sulphide-bearing debris. Addition of silica and sulphides to magma are well-known triggers of sulphide immiscibility and consequently of formation of immiscible sulphide concentrations. Comparable sulphide concentrations are known to occur in the margins of a swarm of intrusions of Paleoproterozoic age, the "Nippissing Gabbros" near Sudbury in Ontario."
To date, on the Jeep Property, the Company has established the existence of a several hundreds of metres long, disseminated to semi-massive and massive sulphide body currently open in all dimensions. Rock samples collected from this sulphide body returned several elevated Ni Cu and PGE concentrations proving the potential that these sulphides may contain Ni Cu and PGE concentrations of commercial importance.
A second prospecting team has been engaged by the Company and has initiated a surface exploration program focusing in the area of the Beresford Lake Shear Zone (BLSZ), on the Garner Lake Property. Previous results from grab samples obtained by the Company at the Marlin showing in the BLSZ have assayed 28.4 g/t and 40.16 g/t gold with follow up sampling assaying returning values up to 153.2 g/t gold (see News Release September 19, 2005). At the Swordfish showing (also within the BLSZ), 350 metres south of the Marlin discovery, surface rock grab samples returned up to 18.2 g/t gold. Another showing, 150 metres to the north of the Marlin occurrence, and along strike, grab samples from a 10 cm quartz vein returned 3.1 g/t (see News Release, October 17, 2005). The combined showings total 500 metres in strike length, along a north northwest-south southwest trend. The 2007 summer program is designed to determine the extent along strike of this highly prospective gold zone. Results from the summer program will be integrated into the geological database to assist in defining drill targets.
The Company has just completed a 36 hole 8,234.9 metre drill program on its Jeep Project and all samples have been sent for assay. Results have been reported on 21 holes, with assay results pending on the remainder. The Jeep Property encompasses a total of 4,016 hectares on 26 contiguous claims, all ground being prospective for gold, nickel, copper, and Platinum Group Elements.
The previous airborne geophysics flown by the Company on the Jeep Property outlined a magnetic anomaly in close proximity to the historic Jeep Gold Mine. The current drill program was designed to explore the anomaly, and to explore for the potential strike extension of the Jeep Mine No. 1 gold vein. In addition to the results achieved in extending the No.1 mineralized gold vein (reported elsewhere: see Company News Releases on www.sedar.com or www.wildcat.ca) results from the drilling of the anomaly have returned encouraging Ni-Cu-PGE values and intercepts.
Drill hole JP-06-05 returned assay results from a 10 metre downhole intersection of 0.13% Nickel, 0.31% Copper, 0.44 gpt Gold, 2.4 gpt Silver, 124 gpt Cobalt. JP-06-07 returned assay results from a downhole intersection of 2 metres of 0.31% Nickel, 0.26% Copper, 0.41 gpt Gold, 3.0 gpt Silver, 84 gpt Cobalt, 50 ppb Palladium and 55 ppb Platinum. (see News Release; March 19, 2007). Hole JP-07-10 intersected a 5.36 metre Ni-Cu-PGE mineralized zone from 93.03 to 98.39 m downhole, which assayed at 0.40% Nickel, 0.17% Copper, and 0.16 gpt Gold, 1.9 gpt Silver, 90 gpt Cobalt, 58 ppb Palladium and 43 ppb Platinum, which includes a 1 metre interval of 0.83%, Nickel, 0.20 %, Copper, 0.19 gpt, Gold, 2.4 gpt Silver, 160 gpt Cobalt, 60 ppb Palladium and 25 ppb Platinum. JP-07-10 also intersected the No.1 gold vein structure and assayed 56.38 gpt Gold across 0.38 metres from 204.39 to 204.77 metres downhole. (see News Release; April 03, 2007).
Hole JP-07-11 intersected the No. 1 gold mineralized vein and assayed 17.63 g/t Gold across 0.72 metres downhole from 183.0 to 183.72 metres, and two zones of Ni-Cu-PGE mineralization.
- The first zone, from 102.7 meters to 116.1 meters downhole, assay
results include 14.4 meters of 0.28% Nickel, 0.20% Copper, 0.25 gpt
Gold, 1.9 gpt Silver, 83 gpt Cobalt, 46 ppb Palladium and 45 ppb
Platinum. This intersection includes 1 metre of 0.64% Nickel, 0.27%
Copper, 0.3 gpt Gold, 2.2 gpt Silver, 140 gpt Cobalt, 70 ppb
Palladium and 100 ppb Platinum from 106.1 to 107.1 meters downhole
- The second zone of Ni-Cu-PGE mineralization, over 0.3 meters, was
intersected downhole from 214.87 to 215.17and returned assays of
0.59% Nickel, 0.23% Copper, 0.31 gpt Gold, 2.6 gpt Silver, 1900 gpt
Cobalt, 2.63 gpt Palladium, and 25 ppb Platinum. (see News Release;
April 3, 2007)
Subsequent to the work program on the Garner Lake Property, the second prospecting team will be mobilized to assist the field program currently underway on the Jeep Project, and is scheduled to conduct a program of work on the Poundmaker Property and the Siderock Property.
Wildcat's 2007 exploration program is being managed by Tim Tuba, P.Geo. and Peter Theyer, P.Geo.; both are Qualified Persons as defined by NI 43-101. All technical information in this release has been reviewed by Tim Tuba, P.Geo. as the Qualified Person.
Wildcat is a Winnipeg-based mineral exploration company actively exploring for gold and base metals in Canada. Project areas in Manitoba are centered in the Rice Lake greenstone belt and in the Flin Flon/Snow Lake mineral district at Reed Lake. In Saskatchewan the Company is focused on its Foster River/Hewetson Lake zinc, lead, silver project.
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.
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.
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