Eskay Mining Corp. press release
Wildcat Exploration Ltd. Encounters Significant Mineralization at Jeep Property, Manitoba
TSXV - TSX Venture Exchange · Gold · Silver · Copper · Lead · Zinc · Bismuth · Canada
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.
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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.
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