Exploration Results Lead to Expansion of Wildcat's McVicar, ON Gold Project
03 Octubre 2011 - 8:01AM
Marketwired
Wildcat Exploration Ltd. (TSX VENTURE:WEL) is pleased to report
that recent mapping and sampling on the McVicar property has
resulted in a new gold discovery south of the Chellow Vein, and
Wildcat has staked an additional claim south of the discovery. In
addition, sampling, mapping and prospecting have improved the
potential for low grade, bulk tonnage gold at the Sor Lake and
Shonia Zones The McVicar property exhibits several areas and styles
of gold mineralization and Wildcat is planning a diamond drill
program for winter 2011/12.
The McVicar property is located 80 km west of Pickle Lake and 30
km northwest of the former Golden Patricia Mine. From 1988 to 1996,
the Golden Patricia Mine produced approximately 450,000 ounces of
gold at a grade of 0.7 ounces gold per ton. Following staking of an
additional claim in the Chellow Vein area, the McVicar property now
consists of 22 claims covering 5,248 ha in the western portion of
the Lang Lake greenstone belt, which is part of the Archean-age
Uchi subprovince. The Uchi subprovince has produced more than 30
million ounces of gold collectively from the Red Lake, Pickle Lake
and, where Wildcat has several gold properties, the Rice Lake
areas.
Approximately 750 m south of the Chellow Vein, following up on a
grab sample of blue-grey quartz that assayed 1.21 g/t gold, several
new discontinuous blue-grey quartz veins were discovered. A chip
sample from one of these quartz veins assayed 4.22 g/t gold. This
new gold discovery demonstrates the potential for gold
mineralization along the sheared contact parallel to the
greenstone-tonalite contact, and provides the bases for additional
exploration including drilling.
Wildcat geologists revisited the property in mid-September to
(i) stake an additional claim south of the location of the newly
discovered blue-grey quartz veins; (ii) perform an orientation
survey consisting of soil sampling over the Shonia gold occurrence;
and (iii) follow up on targets derived from structural
interpretation of a geophysical survey flown for Wildcat in
mid-June.
On the Sor Lake Sill, Wildcat completed 13 staggered channel
samples across a tonalite intrusion on one metre intervals. Assay
highlights include 0.41 g/t gold and 1.3 g/t silver over 1 m, 0.51
g/t gold over 0.7 m, and 0.31 g/t gold and 4.9 g/t silver over 1 m.
These sample results (non 43-101 compliant) indicate potential for
a second low grade, bulk tonnage zone of mineralization on the
McVicar Lake property in addition to the Shonia Zone.
Wildcat completed soil sampling at 25 m intervals along three
400 m north-south lines at 100 to 150 m line spacing over the
Shonia gold occurrence. The purpose of this sampling was to attempt
to extend the area of known gold mineralization at Shonia, and
determine if soil sampling is a viable tool for exploration over
drift covered areas on the property. During the soil sampling
program, Wildcat crews continued prospecting, and several zones of
new quartz veining and sulphidized tonalite were discovered up to
300 metres from the Shonia showings, suggesting more work is
required both south and west of the Shonia occurrence next year.
Subsurface soil samples were sent to TSL Laboratories in Saskatoon
for multi-element analysis, including gold and silver. Assay
results are pending.
Wildcat has employed targeted geological mapping and prospecting
to locate structurally favourable sites for gold deposition. This
work has been directed by geophysical interpretation of airborne
high resolution magnetics coupled with radiometrics. On the ground,
geologists have extended previous work by exploring in areas burned
by recent forest fires, and taking advantage of up-rooted trees
which could expose new gold occurrences. During recent ground
follow-up surveys seven grab samples were taken, including some of
sulphidized tonalite, sulphidized basalt, and rusty and sulphidized
quartz veins. Assay results are pending. In addition, geologists
identified a structurally complex area favourable to gold
deposition west of the Chellow Vein, based on their interpretation
of geophysical data. This has confirmed the reliability of the
technique, and identified a new area for more focused
exploration.
During the winter of 2011/12 Wildcat is planning a diamond
drilling program to further investigate some or all of the Shonia
Zone, Chellow Vein system, the extension of the Altered Zone, the
area southeast of the Chellow Vein, and the Dougie Lake area. The
program may be modified by any new information from pending
assays.
Wildcat's exploration program is managed by Tom Lewis, P.Eng., a
Qualified Person as defined by NI 43-101, who has reviewed all
technical information in this release.
About Wildcat
Wildcat Exploration Ltd. is a Winnipeg-based company exploring
for gold and base metals in Canada. Its portfolio includes: (1)
several gold projects in the Rice Lake greenstone belt in Manitoba,
(2) the McVicar gold property in the Uchi subprovince of Ontario,
(3) the Reed base metal and PGE project in the Flin Flon-Snow Lake
greenstone belt in Manitoba, (4) the Burntwood nickel project in
the Thompson nickel belt in Manitoba and (5) the Foster
zinc-lead-silver project in Saskatchewan. The Company seeks to
continuously upgrade its property portfolio through exploration and
accretive transactions.
Cautionary Note
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein. This news release may contain "forward-looking
information", within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, but is not
limited to, statements with respect to Wildcat's exploration
program and plans. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
"believes", "plans", "seeks", "expects", "budget" or variations of
such words or statements that certain actions, events or results
may, could, will, will be, would be or are expected to be.
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of Wildcat to be
materially different from those expressed or implied by such
forward-looking information. There can be no assurance that such
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
information. Accordingly, readers should not place undue reliance
on forward-looking information. Wildcat does not undertake to
update any forward- looking information, except in accordance with
applicable securities laws.
The TSX and the OTCQX exchanges have not reviewed and do not
accept responsibility for the adequacy or accuracy of this
release.
Contacts: Wildcat Exploration Ltd. John Knowles President &
CEO (204) 944-8916info@wildcat.cawww.wildcat.ca CHF Investor
Relations Stephanie Fitzgerald Associate Account Manager (416)
868-1079 ext. 222stephanie@chfir.com CHF Investor Relations Cathy
Hume CEO (416) 868-1079 ext. 231cathy@chfir.com
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