Selkirk Metals Corp.
TSX VENTURE : SLK

Selkirk Metals Corp.

October 30, 2007 09:00 ET

Selkirk Metals Corp.: 7.70 Meters of 21.48% Zinc and 2.5% Lead in U Zone, Ruddock Creek Property, B.C.

VANCOVUER, BRITISH COLUMBIA--(Marketwire - Oct. 30, 2007) - Selkirk Metals Corp. ("Selkirk" or the "Company") (TSX VENTURE:SLK) is pleased to provide this update on the newly defined sulphide horizons in the area of the U Showings. This Zone is located 2.8km west of the E-Zone outcrop and 1.5km northwest of the Creek Zone outcrop at the Ruddock Creek Project, B.C. The showings are located in the central portion of the 5km long Ruddock Creek Sulphide Horizon as shown on the Overview Figure on the Company's website, www.selkirkmetals.com.

Eight holes (RD-07-U1 to U8) were completed on the U Zone during 2007, with seven holes from a pad between the central and easternmost outcrops and a single hole (RD-07-U8) from a location 300m to the north. To date, only partial results are available for RD-07-U2, which are summarized in the table below, along with complete results for RD-07-U1;



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FROM TO INTERVAL
HOLE NUMBER (m) (m) (m) ZINC% LEAD%
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U Zone
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RD-07-U2 127.3 135 7.70 21.48 2.5
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144 149 5.0 4.96 0.82
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RD-07-U1 26.55 27 0.45 3.27 0.06
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62.6 63.4 0.8 2.67 0.2
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70.6 71.25 0.65 10.71 1.99
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80.5 82.45 1.95 1.79 0.15
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86.95 101.06 14.11 7.59 1.34
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Including 86.95 90.20 3.25 23.78 3.85
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The thick high grade section reported in RD-07-U2 correlates with the high grade zone in RD-07-U1, from a stratigraphic and compositional perspective. These two intercepts also align with the lowermost of the Falconbridge showings indicating an easterly striking zone with a northerly dip. These intervals also appear to correlate with the new showing further to the west. Two chip samples covering a vertical distance of 7.5m have been collected from the new showing and have been submitted for analyses.

Massive sulphide bands range from 20cm to 4.5m in thickness, within mineralized intervals of up to 15m in thickness. The sulphides are generally fine to medium grained and are very similar in style and grade to those sulphides encountered at the E Zone and Creek Zone.

Historical exploration by Falconbridge in the 1960's had located 3 surface showings along an east - west trend covering 500m. Channel sampling was carried out in 2007 over two of the three Falconbridge showings that make up the U Zone. Falconbridge also completed 3 shallow holes on one of these outcrops to test the near surface mineralization. The Selkirk channel sampling was completed utilizing a portable diamond saw so that the samples are continuous across the surface of the outcrop. Samples were collected from the vicinity of holes U-62-1, 2 and 3 on the central showing, and from the easternmost outcrop. These mineralized horizons correlate with the upper sulphide horizons in drill hole RD-07-U1, which is located approximately 60 meters to the east. The following table contains the lengths, results and locations of the U Zone sampling.



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Length
Sample Numbers (m) Location Description ZINC% LEAD%
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730452 - 730455 4.0 Central U Channel 4.5 1.94
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730456 - 730462 7.5 Central U Channel 10.49 1.44
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730470 - 730472 3.0 East U Channel 4.07 0.22
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Hole U-62-1 8.32 Central U 0.4 - 8.72m 6.02 0.19
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Hole U-62-2 10.15 Central U 0.76 - 10.91m 15.42 1.91
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Prospecting in the area of the known U showings has resulted in the discovery of a new sulphide bearing horizon 250m to the west. The four outcrops that now outline the U Zone at surface cover a distance of 750m along a west southwest trend toward the V Showings. These showings reflect the surface expression of the multiple mineralized horizons encountered in the 2007 drilling. Heavy timber and talus cover is present over the intervening 600m between the V and the west end of the U showings. The V showings are in turn at the eastern end of a 1000m long series of mineralized exposures known as the V, R, and Q showings.

Sampling of the drill core has been completed and all samples have been delivered to Acme Labs in Vancouver for analysis. The analytical procedure utilized was the Group 7AR 23 multi-element assay by ICP-AES methods. Results from the 2007 drilling program will be released as they are received and compiled by the Company. Exploration on the Ruddock Creek Property is being conducted under the supervision of the Company's Qualified Person (as defined by NI 43-101), Jim Chapman, P.Geo. Selkirk has an undivided 100% interest in the Ruddock Creek Property.

On Behalf of the Board of Directors of

Selkirk Metals Corp.:

Gordon Keevil, President

This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that management of Selkirk expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of Selkirk at www.sedar.com for further information.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of content of this press release.

Contact Information

  • Selkirk Metals Corp.
    Gordon Keevil
    President
    (604) 687-2038
    (604) 687-3141 (FAX)
    Website: www.selkirkmetals.com