Skygold Ventures Ltd.
TSX VENTURE : SKV

Skygold Ventures Ltd.

September 01, 2009 08:00 ET

Skygold Intersects Additional High-Grade Gold at Thunder Ridge

39.50 g/t gold over 1.5 metres 9.68 g/t gold over 6.0 metres

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 1, 2009) - Skygold Ventures Ltd. ("Skygold" or the "Company") (TSX VENTURE:SKV) is pleased to announce that additional high-grade gold intercepts have been encountered in drilling completed on the Thunder Ridge Zone. The Thunder Ridge Zone is located on Skygold's 100% owned Spanish Creek project in central British Columbia approximately 100 km south of the Company's flagship Spanish Mountain Project.

The current drilling program consisted of 10 holes totaling 3043.12 metres and was designed to further evaluate high grade gold intercepts returned from the initial reconnaissance drill program completed in late 2008. The 2008 drilling returned values up to 45.49 g/t gold over 2.5 metres including 223 g/t gold over 0.5 m in Hole SC-005 (see News Release dated January 17, 2009). All of the drilling has been completed within an 850 metre by 350 wide metre corridor which is contained within a 1500 metre by 800 metre wide gold soil and rock sample anomaly. The anomaly occurs within a belt of rocks which hosts wide spread Orogenic Gold systems similar to the Yana-Kolyma Fold Belt in Russia which hosts large bulk tonnage and high grade vein deposits. These initial results suggest that the Thunder Ridge property may have potential to develop into a large high-grade gold system.

Significant new results are summarized in Table 1.

Highlights:

- Hole SC-017 intersected 8.84 g/t gold over 7.5 metres including 39.50 g/t gold over 1.5 metres and a second zone of 2.14 g/t gold over 9.0 metres including 9.45 g/t gold over 1.5 metres.

- Hole SC-018 intersected 2.88 g/t gold over 24.0 metres including 9.68 g/t gold over 6.0 metres and including 18.05 g/t gold over 3.0 metres.

- Hole SC-015 intersected 3.23 g/t over 6.0 metres including 11.40 g/t gold over 1.5 metres.

- Gold mineralization is noted in several styles including quartz vein hosted, structure controlled and disseminated zones in black shale sequences. Early interpretation indicates that there may be several sub-parallel or folded zones of gold mineralization.

A geophysical survey will be flown over the project to aid in target delineation and interpretation. Brian Groves, President of Skygold stated: "We continue to be pleased by the results from Thunder Ridge and are encouraged by the success of the drilling program. We will move quickly to interpret all drilling results and in combination with the new geophysical data, we will plan for another drilling program on the property in 2009."

Bob Singh, Exploration Manager stated: "These current results demonstrate the good potential for a high-grade gold deposit at Thunder Ridge. This new discovery has returned significant gold values in quartz veins within an 850 metre by 350 metre area and remains open in all directions. Nine of the ten holes completed intersected gold mineralization which is a very high success rate and even more compelling considering the zone does not outcrop. The wide spread nature of the gold mineralization, high grade values and multiple zones of quartz veining highlight the potential of the area. Thunder Ridge has the potential to host a large scale gold deposit with high grade structurally controlled zones. Skygold has already discovered a +2.5 million ounce deposit in this belt of rocks and we are very excited to see Thunder Ridge developing into a significant gold deposit."

The Spanish Creek property is located approximately 50 kilometres northeast of the town of 100 Mile House in central British Columbia. The Thunder Ridge area is accessed via a network of well maintained Forest Service roads directly from 100 Mile House. Grid power is available within 20 km of the property.



Table 1
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Hole From (m) To (m) Width(i) Au (g/t) Ag (g/t)
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SC008 280.00 284.50 4.50 0.92 1.40
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SC009 74.00 83.90 9.90 0.75 1.96
----------------------------------------------------------------------
SC009 and including 74.00 76.40 2.40 1.87 1.63
----------------------------------------------------------------------
SC010 EOH @ 25m hole
lost
----------------------------------------------------------------------
SC011 26.00 32.00 6.00 1.18 1.83
----------------------------------------------------------------------
SC012 weakly anomalous
----------------------------------------------------------------------
SC013 71.00 72.50 1.50 4.69 5.00
----------------------------------------------------------------------
SC013 and 156.00 160.60 4.60 0.69 8.86
----------------------------------------------------------------------
SC013 and 261.00 265.00 4.00 1.18 2.28
----------------------------------------------------------------------
SC014 29.00 32.00 3.00 1.12 5.63
----------------------------------------------------------------------
SC015 34.00 46.00 12.00 0.82 11.62
----------------------------------------------------------------------
SC015 including 35.50 38.50 3.00 1.25 17.11
----------------------------------------------------------------------
SC015 and 151.50 157.50 6.00 3.23 5.20
----------------------------------------------------------------------
SC015 including 153.00 154.50 1.50 11.40 7.60
----------------------------------------------------------------------
SC016 64.50 67.50 3.00 1.27 9.22
----------------------------------------------------------------------
SC016 including 65.80 67.50 1.70 1.82 12.60
----------------------------------------------------------------------
SC017 130.50 138.00 7.50 8.84 10.18
----------------------------------------------------------------------
SC017 including 136.50 138.00 1.50 39.50 24.70
----------------------------------------------------------------------
SC017 217.50 237.00 19.50 1.13 12.39
----------------------------------------------------------------------
SC017 including 228.00 237.00 9.00 2.14 19.42
----------------------------------------------------------------------
SC017 and including 234.00 235.50 1.50 9.45 13.00
----------------------------------------------------------------------
SC018 134.50 158.50 24.00 2.88 5.83
----------------------------------------------------------------------
SC018 including 149.50 155.50 6.00 9.68 10.30
----------------------------------------------------------------------
SC018 and including 151.00 154.00 3.00 18.05 17.10
----------------------------------------------------------------------

(i) core length - does not represent true width


Project Quality Control / Quality Assurance

NQ core samples were logged and cut with a diamond saw on site. Recoveries were generally better than 90%. Samples were shipped directly to Eco Tech Labs, Stewart Group. Eco Tech Laboratories Ltd. of Kamloops, BC, a BC accredited laboratory which is independent of the Company, is conducting the sample preparation and analyses of samples. Skygold routinely submits standards, blanks and duplicates into the sample stream to maintain quality control. All gold analyses will utilize standard screen metallic assay techniques. Robert Darney, P.Geo. and R. Bob Singh, P.Geo. are the qualified persons (as defined in NI 43-101) who have reviewed this news release.

On Behalf of the Board,

SKYGOLD VENTURES LTD.

Brian Groves, President

Forward-Looking Information

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Skygold Ventures Ltd. expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Companies believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the conditions of the letter agreement not being satisfied. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required under applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Skygold Ventures Ltd.
    Tim Mikula
    (604) 484-6317
    (604) 684-0279 (FAX)
    or
    B&D Capital Partners
    Don Mosher
    (604) 685-6465
    www.skygold.ca