Wildcat Exploration Ltd.
TSX VENTURE : WEL

Wildcat Exploration Ltd.

March 24, 2010 16:43 ET

Wildcat Announces Drill Program Results on Jeep Project: Bissett, MB

WINNIPEG, MANITOBA--(Marketwire - March 24, 2010) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) wishes to announce drilling results from the 2010 winter drilling program on the company's Jeep Project. The project is located in the Rice Lake greenstone belt approximately 14 km east of the town of Bissett, MB.

SUMMARY:

Twenty two drill holes totaling 2822 metres (m) were drilled on this property between January 21 and February 28, 2010. Twenty holes focused on near surface gold mineralization detected in previous trenching (summer of 2009) or follow up on gold mineralization intersected in previous drill programmes (target follow up drill hole JP-08-03).Two holes targeted deeper gold mineralization known from the former Jeep Mine plans. The five targeted areas (see map on Wildcat website) included Showings #3 (3 holes); Vein #1 (2 holes); Showing #2 and Vein #7 (7 holes); Showings #1 and #4, and Vein #3 (7 holes); and follow up on the results of hole JP-08-03 (3 holes).

Significant results from this drilling include 5.59 g/t gold (Au) over 1.07 m intersected in hole JP-10-13 within a quartz vein, 11.49 g/t Au over 0.37 m intersected in hole JP-10-14 within a quartz vein, 3.5 g/t Au over 0.74 m intersected in JP-10-03 within quartz-carbonate veinlets in a shear zone and 3.4 g/t Au over 0.82 m intersected in a quartz vein in fractures within JP-10-05 (see Table 1). 

The drill holes intersected varieties of gabbro and quartz feldspar porphyries, and locally metasediments in drill hole JP-10-04. Samples were taken of all mineralized quartz veins, quartz/carbonate veins, brecciated zones, shear zones and alteration zones.

EXPLORATION PLANS:

Results of this drilling campaign are being integrated with the existing geological model and will be followed by an additional program of detailed geological and structural mapping in preparation for future evaluation and exploration of the property.

Of particular interest is the extensive alteration encountered in drillhole JP-10-19. This hole was targeted to intersect the potential extension at depth of the # 1 gold-bearing quartz vein which supported the initial production of the historical Jeep mine. The drill hole intersected a structurally disrupted and altered zone of gabbro and heterolithic breccia, approximately 110 m in core length. This zone, characterized by abundant subrounded xenolithic fragments in an altered gabbroic matrix, features three intersections with elevated gold concentrations and silica, magnetite, fuchsite and carbonate alteration. This alteration and structural preparation indicates areas at depth warranting additional drill testing.

DRILLING DETAILS (see Jeep Drill Collar Locations Map: 2010 at www.wildcat.ca) :

  1. Showing #3 Target (400 m southeast of Jeep Mine shaft):

Drill holes JP-10-01, JP-10-2 and JP-10-03 targeted down plunge mineralization from channel samples at Showing #3, which returned up to 3.18 g/t Au over 0.9 m (see News Release November 10, 2009). JP-10-01 intersected the targeted shear zone at 102 m and assayed 65 ppb Au over 1.21 m within a shear zone 101.81 m downhole at the approximate target depth. Drill hole JP-10-03 intersected the shear zone at 111.86 m which assayed 3.5 g/t Au over 0.74 m.

  1. Vein #1 Target (230 m east of Jeep Mine shaft):

Drill hole JP-10-04, tested the extension of gold mineralization discovered in the 2006 drilling program (109.5 g/t Au over 0.78 m; see News Release December 12, 2006) within historical Vein #1. Drillhole JP-10-19 intersected approximately 110 m of silica, carbonate, chlorite, epidote, magnetite, talc and fuchsite alteration at 228.35 m depth. Three of the samples taken within the alteration zone returned gold concentrations of 270 ppb over 1.10 m (at 258.5 m), 640 ppb over 1 m (at 285.3 m) and 100 ppb over 0.9 m, (at 318.5 m) down the hole.

  1. Showing #1, #4, and Vein #3 (330 m northwest of Jeep Mine shaft):

Drill holes JP-10-05 to JP-10-07 targeted downplunge of surface mineralization where channel sampling returned values up to 57.96 g/t Au over 0.36 m at Showing #1 (see News Release September 23, 2009) and up to 13.41 g/t Au over 0.4 m at Showing #4 in the summer of 2009 (see News Release November 19, 2009). Deeper in the hole gold mineralization of 3.4 g/t Au over 0.82 m at 120.43 m downhole was intersected in a quartz vein. Drill holes JP-10-08 and JP-10-09 were designed to target down plunge of the northernmost exposed surface mineralization of Showing #1.

Drill holes JP-10-10 and JP-10-11 were targeted to test continuity of gold mineralization of the historical #3 vein below the first level of the underground mine workings. 

  1. Showing #2, and Vein #7 (170 m southwest of Jeep Mine shaft):

Drill holes JP-10-12, JP-10-13 and JP-10-14 targeted historical vein #7 below the first level of the Jeep Mine workings. JP-10-13 intersected gold mineralization of 5.59 g/t Au over 1.07 m at 90.10 m downhole in a shear zone and intersected 280 ppb Au in a sheared gabbro at the targeted depth. Two other samples taken from the same shear zone contained anomalous Au concentrations of 230 ppb over 1.05 m and 240 ppb Au over 1.43 m. JP-10-14 was collared to intersect a quartz bearing structure below surface trenching at Showing #2 where recent channel sampling returned 9.60 g/t Au over 0.86 m (see News Release September 16, 2009). The drill hole intersected 11.49 g/t Au over 0.37 m within a quartz vein at 10.40 m.

Drill holes JP-10-15, JP-10-16, JP-10-17 and JP-10-18 targeted Showing #2. JP-10-15 intersected 40 ppb Au over 1.25 m at 40.75 m downhole near the targeted depth. Further downhole, 100 ppb Au over 1.28 m was intersected in a silica and k-feldspar altered zone. JP-10-16 intersected mineralization in a narrow shear zone at 146.8 m with 110 ppb Au over 0.4 m. Seven samples in JP-10-17 returned anomalous Au, the highest being 700 ppb over 0.9 m.

  1. Target JP-08-03 follow Up (950 metres east of Jeep Mine shaft):

Drill holes JP-10-20, JP-10-21, and JP-10-22 targeted a mineralized shear zone that assayed 3.5 g/t Au over 1.30 m in hole JP-08_03. JP-10-20 intersected 6 anomalous zones with the best intersection returning 870 ppb Au over 0.6 m. JP-10-21 intersected 170 ppb Au over 1 m within a shear zone. JP-10-22 intersected 1.1 g/t Au over 0.33 metres.

Table 1: Assay Results from Jeep Project 2010 (winter drilling program)

Drill Target Drill Hole Az/Dip From (m) To (m) Length (m)** Au (g/t) Au (ppb) Description
Sh #3 JP-10-01 210 / -50 101.81 103.02 1.21   65 Shear Zone
JP-10-02 210 / -72 151.59 151.79 0.2   110 Shear Zone
JP-10-03 210 / -50 111.86 112.60 0.74 3.5 >3000 Shear Zone
#1 Vein JP-10-04 210 / -70 11.62 12.15 0.53   470 QFP
20.60 20.96 0.36   340 Quartz Vein
192.60 193.55 0.95   160 Brecciated
193.55 194.55 1.00   150 Brecciated
194.55 195.55 1.00   210 Brecciated
195.55 196.70 1.15   120 Brecciated
JP-10-19 210 / -72 258.50 259.60 1.10   270 Silicified
285.30 286.30 1.00   640 Silicified
318.5 319.4 0.9   100 Silicified
Sh #4 + Sh #1 JP-10-05 210 / -50 120.43 121.25 0.82 3.4 >3000 Quartz Vein
JP-10-06 210 / -45 140.25 140.63 0.38   60 Shear Zone
JP-10-07 210 / -50 40.06 41.00 0.94   90 Shear Zone
Sh #1 JP-10-08 210 / -50 18.35 18.69 0.34   90 Shear Zone
JP-10-09 210 / -60 54.67 54.94 0.27   520 Silicified
#3 Vein JP-10-10 210 / -50           No Structure
JP-10-11 210 / -60           Quartz Vein
#7 Vein JP-10-12 210 / -70 102.61 103.61 1.00   730 Shear Zone
JP-10-13 210 / -70 42.20 43.00 0.80   620 Shear Zone
89.05 90.10 1.05   230 Shear Zone
90.10 91.17 1.07 5.59 >3000 Shear Zone
91.17 92.60 1.43   240 Shear Zone
102.71 103.78 1.07   280 Shear Zone
JP-10-14 220 / -60 10.40 10.77 0.37 11.49 >3000 Quartz Vein
86.13 86.62 0.49   270 Silicified
Sh #2 JP-10-15 210 / -60 40.75 42.00 1.25   40 Silicified
66.14 67.42 1.28   100 Qtz-Carb Vein
JP-10-16 210 / -55 146.8 147.2 0.4   110 Shear Zone
JP-10-17 210 / -60 11.94 13.37 1.43   270 Shear Zone
13.37 14.72 1.35   290 Shear Zone
16.00 16.90 0.90   700 Alteration
19.66 21.00 1.34   400 Silicified
39.64 40.02 0.38   390 Shear Zone
42.13 42.9 0.77   100 Shear Zone
48.76 49.44 0.68   240 Shear Zone
JP-10-18 210 / -60            
JP-08-03 Follow-up JP-10-20 210 / -60 69.57 70.25 0.68   110 Silicified
70.25 71.00 0.75   330 Shear Zone
71.00 71.60 0.60   870 Shear Zone
74.96 75.74 0.78   240 Silicified
76.54 77.35 0.81   470 Silicified
87.76 88.65 0.89   330 Shear Zone
JP-10-21 210 / -60 51.12 52.12 1   170 Shear Zone
79.22 80.05 0.83   230 Shear Zone
81.33 81.57 0.24   230 Silicified
JP-10-22 210 / -60 34.18 34.68 0.50   820 Shear Zone
67.00 68.00 1.00   750 Shear Zone
69.00 70.00 1.00   95 Shear Zone
70.81 71.51 0.70   140 Shear Zone
74.30 74.63 0.33 1.1 1130 Silicified

** not true width

All samples were submitted to TSL Laboratories Inc. in Saskatoon, Saskatchewan, an ISO 17025 accredited assay lab, which uses standard industry practices for sample preparation and analysis. 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 Exploration Ltd.

Wildcat Exploration Ltd. is a Winnipeg-based company exploring for gold and base metals in Canada. Its portfolio includes: (1) several precious metal properties in the Rice Lake greenstone belt in Manitoba (2) the Reed Lake base metal and PGE property in Snow Lake area of Manitoba and (3) the Foster River zinc-lead project in Saskatchewan. As the Company builds its portfolio, Wildcat welcomes proposals from owners of advanced Canadian exploration properties.

For further information on the Company please visit our website at www.wildcat.ca or contact us at info@wildcat.ca. The Company's public filings, including its most recent audited consolidated financial statements, can be reviewed on the SEDAR website (www.sedar.com).

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. There can be no assurance that such statement 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.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release.

Contact Information

  • Wildcat Exploration Ltd.
    John Knowles
    President CEO
    (204) 944-8916
    (204) 944-8918 (FAX)
    or
    Wildcat Exploration Ltd.
    Suite 203, 1780 Wellington Avenue
    Winnipeg, Manitoba, R3H 1B3
    info@wildcat.ca
    www.wildcat.ca