Wildcat Exploration Ltd.
TSX VENTURE : WEL

Wildcat Exploration Ltd.

November 19, 2009 14:51 ET

Wildcat Channel Sampling Demonstrates Gold Continuity on Jeep Project, Bissett MB

WINNIPEG, MANITOBA--(Marketwire - Nov. 19, 2009) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) is pleased to announce that channel sampling on the newly discovered Showing #4 and further channel sampling on Showing #1 has confirmed the continuity of gold and silver mineralization along strike. These showings occur in the vicinity of the historical Jeep Gold Mine that is located on Wildcat's 100% owned Jeep property 13 km east of Bissett, Manitoba in the Rice Lake greenstone belt.

Showing #4 consists of a quartz bearing shear zone, up to 1.3 m wide, hosted in gabbro and containing disseminated arsenopyrite and pyrite as well as visible gold. Showing #4 is located approximately 50 m northeast of Showing #1 (see company website). Wildcat exposed this shear zone over a distance of approximately 40 m along strike in an area that was highlighted by the results of two grab samples yielding 35.05 g/t gold (Au) and 3.53 g/t Au (see Press Release, Sept 23, 2009). A total of 14 channel samples collected at 2.5 m intervals from this shear zone returned assays of up to 6.21 g/t Au over 0.8 m and 13.41 g/t Au over 0.4 m (see Table 1). Seven historical drillholes intersected gold in the vicinity of Showing #4 in concentrations of up to 10.55 g/t Au over 0.84 m core length (see Table 2).

Showing #1 consists of intermittently exposed, sub-parallel gold bearing quartz veins, located approximately 300 m northwest of the Jeep Gold Mine shaft and approximately 25 m west of the historical #3 vein underground mine workings. Based on encouraging results of previously collected channel samples (see Press Release, Sept 23, 2009). Wildcat conducted further stripping, exposing an additional 40 m along strike of the quartz bearing vein system and uncovered a crosscutting shear zone, approximately 3 m wide, and a fold nose containing quartz veins with visible gold. A total of 21 channel samples were collected along Showing #1 yielding up to 5.14 g/t Au over 1 m and 3.43 g/t Au over 0.4 m (see Table 1).

Wildcat is currently planning a winter drilling program to investigate these and other gold bearing quartz vein systems on the property.

 

Table 1: Gold Showing #1 and #4 Surface Sampling Assay Results

Channel Channel Length
Showing Samples (m) Gold (g/t) Gold (oz/t) Silver (g/t)
----------------------------------------------------------------------------
4 JP17353 0.3 3.05 0.09 1.2
4 JP17354 0.45 4.08 0.12 1.3
4 JP17355 0.4 13.41 0.39 1.7
4 JP17356 0.75 1.65 0.05 0.4
4 JP17357-JP17358 1.3 1.74 0.05 1.3
4 JP17359 0.5 4.29 0.13 1.1
4 JP17360 0.4 0.49 0.01 1.2
4 JP17361 0.8 6.21 0.18 1.5
4 JP17362 0.75 0.82 0.02 1.1
4 JP17363 0.3 0.15 0.00 1
4 JP17364 0.28 1.31 0.04 1.3
4 JP17365 0.36 0.01 0.00 1.1
less than
4 JP17366 0.28 0.005 0.00 1.1
less than
4 JP17367 0.2 0.005 0.00 0.8
1 JP17386-JP17387 1 5.14 0.15 0.3
1 JP17388 0.75 0.03 0.00 0.8
less than
1 JP17389-JP17391 1.35 0.005 0.00 0.2
less than less than
1 JP17392-JP17393 1.1 0.005 0.00 0.2
less than
1 JP17394 0.7 0.005 0.00 0.8
less than
1 JP17395 0.5 0.005 0.00 0.8
less than
1 JP17396 0.3 0.005 0.00 0.6
less than
1 JP17397 0.3 0.005 0.00 0.4
1 JP17398 0.55 0.48 0.01 0.6
1 JP17399 0.55 0.85 0.02 0.8
less than
1 JP17400 0.3 0.005 0.00 0.2
less than
1 JP16542-JP16543 1.48 0.005 0.00 0.9
less than
1 JP16544 0.35 0.005 0.00 0.8
less than
1 JP16545 0.35 0.005 0.00 1
less than
1 JP16546-JP16548 2.98 0.005 0.00 0.8
1 JP16549 0.4 3.43 0.10 0.6
1 JP16550 0.4 0.01 0.00 0.6
1 JP16551 0.3 0.14 0.00 0.6
less than
1 JP16552 0.45 0.005 0.00 0.6
less than
1 JP16553 0.3 0.005 0.00 0.8
less than
1 JP16554 0.85 0.005 0.00 0.8


Table 2: Historic DDH Intersections in Showing 4 Structure(i)

Approx.
Hole From Vertical
# (m) To (m) Depth (m) Length (m) Gold (g/t) Gold (oz/t)
----------------------------------------------------------------------------
J15 19.35 19.64 14 0.29 2.4 0.07
----------------------------------------------------------------------------
J16 19.05 19.89 14 0.84 10.55 0.31
----------------------------------------------------------------------------
J17 trace gold reported
----------------------------------------------------------------------------
J18 trace gold reported
----------------------------------------------------------------------------
J19 trace gold reported
----------------------------------------------------------------------------
J20 trace gold reported
----------------------------------------------------------------------------
J21 18.29 18.9 13 0.61 0.69 0.02
27.43 27.58 19 0.15 5.83 0.17
39.32 40.08 28 0.76 2.4 0.07
41.15 41.45 29 0.3 1.03 0.03
54.86 55.7 39 0.84 0.69 0.02

(i) The results are historical in nature and were compiled before the
implementation of National Instrument 43-101 reporting standards.
Investors are cautioned that the Company has not been able to
independently verify the data and that the historical results should not
be relied upon.


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 Peter Theyer, P.Geo, a Qualified Person as defined by NI 43-101, who has reviewed all technical information in this release.

In other business, subject to regulatory approval, Wildcat has granted incentive stock options to purchase up to 250,000 common shares of the Company to its new Vice President, Exploration, Thomas D. Lewis under its stock option plan. The options are exercisable for a five year period at an exercise price of $0.135 per share, and vest equally on an annual basis over three years.

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 the Flin Flon greenstone belt in Manitoba and (3) the Foster River zinc-lead-silver project in Saskatchewan. As the Company builds its property 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).

Source: Wildcat Exploration Ltd.

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, including risks associated with the mineral exploration and mining industry such as economic factors, government regulation and approvals, environmental risks, success of exploration activities, future commodity prices, capital expenditures, requirements for additional capital, changes in project parameters as plans continue to be refined, conclusions of economic evaluations, the Company's history of operating losses and uncertainty of future profitability. Important factors that pertain to the risks and uncertainties associated with the Company's business are discussed more fully in the Company's disclosure documents filed from time to time with the Canadian securities regulators and available on www.sedar.com. Although Wildcat has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. 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 Venture Exchange does not accept responsibility for the adequacy or 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