Wildcat Exploration Ltd.

Wildcat Exploration Ltd.

December 15, 2009 09:00 ET

Wildcat Exploration Ltd: Channel Sampling Extends Gold and Silver Mineralization at Showing #2, Jeep Project, Bissett MB

WINNIPEG, MANITOBA--(Marketwire - Dec. 15, 2009) - Wildcat Exploration Ltd. (Wildcat) (TSX VENTURE:WEL) is pleased to announce the results of a channel sampling program conducted on the Company's 100% controlled Jeep property, 13 kms east of Bissett, MB, in the Rice Lake greenstone belt.

An additional 30 m of gold and silver mineralization strike length has now been added to Showing #2, supplementing previously announced results on this showing (see News Release September 16, 2009). The showing is located 180 m west of the shaft of the historical Jeep Gold Mine. A total of 70 m of strike length is now confirmed at Showing #2.

Showing #2 consists of a sharply defined quartz and quartz carbonate vein hosted in a ductile shear zone, within gabbro. The vein is mineralized with disseminated pyrite, pyrrhotite and arsenopyrite. Wildcat previously sampled this vein for 40 m on strike yielding up to 9.60 g/t Au and 0.8 g/t Ag across 0.86 m. Based on these encouraging results Wildcat continued exposing this vein for an additional 30 metres on strike. An additional 14 channel samples cut perpendicular to the mineralized shear zone at 2.5 m spacing yielded up to 4.29 g/t Au and 0.9 g/t Ag over 0.70 m (See table). Wildcat exposed a crosscutting shear zone that intersects the shear zone on the northeast side of the exposure and channel sample JP17385, collected near the intersection of these two shears , yielded 2.61 g/t Au over 1 m.

Channel Samples Showing #2
Channel Sample #                Gold (Au g/t) Silver (Ag g/t) Channel Lengths
JP17368 0.45 1.2 87 cm
JP17369 1.36 1.3 75 cm
JP17370 1.09 1.2 110 cm
JP17371 0.43 1.4 73 cm
JP17372 1.36 1.3 104 cm
JP17373 1.37 1.3 80 cm
JP17374 1.93 1.3 85 cm
JP17375 0.15 1.3 58 cm
JP17376 0.49 1.2 60 cm
JP17377 0.45 1.6 70 cm
JP17378 1.72 1.4 90 cm
JP17379 4.9 1.4 60 cm
JP17380 4.97 1.1 75 cm
JP17381 0.04 0.9 50 cm
JP17382 4.29 0.9 70 cm
JP17383 <.005 0.7 75 cm
JP17384 0.03 0.5 50 cm
JP17385 2.61 1.9 100 cm

These sample results conclude trenching and sampling efforts undertaken by Wildcat Exploration Ltd. in 2009. The total length of newly exposed quartz carbonate veins sampled from four separate showings during the Company's summer 2009 Jeep exploration program is approximately 400 metres. A total of 109 channel samples and 75 grab samples have been taken, all within a 500 metre radius of the historic Jeep mine shaft.

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.

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)
    Wildcat Exploration Ltd.
    Suite 203, 1780 Wellington Avenue
    Winnipeg, Manitoba, R3H 1B3
    Email: info@wildcat.ca
    Website: www.wildcat.ca