Wildcat Exploration Ltd.

Wildcat Exploration Ltd.

June 01, 2009 13:15 ET

Wildcat Exploration Ltd. Commences 2009 Summer Exploration Program on Jeep Gold Project; Rice Lake Greenstone Belt- Bissett, MB

WINNIPEG, MANITOBA--(Marketwire - June 1, 2009) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) ("Wildcat" or the "Company") is pleased to announce the commencement of its seasonal field exploration season in the Rice Lake greenstone belt. Initial activities are focused on gold mineralization on the Company's Jeep project located 15 kilometres east of Bissett, MB. The property covers 4,016 hectares in 26 contiguous claims 100% owned by Wildcat.

The Company's drilling results obtained during the 2006-2008 drilling programs, together with all available geochemical and geophysical data, historical underground mine plans and drill holes, were incorporated into three dimensional modeling during the first quarter of 2009. This modeling has been used to guide the current exploration efforts and the geological team will investigate surface areas derived by extrapolating projections of the gold hosting quartz veins intersected at depth.

A separate area of interest is in the vicinity of DDH JP-08-03. This drill hole, located 980 metres east of the Jeep mine shaft area, and offset approximately 300 metres northeast of the trend of the Jeep #1 vein, contained two separate discrete sheared intervals, separated by approximately 170 m core length, both containing abundant quartz and sulphides. The upper interval returned gold assays of 3.09 g/t along 1.42 metres of drill core from 138.08 to 139.50 metres downhole.

An additional area to be investigated lies along a series of induced polarization anomalies, surveyed in 2007-2008, which extend from the Jeep mine shaft area on a 110 degree azimuth to the south border of the property, a distance 2.2 kilometres. Work will include a program on the Morore and Gudroc claim blocks, currently under option by the Company from Harvest Gold Corp. (see News Release; March 20, 2008)

The Company also reports completion of the analysis of data obtained via the TDEM (Time Domain Pulse EM) survey conducted by Crone Geophysics and Exploration on the Company's 100% owned Iskwasum Lake property. (see News Release: March 15,). The Iskwasum property comprises 13 claims covering 2,655 hectares located approximately 9 kilometres east of Reed Lake.

The survey, conducted to incorporate an area known as the Law zone, encircled a series of 27 historical drill holes and determined the presence of a total of nine conductive plates within the survey area having CT (Conductivity-Thickness) values in the 'Low to Moderate' strength range. These CT values are below those values that would support the possible presence of a massive metallic sulphides deposit within the survey areas. The modeling from the survey also suggests that drill hole Law 77 which contained the historic 1.29% nickel intersection, and was logged as containing up to 4% disseminated pyrite, was drilled close to the southeastern edge of Loop1-Plate 3 but was drilled too shallow to intersect the plate itself. Data obtained also suggests that any future drilling would necessitate a correction of previous interpretations for the apparent dip of the plates determined by the modeling.

An additional series of historic drill holes exists to the north of the completed survey area, and the Company is now in possession of the historical logs and assay data and is reviewing the information. Early analysis reveals reported nickel values in excess of those encountered at the Law zone.

About Wildcat Exploration Ltd.

Wildcat Exploration Ltd. is a Winnipeg-based company exploring for gold and base metals in Canada. Its portfolio includes: (1) the Foster River zinc project in Saskatchewan, (2) three gold properties and one gold and platinum group element (PGE) property in the Rice Lake greenstone belt in Manitoba, and (3) two base metal and PGE properties in the Snow Lake area of Manitoba. 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)

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