Wildcat Exploration Ltd.
TSX VENTURE : WEL

Wildcat Exploration Ltd.

November 10, 2009 16:18 ET

Wildcat Reports Up to 3.8 G/T Au in Channel Sampling on Jeep Gold Project, Bissett MB

WINNIPEG, MANITOBA--(Marketwire - Nov. 10, 2009) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) is pleased to report gold and silver assay results from channel sampling of mineral Showing # 3 (see Press Release July 8, 2009). This showing, located on the Company's 100% owned Jeep property in the Rice Lake greenstone belt, approximately 14 km east of Bissett, Manitoba, contains gold and silver. The precious metals are contained in semi-continuous quartz veins mineralized with pyrrhotite, arsenopyrite and chalcopyrite, hosted by an up to 3 m wide shear zone that to date has been exposed for approximately 75 m on strike. This shear zone, striking 140 degree azimuth, is crosscut by a younger, up to 3 m wide, altered and mineralized shear zone striking 050 degree azimuth. This structural trend contains chalcopyrite and pyrite-bearing quartz and carbonate veins, and represents a new mineral-bearing structural orientation on the Jeep Property. The rocks underlying gold Showing # 3 consist of heterogeneous clastic debris, intruded in places by gabbro.

A total of 30 channel samples were taken on approximately 2.5 m intervals across the shear which strikes 140 degree azimuth. Channel lengths were determined by the width of the shear zone (assays for channel samples with multiple samples are weighted averages). Gold concentrations ranged from 0.03 to 3.8 g/t and silver concentrations ranged from less than 0.2 to 1.5 g/t. (See Table).

Three additional channel samples cut adjacent to the main shear zone to test the unaltered hostrock (samples 31 to 33 incl.) returned minor gold and silver concentrations. Three channel samples collected across the 050 degree azimuth striking shear zone also returned minor gold and silver concentrations.



Showing # 3: Surface Channel Samples; Assay Results

(Gold concentrations in channels containing multiple samples are weighted
averages)

Channel Sample # Channel Length (m) Au (g/t) Au(oz/t) Ag(g/t)
----------------------------------------------------------------------------
1 JP17287-JP17288 1.4 0.14 0.00 1.5
2 JP17289-JP17291 2.5 0.03 0.00 1.1
3 JP17292-JP17294 1.85 0.04 0.00 0.7
4 JP17295-JP17296 1.15 0.43 0.01 0.9
5 JP17297-JP17299 2.2 0.04 0.00 0.8
6 JP17300 1.15 1.41 0.04 0.6
7 JP17301-JP17302 1.1 0.33 0.01 1.4
8 JP17303 1.05 0.28 0.01 0.6
9 JP17304 1.1 1.38 0.04 0.9
10 JP17305 0.9 0.66 0.02 0.9
11 JP17306 0.7 1.32 0.04 1.1
12 JP17307 0.9 3.80 0.11 0.8
13 JP17308 1.2 0.16 0.00 1.1
14 JP17309-JP17311 1.9 0.10 0.00 1.0
15 JP17312-JP17313 1.5 0.16 0.00 0.9
16 JP17314-JP17315 1.55 0.27 0.01 0.7
17 JP17316-JP17319 2.95 0.24 0.01 0.7
18 JP17320-JP17323 2.39 0.21 0.01 1.1
19 JP17324-JP17327 2.75 0.41 0.01 0.8
20 JP17328 0.8 0.13 0.00 1.2
21 JP17329 0.6 0.75 0.02 1.1
22 JP17330 0.7 0.03 0.00 1.0
23 JP17331-JP17332 1.66 0.49 0.01 0.9
24 JP17333 0.6 0.04 0.00 0.8
25 JP17334 0.6 0.03 0.00 0.6
26 JP17335 0.65 0.14 0.00 0.8
27 JP17336 0.9 0.04 0.00 0.1
28 JP17337-JP17338 1.2 0.20 0.01 0.8
29 JP17339 0.65 0.53 0.02 1.0
30 JP17340 0.55 0.20 0.01 0.8
31 JP17350 0.38 0.06 0.00 0.2
less than
32 JP17351 0.3 0.95 0.03 0.2
33 JP17352 0.69 0.04 0.00 0.6


050 degree Azimuth Striking Shear Zone
JP17341-JP17342 1.14 0.07 0.00 1.1
JP17343-JP17345 1.71 0.01 0.00 1.1
JP17346-JP17349 1.8 0 0.00 0.9


Surface exploration efforts of Showing #3 were guided by results obtained from Wildcat DDH JP-06-07, which intersected 7.6 g/t Au over 0.3 m from 291.8 to 292.1 m down hole, and 2.7 g/t Au over 0.8 m from 308.9 to 309.7 m downhole. JP-06-07, collared at -45 degree east of the historic Jeep mine shaft, targeted the prolongation of the main Jeep mine vein structure at depth, 350 metres along a 120 degree azimuth from the shaft. (1)

(1) True widths yet to be determined

Additional data from an examination of old drill records was also examined. Historical drill records and assay results (Non NI 43-101 compliant) indicated up to 6.55 g/t Au over 6.6 m (including up to 272.2 g/t over 0.15 m) (see table). The Company was unable to verify the data and cautions that the results are historical in nature and should not be relied upon.



Showing # 3: Historic Drill Hole Intersections

Hole # From (m) To (m) Approx. Vertical Length (m) Au (g/t) Au (oz/t)
Depth (m)
----------------------------------------------------------------------------
J86 69.8 69.95 54 0.15 1.37 0.04
----------------------------------------------------------------------------
J87 no assays reported
----------------------------------------------------------------------------
J88 48.62 56.77 41 trace trace
----------------------------------------------------------------------------
J89 45.57 52.12 37 6.55 6.6 0.19
including 45.57 45.72 37 0.15 12.7 0.37
including 48.69 48.84 37 0.15 272.2 7.94
including 51.82 52.12 37 0.3 1.0 0.03
----------------------------------------------------------------------------
J90 58.3 58.67 45 0.37 trace trace
----------------------------------------------------------------------------
J91 88.77 89.38 70 0.61 2.4 0.07


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) four precious metal properties in the Rice Lake greenstone belt in Manitoba, (2) two base metal and PGE properties in the Snow Lake area of Manitoba and (3) the Foster River zinc 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.

"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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)
    info@wildcat.ca
    or
    Wildcat Exploration Ltd.
    Suite 203, 1780 Wellington Avenue
    Winnipeg, Manitoba, R3H 1B3
    www.wildcat.ca