Selkirk Metals Corp.

TSX VENTURE : SLK


Selkirk Metals Corp.

September 18, 2008 07:00 ET

Selkirk Metals Corp.: Drill Hole CF-08-46 Intercepts 0.37% Copper Over 352 Meters, Catface Project, British Columbia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 18, 2008) - Selkirk Metals Corp. ("Selkirk" or the "Company") (TSX VENTURE:SLK) is pleased to provide the results of the first diamond drill hole from the drilling program on the Catface Copper Porphyry Project, British Columbia. Drill Hole CF-08-46 intercepted copper mineralization over the entire hole, from the collar to the end of the hole at 355.7 meters. Weighted averages for this hole include 0.37% Copper, 49ppm Molybdenum, 51ppb Gold and 2.7g/tonne Silver. The grades appear to be improving significantly with depth, as the basal 77 meters assayed 0.59% Copper, 82ppm Molybdenum, 81ppb Gold and 4.6g/tonne Silver. The confirmation of gold and silver credits, which were not routinely analyzed for during previous programs, will add to the value and as such the potential economics of the Cliff Zone Deposit.

The Company is also pleased to confirm that the diamond drilling program, which commenced in early July, was completed during the week of September 1st. In total, 8 holes were completed totaling approximately 2,400 meters. Six holes tested the Cliff Zone and two holes tested the Hecate Bay Zone. The goal of this phase of exploration on Catface is to add to and confirm the information on the Cliff Zone Deposit and to provide fresh samples of the copper porphyry mineralization that can be used for economic, metallurgical and environmental testing.

Previous exploration of the Catface Copper Porphyry Deposit was conducted by Falconbridge Limited from discovery in 1960 through 1989 and included extensive surface exploration and several phases of surface and underground diamond drilling from an 825 meter adit through the centre of the deposit. This exploration resulted in the discovery of three zones of mineralization (Cliff, Irishman Creek and Hecate Bay Zones) that are thought to reflect a larger porphyry system. In 1989, following the completion of the last significant program on Catface, Falconbridge retained SRK Consulting to complete an independent resource calculation of the portion of the Cliff Zone that had been drilled in sufficient detail to warrant such a calculation. This calculation, which was completed before the implementation of 43-101 standards, is summarized in the following table:



---------------------------------------------------------------
Cliff Zone Drill Indicated Mineral Resource(i)
(not to 43-101 standards)
---------------------------------------------------------------
Cutoff Grade % Cu SRK August 1990
---------------------------------------------------------------
Tonnage Grade %
Million tonnes Cu
---------------------------------------------------------------
0.40 78.282 0.53
---------------------------------------------------------------
0.31 158.442 0.44
---------------------------------------------------------------
0.30 169.168 0.43
---------------------------------------------------------------
0.15 389.686 0.31
---------------------------------------------------------------
0 607.510 0.21
---------------------------------------------------------------


(i) Compiled for Falconbridge Limited by SRK in 1990, prior to implementation of National Instrument 43-101, and therefore not to be relied on. While not completed in accordance with NI 43-101, these calculations were made using accepted and proven engineering practices and in the opinion of the Company provide an indication of the potential of the property and are relevant to ongoing exploration.

The Cliff Zone has only been partially defined and has the potential to host additional resources. SRK and Falconbridge also developed a conceptual open pit development model where the waste to ore stripping ratio was calculated to be favourably low at 0.7:1.0, waste to ore. In this study the "in pit" resource was 123,804,000 tonnes grading 0.46% copper.

The 2008 diamond drilling program was accomplished and made feasible in part through the cooperative efforts of the Ahousaht First Nation and the Company as reflected in the Memorandum of Understanding ("MOU") that was finalized in April 2008. The completion of the MOU was the culmination of a determined effort by both the management of the Company and the Council, Hereditary Chiefs and peoples of the Ahousaht First Nation. The diamond drilling program and ongoing exploration of the Catface Porphyry Copper Project has been, and will continue to be, conducted on a basis of a mutual and cooperative relationship between the parties as reflected in the MOU. A large majority of the workers in support of the 2008 drilling operation were from the Ahousaht community and their assistance and obvious capabilities were certainly important to the success of the program. "We are very pleased to be working closely with the Council and Hereditary Chiefs of Ahousaht to ensure that ongoing exploration of the Catface Project can be realized. Only through such strong mutual relationships will we be able to pursue this project and meet the needs of the Ahousaht Community and the goals of our Company," stated Gordon Keevil, President of Selkirk.

The results from the first drill hole of the program, CF-08-46, are encouraging as they confirm the known Copper and molybdenum grades and add significant potential economic value through determined gold and silver credits. All logging and sampling of the 2008 drill core is now complete, and additional results and information will be released as it is received and reviewed by the Company. Acme Analytical Laboratories Ltd. was engaged to carry out the analytical work on all samples. The analytical procedure utilized was the Group 1DX-MS 36 multi-element assay by ICP methods. Company standards, blanks and duplicates were employed within the 2008 Catface Diamond Drilling program and upon receipt of all analyses a detailed QA/QC review will be employed by Company Geologists. Additional assaying including Total Soluble Copper and Rhenium analyses will also be conducted once all assay data is received.

The Catface Copper Property is owned 100% by Catface Copper Mines Limited, which is owned 97.4% by Doublestar Resources Ltd., a wholly owned subsidiary of Selkirk. The Property is located on Catface Mountain, on the West Coast of central Vancouver Island, BC. Exploration work is conducted under the supervision of the Company's Qualified Person, a director of Doublestar Resources Ltd., Paul D. Gray, P.Geo., who has reviewed and approved this news release.

On Behalf of the Board of Directors:

Gordon Keevil, President

For further information on Selkirk Metals Corp. please visit our website at www.selkirkmetals.com.

This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of content of this press release.

Contact Information

  • Selkirk Metals Corp.
    Gordon Keevil
    President
    (604) 687-2038
    (604) 687-3141 (FAX)
    Website: www.selkirkmetals.com