Selkirk Metals Corp.
TSX VENTURE : SLK

Selkirk Metals Corp.

July 17, 2007 09:00 ET

Selkirk Metals Corp.: Drilling Commences on Ruddock Creek Zinc/Lead Project B.C.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 17, 2007) - Selkirk Metals Corp. ("Selkirk" or the "Company") (TSX VENTURE:SLK) is pleased to confirm that the surface diamond drilling program on the Ruddock Creek Property is now underway. Previous exploration has resulted in the discovery of 12 zones of significant zinc and lead mineralization and the definition of the "Ruddock Creek Sulphide System" with an east-west extent in excess of 5.4 kilometers. The objective of the 2007 drill program is to confirm continuity of the mineralized horizon along strike between the showings, and at depth.

Q, R, V, U Showings Exploration Program:

The first drill will arrive on site on July 16, 2007 to commence drilling at the Q showing. Together the Q, R, V, and U showings define a 2.4 kilometer strike extent of the western end of the Ruddock Creek sulphide horizon, near the headwaters of Oliver Creek. Surface exposures are limited in this area but previous work has shown the sulphide horizon to be continuous between the Q and the V showings, a horizontal distance of 1,000 meters. Further to the east, the U showing consists of over 600 meters of discontinuous exposures of massive sulphide mineralization. At surface, the mineralization appears to be dipping gently north into the hillside.

Previous exploration by Falconbridge Limited and Cominco Limited on the Q, R, V, and U showings included surface mapping, sampling, and shallow drilling which resulted in the discovery of massive sulphide mineralization in all holes, over widths from two (2) metres to more than 14 metres. With the delineation of a sufficient tonnage of massive sulphide any one of these zones, a new target for development would be identified. The following table summarizes the significant drill results from the previous exploration of these zones:



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ZONE HOLE NUMBER INTERVAL (m) ZINC (%) LEAD %
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Q Zone Q-5 14.5 10.5 1.17
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R Zone R-1 8.6 14.7 2.9
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U Zone U-2 10.4 15.4 1.9
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Underground Exploration Program:

Construction of an access road to Light Lake commenced in July of 2006 and will continue in 2007. This road will be extended an additional two (2) kilometers to provide access to the portal location where Selkirk plans to initiate underground development this summer with the collaring of an exploration decline. The decline will be approximately one (1) kilometer in length and driven at a minus 15% grade. The decline will intersect the E Zone at the deepest and most westerly defined point, where it has been intersected by drill holes RD-05-113 (which intersected 14.05 metres averaging 15.79% Zinc and 3.33% Lead) and RD-06-152, (which intersected 22.6 meters averaging 11.70% zinc and 2.27% lead). Upon completion of the decline, cross cuts will be developed to the east and west to allow for the necessary delineation and engineering drilling. Approximately 10,000 metres of underground diamond drilling is planned.

The baseline environmental studies required for project advancement and permitting were initiated in the spring of 2006 and will continue. This has entailed the establishment of a permanent weather station, detailed systematic water quality studies covering all local drainages, as well as wildlife and fisheries studies and surveys.

The Ruddock Creek Property is located 100 km north-northwest of Revelstoke in the Kamloops and Revelstoke Mining Divisions, British Columbia (the "Property"). In 2006, Selkirk completed 14,740 metres of diamond drilling in 48 holes, mainly focused on defining and extending the E Zone. Exploration on the Ruddock Creek Property is being conducted under the supervision of the Company's Qualified Person (as defined by NI 43-101), Jim Chapman, P.Geo. All samples will be analysed by Acme Analytical Laboratories in Vancouver utilizing the Group 7AR methodology.

Selkirk, through its wholly owned subsidiary, Selkirk Metals Holdings Corp., holds an undivided 70% interest in the Ruddock Creek Property under the terms of a joint venture agreement with Doublestar Resources Ltd. ("Doublestar") (TSX VENTURE:DSR) who hold the remaining 30%. Selkirk is the Operator of the Ruddock Creek Joint Venture. The merger between Selkirk and Doublestar announced March 1, 2007 has been approved by the Doublestar shareholders, and when finalized will result in Selkirk holding a 100% interest in the Ruddock Creek Property.

On Behalf of the Board of Directors of Selkirk Metals Corp.:

Gordon Keevil, President

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 management of Selkirk and Doublestar 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 the public filings of both Selkirk and Doublestar 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