Selkirk Metals Corp.
TSX VENTURE : SLK

Selkirk Metals Corp.

March 12, 2008 07:00 ET

Selkirk Metals Corp.: Ruddock Creek Project E Zone Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 12, 2008) - Selkirk Metals Corp. ("Selkirk" or the "Company") (TSX VENTURE:SLK) is pleased to provide the following summary of the results from the 2007 E Zone drilling on the Ruddock Creek Property. The E Zone is located at the eastern end of the 5.5km long Ruddock Creek Sulphide Horizon ("RCSH"). The RCSH is a near continuous zone of zinc-lead bearing massive to semi massive sulphide mineralization which has been traced through numerous surface exposures, and is illustrated on the Overview Figure on the Company's website, www.selkirkmetals.com.

E Zone:

The E Zone is a planar sheet of massive sulphides dipping to the northwest at 45 degrees and plunging to the west at approximately 40 degrees.

Detailed drilling at the eastern end of the E Zone has shown the mineralized body to be in excess of 1 kilometer down plunge to the west and up to 400m wide with the massive sulphide varying in thickness from less than 5m to over 35m. Sufficient drilling to constrain the width of the mineralized horizon has only been completed over the easternmost 150 m of the deposit. Sulphides occur as a series of semi massive to massive lenses of sphalerite and galena hosted by calc silicates with interlayered pegmatite bodies. The metamorphic event, which produced the pegmatites has also remobilized the sulphides resulting in recrystalization and local thickening of the massive sulphide horizons. The E Zone remains open down plunge to the west. The 2007 drill program was designed to infill some areas of wide spaced drilling and define the northern and southern edges of the eastern E Zone.

Structurally, the deposit is continuous with the exception of the west dipping E fault, which cuts the massive sulphides about 600 m west of the surface outcrop. In the immediate area of the fault, the E Zone shows evidence of thinning due to movement along the fault plane, and a small offset due to rotation of the units.

The following table highlights the significant results from the 2004, 2005 and 2006 drill programs on the E Zone, along with results from the infill holes completed in 2007:



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E ZONE DRILL RESULTS
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FROM TO INTERVAL ZINC LEAD
DRILL HOLE (m) (m) (m) (%) (%)
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RD-04-101 86.00 92.07 6.07 15.91 2.02
97.50 101.50 4.00 14.32 2.90
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RD-04-102 69.00 84.50 15.50 11.19 2.09
92.60 110.00 17.40 16.28 3.31
115.98 123.00 7.02 17.94 4.50
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RD-04-103 87.17 94.75 7.58 10.55 2.08
108.40 112.25 3.85 14.27 2.69
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RD-04-104 62.10 65.00 2.90 12.26 2.36
74.10 84.43 10.33 11.37 2.51
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RD-04-105 132.00 142.30 10.30 7.56 1.56
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RD-04-106 116.00 126.79 10.79 4.18 0.59
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RD-04-107 142.25 159.32 17.07 15.02 3.37
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RD-04-108 133.13 143.83 10.70 13.42 2.56
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RD-04-109 180.14 187.17 7.03 20.43 5.49
191.42 198.05 6.63 7.67 1.70
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RD-04-110 184.76 203.92 19.16 8.96 1.96
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RD-04-111 197.50 202.00 4.50 6.82 1.37
213.00 221.03 8.03 12.21 2.95
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RD-05-112 679.80 683.63 3.83 3.85 0.77
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RD-05-113 708.50 722.55 14.05 15.79 3.33
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RD-05-115 724.20 728.20 4.00 12.98 2.70
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RD-06-116 125.85 131.95 6.10 9.81 1.92
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RD-06-117 130.29 136.10 5.80 12.79 2.33
141.07 145.10 4.00 9.47 1.44
155.91 162.55 6.60 4.98 0.73
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RD-06-118 115.80 116.58 0.80 12.39 0.17
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RD-06-119 157.00 161.07 4.07 7.20 1.00
167.00 174.39 7.39 14.78 3.16
178.38 183.36 4.98 4.22 0.76
192.50 198.56 6.06 9.33 2.07
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RD-06-121 91.08 100.84 9.76 5.80 1.32
117.09 118.49 1.40 15.71 2.76
124.05 129.79 5.74 6.78 1.53
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RD-06-122 146.35 152.51 6.16 6.93 1.26
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RD-06-123 144.75 151.35 6.60 3.79 0.71
157.10 167.35 10.25 16.35 3.65
187.75 189.50 1.75 5.16 0.88
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RD-06-127 244.84 252.10 7.30 4.92 0.92
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RD-06-129 283.40 288.78 5.40 3.09 0.81
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RD-06-131 259.03 263.21 4.20 6.43 0.86
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RD-06-132 294.40 299.51 5.10 4.21 0.98
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RD-06-134 221.10 223.46 2.36 4.53 1.24
228.94 235.61 6.67 4.45 0.70
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RD-06-135 236.29 248.73 12.44 9.39 1.87
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RD-06-138 328.30 337.10 8.80 4.01 0.76
328.30 330.00 1.70 13.51 2.57
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RD-06-139 369.18 374.07 4.89 4.70 0.87
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RD-06-140 566.63 570.69 4.10 9.22 2.13
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RD-06-141 558.45 571.38 12.90 7.48 1.49
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RD-06-143 471.80 477.77 6.00 3.05 0.61
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RD-06-146 277.71 286.92 9.20 4.32 0.81
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RD-06-147 270.3 275.73 5.40 5.04 0.49
294.00 297.60 3.60 6.71 1.56
305.60 308.00 2.40 11.53 0.64
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RD-06-148 214.46 241.10 26.60 5.43 0.96
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RD-06-150 685.30 703.50 18.20 6.50 1.03
711.56 714.92 3.40 8.46 1.40
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RD-06-152 648.80 671.40 22.60 11.70 2.27
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RD-06-153 681.22 685.93 4.70 6.43 0.98
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RD-07-173 323.14 326.66 3.52 1.25 0.22
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RD-07-174 375.95 381.30 5.35 7.52 1.57
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RD-07-175 432.65 436.17 3.52 2.70 0.55
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RD-07-183 141.25 156.90 15.65 2.50 0.37
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RD-07-184 214.58 228.86 14.28 5.73 0.91
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RD-07-185 187.35 197.43 10.08 4.25 0.22
212.38 218.18 5.80 1.76 0.09
------------------------------------------------------


Three pads were utilized to drill 9 holes, RD-07-173 to 175 and 180 to 185 which were completed in 2007. Pad F is located along the southeast edge of the mineralization and was used for holes RD-07-180, 181, 182 and 183. Holes 180 to 182 did not intersect the Zone, and confirmed the updip edge of the mineralization. RD-07-183 was sub vertical and intersected a thick section of the Zone consisting mostly of semi-massive sulphides with up to 8.8% Zinc and 1.7% Lead over 0.78m.

Pad K was established at approximately the mid point of the known mineralization in the E Zone. Holes RD-07-173 to 175 were drilled from this location to test the E Zone as it approaches the E Fault. Intersections of between 3m and 5.3m were recorded with individual assays up to 14.9% Zinc and 3.5% Lead over widths of up to 0.5m confirming that the Zone has been affected by the fault but appears to be continuous.

The third pad was located along the northeastern edge of the E Zone to provide better control of the limits of mineralization and to tighten the drill spacing in this area. Holes RD-07-184 and 185 also intersected thick sections of mostly semi-massive sulphides likely reflecting the northern edge of the RCSH. Narrow lenses of massive sulphides are present within these intervals, including up to 15.96% Zinc and 3.67% Lead over 1.6m in RD-07-184, and 9.6% Zinc and 0.20% Lead over 1.55m in RD-07-185.

Now that the final results from the 2007 drilling of the E Zone have been received, they will be compiled with the historic database and utilized to calculate an updated Resource for the E Zone. The underground development and diamond drilling program is continuing with drilling scheduled to commence in late spring. This program will allow for the drilling of the deposit at the density necessary to complete a Resource calculation for the entire E Zone as it is currently known. In addition, work will commence on the engineering and design criteria necessary to complete a scoping and feasibility study towards development of the deposit.

Operations on the Ruddock Creek Property are being conducted under the supervision of the Company's Qualified Persons (as defined by NI 43-101), Jim Miller-Tait, P.Geo., Vice President of Exploration and Tom Colbourne, P.Eng., Vice President of Mining. Acme Analytical Laboratories Ltd. was engaged to carry out the analytical work on all samples. The analytical procedure utilized was the Group 7AR 23 multi-element assay by ICP-AES methods. The Ruddock Creek Property is located 100 km north-northwest of Revelstoke in the Kamloops and Revelstoke Mining Divisions, British Columbia.

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