Selkirk Metals Corp.
TSX VENTURE : SLK

Selkirk Metals Corp.

January 28, 2008 07:00 ET

Selkirk Metals Corp.: U Zone Update, Ruddock Creek Property, B.C.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 28, 2008) - Selkirk Metals Corp. ("Selkirk" or the "Company") (TSX VENTURE:SLK) is pleased to release the final results from the 2007 exploration of the U Zone. The U Zone is located 2,100 metres west of the deepest drilling of the E-Zone, approximately halfway along the 5.5 km 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.

Over the course of the 2007 program in the U Zone area, eight diamond drill holes were completed along with surface mapping, sampling and prospecting. As a result of this work two new surface showings were located which significantly expand the size potential of this portion of the RCSH. The U Zone West showing is located 500m to the west of the previously known U Zone surface exposures. This showing is along on trend with the U and the V showings and further indicates the continuity of this massive sulphide horizon. Sampling of this showing returned 14.76% Zn and 2.63% Pb over a 7.5 m chip sample across the mineralization.

The semi to massive sulphide mineralization that was sampled consists of medium to coarse grained sphalerite and galena with accessory pyrrhotite and pyrite. This mineralization appears to be on the same stratigraphic horizon as the V Zone mineralization which is located an additional 500 metres to the west. Most of the terrain between the U and V Zones is covered by talus but the entire 1,000 metres of the RCSH between the U and V Zones, including the area of channel sampling, can be easily tested by diamond drilling during the next surface exploration program.

A total of 8 holes were drilled, 7 from a single setup and the final hole of the season from a second setup. Multiple lenses of mineralization were encountered in five of the eight holes completed. Based on the intercepts observed in these holes, the mineralization appears to be dipping to the north which would be consistent with the other showings along the RCSH. The significant results received from the U Zone drilling in 2007 are tabulated below. Previous drill programs have shown the mineralized horizons at Ruddock Creek to be continuous laterally and where defined down dip with variable thickness of sulphides encountered in individual holes.



---------------------------------------------------------
FROM TO INTERVAL ZINC LEAD
HOLE NUMBER (m) (m) (m) % %
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U Zone:
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RD-07-U1 86.95 101.06 14.11 7.59 1.34
Including 86.95 90.20 3.25 23.78 3.85
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RD-07-U2 47.5 54.76 7.26 1.7 0.07
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62.75 69.13 6.38 2.23 0.14
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105.5 114.5 9.0 3.13 0.47
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127.3 135.0 7.70 21.48 2.5
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144.0 149.0 5.0 4.96 0.82
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RD-07-U4 47.1 47.7 0.6 21.35 0.62
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57.63 62.13 4.5 4.62 0.52
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72.22 75.6 3.38 1.87 0.11
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RD-07-U5 109.18 114.46 5.28 4.8 0.67
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136.3 137.11 0.81 6.54 1.1
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RD-07-U7 33.14 38.41 5.27 3.43 0.41
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99.4 120.54 21.14 5.27 0.74
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Including 99.4 107.4 8.0 11.50 1.51
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As mentioned in previous news releases, multiple mineralized horizons have been encountered at both the U Zone and in the northern portion of the Creek Zone. In addition the two targets are at approximately the same stratigraphic level which indicates the possibility of them being continuous beneath the untested 1.2 km that separates these zones. This will be confirmed by ongoing diamond drilling as exploration of the Ruddock Creek Property continues in 2008. The results from the 2007 exploration program have confirmed excellent grades of zinc and lead over several kilometers along the RCSH. This has increased the potential to discover not one but several zones similar in nature to the E-Zone, which is now the focus of the Company's underground exploration and development program.

With the commencement of this underground development and drilling program, the Ruddock Creek Project is now a year round operation. As this program is designed to obtain the information necessary to complete a scoping and feasibility study it is expected to continue into mining operations as the Project develops. 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 of Selkirk Metals Corp.:

Gordon Keevil, President

For further information on Selkirk Metals Corp. please visit its 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 management of Selkirk 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 Selkirk 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