Skygold Ventures Ltd.
TSX VENTURE : SKV

Skygold Ventures Ltd.

March 26, 2008 08:01 ET

Skygold Drilling Continues to Expand Main Zone and Increases Property Potential with High Grade Intersection 2.2km Away from Main Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 26, 2008) - Skygold Ventures Ltd. ("Skygold") (TSX VENTURE:SKV) and Wildrose Resources Ltd. ("Wildrose") (TSX VENTURE:WRS) are pleased to announce Diamond Drill results from the on-going exploration program at the Spanish Mountain Project in Central British Columbia.

Highlights

- Main Zone expansion drilling intersects 92.5 metres of 1.0 g/t gold to the west of the Main Zone.

- Regional exploration drilling on the Spanish Mountain property intersects 73.8 g/t gold over 1.5 metres in an area 2.2km to the west of the centre of the Main Zone.

New results from drilling completed in 2007 show wide zones of mineralization on the western edge of the Main Zone and have also indicated the presence of gold mineralization up to 2.2km away from the Main Zone. With an initial NI 43-101 compliant resource estimate nearing completion for a part of the Main Zone, these new results which lie outside of that resource area, have already expanded the limits of the Main Zone beyond the previous interpretation. Hole 07-DDH-670 which is located 50 metres west of the nearest Main Zone hole (07-DDH-515) intersected 92.5 metres of 1.0 g/t gold including 49.0 metres of 1.27 g/t gold and 12.0 metres of 1.36 g/t gold. This intercept is higher grade and wider than those in the nearest hole, 07-DDH-515. Assay results from Hole 07-DDH-670 are also the first received from in-fill drilling in the area between stepout hole 07-DDH-685 which was drilled 150 metres to the west of hole 07-DDH-670 and which returned 37.5 metres of 1.01 g/t gold (see News Release dated January 15, 2008).

Hole 07-DDH-632 intersected 73.8 g/t gold over 1.5 metres approximately 2.2km west of the centre of the Main Zone. This hole is the first hole in a series of wide spaced (120m by 400m) fence lines which has intersected significant gold mineralization. The purpose of this regional drilling was to intersect gold mineralization outside the Main Zone for further detailed drilling. The significance of this hole is further emphasized when compared with similar holes drilled near the centre of the Main Zone. Within the latter, hole 06-DDH-286 intersected 125 g/t over 0.75 metres with only 14.5 metres of 0.52 g/t gold in the upper argillite. This hole however is located only 45 metres away from 05-DDH-255 which intersected 59.7 metres of 1.32 g/t gold.

Brian Groves, President and CEO of Skygold, states: "We are pleased with our continued success at expanding the limits of the Main Zone. More importantly, we have now intersected our first significant gold mineralization outside of the Main Zone and will aggressively follow-up on this initial success with detailed drilling. Our initial resource estimate for the central part of the Main Zone is nearing completion, however these new results indicate that the Main Zone has significant expansion potential which will be one of the objectives of the 2008 drilling program. We will likely need to update the initial resource estimate later in 2008. The company is preparing to target further drilling around hole 07-DDH-632 with one drill while two drills continue to step-out both east and west of the Main Zone."

The following table summarizes significant results from the Main Zone and western step outs received since a previous release.



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Int.
From To (m) Gold
Hole No. (m) (m) (i) g/t
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East Main 07-DDH-623 87.3 89.1 1.8 12.40
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Placer 07-DDH-624 230 249 19.0 0.42
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Placer 07-DDH-632 76 77.5 1.5 73.80
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Main Zone 07-DDH-666 46 53.5 7.5 1.18
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And 132.5 134 1.5 16.20
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Main Zone 07-DDH-667 55.5 91.5 36.0 0.59
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Incl. 55.5 72 16.5 0.92
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And 87 91.5 4.5 1.08
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Main Zone 07-DDH-668 67 92 25.0 1.15
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Incl. 73 85 12.0 1.97
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Main Zone 07-DDH-669 52.5 87.5 35.0 1.02
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Incl. 52.5 70.5 18.0 1.32
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189.5 201.5 12.0 1.94
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Main Zone 07-DDH-670 107.5 200 92.5 1.00
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Incl. 107.5 156.5 49.0 1.27
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168.5 180.5 12.0 1.36
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Main Zone 07-DDH-671 71 111.5 40.5 1.13
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Incl. 86 99.5 13.5 2.04
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Main Zone 07-DDH-672 95 118 23.0 1.73
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And strongly anomalous
lower portion of hole
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Main Zone 07-DDH-673 297.5 307 9.5 1.03
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Main Zone 07-DDH-674 239 242.93 3.93 1.57
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Main Zone 07-DDH-686 68 137.5 69.5 1.30
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(Twin of
06-DDH-564) Incl. 68 112 44.0 1.66
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Incl. 80 98.5 18.5 2.56
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Main Zone 07-DDH-688 337.5 343.5 6.0 6.11
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Incl. 339 340.5 1.5 22.20
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(i) Represents drill hole intercept width


Eco Tech Laboratories Ltd. of Kamloops, BC, a BC accredited laboratory, is conducting the sample preparation and analyses of samples. Skygold and Wildrose are submitting standards, blanks and duplicates into the sample stream to maintain quality control. All gold analyses will utilize standard screen metallic assay techniques. Robert Darney, P.Geo. and J.W. (Bill) Morton, P.Geo. are the qualified persons (as defined in NI 43-101) who have reviewed and approved the contents of this news release.

On Behalf of the Board,

SKYGOLD VENTURES LTD.

Brian Groves, President

This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. Actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.

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

Contact Information

  • Skygold Ventures Ltd.
    Tim Mikula
    (604) 484-6317
    (604) 684-0279 (FAX)
    Website: www.skygold.ca
    or
    B&D Capital Partners
    Brad Aelicks
    (604) 685-6465