Skygold Ventures Ltd.
TSX VENTURE : SKV

Skygold Ventures Ltd.

December 14, 2006 15:36 ET

Skygold Ventures Ltd.: Drilling Intersects 50.5 m of 1.98 g/t Gold; Geophysics Outlines New Targets

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 14, 2006) - Skygold Ventures Ltd. (Skygold) (TSX VENTURE:SKV) and Wildrose Resources Ltd. (Wildrose) (TSX VENTURE:WRS) have completed a 27,000 metre drilling program at the Spanish Mountain property. The Main Zone continues to develop continuity and grade and remains open in all directions. The Spanish Mountain geological model indicates the Main Zone to have tremendous potential for expansion along strike and width. Skygold will begin an aggressive drill campaign in 2007 to test new targets as well as continue to develop the resource at Spanish Mountain.

One hundred and thirty-eight holes (diamond and reverse circulation) have targeted mineralization within and around the Main Zone to define and explore its limits. Results will be reported as they are received from the laboratory. There are currently 81 holes with results pending.

Highlights

- Recent geophysical and geochemical surveys have outlined an area covering approximately 4.0 km2 within which several Main Zone style targets have been identified. The current Main Zone only covers approximately 20% of this area.

- Central Main Zone

- Hole 523, drilled on the eastern edge of the Main Zone, intersected 50.5 metres of 1.98 g/t gold including 19.5 metres of 4.02 g/t gold.

- Hole 526, drilled on the western edge of the Main Zone, intersected 55.0 metres of 1.21 g/t gold including 34 metres of 1.50 g/t gold.

- North Main Zone

- Hole 522 intersected 36.0 metres of 1.02 g/t gold including 9.0 metres of 2.01 g/t gold.

The following table summarizes significant results from the Central and North Main Zones.



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From To Interval
Hole No. (m) (m) (m)(i) Au g/t Zone
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06-DDH-523 33.00 83.50 50.50 1.98 Central
includes 35.00 54.50 19.50 4.02
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06-DDH-526 63.50 118.50 55.00 1.21 Central
includes 84.50 118.50 34.00 1.50
-----------------------------------------------------------------------
06-DDH-530 31.50 39.00 7.50 1.04 Central
255.50 265.00 9.50 1.09
-----------------------------------------------------------------------
06-DDH-532 38.50 62.50 24.00 0.99 Central
includes 52.00 62.50 10.50 1.31
-----------------------------------------------------------------------
06-DDH-521 160.50 175.50 15.00 1.13 North
includes 162.00 174.00 12.00 1.34
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06-DDH-522 18.00 28.50 10.50 1.03 North
90.50 126.50 36.00 1.02
includes 90.50 99.50 9.00 2.01
-----------------------------------------------------------------------
06-DDH-524 4.57 45.00 40.43 0.75 North
includes 13.50 24.00 10.50 1.07
105.00 121.50 16.50 1.02
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06-DDH-525 7.31 51.00 43.69 0.65 North
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06-DDH-527 32.50 67.50 35.00 0.52 North
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06-DDH-528 225.50 255.50 30.00 0.35 North
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06-DDH-529 169.00 181.00 12.00 1.54 North
205.00 212.50 7.50 1.54
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06-DDH-531 228.01 249.33 21.32 0.46 North
EOH
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(i) represents drill hole intercept width


Reconnaissance reverse circulation (RC) drilling, outside of the Main Zone, has intersected anomalous gold values indicative of Main Zone style mineralization. These holes lie within the geophysical/geochemical anomaly, and are now a high priority for follow-up diamond drilling. In particular RC-322, approximately 1.3 kilometres west of the Main Zone, intersected 6.1 metres of 0.98 g/t gold (within a wider zone of anomalous values). The RC drill program was designed to test for anomalous gold values within favorable geochemical anomalies. Nine of the ten RC holes, with results received, have intersected anomalous gold values. Diamond drilling of these targets will be a critical step towards developing "Main Zone" style mineralization in these large anomalies. There are currently 40 RC holes in the laboratory with results pending. These include holes drilled beneath the placer mining operations to the west of the Main Zone and near the historical Cedar Creek placer operation approximately 4km southwest of the Main Zone.

Skygold's President Doug Fulcher states, "As we continue to expand our Main Zone of mineralization, it is becoming more apparent that we have only scratched the surface of this large system. The fact that we are intersecting some of our highest grade values over significant widths (50.5 metres of 1.98 g/t gold) in parts of the Main Zone, which remain open, only highlights how under-drilled this property is. Field geologists are busy planning to test the large 4.0 square kilometre anomaly as part of our ongoing exploration program. The potential to increase the size of the area of gold mineralization remains very high."

The Spanish Mountain project is a joint venture between Skygold Ventures Ltd. and Wildrose Resources Ltd. in which Skygold has a 70% participating interest and Wildrose has a 30% participating interest.

Eco Tech Laboratory Ltd. of Kamloops B.C., an accredited laboratory, is conducting the sample preparation and analyses. Skygold/Wildrose is 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 this news release.

On Behalf of the Board,

SKYGOLD VENTURES LTD

Scott Weekes, V.P. Exploration

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. There can be no assurance that such statements will prove to be accurate and 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

  • B&D Capital Partners
    Brad Aelicks
    (604) 685-6465
    Website: www.skygold.ca