Skygold Ventures Ltd.
TSX VENTURE : SKV

Skygold Ventures Ltd.

February 27, 2008 08:31 ET

Skygold Ventures Ltd.: Spanish Mountain Drilling Results Continue to Confirm Continuity of Main Zone Gold Mineralization

Drilling intersects 71.93 metres of 1.20 g/t gold

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 27, 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.

Results from drill holes completed late in 2007 continue to indicate strong continuity to the gold mineralization within the Main Zone at Spanish Mountain. Results have now been received for all holes that will be included in the initial NI 43-101 compliant resource calculation due for completion in March.

Three drills are active on the project with 29 holes (7684 metres) completed since drilling resumed in January. Drilling is currently targeting an extension to Main Zone mineralization up to 500 metres away from the area of the initial resource estimate.

Scott Weekes, VP Exploration, states: "With this latest set of results, Skygold remains on track to have our first 43-101 compliant resource estimate for the Spanish Mountain project completed in March. We have three drills on the property and a fourth planned for late spring and we are working aggressively to expand all of the mineralized zones. In addition to the drilling and resource work, a program of bulk sampling and continued base line environmental studies are planned for 2008."

Highlights:

Main Zone:

- Hole 07-DDH-658 intersects 65.5 metres of 1.12 g/t gold including 33.0 metres of 1.91 g/t gold

- Hole 07-DDH-663 intersects 71.93 metres of 1.20 g/t gold including 29.5 metres of 1.81 g/t gold

- Hole 07-DDH-664 intersects 68.4 metres of 1.42 g/t gold including 33.4 metres of 2.22 g/t gold

East Zone:

- Hole 07-DDH-659 intersects 11.31 metres of 1.55 g/t gold at the collar so the true thickness of the zone is not known

Discussion of Results:

Results to date have mainly focused on the upper sections of the Main Zone (also termed Main Zone Argillite); this zone has proven to be very continuous and remains open in all directions. Holes 07-DDH-663 and 664 have both intersected gold mineralization and increased the extent of the deposit. The Main Zone together with the North and Lower Zones will be included in the initial resource calculation. The Lower Zone, which occurs beneath the Main Zone and is generally parallel to it, has begun to show continuity and is becoming more predictable. Hole 07-DDH-658 intersected 65.5 metres of 1.12 g/t gold at a shallower depth than previous interpretations had indicated. This intercept (portrayed on Section 1400N which will be available on Skygold's website) remains open to the west and south-west and suggests that the zone may become shallower to the west.

Regional drill results continue to show anomalous values and at present there are many holes for which results are pending. Further drilling in these areas is planned for early spring when the fourth diamond drill arrives on the property. Anomalous gold values occurred in the Main Zone prior to 2004 and with systematic drilling these anomalies have now become the subject of a resource calculation.

Table of all results:



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Width Au
Area Hole Number From To (m) (g/t)
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Main Zone 07-DDH-614 Anomalous values
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07-DDH-649 147.0 169.5 22.5 0.66
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07-DDH-649 241.5 262.5 21.0 1.04
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07-DDH-651 31.5 45.0 13.5 0.64
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07-DDH-651 170.5 178.0 7.5 1.05
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07-DDH-656 50.0 69.5 19.5 0.56
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99.5 119.0 19.5 0.56
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07-DDH-657 105.5 111.5 6.0 1.20
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07-DDH-658 25.0 57.0 32.0 0.73
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07-DDH-658 173.0 238.5 65.5 1.12
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Incl 174.5 207.5 33.0 1.91
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07-DDH-659 12.19 23.5 11.31 1.55
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07-DDH-660 175.5 197.0 21.5 0.92
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07-DDH-662 75.5 116.0 40.5 0.53
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Incl 104.0 114.5 10.5 1.01
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07-DDH-663 4.57 76.5 71.93 1.20
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Incl 11.5 41.0 29.5 1.81
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07-DDH-664 6.10 74.50 68.4 1.42
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Incl 6.10 39.5 33.4 2.22
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221.5 294.0 72.5 1.00
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Regional Drilling
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07-DDH-619 Anomalous Values
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07-DDH-620 Anomalous Values
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07-DDH-621 Anomalous Values
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07-DDH-622 No significant values
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Eco Tech Laboratories Ltd. of Kamloops BC, a BC accredited laboratory, is conducting the sample preparation and analyses of samples. Skygold/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 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