Wildcat Exploration Ltd.

Wildcat Exploration Ltd.

July 08, 2009 08:45 ET

Two New Gold Showings Discovered on Wildcat Exploration Ltd.'s Jeep Project, Bissett, MB

WINNIPEG, MANITOBA--(Marketwire - July 8, 2009) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) is pleased to announce addtional results from the summer exploration program being conducted on the Company's Jeep property, located 13 km east of Bissett, Manitoba in the Rice Lake greenstone belt.

Two new gold showings have been discovered at surface, in the vicinity of the underground workings of the Jeep mine, historically the highest average grade gold producing mine in Manitoba. These showings are in addition to the quartz-hosted gold showing previously reported by the Company (see News Release, June 25, 2009). The gold assays from the previous showing and the new showings are summarized in Table 1.

Table 1 Summary of Jeep Project 2009 Gold Occurrences

Gold Assay
Occurrence (g/tonne)
Showing 1 (June 25, 2009 news release)
Sample 1 1.77
Sample 2 1.47
Sample 3 35.39
Showing 2
Sample 1 7.92
Sample 2 8.23
Sample 3 0.96
Showing 3
Sample 1 1.64
Sample 2 12.35

Showing 2 is located approximately 200 metres west of the historic Jeep mine shaft and Showing 3 is located approximately 400 metres southeast of the Jeep mine shaft. Wildcat geologists collected the samples from quartz exposures on surface, guided by the Company's geological model and evidence of historical trenching activity.

All three new gold showings discovered during the 2009 program are the result of modeling known historical geophysical, geochemical and drilling data on the property, including Wildcat's exploration drill program of 2006-2008, and drill results from the historic record. A plan view map of the area, including the showings and their relationship to the underground workings of the historic Jeep mine, is on the Company's website, www.wildcat.ca.

Wildcat has applied for a permit to conduct a more detailed examination of these new discoveries. This work will focus on the geologic relationship of the new gold showings to each other and to the known structures which host the historic Jeep mine. The program will involve mechanical and hydraulic stripping of overburden, detailed mapping and additional rock sampling.

"We are encouraged by the recent results and by the fact that they support the model developed by our geologists earlier this year" said John Knowles, Wildcat's CEO. "Our planned work programs on the Jeep project will continue through the remainder of 2009 and we will also be working on the Company's other projects in the Rice Lake area where our holdings encompass some 26,000 hectares. Recent success by San Gold Corporation in finding new gold zones in the vicinity of the historic San Antonio mine at Bissett is bringing renewed attention to the established gold potential of the area."

Wildcat's exploration program is managed by Peter Theyer, P.Geo, a Qualified Person as defined by NI 43-101, who has reviewed all technical information in this release.

About Wildcat Exploration Ltd.

Wildcat Exploration Ltd. is a Winnipeg-based company exploring for gold and base metals in Canada. Its portfolio includes: (1) four precious metal properties in the Rice Lake greenstone belt in Manitoba, (2) two base metal and PGE properties in the Snow Lake area of Manitoba and (3) the Foster River zinc project in Saskatchewan . As the Company builds its property portfolio, Wildcat welcomes proposals from owners of advanced Canadian exploration properties.

For further information on the Company please visit our website at www.wildcat.ca or contact us at info@wildcat.ca. The Company's public filings, including its most recent audited consolidated financial statements, can be reviewed on the SEDAR website (www.sedar.com).

This news release may contain "forward-looking information", within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to Wildcat's exploration program and plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "believes", "plans", "seeks", "expects", "budget" or variations of such words or statements that certain actions, events or results may, could, will, will be, would be or are expected to be. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wildcat to be materially different from those expressed or implied by such forward-looking information, including risks associated with the mineral exploration and mining industry such as economic factors, government regulation and approvals, environmental risks, success of exploration activities, future commodity prices, capital expenditures, requirements for additional capital, changes in project parameters as plans continue to be refined, conclusions of economic evaluations, the Company's history of operating losses and uncertainty of future profitability. Important factors that pertain to the risks and uncertainties associated with the Company's business are discussed more fully in the Company's disclosure documents filed from time to time with the Canadian securities regulators and available on www.sedar.com. Although Wildcat has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Wildcat does not undertake to update any forward- looking information, except in accordance with applicable securities laws.

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

Contact Information

  • Wildcat Exploration Ltd.
    John Knowles
    President CEO
    (204) 944-8916
    (204) 944-8918 (FAX)
    Wildcat Exploration Ltd.
    Suite 203, 1780 Wellington Avenue
    Winnipeg, Manitoba, R3H 1B3
    Email: info@wildcat.ca
    Website: www.wildcat.ca