Wildcat Exploration Ltd.

Wildcat Exploration Ltd.

September 23, 2009 09:00 ET

Wildcat Discovers Additional Showings Containing High Grade Gold and Visible Gold on Jeep Project, Bissett MB

WINNIPEG, MANITOBA--(Marketwire - Sept. 23, 2009) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) is pleased to announce that results from ongoing channel sampling conducted on the Company's 100% owned Jeep property, located 13 km east of Bissett, Manitoba in the Rice Lake greenstone belt, returned high grade gold, associated with visible gold and elevated silver concentrations on the recently discovered Showing Number 1 and newly discovered Showing Number 4. These gold and silver-bearing showings are in addition to the recently announced Showing Number 2 (see Press Release September 16, 2009).

Two geologically dissimilar northwest-striking gold and silver bearing quartz veins separated by approximately 76 m have been recognized to date. The southeastern quartz vein striking approximately 1100 azimuth is hosted by a shear zone cutting through massive quartzphyric leucogabbro and gabbro. The quartz vein, ranging from approximately 5 to 10 cm thickness, is exposed over a distance of approximately 12 m on strike and is open in both directions. A total of ten channel samples were collected from this vein, returning gold assays ranging from 0.16 to 57.96 g/t and silver assays ranging from 0.6 to 4.3 g/t (see table). Two previously collected grab samples returned 35.39 g/t and 1.47 g/t gold (see Press Release July 8, 2009). Further outcrop stripping and sampling is being undertaken along strike. Additional sampling results will be announced as they become available.

The northernmost quartz vein, approximately 25 m long and hosted by massive quartz feldspar porphyry, yielded channel samples ranging from 41 cm to 184 cm length with gold concentrations ranging from nil to 1.91 g/t and silver concentrations ranging from 0.4 to 1.1 g/t (see table).

Showing Number 4 consists of a decimetre-thick quartz vein hosted by a shear zone located approximately 50 m northwest of Showing Number 1. The quartz is mineralized with up to 10 % disseminated arsenopyrite. Two grab samples from this showing returned 35.05 g/t and 3.53 g/t gold. Wildcat's investigations of this showing are currently at a preliminary stage and results of a stripping and sampling campaign will be published as soon as they become available.

Wildcat's exploration efforts in the Jeep project area, uncovering shear hosted gold-bearing quartz veins, are currently guided by scientific methods including a 3D capable collation of historical and current geological, geochemical and drilling data supplemented by LIDAR a sophisticated, laser based, helicopter borne sounding method, capable of detecting minute topographic details such as the occurrence of historical pits and trenches.

Wildcat's program is continuing with prospecting stripping and sampling work. The Company plans to conduct a geophysical survey capable of detecting narrow, elongated, poorly conductive targets of the Jeep area.

Final drill planning and targeting will follow the completion of the current surface program and will incorporate results obtained from the planned geophysical survey.

"Our application of modern exploration methods on this historic gold producing area continues to generate positive results." states John Knowles, President and CEO, "With these results we will extend our work program, as long as weather permits."

Showing # 1: Detailed Surface Sampling Assay Results

Channel Sample # (m) Gold (g/t) Gold (oz/t) Silver (g/t)
JP17256 0.38 0 0.00 0.8
JP17259 0.7 0 0.00 0.6
JP17264 0.58 1.53 0.04 0.7
JP17265 0.41 0.05 0.00 0.4
JP17266 1.29 2.73 0.08 0.6
JP17267 0.55 0 0.00 0.3
JP17268 0.92 0 0.00 0.5
JP17269 0.48 0 0.00 0.6
JP17273 1 0 0.00 1.1
JP17276 0.32 1.67 0.05 1
JP17277 0.32 1.91 0.06 0.9
JP17278 0.3 0.16 0.00 0.8
JP17279 0.25 33.23 0.97 2.4
JP17280 0.27 12.45 0.36 1.9
JP17281 0.25 13 0.38 1.7
JP17282 0.25 10.29 0.30 3.9
JP17283 0.35 10.46 0.31 1.3
JP17284 0.3 57.96 1.69 4.3
JP17285 0.25 3.98 0.12 0.8

Grab Sample # Gold (g/t) Gold (oz/t) Silver (g/t)
JP17257 0.26 0.01 0.6
JP17258 0.15 0.00 0.2
JP17260 0 0.00 0.9
JP17261 1.85 0.05 1
JP17262 0.075 0.00 0.2
JP17263 0.015 0.00 0.2
JP17270 15.98 0.47 0.4
JP17271 0 0.00 1
JP17272 0 0.00 1.2
JP17274 0 0.00 0.9
JP17275 0 0.00 1
JP17286 0.12 0.00 0.8

All samples were submitted to TSL Laboratories Inc. in Saskatoon, Saskatchewan, an ISO 17025 accredited assay lab, which uses standard industry practices for sample preparation and analysis. 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