Wildcat Exploration Ltd.

Wildcat Exploration Ltd.

October 27, 2014 08:30 ET

Wildcat Drills Additional Zinc-Lead-Copper-Silver at Island Lake, New Brunswick

WINNIPEG, MANITOBA--(Marketwired - Oct. 27, 2014) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) has encountered additional mineralization in step out drilling at the Island Lake property. Diamond drill hole ("DDH") IL-2014-006 intersected 5.57% zinc, 2.71% lead, 0.17% copper, and 56.6 g/t silver across 1.7 m true width from 409 m depth. The intersection is approximately 22 m northeast of the mineralization in DDH IL-2014-003, which is, in turn, approximately 70 m northeast of intersected mineralization in DDH RRD-01-04 which was drilled by a previous operator.

Mineralization in DDH IL-2014-003 included 14.51% zinc, 5.85% lead, 0.67% copper, and 139.9 g/t silver across 7.8 m true width from 398 m depth as well as 6.57% zinc, 2.78% lead, 0.46% copper, and 68.1 g/t silver across 2.6 m true width from 389 m depth (see news release September 3, 2014). DDH RRD-01-04 was reported to have intersected 2.15% zinc, 0.84% lead, 0.27% copper and 26.8 g/t silver across 3.0 m core length (true width unknown) from 420 m depth. Sulphide mineralization occurs as layered lenses and disseminated blebs similar to other deposits in the Bathurst Camp.

All holes drilled to date on the Railroad Zone have intersected the zone hosting similar styles of layered, massive sulphide mineralization, and have defined a deposit over a strike length of approximately 100 metres. The follow up drilling was done northeast of the initial intersection in DDH IL-2014-001 (see news release August 25, 2014). The Railroad Zone remains untested at depth and along strike to the northeast.

The Island Lake property is located 4 km southeast of the former Heath Steele zinc-lead-copper-silver mine, in Northumberland County, N.B. and is held by the Wildcat-Doe Run Canadian Exploration Alliance. The Alliance expanded its 2014 drill program on the property to 4,442 m in twelve holes after intersecting significant zinc-lead-copper-silver mineralization in DDH IL-2014-003. Drilling included five holes plus extension of a previous hole for a total of 2,855 m at the Railroad Zone in the northeast part of the property. The balance of drilling was on the Roche Long Lac Zone located approximately 5 km to the southwest of the Railroad Zone.

Although five holes at the Railroad Zone intersected the host zone, not all holes reached the intended target due to hole deviation systemic in highly deformed geological environments. Wildcat has re-surveyed the holes through the zone using a down-hole gyro instrument.

The Alliance plans to complete detailed analysis of drilling and sampling, and to perform additional field mapping to refine its models of the mineralization in the Railroad Zone. Following the results of this work, drilling is expected to resume in 2015.

On the Roche Long Lac Zone, 7 holes totaling 1,587 metres were drilled to follow up on mineralization identified in drilling by previous operators. Assays are pending from drilling on the Roche Long Lac Zone.

The Alliance is a strategic, base metal exploration agreement between Wildcat and Doe Run Canadian Exploration ULC ("Doe Run Canadian"), a British Columbia registered company (see news release December 11, 2012). Under the terms of the Alliance, properties are acquired and held by Doe Run Canadian, subject to Wildcat's right to earn up to a 30% interest in one or more properties. Wildcat is Manager of the Alliance.

Wildcat's exploration program is managed by Tom Lewis, P. Eng., a Qualified Person as defined by NI 43-101, who has reviewed and approved all technical information in this release.

About Wildcat

Wildcat Exploration Ltd. is a Winnipeg-based company exploring for gold and base metals in Canada. It manages exploration on its own properties in Ontario, Manitoba and Saskatchewan. In addition, Wildcat is the manager of the Wildcat - Doe Run Canadian Exploration Alliance, which explores in Canada for base metal deposits.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release.

Cautionary Note

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. 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. 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.

Contact Information

  • Wildcat Exploration Ltd.
    John Knowles
    President & CEO
    (204) 944-8916