WINNIPEG, MANITOBA--(Marketwired - Jan. 13, 2013) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) is pleased to announce that it has completed a total of 1,867 metres of diamond drilling in four holes on the Island Lake, N.B. property under the Wildcat - Doe Run Canadian Exploration Alliance (the "Alliance"). The Alliance has decided to carry out further drilling on the property in 2014.
The Island Lake property is located approximately 4 km southeast of the former Heath Steele zinc-lead mine in Northumberland County, N.B.
The current drill program was designed to follow up on the results of the initial drilling on the property in which diamond drill hole (DDH) IL-2013-2b intersected 6.5% Zn, 3.2% Pb, and 0.4% Cu across 2.08 m. (see news release dated September 9, 2013). The collar of DDH IL-2013-4 was located to test the extension of mineralization southwest of DDH IL-2013-2b. DDH IL-2013-5 was collared to test beneath IL-2013-2b and was terminated due to hole deviation. DDH IL-2013-6 and 7 were drilled northeast of DDH IL-2013-2b, and fell short of the anticipated mineralized horizon (Upper Railroad Zone). DDH IL-2013-6 intersected 1.01% Zn across 1.04 metres in a felsic unit higher up in the stratigraphy, but was halted due to faulted ground. No other significant assays were reported.
Tom Lewis, Wildcat's VP of Exploration commented, "I am pleased the Alliance plans to continue exploration on the property and on the Railroad Zone in particular. Drilling has intersected interesting mineralization on the zone, and recent geological modeling has provided us with valuable insight into the geometry of the zone. We believe this will enhance our ability to locate mineralization. In addition we plan to continue to evaluate other targets on the property."
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, under certain circumstances, to earn up to a 30% interest in one or more properties.
Drill intercept widths in this release represent metres down hole, not true width, calculation of which is pending geological interpretation.
Wildcat's exploration program is managed by Tom Lewis, P. Eng., a Qualified Person as defined by NI 43-101, who has reviewed all technical information in this release.
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.
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.