Wildcat Exploration Ltd.

Wildcat Exploration Ltd.

April 22, 2008 17:29 ET

Wildcat Exploration Ltd. Exploration Update: Manitoba Projects- Rice Lake Greenstone Belt

WINNIPEG, MANITOBA--(Marketwire - April 22, 2008) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) ("Wildcat" or the "Company") is pleased to provide an update on its exploration activities on its Mike Power and Jeep projects in Manitoba's Rice Lake greenstone belt.

Mike Power Project

The Company has received partial assay results of a drill program undertaken on the Mike Power Project, in the southeast quadrant of Wildcat's Poundmaker property in the Rice Lake greenstone belt. The drill program, consisting of six holes totaling 3329 m, started December 2007 and was completed in February 2008. Logging and sampling of drill core to be assayed was completed in early April 2008. It targeted an array of ground geophysical induced polarity ("IP") anomalies that identified concentrations of disseminated sulphides. Two discrete major geochemical mobile metal ions ("MMI") anomalies straddling Gold Creek that were drilled in 2006 (see Wildcat news release dated May 16, 2006) returned geological evidence favorable for the occurrence of gold, such as intense shearing plus siliceous and carbonate alteration.

The current drill program intersected sulphide-bearing mafic to intermediate tuff and minor amounts of laminated mudstone, accompanied by intense shearing and alteration along the Gold Creek shear zone, in conjunction with the introduction of tourmaline, silica and carbonate.

Assay results of drill holes MP 08-01, MP 08-02 and MP 08-03 have been received to date. The holes targeted two subvertical IP anomalies located on lines 34 E, separated by a distance of approximately 150 m. Drill hole MP 08-01 aimed to intersect the shallower portion of the southern anomaly at approximately 100 m vertical depth. Drill hole MP 08-02 intersected the same anomaly at approximately 250 m vertical depth. Drill hole MP 08-03 aimed to intersect the northern anomaly at approximately 150 m depth. Drill hole MP 08-01 intersected intermediate to mafic volcanic tuffs mineralized with trace to 2% largely disseminated pyrite and pyrrhotite. Drill hole MP 08-02 intersected foliated intermediate to mafic tuff, cut by felsic dykes and minor quartz veins, variably mineralized with minor disseminated pyrite, pyrrhotite and magnetite. Drill hole MP 08-03 also intersected mafic to intermediate crystal tuff in places containing cm-thick quartz veins mineralized with traces of mainly pyrite and minor pyrrhotite. The core is locally characterized by abundant carbonate and silica alteration. None of the samples collected from these holes returned economically significant metal concentrations. Assay results of the four remaining drill holes are being received and will be published on an ongoing basis as they are received.

Jeep Project

Wildcat is also pleased to announce new developments on its Jeep Project, an exploration project focused on gold and platinum group elements within the "Jeep Gabbro", located approximately 14 km east of the town of Bissett. In March, Wildcat's geophysical consultant reported on his integration of the recently flown airborne electromagnetic and magnetic survey covering the entire extent of the Jeep Gabbro with a detailed IP survey of the Jeep Gabbro in the vicinity and southeast of the Jeep Gold Mine shaft. This report highlights several locations in the Jeep Gabbro that have potential to contain significant sulphide traps.

Initial results from drilling in March and April (see Wildcat news release dated March 20, 2008) support the validity of the model guiding the current exploration campaign, namely that the original (magmatogenic) mineralization within the Gabbro (gold, nickel, copper and platinum group elements) may have largely been remobilized and channeled into shear zones. Shear zones are well known to perform as porous conduits of mineralizing fluids and occasionally as repositories of economic mineralization. The odds of encountering economic mineralization in shears are heightened at the intersection of shear zones.

Probable corroboration of the Company's exploration model was encountered in drill hole JP-08-03 that targeted a prominent IP and magnetic anomaly. This hole intersected two separate discrete sheared intervals separated by approximately 170 m core length, both containing abundant quartz and sulphides. The first sheared interval (approximately 4 m core length) located near 120 m drill depth occurred in gabbro and features quartz veins and crushed quartz rubble mineralized with pyrite, pyrrhotite and chalcopyrite. The second sheared interval of approximately 15 m core length contains decimetre-thick quartz veins sparsely mineralized with sulphides. This shear zone is of particular interest, because it occurs at the contact of ferrogabbro (highly magnetic) and quartz feldspar porphyry (weakly magnetic) making this juncture geophysically and geologically easy to recognize and target. The current phase of drilling at the Jeep Project, consisting of 9 holes for 2685 metres is complete. Assays are pending.

The Company is currently conducting an additional, highly detailed IP survey on the Jeep Project in the vicinity of the collar of drill hole JP 08-03 to further define the attitude and strike of the mineralized shear. The next drill phase will be determined on the basis of assay results from phase one, the analysis of the ongoing detailed geophysical IP surveys, and geological mapping scheduled to start when the ground is free of ice and snow.

Planning of the Company's summer program in the Rice Lake greenstone belt is under way. Targets include: 1) surveying potentially mineralized and mainly structural traps highlighted by the geophysical compilation in the northern part of the Jeep Gabbro and 2) detailed geological mapping of its southeastern extension to check the potentially sulphide-bearing targets highlighted by the IP and airborne geophysical surveys undertaken this past winter season.

Wildcat also intends to geologically survey the Garner Lake area to study the significance and extent of gold occurrences and to investigate the possibility that certain ultramafic rocks of very unusual composition (komatiites) that occur in this area may host nickel copper sulphides such as the well known deposits mined at Kambalda (Australia) or at Raglan (Canada).

An additional prospecting and sampling project using a recently cut grid is planned to study the gold potential of the Mable Lake (Ramrod claims) area. This project is motivated by the occurrence of gold bearing quartz veins outcropping in the northwest of the claim boundary. It will include a detailed survey which may be followed by trenching and rock sampling.

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) the Foster River zinc project in Saskatchewan, (2) three gold properties and one gold and platinum group element (PGE) property in the Rice Lake greenstone belt in Manitoba, and (3) two PGE properties in the Snow Lake area of Manitoba. 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 L. 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