Wildcat Exploration Ltd.

Wildcat Exploration Ltd.

July 06, 2010 11:38 ET

Wildcat Mobilizes to Rice Lake Gold Projects, Provides Update on Reed Lake Base Metal Project, Flin Flon-Snow Lake District

WINNIPEG, MANITOBA--(Marketwire - July 6, 2010) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) is pleased to announce that it has mobilized two exploration crews to its gold projects in the Rice Lake greenstone belt of Manitoba. In addition, on the Reed Lake project in the Flin Flon Snow Lake greenstone belt of Manitoba the Company's geologists identified two significant areas for further work in preparation for a planned drill program in the 2010/11 winter drilling season.

The Company is conducting work on its 100% owned Mike Power property, located 3 km northwest of the town of Bissett, MB. The Company's geologists are mapping structures and utilizing the results of an airborne magnetic survey, completed in June, to identify potential undercover gold-bearing structures. Wildcat's current work program, which will continue through July, is intended to identify targets for drilling later in the year. The property is on strike with the gold deposits of San Gold Corporation and shares similar host rocks and structures. A drill program is currently being conducted by StrikePoint Gold Inc. and San Gold on ground between the Company's Mike Power project and the San Gold deposits.

Concurrently, a second exploration team is following up previously announced gold and copper occurrences on the Company's Garner property. An airborne geophysical survey of the property, completed by Wildcat in June, has identified conductors associated with known copper mineralization for ground followup. The property is located 40 km southeast of Bissett near former gold producers including the Gunnar and the Central Manitoba mines. The property straddles the area between the West Garner shear zone to the east, which is an important metamorphic boundary, and the Beresford Lake shear zone to the west which is characterized by intense host rock alteration.

Commenting on the Rice Lake projects, Tom Lewis, Wildcat's V.P. Exploration, said, "Following on the successes by San Gold and coupled with our recently acquired airborne data base, our geological mapping team is well-positioned to track gold-bearing structures and identify new depositional sites for drill testing later in 2010."

The 100% owned Reed Lake Project, situated 35 km southwest of the town of Snow Lake, Manitoba, is underlain by volcanic and intrusive rocks belonging to the Flin Flon – Snow Lake greenstone belt. Geophysical data suggest that these rocks trend onto the Reed Lake Project along strike from the Rail copper-zinc deposit of Rockcliff Resources Inc. and the Wine nickel-copper mineralization of Cream Minerals Ltd., both types of which have distinctive conductive signatures. This positions the Reed Lake Project to host either or both deposit types.

Wildcat's recent work program, which included mapping, sampling and surface geophysical surveys with a focus on favourable host rocks and alteration associated with either copper-zinc or nickel-copper mineralization, was cut short by forest fire activity in the general area. In the abbreviated work program a target area was identified near a sample taken in 2008 that assayed 1.58% copper in a shear zone (see news release dated September 23, 2008). Hosting the mineralization are volcanic rocks consisting of volcanoclastic rhyolites, andesites and tuffs, which are known to host volcanogenic massive sulphide (VMS) deposits in Flin Flon and elsewhere. In addition, chlorite alteration was mapped in association with the copper mineralization. Chlorite represents an important indicator alteration mineral associated with the hydrothermal activity (pipes) that introduce copper and zinc sulphides in a VMS deposit.

A second area hosted in gabbroic rocks on the western portion of the property was found. This area holds potential for nickel-copper-platinum group elements mineralization. Channel samples were cut from the rocks exhibiting blebby and disseminated sulphides which will be submitted for analysis.

The Company recently staked additional claims on the northeast flank of the property, increasing the total area to 8,037 hectares in 43 contiguous claims. The planned geological mapping and sampling on the new claims will be carried out in a second Reed Lake program in the third quarter of 2010.

Tom Lewis commented, "We are pleased that our work on the Reed Lake Project has identified favourable geological features including host rocks and alteration essential to the deposition of base metals in an area with known copper mineralization. This work has narrowed our search and the next phase, planned for the third quarter, will involve an electromagnetic survey to test the favourable areas, with winter drilling contingent on the survey results."

Wildcat's exploration program is being managed by Tom Lewis, B.Sc. P.Eng., a Qualified Person as defined by NI 43-101. All technical information in this release has been reviewed by Tom Lewis, B.Sc. P.Eng., as the Qualified Person.

About Wildcat Exploration Ltd.

Wildcat Exploration Ltd. is a Winnipeg-based company exploring for gold and base metals in Canada. Its portfolio includes: (1) several precious metal properties in the Rice Lake greenstone belt in Manitoba, (2) the Reed Lake base metal and PGE property in the Flin Flon greenstone belt in Manitoba and (3) the Foster River zinc-lead-silver 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.. 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.

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.

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