Wildcat Exploration Ltd.

Wildcat Exploration Ltd.

November 19, 2010 09:00 ET

Wildcat Provides Update on McVicar Gold Property Acquisition in Its Uchi Generative Project, NW Ontario

WINNIPEG, MANITOBA--(Marketwire - Nov. 19, 2010) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) is pleased to provide additional information on the recently acquired gold exploration property (see News Release Nov. 15, 2010), acquired by staking in the Uchi Subprovince of northwestern Ontario. The acquisition is the first property acquired as a result of a generative project carried out by the Company in the Uchi, a large geological area that hosts many gold deposits including those of the Rice Lake, Red Lake and Pickle Lake camps.

The Uchi generative project involved an extensive review of public reports and documents stored within the Ontario Geological Survey database. By analyzing the data and applying an innovative interpretive approach, Wildcat's geologists recognized several new properties for gold exploration. To date, Company geologists have conducted preliminary field examinations of two of the prospective target properties, resulting in the acquisition of the McVicar property.

The Company has staked 10 claims encompassing approximately 2400 ha over and around McVicar Lake, located approximately 80 km west of Pickle Lake Ontario, within the Lang Lake greenstone belt of the Uchi Subprovince belonging to the Superior Province. The property is underlain by gabbro and mafic to felsic volcanic rocks of Archean age that have subsequently been intruded by granite and tonalite. Structurally, the property is host to 3 major fault zones including: 1) Bear Head Fault, 2) Lower McVicar Fault, and 3) Altered Zone Fault.

Known gold mineralization on the property is concentrated in four main zones, namely the Altered Zone, North Flexure Zone, the Shonia #1 Zone and the Chellow Vein. Gold occurs in highly sheared and altered zones associated with quartz veins, carbonates, tonalitic intrusions and disseminated sulphides. 

All of the known gold zones have been tested with near-surface drilling in the past, and are open both along strike and at depth. Significant drilling results from the Altered Zone include intersections of 5.7 g/t gold across 7.1 metres and 14.3 g/t gold across 4.63 metres. Significant drilling results from the North Flexure Zone include 9.3 g/t gold over 2.02 m, from the Shonia #1 Zone, 4.4 g/t gold over 2.30 m and from the Chellow Vein, 1.2 g/t gold over 0.30 m.

Tom Lewis, Wildcat's V.P. Exploration, commented: "I am pleased that our team was able to identify, inspect and stake a gold property like McVicar, so soon after completing our generative project in the Uchi region. The McVicar gold property displays potential at the previous discovery zones, as well as under-explored potential elsewhere on the property. Our Uchi project has generated multiple target properties for investigation and potential acquisition. We're looking forward to exploring McVicar and investigating the other target properties."

Drilling results in this release are historical in nature, generated prior to the quality control and assurance standards of NI 43-101, and are therefore not to be relied upon.

Wildcat's exploration program is being managed by Tom Lewis, B.Sc. P.Eng., who is a Qualified Person as defined by NI 43-101, and 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) several gold projects in the Rice Lake greenstone belt in Manitoba, (2) the Reed base metal and PGE project in the Flin Flon-Snow Lake greenstone belt in Manitoba, (3) the Burntwood nickel project in the Thompson nickel belt in Manitoba and (4) the Foster 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