Wildcat Exploration Ltd.

Wildcat Exploration Ltd.

November 14, 2012 08:30 ET

Wildcat Reports Results from the Chellow Vein on its McVicar Property

WINNIPEG, MANITOBA--(Marketwire - Nov. 14, 2012) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) is pleased to announce that it has completed rock channel samples on the Chellow Vein at the McVicar property in NW Ontario. Assay results confirm that the vein is gold-bearing and a drilling program is planned to further investigate the mineralization. The best assay to date is 18.21 g/t gold across 15 cm (see table below). The sampling was conducted earlier this month, in channels cut and chiseled across the surface expression of the vein.

The property is located 80 km west of Pickle Lake and 35 km northwest and along strike from the former Golden Patricia Mine, which produced 450,000 oz (13,995,000 g) of gold grading 19.9 g/t (0.64 oz/t) gold from 1988 to 1997.

Wildcat staked the McVicar property in 2010, and has completed an airborne magnetic and radiometric survey and field mapping and sampling programs. The McVicar property is host to five gold occurrences, and at least three styles of gold mineralization, including disseminated and stockwork quartz vein gold mineralization in a tonalite intrusion at Shonia, shear hosted gold at the Altered Zone, and vein-type gold mineralization at the Sor, Jay and Chellow occurrences. The Chellow channel sample assay results are set out in the following table.

Au g t Ag ppm Width (cm) TYPE HOST ROCK
18.21 0.8 15 cm rock channel blue-grey quartz vein
4.39 0.4 26 cm rock channel blue-grey quartz vein
4.18 <0.2 11 cm rock channel blue-grey quartz vein
0.96 <0.2 11 cm rock channel blue-grey quartz vein
1.51 <0.2 14 cm rock channel blue-grey quartz vein
0.31 <0.2 15 cm rock channel blue-grey quartz vein
0.03 <0.2 34 cm rock channel blue-grey quartz vein
4.87 0.3 7 cm rock channel blue-grey quartz vein
1.95 2.3 22 cm rock channel blue-grey quartz vein
4.6 1.2 18 cm rock channel blue-grey quartz vein

The Chellow Vein is exposed for approximately 100 metres, and tracks along a steeply dipping shear zone trending west northwest. The vein pinches and swells on surface up to widths of 34 cm and parallel veins have been mapped and sampled up to 50 metres either side of the Chellow Vein. Wildcat geologists have demonstrated that the vein is open along strike in both directions and down dip. The vein is inadequately tested to date, having been intersected by only two of the previous six holes in the area.

Tom Lewis, VP of Exploration commented: "Recent channel sampling across the Chellow Vein has demonstrated that it is a target worth drilling. The discovery hole for the Golden Patricia Mine intersected 8.6 g/t Au across 1.5 m, and the deposit went on to average 19.9 g/t during its mine life. Given the variability of gold mineralization in terms of grades and widths, the Chellow structure warrants further exploration."

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.

About Wildcat

Wildcat Exploration Ltd. is a Winnipeg-based company exploring for gold and base metals in Canada. Its portfolio includes: (1) the Jeep, Mike Power and Poundmaker gold properties under option to San Gold Corporation, together with two additional gold exploration properties in the Rice Lake greenstone belt in Manitoba, (2) the McVicar gold property in the Uchi subprovince of Ontario, (3) the Reed Lake base metal property in the Flin Flon-Snow Lake greenstone belt in Manitoba, (4) the Burntwood property in the Thompson Nickel Belt in Manitoba and (5) the Foster zinc-lead-silver property in Saskatchewan.

For further information on Wildcat, please visit www.wildcat.ca.

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.

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

    CHF Investor Relations
    Cathy Hume
    (416) 868-1079 ext. 231