WINNIPEG, MANITOBA--(Marketwire - July 19, 2012) - Wildcat Exploration Ltd. (TSX VENTURE:WEL) is pleased to announce that San Gold Corporation has provided an initial report on its drill program in the vicinity of the former Jeep gold mine on Wildcat's Jeep property. The property is located 14 km east of Bissett, Manitoba, within the Rice Lake greenstone belt. To date, San Gold has drilled eight holes on the Jeep property and has received assays for four holes. Drilling is currently in progress.
The Jeep property, together with Wildcat's Mike Power and Poundmaker properties, is under option to San Gold (see news release dated August 10, 2011) whereby San Gold can earn an 80% interest the property by carrying out $5.1 million of exploration expenditures over 4 years and making cash payments of $1 million in total and subscribing to $1 million of Wildcat shares.
The current program is designed to test the Jeep quartz vein system deeper and down plunge of previous drill programs, and new gold horizons parallel to the Jeep trend. Significant results are as follows:
||0.368 ounces Au per ton over 3.8 feet core length from 73.0 to 76.8 feet.
||0.141 ounces Au per ton over 2.5 feet core length from 92.0 to 94.5 feet
||0.085 ounces Au per ton over 4.0 feet core length from 1471.0 to 1475.0 feet
||0.238 ounces Au per ton over 1.9 feet core length from 168.0 to 169.9 feet
In addition to deep drill holes on the Jeep Mine structure, San Gold has identified drill targets on other favourable structures as a result of geological interpretations based on their recently flown airborne survey. These holes are expected to be drilled when access improves, either with drier conditions later in the summer or after winter freeze-up.
The historic Jeep gold mine produced approximately 14,000 ounces of gold at an average grade of 0.78 ounces per ton of ore (non-NI 43-101 compliant) from 1948 through 1950.
Tom Lewis, Wildcat's VP of Exploration commented, "San Gold has intersected gold mineralization on 3 of 4 holes drilled with available assay results. I am looking forward to the results from drilling deeper down in the system, and the step out holes testing structures parallel to the main Jeep structure."
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. 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. The Company seeks to continuously upgrade its property portfolio through exploration and accretive transactions.
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.