Aug 26 2014
Wildcat Exploration Ltd. is pleased to announce that the initial diamond drill hole ("DDH") in the current year's work program at the Island Lake property has intersected zinc-lead-copper-silver ("Zn-Pb-Cu-Ag") mineralization.
Assays of samples from DDH IL-2014-001 included 2.38% Zn, 0.55% Pb, 0.11% Cu, and 19.11 g/t Ag across 7.6 metres from 500.4 m to 508.0 m down the hole. The interval included a higher-grade zone of 9.34% Zn, 1.38% Pb, 0.47% Cu, and 50.64 g/t Ag across 1.6 metres. The Island Lake Property is located 4 km southeast of the former Heath Steele Mine, in Northumberland County, N.B.
Drilling commenced in early July, and has focused on mineralization detected by previous operators, as well as early stage geophysical-geochemical-geological targets. DDH IL-2014-001 was collared on the northeast portion of the Railroad Zone, to test the down dip potential of an earlier hole, RRD-01-04. This hole had intersected 4.0 % Zn equivalent across 3.0 metres.
The mineralization is hosted in feldspar phyric felsic volcanic rocks, believed to belong to the Flat Landing Brook Formation. The zone is marked by strong sericitic alteration, lesser chlorite, and late quartz and quartz-feldspar veining. The mineralization consists mainly of massive to semi-massive lenses and fracture-filled and disseminated sulphides consisting of sphalerite, galena, pyrite and chalcopyrite.
Further drilling is under way at the Railroad Zone and the Roche Long Lac Zone, as part of a planned program of approximately 2,500 m of diamond drilling.
Tom Lewis, Wildcat's VP of Exploration commented, "I am encouraged by the strong alteration associated with the mineralization, and pleasantly surprised by the high silver values. It is early days, with more drilling required, and I look forward to our future results".
The Alliance is a strategic, base metal exploration agreement between Wildcat and Doe Run Canadian Exploration ULC ("Doe Run Canadian"), a British Columbia registered company (see news release December 11, 2012). Under the terms of the Alliance, properties are acquired and held by Doe Run Canadian, subject to Wildcat's right, under certain circumstances, to earn up to a 30% interest in one or more properties.
Drill intercept widths in this release represent metres down hole, not true width, calculation of which is pending geological interpretation.
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. It manages exploration on its own properties in Ontario, Manitoba and Saskatchewan. In addition, Wildcat is the manager of the Wildcat - Doe Run Canadian Exploration Alliance, which explores in Canada for base metal deposits.
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.
Source: http://www.wildcatexploration.com/