Aug 5 2013
Wildcat Exploration Ltd. is pleased to announce that the initial drill program on the Island Lake, NB property under the Wildcat - Doe Run Canadian Exploration Alliance (the "Alliance") has been completed, with assays pending, and the drill rig has moved to the Sewell Brook, NB property.
The Island Lake property is located approximately 4 km southeast of the former Heath Steele zinc-lead mine in Northumberland County, NB and the Sewell Brook property is located approximately 40 km southeast of Grand Falls, in Victoria County, NB.
At Island Lake, four holes totaling 1,566 metres were drilled. The first hole, IL-2013-001, tested lead-zinc mineralization associated with an iron formation and a lead-zinc soil geochemical anomaly. It encountered remobilized galena in quartz veins proximal to the iron formation (79.4 to 104m), which may account for the soil lead anomaly.
Two holes were drilled on the Railroad Zone to test Pb-Zn mineralization intersected in earlier drilling approximately 600 metres down the hole. The drilling objective was to intersect the mineralization at least 100 metres down plunge of previously intersected mineralization. Hole IL-2013-002 deviated extensively and was abandoned at 210 metres depth, and hole IL-2013-002b was then drilled to a depth of 847 metres with the same objective. The fourth hole (IL-2013-003) was drilled in the western portion of the property. It targeted rusty felsic volcanic rock near the contact between the Nepisiquit Falls formation and the Flat Landing Brook formation. These rocks host the Heath Steele deposit.
The drill has been moved to the Sewell Brook property where a program of four holes totaling approximately 1,500 metres is planned.
Wildcat's VP Exploration, Tom Lewis, commented, "The drilling at Island Lake has demonstrated the down plunge continuation of the Railroad Zone. In the area of Rusty Ridge, we were surprised at the apparent absence of exploration, given the favourable pyritic felsic volcanics, alteration and the fact that the underlying rocks host the Heath Steele deposit a few kilometres to the north."
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.
Subject to regulatory approval, Wildcat has granted incentive stock options to purchase up to 330,000 common shares of the Company to certain directors, officers, employees and consultants of the Company under its stock option plan. The options are exercisable for a five-year period at $0.10 per share.
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.
Source: http://www.wildcatexploration.com