Drilling Commences on Wildcat's Rice Lake Properties
WINNIPEG, MANITOBA -- (Marketwire) -- 02/27/13 -- Wildcat Exploration Ltd. (TSX VENTURE: WEL) is pleased to announce that the winter drill program has commenced on its Rice Lake area properties optioned to San Gold Corporation ("San Gold"). The program started in mid-February, and San Gold intends to complete more than 9,000 metres of diamond drilling prior to spring break-up.
San Gold's 2013 drilling plans for Wildcat's properties include approximately seventeen holes with an average core length of 500 metres. The focus will be the Mike Power property, which is located immediately west of San Gold's properties at Bissett, MB. Targets in the current drill program include the west-northwest trending Rice Lake shear and sub-parallel shear zones, cross-cutting shears and the unconformity at the base of the San Antonio formation. At the Rice Lake mine, structural traps and lithologic contacts are productive sites for gold deposition.
In August 2011, Wildcat optioned its Mike Power, Poundmaker and Jeep properties to San Gold under a multi-year agreement. This agreement was made following mineral exploration work by Wildcat, including drilling in early 2011 in which a wide shear zone of intermittent, anomalous gold mineralization along 180 metres of strike length was intersected in three holes (see news release March 23, 2011). Recently, San Gold re-inspected and re-assayed the core from Wildcat's holes MP-11-01, 06 and 07 on the Mike Power property. The results confirmed Wildcat's earlier conclusion that intermittent elevated gold mineralization exists across assayed core lengths of up to 150 metres. As a consequence, San Gold is focusing its current exploration efforts in the vicinity of the gold-bearing shear zones.
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 and has optioned three properties in the Rice Lake Greenstone Belt of Manitoba to San Gold Corporation which is carrying out exploration programs. In addition, Wildcat is the manager of the Wildcat - Doe Run Canadian Exploration Alliance which explores in Canada for base metal deposits.
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.
Contacts:
Wildcat Exploration Ltd.
John Knowles
President & CEO
(204) 944-8916
info@wildcat.ca
CHF Investor Relations
Cathy Hume
CEO
(416) 868-1079 ext. 231
cathy@chfir.com
