Wildcat Announces Drilling on Poundmaker Property and Initial Exploration Plans for Mike PowerProperty, Bissett Area, MB
Winnipeg, MB; April 9, 2010: Wildcat Exploration Ltd. (TSX-V: WEL) (the “Company”) is pleased to announce that StrikePoint Gold Inc has commenced drilling at the Rio Zone, situated on the Company’s Poundmaker property and that the Company has formalized exploration plans for the adjoining Mike Power Property.
The Poundmaker property is located within the Rice Lake greenstone belt, approximately 7 km west of the mining operations of San Gold Corporation near Bissett, Manitoba. In 2008, the Company granted an option to StrikePoint on the 72 claims (12,176 ha) comprising the property (see News Release February 4, 2008). Under the terms of the option agreement, amended in February 2010, StrikePoint is incurring $500,000 in exploration expenses by April 30, 2010 and, by incurring a further $3.5 million in stages over the next three years, StrikePoint may earn a 65% interest in the Poundmaker property (see News Release February 26, 2010).
StrikePoint has informed the Company that it has completed 1,125 m of drilling in nine holes. The program targeted intersections of northeast-trending structures (identified by magnetic high linear anomalies) with east-trending magnetic low linear anomalies. The northeast-trending structures have been intruded by mafic dykes indicated by high magnetic signatures. Core samples are being split for analysis and assay results are pending. According to StrikePoint, a second Rio Zone drill program is planned, subject to the results of the current program.
Previous work by the Company on the Rio Zone discovered several surface gold occurrences along a shear zone hosting quartz carbonate veins, 1 m to 2.9 m wide, with disseminated to semi-massive sulphides. This mineralization occurs at the contact of a mafic dyke intruding a granodiorite pluton. Wildcat collected grab samples containing up to 16.9 g/t gold and channel samples containing up to 3.4 g/t gold over 2.86 m (see News Release July 29, 2005).
A technical committee, consisting of representatives of Wildcat and StrikePoint, has been formed to review exploration results and future exploration programs.
Commencing in early June, the Company plans to investigate prospective gold-bearing structures on the Mike Power property and to combine structural mapping and magnetic interpretation to identify potential undercover gold mineralization. Depending on results of this work, drilling is planned for the third quarter of 2010. The Company holds a 100% interest in the Mike Power property (26 claims, 3,398 ha) which is strategically located between the San Gold mining operations and the southeast boundary of the Poundmaker property. The prospective gold-bearing structures, up to eight kilometers in length, strike northwesterly from the known gold mineralization on the San Gold property.
