I was in the neighbourhood yesterday, so dropped by the Wildcat office. John and Wayne were both out fo the office, so I had a visit with Glen Gowryluk, the CFO. Glen was able to give me a bit of an update on a number of things, most of which are included in the new Corporate Presentation on the website that I referenced two days ago: http://wildcat.ca/upload/Presentation_Oct_042010.pdf
There is also a new brochure out (not yet up on the website) which also referred to a few of the items Glen mentioned, so I will point them out here.
1. Burntwood Nickel Project - This is the new property a little south of Thompson, MB which Wildcat acquired from Anglo American. Its location is near Wabowden, MB in an area that already has proven nickel deposits (e.g. Inco at Thompson, Victory Nickel's Minago deposit some 150 kms to the south, and the many deposits in the Snow Lake area to the west). Anglo American has already done a lot of preliminary work and the property is ready for drilling. The Corporate Presentation (slide 10) includes plans to drill 1200 metres in Q1 of 2011.
2. Mike Power - From the brochure: Wildcat geologists recently geologically mapped the property in detail and with the assistance of geophysical data they generated new targets from drilling in winter 2011. Slide 10 shows plans for 1500 metres of drilling.
3. Jeep - From the brochure: Exploration plans involve continued evaluation and drilling of newly discovered northeast trending structures in the late fall of 2010.
The slide presentation also showed plans for drilling on Siderock and at Reed Lake, however, the final decisions on where to drill have not yet been made, and may depend somewhat on what is found as they go along. The idea here is that it is best to drill in the most promising places, so if "hot spots" are found as drilling occurs, it is likely that more effort will be put there rather than leaving from there to do exploratory drilling in less-certain places.
As well, slide 9 of the Corporate Presentation shows possible interest in the geologic Uchi Subprovince in Ontario (this geologic zone stretches from Rice Lake, MB in the west past Red Lake and on past Pickle Lake, ON). Wildcat continues to be open to explore in new areas, especially where it can network with potential partners (as per slide 18), so we may expect that there will be further news upcoming as discussions with other parties lead to possible agreements and new projects. No further details on this new potential area can be given at this time.
Wildcat is an exploration company - not a producing company. It will seek to acquire or joint venture in promising land areas, will deploy its strong geological team to explore these properties in order to prove mineral resources, advancing the projects towards potential further development by another party. The result may be an outright sale of the property, or an arrangement whereby Wildcat retains a financial interest while a third party takes the property further towards production.
One comment made by Glen was that "the company certainly has not let grass grow under its feet". Rather, it has been active both in the field this summer and in discussions with other parties to explore new possibilities and new relationships. Since most things are a "work in progress", there hasn't been anything definitive as yet to report (other than the September news release), but as tangible results come, further news will be forthcoming.
NL
