On this news Wildcat’s stock jumped to $0.15, a new 52-week high. The stock was trading at $0.09 just three days ago. This boost may also have something to do with zinc prices, which are at their highest levels since 2011.
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WINNIPEG, MANITOBA–(Marketwired – Sept. 3, 2014) – Wildcat Exploration Ltd. (TSX VENTURE:WEL) has intersected significant zinc-lead-copper-silver (“Zn-Pb-Cu-Ag”) mineralization in a step out diamond drill hole (“DDH”) on the Island Lake property. The drilling is part of the Wildcat-Doe Run Canadian Exploration Alliance’s 2014 work program on the property, which is located 4 km southeast of the former Heath Steele Mine, in Northumberland County, N.B.
[box type=”note” align=”aligncenter” ]Wildcat exploration has been an active junior explorer since 2000. Doe Run is a privately held company most famous for their Lead-Zinc mines along the Viburnum Trend – America’s “Lead Belt”. In 2012 Wildcat and Doe Run Exploration formed an alliance to explore projects in Atlantic Canada over the span of two years. Doe Run exploration is funding the costs while Wildcat manages and operates the exploration projects. Wild Cat also has a “Earn-In” right of up to a 30% interest on any projects the alliance acquires. Not a bad deal for Wild Cat.
The alliance announced a 2,500 m drill program on the Island Lake Property located in New Brunswick, Canada. This year’s exploration program on the property includes geologic mapping, rock samping and soil sampling. The property is located 4 km south of the Heath steel mine, a VMS deposit that was mined in the 1950’s before shutting down in 1999. In 1994 the mine had an estimated reserve of 3.6 Million tonnes at 7.1% zinc, 2.0% lead, 0.9% copper and 73 g/t silver. This release reports on the latest assay results received from the Island Lake drill program.[/box]
In drilling at the Railroad Zone, samples from DDH IL-2014-003 included 3.0 m (2.6 m true width) of 6.57% Zn, 2.78% Pb, 0.46% Cu, and 68.1 g/t Ag from 389 m to 392 m down the hole. The hole also intersected 9.0 m (7.8 m true width) of 14.51% Zn, 5.86% Pb, 0.67% Cu, and 139.9 g/t Ag from 398 m to 407 m down the hole. DDH IL-2014-003 is a 70 m stepout to the northeast from DDH IL-2014-001. The contained mineralization in DDH IL-2014-003 is hosted in the same volcanic sequence as was intersected in DDH IL-2014-001 (see news release August 25, 2014). Drilling on the Railroad Zone as well as the Roche Long Lac Zone is continuing and assays are pending.
[box type=”note” align=”aligncenter”]The Island Lake property is a potential VMS prospect and the grades reported so far appear consistent with what was mined at Heath Steel mine. The results are reported as the apparent thickness, however the company also includes a calculated true width. [/box]
Tom Lewis, Wildcat’s V.P. Exploration commented, “We are very encouraged by the intersections to date. We will be extending the drilling and I look forward to building our knowledge of this exciting property.”
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. Wildcat is Manager of the Alliance.
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
[box type=”note” align=”aligncenter” ]On this news Wildcat Exploration’s stock jumped to $0.15, a new 52-week high, and is at $.135 this morning. The stock was trading at $0.09 just three days ago. This boost may also have something to do with zinc prices, which are at their highest levels since 2011. We talked in late 2013 about the positive economic outlook for zinc caused by depleting mines and reduced refinery capacity. According to several analysts, these conditions should result in strong zinc prices for at least the next few years.[/box]
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.
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