WINNIPEG, MANITOBA -- (Marketwired) -- 04/30/13 -- Wildcat Exploration Ltd. (TSX VENTURE: WEL) is pleased to provide an update on exploration at its Rice Lake, MB properties which are under option to San Gold Corporation ("San Gold"). San Gold has reported to Wildcat that, as of the end of March, 2013, a total of 4,420 metres of drilling in nine holes had been completed on the Mike Power property, located on the western boundary of San Gold's Bissett, MB properties where it currently has mining operations and further drilling is continuing.
Assays are pending on the majority of holes, however San Gold reported that logging of the drill core has confirmed an extensive deformation zone at the base of the San Antonio Formation in the vicinity of previous drilling by Wildcat (see news release March 23, 2011). Some of the drill holes awaiting assay results have intersected quartz stockwork veins, sulfides (sphalerite, chalcopyrite and pyrite) with associated widespread sericite alteration.
The core logging by San Gold Gold geologists has demonstrated the presence of major regional shear zones and structural ground preparation favourable to gold deposition. The results have shown the usefulness of airborne magnetic surveys, as well as LIDAR (Laser Imaging Detection and Ranging) surveys, both of which have been employed by San Gold on the Mike Power property, as structural mapping tools for gold exploration in the Rice Lake belt.
The limited results to date from extensive sampling by San Gold show anomalous gold throughout most of the length of the drill core in all holes within the major shear zones. Gold values have ranged from 50 to 550 parts per billion.
Tom Lewis, Wildcat's V.P. Exploration, commented, "San Gold's program is designed to narrow the search for concentrations of high grade gold and we are encouraged that they have intersected rocks with many positive indicators, including alteration, ground preparation, shearing, quartz stockworks, anomalous gold values and steel-grey quartz veins."
Drilling is continuing and San Gold has informed the Company that it expects its program to extend through spring and summer months.
The Company also announces that it will hold its annual and special meeting of shareholders on May 30, 2013 (the "Meeting"). The Company has fixed April 30, 2013 as the record date for determining shareholders entitled to receive notice of and to vote at the Meeting.
The Meeting will include special business relating to the ratification of an amendment to the Company's general by-law, By-law Number 1 (the "Updated By-Law").
The Updated By-Law, which was approved by the Company's board of directors, amends and restates the Company's current By-Law No. 1, which relates generally to the conduct of the affairs of the Company. The Updated By-Law includes a provision that requires advance notice to the Company in circumstances where nominations of persons for election to the board of directors are made by shareholders of the Company other than pursuant to a requisition of a meeting made pursuant to the provisions of the Corporations Act, Manitoba (the "Act") or a shareholder proposal made pursuant to the provisions of the Act (the "Advance Notice Requirement").
Most Popular Stories
- SAC Capital Employee Guilty of Insider Trading
- The Illuminati Don't Exist, Just Ask Them
- Senate Sends Bipartisan Budget Plan to President
- Singer Ian Watkins Sentenced to 35 Years Prison for Child Sex Abuse
- Universal CityWalk Rings in 2014 with Southern California's Biggest New Year's Eve Party, Featuring Dazzling Fireworks Displays, Three Live Concert Stages, DJ Performances and a Midnight Cascade of 1,000 Pounds of Confetti
- Brothel Write-offs Cost Taxpayers Millions, Coburn Says
- Joaquin Phoenix Reboots in 'Her'
- Fed Signals Strong Confidence in U.S. Economy
- GLAAD Denounces 'Duck Dynasty' Star for Remarks About Gays
- 'Beyonce' Tops the U.S. Album Chart