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Main Zone Width and Depth Potential Expands at Spanish Mountain with the Wide
July 13, 2006
VANCOUVER, BRITISH COLUMBIA, Jul 13, 2006 (MARKET WIRE via COMTEX News Network) --
Skygold Ventures Ltd. (TSX VENTURE: SKV) and Wildrose Resources Ltd. (TSX VENTURE: WRS) are pleased to announce results from the first four diamond drill holes of the on-going 30,000 metre drill program at Spanish Mountain in central British Columbia. Results to date continue to intersect and expand significant gold mineralization within the Main Zone. Drill hole 289 has intersected the widest interval of Lower Zone mineralization on the property.
Highlights of the latest results within the Main Zone include hole 289 which was drilled to test the western extent of the central part of the zone. The hole intersected both upper and lower zone mineralization with the upper zone averaging 38.75 metres of 1.36 g/t gold and the lower zone which averaged 109.5 metres of 1.02 g/t gold including 69.0 metres of 1.42 g/t gold which also included 42.0 metres of 2.02 g/t gold. A higher grade section between the upper and lower zone averaged 9.0 metres of 5.78 g/t gold. The entire mineralized intercept in this hole averaged 300.25 metres of 0.87 g/t gold.
Holes 286, 287 and 288 were drilled to test the eastern extent of the central part of the Main Zone. Holes 287 and 288 intersected 30.0 metres of 1.04 g/t gold and 26.5 metres of 1.06 g/t gold respectively. Hole 286 intersected wide zones of lower grade mineralization. Holes 286 and 287 also intersected a lower zone at the bottom of the holes which averaged 7.5 metres of 1.34 g/t gold and 30.0 metres of 0.76 g/t gold including 4.5 metres of 1.97 g/t gold respectively.
The following table summarizes significant results:
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From To Width Au
Hole Number (m) (m) (m)(i) (g/t) Zone
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06-DDH-286 80.00 103.00 24.5 0.54 Upper
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06-DDH-286 134.00 134.75 0.75 125.00 High Grade
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06-DDH-286 312.50 320.00 7.50 1.34 Lower
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06-DDH-287 54.00 84.00 30.00 1.04 Upper
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06-DDH-287 269.50 296.50 30.00 0.76 Lower
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Including... 292.00 296.50 4.50 1.97 Lower
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06-DDH-288 70.00 96.50 26.50 1.06 Upper
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Including... 88.00 96.50 8.50 2.28 Upper
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06-DDH-289 9.75 310.00 300.25 0.87 Entire interval
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Including... 9.75 48.50 38.75 1.36 Upper
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And... 171.50 180.50 9.00 5.78 High Grade
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And... 205.00 314.50 109.50 1.02 Lower
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Including... 245.50 314.50 69.00 1.42 Lower
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Including... 272.50 314.50 42.00 2.02 Lower
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(i) represents drill hole intercept width.
INTERPRETATION:
The mineralization intersected in holes 287,288 and 289 has increased the width of the central portion of the Main Zone by at least 150 metres which increases the overall width to over 350 metres. It is now believed that the 1.2 kilometres north-south corridor of mineralization represented in earlier interpretations has a significant east-west component. Drill holes 286 and 287 both intersected lower zone mineralization at the bottom of the holes which represents the first intersections of lower zone mineralization to the east in this area. In addition, holes 287 and 288 which were drilled east of holes 286 and 261 (both lower grade holes) showed that mineralization continues and has increased in grade and width to the east. Previous interpretations would have closed the mineralization east of holes 286 and 261, it now remains open. Updated sections and plan maps are available at the Company's website.
Skygold's President Doug Fulcher states, "I am extremely pleased with this first phase of results from the on-going drill program. The fact that the Main Zone has increased in width dramatically with only four drill holes shows the potential for rapid expansion of this gold system. Our initial interpretation of the strike potential of this zone remains unchanged, however our interpretation of the width and thickness of the lower zone has been greatly under-estimated. Field personnel have already reacted to this change in interpretation and are mobilizing a second drill rig to continue to expand this remarkable gold system."
The Spanish Mountain project is a joint venture between Skygold Ventures Ltd. and Wildrose Resources Ltd. in which Skygold has a 70% participating interest and Wildrose has a 30% participating interest.
Eco Tech Laboratory Ltd. of Kamloops B.C., an accredited laboratory, is conducting the sample preparation and analyses. Skygold/Wildrose is submitting standards, blanks and duplicates into the sample stream to maintain quality control. All gold analyses will utilize standard screen metallic assay techniques. Robert Darney, P.Geo. and J.W. (Bill) Morton, P. Geo. are the qualified persons (as defined in NI 43-101) who have reviewed this news release.
On Behalf of the Board,
SKYGOLD VENTURES LTD.
Doug Fulcher, President
This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts: B&D Capital Partners Brad Aelicks (604) 685-6465 www.skygold.ca
SOURCE: Skygold Ventures Ltd. and Wildrose Resources Ltd.
http://www.skygold.ca
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