Wildcat Announces Drilling on Poundmaker Property and Initial Exploration Plans for Mike Power Property, Bissett Area, 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.
About Wildcat Exploration Ltd.
Wildcat Exploration Ltd. is a Winnipeg-based company exploring for gold and base metals in Canada.
Its portfolio includes: (1) several precious metal properties in the Rice Lake greenstone belt in
Manitoba, (2) the Reed Lake base metal and PGE property in the Flin Flon greenstone belt in
Manitoba and (3) the Foster River zinc-lead-silver project in Saskatchewan. As the Company builds its
property portfolio, Wildcat welcomes proposals from owners of advanced Canadian exploration
properties.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this
release.
For further information on the Company please visit our website at www.wildcat.ca or contact us at
info@wildcat.ca . The Company's public filings, including its most recent audited consolidated financial
statements, can be reviewed on the SEDAR website (www.sedar.com).
Source: Wildcat Exploration Ltd.
John Knowles, President CEO
Suite 203, 1780 Wellington Avenue
Winnipeg, Manitoba, R3H
Phone: (204) 944-8916
Fax: (204) 944-8918
This news release may contain "forward-looking information", within the meaning of applicable
Canadian securities legislation. Forward-looking information includes, but is not limited to, statements
with respect to Wildcat's exploration program and plans. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as "believes", "plans", "seeks", "expects",
"budget" or variations of such words or statements that certain actions, events or results may, could,
will, will be, would be or are expected to be. Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the actual results, level of activity,
performance or achievements of Wildcat to be materially different from those expressed or implied by
such forward-looking information.. There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially from those anticipated in such
information. Accordingly, readers should not place undue reliance on forward-looking information.
Wildcat does not undertake to update any forward- looking information, except in
accordance with applicable securities laws.
