Selkirk Metals Corp. ("Selkirk" or the "Company") (TSX VENTURE:SLK) is pleased to confirm that the second surface diamond drill is now operational and it is expected that the third drill will soon also be operating on the Ruddock Creek Property, B.C. In addition, the access road to the portal and main camp locations has now been constructed to allow for mobilization of the mining equipment to collar the portal and begin development of the decline.
Selkirk has completed over 20,000 metres of diamond drilling and extensive surface exploration on the Ruddock Creek Property since 2004. The Company has focused most of this exploration towards defining the E-Zone, which represents the eastern kilometer of the 5.5 kilometre "Ruddock Creek Sulphide Horizon". Drilling to date has confirmed that the zinc/lead bearing massive sulphide mineralization at the E Zone consists of a planar sheet, which dips to the northwest at 45 degrees and plunges to the west at approximately 40 degrees. The most westerly drill holes to date plot approximately 1.1 km west of the surface outcrop of the mineralization. The massive sulphide horizon remains open down dip to the west. Detailed drilling at the eastern end of the E Zone has shown the mineralized body to be up to 400 m wide and varying in thickness from less than 5 m to over 35 m.
The E-Zone is one of 12 significant zones of zinc and lead bearing massive sulphide that serve to define the Ruddock Creek Sulphide Horizon. The 2007 surface exploration program, including 10,000 metres of diamond drilling will evaluate the resource potential of these other zones. The discovery, and subsequent expansion, in late 2006 of the Creek Zone has served to highlight the potential to define additional resources outside of the E-Zone. All of the first 10 holes drilled to test the Creek Zone in 2006 were successful in intersecting the target zinc/lead rich massive sulphide horizon. All zones that can be accessed will be tested during the 2007 drilling program.
The E-Zone has been defined along a length of over 1 kilometre and where drilled in detailed has a width of approximately 400 metres. Detailed drilling to date has also indicated that the zone is commonly over 5 metres thick. In order to evaluate the resource potential of the E-Zone detailed drilling of the deeper portion of the zone is required. The only way to accomplish this task and proceed with engineering and a scoping study is to complete the proposed underground development and diamond drilling program. Selkirk has now agreed to contract this underground program to Procon Mining and Tunneling of Vancouver, one of Canada's most experienced underground mining contractors. With the completion of the access road, Procon will soon be on site to collar the decline and commence the underground development program.
"The commencement of surface drilling and the completion of the access road to the site of the portal of the decline are both important steps towards the completion of the major program we have planned for the Ruddock Creek Property. We are looking forward to the results from the surface drilling and the successful completion of the underground development program," stated Gordon Keevil President.
Exploration on the Ruddock Creek Property is being conducted under the supervision of the Company's Qualified Person (as defined by NI 43-101), Jim Chapman, P.Geo. As a result of the completion of the acquisition of Doublestar Resources Ltd., Selkirk now has an undivided 100% interest in the Ruddock Creek Property.
COMPANY UPDATE
The Company also announces that it has received shareholder approval at its Meeting of Shareholders held on July 31, 2007, of its rolling stock option plan which sets the number of common shares which may be issued pursuant to options previously granted and those granted under the Plan to a maximum of 10% of the issued and outstanding common shares at the time of the grant, in accordance with the policies of the TSX Venture Exchange (the "Exchange"). The number of shares which may be reserved for issuance to any one individual may not exceed 5% of the issued shares on a yearly basis or 2% if the optionee is engaged in investor relations activities or is a consultant. The Stock Option Plan is subject to Exchange approval. |
