Selkirk Metals Corp.: 13.17% Zinc and 2.32% Lead Over 11.09 Meters From Ruddock Creek Underground Drilling
Wed Oct 8, 7:00 AM
ca.news.finance.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 8, 2008) - Selkirk Metals Corp. (TSX VENTURE: SLK.V) ("Selkirk" or the "Company") is pleased to report the first set of assay results from the ongoing diamond drilling program from underground at the Ruddock Creek Property, located 100 km north-northwest of Revelstoke in the Kamloops and Revelstoke Mining Divisions, British Columbia.
The best result received to date is from diamond drill hole EUG-08-05, which intersected 13.17% Zinc and 2.32% Lead and 3.1 g/t silver over a length of 11.09 meters. Of the drill holes completed to date, only holes one and five crossed the entire zone. The others were terminated due to problems with hole conditions. As a result, these holes did not intersect the thickest layer of massive sulphide, which in this area is near the top of the Zone. The E-Zone consists of a stratigraphic section up to 30 to 40 meters thick, which includes intervals of high grade massive sulphide up to 15 meters thick intermixed with pegmatite and calc silicates. The attitudes of the mineralized intervals are variable so the true thickness will be calculated as more drill intersections pierce the entire mineralized section.
The following table summarizes the results received to date from the underground diamond drilling program.
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FROM TO INTERVAL ZINC LEAD
HOLE NUMBER (m) (m) (m) % %
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EUG-08-1 350.60 364.11 13.51 3.10 1.05
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including 350.60 353.66 3.06 7.69 1.63
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386.49 391.63 5.14 12.77 1.86
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EUG-08-2A 232.00 236.24 4.24 4.39 0.92
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EUG-08-3 158.04 160.88 2.84 4.00 1.01
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EUG-08-4 142.15 144.81 2.66 13.72 3.12
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EUG-08-5 251.37 262.79 11.42 7.51 0.86
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including 251.37 255.58 4.21 11.09 1.26
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and 259.17 262.79 3.62 10.53 1.21
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(i)Note 317.15 328.24 11.09 13.17 2.32
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(i)Mineralized interval starts at 313.10-313.49 (0.39m) grading 7.25% zinc
and 1.10% lead before 2.72m of lost mineralized ground core due to drilling
through stuck rods and core barrel. As a result, none of this interval can
be included.
These first five holes were all drilled from a drill station established at the 650m mark down the main decline. All of the rest of the drill holes, which are ongoing, are being established in the vicinity, or in the 900m depth incline, 250m closer to the main E Zone mineralization.
Hole EUG-08-5 intersection correlates well with the massive sulphide zone intersected in surface diamond drill holes RD-05-113 and 152, which are in the immediate vicinity of the underground development and are summarized below:
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FROM TO INTERVAL ZINC LEAD
HOLE NUMBER (m) (m) (m) % %
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E-Zone
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RD-05-113 708.5 722.55 14.05 15.79 3.33
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RD-06-152 648.84 671.40 22.56 11.70 2.27
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"We are pleased that the results to date continue to confirm the interpretation and nature of the high grade massive sulphide mineralization predicted from the surface diamond drilling. Most importantly, the continuity of the E-Zone along a plunge length of greater than 1 kilometer continues to be defined with the ongoing drilling and is still open to the west," stated Gordon Keevil, President.
Operations on the Ruddock Creek Property are being conducted under the supervision of the Company's Qualified Person (as defined by NI 43-101), Jim Miller-Tait, P.Geo., Vice President of Exploration. Acme Analytical Laboratories Ltd. was engaged to carry out the analytical work on all samples. The analytical procedure utilized was the Group 7AR 23 multi-element assay by ICP-AES methods.
$2,000,000 Financing
The Company is pleased to announce a non-brokered private placement (the "Offering") to raise up to $2,000,000 by the issuance of up to 10,000,000 flow-through shares ("FT Shares") priced at $0.20 per FT Share.
Selkirk may pay a Finder's fee equal to 5% of the gross proceeds raised by the Finder, payable in a combination of cash or shares, at the election of the Finder.
The Company anticipates that there may be insider participation in the above private placement, for which the Finder will not receive a commission.
The gross proceeds raised from the issuance of the FT Shares will be used for general exploration expenditures, which will constitute Canadian exploration expenses (as defined in the Income Tax Act) and will be renounced for the 2008 taxation year. Selkirk expects to use such proceeds for the exploration and on-going development of the Company's Ruddock Creek Property.
The above private placement is subject to all regulatory and board approvals.
On Behalf of the Board of Directors:
Gordon Keevil, President
For further information on Selkirk Metals Corp. please visit our website at www.selkirkmetals.com.
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of content of this press release.
Contacts
Gordon Keevil
Selkirk Metals Corp.
President
(604) 687-2038
(604) 687-3141 (FAX)
Website: www.selkirkmetals.com |
