VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- March 01, 2007 -- Skygold Ventures Ltd. (Skygold) (TSX VENTURE: SKV), a Vancouver-based resource company ,and its partner Wildrose Resources Ltd. (Wildrose) (TSX VENTURE: WRS), today announced assay results from an additional 6 diamond drill holes on the Spanish Mountain gold property in south-central British Columbia that continue to expand the project's Main Zone.
Drilling beneath the Imperial Metals pit has confirmed the downward extension of the known mineralization that was the target of a bulk sample of 1908 tonnes whose grade was determined to be 3.02 g/t gold. Previous interpretations would have indicated that the Central Main Zone comes to surface at the pit. Hole 562 intersected 3 separate zones that totalled 105.5 m of mineralization and weight averaged 1.27 g/t gold including 46.5 metres grading 1.56 g/t gold indicating the zone is open at depth. Hole 557 has intercepted 54.36 m of mineralization in 2 separate zones weight averaging 1.17 g/t gold including 42.0 m of 1.21 g/t gold.
Mineralization within the Main Zone is associated with at least three separate, sub-parallel, stratigraphic horizons up to 500 metres wide and up to 135 metres thick. Geophysics completed in 2006, in conjunction with drilling and surface sampling has defined these favourable horizons over at least 2.5 kilometres. The extent of drilling within the Main Zone to date has tested only 20% of this area.
As previously reported, drilling within the Main Zone has significantly increased its east west extent to at least 740 metres while regional drilling has intersected gold mineralization 1.5 kilometres west of the Main Zone.
Hole locations in plan view relating to geophysical signatures can be viewed on the company website, www.skygold.ca.
Results for a further 24 reverse circulation and 11 diamond drill holes are pending. Results are expected within the next few weeks.
The new results include a selection of holes drilled within the middle stratigraphic horizon stepping out to the west of the Main Zone. All 6 holes have intercepted meaningful mineralization.
The following table summarizes the most significant results from the Central Main Zone.
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Hole id from to interval Au g/t
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544 31 41.5 10.5 1.16
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547 63.5 81 17.5 1.02
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553 57 84 27 0.76
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incl. 57 67.5 10.5 1.23
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557 29 41.36 12.36 (ii)1.02
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and 92.5 134.5 42 (ii)1.21
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562 14 50.5 36.5 (ii)0.87
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incl. 38 49 11.0 2.03
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93 139.5 46.5 (ii)1.56
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228 2262.5 34.5 1.04
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incl. 228 250.5 22.5 (ii)1.33
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563 68.5 91 22.5 1.02
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incl. 68.5 82 13.5 1.37
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128.5 143.87 15.37 0.84
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incl. 128.5 136 7.5 1.07
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(i) Represents drill hole intercept width
(ii) Intercepts used in weight averaging
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.
The company will be exhibiting at the Prospectors and Developers Conference in Toronto March 4th Interested participants can visit management at Booth # 2531.
On Behalf of the Board,
SKYGOLD VENTURES LTD
Doug Fulcher, President
About Skygold Ventures Ltd.
Skygold Ventures is a Vancouver-based resource company exploring for precious metals in North America. Its shares trade on the TSX-V exchange under the symbol SKV.
Skygold's Spanish Mountain property, located near the historic town of Likely in south-central British Columbia, is one of the top gold prospects of the Cariboo region. Although Spanish Mountain has a long history of exploration, results from the past four years have produced the most convincing evidence to date that this exciting property may contain the source of some of the Cariboo's richest placer finds.
The Spanish Mountain project is a joint venture between Skygold and Wildrose Resources Ltd. Skygold owns a 70% interest and Wildrose holds a 30% participating interest.
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.
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