Wildcat announces results for 24 additional drill holes: continues to extend mineralization in both Manto and Upper Silver Zones
VANCOUVER, May 17, 2012 /CNW/ - Wildcat Silver Corporation (TSX: WS) ("Wildcat" or "the Company") is pleased to announce the results for 24 additional drill holes completed on the Company's Hermosa property located in Santa Cruz County, Arizona. The current drill results targeted extensions of the Manto Oxide Zone to the northeast and the Upper Silver Zone southeast of the current Hermosa resource.
HDS-289, located on the eastern extent of the patented claim block containing the existing Hermosa resource, intersected three significant mineralized intercepts of the Manto Oxide Zone and three mineralized intercepts of the Upper Silver Zone. This mineralization extends and leaves open the possible expansion of the current Hermosa resource off the patented claim block to the east/northeast. The Manto Oxide Zone intercepts ranged in thickness from 5.8 to 14.0 metres with silver grades up to 152.6 g/t and the Upper Silver Zone intercepts ranged in thickness from 3.0 to 12.3 metres with silver grades up to 50.1 g/t.
HDS-293, located on the south boundary of the southeast patented claim block, intersected two significant zones of mineralization. These intersections leave open the possibility of expansion of the Upper Silver Zone to the south. The top intercept of the Manto Oxide Zone returned 6.1 metres of 227.2 g/t silver and 8.98% manganese.
HDS-275, located on the northern boundary of the southeast patented claim block, intersected five separate horizons of Upper Silver Zone mineralization and leaves open the possible expansion of the Upper Silver Zone off the patented claim block to the north/northeast. Mineralized intervals ranged in thickness from 4.6 to 12.2 metres returning silver grades between 32.9 g/t up to 94.4 g/t.
The Company's most recent drill program completed in March 2012 included 212 drill holes for a total of approximately 55,700 metres. A total of 54% of the drill and assay values were included in the February 2012 mineral resource estimate for the Hermosa project. Wildcat expects to provide a further update to the current mineral resource to incorporate all of the drilling in the third quarter of this year. Following this announcement, 33 drill holes with assays and analysis are still in process and are expected to be released by the end of this quarter.
The Company is also making significant progress on its metallurgical optimization studies and intends to complete pilot plant work mid-year. As a result, the Company intends to deliver a preliminary economic assessment in the third quarter of this year, which will include the new mineral resource as well as updated metallurgical testwork.
A summary of the drill results is provided below. Please also see attached map.
Note: Intervals reported are drill thicknesses as measured along the core axis and are not true widths
A complete list of all drill intercepts, location map and 3D model of the Hermosa mineralization are available on the company's website at www.wildcatsilver.com.
The results of Wildcat's drilling results have been reviewed, verified and compiled by Don Taylor, MSc., PG, President and Chief Operating Officer for Wildcat Silver, a qualified person as defined by National Instrument 43-101 (NI 43-101). Mr. Taylor has more than 25 years of mineral exploration and mining experience, and is a Registered Professional Geologist through the SME. Mr. Taylor is also a Licensed Professional Geologist in several US states.
Assays and Quality Assurance/Quality Control
To ensure reliable sample results, Wildcat has a rigorous QA/QC program in place that monitors the chain-of-custody of samples and includes the insertion of blanks, duplicates, and certified reference standards in each batch of samples. Core is photographed and split in half with one-half retained in a secured facility for verification purposes. Sample preparation (crushing and pulverizing) is performed at Skyline Laboratories, an ISO/IEC accredited lab located in Tucson, Arizona. Skyline Laboratories prepares two pulps of all samples and completes analysis of one pulp sample by ICP for Cu% (copper), Pb% (lead), Zn% (zinc) and Mn% (manganese). The second pulp is shipped to Inspectorate Labs, an ISO: 9001-2008 accredited laboratory in Reno, Nevada, where the duplicate pulp is analyzed for Au (gold) and Ag (silver). Silver values are determined by gravimetric fire assay (1 AT) with gold values determined by an AA finish from the same dore bead: Final silver value is the weight of the dore bead minus the AA gold value. In certain drill holes Skyline completes analyses of pulps for gold (FA-1AT/AA) and silver is determined by multi-acid digestion/AA finish. If the silver value is greater than 150 gpt the sample is redone by gravimetric FA (1AT) with the gravimetric gold value subtracted. At both labs if the FA/AA Au value is greater than 3 gpt the Au assay is repeated by FA gravimetric methods. Certain duplicate pulps have gold-silver QA/QC checks run at Skyline by the above methods. Also certain duplicate pulps also have Cu, Pb, Zn, Mn QA/QC checks a using ICP/AA methods and 30 element spectral ICP determined at Inspectorate after 4-acid digestion.
Wildcat is a Canadian mineral exploration company focused on development of Hermosa, its 80% owned silver project located in Santa Cruz County, Arizona. The project currently has an indicated mineral resource of 101.4 million tonnes averaging 53.18 grams per tonne silver for a total of 171.3 million ounces of silver in addition to an inferred mineral resource of 83.6 million tonnes averaging 36.42 grams per tonne silver for a total of 98.6 million ounces of silver as announced in the February 6, 2012 press release.
Cautionary Note Regarding Forward-Looking Information
Certain information contained in this press release constitutes forward-looking statements. All statements, other than statements of historical facts, are forward looking statements, including information concerning the Company's plans for its mineral property in Arizona including the preparation and timing of further mineral resource updates, preliminary economic assessments and metallurgical testwork. Forward-looking statements are often, but not always, identified by the use of words such as may, will, seek, anticipate, believe, plan, estimate, budget, schedule, forecast, project, expect, intend, or similar expressions.
The forward-looking statements are based on a number of assumptions which, while considered reasonable by the Company, are subject to risks and uncertainties. In addition to the assumptions herein, these assumptions include the assumptions described in the Company's management's discussion and analysis for the period ended December 31, 2011 ("MD&A"). The Company cautions readers that forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed in or implied by such forward-looking statements and forward-looking statements are not guarantees of future results, performance or achievement. These risks, uncertainties and factors include general business, economic, competitive, political, regulatory and social uncertainties; actual results of exploration activities and economic evaluations; fluctuations in currency exchange rates; changes in project parameters; changes in costs, including labour, infrastructure, operating and production costs; future prices of silver and other minerals; variations of mineral grade or recovery rates; operating or technical difficulties in connection with exploration, development or mining activities, including the failure of plant, equipment or processes to operate as anticipated; delays in completion of exploration, development or construction activities; changes in government legislation and regulation; the ability to maintain and renew existing licenses and permits or obtain required licenses and permits in a timely manner; the ability to obtain financing on acceptable terms in a timely manner; contests over title to properties; employee relations and shortages of skilled personnel and contractors; the speculative nature of, and the risks involved in, the exploration, development and mining business; and the factors discussed in the section entitled "Risks and Uncertainties" in the MD&A.
Although the Company has attempted to identify important risks, uncertainties and other factors that could cause actual performance, achievements, actions, events, results or conditions to differ materially from those expressed in or implied by the forward-looking information, there may be other risks, uncertainties and other factors that cause performance, achievements, actions, events, results or conditions to differ from those anticipated, estimated or intended. Unless otherwise indicated, forward-looking statements contained herein are as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable law.
About Reserves and Resources
This press release uses the terms indicated and inferred resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that: (a) mineral resources are not economic mineral reserves; (b) the economic viability of resources that are not mineral reserves has not been demonstrated; and (c) it should not be assumed that further work on the stated resources will lead to mineral reserves that can be mined economically. In addition, inferred resources are considered too geologically speculative to have any economic considerations applied to them. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for certain preliminary economic assessments. Readers should also refer to the Company's Annual Information Form for the period ended December 31, 2011 and other continuous disclosure documents available at www.sedar.com, which is subject to the qualifications and notes set forth therein.
please visit www.wildcatsilver.com or contact:
Letitia Cornacchia, Vice President, Investor Relations and Corporate Communications
Telephone: +1 416 860 6310