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Message: Intersects High-Grade Gold at Spanish Creek
| January 14, 2009 |
| Skygold Drilling Intersects High-Grade Gold at Spanish Creek |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 14, 2009) - Skygold Ventures Ltd. ("Skygold" or the "Company") (TSX VENTURE:SKV) is pleased to announce the discovery of a new zone of gold mineralization ("Thunder Ridge Showing") on its 100% owned Spanish Creek Project in central British Columbia. The Spanish Creek Project is located approximately 100 km southeast of Skygold's flagship Spanish Mountain Project. An initial phase of drilling, completed late in 2008, returned values up to 223.0 g/t (6.79 oz/t) gold over 0.5 metres. While Skygold continues to focus on advancing the Spanish Mountain Project, the high grade nature of the Thunder Ridge Showing highlights the potential of the Company's other projects. Highlights: - Hole SC-005 intersects 45.49 g/t gold over 2.5 metres including 223.0 g/t gold over 0.5 metre. - Hole SC-007 intersected 1.23 g/t gold over 11.5 metres including 4.83 g/t gold over 1.5 metres and 1.32 g/t gold over 6.5 metres in separate horizons. - 5 of the 7 holes intersected anomalous gold mineralization with assays of at least 0.30 g/t gold including hole SC-002 with 28.2 metres of 0.48 g/t gold and hole SC-007 with 28.0 metres of 0.68 g/t gold. - A number of sub-parallel structures have been interpreted from the soil geochemical data and drilling results. Holes SC-005 and SC-007 are approximately 600 metres apart. The Spanish Creek Project is located approximately 50 kilometres northeast of the town of 100 Mile House in central British Columbia. The property is underlain by a sequence of Triassic black phyllite similar to the rocks that underlie the Main Zone at the Spanish Mountain Property. Gold mineralization is associated with silica flooding and quartz veining within northeast trending structures. The 2008 drill program consisted of 7 holes totaling 1552 metres and targeted structures defined by northeast trending soil geochemical anomalies. The property has been the subject of very little previous exploration, has no outcrop exposures and had never been drilled. The results from drilling have identified a corridor at least 400 metres wide and 750 metres long that contains numerous sub parallel quartz veins with anomalous gold, silver and arsenic values. The corridor appears to be open in all directions. A map showing the location of drill holes may be viewed by visiting the Company's website - www.skygold.ca. Brian Groves, President of Skygold stated: "We are extremely pleased with the results from our initial drilling program at Spanish Creek. The fact that 5 of 7 holes intersected gold mineralization, with high grades intersected in hole SC-005, in an area that has been the subject of limited previous surface work is very encouraging. The broad zones of quartz veining and the scale of the initial soil anomaly indicate a very high priority target that warrants further exploration. While Skygold's focus remains on the advanced stage exploration project at Spanish Mountain, the new discovery at Thunder Ridge continues to demonstrate the potential of the Company's portfolio of projects." |
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