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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Silk Road Energy Inc | TSXV:SLK | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.05 | 0.015 | 0.05 | 0 | 01:00:00 |
Selkirk Metals Corp. ("Selkirk" or the "Company") (TSX VENTURE:SLK) is pleased to announce the discovery of additional showings near the U Zone. The U Zone is located 2,100 m west of the deepest drilling of the E Zone, approximately halfway along the 5.5 km long Ruddock Creek Sulphide Horizon (RCSH). The RCSH is a near continuous zone of zinc-lead bearing massive to semi massive sulphide mineralization which has been traced through numerous surface exposures, and is illustrated on the Overview Figure on the Company's website, www.selkirkmetals.com. A new mineralized occurrence was located late in the summer field season approximately 600 m down slope south of the U Zone. This is in an area which has no record of any previously known showings or mineralized float samples. The mineralization occurs on a cliff face well below the tree line in an area of a recent slide. Grab samples of massive sulphide mineralization were collected from the base of the cliff where an exposure of in situ massive sphalerite and galena was located. The observed attitudes of the geologic units in this area are similar to the upper showings, so it is likely that it represents a different stratigraphic horizon than is exposed at the U Showings in the Cirque Valley. No systematic sampling was carried out in 2007, however the 2 grab samples returned 17.61% Zn, 6.41% Pb, 16.0 ppm Ag and 7.32% Zn, 0.03% Pb. Heavy tree cover in this area is likely responsible for this showing not having been located prior to this year. Additional mapping, sampling and prospecting will be carried out in this area early in the 2008 program in order to further define the attitude and extent of this mineralization. This lower showing displays a similar orientation and spatial relationship to the U Zone as the E Zone does to the overlying G and M Zones. This new discovery adds significantly to the potential of the Property as it clearly indicates a new horizon of zinc-lead rich massive sulphides similar to the overlying U Zone, part of the RCSH that has been the focus of exploration to date. In 2008, Selkirk will focus on this new discovery as well as the new thicker zone of mineralization below the U Zone showings as it continues to build on the Resource now being developed within the E Zone to the east. The underground development and drilling Program on the E Zone is continuing as planned with the anticipated commencement of underground diamond drilling in April when the decline reaches a depth of approximately 800 meters. The decline will continue beyond this point to a projected length of one kilometer where it will intersect the E Zone mineralization approximately 1200 meters down dip from where it outcrops at surface. The Ruddock Creek Project is now a year round operation that is expected to continue into mining operations as the Project develops. Operations on the Ruddock Creek Property are being conducted under the supervision of the Company's Qualified Persons (as defined by NI 43-101), Jim Miller-Tait, P.Geo., Vice President of Exploration and Tom Colbourne, P.Eng., Vice President of Mining. 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. The Ruddock Creek Property is located 100 km north-northwest of Revelstoke in the Kamloops and Revelstoke Mining Divisions, British Columbia. Corporate Update The Company is pleased to announce that Mr. Michael M. Sanderson has joined Selkirk as Project Manager responsible for the underground development portion of the Ruddock Creek Project. Mr. Sanderson has over 25 years experience in mining operations and mine management of mining projects in British Columbia, Manitoba, Ontario and Colorado. He has held positions ranging from Mine Manager, Mine Superintendent, General Mine Foreman, Shaft Captain to Lead Miner/Trainer. He holds a degree in Business Administration from B.C. Open University and completed Mine Engineering studies at the University of British Columbia. The Company has granted incentive stock options to Mr. Sanderson to purchase 150,000 shares of the Company at a price of $0.55 per share. The options expire on January 18, 2013. On Behalf of the Board of Directors of Selkirk Metals Corp.: Gordon Keevil, President For further information on Selkirk Metals Corp. please visit its 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 management of Selkirk 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 the public filings of Selkirk at www.sedar.com for further information.
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