SKYGOLD DRILLING INTERSECTS HIGH-GRADE GOLD AT SPANISH CREEK

Skygold Ventures Ltd. (“Skygold” or the “Company”) (SKV-TSXV) 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.”

Project Quality Control / Quality Assurance

NQ core samples were logged and cut with a diamond saw on site.  Recoveries were generally better than 90%.  Samples were shipped directly to ALS Chemex.  ALS Chemex  of North Vancouver  BC, a BC accredited laboratory which is independent of the Company, is conducting the sample preparation and analyses of samples. Skygold routinely submits 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 R. Bob Singh P.Geo are the qualified persons (as defined in NI 43-101) who have reviewed this news release.

On Behalf of the Board,

SKYGOLD VENTURES LTD 

Brian Groves
Brian Groves.
President

Forward-Looking Information

This release includes certain statements that may be deemed “forward-looking statements”.  All statements in this release, other than statements of historical facts, that address events or developments that Skygold Ventures Ltd. expects to occur, are forward-looking statements.  Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur.  Although the Companies believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the conditions of the letter agreement not being satisfied.  Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required under applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.  

Significant Results (including anomalous intervals)

Hole

From 
(m)

To
(m)

Core Length    (m) 

Gold        (g/t) 

Silver       (ppm) 

SC001

17.0

20.0

3.0

0.40

3.5

SC002

7.3

35.5

28.2

0.48

10.0

incl.

30.0

35.5

5.5

0.70

2.0

SC003

158.5

163.0

4.5

0.38

1.3

 

SC005

22.3

27.5

5.2

0.35

2.0

 

185.0

187.5

2.5

45.49

7.9

incl.

185.0

185.5

0.5

223.00

30.9

 

SC007

92.5

120.5

28.0

0.65

18.5

incl.

92.5

104.0

11.5

1.23

39.8

incl.

94.0

95.5

1.5

4.83

232.0

and

160.5

167.0

6.5

1.32

5.5

* Holes SC004 & SC006 returned weakly anomalous values

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