Skybridge Drilling Confirms New Discovery at Blue Caribou
16 July 2008 - 10:30PM
Marketwired
THUNDER BAY, ON is pleased to announce assays for an additional
10 holes from its 100% owned Blue Caribou Project in Nunavut.
Assays from Holes BC-08-3 to BC-08-12A represent mineralized
intervals with assays from different sections over a total 800m
strike length defined thus far with new assays grading up to 4.28%
copper over 5.0m (16.4ft) and 3.62% copper over 8.9m (29.3ft) at a
1.0% copper assay cutoff within a broader quartz breccia target
horizon (Table 1). Drilling continues with a further 2000m of both
step-out and down-dip drilling planned and additional assays
pending. The Blue Caribou Copper Zone remains open along strike and
down dip. The Company is also assessing a distinct, promising gold
zone on the Property within the altered, granodiorite-dominated
geological sequence.
Table 1: Drilling Assays Utilizing a 1.0% Copper Assay Cutoff from Blue
Caribou Project, Nunavut
------------------------------------------------------------------------
Hole no./ Interval (m/ft) Copper Moly Silver Gold
Sect/Dip (%) (%) (g/t) (g/t)
------------------------------------------------------------------------
Elbow Zone
------------------------------------------------------------------------
BC08-01/
1195E/-50 45.5 - 50.0 (4.5 / 14.4) 2.68 .052 27.75 .310
------------------------------------------------------------------------
BC08-02/
1195E/-70 40.0 - 49.8 (9.8 / 31.3) 3.08 .007 32.25 .240
------------------------------------------------------------------------
BC08-03/
1195E/-90 45.8 - 54.7 (8.9 / 29.2) 3.62 .028 34.54 .164
------------------------------------------------------------------------
BC08-04/
1280E/-50 34.8 - 40.7 (5.9 / 19.3) 2.11 .007 16.26 .368
------------------------------------------------------------------------
BC08-05/
1280E/-90 38.5 - 43.1 (4.6 / 15.1) 3.44 .035 32.03 .206
------------------------------------------------------------------------
BC08-06/
1038E/-50 29.6 - 34.6 (5.0 / 16.4) 4.28 .174 41.79 .172
------------------------------------------------------------------------
BC08-07/
1038E/-90 33.0 - 36.0 (3.0 / 9.8) 3.87 .075 36.26 .352
------------------------------------------------------------------------
BC08-08/
960E/-50 43.0 - 53.0 (10.0 / 32.8) 3.19 .059 35.40 .152
------------------------------------------------------------------------
BC08-09/
960E/-90 50.0 - 57.0 (7.0 / 23.0) 3.36 .061 29.91 .187
------------------------------------------------------------------------
BC08-10/
1120E/-60 23.0 - 31.0 (8.0 / 26.2) 1.99 .065 21.40 .213
-----------------------------------------------------------------------
BC08-11/
1120E/-90 27.0 - 32.0 (5.0 / 16.4) 2.02 .068 17.35 .139
-----------------------------------------------------------------------
Trench Zone
-----------------------------------------------------------------------
BC08-12/ nd* nd nd nd nd
-----------------------------------------------------------------------
56.6 - 61.1 (4.5 / 14.8) 4.16 .193 69.59 .056
BC08-12A
480E/-45 59.6 - 60.3 (0.7 / 2.3) 20.45 .005 355.18 .198
-----------------------------------------------------------------------
*nd - not drilled
Previous (2007) surface sampling in the NI 43-101 compliant
technical report filed by independent consultants G.A. Harron &
Associates, Inc. returned grades of 2.58% copper, 0.12% molybdenum,
25.85g/t silver and 0.31g/t gold over 12m in bedrock chip sampling
across the zone. Spot values from grab samples of frost heaved
material included up to 9.60% copper, up to 0.67% molybdenum, up to
110.66 g/tonne silver and up to 3.22 g/tonne gold locally from the
target horizon. The current drill program is designed as a
preliminary test of the size and grade potential of the main
copper-rich Blue Caribou structure within the host granodiorite
sequence. True width is estimated at 90-95% of reported
intersections.
The current drill program has consistently intersected the
shallow dipping, brecciated structure which predominantly hosts
clean chalcopyrite (copper-sulphide) mineralization with minor
molybdenite and accessory silver and gold values in a quartz
breccia target horizon over an approximate 800m strike length. The
shallow-dipping (25-30 degrees) horizon remains open along strike
and at depth. Split core samples from an additional 9 holes are at
the lab with assay results pending shortly as an additional 2000m
of drilling continues. Photos of drill core may be viewed on the
website at www.skybridgedevelopment.com.
A prospecting/mapping crew is currently on the ground assessing
a promising gold horizon with high magnetic and associated
electromagnetic geophysical anomalies to the southeast of the main
Blue Caribou showing on the 20,000 hectare Blue Caribou Property.
The horizon includes several significant historical gold
occurrences referenced in the SEDAR-posted NI 43-101 compliant
technical report of G.A. Harron and Associates, Inc. filed May 9,
2008 (p. 20/38). The association of copper and reported gold
mineralization within an altered, locally brecciated rock sequence
leads the Company to believe that it may be dealing with a possible
Iron Oxide Copper Gold (IOCG) deposit model at Blue Caribou. The
Property sequence is dominated by late Archean deformed granitoid
(granodiorite) intrusions near the confluence of the Bathurst Fault
and Paleoproterozoic Thelon Front magmatic zone which forms the
eastern boundary of the Slave Geological province. Individual IOCG
deposits are host to some of the world's largest individual bulk
concentrations of gold and copper.
Split core samples from the Blue Caribou project are being
processed at ISO-certified Accurassay Laboratories, Thunder Bay,
Ontario. Core logging, splitting, sampling, sample transportation
and assay procedures are all subject to rigorous Quality
Assurance/Quality Control protocols to ensure the accuracy and
reproducibility of the analytical results, under the supervision of
Gord Yule, P.Geo., a Qualified Person under NI 43-101 who has
approved the content of this news release.
Skybridge management and the Board of Directors, led by Chairman
Ewan Downie, are experienced and successful Arctic explorers and
developers and believe that tidewater-accessible world-class
mineral deposits will ultimately establish Nunavut and the
Northwest Territories as Canada's next great mining district. The
company is well-financed and actively considering additional
acquisitions in the Arctic and elsewhere as a catalyst for
growth.
For further information and presentation material, please review
the Skybridge website at www.skybridgedevelopment.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Abraham Drost, P.Geo. President/CEO
info@skybridgedevelopment.com
401, 1113-Jade Court
Thunder Bay, ON
Canada P7B-6M7
Ph: (807) 345-3306 or (807) 252-7800
This news release includes certain forward-looking statements
concerning the future performance of our business, its operations
and its financial performance and condition, as well as
management's objectives, strategies, beliefs and intentions.
Forward-looking statements are frequently identified by such words
as "may," "plan," "expect," "anticipate," "estimate," "intend" and
similar words referring to future events and results including the
statements herein that: i) the Company anticipates that the size
and grade potential will be confirmed by a diamond drilling program
and ii) suggesting a structure potentially amenable to shallow bulk
mining pending a full determination of lateral extent by additional
drilling. Forward-looking statements are based on the current
opinions and expectations of management. All forward-looking
information is inherently uncertain and subject to a variety of
assumptions, risks and uncertainties, including the speculative
nature of mineral exploration and development, fluctuating
commodity prices, competitive risks and the availability of
financing and as described in more detail in our recent securities
filings available at www.sedar.com. Actual events or results may
differ materially from those projected in the forward
looking-statements and we caution against placing undue reliance
thereon.
The TSX Venture Exchange does not accept responsibility for the
accuracy or the adequacy of this release.
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Contact: Abraham Drost, P.Geo. President/CEO 401, 1113-Jade
Court Thunder Bay, ON Canada P7B-6M7 Ph: (807) 345-3306 Ph: (807)
252-7800 Email Contact
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