Zinc-Lead Discovery Indicates New Target Horizon - Ruddock Creek Property, B.C.
February 4, 2008 -- Selkirk Metals Corp. ("Selkirk" or the "Company")
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.:
(signed) "Gordon Keevil"
Gordon Keevil, President
For further information on Selkirk Metals Corp. please visit its website at www.selkirkmetals.com.
