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Tuesday, 22nd January 2008 (2595 views)

Drilling on the Spanish Mountain property in British Columbia, Canada, continues to intersect gold deposits as the project's main zone expands.

The companies behind the exploration, Wildrose Resources and Skygold Ventures, say the discovery of mineralization outside the main zone indicates favourable conditions for additional gold deposits elsewhere along the belt.

The Spanish Mountain joint venture was created when Skygold exercised its option to buy a 70 per cent stake in the Spanish Mountain property from Wildrose. Wildrose retained a 30 per cent interest.

All expenses are now shared by the companies in proportion to their respective holdings.

Scott Weekes, Skygold's vice-president of exploration said: "We are very pleased with results and interpretations coming from the field. Being able to now recognise the stratigraphic sequence has helped refine drill targets in the Main Zone.

Skygold describes the Spanish Mountain property as its "flagship" project and has said the gold discovery there, which sparked the biggest staking rush ever recorded in British Columbia, is one of the most important in province's recent history.

 

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