Oct 22, 2007
VANCOUVER, BRITISH COLUMBIA - Skygold Ventures Ltd. (TSX VENTURE:SKV) ("Skygold"), is pleased to announce the discovery of a significant gold geochemical anomaly at its 100% owned Manson Creek Property, in north-central British Columbia. The property is part of a larger land package being explored by Skygold for Sediment Hosted Vein (SHV) gold deposits similar to its Spanish Mountain Project (Skygold-Wildrose Resources Joint Venture).
The Manson Creek Property lies in the heart of the prolific Manson Creek Placer gold district in the Quesnel Trough of British Columbia. Geochemical sampling has outlined a large area (approximately 5 km by 4 km) of anomalous gold trends parallel to major geological contacts and structures. Contact parallel mineralization is recognized at Skygold's Spanish Mountain Project and is a common element in many large Sediment Hosted Vein ("SHV") deposits around the world.
Early geological reports on the Manson Creek Property indicate that much of the placer gold at Manson Creek is locally derived and not deposited by glacial transport. Skygold's geochemical anomalies are situated up-hill and up-stream from several historical placer mines and drainages indicating that the source is on Skygold's property. The anomalies occur in discrete trends parallel to major geological contacts and structures and are composed of multiple or single point anomalies greater than 40 ppb gold with spot values as high as 766 ppb or 0.76 g/t gold. A detailed map can be found on the company's web site (www.skygold.ca).
The anomalous area lies approximately 6 km south-east of Canadian Gold Hunter's QCM zone where drilling has identified sediment hosted gold mineralization. The surface expression of the QCM deposit is a 1.6 km long 40 ppb gold geochemical anomaly where drilling returned wide zones (up to 110.95 m of 0.658 g/t gold) in greywacke host rocks (source Canadian Gold Hunter's website www.canadiangoldhunter.com).
Scott Weekes, VP Exploration for Skygold, said, "The Manson Property, with its prolific placer gold fields, contact parallel mineralization and black shale sequences has many of the characteristics of SHV deposits around the world. Skygold is employing exploration methodologies very similar to those used by Russian geologists who have discovered some of the largest SHV deposits in the world. The full extent of the gold mineralization at Manson Creek is yet to be determined however a 5 km by 4 km gold soil anomaly is an excellent starting point."
"We are extremely encouraged with the results we have received to date on our regional exploration program. Drill targets have been defined on both the Manson Creek property and the Prince George property (results announced September 5, 2007) and we eagerly await the results from rest of our phase two regional program."
The regional exploration program was supervised by J. Dawson, P.Eng. and G. Belik, P.Geo. Samples were submitted for standard ICP-MS analysis using a 15g sample to ACME Analytical Laboratories Ltd an ISO 9002 accredited Lab.
Robert Darney, P.Geo. and Bob Singh, P. Geo. are the qualified persons (as defined in NI 43-101) who have reviewed this news release.
About Skygold Ventures Ltd.
Skygold Ventures is a Vancouver-based resource company exploring for gold in North America. Its shares trade on the TSX-V exchange under the symbol SKV.
Skygold is exploring for bulk tonnage, sedimentary hosted gold deposits in British Columbia. Advanced exploration is currently underway on its Spanish Mountain property and regional exploration is being conducted on numerous properties with a similar geological setting to Spanish Mountain.
Skygold's Spanish Mountain property, located near the historic gold mining town of Likely in south-central British Columbia, is one of the top gold prospects in the Cariboo region. Although Spanish Mountain has a long history of exploration, results from the past four years have produced the most convincing evidence to date that this exciting property may contain the source of some of the Cariboo's richest placer finds.
The Spanish Mountain project is a joint venture between Skygold and Wildrose Resources Ltd. Skygold owns a 70% interest and Wildrose holds a 30% participating interest.
On Behalf of the Board,
SKYGOLD VENTURES LTD.
Doug Fulcher, President
This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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B&D Capital Partners