NEWS RELEASE
SELKIRK METALS CORP.
1255
West Pender Street, Vancouver, B.C. V6E
2V1
Tel.:
(604) 687-2038 / Fax.: (604) 687-3141
TSX Venture Exchange: SLK
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.
…/Cont’d.
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.
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On Behalf of the Board
of Directors of
Selkirk Metals Corp.:
(signed) “Gordon Keevil”
Gordon Keevil,
President
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For further information on Selkirk Metals Corp. please visit its website at www.selkirkmetals.com.
This
release includes certain statements that may be deemed to be
"forward-looking statements" within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995. All statements in this
release, other than statements of historical facts, that address future
production, reserve potential, exploration and development activities and
events or developments that management of Selkirk expects, are forward‑looking
statements. Although management believes the expectations expressed in
such forward-looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance, and actual results or
developments may differ materially from those in the forward-looking
statements. Factors that could cause actual results to differ materially from
those in forward-looking statements include market prices, exploration and
development successes, continued availability of capital and financing, and
general economic, market or business conditions. Please see the public
filings of Selkirk at www.sedar.com for further information.