Selkirk Metals Corp.: Memorandum of Understanding Initiates 2008 Exploration of the Catface Copper Project
VANCOUVER, BRITISH COLUMBIA–(April 9, 2008) – Selkirk Metals Corp. (“Selkirk” or the “Company”) (TSX VENTURE:SLK) is pleased to announce that through its 97.4% owned subsidiary, Catface Copper Mines Limited, it has entered into a Memorandum of Understanding with the Ahousaht First Nation concerning the Catface Porphyry Copper Project (the “Property”). This agreement represents an important event for the Company as it now allows for further exploration of this important undeveloped copper deposit. This project adds another advanced stage strategic asset to the active development portfolio of the Company and provides exposure to another important commodity. Selkirk is now in the final process of preparing for an initial diamond drilling program that will commence as soon as possible.Previous exploration of the Catface deposit was conducted by Falconbridge Limited from discovery in 1960 through 1989 and included extensive surface exploration and several phases of surface and underground diamond drilling from an 825 metre adit through the centre of the deposit. This exploration resulted in the discovery of three zones of mineralization (Cliff, Irishman Creek and Hecate Bay Zones) that are thought to reflect a larger porphyry system. Previous diamond drilling results include; 155.4 metres of 0.63% Cu in hole S-39, 380.98 metres of 0.58% Cu in drill hole S-06 and 349.59 metres of 0.52% Cu in drill hole S-18.
In 1989, following the completion of the last significant program on Catface, Falconbridge retained SRK Consulting to complete an independent resource calculation of the portion of the Cliff Zone that had been drilled in sufficient detail to warrant such a calculation. This calculation, which was completed before the implementation of 43-101 standards, is summarized in the following table:
> VISIT HERE to view table.
The Cliff Zone has only been partially defined and has the potential to host additional resource. SRK and Falconbridge also developed a conceptual open pit development model where the waste to ore stripping ratio was calculated to be a favourably low 0.7 to 1.0. In this study the “in pit” resource was 123,804,000 tonnes grading 0.46% copper.
In addition to the Cliff Zone, two other zones of copper mineralization have been discovered to date outlining the potential to define a much larger porphyry system. The most important zone outside of the Cliff Zone is the Hecate Bay Zone. It is outlined by a copper soil geochemical anomaly and coincident Induced Polarization (IP) geophysical anomaly similar in size and intensity as that over the Cliff Zone. Other than one historic drill hole, which intersected 0.11% copper over the last 46 metres, it has not been tested by diamond drilling and in addition to the Cliff Zone the Hecate Bay Zone will be a focus of the planned 2008 program.
With the completion of the Memorandum of Understanding, Selkirk has filed for an amended permit to allow for exploration to commence as quickly as possible. The first phase program planned for this spring will consist of a minimum of 3,000 metres of diamond drilling, additional metallurgical testing and recommended baseline environmental studies. The drilling will focus on the Cliff and Hecate Bay Zones and will be conducted using surface access.
The Catface Copper Property is owned 100% by Catface Copper Mines Limited which is owned 97.4% by Doublestar Resources Ltd., a wholly owned subsidiary of Selkirk Metals Corp. The Property is located on Catface Mountain, on the West Coast of central Vancouver Island, BC. Exploration work is conducted under the supervision of the Company’s Qualified Person and Vice President of Exploration, Jim Miller-Tait, P.Geo.
“The Memorandum of Understanding with the Ahousaht First Nation has formed the basis of a meaningful and positive relationship between Selkirk and the Ahousaht. Selkirk will work closely with the Ahousaht to assure that any development of the Catface Property will be to the benefit of the local communities and in the interests of the region at large,” stated Gordon Keevil, President.
On Behalf of the Board of Directors:
Gordon Keevil, President
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 the Company 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 our public filings at www.sedar.com for further information.
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For more information, please contact
Selkirk Metals Corp.
(604) 687-3141 (FAX)