Selkirk, Doublestar rise on E zone assays

Vancouver – Selkirk Metals (SLK-V) and partner Doublestar Resources (DSR-V) are gearing up to launch an underground exploration program at their Ruddock Creek property in British Columbia after tabling new assay results.

The pledge comes after drill hole RD-06-152 coughed up 22.6 metres of massive and disseminated sulphides in the E zone discovery, averaging 11.7% zinc per tonne and 2.27% lead.

Selkirk described the result as “very significant”. It confirms that mineralization in the E zone extends for a distance of at least one kilometre, and remains open to the west.

“The plan is to go underground on the E Zone and do some in-fill drilling,” said Graham Keevil, spokesman for Selkirk, which has earned a 70 per cent stake in the Ruddock Creek property after spending $4.5 million since early 2004.

Doublestar owns the other 30 per cent.News of the latest assay results sent Selkirk shares up 22 cents or 26% to $1.08 on the TSX Venture Exchange Thursday, on volume of 2.2 million. Doublestar rose 11 cents to 39 cents.

The Ruddock Creek property is located in the Scrip Range of B.C.’s Monashee Mountains, about 100 kilometres northwest of Revelstoke.

Selkirk, the project operator, is hoping to tap the equity markets in time to finance an underground work program, which it hopes could begin in the spring of 2007. “We will do a public offering through a brokerage,” Mr. Keevil said.

In keeping with that plan, Selkirk expects to release a resource estimate for the E zone, after tabling results from another 15 to 20 drill holes in the next few weeks.

Based on the latest assays, and historical drilling, Mr. Keevil said the company is hoping to prove up enough reserves in the E zone to support development by itself.

Doublestar chief executive officer Alan Savage said he is pleased that Selkirk was prepared to drill holes to depths of 600 metres and keep drilling. “I’m extremely pleased with their technical ability and courage,” he said.

The E Zone has been the historical focus of exploration on the property which has previously been held by Falconbridge and Teck Cominco (TEK.B-T, TCK-N). The zone has now been intersected and exhibits continuity for over one kilometre down plunge from where it outcrops at surface. The width, where defined in sufficient detail, is approximately 400 metres.