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Selkirk Metals Corp

Wednesday, October 31st, 2007

Selkirk Metals Corp. is pleased to provide this update on the newly defined sulphide horizons in the area of the U Showings. This Zone is located 2.8km west of the E-Zone outcrop and 1.5km northwest of the Creek Zone outcrop at the Ruddock Creek Project, B.C. The showings are located in the central portion of the 5km long Ruddock Creek Sulphide Horizon as shown on the Overview Figure on the Company’s website, www.selkirkmetals.com.
Eight holes (RD-07-U1 to U8) were completed on the U Zone during 2007, with seven holes from a pad between the central and easternmost outcrops and a single hole (RD-07-U8) from a location 300m to the north. To date, only partial results are available for RD-07-U2, which are summarized in the table below, along with complete results for RD-07-U1;
Hole, From(m), To(m), Interval(m), Zinc%, Lead%
U Zone
RD-07-U2 127.3 135 7.70 21.48 2.5
144 149 5.0 4.96 0.82
RD-07-U1 26.55 27 0.45 3.27 0.06
62.6 63.4 0.8 2.67 0.2
70.6 71.25 0.65 10.71 1.99
80.5 82.45 1.95 1.79 0.15
86.95 101.06 14.11 7.59 1.34
Including 86.95 90.20 3.25 23.78 3.85
The thick high grade section reported in RD-07-U2 correlates with the high grade zone in RD-07-U1, from a stratigraphic and compositional perspective. These two intercepts also align with the lowermost of the Falconbridge showings indicating an easterly striking zone with a northerly dip. These intervals also appear to correlate with the new showing further to the west. Two chip samples covering a vertical distance of 7.5m have been collected from the new showing and have been submitted for analyses.
Massive sulphide bands range from 20cm to 4.5m in thickness, within mineralized intervals of up to 15m in thickness. The sulphides are generally fine to medium grained and are very similar in style and grade to those sulphides encountered at the E Zone and Creek Zone.
Historical exploration by Falconbridge in the 1960’s had located 3 surface showings along an east – west trend covering 500m. Channel sampling was carried out in 2007 over two of the three Falconbridge showings that make up the U Zone. Falconbridge also completed 3 shallow holes on one of these outcrops to test the near surface mineralization. The Selkirk channel sampling was completed utilizing a portable diamond saw so that the samples are continuous across the surface of the outcrop. Samples were collected from the vicinity of holes U-62-1, 2 and 3 on the central showing, and from the easternmost outcrop. These mineralized horizons correlate with the upper sulphide horizons in drill hole RD-07-U1, which is located approximately 60 meters to the east. The following table contains the lengths, results and locations of the U Zone sampling.
Sample Numbers, Length(m), Location, Description, Zinc%, Lead%
730452 – 730455 4.0 Central U Channel 4.5 1.94
730456 – 730462 7.5 Central U Channel 10.49 1.44
730470 – 730472 3.0 East U Channel 4.07 0.22
Hole U-62-1 8.32 Central U 0.4 – 8.72m 6.02 0.19
Hole U-62-2 10.15 Central U 0.76 – 10.91m 15.42 1.91
Prospecting in the area of the known U showings has resulted in the discovery of a new sulphide bearing horizon 250m to the west. The four outcrops that now outline the U Zone at surface cover a distance of 750m along a west southwest trend toward the V Showings. These showings reflect the surface expression of the multiple mineralized horizons encountered in the 2007 drilling. Heavy timber and talus cover is present over the intervening 600m between the V and the west end of the U showings. The V showings are in turn at the eastern end of a 1000m long series of mineralized exposures known as the V, R, and Q showings.

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