Strikepoint Gold (TSXV:SKP)
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CALGARY, Feb. 25 /CNW/ --
SKP - TSXV STKXF - OTCQX
CALGARY, Feb. 25 /CNW/ - Richard Boulay, Chairman of StrikePoint Gold
(TSXV: SKP) (OTCQX: STK) (the "Company") is pleased to announce
commencement of the 2011 Strike Point Property diamond drill program
and to summarize the results of exploration work conducted during the
second half of 2010.
The most significant disclosure in this press release is the drill
interception, during the past few days, of the Shoreline Basalt unit
within the boundary of the Strike Point joint venture property that is
being jointly explored by the Company and San Gold Corporation (SGR -
TSX and SGRCF - OTCQX). San Gold has recently reported (See San Gold
Corporation press release: February 17, 2011) that the Shoreline Basalt
is a second and parallel mine horizon that has been identified as a key
host to the numerous new gold deposits, including the L13, L10, 007,
007 East and Emperor gold zones that lie within or in close proximity
to the Shoreline Basalt. The identification of the Shoreline Basalt on
the Strike Point property represents a dramatic westward extension of
this prolific gold host unit. (See maps below)
Drilling on the Strike Point property during 2011 commenced in
mid-February with the objective to explore a zone of intense
sericite-carbonate-chlorite alteration that returned geochemically
anomalous gold assays during the second half 2010 drill program. The
alteration zone occurs within a sequence of strongly deformed basalt
(now identified as the Shoreline Basalt) and andesitic volcaniclastic
rocks that lie to the west along strike within the hanging wall of San
Gold's Rice Lake Mine unit.
The first hole of the 2011 program (11SP-01, -50 degree dip) intersected
a 25 metre (core width) interval of Shoreline Basalt at a depth of 293
meters. The basalt occurs within a broader 51m (core width) interval of
deformed, intensively carbonate-chlorite (±sericite) altered andesitic
volcaniclastic rocks. The Shoreline Basalt is underlain by a further
two zones of moderate to pervasively sericite-carbonate-chlorite
altered intermediate volcaniclastic rocks occurring at depths of 379
and 435 metres. The lower alteration zones occur over widths of 5.3
and 2.6 metres, respectively, and host numerous narrow (5-10
centimetres) quartz-carbonate veins containing up to 0.5% pyrite
mineralization. A second, steeper (-65 degree) drill hole (11SP-02) has
been collared from the same setup in an effort to further define these
significant zones of alteration and deformation deeper at an
anticipated downhole intercept depth of approximately 350 meters. The
entire interval of Shoreline Basalt encountered in drill hole 11SP-01
has been sampled for fire assay analysis with results anticipated
within a few weeks.
Richard Boulay, Chairman of StrikePoint Gold stated: "The interception
of the Shoreline Basalt on the Strike Point joint venture property is a
significant development. Moreover, the presence of intense gold
pathfinder alteration is additionally encouraging and together with the
presence of additional altered volcaniclastic units located
stratigraphically below the Shoreline Basalt combine to form a
prospective environment that demands aggressive drill exploration."
The early success of the 2011 drill program is a result of an extensive
drill orientation program executed during the second half of 2010. This
program consisted of 15 diamond drill holes for 4532 metres on the
Strike Point Property. This program was initially described while it
was being conducted in October 2010 (See StrikePoint press release:
October 19, 2010). In total 1623 samples (including 156 QA/QC samples)
were analyzed for gold by fire assay and multi-element ICP-MS analysis.
The 2010 Strike Point Property diamond drilling focused on evaluating
the potential of the Townsite and Round Lake volcanic units where they
are cut by northeast-trending 16-type shear vein structures that host
significant gold mineralization at the Rice Lake Mine.
Drilling within the Townsite section targeted three northeast-trending
magnetic low anomalies 500 to 1500 metres west of San Gold's Cartwright
Zone at the Rice Lake Mine (see San Gold Press Release December 13,
2006). Drilling intersected intensely sheared chlorite and pervasively
sericite-altered basalt and andesitic volcaniclastic rocks of the
Townsite section in five drill holes. All five drill holes terminated
at depth in faintly layered sandstone and pebble conglomerate
consistent with the basal units of the Townsite section (foot-wall
rocks of the Rice Lake Mine unit).
The other ten drill holes (10SP-01, 10SP-05, 10SP-06, 10SP-07, 10SP-08,
10SP-09, 10SP-10, 10SP-14 and 10SP-15) targeted dacitic and andesitic
volcaniclastic rocks of the Round Lake section in the hanging-wall of
the Rice Lake Mine. Drilling defined a zone of intensely sheared
albite-ankerite-silica-chlorite altered andesitic volcaniclastic rocks
striking west-northwest in the hanging-wall over a strike length of
2000 metres.
The assay results and the presence of intense
sericite-carbonate-chlorite alteration along the contact between basalt
and hanging-wall sandstone rocks within drill holes 10SP-02, 10SP-03,
10SP-04 and 10SP-11 suggest that additional drilling is warranted
within the lower Townsite section. Drilling within the Round Lake
section did not return significant assays, but additional targets
remain to be tested in hanging-wall volcanic rocks adjacent to the Rice
Lake Mine.
While the second half 2010 Strike Point project drill program did not
return any significant gold intercepts the information derived was
essential to define hanging wall stratigraphy to target the suspected
Shoreline Basalt and to identify new targets in the Round Lake section
of the property. The Round Lake targets will be investigated with a
1600m drill program following the completion of the Shoreline Basalt
drill program.
During 2010, considerable prospecting, mapping, ground magnetic and
sampling was carried out in the vicinity of the historic Vanson mine
located approximately 3 kms north of San Gold's Rice Lake mine. An
encouraging structural, geological and geochemical database has been
assembled and will be evaluated for drilling later in 2011.
The Strike Point property is owned 100% by the Company and is the object
of an option agreement whereby San Gold Corporation can earn a 50%
interest by performing exploration work (see StrikePoint Press Release
January 15, 2010). The Strike Point Property is located adjacent to and
west and northwest of San Gold's Rice Lake Mine at Bissett, Manitoba.
The Company is the operator of the Strike Point project and is working
in consultation with San Gold geologists. San Gold's fiscal 2011
exploration commitment is approximately $900,000.
Maps showing the simplified geology of the central Rice Lake Belt and
2010 and 2011 Strike Point project drill locations are available at: www.strikepointgold.com
All sample analytical results contained in this press release, including
numerous standard and quality control samples were analyzed for gold by
fire assay and/or multi-element ICP-MS analysis, as appropriate, by TSL
Laboratories Inc, Saskatoon, SK.
Kristopher J. Raffle, P. Geol., APEX Geoscience Ltd. is a qualified
person as defined by National Instrument 43-101 and is responsible for
the preparation and approval of the technical information disclosed in
this press release. This press release has been reviewed by Daniel A.
Beauchamp, B.Sc., P.Geol., StrikePoint Gold's Qualified Person under
National Instrument 43-101.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements relating to the
future operations of the Corporation and other statements that are not
historical facts. Any statements that are contained in this news
release that are not statements of historical fact may be deemed to be
forward-looking statements. Such forward-looking statements are subject
to important risks, uncertainties and assumptions. The reader is
cautioned that assumptions used in the preparation of any
forward-looking information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from those
predicted, as a result of numerous known and unknown risks,
uncertainties, and other factors, many of which are beyond the control
of StrikePoint. As a result, we cannot guarantee that any
forward-looking statement will materialize and the reader is cautioned
not to place undue reliance on any forward-looking information. Such
information, although considered reasonable by management at the time
of preparation, may prove to be incorrect and actual results may differ
materially from those anticipated. Forward-looking statements contained
in this news release are expressly qualified by this cautionary
statement. The forward-looking statements contained in this news
release are made as of the date of this news release, and StrikePoint
does not undertake any obligation to update publicly or to revise any
of the included forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly required
by Canadian securities law.
For images click here: http://files.newswire.ca/874/sp250211.pdf
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/February2011/25/c6042.html
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