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CALGARY, July 21, 2011 /CNW/ --
SKP:TSXV STKXF:OTCQX
CALGARY, July 21, 2011 /CNW/ - StrikePoint Gold (SKP:TSXV) (STKXF:OTCQX)
and Ressources Appalaches (APP:TSXV), joint venture partners in the
Nova Scotia Dufferin Mine area project announce the acquisition of
additional exploration land to capture prospective extensions of
gold-bearing anticlinal axes; describe the publication of a geological
research paper that supports StrikePoint's position that the Dufferin
mineralization and its potential on-strike extensions represent large
and important gold exploration targets; and summarizes the objectives
of the summer 2010 exploration program.
Project Expansion by Property Acquisition
The Dufferin Joint Venture, consisting of the Dufferin Mine Property and
Mill, the Chocolate Lake, Miller Lake and Ecum Secum properties, are
located along fold structures that are known to be prospective for gold
exploration. A detailed geological description is available in our
Press Release of June 3, 2010. The joint venture has recently acquired
three other properties with similar geology to the southwest of the
Dufferin mine; the Sheet Harbour East, Sheet Harbour Centre and Sheet
Harbour West properties, covering approximately 900 additional hectares
(2,000 acres). As a result of the recent acquisition, the Joint Venture
now consists of seven properties, including the Dufferin Mine, within a
35 kilometre strike segment containing favourable fold structures and
rock types. The Sheet Harbour properties were acquired for $100,000,
including a $10,000 signing payment, three $25,000 annual payments and
a final $15,000 fourth year payment. The properties are also subject to
a 3% Net Smelter Return (NSR) with a buyback provision whereby 1% can
be purchased for $500,000 and an additional percentage can be purchased
for $1,000,000. A map showing the properties comprising the Dufferin
Mine Project is available at www.strikepointgold.com
New Geological Model Points to New Gold Targets
The Saddle Reef gold deposits in the Dufferin project are distinct and
occur along the anticlinal axes of regional folds. They have
historically and with justification represented the main focus of
exploration and mining activity. A recently published landmark study of
sedimentary rock hosted gold deposits suggests that exploration
targeting in the Dufferin project area should be expanded to include
different structures and host rock candidates. The paper appeared
recently in "Economic Geology", a respected scientific journal that has
been published for over 100 years. Entitled "A Carbonaceous Sedimentary
Source Rock Model for Carlin-Type and Orogenic Gold Deposits", the
paper presents detailed evidence and analysis that the gold in certain
important gold deposits was originally deposited in sedimentary
formations and subsequently, due to structural compression, folding and
other geological events, was concentrated into higher grade commercial
deposits. The main examples presented to characterize these processes
are the prolific deposits of the Carlin Trend in Nevada, the Dufferin
Saddle Reef gold deposit in Nova Scotia and the 22 million ounce Saddle
Reef Bendigo deposit in Victoria, Australia. A "Fair Use" summary of
the copyrighted Economic Geology paper, together with selected
diagrams, is available on our website (www.strikepointgold.com).
2011 Summer Work Program Underway
The 2011 Dufferin Project summer exploration program is underway. This
program will include an initial mapping and sampling program on the new
Sheet Harbour properties, to be followed by an airborne LiDAR study to
extend the previously surveyed areas. This data has proven effective in
precisely locating the target anticlinal axes.
Following a ground-proofing survey, an initial drilling program will be
undertaken on the Chocolate Lake property to test for gold-bearing
extensions of the anticlinal axes over an eastward distance of 8 km
that have been traced using LiDAR data collected last year.
Subsequently, the new Sheet Harbour LiDAR survey will be used to
identify drill targets that could extend westward from the Dufferin
Mine area
A maintenance water sampling program will be undertaken throughout the
Dufferin mine area for geochemical and baseline purposes.
A nominal cost rock analysis program will be taken to investigate
additional target possibilities as suggested in the recently published
paper described above.
Bulk sample test pits will be excavated on the Dufferin Mine property to
test the gold grade and metallurgical properties of the gold-bearing
saddle reefs where they project upward to intersect the land surface as
indicated by LiDar and 2010 drill data, Additionally, test pits will be
excavated eastward from known Saddle Reef subcrops approximately 1.4 km
eastward to the Dufferin Mine property boundary.
The Dufferin Mine Project area contains a highly mineralized gold system
as determined by a long history of gold mining and exploration. Our
current program is designed to extend the known mineralization along
the axial strike as a precursor to a comprehensive resource delineation
program. We are also studying the metallurgical and recovery
characteristics of the quartz saddle reefs and immediately adjacent
wall rocks. This will eventually include the testing of rock types that
have not previously been considered to be host rock candidates. We
anticipate that initial metallurgical test data will be available for
dissemination by the end of July.
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.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/July2011/21/c6714.html
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