Strikepoint Gold (TSXV:SKP)
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CALGARY, June 22, 2011 /CNW/ --
SKP: TSXV STKXF: OTCQX
CALGARY, June 22, 2011 /CNW/ - StrikePoint Gold (TSXV: SKP) (OTCQX:
STKXF) provides an exploration update on its Strike Point/San Gold
joint venture project adjacent to San Gold's Rice Lake mine lease in
Manitoba. The option agreement between StrikePoint and San Gold (see
Press Release January 15, 2010) remains in full force and effect with
San Gold having fulfilled all required expenditure obligations to date.
The initial 2011 Strike Point Property diamond drill program was carried
out to investigate the westward extension of the Shoreline Basalt which
contains new, high-grade gold deposits on the adjacent San Gold mine
property, In April 2011, the Company completed 9 diamond drill holes
totaling 2,809 metres within the Strike Point Property. Drilling
targeted a zone of altered Shoreline Basalt rocks containing anomalous
gold values identified during the 2010 drilling campaign; in addition
to the historic "No. 2 Shear Zone" target at Round Lake. No significant
gold intercepts were encountered as a result of this limited initial
program into the hanging wall volcanic rocks.
Deep drilling tested the Shoreline Basalt target via 5 holes (11SP-01,
11SP-02, 11SP-07, 11SP-08 and 11SP-09) totaling 2,391 metres over a 350
metre west-northwest trending strike length. Shoreline Basalt rocks
were intersected in all five drill holes at depths ranging from 216 to
304 metres, and over core widths of 26 to 36 metres. A second lower
zone of pervasively sericite altered mafic rock was intersected in all
holes (except 11SP-01) at depths ranging from 274 to 391 metres, and
over core widths of 8 to 14 metres. Intense alteration obscures the
primary rock texture, however based on the depth and location relative
to drilling completed by San Gold Corp. the lower zone may represent a
western extension of the San Antonio Mine (SAM) gabbro sill, or a
parallel Shoreline Basalt horizon.
At a depth of 506 metres in drill hole 11SP-02 (-65o), and beneath the
lower zone a 68 metre core width zone of pervasively sericite altered
intermediate volcanic rock was intersected. Quartz veins and associated
pyrite mineralization within the zone returned assays averaging 335 ppb
gold over 2.0 metres, including 520 ppb gold over 1.0 metres at a depth
of 559 metres. Both the upper and lower zones are associated with
anomalous gold assays ranging from 60 ppb gold over widths of 1.0
metres (upper zone 11SP-07, lower zone 11SP-08 and 11SP-09) and 70 ppb
gold over widths of 0.92 and 0.60 metres (upper zone 11SP-01 and lower
zone 11SP-09).
Drill testing of the historic Bissett Gold Mines Ltd (ca.1936) No. 2
Shear Zone was carried out with four shallow holes (11SP-03, 11SP-04,
11SP-05, 11SP-06) totaling 418 metres. The mineralized zone was drilled
from three setups over an 80 metre east-west trending strike length.
All four drill holes intersected a sericite altered, locally
quartz-flooded and pyrite mineralized intermediate feldspar porphyry
volcanic dyke at depths ranging from 51 to 59 metres and over core
widths of 3.6 to 8.2 metres. Drill hole 11SP-03 (-45o) returned
anomalous assays of 210 ppb gold over 0.87 metres at a depth of 51.2
metres.
A reinterpretation of lithological and structural controls on gold
mineralization from the 2010 and 2011 drilling within the Strike Point
property is currently underway. This includes further integration of
the 2011 diamond drilling into the existing structural, geologic,
ground magnetic, diamond drilling and LiDAR datasets.
The summer 2011 Strike Point Property exploration program consists of
mapping and drilling of the Shoreline Basalt and similar units that are
stratigraphically lower in the volcanic sequence. It will also include
geologic mapping and rock geochemical sampling within the San Antonio
Assemblage as deformation events associated with gold mineralization at
Rice Lake also affected the San Antonio assemblage. LiDAR lineament
analysis by StrikePoint reveals that structural trends related to the
gold mineralization on the adjacent San Gold Rice Lake mine permit also
transect the San Antonio assemblage.
All sample analytical results contained in this press release, including
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 news 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.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/June2011/22/c8562.html
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