Strike Minerals Reports Gold Mineralized Intersections in Test Drill Hole in Schreiber
TORONTO, ONTARIO -- (Marketwire) -- 10/01/12 -- Strike Minerals Inc. (TSX VENTURE: STK) ("Strike" or the "Company") announces results from drill hole HH-12-04 recently completed on the Harkness Hays property. The property is located in the Hemlo-Schreiber Greenstone belt of north-western Ontario, approximately 200 km east of Thunder Bay, and 70 km west of Hemlo.
Hole #4, HH-12-04 (Az 130 degrees, dip -45 degrees) located approximately 500 meters north-west of drill holes 1 through 3 and was the final hole in the Phase 1 drill program on the Harkness-Hays property, and was designed to test a portion of the property that had not been drilled. Gold mineralization was intersected within an iron formation at a vertical depth of 170 metres. This iron formation outcrops on surface for approximately 300 metres, striking east-west along the southern portion of the central Harkness Hays property, and is one of numerous iron formations found within the Strike group of claims. It is the only iron formation that has been tested by Strike Minerals to date. The fact that the iron formation contains significant values for gold provides Strike with a number of other exploration targets within the Priske Township property.
Significant results are:
Grade (gpt) Length (m) Down-hole depth
1.19 5.2 239.3-244.5
Inc 2.86 0.6 242.9-243.5
4.22 0.5 243.5-244.0
1.09 0.5 244.0-244.5
(Note: lengths are down hole, true widths have not been calculated)
Strike Minerals holds 7 patented and 31 staked claims totalling 215 units (all contiguous) in Priske Township in Schreiber, Ontario. The recently completed phase 1 Diamond Drill program was designed to test the geology, structure and mineralizing environment of the Harkness Hays portion of the property, and was successful in intersecting numerous gold intersections including 7 instances of VG in holes 1 through 3.
The Priske Township property contains a number of historical mines and showings/prospects including the Harkness-Hays, Pyramid prospect, Morley and Worthington Bay showing and the potential Afric Zone west extension.
Strike management believes the initial prospecting work and diamond drilling results on the property have shown that there is exploration potential and plans a systematic exploration program to follow up the results during the next year.
All technical information in this press release has been reviewed and approved by Mike Newbury, P. Eng. Who is a Qualified Person ("QP") under National Instrument 43-101. On site sampling was supervised by Bruce Edgar, P. Geo.
Assaying was carried out by Agat Laboratories of Mississauga, Ontario (Fire Assay- Trace Au, ICP- OES Finish).
Strike also announces that Roger Dent has been appointed Special Advisor to the company's management and board of directors.
Roger Dent has been involved in the Canadian financial markets for over 25 years and has extensive experience in "small cap" evaluation and investment. Most recently, he was a noted portfolio manager with Matrix Fund Management Inc., where he guided the Matrix Small Companies Fund and the Matrix Strategic Small Cap Fund. Previously, he was Vice Chairman of one of Canada's largest independent investment dealers. He was formerly the #1 ranked Small Cap Analyst according to the Brendan Wood institutional investor survey.
As Special Advisor, Mr. Dent will work closely with management and the board of Strike as the company seeks the financing required to place the Edwards mine into production.
Strike Minerals is a TSX-V listed company that is engaged in the exploration and development of precious metal properties in Canada. Its primary property is the former producing Edwards Gold Mine property in the Goudreau - Lochalsh Gold Camp near Wawa Ont. Historic production in the camp between 1930 and 2001 is estimated at 500,000 ounces. Between 1996 and 2001 underground development was completed through a decline to a depth of approximately 290 m and mining over the period resulted in 145,000 oz being produced from the Edwards property at an average grade of 0.39 opt. Subsequent drilling on the property has delineated an additional five zones that have significant gold mineralization. At present Strike has dewatered the underground workings below the 140m level and is now continuing underground drifting on both the 60m and 90m level and is drifting on both the Edwards #1 and #5 zones with the plan to be in production in 2012.
Strike also has a large land position in the Hemlo West area near Schreiber, Ont. The property has a number of historic producers that produced small tonnages of very high grade gold mineralization, averaging approximately 18-25 g/t gold, between 1935 and 1937 generally associated with shear zones in the region. These shear systems have seen very little modern exploration, and drill testing at or near a prominent syenite volcanic contact is considered highly prospective for the discovery of additional gold mineralization. Strike is conducting an initial program of surface geological and alteration mapping on the Property with a goal of increasing the understanding of the geologic and structural relationships on the Property in preparation for drill testing to assess the extent and value of the mineralization.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Strike, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, dependence upon regulatory approvals, and the uncertainty of obtaining additional financing and exploration risk. There is no assurance that the company's exploration projects will add to Strike's resource base in the short-term, or at all. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Neither the 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.