2011 Rice Lake Drilling Intercepts Shoreline Basalt on Strike Point Project
February 25 2011 - 8:00AM
PR Newswire (Canada)
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
pInvestor Relationsbr/ Toll Free: 1(877)317-1660br/ a
href="mailto:info@strikepointgold.com"info@strikepointgold.com/a/p
Copyright
Strikepoint Gold (TSXV:SKP)
Historical Stock Chart
From Jul 2024 to Aug 2024
Strikepoint Gold (TSXV:SKP)
Historical Stock Chart
From Aug 2023 to Aug 2024