VANCOUVER, BRITISH COLUMBIA—(Marketwired – February 19, 2015) – StrikePoint Gold Inc. (the "Company" or "StrikePoint") (TSX VENTURE:SKP) is pleased to announce it has entered into an Assignment and Assumption Agreement (the "Assignment Agreement") with Entourage Metals Ltd. ("Entourage") whereby Entourage has assigned all of its rights under an existing option agreement dated February 28, 2011, as amended on February 26, 2013 and as further amended on February 28, 2014 (the "Option Agreement") to acquire a 100% interest in and to the Black Raven Property, located in NW Ontario to StrikePoint.
As consideration for the Assignment Agreement, StrikePoint will issue, on closing, 1,000,000 common shares to Entourage. In order for StrikePoint to earn an undivided 100% interest in the Black Raven Property, StrikePoint will be required to issue 100,000 common shares and pay $25,000 to the vendor on or before February 28, 2015 and 100,000 common shares and pay $25,000 to the vendor on or before February 28, 2016. In addition, a further 500,000 common shares is required to be issued to the vendor within 15 business days following the completion and filing of a NI 43-101 compliant resource of at least 500,000 ounces Au or the equivalent in situ value of Cu, Pb, Zn, Ag or other precious metals.
Located within the Hemlo Greenstone Belt, the large 68 km2 Black Raven Property hosts multiple high-grade gold occurrences. Drill results from Entourage Metals initial drilling program, focused on the Super G prospect, which is a gold bearing quartz-breccia vein within a shear zone in mafic volcanic.
Intercepts from this initial drill program may be the highest grade found outside of the Hemlo Mines, in the Hemlo Greenstone Belt since 1981. BR11-01 returned 0.3 meters of 128.0 g/t Au, at a down dip depth of 40 metres. The discovery hole, BR11-04 returned results of 2.38 meters of 44.57 g/t Au (which includes 0.95 meters of 107 g/t Au), 110 meters down-dip from BR11-01. Currently the structure is open along strike and has been traced out over 400 meters from this initial drilling. This shear zone-hosted intercept is similar in style to other high-grade gold-bearing veins that have been mined in other Archean lode-gold deposits. The results of this initial drilling can be viewed on the company's website.
StrikePoint Gold's priority is to continue to delineate the emerging geometry of this high-grade breccia vein and other subparallel gold-bearing veins (termed the Super G prospect). The thickness of the breccias vein is increasing with depth (below 100 m vertical) as exhibited by BR11-04 intercept (2.38 meters of 44.57 g/t Au). Most of our enthusiasm and excitement on this project is just beginning as we anticipate drilling below BR11-04.
The Black Raven Property is located in Northwestern Ontario, 220 km east-northeast of the City of Thunder Bay, and 14 km northeast of the town of Marathon. The property is accessible from a logging road which connects to the Trans-Canada Highway. This logging road flanks the property on the southwest side. Otherwise, access to the property is by boat or aircraft. Maps and photos of the Black Raven Property can be reviewed at www.strikepointgold.com.
John Florek, Technical Advisor of the Company and Qualified Person for purposes of National Instrument 43-101 has reviewed the technical information in this news release.
This transaction is subject to TSX Venture Exchange approval.
On Behalf of the Board of Directors of Strike Point Gold Inc.
President and CEO
Tel: (604) 602 1440
For further information regarding StrikePoint Gold, please contact Shawn Khunkhun at the above contact points or investor information at 1(800)321-8564.
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 news release.