STRIKEPOINT GOLD INC. DISCOVERS UP TO 10.65G/T GOLD AND 364G/T SILVER ON THEIR GOLDEN-OLY PROPERTY, YUKON TERRITORY

StrikePoint Gold Inc. (SKP:TSX.V)(STKXF:OTCQB) is pleased to provide results from exploration activities on its Golden-Oly property, located in the North Canol region of the Yukon Territory.

Highlights

  • Focus on one of seven geophysical and geochemical targets highlighted by Ryan Gold Corp. in 2012 on the Golden-Oly and PDM properties.
  • Surface grab samples taken during the 2017 field season returned results from trace to 10.65g/t gold.
  • Additional samples returned assays to 364g/t silver and 0.52% copper.
  • The Colossus target is 3.3km in diameter, with multiple mineralized sheeted vein systems throughout this area.
  • Geochemical profiling of the intrusive shows classic intrusion-related zonation, including central Au-Cu-Bi correlations with more distal Ag-Pb-Zn haloes.
  • Colossus is a seen as a typical example of the six additional geophysical targets on both the Golden-Oly and PDM properties and has been studied in depth this season to gather data relevant to the entire property.

Strikepoint was active on the project between August 9th and August 21st 2017. Extensive mapping and sampling (76 grab samples) was completed during this time. The targets remain entirely untested by drill.

Golden-Oly Property

The Golden-Oly property parallels the North Canol Road in the east-central Yukon. The property covers an area of 45km by 30km, and has six targets identified through an aerial geophysical program in 2012. Strikepoint also holds the neighboring PDM property, 6km to the west of Golden-Oly, which contains an additional target zone with similar geology to those on Golden-Oly and so are often discussed as one larger land package.

The seven geophysical anomalies (Colossus, Zeus, Babylon, Alexandria, Giza, Artemis and Halicarnassus) have all been positively identified in 2017 as being granodioritic intrusions that are either partially exhumed to shallowly buried (identified through hornfelsed sediment cap).

These intrusions are similar in age and composition to the systems found to the north in the Selwyn Basin that have given rise to the Eagle Gold deposit (Victoria Gold) and the historic Keno Hill silver mines. Mineralization is primarily associated with sheeted veins or disseminated sulphides within the intrusive rock itself.

At Colossus, two vein types were observed on the project: quartz-arsenopyrite veins up to 5cm thick from within the granodiorite, and polymetallic veins up to 40cm wide around the periphery and into the surrounding country rock.

The quartz-arsenopyrite veins assayed from trace to 10.65g/t gold, and the polymetallic veins carried silver from trace to 364g/t. Gold is also found in the polymetallic veins from trace to 1.93g/t. Of the 76 samples collected, 16 ran more than 0.5g/t gold, 9 above 0.1% copper and 8 above 50g/t silver. Initial studies show that gold correlates strongest with bismuth which would indicate classic intrusion related gold system. Silver strongly correlates with lead, which is typical of the distal ‘cooler’ zones of mineralization or later stage overprinting. The presence of molybdenum in soils (from trace to 0.04% suggests that the thermal aureole above the pluton is far greater in size than the exposed intrusive material. This is a classic example of the geochemical zonation that makes these types of deposits favorable exploration targets, as well as the presence of shear zones and other structural elements that will help to focus mineralization.

The exposed granodiorite of the Colossus target is approximately 800m wide, but geochemical evidence suggests that the pluton has a diameter of at least 3.3km, and so represents a significant sized target. The geophysical work completed in 2012 confirms the sub-surface shape of the intrusion, having steeply plunging sides. It appears that Colossus is partially exhumed but much of the enriched contact zone and polymetallic systems are intact and may not be daylighting (and therefore accessible to surface sampling). It is worth noting that other targets that are not exposed on surface do not have any geochemical signature due to the sediment cap, estimated to be up to 50m in thickness. Of the seven targets, four are still buried and three are partially exhumed.

Shawn Khunkhun, Strikepoint CEO comments “the delineation of the Colossus target is a significant discovery within the Yukon portfolio. The fact that this has the potential to be one of seven large identical systems is extremely exciting and a significant benchmark in the Strikepoint story”.

Work was also undertaken on the Babylon target on the PDM property, and results are pending and will be released in due course. Sampling at Babylon was designed to provide a comparison between that intrusion and the one at Colossus, and therefore provide ‘proof of concept’ of the potential of each of the seven targets.

The next steps at Golden-Oly will be to plan a drilling program to test the target at depth, as well as additional mapping and sampling campaigns across the property.

 

 

QA/QC

The Company maintains a rigorous QA/QC program with respect to the preparation, shipping, analysis and checking of all samples and data from the properties. Quality control for field sampling and drill samples at the Company's projects covers the complete chain of custody of samples, including sample handling procedures and analytical-related work, plus the insertion of standard and blank materials. The QA/QC program also includes data verification procedures. ALS Laboratories in Vancouver, Canada (ISO 17025:2005 accreditation) assayed all grab samples from the current field program using fire assay and ICP Mass Spectroscopy methods. Drill samples were processed by Bureau Veritas Labs in Vancouver, Canada (ISO9001:2008 accreditation).

The technical information contained in this news release has been approved by Andy Randell, P. Geo., Vice President, Exploration of StrikePoint Gold.  Mr. Randell is a qualified person as defined in NI 43-101.

For further information, please review the Corporate Presentation on the StrikePoint Gold Inc. website for a more detailed, comprehensive review of the 2017 exploration program: http://www.strikepointgold.com/images/Yukon-Properties-Presentation.pdf

ON BEHALF OF THE BOARD of STRIKEPOINT GOLD INC.

Shawn Khunkhun
CEO and Director

For more information, contact:

Shawn Khunkhun

604-602-1440

This email address is being protected from spambots. You need JavaScript enabled to view it.

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.

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