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SKP DISCOVERS 200M POLYMETALLIC VEIN WITH SAMPLES GRADING UP TO 876 GRAMS PER TONNE SILVER, 10.8 GRAMS PER TONNE GOLD AND 12.5% ZINC ON GLACIER CRK PROPERTY, STEWART, BC

By | 2018, News, Uncategorized

StrikePoint Gold Inc. (SKP:TSX.V)(STKXF:OTCQB) is pleased to announce significant surface sample results from a polymetallic vein on the Glacier Creek Property. This property is part of the land package with the Porter Project acquired from Skeena Resources (SKE:TSX.V) in July 2018.

 

This discovery lies 5.5 kilometers northeast of the historic Porter mine site and 4 kilometers east of Highway 37A. The Glacier Creek Property lies in an area of significant historical importance and hosted several mines during the early 20th Century, including the Dunwell and Black Bear Mines. Its lower elevation and local water supply offer Strikepoint the opportunity for an extended exploration season.

 

Wide Vein with Massive Sulphides

 

The new vein was observed along a strike length of 205-meters on the western side of Albany Creek. The vein was observed to be up to 2-meters thick on surface and consisted of brecciated mudstones flushed with quartz and massive sulphides, including pyrite, galena and sphalerite. The vein has a shallow dip of 30 degrees west, and remains open along strike.

 

A total of 18 surface samples were collected during a prospecting exercise on 22nd September 2018. The following table shows results for all samples collected.

 

Sample Number

Source

Gold

(grams per tonne)

Silver

(grams per tonne)

Zinc

(percent)

X956805 Outcrop 0.7
X956806 Outcrop 0.3 17.0
X956807 * Ore Pile 10.8 24.7
X956808 * Ore Pile 6.7 13.1 3.5
X956809 Outcrop 10.8 56.8 1.2
X956810 Outcrop 8 26.5 1.3
X956811 Outcrop 3.9 12.3
X956812 Outcrop 3.3 37.7
X956813 Outcrop 1.7 15.8
X956814 Outcrop 2.4 87.4
X956815 * Ore Pile 1.9 876.0
X956816 Outcrop  0.7 90.9 8.6
X956817 Outcrop 7.8 58.1
X956818 Outcrop 3.1 74.2 12.5
X956819 Outcrop 4.7 61.3 11.2
X956821 * Ore Pile 4.7 156.0 7.3
X956822 * Ore Pile 5.9 573.0 4.7
X956823 Outcrop 3.4 171.0 4.2

 

 

Historical Activity

 

The discovery lies in the same area as the historical “Ben Bolt” mine that was worked between 1910 and 1912. The site has remained unexplored for the intervening 100 years. The most recent report on the mine was made by Dr. A. C. Skerl in 1955 following a site visit that same year. The report details that 1,600 feet (490 meters) of hand-driven underground workings were excavated in the two years of operation, and that the “whole of the workings are within a large quartz vein that is at least 200 feet (61m) thick”.

 

The Ben Bolt mine lies along a geological trend known as the Portland Canal Fissure Zone, a regional structure with the same trend as the Silverado – Porter – Big Nunatak target zones.

 

Other historic mines along this trend have also shown significant ore bodies, with the Dunwell Mine perhaps being the most famous, which produced 45,657 tonnes average 14.3 grams per tonne gold equivalent.  Drilling by America Creek Resources Ltd. (AMK: TSX.V) at Dunwell in 2010 indicated a zone at least 300-meters long and 200-meters along dip with a true thickness of 6 to 7 meters.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2019 Drilling Target

 

The vein at Ben Bolt has never been drilled and as no exploration work has been undertaken since 1912 it represents a major new target for exploration in 2019. The surface strike length remains open to the northwest and the southeast, with approximately 1.6 kilometers of the Portland Canal Fissure Zone continuing to extend to the northern property boundary. The lower elevation and presence of Albany Creek has the potential for extend the exploration season within the entire Porter Project package.

 

About the Golden Triangle

 

The Golden Triangle is an area of northwestern British Columbia that has seen extensive historic mining and prospecting activity, and has recently been the site of modern discoveries, including the Premier Gold, Snip and Eskay Creek Mines. The area has seen a resurgence in infrastructure investment which supports exploration activities, including upgraded transmission lines supplying clean, affordable and reliable hydroelectric power. Other recent improvements include highway upgrades, new ocean port infrastructure at the ice-free port of Stewart and the commissioning of three hydroelectric facilities.

 

StrikePoint Gold is a well-financed gold exploration and development company. The company controls a portfolio of gold and silver properties in the Yukon, British Columbia and throughout Canada.

 

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.

 

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 visit our website: www.strikepointgold.com

 

 

ON BEHALF OF THE BOARD of STRIKEPOINT GOLD INC.

Shawn Khunkhun, CEO and Director

For more information, contact:

Shawn Khunkhun

604-602-1440

sk@strikepointgold.com

 

 

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.

SKP DISCOVERS SIGNIFICANT NEW POLYMETALLIC VEIN ON SURFACE AT PORTER WITH ASSAYS UP TO 43.6 OUNCES PER TONNE SILVER, 0.54 OUNCES PER TONNE GOLD AND 28.8% PER TONNE ZINC

By | 2018, News, Uncategorized

StrikePoint Gold Inc. (SKP:TSX.V)(STKXF:OTCQB) is pleased to announce the discovery of a significant new vein at the Porter Project near Stewart, British Columbia.

 

Significant Step Out from Historic Porter Resource

The new vein has been observed along a 275-meter strike on surface in an area that until the last decade would have been obscured by year-round snow cover. Thirty-two samples were collected from the area which lies approximately 800-meters to the west of the historic Porter resource area, with assays ranging from trace to 43.6 ounces per tonne silver, trace to 0.54 ounces per tonne gold. Significant zinc was also found, from trace to 28.8% per tonne.

Strikepoint CEO Shawn Khunkhun comments “This is one of the most exciting discoveries following this seasons exploration work as it helps prove the existence of significant, untested mineral veins outside of the historical resource area. Our mandate was to prove upside for the deposit, and this discovery is a major step towards that goal.”

The table below shows sample highlights:

Sample ID Ag

(grams per tonne)

Au

(grams per tonne)

Zinc

(percent)

X956153 250 16.7 (0.54 tr.oz)
X956577 1355 (43.6 tr.oz) 0.51 28.8
X956160 677 7.04
X956164 619 0.52 0.67
X956152 555 0.88
X956166 245 3.75
X956165 212
X956578 182 7.04 0.3
X956591 137 2.09
X956576 132 1.92
X956163 126 0.21
X956579 120 3.83 0.26
X956151 1.93
X956155 0.41
X956162 0.41
X956575 0.43

 

New Geological Potential

 

Samples were collected from a newly exposed shallow dipping quartz breccia vein along a 275-meter strike. Several other ‘Flat Veins’ have been observed during the summer, including high-grade samples from Silverado and the Porter areas. A preliminary interpretation connects these veins, forming one large structure that circles and cuts through Mount Rainey. The angles the veins dip at suggest that they converge and form a ‘bowl’ shaped fault that passes under the entire mountain, somewhat like the structures observed at Ascot Gold ‘Premier Mine’ located 25 kilometers to the northwest. This new ‘flat vein’ ranges from 30 centimeters to 1 meter in thickness, but the mineralization extends into the brecciated and altered halo around the contact sometimes for several meters.

This structure contrasts with the steeply dipping veins that were historically mined at Porter and Silverado that appear to have formed within fold hinges and shear zones.

The results are also highlighting a potential change in the geochemical potential of the veins, with gold becoming more significant to the west whilst silver dominates to the east.

2019 Drilling Target

This new vein is a significant target for drill testing in 2019. Diamond drilling will also allow exploration of the connecting area that is currently obscured by a shallow 650-meter wide patch of ice, all of which is covered under the existing exploration permit.

 

About the Golden Triangle

The Golden Triangle is an area of northwestern British Columbia that has seen extensive historic mining and prospecting activity, and has recently been the site of modern discoveries, including the Premier Gold, Snip and Eskay Creek Mines. The area has seen a resurgence in infrastructure investment which supports exploration activities, including upgraded transmission lines supplying clean, affordable and reliable hydroelectric power. Other recent improvements include highway upgrades, new ocean port infrastructure at the ice-free port of Stewart and the commissioning of three hydroelectric facilities.

 StrikePoint Gold is a well-financed gold exploration and development company. The company controls a portfolio of gold and silver properties in the Yukon, British Columbia and throughout Canada.

 

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.

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 visit our website: www.strikepointgold.com

 

 

ON BEHALF OF THE BOARD of STRIKEPOINT GOLD INC.

Shawn Khunkhun
CEO and Director

For more information, contact:

Shawn Khunkhun

604-602-1440

sk@strikepointgold.com

 

 

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.

PRELIMINARY PROSPECTING AT THE BIG NUNATAK RETURNS 427 GRAMS PER TONNE SILVER AND 0.7% COPPER. ESTABLISHES A 10-KILOMETER-LONG MINERAL TREND

By | 2018, News, Uncategorized

StrikePoint Gold Inc. (SKP:TSX.V)(STKXF:OTCQB) is pleased to announce results from initial prospecting at the “Big Nunatak” on the Porter Project near Stewart, British Columbia.

 

New ‘On Trend’ Discovery

A total of thirteen samples were collected on the Nunatak during initial prospecting in September. Samples were collected from quartz veins, sulphide-rich Jurassic-aged mudstones and contact zones with intrusive material from the Goldslide / Hillside Suite. Highlighted assays are shown in the table below.

 

Sample ID Ag (g/t) Cu (%) Description
X956853 427 Trace Mudstone / siltstone with blebs of pyrite, found close boundary with intrusive dyke.
X956598 109 0.78 Tuffaceous mudstone with blebs of pyrite and malachite, proximal to intrusive dyke.
X956854 199 Trace Tuffaceous mudstone with semi-massive, fine grained pyrite blebs proximal to intrusive dyke.

 

This new sampling from Big Nunatak supports the establishment of a ten-kilometer-long mineralized trend running through the historic Silverado and Porter mines to the newly acquired Big claim block.

This first batch of samples ranged from trace to 427 grams per ton silver and covered an area of 150 meters by 120m.  An additional 45 samples were collected from a wider area. Results are pending.

 

Similarities to Other Local Mines

The geology of the Big Nunatak is strikingly like that found at the Red Mountain Mine (IDM Mining) which is approximately six kilometers to the northeast. The host rocks are Jurassic-aged sedimentary / volcaniclastic units from the Hazelton Group intruded by early Jurassic intrusions of the Hillside and Goldslide Porphyries.

The main ore zones at Red Mountain are found in the core of the Bitter Creek Anticline as sulphide-rich stockwork vein systems, primarily pyrite.

Strikepoint’s recent sampling and these initial results contribute to the understanding and potential of the Big Nunatak and the extensive mineralized trend within the Company’s thirty square kilometer property package.

 

Property Acquisition

The Big Property was acquired along with the Bada and Boom areas in September 2018 (see news release dated 12th September 2018) due to their potential to host additional mineralization and to expand the land holding beyond the initial Porter Project. The primary feature at Big is the Nunatak, an area of open rocky ground projecting from the Cambria Icefield.

 

 

About the Golden Triangle

The Golden Triangle is an area of northwestern British Columbia that has seen extensive historic mining and prospecting activity, and has recently been the site of modern discoveries, including the Premier Gold, Snip and Eskay Creek Mines. The area has seen a resurgence in infrastructure investment which supports exploration activities, including upgraded transmission lines supplying clean, affordable and reliable hydroelectric power. Other recent improvements include highway upgrades, new ocean port infrastructure at the ice-free port of Stewart and the commissioning of three hydroelectric facilities.

 StrikePoint Gold is a well-financed gold exploration and development company. The company controls a portfolio of gold and silver properties in the Yukon, British Columbia and throughout Canada.

 

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.

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 visit our website: www.strikepointgold.com

 

ON BEHALF OF THE BOARD of STRIKEPOINT GOLD INC.

Shawn Khunkhun CEO and Director

For more information, contact:

Shawn Khunkhun

604-602-1440

sk@strikepointgold.com

 

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.

STRIKEPOINT GOLD INC. PROVIDES AN UPDATE ON ACTIVITY AT THE PORTER PROJECT, STEWART, BRITISH COLUMBIA

By | 2018, News, Uncategorized

StrikePoint Gold Inc. (SKP:TSX.V)(STKXF:OTCQB) is pleased to provide the following update for the Porter Project in Stewart, British Columbia, the highlights of which include:

 

  • Over 4,000 meters of diamond drilling across two major target zones
  • Establishment of a permanent 20-person camp on site
  • Addition of the Handsome Jack, Big, Bada and Boom claims to incorporate new potential targets being exposed by retreating ice and become a major land holder in the Stewart area. This increases the exploration area from the original 8 square kilometers to 33 square kilometers.
  • Collection of 396 surface samples across the project area and with extensive geological mapping
  • Completion of engineering, environmental and safety projects to compliment the exploration permit
  • Acquisition of hyperspectral imagery and other data to help build a geological model and generate new targets to support and expand mineral resources

 

An Aggressive Timeline

A Letter of Intent to acquire the Porter (Idaho) Project from Skeena Resources Limited (TSX.V:SKE) was signed on May 2nd 2018, with the acquisition taking place on July 16th 2018. In the 12-weeks since mid-July, Strikepoint has established a permanent 20-person camp, added 20.5 square kilometers of new prospective ground and completed 4,304 meters of diamond drilling across several targets on the property. Staff have also completed engineering and environmental studies to compliment the exploration permit.

 

Expanded Drilling Program

The initial drill plan for the Porter Project consisted of a single diamond drill exploring a variety of targets around the old Porter-Prosperity Mines. Targets were developed to either intersect historical veins and therefore confirm grades from previous campaigns; to gather purely geological and structural information to aid in the development of a new geological model or to test possible extensions to veins outside of the historical resource area.

The drilling commenced on August 16th 2018, and a total of twenty one holes were drilled from six pads in and around the Porter-Prosperity area. Drilling multiple holes from a single drill pad allowed maximum efficiency in the terrain whilst providing enough data to project geological results in a three-dimensional environment.

On September 13th, 2018, a second diamond drill was added to the program to allow exploration of the Silverado target. This area was also the site of historical mining, but little to no exploration work had been completed. The long-standing idea is that Silverado and Porter are connected systems that lay two kilometers apart and are obscured by ice cover on the peak of Mount Rainey. A total of three holes were drilled from two pads set back from the old workings to collect geological information as well as test for additional mineralization.

A total of 4,304 meters were drilled between the Porter-Prosperity and Silverado targets during a five-week period. Samples have been sent to SGS Labs in Burnaby, British Columbia for assaying and results are pending.

 

Building A Major Land Package

On July 16th, 2018, Strikepoint acquired the Handsome Jack property from Trifecta Gold Limited. The Handsome Jack property is contiguous with the eastern border of the Porter Project and shows potential for parallel vein systems like those within the Porter-Prosperity area. One of these, the Melvin Vein, was briefly mined in the 1920’s and is thought to be an extension of the Angelo Vein on the Porter Property. Amalgamating these two projects allows the development of a unified model and the inclusion of ore veins that were outside of the original resource calculation.

Strikepoint then added an additional 20.5 square kilometers of land on September 12th, 2018 with the acquisition of the Big, Bada and Boom claims. These were previously unclaimed areas of ground that were exhibiting potential for mineralization in areas where ice has recently retreated around the periphery of the Cambria Icefield.

One of these new targets is the “Big Nunatak”, which is effectively a mountain currently being exposed within the Cambria Icefield, approximately eight kilometers southeast of Porter. The lithology consists of Jurassic-aged mudstones hosting pyrite mineralization, which manifests as large gossanous zones at surface. The exposure lies close to the Triassic- Jurassic lithological boundary, locally known as “The Red Line” and is known to host many of the major deposits of the area. Initial observations include the comparison to the outcrops at IDM Mining’s “Red Mountain” Mine, located eight kilometers to the northeast of the Nunatak. Field work was undertaken on this new target area and a total of 47 surface samples were collected for assaying, the results of which are pending.

 

Extensive Surface Work

A dedicated team of geologists spent a significant amount of time on the site collecting geological data from surface. Much of the existing information was collected from the 1920’s and the 1980’s and needed to be “ground truthed” in the field for accuracy.

A total of 396 samples were collected from all areas of the project, with the focus being on the Porter and Silverado targets. There are currently 144 assays pending.

The initial results were released on September 18th, 2018 and included assays up to 1,425 ounces per ton of silver from samples collected around Silverado.

This geochemical sampling program is the most comprehensive program that the Porter Project has seen and takes in new areas that are being exposed through receding glaciers. A profile is developing that shows the potential for gold and copper mineralization within the project area as well as the expected silver.

All data from surface work, historical maps and the 2018 drilling program will be incorporated into a new geological model that will be generated over the off-season.

 

Establishing A Permanent Camp

The Porter Project had no existing infrastructure to support an exploration project, and as such a camp was built by Matrix to the south of the historical workings. It was decided to use a series of metal-sided buildings and weather havens to allow extended use of the camp in future years, and to provide adequate protection from snow and rockfalls for onsite staff. These buildings will also allow for a rapid deployment to site in the spring thus making the absolute most of the exploration season.

 

Other Value Adding Studies

The exploration permits for the site were taken over from Skeena who applied for them in 2017 / 2018. Several aspects of this permit had to be fulfilled, including a slope stability and avalanche potential study. Strikepoint also brought an independent mining engineer to site to assess the underground workings for potential access in 2019.

In September 2018, the site was passed over by a series of satellites that compiled a hyperspectral study of the Porter-Prosperity, Silverado, Handsome Jack and Glacier Creek sites. These studies help identify mineralization, alteration and significant geological units through sensitive changes in the light spectrum. Information from this study will allow for the application of the geological model over a project sized area and help identify exploration targets for 2019.

 

Off Season Work

The plan going forwards will be to compile all the data collected in 2018 and incorporate this with a collection of historical data and maps that have been curated over the summer. This will form one of the most comprehensive studies of the project area, which will then be used to generate a new three-dimensional geological model, thus delineating targets for future exploration activity.

Efforts will also begin to gain permits to drill for areas that are currently outside of the Porter-Silverado boundary. This will include Handsome Jack, Glacier Creek and the Big Nunatak which have all shown promise from work undertaken during 2018. A series of post-season and assessment reports will be authored and filed with the BC Government as is standard

Assays results will continue to be processed and released in due course for the drill program. Complimentary studies of mineralogy and metallurgy will parallel these results to update and confirm the information held in the historical resource.

Onsite activity is planned to perform snow monitoring and control measures through the winter to increase the knowledge of year-round conditions at the project site, to protect assets and to allow the earliest possible access to the camp in the spring.

Please refer to the Strikepoint Website for property maps, results and drill plans.

 

 

About the Golden Triangle

The Golden Triangle is an area of northwestern British Columbia that has seen extensive historic mining and prospecting activity, and has recently been the site of modern discoveries, including the Premier Gold, Snip and Eskay Creek Mines. The area has seen a resurgence in infrastructure investment which supports exploration activities, including upgraded transmission lines supplying clean, affordable and reliable hydroelectric power. Other recent improvements include highway upgrades, new ocean port infrastructure at the ice-free port of Stewart and the commissioning of three hydroelectric facilities.

 StrikePoint Gold is a well-financed gold exploration and development company. The company controls a portfolio of gold properties in the Yukon and throughout Canada.

 

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 visit our website: www.strikepointgold.com

 

 

ON BEHALF OF THE BOARD of STRIKEPOINT GOLD INC.

Shawn Khunkhun
CEO and Director

For more information, contact:

Shawn Khunkhun

604-602-1440

sk@strikepointgold.com

 

 

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.

STRIKEPOINT GOLD INC. TO ACQUIRE THE HIGH-GRADE SILVER, PORTER IDAHO PROPERTY IN THE GOLDEN TRIANGLE, BRITISH COLUMBIA.

By | 2018, News, Uncategorized

StrikePoint Gold Inc. (SKP:TSX.V)(STKXF:OTCQB) is pleased to announce that it has entered into a non-binding letter of intent with Skeena Resources Limited (TSX.V:SKE) to purchase the Porter Idaho Property near Stewart, British Columbia (the “Transaction”).

 

The Porter Idaho Project contains two shear hosted silver-rich vein systems: the Silverado and Prosperity-Porter Idaho. The showings are 2km apart, located on opposite sides of Mt. Rainey, overlooking the town of Stewart. The Project is strategically located at the head of the Portland Canal, a deep-water port with year-round, ice-free access.

 

“StrikePoint is very excited to make a high-grade silver acquisition in the prolific Golden Triangle. With our strong technical team, healthy treasury and renowned precious metal shareholders, we look forward to diamond drilling the underexplored area between the two silver rich mineralized systems. The acquisition comes with a high-grade resource and there’s significant potential to add more ounces.” CEO, Shawn Khunkhun remarks.

 

Since the initial discovery of silver mineralization on Mt. Rainey in the early 1900’s, most of the work was focused on the Prosperity-Porter Idaho veins, where mineralization is hosted in six dipping parallel shear zones tracked on surface for 200 meters and one kilometer down dip with widths between 2 and 13 meters. The vein system was mined between 1929 and 1931 and produced 27,123 tonnes with recovered grades of 2,542 g/t silver (73.8 oz/ton) and 1 g/t gold (yielding approximately 2.2 million ounces of silver). The ore was shipped to the port at Stewart via aerial tramway.

 

Skeena’s CEO, Walter Coles Jr. commented, “Skeena is pleased to entrust Porter Idaho to StrikePoint, a company which has the technical capabilities to successfully advance the project. We have always seen the potential for mineralization to connect on each side of the mountain and will be excited for drill results this summer.”

The Porter Idaho Project contains an historical Indicated Resource of 394,700 tonnes grading 868 g/t silver, 3.37% lead and 1.41% zinc (435,000 tons @ 25.2 oz/ton silver or a contained 11 million ounces) and an Inferred Resource of 88,900 tonnes grading 595 g/t silver (97,900 tons @ 17.3 oz/ton silver or a contained 1.7 million ounces).

 

 

 

 

Estimates of mineral resources are dated March 10, 2008 and were prepared by independent consulting geologist N.C. Carter, Ph.D., P. Eng. for Raimount Energy Inc. and re-stated for Mount Rainey Silver Inc. on May 15, 2012. The foregoing estimates made use of an extensive database detailing results of both underground sampling programs as well as surface and underground diamond drilling and were prepared pursuant to CIM Standards on Mineral Resources and Reserves. Nevertheless, the reader is cautioned that a Qualified Person on behalf of StrikePoint has not done sufficient work to verify either the underlying sampling data or the calculation methodology to consider this to be a current resource and as a result, StrikePoint is treating this mineral resource as an Historical Estimate, as defined in National Instrument 43-101. StrikePoint has not yet determined what work needs to be completed in order to upgrade or verify the Historical Estimate.

 

The proposed terms of the Transaction are as follows:

 

  • $1,750,000 payable in cash to Skeena

 

  • issuance to Skeena of StrikePoint common shares representing aggregate value of $1,750,000, deemed at a value of $.225, based upon the 20-day VWAP of StrikePoint’s common shares;

 

  • grant of 1% NSR on the Property with the option to buy back 0.5% at a price of $750,000.

 

The completion of the Transaction is subject to:

 

  • StrikePoint completing an equity financing generating gross proceeds of not less than $2.5 million;
  • receipt of all applicable regulatory approvals, including the approval of the TSX Venture Exchange;
  • the execution of a binding definitive agreement in respect of the Transaction; and
  • customary legal due diligence review of the Property by StrikePoint, including the receipt by StrikePoint of a title opinion in respect of the Property.

 

The Property has a three-year exploration permit in place which, upon completion of an environmental assessment, allows for exploration work on the site, including surface mapping, sampling and diamond drilling. The permit also allows for the establishment of a 15-person exploration camp on the property.

 

The Golden Triangle is an area of northwestern British Columbia that has seen extensive historic mining and prospecting activity, and has recently been the site of modern discoveries, including the Premier Gold, Snip and Eskay Creek Mines. The area has seen a resurgence in infrastructure investment which supports exploration activities, including upgraded transmission lines supplying clean, affordable and reliable hydroelectric power. Other recent improvements include highway upgrades, new ocean port infrastructure at the ice-free port of Stewart and the commissioning of three hydroelectric facilities.

 

StrikePoint Gold is a well-financed gold exploration and development company, with over $5,000,000 in the treasury. The company controls a portfolio of gold properties in the Yukon and throughout Canada.

 

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 visit our website: www.strikepointgold.com

 

 

ON BEHALF OF THE BOARD of STRIKEPOINT GOLD INC.

Shawn Khunkhun
CEO and Director

For more information, contact:

Shawn Khunkhun

604-602-1440

sk@strikepointgold.com

 

 

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.