StrikePoint Gold Inc. (SKP:TSX.V)(STKXF:OTCQB) is pleased to provide an update and summary for its Yukon assets on work completed in 2018.
Field operations were focused on the Golden-Oly and PDM targets along the North Canol Road in eastern Yukon about 300 kilometers northeast of Whitehorse.
- Twenty-two grab samples from the 600-meter long Helios Vein, a 0.3 to 5 m wide polymetallic quartz vein, returned grades from 1 to 3.75 g.t Au, trace to 1,150 g.t Ag and one sample at 2.94% Cu
- Diamond drilling at Colossus, with three holes completed totaling 682 meters. The original program included a fence of nine holes across the intrusion to text mineralization across the margins and within the granodioritic body itself but was cut short due to administrative delays in permitting from Yukon government.
- 96 grab samples from the Babylon polymetallic sheeted quartz veins, returned grades from trace to 3.34 g/t gold, trace to 94.5 g/t silver and trace to 2.67 % copper.
Shawn Khunkhun, CEO, says, “Our work in the Yukon during the last two field seasons has identified several occurrences of these mineralized sheeted vein systems on intrusive margins. They carry elevated gold, silver and copper grades. But we’ve only scratched the surface and were disappointed that we could not complete our planned 2018 drilling campaign. The potential of this style of deposit remains to be defined, but the opportunity has been proven.”
The Helios Vein and Other Polymetallic Discoveries
The Helios Vein is a new discovery (originally reported on September 6th, 2018) on the western edge of the Colossus Target, which has so far been traced for 600 meters along a roughly north-south strike. The polymetallic vein is composed of quartz-arsenopyrite infilling factures that have formed in the carapace of the Colossus granodiorite intrusion.
A total of twenty-two samples were collected from the vein, with grades ranging from 1.005 to 37.5 grams per tonne gold and trace to 1150 grams per tonne silver. The highest grade silver sample also returned a value of 2.94% copper, although this is seen as being anomalous. Helios is a series of parallel sheeted polymetallic quartz veins that hosts massive sulfides and sulfosalts, including pyrite and arsenopyrite, with a collective vein width at surface ranging from thirty centimeters to five meters.
The Zeus target is a ‘sister’ intrusion that lies approximately 7-kilometers to the south of Colossus and represents another of the “Seven Wonders” targets. This intrusion is partially exposed, and our prospecting team has discovered quartz-vein material like that seen in the Helios Vein. To date a 60-meter strike length has been observed, with grab sample assays returned from 1.355 to 4.06 grams per tonne gold and from trace to 43.6 grams per tonne silver.
Drilling the Colossus Target
A diamond drill program was conducted at the Colossus target between 1st July 2018 and 10th July 2018. Three holes were completed to a total of 682m, although the original drill program was more expansive but cut short due to permitting delays imposed by Yukon.
Drilling started in the metasedimentary country rock to the west of the intrusion to test for polymetallic sheeted veins at depth before passing into the intrusion itself. Results from the drilling provided multiple sub-gram per tonne hits for gold within broad envelopes of arsenic-enriched sediments, typical of these systems. Highlights from the drilling are shown in the table below:
|1m at 1.4g/t Au
|1m at 1.84 g/t Au
|1m at 75g/t Ag
|0.5m at 0.4g/t Au, 54.5g/t Ag and 0.3% Cu
Although these results exhibit sparse gold grades, these initial holes were a significant step out from the intrusion and on the margins of expected mineralization. The types of veins observed, and the presence of elevated arsenic and bismuth are typical signatures of intrusion related gold systems.
Due to permitting restrictions at the time, additional holes that would have intersected the Helios Vein and passed into the intrusion itself were not drilled this season.
The Babylon Target
The Babylon target lies within the PDM property and forms the western end of the Seven Wonders Trend. Like the other targets within the Golden-Oly property, Babylon is a large intrusion with mineralized sheeted veins around the periphery, dominated by gold and copper minerals.
Additional surface work was completed in 2018 to expand on the results from 2017. A total of 96 surface samples were collected during the season, with results from trace to 3.39g/t gold, trace to 94.5g/t silver and trace to 2.67% copper.
The combined 2017 and 2018 results highlight a strong copper-gold anomaly that is 500 meters by 500 meters in size, accompanied by intermittently mineralized veins projecting several kilometers out into the country rock.
Permitting Update and Future Work
Work has continued through 2018 to bring value to the Yukon portfolio, and in October Strikepoint was awarded Class 3 exploration permits for the Golden-Oly / PDM properties. In November, an additional Class 3 permit was awarded for the Pluto property in the Kluane area (although no work was undertaken on that property in 2018). Along with Mahtin in the Mayo-region, all major exploration targets within the Yukon portfolio now hold five-year exploration permits for work.
These permits will allow for additional drilling across all target areas, including completion of the test fence at Colossus and initial holes at PDM.
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 SGS Labs in Burnaby, Canada (ISO9001:2008 accreditation).
About StrikePoint Gold
StrikePoint Gold is a well-financed gold exploration and development company. The company controls a portfolio of gold properties in the Yukon and has a flagship silver property in the Golden Triangle in British Columbia.
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
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