StrikePoint Commences Exploration at Pokiok and Acquires Additional Claims

SKP: TSXV   STKXF: OTCQX

CALGARY, July 24, 2012 /CNW/ - StrikePoint Gold (TSXV:SKP) (OTCQX: STKXF) announces the commencement of its summer 2012 exploration program at the 100% owned Pokiok gold-copper project in New Brunswick, located 45 km west of Fredericton. The Pokiok Project includes a 15 km linear trend along the altered Magaguadavic fault zone located in the large Pokiok Batholith.

Following an initial prospecting and mapping program conducted in late 2011 (See press release of April 19, 2012). Additional sampling and trenching were completed in May 2012. The analyses from the trenching program include values of up to 2680 ppb Au and more than 100 ppm Ag in several boulders that are either in place or are interpreted to have moved short distances (see table below).

 
      Pokiok Project: rock sampling (boulders)             
        Au       Ag       Cu       Pb       Zn       As       S
n=74       ppb       ppm       ppm       ppm       ppm       ppm       %
Maximum       2680       >100       9810       4860       9850       524       5.76
Minimum       0       0       0       0       0       0       0.01
Median       19       4       109       118       87       26       0.31
Select samples                                                   
BRP-5       378       26       4520       426       484       21       1.30
BRP-15       2680       3       116       305       218       34       0.11
BRP-19       408       54       2600       158       9       62       0.85
BRP-20       315       >100       4730       502       41       28       0.69
P12-11       276       59       5210       718       46       23       1.39
P12-51       379       >100       1880       3500       52       48       0.89
P12-61       466       13       1600       0       0       0       4.24
P12-64       24       4       545       1830       9850       220       1.04
P12-67       1230       33       3040       498       108       0       0.33
P12-69       323       49       4240       611       341       35       1.93
P12-71       728       >100       9810       4860       3240       70       1.40
P12-78       273       22       156       373       267       52       1.28
P12-79       326       5       235       565       121       60       3.95
P12-89       232       >100       4780       678       128       21       0.64
P12-95       14       1       27       30       48       524       5.76

Note: 10,000 ppm = 1%

Note: Boulder samples results cannot be relied upon to estimate economic values.

Additional prospecting, mapping and sampling are planned to explore the full length of the Magaguadavic Fault during 2012.

Richard Boulay, Chairman, noted that "Boulder and trench samples indicate that the rocks immediately adjacent to the Magaguadavic fault zone contain significant amounts of polymetallic mineralization. Our trenching program was not able to sample the fault zone itself since it is recessive, that is, it is deeply weathered as is typical of some fault zones or zones with high sulphide content. Immediately upon receipt of the positive trench sample laboratory results, we approved a 1500 metre program to drill through the fault zone. This drill program will begin before the end of July."

The Company also announces that it has recently entered into a purchase agreement for six claims centered on the Magaguadavic Fault that are completely within StrikePoint's 100% owned Pokiok property. The claims were acquired pursuant to a purchase agreement with a prospector. The purchase consideration consists of an immediate $5,000 cash payment, and cash payments of $5,000 on December 31 2012, $10,000 on July 31 2013, $20,000 on July 31, 2014, $20,000 on July 31 2015, $20,000 on July 31 2016 and $20,000 on July 31 2017 for a total cash consideration of $100,000. The prospector will retain a 2% Net Smelter Return, subject to purchase by the Company for $1,000,000 for each of the two percentage points.

Maps and descriptive graphics of StrikePoint's Pokiok Project are available at www.strikepointgold.com

All samples were processed by Activation Laboratories Ltd (Actlabs) using Fire Assay/AA, ICP and/or Total Digestion ICP, as appropriate.

This press release has been reviewed by Daniel A. Beauchamp, B.Sc., P.Geol., StrikePoint Gold's Qualified Person under National Instrument 43-101.

Richard A. Boulay, Chairman, On behalf of the Board of Directors.

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.

 

SOURCE: StrikePoint Gold Inc.

For further information:

Investor Relations Toll Free: 1(877)317-1660
info@strikepointgold.com

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StrikePoint Gold Inc.

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