SKP - TSXV STKXF - OTCQX
CALGARY, Aug. 5 /CNW/ - StrikePoint Gold Inc. (SKP - TSXV and STKXF - OTCQX) ("StrikePoint" or "the Company") is pleased to report on gold exploration at its Saddle Reef gold projects in Nova Scotia.
Richard Boulay, CEO and Chairman of StrikePoint stated that: "We are pleased to issue our first Nova Scotial gold exploration update for the 2010 summer exploration season. In July we commenced diamond drilling operations on the Dufferin Gold Mine property and initial exploration on our other Nova Scotia projects."
StrikePoint's Nova Scotia projects consist of four gold properties, including the Dufferin gold mine located approximately 150 km from Halifax. The geological gold targets on the properties are saddle reef vein deposits that occur in the axes of folded sediments. StrikePoint can earn a 50% interest in the project as provided for in an agreement with Ressources Appalaches (APP - TSXV) (See Press Release June 3, 2010).
Exploration on the Nova Scotia projects commenced in July 2010 and the 2010 program is expected to continue until the end of December with occasional short breaks to analyze exploration results.
Ground magnetic surveys have been conducted and completed on the Dufferin Mine property and are scheduled to be conducted on the Chocolate Lake, Miller Lake and Ecum Secum properties during the next several weeks. Preliminary analysis of the Dufferin Mine property magnetic data shows a series of left lateral fault structures striking about 300-310 degrees. Although the displacement along the faults is minor the information will be important to position drill holes with greater accuracy. These faults are parallel to a much larger fault that strikes 300 degrees about 500m west of the ramp to the Dufferin Mine in the western part of the property. Here the displacement is about 1200m.
On July 26th, diamond drilling was initiated east of the creek along the axis of the anticline. To the end of 2009 the mineralization had been reported in an anticline that strikes over a length of about 660m from the mine site to the creek. The axis of the anticline appears to dip about 8 degrees to the east. For this reason drill holes to the east will require to be drilled to greater and greater depths to reach the same saddle. Additional mineralized saddles may be present above the currently known saddles. The objective of the 2010 program is to test the eastern extension of the mineralization to the project's boundary, a distance of about 1220m to get about 1880m of strike length to search for the extensions of the saddle reef gold zones. From July 26 to July 30, 2010 four holes were drilled east of the creek for a cumulative total of 540m. Saddles 1 and 2 were identified in all three holes. Drill holes F10-01 and F10-02 intersected the northern edge of the anticline. Saddle 2 is about two metres thick on the northern edge of the anticline. Drill hole FD10-03, located 120m east from F10-01 and F10-02 intersected both saddles as well but at about 25m greater depth. Saddle 1 has an aggregate thickness of about three metres in this hole. Additional drilling will be performed to the east at 100m line spacing to position the axis of the anticline.
No assay results have yet been received from samples generated by the current drill program. Clumps of visible gold have been noted in drill core and these observations underscore the necessity of running full screen metal analysis assays on all samples. Visual observation of gold in core must not be considered as an indication that such gold concentrations will result in significant assay results. Samples, together with duplicates, standards and blanks will be submitted to accredited laboratories and the results will be announced as they become available.
Drilling is currently progressing to the east along the anticlinal axis to further extend the known mineralized envelope. The current program will consist of 5000 m of drilling. However, this budget may be revised upward as required.
This press release has been reviewed by Daniel Beauchamp, B.Sc., P.Geol., StrikePoint Gold's qualified person under National Instrument 43-101.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts any responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Such forward-looking statements are subject to important risks, uncertainties and assumptions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of StrikePoint. As a result, we cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and StrikePoint does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.
SOURCE StrikePoint Gold Inc.
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