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CALGARY, April 9 /CNW/ - StrikePoint Gold Inc. provides an exploration update on its activities in the Rice Lake Gold Belt, Manitoba.
Poundmaker Option with Wildcat
In 2009, field crews carried out geological mapping and detailed sampling of several areas on the property including the Poison and Rio Zones, both of which contain gold associated with quartz veins near gabbroic dykes.
In February 2010, ground magnetometer surveys were performed over several grids to more precisely define geological structures that have been identified by the results of the LiDAR (Light Detection and Ranging) survey that was completed in 2009. One magnetometer survey consisted of a 55 line km grid pattern superimposed over several gold occurrences of the large Rio Zone. NE trending magnetic linear anomalies corresponding to a number of the mafic dyke host shear zones are evident in addition to a number of EW trending magnetic low linear anomalies; in particular the one transecting the Rio-Touton-Buena-Suerte trend is structurally interesting. It appears to intersect the NE trending structure containing the Alamo showing in the NE corner of the grid.
A version of this press release containing maps and graphics is available at strikepointgold.com.
To view graphics, please go to http://files.newswire.ca/874/skp-charts.doc.
During March 2010, StrikePoint commenced a diamond drilling program on the Rio Zone and 1125 metres of drilling in nine holes has been completed to date. The drill data shows continuous zones of shearing oriented in an east-west direction. The zones are 2 to 10 m wide, dip steeply and are open along strike and at depth. The southernmost shear zone is observable on surface but the northern shear has not yet been observed and may not outcrop. Core samples are being split for analysis and the results, when received, will be announced and evaluated in anticipation of a second Rio zone drilling program.
StrikePoint's Rice Lake area exploration work is being carried out by APEX Geoscience Ltd. ("APEX") of Edmonton under the management and supervision of the Company.
During the first quarter of 2010, StrikePoint and Wildcat Exploration Ltd. amended some terms of the Poundmaker Option Agreement (please see Press Release February 26, 2010). StrikePoint has fulfilled its annual option agreement payment obligation due March 1, 2010 by paying to Wildcat $50,000 cash and 263,000 StrikePoint shares. StrikePoint has certain work commitment requirements that must be completed before April 30, 2010. It is anticipated that these commitments will be fulfilled by current exploration activities on the property.
Strike Point Project JV with San Gold Corporation
Detailed prospecting, mapping and rock sampling were carried out over several areas during 2009 in the central part of the Strike Point property.
During March 2010, a detailed ground magnetic survey was performed over the southern part of the StrikePoint property adjacent to the San Gold mine lease where the LiDAR survey has revealed an extensive network of fractures and lineaments. The magnetic data is rich in detail and provides valuable structural data, especially when merged with the detailed LiDar data. The structural orientations that are known to contain gold in the hanging wall volcanic on the adjacent San Gold mine lease persist northward and in a northwesterly direction into the Strike Point property. These are being priority ranked for a drill program that will commence as soon as the Poundmaker project drill program is completed.
The Joint Venture technical committee will evaluate the results of the geophysical, geological and LiDAR surveys and will identify targets and priorities for follow-up drilling to be carried out during the spring and summer of 2010. The technical committee consists of Bill Ferreira, Chief Project Geologist and Dale Ginn, CEO, for San Gold Corporation and Daniel Beauchamp, QP of StrikePoint and Kris Raffle of APEX, both representing StrikePoint.
Angelina and Beresford Projects
These projects are located about 25 km from the Rice Lake Mine and to the southeast of the Ross River Pluton. The region is underlain by rocks of the same age and composition as the ones that host the gold mineralization at the Rice Lake Mine but this area has undergone very little recent exploration.
The LiDAR survey has identified many structures over both project areas that will be investigated by the ground crews starting in early summer 2010. The project areas will be prospected and mapped in detail to fully assess the gold occurrences of the region and the potential of the projects.
This press release has been reviewed by Daniel A. Beauchamp, B.Sc., P.Geol., StrikePoint Gold's Qualified Person under National Instrument 43-101.
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.
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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