StrikePoint Gold - Angelina Drilling Program


CALGARY, July 9, 2012 /CNW/ - StrikePoint Gold, ("StrikePoint") (TSXV: SKP) (OTCQX: STKXF) (the "Company") announces the results of the winter-spring 2012 Angelina Project diamond drill program. Between March and May 2012, the Company completed eight drill holes from four set-ups totaling 1,005 metres (m). The 2012 diamond drilling program targeted chargeability anomalies defined by the 2012 induced-polarization (IP) resistivity geophysical survey as a follow-up to the 2011 diamond drill program that tested high-grade gold surface vein occurrences (see StrikePoint Press Release June 23, 2011).

Richard Boulay, Chairman, commented: "The complex mineralization system at Angelina continues to deliver interesting gold values but has not yet yielded the high values over multiple samples that would define an economic zone of gold mineralization. We will continue to investigate alternative targeting methods for a future exploration program at Angelina. The Company is currently active with other exploration programs."

The 2012 Angelina drill program targeted three discrete chargeability high anomalies associated with high-grade gold surface vein occurrences at Halfway Lake. Of the 311 core samples submitted for analysis, 12 samples returned more than 100 parts-per-billion (ppb) gold (Au), the highest of which is 5.35 grams-per-tonne (g/t) Au. Screen metallic analysis of the same sample returned 16.21 g/t Au from the coarser fraction (greater than 150 mesh).

Table 1: Angelina Project - Significant Assay Results

Drill Hole From (m) To (m) Interval (m) Au (ppb)
12AG-01 23.61 24.00 0.39 340
12AG-01 25.55 25.85 0.30 110
12AG-02 142.1 142.52 0.42 160
12AG-02 142.52 143.00 0.48 4,560
12AG-06 50.45 51.10 0.65 280
12AG-06 87.70 88.20 0.50 570
12AG-07 33.30 34.00 0.70 5,350
12AG-07 34.00 34.52 0.52 120
12AG-08 72.31 73.50 1.19 170
12AG-08 111.31 112.33 1.02 170
12AG-08 134.58 135.60 1.02 170
12AG-08 142.00 143.00 1.00 110

Table 2: Angelina Project - Screen metallic check assays*

Sample Au g/t Total Au g/t +150 Au g/t -150
555416 0.35 0.40 0.34
589502 0.19 0.07 0.21
589503 4.56 1.54 4.75
589651 0.57 0.32 0.60
589664 5.35 16.21 4.87

*only samples returning >100 ppb Au are shown

Drill hole 12AG-01 targeted a discrete chargeability high anomaly midway between the two high grade quartz vein occurrences tested by the 2011 drilling. 12AG-01 intersected two pyrite-pyrrhotite-chalcopyrite mineralized quartz veins between 23.6 to 25.8 m depth that returned assays of 340 ppb and 110 ppb Au over 0.4 m and 0.3 m respectively.

Drill holes 12AG-02 and 12AG-03 targeted a 200 x 50 m northwest elongate chargeability high anomaly coincident with a zone of gossanous volcanic rocks cut northwest trending shear zones that returned high-grade surface rock samples. Drill hole 12AG-02 intersected a 10 m zone containing 0.5-1.0% pyrite and pyrrhotite sufficient to explain the observed geophysical anomaly. At a depth of 142 m, 12AG-02 intersected a pyrite-pyrrhotite-chalcopyrite mineralized quartz vein that retuned assays of 4.56 g/t Au over 0.48 m. Drill hole 12AG-03 did not return significant assays.

Drill holes 12AG-04 through 12AG-06 targeted a northwest trending quartz vein system that returned surface rock samples of up 45 g/t Au. All three drill holes intersected narrow pyrite and pyrrhotite mineralized quartz vein consistent with the down-dip extent of the surface veins. At a depth of 88 m, drill hole 12AG-06 intersected a pyrite-pyrrhotite mineralized quartz vein that retuned assays 570 ppb Au over 0.5 m. Drill hole 12AG-07, collared from the same setup tested a subtle chargeability high anomaly and the northern strike extent of high grade surface veins diamond drill tested during 2011. At a depth of 31 m, drill hole 12AG-07 intersected a massive smoky quartz vein hosted within a 5 m zone of sheared and intensely sericite alteration gabbro that returned assays of 5.35 g/t Au and 23.5 g/t silver (Ag) over 0.7 m.

Drill hole 12AG-08, tested a sizeable chargeability high anomaly to the west of the high grade surface vein occurrences. Drill hole 12AG-08 intersected a series of pyrite-pyrrhotite mineralized zones between a depth of 72 and 143 m sufficient to explain the observed geophysical anomaly, however no significant assays were returned.

Three high priority chargeability high anomalies identified during the 2012 IP/resistivity survey remain to be drill tested. Two of the anomalies occur between 200 to 400 m to the southwest along strike from the Port Showing where 2010 high-grade rock samples of up to 199 g/t Au. The third anomaly is located 400 m to the northwest of Port Showing where samples of pyrite-chalcopyrite mineralized gabbro rocks sampled during 2010 returned assays of up to 1.15 g/t Au.

All sample analytical results contained in this press release, including standard and quality control samples were analyzed for gold by fire assay and multi-element ICP-MS analysis by TSL Laboratories Inc, Saskatoon, SK.

Kristopher J. Raffle, P. Geol., APEX Geoscience Ltd. is a qualified person as defined by National Instrument 43-101 and is responsible for the preparation and approval of the technical information disclosed in this news release.

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

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StrikePoint Gold Inc.

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