Gold Mineralization Extended to 358m Depth in 14 Saddle Reefs Veins at Dufferin Mine Project


CALGARY, Jan. 27 /CNW/ - StrikePoint Gold Inc. ("StrikePoint" or, the "Company")(SKP - TSXV and STK - OTCBB) and Ressources Appalaches Inc. (APP - TSXV) are pleased to announce the results of ten of 16 drill holes from the most recent drill program at the Dufferin Mine Project in Nova Scotia (see following table, also see cross and long section images below or on StrikePoint and Ressources Appalaches websites). Notably, drill hole F10-26, dipping at 83° to a depth of 366m intersected 14 mineralized saddle reef veins including 7.33 g/t Au over 4.1m at 216m, 9.46 g/t Au over 1.2m at 255m and 3.57 g/t Au over 0.6m at 358m, confirming the existence and continuity of the Saddle Reef mineralization at depth. Analytical results from the remaining six holes are pending.

The first 2010 drill program, completed in mid-August 2010, was to test the length of the anticline with 17 drill holes totaling 2295m which confirmed the presence of the gold-bearing Crown Reserve Anticline to a strike length of 1400m, double the previous known extent (see press release of 25 October 2010).

The drill holes of the second 2010 drill program encountered numerous turbidite-hosted gold-bearing Saddle Reef quartz veins in the Crown Reserve Anticline with values of 1 to 45 g/t Au in each section along the fold axis (see following table). Results from ten of the drill holes representing 1977m have been received and compiled from the16 drill holes, totaling 3162m of drilling. Selected results from six holes are summarized in the table below. The four non-reported holes did not intersect the axis and did not contain any significant gold intercepts. The objective of the second 2010 phase of drilling was to confirm the depth of the mineralization to below 300 m and that objective was achieved. A total of 5457m were drilled in 2010 in all programs

The results second 2010 drill program together with supporting exploration and interpretive work are significant for the following reasons:

  • Hole F10-26 has extended the known mineralization deeper than previously encountered and approximately 400m east of a previous hole that was drilled to 397m. (See F10-26 cross-section and location of F10-26 on longitudinal section.)
  • The second 2010 drill program tested and confirmed gold mineralization along a significant portion of the originally known axis and the axis extension of 2010. (See location of designated holes on longitudinal section.)
  • The folded turbidite sequence has been estimated by academic and government geologists to be between seven and eleven kms thick suggesting that the Saddle Reef structures may persist to very great depth.
  • The LiDAR data acquired in 2010 has proven to be effective in precisely locating the surface trace of the Crown Reserve anticlinal axis and will be used to locate other parallel anticlinal axes on the Dufferin and nearby properties..
  • Interestingly, the anticlinal axis plunges approximately 8% to the northeast, meaning, for example, that Saddle Reef #1 (indicated by a red dashed line in the attached longitudinal section), the uppermost saddle at the Dufferin Mine gets deeper to the northeast. However, overlying Saddle Reefs continue to appear as exploration continues to the northeast. It has been strongly suspected that the Saddle Reefs continue to great depth and it now appears that the system is "open upwards".

The 2011 exploration program will be finalized and announced, together with a full summary of 2010 exploration activities, following the receipt of the final results from the second 2010 drill program, expected soon.

               Table of Drill Results

Hole   Section   From   To   Length   Au
#       (m)   (m)   (m)   g/t
F10-19   3260E   7.5   8.8   1.3   14.75
    including   7.5   8.3   0.8   23.9
        44   45   1   5.37
F10-21   3375E   23   23.4   0.4   2.31
        69.35   69.7   0.35   3.17
        139   139.9   0.9   4.51
    including   139.45   139.7   0.25   16.1
        172   173   1   23.00
        207.1   210.5   3.4   1.04
        252.65   253.35   0.7   5.69
        257.05   257.25   0.2   1.59
F10-23   2875E   33.7   34.05   0.35   1.16
        73.85   74.60   0.75   3.78
        113.15   114.15   1   1.17
        213.30   214.20   0.9   6.10
        239.00   241.60   2.6   3.06
    including   241.05   241.60   0.55   7.22
F10-24   2775E   22.95   23.50   0.55   1.28
        62.00   63.00   1   3.80
    including   62.45   63.00   0.55   6.89
        96.20   96.45   0.25   5.30
        168.67   169.90   1.23   7.70
    including   169.00   169.20   0.2   20.14
    including   169.20   169.40   0.2   20.70
        223.30   223.70   0.4   1.45
        239.50   242.60   3.1   1.60
    including   239.50   240.00   0.5   4.42
    including   242.20   242.60   0.4   5.34
        254.25   254.85   0.6   1.01
        299.40   300.00   0.6   1.57
F10-25   2685E   43.00   43.50   0.5   4.25
F10-26   2685E   81.00   81.55   0.55   2.21
        101.40   102.00   0.6   2.38
        147.20   147.65   0.45   1.63
        180.60   180.80   0.2   2.35
        189.20   189.70   0.5   4.20
        206.20   206.60   0.4   2.16
        216.00   220.10   4.1   7.33
    including   216.55   217.50   0.95   10.01
    including   217.50   218.50   1   17.34
        247.80   250.70   2.9   4.36
    including   247.80   248.00   0.2   12.00
    including   250.20   250.70   0.5   14.66
        255.10   256.30   1.2   9.46
    including   255.30   255.55   0.25   45.39
        278.25   279.20   0.95   1.68
        329.00   330.55   1.55   1.20
        332.20   333.20   1   3.08
        349.00   350.25   1.25   1.21
        358.60   359.20   0.6   3.57

The sampling program was carried out by splitting the core according to industry norms with blanks, duplicates and analytical standards submitted at regular intervals. Assays were carried out at ALS Chemical Laboratories. Duplicate assays are performed on two weight fractions of the core. The samples were analyzed for gold using conventional fire assaying with an atomic absorption spectrometry finish, and where appropriate, analyzed using total metallic screen assays for samples containing visible gold

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.

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SOURCE StrikePoint Gold Inc.

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