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)|
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