SAN GOLD/STRIKEPOINT INTERCEPTS SHORELINE BASALT ON
JOINT VENTURE
SKP - TSXV STKXF - OTCQX
Strikepoint Gold Inc. has commenced the 2011 Strike
Point property diamond drill program and to summarize the results of
exploration work conducted during the second half of 2010.
The most significant disclosure in this press release
is the drill interception, during the past few days, of the Shoreline basalt
unit within the boundary of the Strike Point joint venture property that is
being jointly explored by the company and San Gold Corp. San Gold has recently
reported (see San Gold press release in Stockwatch news on Feb. 17, 2011) that
the Shoreline basalt is a second and parallel mine horizon that has been
identified as a key host to the numerous new gold deposits, including the L13,
L10, 007, 007 East and Emperor gold zones that lie within or in close proximity
to the Shoreline basalt. The identification of the Shoreline basalt on the
Strike Point property represents a dramatic westward extension of this prolific
gold host unit.
Drilling on the Strike Point property during 2011
commenced in mid-February with the objective to explore a zone of intense
sericite-carbonate-chlorite alteration that returned geochemically anomalous
gold assays during the second half 2010 drill program. The alteration zone
occurs within a sequence of strongly deformed basalt (now identified as the
Shoreline basalt) and andesitic volcaniclastic rocks that lie to the west along
strike within the hangingwall of San Gold's Rice Lake mine unit.
The first hole of the 2011 program (11SP-01,
minus-50-degree dip) intersected a 25-metre (core width) interval of Shoreline
basalt at a depth of 293 metres. The basalt occurs within a broader 51-metre
(core width) interval of deformed, intensively
carbonate-chlorite-(sericite)-altered andesitic volcaniclastic rocks. The
Shoreline basalt is underlain by a further two zones of moderate to pervasively
sericite-carbonate-chlorite-altered intermediate volcaniclastic rocks occurring
at depths of 379 and 435 metres. The lower alteration zones occur over widths
of 5.3 and 2.6 metres, respectively, and host numerous narrow (five to 10
centimetres) quartz-carbonate veins containing up to 0.5 per cent pyrite
mineralization.
A second, steeper (minus-65-degree) drill hole
(11SP-02) has been collared from the same set-up in an effort to further define
these significant zones of alteration and deformation deeper at an anticipated
downhole intercept depth of approximately 350 metres.The entire interval of
Shoreline basalt encountered in drill hole 11SP-01 has been sampled for fire
assay analysis with results anticipated within a few weeks.
Richard Boulay, chairman of Strikepoint Gold, stated:
"The interception of the Shoreline basalt on the Strike Point joint
venture property is a significant development. Moreover, the presence of
intense gold pathfinder alteration is additionally encouraging and together
with the presence of additional altered volcaniclastic units located
stratigraphically below the Shoreline basalt combine to form a prospective
environment that demands aggressive drill exploration." The early success
of the 2011 drill program is a result of an extensive drill orientation program
executed during the second half of 2010. This program comprised 15 diamond
drill holes for 4,532 metres on the Strike Point property. This program was
initially described while it was being conducted in October, 2010 (see
Strikepoint press release in Stockwatch news on Oct. 19, 2010). In total, 1,623
samples (including 156 QA/QC (quality assurance/quality control) samples) were
analyzed for gold by fire assay and multielement ICP-MS analysis.