Strait Gold Corporation
TSX VENTURE : SRD

Strait Gold Corporation

August 18, 2011 09:53 ET

Strait Gold Outlines Porphyry Copper Zone at Alicia, Completes Airborne Geophysics, Plans Drilling

TORONTO, ONTARIO--(Marketwire - Aug. 18, 2011) - Strait Gold Corporation (TSX VENTURE:SRD) is pleased to announce that recent mapping has outlined a copper mineralized zone intermittently over approximately 800 metres across the northern portion of the quartz porphyry intrusive at its Alicia property in Peru. The mineralized zone has several characteristics of porphyry copper systems, including an association with multiple porphyritic intrusive phases, clay and secondary biotite alteration and an association with strong quartz veining and stockwork zones.

The mineralized zone is coincident with a larger copper anomaly defined by values greater than 500 parts per million (ppm) based on assay results of rock chip samples of the porphyry, typically composites taken over 3x3-metre panels. (Selected results from the recent porphyry sampling program are given in the table below.) The copper anomaly defines two broadly parallel zones that trend northwest-southeast across the intrusion. The anomalous zones are believed to be structurally controlled and remain open to the southeast, and undercover to the northwest. Soil sampling is currently underway to delineate possible extensions of the mineralization under cover.

"The dimensions of the anomalous zone outlined to date and the associated mineralized zone indicate that the porphyry potential of Alicia is significant," said Strait Gold President Jim Borland. "We have multiple targets to test on the property, and this porphyry zone is a priority."

In addition to this mineralized zone, an initial reconnaissance drill program intersected skarn mineralization in eight holes over 600 metres along the northern contact of the porphyry intrusive with surrounding limestone previously reported in news releases dated January 10 and March 29, 2011. In particular, Hole ALC10-05 intersected 33.0 metres (21.2 metres trues width) grading 1.27% copper, 0.13 g/t gold and 7.5 g/t silver. This hole ended in mineralization with the bottom 5.1-metre intercept (3.3 metres true width) grading 2.17% copper, 0.21 g/t gold and 11.5 g/t silver.

Airborne radiometric, magnetic and ZTEM surveys have been recently completed over the entire 26-sq.-km property. Initial results show magnetic and potassium anomalies associated with the quartz porphyry intrusive near the centre of the property. In addition, there are several magnetic anomalies to the northwest, west and southwest of the main area of interest that remain unexplained. Interpretation of the results of the airborne surveys continues and ground followup of anomalies will be carried out once the interpretation is complete.

The Company has applied for a drill permit and will begin drilling upon receipt. Drilling will have two objectives: to follow up earlier drilling on the skarn zones and to further test porphyry style mineralization noted in the sampling program and previously encountered in Holes ALC-10-08, ALC11-17 and ALC11-18.

Highlights of Recent Sampling
Sample ID. Sample
Dimensions (m)
Cu
(ppm)
Au
(g/t)
Mo
(ppm)
Ag
(g/t)
E990530 3 x 2 2790 0.02 3 1
E990532 3 x 2 1640 <0.005 <1 0.8
E990536 4 x 4 2010 <0.005 2 0.5
E990537 3 x 2 2590 <0.005 1 0.2
E990539 3 x 3 1205 0.007 1 1.1
E990547 3 x 3 1065 0.007 3 0.4
E990550 4 x 3 8200 0.145 1 4.4
E990553 3 x 3 1725 <0.005 <1 0.2
E990555 3 x 3 1235 <0.005 <1 <0.2
E990558 3 x 3 1330 0.017 55 2.3
E990560 3 x 3 1255 <0.005 2 0.4
E990569 2.5 x 2.5 5130 0.137 5 2.1
E990571 3 x 3 1345 0.05 25 1.5
E990574 3 x 3 3400 0.089 2 1.2
E990576 3 x 3 4120 0.057 1 1.6
E990577 3 x 2.4 1785 0.039 1 0.8
E990578 3 x 3 3110 0.073 9 1.7
E990579 3 x 3 1740 0.015 2 0.3
E990580 3 x 3 1950 0.02 <1 0.6
E990585 3 x 3 1470 0.07 2 1.8
E990589 3 x 3 1760 0.02 1 0.2
E990591 3 x 3 7130 0.25 1 7.2
E990598 3 x 3 1470 0.03 4 0.6

Quality Control and Quality Assurance

All sampling is supervised by Strait Gold personnel. Samples are placed in plastic sample bags that are closed with single use plastic ties. Samples are securely stored in a locked room prior to transportation to Cusco by Strait Gold personnel. Samples are delivered to the ALS Chemex office in Cusco and forwarded by ALS Chemex to Arequipa for sample preparation. The resulting pulps are sent to its laboratory in Lima, for analysis. ALS Chemex is an ISO 9001:2000 registered laboratory. Samples are analyzed for gold by fire assay followed by atomic absorption spectroscopic (AAS) finish and by gravimetric finish for samples exceeding the upper limit of analysis (over limit). Silver, copper, molybdenum, lead and zinc, together with 30 other elements, were assayed by inductively coupled plasma-atomic emission spectrometry (ICP-AES) following aqua regia dissolution. Strait Gold routinely carries out a program of quality assurance/quality control (QA/QC) that includes insertion of blanks, standards and duplicates into the sample stream to verify results prior to dissemination.

All of the Company's exploration programs are prepared by, or prepared under the supervision of, Dr. Roger Moss, P.Geo., who serves as the Qualified Person as defined by NI 43-101 and is a director of the Company. Dr. Moss has reviewed the technical content of this news release.

About Strait Gold Corporation:

Strait Gold Corporation is a Canadian mineral exploration company active solely in Peru and listed on the TSX Venture Exchange. The Company holds a 55% interest in the Alicia copper-gold project with an option to increase its interest to 100%. It also holds a 100% interest in the Culebrilla and Letra Rumi South projects. To learn more about Strait Gold, please visit our website at straitgold.com.

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.

Contact Information