Strait Gold Corporation
TSX VENTURE : SRD

Strait Gold Corporation

February 16, 2011 14:18 ET

Strait Gold Reports Further Results From Drilling at Alicia Including 16.5 Metres of 0.83% Copper, 0.17 g/t Gold; Drill Core to be on Display at PDAC 2011 Core Shack

TORONTO, ONTARIO--(Marketwire - Feb. 16, 2011) - Strait Gold Corporation (TSX VENTURE:SRD) is pleased to report results from the first four holes of the 2011 drilling program at its Alicia copper-gold project in southern Peru. Highlights include:

  • 16.5 metres of 0.83% copper, 0.17 grams per tonne (g/t) gold in ALC11-12, including 12.5 metres of 1.07% copper, 0.23 g/t gold, and 6.2 g/t silver;
  • 19.5 metres of 0.60% copper, 0.06 g/t gold in ALC11-14; and,
  • 12.3 metres of 0.62% copper, 0.03 g/t gold in ALC11-13.

The Company is also pleased to announce that drill core from its Alicia project has been selected for display March 6-8 at the PDAC 2011: International Convention, Trade Show & Investors Exchange to be held at the Metro Toronto Convcention Centre. The event, organized by the Prospectors and Developers Association of Canada, is the world's largest annual gathering of the mineral industry. Admission to the Investors Exchange portion of the event, including the Core Shack, is free.

Results from the fifth hole of the current program are pending. Drilling of the sixth hole is in progress and the Company plans to drill one further hole for a total of seven. Highlights from the first four holes of the current program are included in the table below.

Hole ID Depth
(m)
Incl'n Azim. From (m) To (m) Inters'n (m) True Width (m) Cu (%) Au (g/t) Ag (g/t) Mo (%)
ALC11-12 73.2 -50 270 55.50 72.00 16.50 11.59 0.83 0.17 4.8 0.001
including       57.50 70.00 12.50 8.71 1.07 0.23 6.2 0.001
including       59.50 65.10 5.60 4.38 1.80 0.46 10.5 0.001
ALC11-13 71.1 -45 350 15.35 27.60 12.25 8.20 0.62 0.03 1.6 0.007
including       21.80 27.60 5.80 3.88 0.80 0.03 1.8 0.009
including       23.80 27.60 3.80 2.54 1.02 0.03 3.5 0.008
ALC11-14 54.3 -70 350 22.00 41.50 19.50 13.79 0.60 0.06 2.3 0.021
including       36.00 38.30 2.30 1.63 1.67 0.10 5.0 0.018
  and       23.10 31.00 7.90 5.59 0.73 0.08 3.4 0.029
ALC11-15 74.7 -40 180 13.70 15.90 2.20 1.50 0.81 0.08 3.7 0.001
  and       22.30 32.35 10.05 6.72 0.36 0.04 2.0 0.007

"We are very encouraged by the work we have completed to date," said Strait Gold President Jim Borland. "Even at this very early stage, we believe Alicia is shaping up to be one of the best emerging exploration plays in Peru."

Drilling at Alicia to date by the Company was designed to test a series of skarn zones outcropping along the contact of a porphyry intrusive and surrounding limestone. A total of eight holes were drilled in November and December of 2010 along the northern contact. Every hole in that program intersected copper-gold values demonstrating continuity of mineralization over a strike length of approximately 600 metres as reported in a news release dated January 10, 2011.

Summary of results:

  • ALC11-12 (The first hole of the 2011 drill program) was collared to test outcropping skarn mineralization on the western contact of the intrusion approximately 500 metres south of the most westerly holes drilled in the 2010 program. It intersected 1.07% copper, 0.23g/t gold, and 6.2g/t silver over 12.5 metres (8.71 metres true width).
  • ALC11-13 and -14 were drilled from the same platform on Zone 1 along the south porphyry/limestone contact, approximately 500 metres southeast of hole ALC11-12. Hole ALC11-13 intersected 0.80% copper and 1.8 g/t silver over 5.8 metres (3.88 metres true width). ALC11-14 intersected 0.73% copper, 3.4 g/t silver and 0.029% Mo over 7.9 metres (5.59 metres true width) in the same skarn zone. This intersection, the first hole on the project to indicate significant molybdenum content, included 0.16% molybdenum over one metre of brecciated garnet skarn.
  • ALC11-15 was collared approximately 100 metres west of ALC11-13 and -14 and intersected 0.36% copper, 2.0 g/t silver with anomalous gold and molybdenum over 10.05 metres (6.72 metres true width).

Remaining holes in the current program include ALC11-16, drilled from the same collar as ALC11-15 for which results are pending, ALC11-17 that is currently being drilled approximately 700 metres northeast of ALC11-15 to test skarn zone 5 and the potential for porphyry-style mineralization in the intrusion and Hole ALC11-18 that will also test the porphyry potential of the intrusion. Indications of the porphyry potential at Alicia will be investigated in more detail upon completion of the current drilling program.

Quality Control and Quality Assurance

Logging, sampling and splitting of the drill core is conducted at Capacmarca by Strait Gold personnel. Samples composed of one half of the split core 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, lead and zinc, together with 30 other elements, were assayed by inductively coupled plasma-atomic emission spectrometry (ICP-AES) following aqua regia dissolution. Over-limit silver (>100 ppm), and copper (>10,000 ppm) samples were re-assayed by AAS. 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. Strait Gold will send approximately five percent of sample rejects to a second laboratory for check analysis.

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. It has an option to earn a 100% interest in the Alicia copper-gold property situated in the Andahuaylas-Yauri belt, an emerging belt of world class porphyry deposits in Cusco department, 500km southeast of Lima. It also holds a 100% interest in both the Letra Rumi South copper-silver property and the Culebrilla gold-silver property, both in Ancash Department approximately 250 km north of Lima. To learn more about Strait Gold, please visit our website at www.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.

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