Strike Minerals Inc.

Strike Minerals Inc.

March 05, 2012 09:38 ET

Strike Minerals Expands Hemlo West Project With Acquisition of South Worthington Claims

TORONTO, ONTARIO--(Marketwire - March 5, 2012) - Strike Minerals Inc. ("Strike") (TSX VENTURE:STK) announces that it has purchased 100% ownership of significant gold exploration claims south of Hays Lake at Worthington Bay near Schreiber, Ontario (the "Worthington South Claims").

These clams lie south of the Harkness-Hays deposit and are immediately east of the claims held by Balmoral Resources Ltd. and GTA Resources and Mining Inc.. "Previous historic geophysical and ground sampling work indicates that gold mineralization is present on these claims. The addition of the Worthington Claims to the Hemlo West project provides Strike with high potential drill targets on both sides of the Northshore deposit. The southern claims contain an extension of the Afric gold zone that Noranda Inc., in the 1990's calculated a non NI 43-101 compliant, near surface "geological resource" of 2.0 million tonnes grading 2.20 g/t gold (140,000 ounces) on the basis of 20 drill holes.

Strike has acquired a 100% interest in the Worthington South Claims for: $20,000 payable to the vendors, and 800,000 common shares of Strike Minerals Inc. The vendors retain a 2% Net Smelter Royalty. The transaction is subject to the approval of the TSX Venture Exchange.

Historical sampling conducted on the Worthington claims in 2001, had grab samples from blasted outcrop that had reported values of: 109.06 g/tonne Au, 94.2 g/tonne Ag and 51.09 g/tonne Au that also contained 25.4 g/tonne Ag. In addition, the sampling team processed a number of mini-bulk samples that totalled 100kg of mineralized material with assays ranging from 6.2 g/tonne to 11.3 g/tonne Au.

In 1997, Cyprus Minerals Canada carried out an Induced Polarization ("IP") survey on areas surrounding the Northshore deposit. The easterly most line (1200E) crossed the South Worthington Claims and identified 3 IP targets of between 3 and 4 in terms of polarizability. These results are similar to the IP results that occur over known mineralization in the area and may indicate the potential for additional anomalies to the east. This same survey extended to the west and northwest of the Northshore deposit onto Strike claims and delineated a number of targets that require further investigation.

Mike Newbury President & CEO, comments, "Strike now holds claims adjacent on both sides of the Northshore deposit and based on the historic geologic and geophysical information these have high potential for mineralization. We are now planning a surface exploration and drilling program to follow-up the historical information. This work will commence as soon as access to the area is available. In addition we will begin an exploration program on the Harkness-Hays and Morely deposits."


Strike Minerals is a TSX-V listed company that is engaged in the exploration and development of precious metal properties in Canada. Its primary property is the former producing Edwards Gold Mine property that is being redeveloped in the Goudreau - Lochalsh Gold Camp near Wawa Ont. Historic production in the camp between 1930 and 2001 is estimated at 500,000 ounces. Between 1996 and 2001 underground development at Edwards was completed through a decline to a depth of approximately 290 m and mining over the period resulted in 145,000 oz being produced at an average grade of 0.39 oz/t.

Subsequent drilling on the property by Strike delineated an additional five zones that have significant gold mineralization. Strike has commenced dewatering of the underground workings now down to 120m in order to provide access to enable underground drilling and bulk sampling of these new zones. The dewatering will also enable Strike to evaluate old stopes and high grade mineralization that was not mined when the mine was closed in 2001 due to low gold prices. At present Strike is commencing underground development on the 60m and 90m levels with the plan to be in production by the end of 2012.

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