Strike Minerals Inc.

Strike Minerals Inc.

June 17, 2011 09:16 ET

Strike Minerals Provides Mineral Exploration Update, Edwards Mine Property

TORONTO, ONTARIO--(Marketwire - June 17, 2011) - Strike Minerals Inc. (TSX VENTURE:STK) ("Strike" or the "Company"), announces that it has received the final report on the winter drilling program on its Edwards Mine Property near Wawa, Ontario.

The purpose of the drill program was to test the continuity, structure and extent of the gold mineralization in the known mineral zones proceeding towards a resource calculation. The program consisted of 12 holes totalling 2,998.1 metres (7,212 feet) of NQ drilling by Superior Diamond Drilling of Sault Ste. Marie, Ontario. All of the drill holes intersected the targeted veins and provided additional data that increased the extent of the gold mineralized zones.

Mike Newbury, President and CEO of Strike comments "The gold mineralization occurs in a quartz vein system and is similar to other gold quartz vein type deposits in northern Ontario and Quebec. The gold mineralization in these types of deposits has a nugget effect that can result in sections of the vein having no significant values. This drilling had a similar result in that some intersections had gold mineralization and some did not. Historical underground production from some zones has indicated that the bulk grade for the mineralized zones is approximately 0.30 oz/t gold. Also, as previously announced, the Company will be dewatering the Edwards Mine which creates a unique opportunity to conduct underground exploration on the identified gold mineralized zones and will provide significant advantages including reduced costs of the exploration program."

Drill hole ST 1-11 on the Plowman #1 zone on the Edwards Mine property, intersected a rusty bleached, highly siliceous section with quartz veining containing up to 30% sulphides that assayed 11.19 g/t Au over 3.66 metres (0.326 oz/t Au over 12.0 feet) from 124.5 to 128.2 metres down the hole (-300 feet vertical).

Drill hole ST 2-11, drilled below ST 1-11, intersected a mineralized zone with a grade of 2.06 g/t Au over 0.3 metres (0.06 oz/t over 1.0 foot) and a rusty weathered zone with 12.24 g/t Au over 0.6 metres (0.357 oz/t Au over 2.0 feet).

Drill hole ST 4-11 Intersected Plowman #1 vein with 1.54 g/t Au over 0.9 metres (0.045 oz/t over 3 feet).

Drill hole ST 6-11 intersected both zones – the Plowman #1 zone with 6.58 g/t Au over 0.6 metres (0.192 oz/t over 2 feet) and the Plowman #2 zone with 3.50 g/t Au over 1.52 metres (0.102 oz/t over 5.0 feet).

Drill hole ST 7-11 intersected the Plowman #1 zone with 34.2 g/t Au over 0.6 metres (0.998 oz/t over 2.0 feet)

The following holes confirmed the vein existence, but with no measurable gold intercepts: Drill hole ST 3-11, Drill hole ST 5-11, Drill hole ST 8-11, Drill hole ST 9-11, Drill hole ST10-11, Drill hole ST 11-11 and Drill hole ST 12-11.

Note: Intervals indicated are actual core lengths and true widths of identified zones have not been estimated.

As a result of this drilling the Plowman #1 zone has been outlined to a strike length of 152 m (500 feet) and the vertical depth to 158.2 m (520 feet). The Plowman #2 zone has been outlined to a strike length of 198 m (620 feet) and a vertical depth of 229 m (750 feet). Plowman #3 had been extended to a strike length of 122 m (400 feet) and a depth of 122 m (400 feet). All the zones are still open on width and depth.

The company has also completed geological mapping and sampling on its Clements claims consisting of four claim units that are situated approximately one mile northwest of the Edwards Mine property. The mapping and sampling identified a quartz vein that appeared to be an extension of a zone from the Michael Syndicate shaft located 425 m northwest of the showing on adjacent mineral claims. Five grab samples from the zone had values ranging from 2.3 g/t to 102.13 g/t grabbed over a 26 metre strike length.

Strike's contractor is now proceeding to setup pumps and related equipment to commence the dewatering of the ramp and underground workings on the property. This will enable the company to conduct underground exploration on the mineralized zones to determine the continuity and bulk grade of the gold mineralization. In addition Caracle Creek International Consulting Inc. has been engaged to digitize all the historical drilling and underground work on the property to assist in the interpretation and evaluation of the gold mineralization.

About Strike

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 in the Goudreau – Lochalsh Gold Camp near Wawa, Ontario. Historic production in the camp between 1930 and 2001 is estimated at 500,000 ounces of gold. Between 1996 and 2001 underground development was completed through a decline to a depth of approximately 290 m resulting in 145,000 oz Au being mined from the Edwards property. Subsequent drilling on the property has delineated an additional number of mineralized zones that have significant gold mineralization values that require additional evaluation and delineation.

Strike also has a large land position in the Hemlo West area near Schreiber, Ontario. The property has a number of historic producers that produced small tonnages of very high grade gold mineralization, averaging approximately 18-25 g/t gold, between 1935 and 1937 generally associated with shear zones in the region. These shear systems have seen very little modern exploration, and drill testing at or near aprominent syenite volcanic contact is considered highly prospective for the discovery of additional gold mineralization. Strike will conduct an initial program of surface geological and alteration mapping on the Property in the spring of 2011 with a goal of increasing the understanding of the geologic and structural relationships on the Property in preparation for drill testing to establish a resource estimate.

All technical information in this press release has been reviewed and approved by Mike Newbury, P.Eng. who is a Qualified Person ("QP") under National Instrument 43-101.

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Strike, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, dependence upon regulatory approvals, and the uncertainty of obtaining additional financing and exploration risk. There is no assurance that the company's exploration projects will add to Strike's resource base in the short-term, or at all. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Neither the 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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