TORONTO, ONTARIO--(Marketwire - Sept. 17, 2012) - Strike Minerals Inc. (TSX VENTURE:STK) ("Strike" or the "Company") announces results from drill hole HH-12-03 recently completed on the Harkness-Hays Property. The property is located in the Hemlo - Schreiber greenstone belt of northwestern Ontario, approximately 200 km east of Thunder Bay, and 70 km west of Hemlo.
Hole #3, HH-12-03 (Az 301, dip -29.5) has intersected gold mineralized zones from 65 to 90 meters below Hole #1 (HH-12-01, Az. 310°, dip -10°), and 25 to 35 metres west of Hole #2 (HH-12-02, Az. 307°, dip -25°). The intersections encountered feature quartz veins, stock-work quartz veining and vein breccia containing abundant pyrite, and in places visible gold within pyrite cube fractures and also resting on the pyrite agglomerations.
Assay results from the hole:
||201.8 - 202.1
||207.8 - 208.1
||223.5 - 225.0
||237.0 - 238.4
||245.5 - 245.8
||250.1 - 251.6
||252.6 - 253.2
||266.1 - 267.6
||290.8 - 291.1
|(Note the distances are down hole, the true width has not been calculated.)
Visible gold as noted above was observed in five locations, including one 30cm section at 245.3m that contained such significant visible gold that and it has not been sent for assay but retained by the company.
The drill program was designed to test for continuity of the gold mineralization at depth below the historical surface trenching and adit exploration at the Harkness-Hays mine.
Assessment files containing historical work on the Harkness-Hays property indicate that the various zones identified on surface have never been drill tested below the prominent ridge on the property. Strike's drill program has demonstrated that the auriferous quartz veining extends to a vertical depth of at least 180 metres below the surface of the ridge.
Though these are just the initial exploration drilling results, they indicate that the gold mineralization is more pervasive and there is significant potential to extend the gold mineralized zones both laterally and at depth.
Assays were carried out at AGAT Laboratories by fire assay - Trace Au-ICP-OES Finish.
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. On site sampling was supervised by Bruce Edgar, P. Geo.
Strike has nearly completed the preparation of the mining plan and detailed budget required for the commencement of mining of the Edwards #1 and Edwards #5 veins. Discussions are continuing to secure an agreement for the processing of production from Edwards. In addition Strike is in discussion with a number of potential investors to secure adequate working capital that will permit the initial development of the Edwards #1 and #5 gold veins. The Company believes that it can achieve stable production before the end of the year.
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 Ont. Historic production in the camp between 1930 and 2001 is estimated at 500,000 ounces. Between 1996 and 2001 underground development was completed through a decline to a depth of approximately 290 m and mining over the period resulted in 145,000 oz being produced from the Edwards property at an average grade of 0.39 opt. Subsequent drilling on the property has delineated an additional five zones that have significant gold mineralization. At present Strike has dewatered the underground workings below the 140m level and is now continuing underground drifting on both the 60m and 90m level and is drifting on both the Edwards #1 and #5 zones with the plan to be in production in 2012.
Strike also has a large land position in the Hemlo West area near Schreiber, Ont. 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 a prominent syenite volcanic contact is considered highly prospective for the discovery of additional gold mineralization. Strike is conducting an initial program of surface geological and alteration mapping on the Property with a goal of increasing the understanding of the geologic and structural relationships on the Property in preparation for drill testing to assess the extent and value of the mineralization.
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.