Strike Minerals Inc.
TSX VENTURE : STK

Strike Minerals Inc.

July 24, 2012 08:30 ET

Strike Minerals Reports Recent Drill Results at Schreiber

TORONTO, ONTARIO--(Marketwire - July 24, 2012) - Strike Minerals Inc. (TSX VENTURE:STK) ("Strike" or the "Company") announces results from drill holes HH-12-01 and HH-12-02 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.

The two holes intersected a number of sections of quartz veining, vein breccia and stock-work veining and abundant pyrite mineralization, both within the veining and in the vein margins. Quartz veining contains highly silicified fragments of host mafic volcanics with up to 20% agglomerations and fractured cubes of pyrite.

Hole #1, HH-12-01 (Az 310, dip -10) drilled 55 metres SE of Hole #2, returned three significant intersections, the second of which contained visible gold as specks on pyrite cubes.

Grade g/t Length Down-hole depth
8.19 0.3 m 24.2-24.5
5.45 (VG) 1.2 m 169-170.2
0.92 2.4 m 227.8-230.2

Hole #2, HH-12-02 (UTM 483968E, 5404975N, Az 310, dip -25) intersected stockwork quartz veining and vein breccia containing abundant pyrite and 4 grains and twelve specks of visible gold within pyrite cube fractures and also resting on the pyrite agglomerations.

Grade g/t Length Down-hole depth
20.61 (VG) 2.2 m *20.61-22.81
Including 112.0 0.4 m

Sampling and assays for the intersection as follows: 19.40 to 20.00m, 0.96 gpt, 20.00 to 20.60m, 0.578 gpt, 20.60 to 21.00m, 112.0 gpt, 21.00 to 21.60m, 0.702 gpt. Assays included in composite since the entire section features silicification, quartz stringers and veinlets, and abundant pyritic host rock margins. The hole was drilled at a dip of -10 degrees, and the veining is believed to be dipping approximately 75 to 80 degrees, so, for all intents and purposes, the true width will be the same as the sampled width.

Assaying was completed at Agat Laboratories of Mississauga, Ontario, an accredited lab- Au by fire assay, ICP-OES finish.

  • Only 5 samples from HH-12-02 have been assayed. Assays for the remainder of the hole have not yet been received.

Hole #3 is currently being drilled and should be completed in 4 to 5 days.

Historical work on the Harkness- Hays property focused on surface exposure of auriferous quartz veining, and on the development of adits and tunnels into the side of the predominant ridge on the property. Strike management is excited at the prospect of intersecting auriferous veining at depth below the ridge, indicating that potential zones are open both laterally and at depth.

Strike is continuing its efforts of preparing mining plans and budgets to enable the commencement of mining of the Edwards #1 vein. Included in this process are securing a milling agreement, developing a proper mining plan and securing sufficient financing to permit the economic development of the Edwards #1 gold vein.

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. Geol.

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 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 will conduct 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.

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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