StrikePoint Gold Inc. Announces 2020 Phase I Surface Exploration Program at the High-Grade Willoughby Gold and Porter Silver Properties
Vancouver, British Columbia--(Newsfile Corp. - June 29, 2020) - StrikePoint Gold Inc. (TSXV: SKP) (OTCQB: STKXF) ("StrikePoint" or the "Company") is pleased to announce its plans for the 2020 Exploration program on its 100%-owned Willoughby and Porter properties located near Stewart, BC in British Columbia's prolific Golden Triangle. The first phase of the program is expected to commence in early July and is intended to refine and prioritize drill targets to be tested later this summer during a second phase of exploration.
At the Willoughby Property, surface work will focus on refining existing drill targets and identifying new priority areas along and across strike from the known prospects, prioritizing structural and lithological traps that may focus high-grade gold mineralization. Work will include detailed mapping and channel sampling in key areas, performed by our experienced team of geologists and technicians. At the Porter Silver Property, follow-up on surface samples of high-grade silver collected during the previous field campaign, notably at the Big Nunataq prospect. Work at Porter will also include structural mapping and sampling to follow up on a newly identified silver-bearing vein located near the historic Porter-Idaho and Silverado Mines.
StrikePoint CEO, Shawn Khunkhun stated that, "This is an exciting time for SKP shareholders and value will be driven by discovery news on these high-grade properties. The company's market cap relative to peers offers investors a compelling value proposition."
Willoughby Gold Project
The project occurs along the eastern margin of the Cambria Icefield, approximately seven kilometres east of the advanced-staged Red Mountain Gold Deposit owned by Ascot Resources. The property is underlain by Upper Triassic Stuhini rocks and Lower Jurassic Hazelton volcanic and sedimentary rocks that have been intruded by an early Jurassic-aged hornblende-feldspar porphyry, similar to and potentially comagmatic with the Goldslide Intrusive suite at Red Mountain. Intrusive-related mineralized zones consist of primary pyrite with lesser pyrrhotite, sphalerite, galena, chalcopyrite, native gold and. Eight gold and silver mineralized zones have been identified to-date over a one-kilometre strike-length mineralization trend.
Porter Gold Project
The project is strategically located at the head of the Portland Canal, overlooking the town of Stewart, British Columbia. The property was mined between 1929 and 1931 and produced 27,123 tonnes with recovered grades of 2,542 g/t silver (73.8 oz/ton) and 1 g/t gold (yielding approximately 2.2 million ounces of silver). The Porter project contains a Historical Indicated Resource of 394,700 tonnes grading 868 g/t silver, 3.37% lead and 1.41% zinc (435,000 tons @ 25.2 oz/ton silver or a contained 11 million ounces) and an Inferred Resource of 88,900 tonnes grading 595 g/t silver (97,900 tons @ 17.3 oz/ton silver or a contained 1.7 million ounces)**. Mineralization is contained in shear-hosted, silver-rich vein systems. The different mineralized zones were traced on the surface for over 200 meters along strike and 1,000 meters down dip with widths ranging from one to thirteen meters.
**Estimates of mineral resources are dated March 10, 2008, and were prepared by independent consulting geologist N.C. Carter, Ph.D., P. Eng. for Raimount Energy Inc. and re-stated for Mount Rainey Silver Inc. on May 15, 2012. The foregoing estimates made use of an extensive database detailing the results of both underground sampling programs as well as surface and underground diamond drilling. The Mineral Estimates were prepared according to CIM Standards on Mineral Resources and Reserves. The reader is cautioned that a Qualified Person on behalf of StrikePoint has not done sufficient work to verify either the underlying sampling data or the calculation methodology to consider this to be a current resource. As a result, StrikePoint is treating this mineral resource as a Historical Estimate, as defined in National Instrument 43-101. StrikePoint has not yet determined what work needs to be completed to upgrade or verify the Historical Estimate.
Marilyne Lacasse, P. Geo., Project Manager for Strikepoint Gold, is the Qualified Person as defined by National Instrument 43-101 who prepared and approved reviewed the technical data in this news release.
StrikePoint Gold is a gold and silver exploration company focused on building high-grade precious metals resources in Canada. The company controls two advanced stage exploration assets in BC's Golden Triangle. The past-producing high-grade Porter Silver Project and the high-grade Willoughby Gold Project, which is adjacent to Red Mountain. The company also owns a portfolio of gold properties in the Yukon.
ON BEHALF OF THE BOARD OF DIRECTORS OF
STRIKEPOINT GOLD INC.
Chief Executive Officer and Director
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the company's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.
Neither the TSX Venture Exchange nor it's 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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