StrikePoint Gold Updates Exploration Program at Willoughby Project, Targeting High-Grade Gold and Silver; Grants Stock Options
Vancouver, British Columbia--(Newsfile Corp. - August 4, 2020) - StrikePoint Gold Inc. (TSXV: SKP) (OTCQB: STKXF) ("StrikePoint" or the "Company") announces that ongoing surface exploration work, including construction of drill pads, mapping and channel sampling is highly encouraging, at the 100% owned Willoughby Property, located in the BC's prolific Golden Triangle 30km east of Stewart, BC. Exploration work is designed to target new areas of sulphide mineralization and prospective alteration with the purpose of identifying and refining drill targets. To-date, 150 surface samples have been shipped for analysis.
StrikePoint's President and CEO, Shawn Khunkhun commented, "The focus of 2020 exploration has two objectives: first, to improve continuity of high-grade mineralization at Willoughby by targeting structural traps and second, test broad zones of early-Jurassic, intrusive-related disseminated gold mineralization similar to the large deposits at Seabridge's KSM and Iskut Properties, Pretium's Snowfield deposit and Tudor/Teuton/American Creek's exciting new Treaty Creek discovery."
Assay results from the surface samples will be released in the coming weeks, in addition to announcement of the start of diamond drilling. Additionally, the Company will shortly be commencing work at StrikePoint's Porter Property, a 100% owned, high-grade, past-producing silver deposit located immediately east of the town of Stewart. More information on the Properties can be found at strikepointgold.com.
Grant of Stock Options
The Company also reports that 5,175,000 incentive stock options to its directors, officers, consultants and/or employees pursuant to the Company's stock option plan. The options are exercisable for a period of five years at a price of $0.20 per share.
The Willoughby Project occurs along the eastern margin of the Cambria Icefield, located approximately seven kilometres east of the advanced-staged Red Mountain Gold Deposit acquired by Ascot Resources from IDM Mining. 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 on the Property to-date.
QA/QC and Qualified Person
Samples for the 2020 program are collected by experienced geologists and technicians, placed in sealed bags and shipped to ALS Labs in Terrace, BC for sample preparation, and subsequently to Vancouver, BC for gold and multi-element ICP analysis. A Quality Control/Quality Assurance program including the insertion of Standards and Blanks has been implemented. The 2020 Exploration Program is performed under the supervision of Marilyne Lacasse, P.Geo, Qualified Person as defined by National Instrument 43-101. Ms. Lacasse has prepared and approved reviewed the technical data in this news release.
StrikePoint Gold is a gold 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 silver Porter Project and the high-grade gold property Willoughby, which is adjacent to Red Mountain. The company also owns 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 here of 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 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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