StrikePoint Gold Updates 2020 Exploration Program for Northwest BC Gold and Silver Properties
Vancouver, British Columbia--(Newsfile Corp. - September 9, 2020) - StrikePoint Gold Inc. (TSXV: SKP) (OTCQB: STKXF) ("StrikePoint" or the "Company") is pleased to provide an update on its 2020 drilling and surface exploration programs on its 100%-owned high-grade Willoughby gold-silver Property and Porter Silver Property located east of Stewart, BC in British Columbia's prolific Golden Triangle. With assays pending for the Phase I drilling program from Willoughby, upcoming work will focus on the past-producing high-grade Porter Silver Project.
"While the Company awaits assay results from drilling and surface sampling for Willoughby, we will keep our drill pads and infrastructure in place for potential follow-up drilling," said Shawn Khunkhun, StrikePoint's President and CEO. "We are currently focused on exploring for new and extension veins at the high-grade Porter Silver Property. Our primary goal is to discover new silver veins in order to connect the Silverado mine on the north side with the Prosperity/Porter Idaho mines on the south side of the mineralized structural corridor. Most importantly, I am exceptionally proud of our team's productivity and success in meeting operational milestones and goals, despite challenging weather conditions all summer and heightened safety protocols being implemented."
Willoughby Gold-Silver Property
The main objectives of the 2020 exploration program at the Willoughby gold-silver property has been to improve continuity of high-grade and to test broad zones of disseminated gold and silver mineralization encountered in previous drilling and surface sampling. Surface exploration commenced on July 29, 2020 and drilling began on August 10, 2020. The Property is located on the east side of the Cambria Icefield, seven kilometers east the advanced-stage 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 strong pyrite mineralization with lesser pyrrhotite, sphalerite, galena, chalcopyrite, and native gold. Eight gold and silver mineralized zones have been identified to-date over the mineralized trend which extends onto Decade/Teuton Resources' Del Norte Property.
Extensive surface sampling has been completed, targeting high-grade newly exposed mineralization with 262 surface samples collected, with all assays currently pending. In addition, over 1,700 meters of drilling in seven holes have been completed so-far in 2020, with all holes submitted for assay.
Porter Silver Property
At the high-grade Porter Silver Property, the focus of the 2020 exploration season will be linking the two-past-producing high-grade silver mines on the property: the Silverado (northwest) and Prosperity/Porter Idaho (southeast) mines that outcrop 2,000 meters apart on the opposite sides of Mount Rainey, overlooking the town of Stewart, BC. Upcoming work will include exploration for new veins that have been identified outside of the historic resources and past producing areas. The Silverado glacier has retreated significantly over recent years, with prospecting planned in newly exposed areas. In steeper locations of the Property, experienced mountaineering crews and climbing geologists will be employed to sample new exposures. A drill program based out of Stewart has been planned to target high-grade silver veins previously reported through historical stoping, drilling, surface sampling as well as recent exploration programs by StrikePoint.
The Porter Project is strategically located near tidewater, overlooking the town of Stewart, BC. The Property was profitably mined between 1929 and 1931 by the Premier Mining Company, producing 27,123 tonnes of direct-shipping ore with recovered grades of 2,542 g/t silver (73.8 oz/ton Ag) and 1 g/t gold (yielding approximately 2.2 million ounces of silver) as well as base metals. The Porter Project contains an historic 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 historic 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 hosted within shear-hosted, silver-rich vein systems. Individual structures have been traced through surface mapping for over 200 meters along strike and 1,000 meters down-dip with widths ranging from one to thirteen meters.
**CAUTION: 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. is the Project Manager and Qualified Person for StrikePoint Gold as defined by National Instrument 43-101, for the Willoughby and Porter projects. A comprehensive QA/QC Program including: standards, blanks and duplicate samples and chain of custody controls are in-place for the 2020 Exploration Program on StrikePoint's properties. Ms. Lacasse has prepared, reviewed and approved the technical content of this news release.
Strikepoint Gold is an exploration company focused on building high-grade precious metal resources in Canada. The company controls two advanced-stage exploration assets in British Columbia's Golden Triangle: the past-producing high-grade Porter silver project and the high-grade Willoughby gold-silver property, which is adjacent to Red Mountain. The company also owns a portfolio of gold properties in Yukon and has strategic shareholders including Eric Sprott, Ascot Resources and Skeena Resources.
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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