Strike Gold Samples 7.74 g/t Au and Finalizes 1st Phase Drill Program at Satterly Lake Gold Prospect
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/10/12 -- Strike Gold Corp. (TSX VENTURE: SRK) (the 'Company') is pleased with the results from the 2011 fieldwork program. The Company has now completed designing a drilling program intended to target the gold mineralization on its Satterly Lake gold-silver property in northwestern Ontario's prolific Birch-Uchi greenstone belt. The Property is situated approximately 100 kilometres east-northeast of Red Lake, Ontario, or about 10 kilometres southwest of the Springpole gold property where Gold Canyon Resources Inc. is currently deep drilling in preparation of an anticipated mineral resource estimate.
The 2011 fieldwork program included reconnaissance prospecting, geological mapping, hand trenching and geochemical grid sampling (soil and Mobile Metallic Ion ('MMI')). This work confirmed the presence and extent of the intrusive-related gold-silver mineralization that had been identified by St. Joe Canada Inc. (later became Bond Gold) in the mid-1980's and later mapped by Noranda Explorations in the early 1990's.
The 2011 Mobile Metal Ion ('MMI') soil geochemical survey was conducted over the most prospective areas of the Property. MMI soil samples were collected along grid lines spaced 100 metres apart with sample station at 25-metre intervals. A total of 156 MMI samples were submitted for preparation at the SGS Laboratory in Toronto, Ontario and later analysed for a wide suite of elements at the SGS Laboratory in Arnold Cove, Newfoundland.
The results of the MMI soil geochemical survey show numerous and widespread anomalous gold-in-soil geochemical values in the vicinity of the Green Camp and Green Camp North mineral showings and along inferred shear and iron formation lineaments northwest and southeast of these two showings. Gold-in-soil geochemical values range from the lower detection limit of 5 ppb to a high of 172 ppb which was returned from a soil sample collected near the Green Camp North showing. These soil geochemical results, coupled with the geological and geophysical results, indicate there may be a +2-kilometre long zone northwest and southeast of the Green Camp North showing with the potential of hosting several gold-bearing veins. Furthermore, there is a one-kilometre long east-west trending geophysical lineament at the Green Camp zone with equally good potential for gold-bearing vein mineralization. These two targets plus two other showings with anomalous channel sample results (1.83 to 4.56 gpt Au) and historic drilling intercepts (RB85-11 with a drilling length of 3.1 m grading 7.54 gpt Au) have been selected for drill testing in Q1, 2012.
In addition to the soil sampling, 182 rock geochemical samples were collected during the prospecting work, including 26 channel samples collected from hand trenches underlain by the Green Camp Stock. A summary of anomalous chip and channel rock samples is provided in the following table.
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Sample Area Description Au (gpt)
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Grab sample of biotitic f. g. quartz
378212 Area 2-2C diorite w/ diss. pyrite 1.46
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Area3- Sheared f. g. mafic volcanic w/ pyritic
378216 Tr.3Tr.3Tr.#3 fracture fillings 1.83
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Sheared f. g. mafic volcanic w/ pyritic
378217 Area 3-Tr.3 fracture fillings 2.09
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Sheared f. g. mafic volcanic w/ pyritic
378218 Area 3-Tr.3 fracture fillings 4.56
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Quartz veining in chloritic schist w/
378219 Area2-2C disseminated pyrite 2.04
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Quartz veining in f. g. quartz diorite
378222 Area2-2E w/disseminated pyrite 1.07
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378224 Area3-3A Felsic porphyry with disseminated pyrite 1.97
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Quartz-feldspar porphyry w/ 5-10%
378225 Area3-3D disseminated pyrite 1.05
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Sheared quartz-feldspar porphyry w/ 1-2%
1201001 GSC#4B diss. pyrite and qz veining 2.46
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1201055 Area 2B Grab sample 3.01
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1201103 GC Hill Bull quartz vein in sericitic schist 1.94
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60-cm wide bull quartz vein w/
1201104 GC Hill disseminated py, 50 m. SE of Pit #4 2.13
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60-cm wide quartz vein in sericitic
1201108 GC Hill schist w/ smokey quartz & diss. py 1.75
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Sugary quartz breccia in sheared &
1201109 GC Hill altered andesite w/ micro qz veining 2.72
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Bull quartz vein in altered /sheared
1201111 GC Hill meta-andesite 1.29
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Sugary white quartz vein in altered
1201113 GC Hill sericitic schist (meta andesite) 7.74
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Quartz veining in sheared/altered meta-
1201114 GC Hill andesite 3.80
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Sugary white quartz veining in
1201115 GC Hill silicified meta-andesite 4.52
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1-m sample in quartz-feldspar porphyry
1201126 GC Hill w/ diss. py & qz fracture fillings 2.53
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Trench #14 - rusty, foliated and sheared
378107 #2 Area silicified meta-volcanics 1.23
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Pit # 6 - bull quartz vein in silicified
378111 #2 Area and sheared meta-andesite 1.42
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Trench #15 - rusty, sheared meta-
378122 #2 Area andesite w/ flat qz-carbonate veining 2.56
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GSC #9 - Trench on S end hill - channel
378125 GSC Hill of quartz-feldspar porphyry 1.30
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GSC #8 - composite chip over 1 m of
378126 GSC Hill pyritic quartz-feldspar porphyry 1.10
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GSC #9 - grab sample of pyritic quartz-
378128 GSC Hill feldspar porphyry 1.50
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GSC #9 - 6.2 m channel of altered
378129 GSC Hill pyritic quartz-feldspar porphyry 1.02
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Management has identified a number of exploration targets and has designed a first phase diamond drill program consisting of 12 diamond drill holes directed at high priority targets within the Green Camp and Green Camp North zones. One hole will twin the 1985 drill hole RB85-05 that intersected 117 metres averaging 1.37 gpt. The remaining drill holes will be collared to test the extent and grades of the mineralized showings.
To view both an area map with known occurrences and compilation map summarizing this above work and proposed drill sites please select the following links or visit our website:
http://www.strikegoldcorp.com/Satterly-Lake-Area-&-Occurence-Map-12-11.pdf
http://www.strikegoldcorp.com/Satterly-Lake-External-Compilation-Map-12-11.pdf
http://www.strikegoldcorp.com/Satterly-Lake-Property-Geology-Map-12-11.pdf
About Satterly Lake
The Satterly Lake property covers 1,600 hectares and includes the Green Camp and Green Camp North prospects that were originally discovered in 1939, and drilled in 1947 by MacKenzie Red Lake Gold Mines Ltd (9 diamond drill holes totalling 977 metres). The property was underexplored until 1969 -1970 when the first airborne electromagnetic, magnetic and gamma ray spectrometer surveys were conducted with follow-up trenching and soil geochemical sampling programs. Between 1984 to 1988, St. Joe (later Bond Gold Canada Inc.) completed 72 diamond drill holes, totalling 9,580 metres, at the Green Camp, Green Camp North and Superstition prospects highlighted by hole RB85-05 averaging 1.37 gpt gold over 117 m (true width of 82 m), as well as RB85-11 averaging 7.54 gpt gold across a drilling length of 3.1 m within a 20 m section of silicified and tourmalinitized granodiorite and metasediments.
Noranda Explorations mapped and sampled the Green Camp showing in 1990-1991, and in 1998 Cross Lake Minerals carried out 23 line-kilometres of induced polarization (IP) surveying were completed over the northwest portion of the Property. The results of this work and those of a subsequent airborne electromagnetic and magnetics survey have never been drill tested.
In recent years there has been considerable exploration activity in the area by a number of companies, most notably Gold Canyon Resources' resource drilling at its Springpole and Horseshoe Island properties situated just east-northeast of the Property.
The Company holds a two-part option to earn up to a 75% interest in Satterly Lake with $75,000 in cash payments, issuance of 1,600,000 common shares in the Company and a $1,500,000 work commitment over a three year period earns a 51% interest, plus a second option that may earn an additional 24% interest in the property upon the delivery of a bankable feasibility study.
Doug Blanchflower, P. Geo., Vice President, Exploration is a Qualified Person pursuant to NI 43-101 and has reviewed and approved the technical disclosure of this news release.
About the Company
Strike Gold Corp. is a progressive exploration company with seasoned management targeting strategic assets on a global scale. In addition to its current exploration efforts at Satterly Lake, the Company is also active at the planning stages for carrying out its first phase of exploration work at is Deep Bay East and Simon Lake Graphite prospects in NE Saskatchewan - where earlier (historical) drilling carried out in the 70's identified significant intercepts of graphite. The company has created a wholly owned subsidiary, Strike Graphite Corp., where, pursuant to the plan of arrangement, the company will spin out Strike Graphite as a public company which will result in both companies having the same shareholders in the same proportion prior to any concurrent financings. The proposed plan of arrangement is subject to the acceptance by the TSX Venture Exchange, the British Columbia Supreme Court and shareholder approval. Management is committed to deploying the right people and resources in a manner of best practices and to the betterment of the communities where we are active.
On behalf of the Board of Directors,
Geoff Balderson, President and Chief Executive Officer
We seek safe harbor.
Contacts:
Strike Gold Corp.
Geoff Balderson
President and Chief Executive Officer
604.669.9330
604.669.9335 (FAX)
info@strikegoldcorp.com
www.strikegoldcorp.com
