Strike Signs Drill Contract for Schreiber Property
TORONTO, ONTARIO -- (Marketwire) -- 05/09/12 -- Strike Minerals Inc. ("Strike") (TSX VENTURE: STK) is pleased to announce the commencement of the diamond drilling campaign on Harkness Hays historical gold mine, Priske Township, Schreiber Area, Northern Ontario, Canada. The program is designed to test strike length, depth and continuity of the previously mined mineralized structures.
An initial program totalling 1,000 metres of NQ size diamond drill holes has been designed for this preliminary drill campaign in order to locate and sample the veins that were previously mined back in the 1930's.
About The Schreiber Project:
The Schreiber property consists of 35 Sq km located east of Schreiber Ont. The ground covers a number of past producing gold mines that were active in the early 1900s. The Harkness-Hays and Gold Range properties were historically explored during the 1920s and 30s. In 1926, bulk sampling of the No. l vein returned values of 5.56 ounces per ton Au, and the No. 3 vein was stripped for approximately 152 m and revealed a 1.21 ounce per ton Au ore shoot 53.3 m long and 84 cm wide.
In 1930, a total of 0.71 tons of ore was shipped to Noranda, returning 4.83 ounce per ton Au. In 1932, 32 tons of ore were milled yielding 71.28 ounces of gold and in 1935 a total of 33.5 m of drifting on one vein was completed and resulted in 17 tons of ore sent to Ontario Refining Commission for testing. The test results indicated 3.01 ounces gold per ton.
In 1936 operations were largely confined to the stoping of ore from veins in the hill at Harkness-Hays with 27 tons of ore shipped to Ontario Refining Commission, yielding 2.14 ounces gold per ton. Also in 1936, four shafts were sunk in the overburden sands below the deposit to exploit the presence of alluvial gold and were systematically sampled. Shaft No. l (sampled to a depth of 2.7m returned an average value of 0.30 ounces per ton Au, and Shaft No.2 returned an average value of 0.32 ounces per ton Au to a depth of 5.2 m. This resulted in the first 22 Oz. gold brick produced from the property in 1936.
A total of seven auriferous veins on the property were uncovered in 1936. From the existing adits in the hillside, operators at this time shipped a 31.8 kg sample of high grade ore to the Canadian Allis Chalmers Company for recovery tests. The average head assay was 6.99 ounces per ton Au, with the total gold recovery estimated at 99.4 to 99.7%.
(Note: all the above values are historic and do not comply with the requirements of NI 43-101.)
The southern portion of Strike's property surrounds the claims currently being drilled by GTA. Strike has commenced preliminary exploration work consisting of a review of historical data and field work to resample old mineralized zones and to plan access for possible drilling.
Mike Newbury CEO of Strike comments: "the Harkness-Hays yielded some very high values of gold from a number of veins. Our drill program is designed to intersect those zones to determine if these zones have continuity and to see if we can duplicate the historical values".
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. At present Strike has dewatered the underground workings to below the 120m level and is continuing development on the 60m and 90m level with the plan to be in production by the end of 2012. Recent underground work at the Edwards mine has been carried out on the 60m level. Drifting on the Edwards #1 zone has delineated part of the zone with drifting ongoing. Cross cutting is also ongoing and is close to the Edwards #5 zone.
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.
Contacts:
Strike Minerals Inc.
Kerry Smith
Office: (416) 603-7200 ext 225
Cell: (416) 573-0840
info@strikeminerals.com
