Strike Minerals Announces Sampling Results of First Lift on the Edwards #1 Zone
Strike Minerals Inc. ('Strike?) (TSX. V: STK) announces sampling results
from the first lift on the Edwards #1 zone above the 60 metre level. The
lift created approximately 225 tonnes of mineralized material. Muck
samples at 8 foot intervals from the first lift returned an average
grade of 38.98 gpt Au over 1.5 metre width over a length of 24 metres.
Chip samples taken across the back after removal of the first lift
returned a weighted average grade of 15.39 gpt Au over 1.5 metres for a
length of 24 metres. Initial back sampling of the Edwards #1 zone on the
60 metre level returned a weighted average grade of 25.45 gpt Au over
1.5 metres for a length of 21 metres (see PR May 23 and June 6, 2012).
Historical sampling of the Edwards #1 zone on the 30 metre level
(Shaynee Consolidated Mines, 1963) returned a grade of 0.407 opt over
6.5 feet for a length of 80 feet (13.95 gpt over 2.0 metres for a length
of 24.4 metres). That result is consistent with the current sampling
being conducted by Strike to indicate the continuity of the Edwards #1
zone between the 60 and 30 metre levels.
Strike has conducted in excess of 40,000 feet of drilling on the
property that has delineated a number of parallel auriferous quartz vein
systems in addition to the ones mined in early 2000. Development of the
cross-cut on the 60 metre level intersected the Edwards #1 and Edwards
#5 zones and Strike plans to continue development on the 60 metre level
past the Rusty Weathered zone to the Plowman #1 and #3 zones. On the 90
metre level, Strike plans to develop the cross-cut through the New North
2, New North 1, Edwards #1, Edwards #5, Rusty Weathered, Plowman #1 and
Plowman #3 zones.
Drifting has already been completed on the Edwards #5 zone on the 60
metre level where back sampling returned a weighted average grade of
15.14 gpt Au over a 1.5 metre width for a length of 24 metres. (See PR
August 22, 2012).
The sample results from these assays on muck material from the Edwards
#1 first lift have increased the confidence in historical diamond drill
sampling on the mineralized zones and the extrapolation of drill results
to larger zones within the veins. It must be noted that gold
mineralization within quartz veining in the area of the Edwards mine
tends to exhibit the nugget effect, and the reproduction of any sampling
results is not always possible.
The back samples were assayed by Agat Laboratories of Mississauga,
Ontario, an accredited laboratory. The assaying was done by fire assay;
all samples with a value greater than 10 grams were re-assayed to
confirm the value. Muck samples were assayed at the Wawa Assay lab, a
non-accredited laboratory, run by Wesdome. Michael Newbury, P. Eng (ON),
a 'qualified person' as such term is defined by National Instrument
43-101 and an officer and director of Strike has verified the data
disclosed in this news release, and has otherwise reviewed and approved
the technical information in this news release on behalf of Strike. On
site management of the sampling was managed by Bruce Edgar, P. Geol., a
director of Strike.
ABOUT STRIKE
Strike Minerals Inc. 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, Ontario. 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. Subsequent drilling on the property has
delineated an additional five zones that have significant gold
mineralization. At present Strike has dewatered the underground workings
below the 140m level and has now completed underground drifting on both
the 60m and 90m level and is drifting on both the Edwards #1 and #5
zones with the plan to be in production in 2013.
Forward Looking Statements
Neither 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. No
stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
The foregoing information may contain forward-looking statements
relating to the future performance of Strike Minerals Inc.
Forward-looking statements, specifically those concerning future
performance, are subject to certain risks and uncertainties, and actual
results may differ materially from the Company′s plans and expectations.
These plans, expectations, risks and uncertainties are detailed herein
and from time to time in the filings made by the Company with the TSX
Venture Exchange and securities regulators. Strike Minerals Inc. does
not assume any obligation to update or revise its forward-looking
statements, whether as a result of new information, future events or
otherwise.
Strike Minerals Inc.
Kerry Smith, (416) 417-7907
President
kerry.smith@strikemeinerals.com
or
visit the company website at http://www.strikeminerals.com
