Strike Minerals Corporate Update
TORONTO, ONTARIO -- (Marketwire) -- 06/07/12 -- Strike Minerals Inc. ("Strike") (TSX VENTURE: STK) is continuing underground development at its Edwards Mine project in Jacobson township near Wawa, Ontario and surface drilling and exploration at its Schreiber, Ontario project.
The Company is continuing the underground drifting on the Edwards #1 and Edwards #5 veins on the 60m level of the Edwards Mine project. The program is designed to provide geological information and gold content of the veins to confirm surface drill and historical underground results.
On the 60m level the Edwards #1 quartz vein that had significant gold values (See P.R. May 23, 2012) has been followed for an additional 10m. Face chip samples have been taken at each round over a distance of 22m and the weighted average assay over an average 1.5 metre vein width is 25.45 g/t Au. Drifting on the vein is continuing on the 60m level and all mineralized material is being stockpiled for future processing.
The geological interpretation indicates that this vein is the downward extension of a zone that was intercepted on the 30m level drifting from the old Edwards shaft. That zone is reported historically to grade 0.407 oz/t with a 6.5 foot width over a drift length of 80 feet.
The Company is in the process of sending representative samples to a laboratory for mineralogical examination as a prelude to determining the optimal process to recover the gold from the mineralization. Historically the previous mining had a gold recovery of approximately 95%.
Surface exploration has been undertaken on the Schreiber property. Initial surface sampling has been completed on a number of areas that have historical mineral occurrences. Drilling continues on Harkness-Hays, to intersect six vein systems that were identified in the historical operations, logging and sampling of the core will be completed in the next week. In addition the Company has been reviewing the options for a road to provide access to the group of claims on the Western side of the GTA ground. Completing access will allow the Company to commence drilling to assess any extension of the Afric zone delineated by GTA that occurs to the west on the Strike claims.
All technical information in this press release has been reviewed and approved by Mike Newbury, P. Eng. who is a Qualified Person ("QP") under National Instrument 43-101. On site sampling was supervised by Bruce Staines, P. Eng..
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 is continuing to dewater the underground workings below the 120m level and is now continuing underground drifting on both the 60m and 90m level with the plan to be in production by the end of 2012.
Strike also has a large land position in the Hemlo West area near Schreiber, Ontario. This Property contains a number of historic producers that produced small tonnages of very high grade gold mineralization, averaging approximately 18-25 g/t Au, between 1935 and 1937, generally associated with shear zones in the region. The southern claims contain an extension of the Afric gold zone that Noranda Inc., in 1995-97, calculated a non-NI-43-101 compliant, near surface "geological resource" of 2.0 million tonnes grading 2.20 g/t gold (140,000 ounces). This estimate was based on the completion of 20 drill holes. Strike is planning to conduct surface exploration and drilling on the property to test the continuity of the historical mining zones and the Afric zone in 2012.
Cautionary Statement:
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.
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.
Contacts:
Strike Minerals Inc.
Kerry Smith
(416) 603-7200 ext 225 or cell: (416) 573-0840
info@strikeminerals.com