TORONTO, ONTARIO--(Marketwire - Aug. 22, 2012) - Strike Minerals Inc. ("Strike") (TSX VENTURE:STK) announces initial underground sampling of 15.136 g/t over a drift length of 24m at its Edwards Mine project in Jacobson township near Wawa, Ontario.
The Company encountered a new vein called Edwards #5 on the 60m level of the Edwards Mine project (PR May 23, 2012). The vein was intercepted by a drift that had cut the Edwards #1 vein and was being extended to the Rusty Weathered Zone. The program is designed to provide geological information and mineralization content of the veins to confirm surface drill and historical underground results.
On the 60m level the Edwards #5 quartz veining that pinches and swells has been followed for approximately 24m and back samples have been taken at intervals over the full length. The weighted average grade over a minimum 1.5 metre width is 15.136 g/t Au. There were a total of 28 samples taken with an average sample length of .66 m. This includes a section that averaged 13.43 g/t over a 3.6m width. Drifting on the vein will continue on the 60m level and all mineralized material has been stockpiled for processing. The geological interpretation indicates that this vein is the downward extension of a zone that has been identified on surface near the old Edwards shaft.
Mike Newbury CEO of Strike comments "This is a new vein and seems to have a similar shape and grade to the other mineralized zones. This is a new zone that appears to be a second zone that will provide additional potential for mining."
Assays were carried out at AGAT Laboratories by fire assay - Trace Au-ICP-OES Finish.
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 Edgar, P. Geo.
At present Strike is in the process of preparing a detailed development plan for the initial production from the Edwards #1 vein.
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. 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 is now continuing 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 2012.
Strike also has a large land position in the Hemlo West area near Schreiber, Ont. The property has a number of historic producers that produced small tonnages of very high grade gold mineralization, averaging approximately 18-25 g/t gold, between 1935 and 1937 generally associated with shear zones in the region. These shear systems have seen very little modern exploration, and drill testing at or near a prominent syenite volcanic contact is considered highly prospective for the discovery of additional gold mineralization. Strike will conduct an initial program of surface geological and alteration mapping on the Property with a goal of increasing the understanding of the geologic and structural relationships on the Property in preparation for drill testing to assess the extent and value of the mineralization.
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.