StrikePoint Gold Inc. Releases Drill Results from the Porter Project, British Columbia, Including 5-meters at 819 Grams per Tonne Silver
TSX VENTURE: SKP
Vancouver, British Columbia--(Newsfile Corp. - January 9, 2019) - StrikePoint Gold Inc. (TSXV: SKP) (OTCQB: STKXF) is pleased to provide results for the 2018 drilling campaign at their Porter Project in Stewart, northwestern British Columbia:
- 4,304 meters of diamond drilling from surface completed on site in 2018, focusing on the Porter and Silverado historical mines.
- Hole PIP18-010 intersected 5 meters silver at 819 grams per tonne between 68 meters to 73 meters depth along the D-Vein at Porter.
- Other highlights include 1 meter at 2,241 grams per tonne silver in PIP18-012 along the Blind Vein and 2 meters at 637 grams per tonne silver.
- PIP18-014 intersected 0.5 meters at 2,506 grams per tonne which appears to be a previously untested lower continuation of the D-Vein.
- Intercepts along the Blind Vein are significant as this structure was not included in the 2012 resource calculation, yet it lies between the D- and Prosperity Veins (both used in the historical resource).
- Drilling has upheld the grades used in the historical resource calculation and give further confidence in the 13-million-ounce silver reserve numbers.
- For the first time in the history of exploration at this site, entire lengths of core have been assayed and as such has demonstrated extensive lower grade mineralization in smaller, sympathetic structures paralleling the main veins.
- Drilling has highlighted mineralization along other structures outside of the historical resource area and decreased the 'gap' between the Porter and Silverado mines, showing potential for continuity under the peak of Mount Rainey.
Targeted Drilling Program
Drilling commenced at the Porter Project on August 16th, 2018 and concluded on September 22nd, 2018. A total of 4,304 meters of diamond core was retrieved using two rigs, with one focused on Porter (southern flank of Mount Rainey) and the second testing the northern Silverado veins. Twenty-five holes were completed during the campaign, with 22 from Porter and 3 at Silverado.
Drilling had four primary objectives to test the viability of the Porter project:
- To test the grades encountered historically and therefore used in the 2012 resource calculation (specifically the D-Vein and Prosperity Vein)
- Test for mineralization at depth along several undrilled veins on the Porter side of Mount Rainey (Blind, Wake and Angelo Veins)
- Completion of holes to explore the possible extension of the Silverado Veins and their relationship to the system at Porter, 2-kilometers away.
- To collect geological information in order to start building a geological model of the mountain and the mineralized systems
It is felt that each of these objectives was satisfactorily met by the 2018 drilling campaign.
The following table highlights results from each hole drilled in 2018, including the target and the relation to the historical resource estimate. All intervals greater than 30 grams per tonne silver and over 0.5 meters in width are reported.
|Hole ID||Target||Included / Outside Resource||From||To||Grade|
|PIP18-001||Eastern extension of Angelo Vein||Outside||56m||56.5m||0.5m at 58g/t Ag|
|85.5m||87m||1.5m at 44g/t Ag|
|PIP18-002||Western disseminated veins from Angelo||Outside||57.5m||58m||0.5m at 220 g/t Ag|
|PIP18-003||Western disseminated veins from Angelo||Outside||No Significant Intervals|
|PIP18-004||Geological Hole Only||Outside||No intercepts (as expected)|
|PIP18-005||Possible blind extension of Angelo Vein||Outside||No Significant Intervals|
|PIP18-006||Wake / Angelo Vein Extensions||Outside||75.5m||76m||0.5m at 51g/t Ag|
|PIP18-007||North extension of Wake Vein||Outside||74.5m||75m||0.5m at 46g/t Ag|
|96m||97m||1m at 34g/t Ag|
|PIP18-008||South extension of Wake Vein||Outside||21m||21.5m||0.5m at 40g/t Ag|
|PIP18-009||D-Vein||Included||53m||55.5m||2.5m at 184g/t Ag, including 0.5m at 663g/t|
|63m||63.5m||0.5m at 146g/t Ag|
|PIP18-010||D-Vein||Included||68m||73m||5m at 819g/t Ag|
|PIP18-011||D-Vein||Included||68m||69.5m||1.5m at 87g/t Ag, including 0.5m at 230g/t Ag|
|98m||99.5m||1.5m at 66g/t Ag|
|PIP18-012||Blind Vein, south extension||Outside||2.5m||4m||1.5m at 70g/t Ag|
|33.5m||34.5m||1m at 2241g/t Ag, including 0.5m at 3297g/t Ag (interval also have 1m at 6.2% Pb and 5% Zn)|
|92m||93.5m||1.5m at 40g/t Ag|
|107.5m||108m||0.5m at 98g/t Ag|
|168m||173.5m||5.5m at 50g/t Ag, including 1.5m at 98g/t Ag and 0.5m at 69g/t Ag|
|PIP18-013||Blind Vein||Outside||22.5m||23.5m||1m at 42g/t Ag|
|34.5m||36.5m||2m at 43g/t Ag|
|PIP18-014||Blind Vein||Outside||25m||30.5m||5.5m at 27g/t Ag, including 1.5m at 63g/t Ag|
|172m||174m||2m at 637g/t Ag, including 0.5m at 2507g/t Ag|
|PIP18-015||Blind Vein||Outside||No Significant Intervals|
|PIP18-016||Blind Vein||Outside||14.5m||15.5m||1m at 90g/t Ag|
|PIP18-017||Blind Vein||Outside||33.5m||35m||1.5m at 259g/t Ag|
|PIP18-018||Blind Vein||Outside||14m||16m||2m at 190g/t Ag|
|36m||40m||4m at 84.5g/t Ag|
|PIP18-019||Prosperity Vein||Included||No Significant Intervals|
|PIP18-020||Honest John Vein (2018 Discovery)||Outside||5m||7.5m||2.5m at 38g/t Ag|
|70m||70.6m||0.6m at 95g/t Ag|
|PIP18-021||Honest John Vein (2018 Discovery)||Outside||1.23m||2.9m||1.67m at 58g/t Ag|
|PIP18-022||Honest John Vein (2018 Discovery)||Outside||4.5m||6.5m||2m at 47g/t Ag|
|SIL18-001||Silverado Veins||Outside||171.5m||173m||1.5m at 154g/t Ag|
|SIL18-002||Silverado Veins||Outside||128m||132m||4m at 53g/t Ag|
|SIL18-003||Silverado Veins||Outside||No Significant Intervals|
Discussion of Results
The results have reinforced the grades used in the 2012 resource calculation and so lend confidence to the overall resource. The 5-meter intercept of 819 grams per tonne silver along the D-Vein is inline with historical numbers and well above the 170 grams per tonne cut off grade used in the calculations. It also highlights that ore remains in the ground despite the historic mining activity on site.
No significant results were returned from the one drill hole at Prosperity apparently due to the angle of the hole not being steep enough to intercept the vein.
The Blind Vein lies between the D- and Prosperity Veins and had a total of seven drill holes targeted along sections in 2018. Each of these holes demonstrated mineralization, with only one (PIP18-015) having grades under 30 grams per tonne silver (and therefore reporting as 'no significant intervals'). The Blind Vein was historically mined but was one of the last to be developed on the site, and so was not as exploited as the other two major veins on site.
The two other historically recognized veins (Wake, Angelo) at Porter also demonstrated mineralization although the veins intercepted were less coherent producing more disseminated, localized pockets of mineralization along a general trend. Such styles of mineralization are also noted along the major veins, so it is possible that richer sections remain at depth and are yet to be drilled.
At Silverado, several intercepts have proven the extension of the discrete vein systems although the grades were lower than anticipated. The nature of the Porter-Silverado system seems to show veins pinching and swelling with grades fluctuating along them, so mineralization of any level along the structure is very encouraging. Intercepts at Silverado are also stepped back around 150 meters from the furthest extents of the old workings, and so does show some continuity that could connect the Porter and Silverado systems.
Overall, the results show that silver mineralization is present throughout the project area and in a wider range of grades and ore bodies than previously thought.
Revising a Geological Model
Data collected from the drilling and surface mapping completed in 2018 is now being incorporated with decades of historical information and built into a three-dimensional geological model.
While this is still in the early phases, it is already showing that the original concept of five steeping dipping veins is oversimplified, and that several other geological mechanisms are at play that also form trap sites for mineralization.
Perhaps the most interesting concept currently is that the main D-Vein is part of a synclinal 'bowl shape' fold that encapsulates the Blind and Prosperity Veins. This structure would account for the historical veins encountered in the "H" and "I" Tunnels, and the newly discovered 'Flat Vein / Honest John Vein" to the west of the historic Porter system. It also places the more disseminated Wake and Angelo veins on the outside of this structure and could explain the variation we see in structure and mineralogy.
The concept of mineralized 'bowl shaped' features is not unprecedented in the area, with the nearby Premier Mine (Ascot Resources) having a similar shaped structure hosting their main high-grade (gold) targets.
Work on the geological model is ongoing and is subject to change as more information is added to the dataset.
About the Golden Triangle
The Golden Triangle is an area of northwestern British Columbia that has seen extensive historic mining and prospecting activity, and has recently been the site of modern discoveries, including the Premier Gold, Snip and Eskay Creek Mines. The area has seen a resurgence in infrastructure investment which supports exploration activities, including upgraded transmission lines supplying clean, affordable and reliable hydroelectric power. Other recent improvements include highway upgrades, new ocean port infrastructure at the ice-free port of Stewart and the commissioning of three hydroelectric facilities.
StrikePoint Gold is a well-financed gold exploration and development company. The company controls a portfolio of gold properties in the Yukon and throughout Canada.
The Company maintains a rigorous QA/QC program with respect to the preparation, shipping, analysis and checking of all samples and data from the properties. Quality control for field sampling and drill samples at the Company's projects covers the complete chain of custody of samples, including sample handling procedures and analytical-related work, plus the insertion of standard and blank materials. The QA/QC program also includes data verification procedures. ALS Laboratories in Vancouver, Canada (ISO 17025:2005 accreditation) assayed all grab samples from the current field program using fire assay and ICP Mass Spectroscopy methods. Drill samples were processed by Bureau Veritas Labs in Vancouver, Canada (ISO9001:2008 accreditation).
The technical information contained in this news release has been approved by Andy Randell, P. Geo., Vice President, Exploration of StrikePoint Gold. Mr. Randell is a qualified person as defined in NI 43-101.
For further information please visit our website: www.strikepointgold.com
ON BEHALF OF THE BOARD of STRIKEPOINT GOLD INC.
Shawn Khunkhun CEO and Director
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