Strikepoint Gold Inc. Signs Letter of Intent to Acquire the High-Grade Gold Willoughby Property in the Golden Triangle from Sojourn Exploration
TSX VENTURE: SKP
Vancouver, British Columbia--(Newsfile Corp. - January 16, 2019) - StrikePoint Gold Inc. (TSXV: SKP) (OTCQB: STKXF) is pleased announce the signing of a Letter of Intent to acquire the Willoughby Property from Sojourn Exploration. The property is situated about 30 kilometers east of Stewart, British Columbia, and 20 kilometers northeast of StrikePoint's Porter Property. Key factors include:
- 4,625 meters of diamond drilling completed on the property between 1989 and 1995 which defined mineralization over a one-kilometer strike which remains open.
- 20.5 meters grading 24.99 grams per tonne gold and 184.22 grams per tonne silver, and 11.7 meters grading 40.11 grams per tonne gold and 109 grams per tonne silver, both from the North Zone target.
- 13.0 meters grading 13.37 grams per tonne gold and 63.43 grams per tonne silver drilled in the Main Zone target.
- Additional five target zones on the property have all returned significant gold and silver grades in drill core or channel samples at surface.
- Rapid deglaciation of the area has exposed new prospective ground that has not been explored since the last campaign in 1996.
- The closest nearby analogue to Willoughby is the Red Mountain deposit located 7 kilometers to the west. Red Mountain has a NI 43-101 mineral resource estimate of 1,827,900 tonnes of measured resources grading 8.92 grams per tonne gold, 943,400 tonnes of indicated resources grading 5.95 grams per tonne gold for a total of 704,600 ounces gold combined (June 2018 Resource Update; Arsenault / Hamilton). Like Red Mountain, mineralization is focused along the contact with Jurassic-aged Goldslide intrusive rocks. Mineralization hosted on the adjacent properties is not necessarily indicative of the mineralization hosted on the Willoughby Property. The Company is not able to verify the results of the Red Mountain deposit and there can be no assurances that the Company will obtain similar results from exploration activities on the Willoughby property.
Strengthening Regional Mineral Inventory
The proposed acquisition of the Willoughby Property compliments the Porter Project and other ground staked in 2018 by strengthening the known mineral inventory and providing significant exploration upside all within a localized and accessible area of British Columbia.
StrikePoint's Porter Project hosts a historical resource with 394,700 tonnes grading 868 grams per tonne silver in the Indicated category for a total of 11 million ounces of silver. The mineral reserve cited above is presented as a historical estimate and uses historical terminology which does not conform to current NI 43-101 standards. This historical estimate is believed to be based on reasonable assumptions, and neither the company nor its qualified person has any reason to contest the relevance and reliability of the historical estimate. However, a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. Although the historical estimates are believed to be based on reasonable assumptions, they were calculated prior to the implementation of National Instrument 43-101. These historical estimates do not meet current standards as defined under sections 1.2 and 1.3 of NI 43-101; consequently, the Company is not treating the historical estimate as current mineral resources or mineral reserves.
The 2018 drilling campaign proved the grades used in the historic resource as well as making discoveries along neighboring vein systems and adding potential for resource growth in the future. In other areas of the land portfolio, our technical team identified a 200-meter long polymetallic vein on the Glacier Creek Property, significant propylitic alteration on the Boom Property and several Gold-Silver anomalies on the Big Nunatak.
The Willoughby Property provides an opportunity for exploration without significantly expanding established camp infrastructure or other overhead costs.
Terms of Acquisition
Strikepoint will hold 100% of the Willoughby Property for an $85,000 cash payment and issuance of 3,000,000 common shares. Sojourn Exploration will retain a 1.5% Net Smelter Return, although this can be reduced to 0.5% for an additional $1,000,000 cash payment.
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.
Qualified Person and NI 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Andy Randell PGeo. who is a qualified person as defined by National Instrument 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
For more information, contact:
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.