TSXV: SKP
CALGARY, Jan. 22, 2014 /CNW/ - StrikePoint Gold
Inc. (the "Company") is pleased to announce it has
acquired an option to earn a 100% interest in the Lobstick Gold
Property located in the Western Wabigoon Subprovince, Lobstick
Township, Ontario within the Rowan
Lake Greenstone Belt.
The Lobstick property consists of 32 claim units totalling 512
hectares located 50 kilometres southeast of Kenora, Ontario. The property is readily
accessible by logging roads and10 km east of Hwy 71.
On a regional scale the property occurs near the junction of two
major regional crustal breaks - the Wabigoon Fault and the
Pipestone-Cameron Fault. The Wabigoon Fault is associated
with Treasury Metal's Goliath Gold Deposit and the
Pipestone-Cameron Fault is associated with Chalice Gold's Cameron
Lake Gold Deposit.
Locally, the property is within the Lobstick Bay Deformation
Zone, which is a splay off the Wabigoon Fault. This
deformation zone is comprised of three strongly-foliated, intensely
altered, quartz, sericitic-schists containing disseminated pyrite
within intermediate to felsic volcanics.
The alteration is highly anomalous in gold mineralization and
historical drilling confirms this scenario, with an intercept in
the Main Zone assaying 38.95 m of 0.63 g /t Au (DDH
LB01-03). Of noteworthiness, the Main Zone, hosting this
intercept, is only drilled to a maximum depth of approximately 25
vertical meters. This area has received very little
attention; a limited drilling program was performed in 1986.
In the Wabigoon Region, New Gold and Bayfield Ventures are using
these lower grade mineralizing envelopes as exploration guides on
the Rainy River/Burns Block Projects to delineate higher grade gold
discoveries down dip/plunge of lower grade mineralization that is
delineated for a low-grade open pit scenario.
Strikepoint's management believes this property represents an
excellent discovery-stage opportunity. The rock types in the
area are similar to the Cameron
Lake and Goliath gold deposits in the region.
Sedimentary rocks in the hanging wall of the shear zone suggest
similar geometry to Treasury Metal's Goliath Gold Deposit and
Barrick's Hemlo Gold Mines; acting as both cap rocks and focusing
mineralizing fluids. Exploration plans will include
geophysics and diamond drilling.
The Agreement
StrikePoint Gold Inc. can earn a 100-per-cent interest in the
property from an arm's-length third party group by paying
$70,000, issuing 500,000 shares and
performing $200,000 in work
commitments over four years. StrikePoint has issued 50,000 common
shares of the Corporation pursuant to the Agreement in order to
satisfy the initial obligation of the Agreement. The common
shares were issued at a deemed price of $0.05 per common share.
Upon completion of an initial NI 43-101-compliant mineral
resource, StrikePoint will issue an additional $50,000 and 1,000,000 shares. Within 30
days of filing a positive, bankable feasibility study StrikePoint
will issue an additional $ 50,000 and
1,000,000 shares. Upon commencement of commercial production,
the company will be subject to a net smelter return royalty (NSR)
of 3 per cent with the option to purchase 2 per cent of the NSR in
increments of 1% NSR for $1,000,000.
The 2014 exploration program is under the supervision of
John C. Florek, P.Geo. Mr. Florek is
a Qualified Person as defined by NI 43-101. Mr. Florek
prepared and approved the information contained in this
release.
Details on StrikePoint's acquisition can be reviewed at the
Company's website at www.strikepointgold.com.
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.
This news release contains forward-looking statements relating
to the future operations of the Corporation and other statements
that are not historical facts. Any statements that are contained in
this news release that are not statements of historical fact may be
deemed to be forward-looking statements. Such forward-looking
statements are subject to important risks, uncertainties and
assumptions. The reader is cautioned that assumptions used in the
preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of StrikePoint. As a result, we cannot
guarantee that any forward-looking statement will materialize and
the reader is cautioned not to place undue reliance on any
forward-looking information. Such information, although considered
reasonable by management at the time of preparation, may prove to
be incorrect and actual results may differ materially from those
anticipated. Forward-looking statements contained in this news
release are expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made
as of the date of this news release, and StrikePoint does not
undertake any obligation to update publicly or to revise any of the
included forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly
required by Canadian securities law.
SOURCE StrikePoint Gold Inc.