We have 2 million shares of STK. Their property is adjacent to our Cline Gold property.
Breaking News
Strike Minerals Provides Mineral Exploration Update, Edwards Mine Property
09:16 EDT Friday, June 17, 2011
TORONTO, ONTARIO--(Marketwire - June 17, 2011) -Strike Minerals Inc. (TSX VENTURE:STK) ("Strike" or the "Company"),announces that it has received the final report on the winter drillingprogram on its Edwards Mine Property near Wawa, Ontario.
The purpose of the drill program was to test thecontinuity, structure and extent of the gold mineralization in the knownmineral zones proceeding towards a resource calculation. The programconsisted of 12 holes totalling 2,998.1 metres (7,212 feet) of NQdrilling by Superior Diamond Drilling of Sault Ste. Marie, Ontario. Allof the drill holes intersected the targeted veins and providedadditional data that increased the extent of the gold mineralized zones.
Mike Newbury, President and CEO of Strike comments"The gold mineralization occurs in a quartz vein system and is similarto other gold quartz vein type deposits in northern Ontario and Quebec.The gold mineralization in these types of deposits has a nugget effectthat can result in sections of the vein having no significant values.This drilling had a similar result in that some intersections had goldmineralization and some did not. Historical underground production fromsome zones has indicated that the bulk grade for the mineralized zonesis approximately 0.30 oz/t gold. Also, as previously announced, theCompany will be dewatering the Edwards Mine which creates a uniqueopportunity to conduct underground exploration on the identified goldmineralized zones and will provide significant advantages includingreduced costs of the exploration program."
Drill hole ST 1-11 on the Plowman #1 zone on theEdwards Mine property, intersected a rusty bleached, highly siliceoussection with quartz veining containing up to 30% sulphides that assayed11.19 g/t Au over 3.66 metres (0.326 oz/t Au over 12.0 feet) from 124.5to 128.2 metres down the hole (-300 feet vertical).
Drill hole ST 2-11, drilled below ST 1-11,intersected a mineralized zone with a grade of 2.06 g/t Au over 0.3metres (0.06 oz/t over 1.0 foot) and a rusty weathered zone with 12.24g/t Au over 0.6 metres (0.357 oz/t Au over 2.0 feet).
Drill hole ST 4-11 Intersected Plowman #1 vein with 1.54 g/t Au over 0.9 metres (0.045 oz/t over 3 feet).
Drill hole ST 6-11 intersected both zones – thePlowman #1 zone with 6.58 g/t Au over 0.6 metres (0.192 oz/t over 2feet) and the Plowman #2 zone with 3.50 g/t Au over 1.52 metres (0.102oz/t over 5.0 feet).
Drill hole ST 7-11 intersected the Plowman #1 zone with 34.2 g/t Au over 0.6 metres (0.998 oz/t over 2.0 feet)
The following holes confirmed the vein existence, butwith no measurable gold intercepts: Drill hole ST 3-11, Drill hole ST5-11, Drill hole ST 8-11, Drill hole ST 9-11, Drill hole ST10-11, Drillhole ST 11-11 and Drill hole ST 12-11.
Note: Intervals indicated are actual core lengths and true widths of identified zones have not been estimated.
As a result of this drilling the Plowman #1 zone hasbeen outlined to a strike length of 152 m (500 feet) and the verticaldepth to 158.2 m (520 feet). The Plowman #2 zone has been outlined to astrike length of 198 m (620 feet) and a vertical depth of 229 m (750feet). Plowman #3 had been extended to a strike length of 122 m (400feet) and a depth of 122 m (400 feet). All the zones are still open onwidth and depth.
The company has also completed geological mapping andsampling on its Clements claims consisting of four claim units that aresituated approximately one mile northwest of the Edwards Mine property.The mapping and sampling identified a quartz vein that appeared to bean extension of a zone from the Michael Syndicate shaft located 425 mnorthwest of the showing on adjacent mineral claims. Five grab samplesfrom the zone had values ranging from 2.3 g/t to 102.13 g/t grabbed overa 26 metre strike length.
Strike's contractor is now proceeding to setup pumpsand related equipment to commence the dewatering of the ramp andunderground workings on the property. This will enable the company toconduct underground exploration on the mineralized zones to determinethe continuity and bulk grade of the gold mineralization. In additionCaracle Creek International Consulting Inc. has been engaged to digitizeall the historical drilling and underground work on the property toassist in the interpretation and evaluation of the gold mineralization.
About Strike
Strike Minerals is a TSX-V listed company that isengaged in the exploration and development of precious metal propertiesin Canada. Its primary property is the former producing Edwards GoldMine property in the Goudreau – Lochalsh Gold Camp near Wawa, Ontario.Historic production in the camp between 1930 and 2001 is estimated at500,000 ounces of gold. Between 1996 and 2001 underground developmentwas completed through a decline to a depth of approximately 290 mresulting in 145,000 oz Au being mined from the Edwards property.Subsequent drilling on the property has delineated an additional numberof mineralized zones that have significant gold mineralization valuesthat require additional evaluation and delineation.
Strike also has a large land position in the HemloWest area near Schreiber, Ontario. The property has a number of historicproducers that produced small tonnages of very high grade goldmineralization, averaging approximately 18-25 g/t gold, between 1935 and1937 generally associated with shear zones in the region. These shearsystems have seen very little modern exploration, and drill testing ator near aprominent syenite volcanic contact is considered highlyprospective for the discovery of additional gold mineralization. Strikewill conduct an initial program of surface geological and alterationmapping on the Property in the spring of 2011 with a goal of increasingthe understanding of the geologic and structural relationships on theProperty in preparation for drill testing to establish a resourceestimate.
All technical information in this press release hasbeen reviewed and approved by Mike Newbury, P.Eng. who is a QualifiedPerson ("QP") under National Instrument 43-101.