News Release
I don't see anything in this release that suggests they are currently drilling the Afric Zone Extension. They seem to suggest that the only drilling was at Harkness-Hays and that any additional drilling will happen next year. If that's the case, it's dissapointing.
2012-10-01 15:20 ET - News Release
Mr. Kerry Smith reports
STRIKE MINERALS REPORTS GOLD MINERALIZED INTERSECTIONS IN TEST DRILL HOLE IN SCHREIBER
Strike Minerals Inc. has released results from drill hole HH-12-04 recently completed on the Harkness Hays property. The property is located in the Hemlo-Schreiber greenstone belt of Northwestern Ontario, approximately 200 kilometres east of Thunder Bay and 70 km west of Hemlo.
Hole No. 4, HH-12-04 (azimuth 130 degrees, dip minus 45 degrees), located approximately 500 metres northwest of drill holes 1 through 3 and was the final hole in the phase 1 drill program on the Harkness-Hays property, was designed to test a portion of the property that had not been drilled. Gold mineralization was intersected within an iron formation at a vertical depth of 170 metres. This iron formation outcrops on surface for approximately 300 metres, striking east-west along the southern portion of the central Harkness Hays property, and is one of numerous iron formations found within the Strike group of claims. It is the only iron formation that has been tested by Strike Minerals to date. The fact that the iron formation contains significant values for gold provides Strike with a number of other exploration targets within the Priske township property.
Significant results are shown in the attached table.
Grade Length Downhole depth (g/t) (m) (m) 1.19 5.2 239.3 to 244.5 Including 2.86 0.6 242.9 to 243.5 4.22 0.5 243.5 to 244.0 1.09 0.5 244.0 to 244.5 Note: Lengths are downhole, true widths have not been calculated.
Strike Minerals holds seven patented and 31 staked claims totalling 215 units (all contiguous) in Priske township in Schreiber, Ont. The recently completed phase 1 diamond drill program was designed to test the geology, structure and mineralizing environment of the Harkness Hays portion of the property, and was successful in intersecting numerous gold intersections including seven instances of visible gold in holes 1 through 3.
The Priske township property contains a number of historical mines and showings/prospects, including the Harkness-Hays, Pyramid prospect, Morley and Worthington Bay showing, and the potential Afric zone West extension.
Strike management believes the initial prospecting work and diamond drilling results on the property have shown that there is exploration potential, and plans a systematic exploration program to follow up the results during the next year.
All technical information in this press release has been reviewed and approved by Mike Newbury, PEng, who is a qualified person (QP) under National Instrument 43-101. On-site sampling was supervised by Bruce Edgar, PGeo.
Assaying was carried out by Agat Laboratories of Mississauga, Ont. (fire assay trace Au, ICP-OES finish).
Strike also announces that Roger Dent has been appointed special adviser to the company's management and board of directors.
Mr. Dent has been involved in the Canadian financial markets for over 25 years, and has extensive experience in small-cap evaluation and investment. Most recently, he was a noted portfolio manager with Matrix Fund Management Inc., where he guided the Matrix Small Companies Fund and the Matrix Strategic Small Cap Fund. Previously, he was vice-chairman of one of Canada's largest independent investment dealers. He was formerly the No. 1 ranked small-cap analyst according to the Brendan Wood Institutional Investor Survey.
As special adviser, Mr. Dent will work closely with management and the board of Strike as the company seeks the financing required to place the Edwards mine into production.
We seek Safe Harbor.