STK Edwards Mine News News on the adjacent property to our Cline Lake Gold property. Someone asked here awhile back about the value of Cline's Gold and Uranium properties. Well for what its worth, STK has a marketcap of $2.75 mil. (they also own an interesting property near Schreiber, Ont) and a chinese company offered $50 mil. for the Madagascar property which unfortunately fell through.
Strike Minerals Reports Underground Drift Sampling
Wednesday, August 22, 2012
TORONTO, ONTARIO--(Marketwire - Aug. 22, 2012) - Strike Minerals Inc. ("Strike") (TSX VENTURE:STK) announces initial underground sampling of 15.136 g/t over a drift length of 24m at its Edwards Mine project in Jacobson township near Wawa, Ontario.
The Company encountered a new vein called Edwards #5 on the 60m level of the Edwards Mine project (PR May 23, 2012). The vein was intercepted by a drift that had cut the Edwards #1 vein and was being extended to the Rusty Weathered Zone. The program is designed to provide geological information and mineralization content of the veins to confirm surface drill and historical underground results.
On the 60m level the Edwards #5 quartz veining that pinches and swells has been followed for approximately 24m and back samples have been taken at intervals over the full length. The weighted average grade over a minimum 1.5 metre width is 15.136 g/t Au. There were a total of 28 samples taken with an average sample length of .66 m. This includes a section that averaged 13.43 g/t over a 3.6m width. Drifting on the vein will continue on the 60m level and all mineralized material has been stockpiled for processing. The geological interpretation indicates that this vein is the downward extension of a zone that has been identified on surface near the old Edwards shaft.
Mike Newbury CEO of Strike comments "This is a new vein and seems to have a similar shape and grade to the other mineralized zones. This is a new zone that appears to be a second zone that will provide additional potential for mining."
Assays were carried out at AGAT Laboratories by fire assay - Trace Au-ICP-OES Finish.
All technical information in this press release has been reviewed and approved by Mike Newbury, P.Eng. who is a Qualified Person ("QP") under National Instrument 43-101. On site sampling was supervised by Bruce Edgar, P. Geo.
At present Strike is in the process of preparing a detailed development plan for the initial production from the Edwards #1 vein.