StrikePoint Gold Intersects Massive Sulphides hosting 10.0 g/t Gold over 7.72 Meters within Edge Zone Discovery, Willoughby Project

Vancouver, British Columbia--(Newsfile Corp. - February 3, 2021) - StrikePoint Gold Inc. (TSXV: SKP) (OTCQB: STKXF) ("StrikePoint" or the "Company") is pleased to announce drill results from the 2020 exploration drilling program from the 100%-owned Willoughby property located near Stewart in British Columbia's prolific Golden Triangle. This drilling program was successful in identifying: 1) a new-high grade discovery at the Edge Zone and 2) long intervals of disseminated gold mineralization at the Wilby area.

"Drill Hole W20-106 represents a geological breakthrough and an important discovery at Willoughby, where we targeted high-grade mineralization in a setting that is similar to other major gold deposits in area. The intrusive-related, gold-bearing massive and stringer sulphide mineralization at the Edge Zone is wide open for expansion." said Shawn Khunkhun, President and CEO of StrikePoint Gold. "With a strong treasury and successful exploration programs at both the nearby high-grade Porter Silver Property, and the Willoughby Gold-Silver Project we are poised to be the dominant discovery-focused explorer in the Golden Triangle."

During 2020, in addition to surface mapping and sampling at Willoughby, the Company completed 1,715 meters of drilling in six holes; four tested disseminated gold-silver at the Wilby Zone and two tested for high-grade intrusive-related mineralization at the Edge Zone. The Property is in a similar geological setting to nearby deposits such as Premier, Brucejack, Red Mountain and Dolly Varden, underlain by sedimentary volcanic, and intrusive rocks of earliest Jurassic age at a contact with older Triassic sediments; the system is overprinted by younger, Tertiary-age mineralization. Willoughby hosts at least three styles of mineralization in eight known areas, two of which were tested were tested in this drilling program.

Edge Zone

Drill holes W20-106 and W20-107 were exploration holes testing for mineralization with a similar geological control to Ascot's Red Mountain Deposit, located 7,000 meters west of Willoughby. Similar to the Marc and AV Zones at Red Mountain, drill hole W20-106 intersected 4.19 g/t Au and 18.28 g/t Ag over 27.78 Meters with a higher-grade zone of 7.72 Meters averaging 10.04 g/t Au and 5.61 g/t Ag. This hole is interpreted to be contiguous with historic hole 96-88, which intersected 7.62 g/t Au and 1.43 g/t Ag over 11.47 Meters located approximately 40 meters further north and updip also within the footwall to the sill contact. Gold mineralization is hosted within massive, semi-massive, stringer and disseminated pyrite and pyrrhotite, sphalerite and minor galena. This mineralization occurs within the footwall to an early Jurassic diorite sill, the same control to the widest areas at Red Mountain. Gold bearing-sulphides pooled in permissive host rocks below the sill. From the same drill pad, the last hole of the program, W20-107 was oriented with a more northerly azimuth and a dip that was too shallow to intersect below the sill, encountering wide intervals of disseminated gold mineralization in the hanging wall to the Edge Zone, including 0.53 g/t Au over 39.50 Meters and 0.51 g/t Au over 32.96 Meters.

Wilby Zone

Drill holes W20-102, W20-103, W20-104, and W20-105 were drilled from the same setup and tested an area of disseminated gold-silver mineralization, with the higher grade 1450 lens occurring within. This area hosts a different style of mineralization to the Edge Zone, with mineralization associated with brittle fault zones hosted within sediments. The conceptual target was to identify potential for large, early-Jurassic disseminated gold deposits similar to Seabridge's KSM and Tudor's Treaty Creek Deposits.

Significant intervals at Wilby include: W20-102 intersected 1.13 g/t Au and 7.19 g/t Ag over 19.47 meters and W20-103 intersected 1.22 g/t Au and 15.65 g/t Ag over 33.50 meters, including 3.54 g/t Au and 48.60 g/t Ag over 7.90 meters (within the 1450 lens).

Coupled with previous drilling, these holes were successful in identifying a broad area of northwest-southeast trending mineralization with wide intervals in excess of 1.0 g/t Au.

Complete drill results from the 2020 Program are as follows:

*True width are estimated to be 70 to 90% of drilled length

Figure 1. 2020 Willoughby Drillhole plan view map

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5044/73528_e60a5ba47473a9ca_001full.jpg

Figure 2. Massive to semi-massive pyrrhotite-pyrite with minor chalcopyrite in hole W20-106, depth 268.5 to 270.00 meters

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5044/73528_e60a5ba47473a9ca_002full.jpg

Figure 3. 2020 & Historical Drillholes with notable mineralized intervals, North-South vertical section, looking East, 75 meters window

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/5044/73528_e60a5ba47473a9ca_003full.jpg

Willoughby project

Willoughby is located along the eastern margin of the Cambria Icefield, approximately seven kilometres east of the advanced-staged Red Mountain Deposit that was recently acquired by Ascot Resources from IDM Mining. The property is underlain by Upper Triassic Stuhini rocks and Lower Jurassic Hazelton volcano-sedimentary rocks that have been intruded by an early Jurassic-aged hornblende-feldspar porphyry, similar to and potentially comagmatic with the Goldslide Intrusive suite at Red Mountain. Intrusive-related mineralized zones consist of primary pyrite with lesser pyrrhotite, sphalerite, galena, chalcopyrite, native gold. Eight gold and silver mineralized zones have been identified to-date over a one-kilometre strike-length mineralization trend.

QA/QC

Samples for the 2020 exploration program were all drill core labelled, sawn in half, with one-half placed in sealed bags and shipped with a chain of custody controls to the laboratory. The remaining drill core is subsequently securely stored in Stewart, BC. The company implements a rigorous Quality Control/Quality Assurance program, including the insertion of standards, blanks, and duplicates at regular intervals in the sample stream to monitor laboratory performance.

Drill core samples are submitted to the ALS Geochemistry facility in Terrace, British Columbia, for preparation and subsequently to the ALS Geochemistry facility in North Vancouver for analysis. The ALS facility is accredited to the ISO/IEC 17025 standard for gold assays, and all analytical methods include quality control materials at set frequencies with established data acceptance criteria. The entire sample is crushed, split into a representative sub-sample using a riffle splitter, and subsequently, 250g is pulverized. Analysis for gold is by 30g fire assay fusion with atomic absorption (AAS) finish with a lower limit of 0.005 ppm and an upper limit of 10 ppm. Samples with gold assays greater than 10ppm are re-analyzed using a 30g fire assay fusion with a gravimetric finish. Analysis for silver is by 30g fire assay fusion with gravimetric finish with a lower limit of 0.5 ppm and an upper limit of 100ppm. Samples with silver assays greater than 100ppm are re-analyzed using a gravimetric silver concentrate method. All samples are also analyzed using a 33 multi-elemental geochemical package by 4-acid digestion (ICP-AES).

Qualified Person

The Qualified Person for this news release for the purposes of National Instrument 43-101 is Marilyne Lacasse, P. Geo, Project Manager. She has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release.

About StrikePoint

StrikePoint Gold is a gold exploration company focused on building high-grade precious metals resources in Canada. The company controls two advanced stage exploration assets in BC's Golden Triangle. The past-producing, high-grade Porter Silver Project and the high-grade Willoughby Gold-Silver Project. The company also owns a portfolio of gold properties in the Yukon.

ON BEHALF OF THE BOARD OF DIRECTORS OF
STRIKEPOINT GOLD INC.

"Shawn Khunkhun"

Shawn Khunkhun
Chief Executive Officer and Director

Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the company's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

For more information, please contact
StrikePoint Gold Inc.
Shawn Khunkhun, CEO and Director
T: (604) 602-1440
E: sk@strikepointgold.com
W: www.strikepointgold.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/73528