VANCOUVER, BRITISH COLUMBIA–(Marketwired – March 31, 2017) – Strikepoint Gold Inc. (TSX VENTURE:SKP)(OTCQX:STKXF) (“Strikepoint” or the Company) is pleased to announce exploration targeting for the recently acquired Yukon Portfolio.
This package was acquired from IDM Mining (TSX VENTURE:IDM) through: a Letter of Intent on December 21st, 2016; signed into Definitive Agreement on January 19th, 2017; and Completed Purchase Agreement on March 28th, 2017.
Strikepoint Gold purchased the properties from IDM Mining for $4,200,000 through a combination of $150,000 in cash and 10,500,000 shares. The Company is required to spend $1,500,000 on exploration expenditures during the 2017 season.
The company filed a NI 43-101 Technical Report on the Mahtin Property, Yukon on March 15th, 2017 and announced a $3,000,000 non-brokered private placement, concurrently closed $2,000,000 on March 23rd, 2017.
Three drill-ready properties have been selected based on exploration history, anomalous surface gold showings, and current understanding of the geological settings. Each target property is 100% owned by Strikepoint Gold Inc., and were formerly held by Ryan Gold Corporation who completed over $25,000,000 in exploration expenditures across the Yukon portfolio, which is a land package comprising of 14,031 claims defining 22 properties over 282,000 hectares.
Strikepoint is planning a ‘surgical’ exploration program for 2017, spending a minimum of $2 million on selected targets within the portfolio. The work will be focused on proving geological concepts highlighted in the extensive historical exploration work, and advancing them from anomalous regions to well defined targets and new discoveries.
The Pluto property is in the Kluane region, and is one of the largest in this portfolio, approximately 40 x 30km in size. Pluto sits relatively close to the latest discoveries in the White Gold district, and is aligned along strike with this group of projects including; GoldCorp’s Coffee Project, which was acquired from Kaminak for $520M and Kinross’s White Gold Project, which was acquired from Underworld for $140M. Initial analysis of the geology seems to show a unique mineralizing system for the area; the formation of skarns in contact with large, regional ‘ring’ dyke volcanic features.
The presence of a shallowly dipping limestone unit in the local lithology has become a focus for mineralization when intercepted by dykes of rhyolitic / dacitic material. The skarns subsequently produce anomalous gold-in-soil results where they outcrop in the sides of the valleys, which indicates that there is volume potential of the mineralization, an hypothesis that will be drill tested in 2017.
Other information about the Pluto Property:
- Highest gold-in-soil assay from the entire Yukon portfolio database at 15.43g/t Au;
- 15,908 soils taken to date on property;
- Grab samples returning grades upwards of 7.11 g/t Au;
- Relatively unexplored region of the Yukon-Tanana Terrane, south of Goldcorp’s recently acquired Kaminak Coffee Project and 45 kilometers southwest of Rockhaven Resource’s Klaza project.
The Mahtin Property is synonymous in geological setting and mineralization style as Victoria Gold’s Eagle Gold Project, 40km away to the northeast. The model defining Eagle, an intrusion-related gold system, is characterized by mineralization focused in 070-trending/vertically-dipping sheeted quartz veins. Mineralized sheeted quartz veins are found on the Mahtin Property’s two intrusive stocks: Sprague Creek (3.6 x 1.5km) and Bos (4 x 1.1km) stocks.
A summary of the Mahtin Property includes:
- Grab samples up to 15.01 g/t Au on the property;
- 18,406 soils taken on property between 2010 and 2012;
- Detailed 1:10,000 scale geological mapping across the main targets;
- Radiometric, electromagnetic and magnetic airborne geophysical surveys;
- Two untested intrusion-related gold hosted targets on the property;
- Mineralized sheeted quartz veins returning grades upwards of 3.37g/t Au in grabs;
- A possible third geochemical target is evolving in the south-western portion of the property that could be an additional intrusion related gold system.
- Distances to surrounding projects which use the intrusion-related gold system model;
- Immediately bordering AM Gold’s Red Mountain;
- 5km east of Victoria Gold’s Clear Creek;
- 50km west Golden Predator’s Brewery Creek;
- 40km to the southwest of Victoria Gold’s Dublin Gulch
Golden-Oly is another large assemblage of claims, measuring 40 x 25km in size. It lays along the North Canol Road and is close to the border with the North West Territories. Traditionally this area has been explored with a focus more on tungsten and zinc, but from the work undertaken across the project, there are several gold targets.
Airborne geophysics flown in 2012 highlighted six individual anomalies that correspond to topographic highs in the field. Some of these are partially exposed cores of granodioritic intrusions, while others exhibit hornfelsing around buried plutons. This area is along the southern edge of the Selwyn Basin, and these plutons seem to be synonymous with the intrusion related gold systems we see at Mahtin (in the north of the Selwyn Basin). Soil sampling across these anomalies has further highlighted the anomalous gold-in-soil results, as well as having a geochemical fingerprint (Au-As-Bi) that is a known marker for these types of deposits.
Drilling in 2017 is designed to target one of these anomalies (the ‘Nuke’ intrusive) to further enforce the model, to assess grade potential, and as ‘proof of concept’ for the other five targets on the property.
The Golden-Oly Property:
- Located near the historic ‘SEDEX’ discovery Tom-Jason Pb-Zn region of the Yukon Territory;
- Surrounded by Selwyn Chihong Mining Ltd.’s Selwyn Project, Overland Resource’s Andrew Project and Constantine-Carlin Gold’s JV Yukon Au projects
- Neighboring PDM property (100% Strikepoint owner) has another target that is synonymous with those seen at Golden-Oly.
- Sheeted polymetallic veins returning grades up to 19.5g/t Au and >100 g/t Ag on Nug prospect;
- Extensive anomalous gold-in-soils between 20ppb to 50ppb Au across the entire property that could be indicative of other deposit types on the property.
The Yukon Territory has reemerged as a world-class exploration district with recent discoveries and acquisitions in 2016, including: Golden Predator’s 3 Aces discovery, Goldcorp’s $520,000,000 purchase of Kaminak Gold’s Coffee project and Agnico-Eagle’s ongoing investment into the White Gold district. The Strikepoint Gold portfolio holds properties in these emerging and known gold districts representing several geological domains and potential for commodities beyond just gold.
For further information, please review the Corporate Presentation the Strikepoint Gold Inc. website for a more detailed, comprehensive review of the 2017 exploration program: http://www.strikepointgold.com/images/Yukon-Properties-Presentation.pdf
ON BEHALF OF THE BOARD of STRIKEPOINT GOLD INC.
Shawn Khunkhun, CEO and Director
Neither the 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.
CEO and Director
(604) 685-5777 (FAX)