TORONTO, ONTARIO--(Marketwire - May 10, 2012) - Strike Minerals Inc. ("Strike") (STK.V - News) announces that the company has completed surface investigation of the Clement claims in Jacobson township near Wawa, Ontario.
The company completed geological mapping and sampling on its Clements claims that consist of four claim units that are situated approximately one mile northwest of the Edwards Mine property. The program was to conduct mapping and sampling of an identified quartz vein that appeared to be an extension of a zone that was intersected in the Michael Syndicate shaft on adjacent mineral claims approximately 425 m northwest of the showing.
The main showing was exposed by stripping and cleaning, along a 24 metre strike length and chip sampling was performed at five locations across the veining, returned significant values for gold. Quartz veining that pinches and swells occurs within the fault zone and was the subject of the sampling program. Weighted assay averages, over a 0.9 metre width, at each sample location ranged from 0.40 g/t Au to 5.34 g/t Au.
The "Michael Syndicate" Shaft located on claim 3015602 (formerly SSM 4200), approximately 425 metres north-west of the main showing the Strike Minerals "Clement" property was apparently sunk on quartz veining associated with the same fault system. Mineralization is reported to be similar (pyrite, chalcopyrite and gold) as identified in the vein.
Mike Newbury CEO of Strike comments "While this zone is small, it is mineralized and does fit within the general structural elements of the Goudreau Lake Deformation Zone that is the main control factor in the localization of gold-bearing quartz veins in the area. This zone has a similar trend to the zones that were mined at the Edwards Gold Mine previously. We will be considering follow-up exploration to test the extent and continuity of the mineralization".
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 conducted by Bruce Edgar P. Geo.
Strike Minerals is a TSX-V listed company that is engaged in the exploration and development of precious metal properties in Canada. Its primary property is the former producing Edwards Gold Mine property in the Goudreau - Lochalsh Gold Camp near Wawa Ont. Historic production in the camp between 1930 and 2001 is estimated at 500,000 ounces. Between 1996 and 2001 underground development was completed through a decline to a depth of approximately 290 m and mining over the period resulted in 145,000 oz being produced from the Edwards property at an average grade of 0.39 opt. At present Strike has dewatered the underground workings to below the 120m level and is now continuing underground drifting on both the 60m and 90m level with the plan to be in production by the end of 2012.
Strike also has a large land position in the Hemlo West area near Schreiber, Ontario. This Property contains a number of historic producers that produced small tonnages of very high grade gold mineralization, averaging approximately 18-25 g/t Au, between 1935 and 1937, generally associated with shear zones in the region. The southern claims contain an extension of the Afric gold zone that Noranda Inc., in 1995-97, calculated a non-NI-43-101 compliant, near surface "geological resource" of 2.0 million tonnes grading 2.20 g/t gold (140,000 ounces). This estimate was based on the completion of 20 drill holes. Strike is planning to conduct surface exploration and drilling on the property to test the continuity of the historical mining zones and the Afric zone in 2012.
The foregoing information may contain forward-looking statements relating to the future performance of Ring of Fire Resources Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company's plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. Ring of Fire Resources Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Neither 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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Strike Minerals Inc.
(416) 603-7200 ext 225 or Cell: (416) 573-0840