Strikepoint GOLD Inc. Signs Letter of Intent to Acquire the High-Grade GOLD Willoughby Property IN the Golden Triangle from Sojourn Exploration
Suite 507, 837 West Hastings Street Telephone: (604) 602-1440
Vancouver, BC, V6C 3N6 Facsimile: (604) 685-5777 www.strikepointgold.com
STRIKEPOINT GOLD INC. SIGNS LETTER OF INTENT TO ACQUIRE THE HIGH-GRADE
GOLD WILLOUGHBY PROPERTY IN THE GOLDEN TRIANGLE FROM SOJOURN
EXPLORATION
January 16, 2019 - StrikePoint Gold Inc. (SKP:TSX.V)(STKXF:OTCQB) is pleased announce
the signing of a Letter of Intent to acquire the Willoughby Property from Sojourn
Exploration. The property is situated about 30 kilometers east of Stewart, British
Columbia, and 20 kilometers northeast of StrikePoint’s Porter Property. Key factors
include:
• 4,625 meters of diamond drilling completed on the property between 1989 and
1995 which defined mineralization over a one-kilometer strike which remains
open.
• 20.5 meters grading 24.99 grams per tonne gold and 184.22 grams per tonne
silver, and 11.7 meters grading 40.11 grams per tonne gold and 109 grams per
tonne silver, both from the North Zone target.
• 13.0 meters grading 13.37 grams per tonne gold and 63.43 grams per tonne
silver drilled in the Main Zone target.
• Additional five target zones on the property have all returned significant gold
and silver grades in drill core or channel samples at surface.
• Rapid deglaciation of the area has exposed new prospective ground that has not
been explored since the last campaign in 1996.
• The closest nearby analogue to Willoughby is the Red Mountain deposit located
7 kilometers to the west. Red Mountain has a NI 43-101 mineral resource
estimate of 1,827,900 tonnes of measured resources grading 8.92 grams per
tonne gold, 943,400 tonnes of indicated resources grading 5.95 grams per tonne
gold for a total of 704,600 ounces gold combined (June 2018 Resource Update;
Arsenault / Hamilton). Like Red Mountain, mineralization is focused along the
contact with Jurassic-aged Goldslide intrusive rocks. Mineralization hosted on
the adjacent properties is not necessarily indicative of the mineralization hosted
on the Willoughby Property. The Company is not able to verify the results of the
Red Mountain deposit and there can be no assurances that the Company will
obtain similar results from exploration activities on the Willoughby property.
Suite 507, 837 West Hastings Street Telephone: (604) 602-1440
Vancouver, BC, V6C 3N6 Facsimile: (604) 685-5777 www.strikepointgold.com
Strengthening Regional Mineral Inventory
The proposed acquisition of the Willoughby Property compliments the Porter Project
and other ground staked in 2018 by strengthening the known mineral inventory and
providing significant exploration upside all within a localized and accessible area of
British Columbia.
StrikePoint’s Porter Project hosts a historical resource with 394,700 tonnes grading 868
grams per tonne silver in the Indicated category for a total of 11 million ounces of silver.
The mineral reserve cited above is presented as a historical estimate and uses historical
terminology which does not conform to current NI 43-101 standards. This historical
estimate is believed to be based on reasonable assumptions, and neither the company
nor its qualified person has any reason to contest the relevance and reliability of the
historical estimate. However, a qualified person has not done sufficient work to classify
the historical estimate as current mineral resources or mineral reserves. Although the
historical estimates are believed to be based on reasonable assumptions, they were
calculated prior to the implementation of National Instrument 43-101. These historical
estimates do not meet current standards as defined under sections 1.2 and 1.3 of NI 43-
101; consequently, the Company is not treating the historical estimate as current
mineral resources or mineral reserves.
The 2018 drilling campaign proved the grades used in the historic resource as well as
making discoveries along neighboring vein systems and adding potential for resource
growth in the future. In other areas of the land portfolio, our technical team identified a
Suite 507, 837 West Hastings Street Telephone: (604) 602-1440
Vancouver, BC, V6C 3N6 Facsimile: (604) 685-5777 www.strikepointgold.com
200-meter long polymetallic vein on the Glacier Creek Property, significant propylitic
alteration on the Boom Property and several Gold-Silver anomalies on the Big Nunatak.
The Willoughby Property provides an opportunity for exploration without significantly
expanding established camp infrastructure or other overhead costs.
Terms of Acquisition
Strikepoint will hold 100% of the Willoughby Property for an $85,000 cash payment and
issuance of 3,000,000 common shares. Sojourn Exploration will retain a 1.5% Net
Smelter Return, although this can be reduced to 0.5% for an additional $1,000,000 cash
payment.
About the Golden Triangle
The Golden Triangle is an area of northwestern British Columbia that has seen extensive
historic mining and prospecting activity, and has recently been the site of modern
discoveries, including the Premier Gold, Snip and Eskay Creek Mines. The area has seen
a resurgence in infrastructure investment which supports exploration activities,
including upgraded transmission lines supplying clean, affordable and reliable
hydroelectric power. Other recent improvements include highway upgrades, new ocean
port infrastructure at the ice-free port of Stewart and the commissioning of three
hydroelectric facilities.
Qualified Person and NI 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Andy
Randell PGeo. who is a qualified person as defined by National Instrument 43-101.
For further information please visit our website: www.strikepointgold.com
ON BEHALF OF THE BOARD of STRIKEPOINT GOLD INC.
Shawn Khunkhun CEO and Director
For more information, contact:
Shawn Khunkhun
604-602-1440
Suite 507, 837 West Hastings Street Telephone: (604) 602-1440
Vancouver, BC, V6C 3N6 Facsimile: (604) 685-5777 www.strikepointgold.com
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defined in the policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.