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Drilling to commence on Strike Point property optioned by San Gold Corporation
Drilling to commence on Strike Point property optioned by San Gold Corporation
About this update from Strikepoint Gold Inc.
[{"type":"text","content":"\n\n\n\n May 18, 2010 (Canada NewsWire Group) -- The technical committees of StrikePoint Gold Inc. (SKP-TSXV) and San Gold Corporation (SGR-TSXV) have recently reviewed geological and specific drill targeting data and have approved the initial 2010 Strike Point property drill program, scheduled to commence before the end of May, 2010.\nThe Strike Point property is held 100% by StrikePoint Gold and is subject to an option agreement whereby San Gold Corporation can earn a 50% interest by performing exploration work (Press Release January 15, 2010). StrikePoint is the operator of the Strike Point property exploration program and will submit cash calls to San Gold as required.\nDuring 2009, an airborne LiDar survey was flown over the Rice Lake belt in order to delineate structural features that were favourable for gold concentration. In early 2010, a ground magnetometer survey was performed on the Strike Point Project, covering an area of about 450 ha at the southern end of the property, adjacent and to the west and northwest of San Gold's current Hinge, L13 and 007 high-grade gold zones. The objective of this survey was to identify certain rock types and specifically oriented structural features that are known to be associated with the nearby high-grade gold zones and deposits recently discovered by San Gold. Of particular interest are the Type-16 vein structure orientations that provide prolific gold accommodation zones in the Rice Lake mine and the new high grade hanging wall zones and deposits on the adjacent San Gold mine lease.\nOverall, the magnetic survey data shows very good correspondence and continuity with the geology mapped on the adjacent San Gold mining lease. Moreover, very distinct rock unit and structural feature intersections present themselves as attractive drill targets. The prominent lithological features are interpreted as basalt and/or gabbro units possibly similar to the main gabbro unit that hosts the Rice Lake ore deposit or minor mafic units with altered contacts such as those hosting one of the near surface high-grade hanging wall deposits on the adjacent San Gold mine lease. One of these features is a 1.5 km long, roughly east-west trending magnetic high that is cut at three places by northeasterly, Type-16 oriented cross-fractures. Magnetic lows associated with these intersections are interesting since...