TORONTO, ONTARIO -- (Marketwire) -- 03/07/13 -- Strike Minerals Inc. ("Strike") (TSX VENTURE: STK) announces that the company is still planning the underground development plan on the Edwards #1 and #5 delineated gold mineralized zones on the 60m level of the Company's Edwards Mine, 50 km NE of Wawa, Ontario.
The dewatering is now at 140m and underground development work continues to extend existing workings for on the 60m level and on the 90m level. The drifting is planned to cut a number of mineralized zones where historical diamond drill holes have indicated high grade gold values between surface and the 100 metre level.
On the 60m level the Edwards #1 quartz vein that had significant gold values (See P.R. May 23, 2012 and June 6, 2012) was followed for a total distance of 21m. Face chip samples have been taken at each have a weighted average assay is 25.45 g/t Au over an average 1.5 metre vein width. The Company has now completed one lift on the zone resulting in approximately 225 tonnes of material. Samples have been taken and sent for assay.
To date, development mining on the veins has produced and placed on surface approximately 1,100 tonnes of material with an average grade of 12.83 gpt from the Edwards #1 vein and 2,000 tonnes grading 2.0 gpt from other underground development.
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. Subsequent drilling on the property has delineated an additional five zones that have significant gold mineralization. At present Strike has dewatered the underground workings below the 140m level and has now completed underground drifting on both the 60m and 90m level and is drifting on both the Edwards #1 and #5 zones with the plan to be in production in 2013.
Michael Newbury, P. Eng (ON), a "qualified person" as such term is defined by National Instrument 43-101 and an officer and director of Strike has verified the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of Strike. On site management of the sampling was managed by Bruce Edgar, P. Geol. a director of Strike.
This Press Release may contain statements which constitute "forward-looking statements" including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the Company's periodic filings with he Canadian securities regulatory authorities, including the Company's Annual Management Information Circular and quarterly and annual Management's Discussion & Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.
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.
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