SKP Strikepoint Gold Inc

CALGARY, June 22, 2011 /CNW/ -- SKP: TSXV   STKXF: OTCQX CALGARY, June 22, 2011 /CNW/ - StrikePoint Gold (TSXV: SKP) (OTCQX: STKXF) provides an exploration update on its Strike Point/San Gold joint venture project adjacent to San Gold's Rice Lake mine lease in Manitoba. The option agreement between StrikePoint and San Gold (see Press Release January 15, 2010) remains in full force and effect with San Gold having fulfilled all required expenditure obligations to date. The initial 2011 Strike Point Property diamond drill program was carried out to investigate the westward extension of the Shoreline Basalt which contains new, high-grade gold deposits on the adjacent San Gold mine property, In April 2011, the Company completed 9 diamond drill holes totaling 2,809 metres within the Strike Point Property. Drilling targeted a zone of altered Shoreline Basalt rocks containing anomalous gold values identified during the 2010 drilling campaign; in addition to the historic "No. 2 Shear Zone" target at Round Lake. No significant gold intercepts were encountered as a result of this limited initial program into the hanging wall volcanic rocks. Deep drilling tested the Shoreline Basalt target via 5 holes (11SP-01, 11SP-02, 11SP-07, 11SP-08 and 11SP-09) totaling 2,391 metres over a 350 metre west-northwest trending strike length. Shoreline Basalt rocks were intersected in all five drill holes at depths ranging from 216 to 304 metres, and over core widths of 26 to 36 metres. A second lower zone of pervasively sericite altered mafic rock was intersected in all holes (except 11SP-01) at depths ranging from 274 to 391 metres, and over core widths of 8 to 14 metres. Intense alteration obscures the primary rock texture, however based on the depth and location relative to drilling completed by San Gold Corp. the lower zone may represent a western extension of the San Antonio Mine (SAM) gabbro sill, or a parallel Shoreline Basalt horizon. At a depth of 506 metres in drill hole 11SP-02 (-65o), and beneath the lower zone a 68 metre core width zone of pervasively sericite altered intermediate volcanic rock was intersected. Quartz veins and associated pyrite mineralization within the zone returned assays averaging 335 ppb gold over 2.0 metres, including 520 ppb gold over 1.0 metres at a depth of 559 metres. Both the upper and lower zones are associated with anomalous gold assays ranging from 60 ppb gold over widths of 1.0 metres (upper zone 11SP-07, lower zone 11SP-08 and 11SP-09) and 70 ppb gold over widths of 0.92 and 0.60 metres (upper zone 11SP-01 and lower zone 11SP-09). Drill testing of the historic Bissett Gold Mines Ltd (ca.1936) No. 2 Shear Zone was carried out with four shallow holes (11SP-03, 11SP-04, 11SP-05, 11SP-06) totaling 418 metres. The mineralized zone was drilled from three setups over an 80 metre east-west trending strike length. All four drill holes intersected a sericite altered, locally quartz-flooded and pyrite mineralized intermediate feldspar porphyry volcanic dyke at depths ranging from 51 to 59 metres and over core widths of 3.6 to 8.2 metres. Drill hole 11SP-03 (-45o) returned anomalous assays of 210 ppb gold over 0.87 metres at a depth of 51.2 metres. A reinterpretation of lithological and structural controls on gold mineralization from the 2010 and 2011 drilling within the Strike Point property is currently underway. This includes further integration of the 2011 diamond drilling into the existing structural, geologic, ground magnetic, diamond drilling and LiDAR datasets. The summer 2011 Strike Point Property exploration program consists of mapping and drilling of the Shoreline Basalt and similar units that are stratigraphically lower in the volcanic sequence. It will also include geologic mapping and rock geochemical sampling within the San Antonio Assemblage as deformation events associated with gold mineralization at Rice Lake also affected the San Antonio assemblage. LiDAR lineament analysis by StrikePoint reveals that structural trends related to the gold mineralization on the adjacent San Gold Rice Lake mine permit also transect the San Antonio assemblage. All sample analytical results contained in this press release, including standard and quality control samples were analyzed for gold by fire assay and/or multi-element ICP-MS analysis, as appropriate, by TSL Laboratories Inc, Saskatoon, SK. Kristopher J. Raffle, P. Geol., APEX Geoscience Ltd. is a qualified person as defined by National Instrument 43-101 and is responsible for the preparation and approval of the technical information disclosed in this news release. This press release has been reviewed by Daniel A. Beauchamp, B.Sc., P.Geol., StrikePoint Gold's Qualified Person under National Instrument 43-101. 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. This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Such forward-looking statements are subject to important risks, uncertainties and assumptions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of StrikePoint. As a result, we cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and StrikePoint does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law. To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/June2011/22/c8562.html p Investor Relationsbr/ Toll Free: 1(877)317-1660br/ a href="mailto:info@strikepointgold.com"info@strikepointgold.com/a /p

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