Strikepoint Gold begins drilling at Rice Lake

2010-04-09 09:26 ET - News Release

Mr. Richard Boulay reports

STRIKEPOINT DRILLING COMMENCES AT RICE LAKE, MANITOBA

Strikepoint Gold Inc. has released an exploration update on its activities in the Rice Lake gold belt in Manitoba.

Poundmaker option with Wildcat

In 2009, field crews carried out geological mapping and detailed sampling of several areas on the property, including the Poison and Rio zones, both of which contain gold associated with quartz veins near gabbroic dikes.

In February, 2010, ground magnetometer surveys were performed over several grids to more precisely define geological structures that have been identified by the results of the light detection and ranging (LiDAR) survey that was completed in 2009. One magnetometer survey consisted of a 55-line-kilometre grid pattern superimposed over several gold occurrences of the large Rio zone. Northeast-trending magnetic linear anomalies corresponding to a number of the mafic dike host shear zones are evident in addition to a number of east-west trending magnetic low linear anomalies; in particular, the one transecting the Rio-Touton-Buena-Suerte trend is structurally interesting. It appears to intersect the northeast trending structure containing the Alamo showing in the northeast corner of the grid.

During March, 2010, Strikepoint commenced a diamond drilling program on the Rio zone, and 1,125 metres of drilling in nine holes has been completed to date. The drill data shows continuous zones of shearing, oriented in an east-west direction. The zones are two to 10 metres wide, dip steeply, and are open along strike and at depth. The southernmost shear zone is observable on surface, but the northern shear has not yet been observed and may not outcrop. Core samples are being split for analysis and the results, when received, will be announced and evaluated in anticipation of a second Rio zone drilling program.

Strikepoint's Rice Lake area exploration work is being carried out by Apex Geoscience Ltd. of Edmonton, under the management and supervision of the company.

During the first quarter of 2010, Strikepoint and Wildcat Exploration Ltd. amended some terms of the Poundmaker option agreement (see Stockwatch news dated Feb. 26, 2010). Strikepoint has fulfilled its annual option agreement payment obligation due March 1, 2010, by paying to Wildcat $50,000 cash and issuing 263,000 Strikepoint shares. Strikepoint has certain work commitment requirements that must be completed before April 30, 2010. It is anticipated that these commitments will be fulfilled by current exploration activities on the property.

Strike Point project joint venture with San Gold Corp.

Detailed prospecting, mapping and rock sampling were carried out over several areas during 2009 in the central part of the Strike Point property.

During March, 2010, a detailed ground magnetic survey was performed over the southern part of the Strikepoint property adjacent to the San Gold mine lease where the LiDAR survey has revealed an extensive network of fractures and lineaments. The magnetic data are rich in detail and provide valuable structural data, especially when merged with the detailed LiDar data. The structural orientations that are known to contain gold in the hangingwall volcanic on the adjacent San Gold mine lease persist northward and in a northwesterly direction into the Strike Point property. These are being priority ranked for a drill program that will commence as soon as the Poundmaker project drill program is completed.

The joint venture technical committee will evaluate the results of the geophysical, geological and LiDAR surveys, and will identify targets and priorities for follow-up drilling to be carried out during the spring and summer of 2010. The technical committee consists of Bill Ferreira, chief project geologist and Dale Ginn, chief executive officer for San Gold Corp., and Daniel Beauchamp, qualified person of Strikepoint, and Kris Raffle of Apex, both representing Strikepoint.