Strike Receives Drill Permit at Simon Lake
Vancouver, BC, March 28, 2012 - Strike Graphite Corp. (TSXv: SRK) (the “Company” or “Strike”) is pleased to announce it has received exploration drill permits for its Simon Lake Property, located in northern Saskatchewan. The permit will allow the Company to begin the ground exploration on the approximately 25 km long conductive horizon that was recently confirmed with a high-resolution airborne TDEM survey (see news release of February 23, 2012).
The next stage of exploration is designed to accomplish the following:
• Confirm with drill testing the known graphite occurrences along the 5.5 km long conductive trend
• Drill test the new high-priority targets along the recently identified 25 km long conductive trend
• Process drill-core material for graphite mineralogical characterization and initial metallurgical testing
The Company is finalizing the scope of its drilling program and anticipates mobilizing the field crew and drilling contractor within the next 1-2 weeks.
Dahrouge Geological Consulting Ltd. of Edmonton, Alberta, has been commissioned to plan, carry out, manage and report on exploration work at Simon Lake Property. A second phase of summer and fall exploration will consist of follow-up drilling in order to advance the highest priority graphite target in terms of large-flake and high recovery potential.
Geoff Balderson, President & CEO remarks, “We’re definitely pleased with the quick turn around on this permitting application as it further demonstrates support for management’s decision to target and secure strong graphite assets in a known mining friendly jurisdiction. From here, we can continue with our aggressive approach to aim for resource status (compliant to NI 43-101) as quickly as possible for the benefit of our vision for the company and our shareholders.”
About the Simon Lake Graphite Property:
The Simon Lake Graphite Project covers 11,800 hectares, and is located approximately 300 km northeast of La Ronge, Saskatchewan and is intersected by Highway 905. The property consists of several showings of flake graphite mineralization in historic drill holes, which were discovered during the exploration of base metals during the early 70’s. Historic Drill Hole 2-72 encountered a graphitic biotite gneiss with descriptions of “abundant graphite” over a 68 m interval.
Approximately 5.5 km to the southwest, along a the same conductive horizon, Drill Hole E42-5 encountered a graphitic biotite gneiss with core descriptions of “disseminated graphite” or “coarse graphite flakes” over 182.9 m of core, with narrower intervals described as “graphite flakes abundant” and “heavy graphite in 6 to 12 inch bands”.
Within the southwest part of the property, approximately 6 km east of Saskatchewan Highway 905, a large and highly conductive structure has been interpreted as a fold hinge. At this location, the conductive unit exceeds 5 km along strike and is more than 2 km wide; and may represent the strike extension of the graphite-bearing lithologies known at Simon Lake.
Neil G. McCallum, P.Geo. is the Qualified Person pursuant to NI 43-101, and has reviewed and approved the technical disclosure of this news release.
About the Company:
Strike Graphite Corp. is a progressive exploration company with seasoned management targeting strategic assets on a global scale. The Company is also advancing the Satterly Lake gold project in NW, Ontario, located just west of Gold Canyon Resources Inc.
On behalf of the Board of Directors,
Geoff Balderson, President and Chief Executive Officer
For more information on the above or to view the Company’s Corporate Presentation on its Graphite assets and opportunity, please visit the Company’s website at www.strikegraphite.com or contact:
We seek safe harbor.
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